At what possible benefit to our nation? Why not simply decline? Yes, the IRS from Washington was also present, making a tough but crystal-clear presentation of what the US can and cannot do to collect federal income tax. The conference sponsors handed to every delegate the latest issue of The Cayman Financial Review, a serious quarterly journal that prints analytic pieces about the international economy.
Two detailed stories in the Cayman Review should destroy any illusion that the EU is an impartial body promoting equitable, fair-minded treatment between the European nations and the offshore world. While its population is static or declining, particularly among working ages, its countries fail to reduce their levels of social security and welfare payments.
Second, they have allowed immigration to ascend catastrophically, with waves of immigrants unprepared linguistically or culturally and falling dependent on public welfare. German Chancellor Merkel quotes an alarming statistic: These dry figures cover innumerable stories of human tragedy and suffering.
But why should the OFCs accept blame for measures they never created? Is it not possible that we, trading heavily with both nations, could follow the same path? The discussion panel generated heated debate. The other two were retired senior of officials of the Bermuda government: They went much further than simply defending Appleby.
When a Bank of England official argued to him in favour of a international beneficial ownership register, he enjoyed retorting that Bermuda had already created one many years earlier. This typical stereotype is encouraged, he believes, by the reporting style of the liberal media.
The two-day Conference left me troubled with a profound doubt. Suppose we had formed a common front with Bermuda, Cayman and all the British Overseas Territories and sovereign nations lumped together as Offshore Financial Centres.
Could we have retained tighter control over our own financial regime? For well over a year, Bahamians have watched with bemusement the looming structure rising at the junction of Gladstone Road and JFK Highway.
Clearly, the effort was not enough. April 20 has come and gone, with hard-hat workers still scuttling like busy ants, scaffolding being moved from one wall to another, and no paved entrance drive or parking lot yet replacing the dirt trucking ramps. No announcement of the delay was made, or any indication of a new date.
Although continuing work is visible to all passing motorists, ever-sceptical Bahamians are joking about taking the kids to the movies only to find the doors still shut. More like this story.Find Coulson's Floral in Lower Burrell, PA on Yellowbook.
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