Editorial
Economic Good Times
are About to Begin
The burden of proof of good intentions has been delivered, withthe signing of an agreement for major financing between the previouslyembattled $350 million Ritz-Carlton project and the Royal Bankof Scotland.
It was only a few weeks ago, that the NationalTrust, itself a guardian of good intentions to protect the fewremaining open public spaces - particularly along the North Soundshores which help to provide a protective belt to secure our fastdisappearing ecological coastline, realised it was time to pullback its objections and allow the project to proceed.
Will this mean an end to the protectiverole of every concerned resident about how the Ritz's projectwill impact the already near capacity Seven Mile Beach corridor?
This is far from the reality, because theCentral Planning Authority (CPA) has imposed some tough conditionsthat must be met by the developers.
Now, following the announcement of the Ritz'scommitment, it makes perfect sense for the relevant authorities,to meet with the developers of the proposed Cayman Shores (Dart)project, and map out a phased plan, whereby there could be sustaineddevelopment activity to service a public looking for some planof their own to meet their present and future demands.
It is known that: "Those who fail toplan, plan to fail."
This could be the case if insufficient planningis put in place to ensure that the private sector also balancesits own budget to maintain the businesses they have built up overthe years.
The majority of businesses, which have startedup in recent times, have based their investment on the premisethat the local economy will continue to flourish. None would haveguessed that the present sluggish business environment would havelasted for as long as it has.
Fortunately, there is a new mood by publicsector planners, to manage spending in such a manner, that itwill not interfere with long-term plans of the private sector.
It is for this reason that it makes goodsense to give some form of assurance to local entrepreneurs thatthey will have the full cooperation of government and proactiverather than reactive involvement by the local retail bankers,to come up with some plans of their own to help sustain and shore-upsome of the businesses that require funding to survive these presenttumultuous cash flow days.
A Courageous Stand
will Defeat the OECD
Member of the Legislative Assembly, Mr.Gilbert McLean, initiated the debate on the 2001 Throne Speechand Budget, by taking a stand against the Organisation for EconomicCooperation and Development (OECD), which continues to browbeatthe Cayman Islands with fear of retaliation if it does not become'tax collectors' of their citizens.
Although there have been sporadic lame objectionsin the past, no other legislator has come out so forcefully statingthe general feeling of many who have placed the blame for someof the present economic woes of Cayman on the OECD.
As stated previously, the Cayman Islandsgovernment and its partners in the private financial sector, havegone to great lengths to ensure that they 'know their customers'.This has nurtured a respectful relationship between, investors,offshore company principals and a well-regulated financial industrywhich has become a model for many other start-up tax-free jurisdictionsworldwide.
It is still worthy to mention here, thatour new legislators, who are not constrained by the bullying tacticsof the OECD and the FATF (Financial Action Task Force) could exercisetheir privilege to speak out, by stating their firm convictionson how these oppressive measures could hurt the Cayman Islandsfor generations to come.
Cayman's legislators could take a stand, because after all, our'Parliament is Supreme.'