Yasmin Andrews interviewed by Channel 5 on the new budget, kept harping
over and over, on the need to EITHER, cut government spending and quit
borrowing, in order to pay our debts. She harped there was NO OTHER
CHOICE!
I say BOLLOCKS TO THAT - IMF - ARGUMENT. The IMF IS
SOLELY ABOUT PROTECTING COMMERCIAL LENDERS TO GOVERNMENTS. THEY ARE NOT
FOR NATIONAL GOVERNMENTS. The IMF is a predatory, economic sucking
interest rate earning farming operation. You don't rescue an economy, by
driving it into a death recession spiral. The THIRD CHOICE and there is
a THIRD CHOICE, is to DEFAULT ON predatory FOREIGN bank debts.
Commercial banks must be held accountable for predatory lending
practices. They must have consequences. In the private sector we call
that BANKRUPTCY and there is a legal procedure for
it. With governments there is no legal international procedure. But
recently ICELAND, ECUADOR AND ARGENTINA have shown the way, and the
euphinisms that lenders have used. IT IS CALLED DEFAULT.
You don't
have to DEFAULT COMPLETELY. You can offer the 5% on their bond money.
You can borrow that money and clear the debt. TAKE IT OR LEAVE IT. But
the predatory lending game is over.
In Belize, all governments
over the past 40 years, have been practicing a PONZI scheme. They
borrow more money, shuffle it around the budget with different names,
like Capital 2, Capital 1, running operational expenses, so that the
citizen is fooled into thinking, by mixing up borrowed money, interest
money and principal, under another name, it is different. It may even
have been earned from taxes. When in truth, this is a PONZI scheme and
has been practiced by every political party, for the past forty
years in Belize.
PM Barrow has the economy reasonably tuned to
work. Taxation is a fine line, to keep GDP or growth going to match
population growth. We need a GDP of 3.2 to stay even with population
growth. Anything less than that is a recession, or depression through
austerity. You cannot borrow your way out of a debt hole. You can only
GROW through manufacturing and exporting, your way out of debt. You
cannot increase your GDP by austerity, or more borrowing, to pay
previous borrowing, even when you disguise that, by shuffling the money
around the budget.
The JONES FAMILY on local TV, have just
shown you can produce TILAPIA and food vegetables profitably in a small
house lot back yard. Guatemala 12 million population is our MARKET for
fish. Many of us on Caye Caulker took sailboats full of fish to Puerto
Barrios in Guatemala to sell for Easter. Salted and sun dried fillet in
past
decades. THERE IS A MARKET FOR FISH FROM BELIZE in Guatemala. The
Jones family have shown small families can produce that fish. They had 2
to 5 lb fish in those small tanks. There is a market for 30,000 family
run acquaponics operations this small size in Belize.
Iceland
was selective about which bank loans were defaulted on. Domestic debt
was exempted. Foreign banks only were defaulted. In Belize we would
not want to hurt our local regional lending banks, in the Caribbean or
Central
America, but everybody else can be defaulted, or bought out for 5% on
the dollar. IT IS TIME TO BITE THE BULLET. There is no other way out
of a PONZI SCHEME for the Belize government perpetrators. Not and
succeed.
This is PM Barrow's last term anyway. He has courage, I hope he has the courage to DEFAULT.
70%
of our GDP is earned by circulating money from the government into our
economy. Only 30% is from exports. That ratio has to be changed.
Without which we are doomed to failure. We can GROW our percentage of
GDP. It is time to do it. Unfortunately, our civil service are not
credible most of them. They are not self starters, innovators, but are
traditional 9 to 5, lunch break and coffee break government factory
workers. We need a revolving door for civil servants, until you get
self starters and innovators in our bureaucracy. BELTRAIDE and BTB is a
national shame. IN MANY WAYS the lack of innovation out of University
of Belize is a shame. It's the staff. You need to rotate dead wood,
get them out of there. Produce or get out of the civil service. There
should be a 5 or 10 year probationary period for performance for civil
servants.
We can fix our problems, but it needs a better stronger CABINET leadership at the political
level than we have now. Photo of Prime Minister, of Belize, Dean Barrow and wife Kim, in better times.
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