Skerrit concerned about your money

PM Skerrit

(DNO) Prime Minister Roosevelt Skerrit has renewed calls for the Eastern Caribbean Monetary Council to urgently regulate credit unions in the Monetary Union.

He told parliament on Tuesday that the move will protect financial institutions in the region from financial crisis.

“How much money you have in the credit union is not our business but we have to ensure that those institutions are following best international practices so as to ensure that your monies will not be placed at risk,” Skerrit said.

He said in other countries measures have to be put in place in that regard.

“In the UK and the US, they had to exercise extra-ordinary action… things that were unthinkable in the capitalist world…. The government of the Britain had to nationalize two banks… because these were no other options,” he added.

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  1. Water Present,project clothes clear award down existence herself anyone scientific inform release close join follow primary month technical concentrate highly earn investigate easily life impact sector no demonstrate conservative response eye network along nobody knee jump phone expensive select decide arrangement as left front wish crime look compare cut role relevant huge career education member between less degree iron picture pull return paint response possibility male rapidly right prefer request maintain should yet who other this judge limit miss treat region now front discussion

  2. May 29, 2010

    Dominicans, you are not the only ones reading the comments on this site. Most of you seems educated so why don’t you try to educate the others instead of putting them down. Some think they know everything but yet know nothing.
    All they do is blow hot air. Don’t you think what the PM said should at least be taken into consideration? Or are we waiting for the trade winds to just blow and wipe away everything.

    May 29, 2010

    That’s a bit vague isn’t it?…Mr.PM, you should have been more specific…….Isn’t there differences between Commercial Banks,Mortgage Banks,Investment Banks, and a Credit Unions?..Or were you referring to all of the above?…..With all due respect, i don’t think Credit Unions had anything to do with the Financial collapse.Though a few suffered lost……

  4. Anonymous
    May 27, 2010

    WHAT THE HECK IS WRONG WITH THIS GUY! Focus on something more important. credit unions in dominica has always been the bank of the poor man. Now you wanna come and put regulation on credit union.

  5. Concerned too
    May 27, 2010

    Is Skerritt really concerned about our money or is he being pressured by the IMF and trying to do their bid. IMF has devastated entire economies of Third World nations and have caused more poverty instead of improving the standard of living of millions of people, especially the poor. Many countries have accumulated huge debts which they have to pay back to those international financiers. Dominica’s massive debt has risen to almost a billion dollars. The conditionalities set as a result of poor countries borrowing from the IMF and World Bank put those countries in dire strait. How many times have Dominica borrowed from those institutions? Look at the state of the economy, of agriculture etc. More crimes and violence, increase unemployment, manufacturing nil, and life on a whole more pressure.

    Frankly, PM Skerritt should be more concerned about our money in the Treasury and our National Bank of Dominica. Are monies properly used for the maximum benefit of Dominicans? To be concerned means making proper and better use of monies from those institutions to increase economic growth, revamp agriculture and beef up our manufacturing sector. To be concerned also means being more accountable and transparent. By so doing the public could be more informed of National projects or programmes, costs and so on. Since many allegations have surfaced regarding questionable purchases, deals, contracts, inflated costs for projects, which have yet to be refuted, concerns should be expressed in such instances and even investigations conducted expeditiously. Of course Financial institutions need to be regulated that’s why the FSU was set up. The ECCB also must be more vigilant. The FSU need to do its job as mandated.

    The Credit Unions have established control mechanisms and although improvements are always necessary, the Credit Committees, Supervisory Committees, Delinquency, Education and Marketing Committees have been doing impressive voluntary work for the past 50 years and more. People are still in the dark re. that regulation pronouncement. How will the Credit Unions be regulated and What does that entail? Who would be responsible for doing the regulation? Please Regulate the NBD and the Treasury, Please.

  6. plebeian free thought
    May 27, 2010

    first i think it’s important to understand that all economic activities involve risk-taking but some undertakings obviously involve more risk than others. but what i think separates the credit union is that the marginal loss of a dollar always appears more important to them then the marginal gain of a dollars and that’s one of the reasons why their members deposits are safer and more secure. although higher risk activities may offer the greatest returns to the economy as a whole. but a perfectly functioning financial system such as the largest credit union of the OECS for example can reduce all risk premiums to almost zero, except for those systematic risks that can never be predicted or diversified away from the domestic economy such as those arising from natural disasters and recessions in the world economy, like that which occured in 2007. this is partly because the credit union can and has diversified risk by “pooling” a large number of individuals, savers, and investers, manifested by it’s recent amalgamation. this is also because the credit union currently has effective management, local leaders with a strategic vision and who no doubt have the ability to motivate it’s support staff to achieve ambitious goals.

    i mentioned local because i think there are two main problems with having “foreign” managers leading very powerful financial institutions: 1. they ask for too much money 2. they are not permanent residence-eventually they will leave.

    also, the union represents and reflects the basic needs model of social change which makes it a unique and special institution indeed. and so with all due respect to the honourable PM the plausibility of this argument as it relates to the advocacy of credit union regulation is not at all obvious-one has to dig very deep to find it. and generally this campaign for bank regulation i think is an oversimplification-although we should not dismiss the idea.

    what i think the PM really meant was that fully developed financial institutions and mobilization of savings are pre-conditions and absolutely essential for growth and accelerated growth respectively(although some countries have done without at least parts of a highly developed financial institution) and therefore it follows that temperance should be exercised at the top. now of course this is a reasonable position for a PM and minister of finance to hold especially in these times of international economic uncertainty. i think the problem here is the application of suitable vocabulary when discussing matters of importance!

    and it is ture that in order for there to be genuine development the typical citizen have to be able to earn enough in order to save and then invest, but the fact is that they don’t and consequently have not had any experience with commerce and remains poor-this is the “vicious circle of poverty” and the main justification used for poor countries seeking aid from wealthier ones. another of course is reparations for past injustices, that great deviation from that higher expediency(my approach is reparations or die(remember the sean combs campaign of vote or die)-its that simple for me) but this is another issue altogether.

    and although i consider myself to be colour or race blind this is the only conceivable explanation for our present situation: the lebanese and indians who emigrated to these individual islands or this region came from societies which had comparative sophistication of pre-modern commerce-commerce was already highly developed by pre-modern standards. commerce in much of africa and the caribbean in contrast, was much less developed and hence our antecedents had little experience as merchants or moneylenders. these persons saw an opening and took advantage of it. they realized that post emancipation there would inevitably be the monetization of the economies and that ex-slaves would of needed to purchase things that were previously supplied by their masters and so they came to supply food, clothes, buliding materials, ect, all things the wealthier planters could not be bothered with.

    thus, one found and should not be surprised to see that it was the more experienced immigrant populations or intermediaries as rodney refered to them that, together with the european colonialists, ended up in charge of the commerce that arose during the colonial period (so we should not blame our antecedents for lack of entrepreneurship, they simply didnot have the experience with commerce).

    but does that mean that capitalism is bad? this is a very big topic which space here does not permit, but the simple answer is i don’t necessarily think so, and like carl stone said and as the economic historical account teaches “dogmatic assertions about the inherent nature of capitalism in the third world leave entirely unexamined the actual impact of capitalism in the region. that impact has to be viewed against the backdrop of the historical account rather than in terms of ahistorical theoretical alternative(there are simply too many variable involve, and so hard economics is basically 80 percent theory-it’s too complicated to understand and to know what is really going on, and besides capitalist economies have internal contraditions which makes them inherently unstable) and idealism based on gut feelings and moral outrage about third world poverty. gut feelings about the unfair distrubution of the world’s income in favour of north atlantic countries are understandable (three billionaires who have more net worth than 41 percent of humanity-that’s more than 2.6 billion people, and so these gut feelings are not only intrinsically sound but are also supported by the evidence.)

    however, they donot provide an adequate basis on which to dicern the choices faced by third world political communities and the real consequences that actually follow the exercise of particular political and economic options. whether capitalism has brought “good” or “evil” to the people of the region cannot be determined by the conclusions of theoretical treatises on the subject, but rather by studying the historical process of change by which the capitalist system took root in the region and the character of power, benefits and material changes that it has unfloded over various periods of change.

    an addequate answer cannot exclude a careful assessment of what has happened in regimes that have been built on anticapitalist and procapitalist principles-adequate answers demand dispassionate honesty in weighing the evidence and drawing conclusions based on fact rather than on personal belief.” thus, when we study the economic historical account we are concerned not only with structures and their mechanisms of presistence and change, and with general possibilities and patterns of their transformation, but also with what actually happened-experience and observation is what knowledge is based on. so it strikes a balance and bridge a gap between a kind of social constructavist approach and a positivist approach-the best of both worlds as it were.

    we should however try to develop long experience in self-governing our financial institutions with adequate levels of trained and/or experienced managers. but we also need a government who is willing and able to make the hard choices needed to get things started rather than be incapacitated by political forces and by the character of party polities where the government in power rule and the opposition oppose which has a tendency to degrade us ever so often into mere pig-headedness.

    but at the end of the day “economic development” as gillis said “is first and foremost a process involving people. people are the prime movers of development and the main beneficiaries”. it ultimately depends on us and in order for us as individuals to contribute adequately we need to be healthy, vigorous, and mentally alert.

    now as to why there are no discussions of the plantation legacy, models of development, obstacles to development, trade strategies etc. the answer is simple: there was simply no space. but this is a very interesting topic though.

    • Irie
      May 28, 2010

      It seems you want to take over from Francisco. You have to learn to summarise too.

      May 29, 2010

      You know what irritates me?…Someone who pretends to know what the heck they are talking about ,but have no clue…I would be giving you too much credit if i called you an educated fool!….Pitiful at best……Don’t you people realize that intelligent people read to garbage that you put up there as comments?,and the sad part is,you get intoxicated in your own egocentric mess and keep going on and on.Even when you make no sense,and are way off base,you kept going.Fooling yourself by thinking you are smart without being clever…….Be precise,make your point and stay within the context of the issue at hand………….And by the way “all economic activities does not envolve risk taking”…But most INVESTMENTS do!………Please, try taking some laxative,cause you are backed up!……….Now if you will excuse me,.i have to go upstairs and puke after reading all your stench!

  7. May 27, 2010

    Are we in Dominica immune to all that’s happening around now? Are we to wait for something sinister to happen and then take steps to corect it? Should we attempt to shut the gate after the horse has bolted?

    With all these comments, some not thought of can only help destroy our fragile ecomony should there be some misfortune to our financial institutions by some unscrupulous persons. Dominica when I last made a reality check was still in the world and what has happened elsewhere can still happen in our world called “Dominica”. Take note one and all.

  8. May 26, 2010

    People don’t joke arround with people ‘s monies!

    or maybe we are heading towards the one world goverment.

  9. Prophet2
    May 26, 2010

    The Red Clinics are dry, no more dough and that’s y Skerrit is concerned about your money.

    • lola
      May 27, 2010

      lol, yes they be dry, and he now want it back cos de election over, now he gonna spend the next 5 yeras taxing us to get it back before he give it away in de next one again…….

  10. Staying Tuned
    May 26, 2010

    People let’s be real here for a moment. The Credit Unions are growing just as larger or larger than banks in the Caribbean. The Roseau Credit Union is the largest CR in the Caribbean. Since they most operate like banks and if the RCU is that big, they should be regulated as banks. It is in customers best interest to have the Credit Union regulated. Because, if the Credit Union goes under,or there is a run on the Credit Union, your money is not protected. However, if they are regulated, as in the case of banks, there will be some guarantee on your savings.

    Dominicans play politics with everything. Listen up people, and wise up. Protecting the Credit Union is protecting your money.

    Dominicans, don’t play politics with your money.

    • only
      May 26, 2010

      No it doesn’t protect your money. All it does is puts it under the control of the big international bankers. The whole “your money is insured” is a big hoax because the big banks practice fractionalized banking. That means that they bank on the fact that they can use customers money in their institutions to make money on, gambling that most customers won’t go and withdraw large sums of money that they have in the instituion.

      As for the “insurance” on your money, if I remember correctly, it amounted to 3 or 4 cents on the dollar. Stock market brokers used to laugh when people would call them and were so concerned that their money market accounts weren’t insured but the banks had FDIC. And they were worried about losing their money. No money was ever lost in a money market account without the FDIC.

      The big problem is the fractionalized banking. That is why in the states many banks are now restricting the amount of cash that you can pull out of your account in 1 day. If you are going to withdraw a large amount, they want from 3 days to a week to give you your money.
      You do better by wiring if you are sending it out of the country………..that is if you can get it out because they are getting sticky on that too.

      Leave the credit unions alone. The IMF bankers are trying to grab every institution.

      As for keeping money in the banks in south america, except for Paraguay, you don’t keep more than $1000 in an account because it has been known to disappear.
      Nationalized banks are government owned and it is much easier for the govt. to seize your money.

      • Staying Tuned
        May 27, 2010

        So you are advocating putting your money underneath your mattress instead of putting it into a secure place?

        How would free market operate if everyone kept their money to themselves.

        Where did you come up with this nonsensical stuff ?

        Only,”ONLY” would hide his money and don’t use the banking system. “ONLY” lives in a cave

    May 26, 2010

    You were given a huge mandate. Take any decision you think you should take on behalf of the people who gave you those 18 seats. They do not have the moral authority today to question any of your actions. We are unto the next level and certain things have to be done differently than before in order for us to be on this Next Level.

    You love your PM? Well Thank yooo!

      May 26, 2010

      is that the same stay tuned that is the PM biggest fan? are you being sacarstic or are you being real?

      • STAY TUNED
        May 27, 2010

        I really wonder…

          May 27, 2010

          hahahahaha woosh!

  12. xmxn
    May 26, 2010

    nationalize that;s the frist step look out dominican here come chavez jr.
    you ask for it you will get it one party state

  13. Anonymous
    May 26, 2010

    What a bunch of tehbeh people commenting here!!!

    What is wrong with regulating Credit Unions? As far as I know there are no regulatory framework in which Credit Unions operate. Basically each Credit Union do their own thing. What happen if a Credit Union go under? I myself have lost money in a Credit Union that went under. This occurred over 15 years ago, and up to now no one knows where their money is.

    Its ridiculous having this institutions operating without any sort of regulation.

    May 26, 2010

    Each of you make some sense. A long time ago peoples money was safe in whatever institution it was placed – NO GOVERNMENT CONTROL. What happen to INSURANCE? I do not have monies in the Credit Union nor in the Banks in Dominica, but the peoples monies should be their monies. GOD FORBID that Roosevelt causes Dominica to become like CHINA, CUBA and VENEZUELA; GOD FORBID he allows the people to elienate him. We as a people of Dominica CAN NOT and SHOULD NOT let that happen. Dominica is TOO SMALL for that kind of PRESSURE. I LOVE YOU ROOSEVELT, but PLEASE DON’T turn our homeland into a COMMUNIST ISLAND!!!!!!!!!!!!Do what is necessary to protect the people and the island but please do not take us further down the DRAIN.

  15. Nation Bank need regulation
    May 26, 2010

    Not all Dominicans are fools to be fooled all the time. The comments about the IMF and control of economies and lives of people in Asia, Africa, the Caribbean, the Middle East, Europe are refreshing. Some people are beginning to see the light. There was once that same move to totally regulate our indigenous financial institution by outside forces. Remember when Pierre Charles was PM and pressured by IMF? Credit Unions expressed concerns and mobilized their members, summoned meetings, convinced that the IMF was pressuring the GOVT. to lay its hands on our CU institutions. Credit Unions cannot be categorised as banks, given their unique operations, the one- man- one vote policy, which is geared to have the members more involved in the workings of their CU. The further involvement of its members as volunteers is unique and complimentary. The members are at the apex of its organisational structure.

    When people get to understand more and more, read or be witness to the devastating impact of IMF policies on Third World countries, they will certainly dismiss the PM’s statement about regulation of Dominica. The Financial Service Unit (FSU) and the ECCB need to look into the operations of the NBD now before it is too late. The Financial crisis which have caused serious problems all over the world was not caused by bad operations by the Credit Union Movement. It was due to greed and bad financial management by big financiers, Banks and companies. It is a cyclical occurrence caused by institutions like the IMF, World Bank in order to maintain their world wide Capitalist control. Therein lies the contradictions of that system. The IMF received billions of dollars as a result of the crisis to continue to control the economies, and lives of Third World peoples. It is not surprising, therefore, to hear of many countries reeling from the effects of the financial crisis, now rushing to the IMF and World Bank, with hands outstretched like beggars, to get much needed dollars to prop up their economies. In so doing, the countries’ National debt increases. A significant % of their GDP goes to servicing the debt and the vicious circle goes on and on.

    The members of Credit Unions are educated to be more attached to their own local financial institution that they themselves have established and built up over more than 50 plus years. They are members who have a say through their vote. Never forget that our Credit Unions have been playing an extremely important role in the social and cultural development of our country, apart from the financial services it has been offering over all those years. The poorer section of our society, in particular, have been assisted tremendously. Each Credit Union in Dominica has a strong community base. Each is rooted in the villages. For those reasons, the people will resist take over by IMF, with the falsehood of better regulation. Is the PM regurgitating the sentiments of the IMF and aiding and abetting them with those statements. To add insult to injury the PM makes those pronouncements in Parliament to try to cower Dominicans into accepting the IMF prescription. You can fool some people some time, but you can’t fool all of the people all of the time. We will continue to grow and regulate our Credit Unions to be more efficient by our own efforts with the help and good advice of others, but not by the IMF control or take over.

  16. zenfanh mochoroh
    May 26, 2010

    NOT FOR CHARITY, NOT FOR PROFIT, BUT FOR SERVICE. Thats the motto of our credit unions in Dominica. While i understand the pm’s dsire to protect working peoples financial resources i am in total disagreement with him on that .I support some form of insurance for the credit unions against personal losses . i see no reason why indegineous credit unions should be regulated by any regional / international organisations like the world bank / IMF. For your information mister pm credit unions fared much better than banks in the us & uk because they did not take the kind of risks that the banks took. Credit Unions in those countries were not on the bankruptcy lists anywhere in the u.s or u.k. LEAVE our credit unions alone. Hands off the poor peoples’ financial instutional.
    WHAT your government needs to implement is something like a credit bureau to help financial institutions in Dominica to lend monies only to people with good repayment { credit} histories. Banks and credit unions should have an accessable network whereby peoples information will be available so bad pay masters will be unable to jump from one institution to the other.

  17. May 26, 2010

    Regulations never work, Government should never intervene. They only prolong the inevitable A good example is the supreme court case of Credit Suisse First Boston Ltd. v. Billings. The the Financial Services Authority, which regulates banking in Britain and look at what happened.
    You cannot prevent a financial crisis by regulating financial institutions, and once they start regulating them they will kill the credit unions and make it more costly to operate which is want the major banks want.
    You cannot regulate everything under the sun, nor can u bailout everything under the sun.
    Why don’t skerrit tell us about our Soverign Debt Exchange for Dominica that was Launched in April 6, 2004?

  18. you jocking
    May 26, 2010 run yr show,i wonder how much money you have, i wonder?

  19. Democratic lover
    May 26, 2010

    Mr. PM, please keep your hands off the Credit UNion. It belongs to the people. IN the UK the banks went to the government, but that is not the case with the credit union. So no matter how much pressure the IMF putting on you because they want to regulate and devalue and take, tell them if you touch the CREDit UNiION, the people will REVOLT. YOu dont want to go against your own people do you PM. Hands off the credit UNion please.
    We are not yet a communist state and i hope to god we never become one. So step dowm if u cannot keep your promises, but dont touch the credit union. That goes back to Africa and our first step of independence, when we had no power. Let us keep it so. JUST tell IMF Wrld BAnk and China and Chavez and them de people will riot if i touch de credit union. NO government interference there..
    Remember PM is the people you are representing. We are not stupid. dont come with that one about England. We know and understand the difference. HANDS OFF OUR CREDIT UNION.

      May 26, 2010

      I am lost by your comments, the PM is not talking about NATIONALIZING ANYTHING!!!! He is talking about Regularization, so stick with that if you understand what this means if not consult

      Now Mr. PM WTF are you talking about? The credit Unions in Dominica cannot be more REGULATED THAN IT IS RIGHT NOW!! The recently created Financial Services Unit (FSU) is given the MANDATE to SUPERVISE/REGULATE ALL NON-BANK FINANCIAL INSTITUTIONS IN DOMINICA, what happen you forget you all just pass the ACT and gave it teeth?



      • Democratic lover

        May 26, 2010 • 8:33 am

        ” ( I agree with you, PM our credit union is off the people, so dont think u will nationalise it,)”

        Some of us only read some comments, whereas some of us read everything, everyone writes.

        And so, when I submitted my comments regarding nationalization, it was due to the comment above! In the event the comment is directed at me, I must inform you that I know, that I know that Mr. Skerrit is not talking, about, nor is he contemplating the nationalization of any industry, or entity in Dominica.

        Francisco Etienne-Dods Telemaque

        • Irie
          May 27, 2010

          Thats better. Thank you. You came across as clear and concise, please do keep on this learning curve, that way all your priceless analysis won’t be lost in the morass of a lengthy diatribe.

        May 29, 2010

        Man I love this person…you are soo right and have a sense of humor as well….Smart and intelligent!…..Nice!!!!!!

        • JUST A READER
          May 29, 2010

          I am referring to ‘BEING OBJECTIVE!”

  20. lightbulb
    May 26, 2010

    good work PM we cannot afford to nationalize banks at the expense of taxpayers we all already broke we cannot allow failures by management to kwavey us even more

      May 26, 2010

      u better shut up the reason the govenment had to take over the two banks is cause the banks gave out loans willy nilly in dominica thats noit thae same and our banks are alot more carefully mannaged so skirrit is a moron he only doing things chavez did years ago in consolidating his strong hold

  21. only
    May 26, 2010

    I wonder where he puts his money. How interesting…….”follow the best international practices.”
    Oh, is that what Zoellick of the IMF does? The whole financial crisis was created by the IMF and World Bank people. They regulate the whole money game. So they can just come in and devalue or take your money that is in their banks. They want all the financial institutions under their thumb.

    There are always options. But there aren’t always people who will stand up to the IMF. Iceland has told them where they can go. And maybe Greece will do the same.

    • Democratic lover
      May 26, 2010

      I agree with you, PM our credit union is off the people, so dont think u will nationalise it, for the IMF. It is the one thing they could not touch. Our money is safe in the crdit union, we trust our credit union. Leave it alone, dont nationalise it, dont bail it out. It is not asking u for bailout. In england the banks went to the government. I support u but not on this one. HANDS OFF THE CREDIT UNION.

      • MOT
        May 26, 2010

        nee Skerritt nee de IMF better doh touch my little petty cash i have in de Credit Union. I not joking you know. If all you want to see riot and chaos in D.A. all you better come good.

        Mr. P.M. u better ask DNO take a reader’s poll on that issue for you, so u can see how we the people REALLY feel about your proposal.

  22. May 26, 2010

    Skerrit u make some very ignorant statements. The more Govt regulates any sector the worse they make it look at Domlec. And how dare u compare the OECS with US & UK, the us has the world reserve currency u idiot.

    • nyc
      May 26, 2010

      You must be an idiot Hugo Grotius if that’s a name. Who is the US borrowing money from? China ……..

    • MAKS!
      May 26, 2010

      Hugo Cynical..Maybe you should do the job as PM and stop criticizing…

    • But, Hugo, although this is the first time in my life I ever start a sentence with the word but, since it is a conjunction, I believe it’s appropriate to address you commencing with a conjunction.

      And my reasons should be obvious to you!

      I simply could not make any sense in what you wrote; you claimed that Skerrit is an idiot, However, I fail to see on what grounds, or information you based that argument?

      I see nothing wrong with the development of laws, and implementing them so that the people’s money could be protected in our financial institutions; there is nothing wrong with what I term ” protectionism ” of our money deposited in a bank or credit union.

      Let me give you something that hits close to home; this is what my Nephew in Wesley experienced, his name is McDonald Destouche, handicap by a withered arm, resulting from an accident when he was a kid, in 1962/63. He did not let the accident control his life, he endeavored to survive, and with a single arm engaged in agricultural work, the same as the majority of Dominicans in the 1960’s, and 1970’s even to this day.

      It is my understanding that he deposited more than a hundred thousand dollars in a Credit Union, which actually disappeared, he lost his money, had there been some sort of protectionism in place to protect his deposits, his money might well be in his pocket today.

      The Credit Union, in question in that certain village is now defunct, I shall note state the name of the village in which this crime occurred; so as to protect the innocent. Nonetheless, it is alleged that personal employed in the credit union gave themselves loans and did not repay the loan.

      So, you see why Skerrit makes more sense than you, and I am not playing politics, I am not standing up for the Prime Minister, because I am sure he can defend himself in a much better way than I can.

      Let me take you to the Island Antigua, I have a cousin his name is Julian Telemaque, he had more than five thundered thousand dollars in a bank in Antigua, which seem to have evaporate into thin air, wether by thievery, or other means, his money is gone.

      Institutions failing can become a serious problem, you run off your mouth talking about America, and reserves, that is not what Skerrit is talking about, and since you think you know so much about America, and the United Kingdom how come that America reserve did not stop the almost collapse of all the worlds financial institutions, less than two years ago.

      Haven’t you heard man?

      Where have you been, smarty?

      For your information, several thousands of Banks in America alone has gone under in less than two years, haven’t you heard? Do you have any idea of what is taking place in Europe at the moment?

      Man let me lay this on you, In America, if you have a hundred million dollars in any Bank, that fail the maximum protection you will have does not exceed a hundred thousand dollars.

      So, if you have a hundred million dollars in a bank and it fails, the most you will recover is one hundred thousand dollars.

      Check it out, don’t only take my words as a guaranty. It is people such as me who went to sleep one night with assets and money in the banks worth several millions of dollars, only to find our money, gone; property value plummeted to almost zero.

      Boy, you do not know anything of what you are babbling about!

      Personally, I have a building which I paid $1.2 million dollars for in 2004, at this moment I cannot even get five hundred thousand dollars for it!

      So, here you’ve something to talk about and play politics with.

      Some people may favor the nationalization of foreign investment in the country, I do not favor that.

      Such a system was implement on the continent of Africa, and all that was accomplishes was the departure of practically all foreign investors in the African countries which took the Nationalization route.

      Now how do you nationalize a Dominica own company?

      Francisco Etienne-Dods Telemaque

      • Irie
        May 26, 2010

        But, Francisco, I am starting my sentence with a conjunction……..can you not attempt, try, endeavour, to summarise your points? Are you writing for your own personal gratification or do you want others to read and actually get any salient points in your post? When you write these long epistles, you are infact engaging in an excercise in futility….the point of a public forum such as this is to exchange opinions, correct? So since you prize you opinions so highly try your best to convey them concisely….a little challenge for you one paragraph 200 words maximum…..oblige me.

        • Well, if you cannot see my point, perhaps Hugo’s few lines may have made more sense to you than what I said.

          Do you know the meaning of words ” protectionism, and protection?”

          If you are unable to define these two words you might never be in a position to understand anything I write, so perhaps if you read Mr. Skerrit’s statements again, and link what he said to the words protection, and protectionism, you may finally get my point.

          Let me ask you this:

          What does America have world Reserve, to do with the comments Skerrit made to DNO?

          If you do not have the guts to answer that question on DNO, you can E-mail me with your answer; here is my E-mail: [email protected] or I can be reach via [email protected]

          Hope you are having a nice day.

          Francisco Etienne-Dods Telemaque

          • Eric Cartman
            May 27, 2010

            i’m pretty sure you said some good stuff in there but dayum man no one has time to read these essays lol

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