I can learn from Mr. Bill Clarke, can

[Don1]

Apologies... did not see the story posted below.

[Jawge]

Nuh worry yuhself man
it's the thought that counts. Wi ah werk wid yuh same way Nuh if ah did say mo or ah older poster then ah different story.

[Karl]

To paraphrase him - our private sector is backward, risk averse, selfish and myopic (along with corrupt... my emphasis as he did not mention this). I'm interested to see a leading light of the private sector agreeing with my analysis.

Our private sector has not served Jamaica well emerging from our colonial experience.... definitely part of the problem with our development deficit... along with our corrupt politics which they partly enable.

Well you are with me on this!
For yeeears I have been saying...and, later in past years on this site...our private sector has not been doing a damn thing! Make their money by bawling to government and constantly receivign hand-outs.

...besides aways iunefficient in operations papered over by just increasing mark-ups.

His institution is no shining light either.... ScotiaBank/ Bill Clarke annually re-exports US$80m+ in dividends to their Canadian masters... just for managing our money . Maybe US$1B in the past 15 years. Why not reinvest some of those superprofits in the country which has been so good to them?

Question: Has Scotia invested tremendously in Jamaica? ....and, what %age of the 'super profits' are being 'exported' annually? ...in that light is it really too much? (Incidentally, I do not have the answers to the questions as I have no 'figures'.)

[Willi]

Same way it setup
boss. I am now waiting on Willi to make some comments but he is very busy right now.

J.

Pyradmid schemes are nothing new so the statements are not that profound.

However, it MAY not be true that all of them are illegal money launderers and the like. International banking laws are such that loopholes exists and maybe Olint found one. If so, like arbitrage positions, they wont last forever.

[Assasin]

I just spoke to a friend of mine who work hard and have a young family in the Us. He is telling me about getting the 10% on his money in Ja. I told him to be careful and not to invest anything he can't afford to part with. He said he is aware that things can go south but he has to try a thing and at 10% if it las7 months he would have made back his money.

I said good luck to you.

[Willi]

I just spoke to a friend of mine who work hard and have a young family in the Us. He is telling me about getting the 10% on his money in Ja. I told him to be careful and not to invest anything he can't afford to part with. He said he is aware that things can go south but he has to try a thing and at 10% if it las7 months he would have made back his money.

I said good luck to you.

Sounds familiar. Sounds like the dot.com bubble.

That is the nature of moral hazard. The Fed propped up the system so that fallout was somewhat restrained, so people figure that the worst that can happen is that they get a haircut,,, dem figget bout 1929!!!

Sass, its useless to talk anyone out of trying their luck with the greater fool principle.

[Muadib]

Phillip Paulwell did seh Jamaica is not a country friendly to investment..

What dat mean ?

[Muadib]

Are international investors also backward, risk averse, selfish and myopic.

Diaspora ? Backward, risk averse, selfish and myopic ?

The entrepeneurial spirit was severly wounded by Manley in the 70's and placed in a coma by Omar's Policies in the 90's.

The roots of Jamaica's problems are political not economic.

The Anti-private sector sentiment is another weapon of mass distraction an artful attempt of misdirection by the frauds who claim to represent 'the people'

There has been no bigger fraud than the PNP.. that 'beloved' institution.

[Karl]

The entrepeneurial spirit was severly wounded by Manley in the 70's and placed in a coma by Omar's Policies in the 90's.

What nonsense is this?
It is fact that just about every Jamaican family thought about going into business for self.
...and, a vast army of Jamaicans moved into self-start businesses. Among those who were already in business attempts were made to expand and or move into new ventures.

Anyone who looks around today and cannot see the vast numbers of new business ventures must be either blind or members of the JLP klan. There has been expansion in tourism - by old businesses and vast influx of new businesses. There has been growth in the distributive trade the like of which has never been seen in the country. There has been an explosion of small businesses most associated with getting consumer durables to end-users. The bauxite companies have expanded produiction.

Persons have babbled in aviation - both fixed wing aircraft service and the alternative helicopter service.

Ofcourse businesses have failed. The vast majority failed as a result of the poor mix of capital and personel and or persons failing to do due dilligence studies and entering into business models and or arrangements that were not viable.

There are crazy persons and or persons with selfish partisan positions who would claim "the entrepeneurial spirit was severly wounded in the Manley years". The facts do not support such a position.

Yes, some persons in the business class left Jamaica...but, any vaccuum that may have been created did not materialise as persons who remained quickly grasp opportunities that became available.

There are ways to address problems of quality of labourers and improving standards of services delivered...but, to claim 'wounding of entrepeneural spirit is nonsense'? Jamaicans are known world-wide as a people where just about every 'Jack man and his wife' is constantly searching for...working towards 'working for self' - starting a business? Manley with his various urgings to do for self promoted and encouraged growth of that 'entrepreneural spirit'. Manley's mantra was there were no heights that could not be climbed...go to/for it!

[Muadib]

Karl seek professional help with your split-personality problem:

"Well you are with me on this!
For yeeears I have been saying...and, later in past years on this site...our private sector has not been doing a damn thing! Make their money by bawling to government and constantly receivign hand-outs.

...besides aways iunefficient in operations papered over by just increasing mark-up"

Poor Karl.. any professionals in the field of psychiatry on the forum ?

Karl do you know what entrepenuerial spirit is ?

"An entrepreneur is someone who seeks to capitalize on new and profitable endeavors or business; usually with considerable initiative and risk."

What does your rambling have to do with the above definition ?

The world is round Karl.. trust me. Stop trying to prove that it is flat.

[Don1]

Well you are with me on this!
For yeeears I have been saying...and, later in past years on this site...our private sector has not been doing a damn thing! Make their money by bawling to government and constantly receivign hand-outs.

...besides aways iunefficient in operations papered over by just increasing mark-ups.



Question: Has Scotia invested tremendously in Jamaica? ....and, what %age of the 'super profits' are being 'exported' annually? ...in that light is it really too much? (Incidentally, I do not have the answers to the questions as I have no 'figures'.)

Scotia of course has invested tremendously in building it's banking infrastructure in Jamaica. It's ROI in Jamaica is among the highest in its worldwide system.

I am just lamenting the fact that being majority foreign owned, its profits in the main flow out of the country. They do invest in a few showpiece social projects that generate good PR and give the impression of "giving back".

[Willi]

Scotia of course has invested tremendously in building it's banking infrastructure in Jamaica. It's ROI in Jamaica is among the highest in its worldwide system.

I am just lamenting the fact that being majority foreign owned, its profits in the main flow out of the country. They do invest in a few showpiece social projects that generate good PR and give the impression of "giving back".

Karreck sah, Ah see you have some "insider" knowledge there. LoL

[Karl]

Karl seek professional help with your split-personality problem:

"Well you are with me on this!
For yeeears I have been saying...and, later in past years on this site...our private sector has not been doing a damn thing! Make their money by bawling to government and constantly receivign hand-outs.

...besides aways iunefficient in operations papered over by just increasing mark-up"

Poor Karl.. any professionals in the field of psychiatry on the forum ?

Karl do you know what entrepenuerial spirit is ?

"An entrepreneur is someone who seeks to capitalize on new and profitable endeavors or business; usually with considerable initiative and risk."

What does your rambling have to do with the above definition ?

The world is round Karl.. trust me. Stop trying to prove that it is flat.

Why split personality? -

The businesses are mainly - 'buy & sell shops'...'commission agencies' and or screwdriver operations. Businesses with an insatiable appetite for foreign exchange!

Name 20 businesses outside of bauxite, tourism, and the dying staples of the sugar-industry and banana export...that are, for example, positive foreign exchange earners?

[Muadib]

Mek up yuh mind..

Eidda di PNP smother the Entrepenuerial spirit or it has not..

Yuh conflicted.

That is because the earth is round.. not flat.

[Karl]

Mek up yuh mind..

Eidda di PNP smother the Entrepenuerial spirit or it has not..

Yuh conflicted.

That is because the earth is round.. not flat.

The PNP has not!
The question is; what is our reality? Where do we go from here on out?

Is the reality of our local markets - limited to Jamaica's and the Caribbean's - too small for us to focus our energies on making it the platform on which we build 'moving towards 1st world status'? Do we, from here on, need to focus on...change our mind-set to one where the focus is; 'OUR markets lie outside of Jamaica and the wider Caribbean'?

OK! We, for example, can expand the tourism product...and, seek to discover ways to make larger and larger amounts of the foreign exchange earned remain in Jamaica...that must be a core aim!

...but, besides import substitution and adding more value to imports before local consumption...must the mind-set not be all about building businesses to have foreign exchange surplus inflows? ...must it not be about 'tek weh di money fram farin' ...earning more and more from the wider world marketplace?

Well our rush to 'go into businesses for ourselves'...that built ENTREPRENEURIAL SPIRIT...now inate ENTREPRENEURIAL SPIRIT...must be channeled in this 'new TWIN direction'.
1. Import substitution and adding more value to imports before local consumption.

A way of reining in amount of foreign exchange needed to put the end product in the hands of our local consumers.

2. Export of finished goods plus the export of (marketing on the world market) 'new services'.

Three examples - a) Jamaica 'sold' as more attractive tourism destination and building secondary products/services linked to tourism such that foreign exchange earnings are further maximized/larger amounts of the earnings remain in the island; b) maximizing on the marketing of our products in the wider-world market(s) - maybe our comapnies should even be looking to manufacture outside of the island where cost of production and distribution may be more efficient; c) as a people 'train well' to sell our services outside of the island and or from 'bases' within the island.

The aim - More vibrant economy and foreign exchange surpluses!

Aside:
Where is the problem with recognising that we have greater and greater numbers with the entrepreneurial spirit...willing to go into businesses for selves...willing to take risks...backing selves to succeed?

...and...

...a recognition that our private sector has thus far been a failure at...a failure of moving into...grasping opportunities that bring great wealth home! Yes...**************** poor private sector where that is concerned?!

On another note - Perhaps, a look at energy consumption needs should include a government & private sector joint partnership. This is another area where solar, wind and hydro-electric power should be maximized. After all is said and done - oil is finite...and, shall become even more expensive as time passes.

Conflicted? Here? On this matter of our entrepreneurial spirit?
You must be joking! That great national fervor Michael Manley spurred - EACH JAMAICAN 'COULD'/THE COUNTRY 'COULD'...there was no task impossible...sent the 'ENTREPRENEURIAL SPIRIT' INTO OVERDRIVE!