The following presentation was presented at The Nassau InStitute’s Discussion Group meeting on Wednesday May 18, 2011. Watch the video by clicking here…
With the current threats to the state of world economies:
• Sovereign debt at levels unprecedented,
• Governments unable or unwilling to deal with levels of expenditure,
• Taxpayers beginning to revolt,
• Gold at an all-time high, and
• Highly destructive natural disasters on the increase.
Who knows what event is going to trigger the next collapse? We can only be confident that something will.
When it does, we can also be confident that American Banks will, once more, be found to be wanting. They remain holding massive levels of sovereign debt. Massive levels of toxic mortgages still remain on their books. A new avalanche of foreclosures is heading in their direction.
In Europe, Greece approaches another bail-out, Portugal is receiving one and other countries are on ‘watch’.
The world is awash with debt: sovereign debt, corporate debt and personal debt are each at record and barely manageable levels.
No banking system is currently risk free.
That includes the Bahamian banking system. Although it, along with Canada, managed to survive the downturn of 2007/2008 reasonably well, as the Bahamian banking system is currently structured, it too, is subject to failure.
The next international banking collapse, however, is likely to be massively larger and more severe.
Can we protect our banks and our deposits? Yes, I believe so.
That’s what I’m here to discuss tonight.
Before we attempt to look at solutions, however, I would like briefly to review the history of money and banking so that we may better understand what needs to be done.
I am going to go into some very basic detail here to remind ourselves that God did not create money. Man did. Money is not some God given inexplicable entity over which we have no control. Man created money in response to having settled on the land and making human beings dependent on exchange for survival. If there are problems with money we can and must sort it out ourselves.
Click here to read the entire presentation (pdf)
See draft “Fully Secured Current Accounts Bill” (pdf) by clicking here…
To see spreadsheet Bahamian Banking System Under 100% Safe Cheque System (pdf) click here…