Monday, March 15, 2010



I'm not sure that I'm surprised really. Shocked at the amount, yes! Seems both political parties have continued a political scam on the public of Belize regarding TREASURY BILLS? Going back to when they had a MONETARY AUTHORITY.
Back then, the government only had about two banks to deal with, or maybe three? They sold treasury bills to whoever would buy them at the bank.
The last few years I've been trying to buy TREASURY BILLS and have phoned and talked to CENTRAL BANK people more than once. One time, I believe last year I was given the run--round because I had written a letter to Central Bank wanting to buy Government Treasury bills. Year after year, after year they have been advertised in the newspapers as an auction. I always suspected that it was a FARCE, a poppy show of criminality. Central Bank man phoned me at home but went around and around and lied about it.
Turns out today, the Prime Minister admitted same in the HOUSE DEBATE.
I kind of figured Treasury Bills were being assigned to the bank of choice of the political party in power. Indeed, there has been at least one bank and probably more, that have opened up, that seem to do no business, other than with the government? I had been asking Central Bank to give me the bid prices on the last couple of years of TREASURY BILLS that went to auction. They apparently NEVER EVER WENT TO AUCTION. The advertisements in the newspaper were false advertising. That is my opinion. The advertising probably required by law? Central Bank both times I remember would not tell me what TREASURY BILLS were auctioned for. Nor is the data published in the newspaper, or government GAZETTE. I was deliberately fed mis-information and discouraged into not bidding.
Turns out today, the Prime Minister said the government had been paying 11% on TREASURY BILLS. WOW!
It doesn't take much extrapolation to figure out a favorite political commercial bank has been getting the TREASURY BILLS. I had been thinking to offer between 7% and 9 % depending on what figure I could get from Central Bank on last auctions, but they were evasive and would not tell me what the six month treasury bills were selling for.
I suppose the commercial bank who got TREASURIES were paying mordida, or donating to the campaign election funds, or something? Somebody in the CABINET obviously made extra KICKBACK side money here? Have been doing it for a long while apparently?
The Prime Minister today said they were trying to make a public offering of treasuries in a real time scenario, with the current expansion of government debt borrowing using treasury bills, in the near future. Don't hold your breath though. At 11% this week, I will buy $50,000 for six months right away, THIS WEEK. My savings are in a local commercial bank and not making that much in six month CD's. Hell! I probably would transfer ALL my savings into six month treasuries at 11%.
I know I'm not going to get it though. The whole TREASURY DEAL with advertisements in the newspapers as an auction, turns out to have been a criminal excercise in my opinion. Nothing I didn't suspect, but 11% really knocked me off my feet. WOW! I hadn't realized the scam was that lucrative.

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