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Gambling on a scapegoat
published: Friday | December 7, 2007
Olint's chief, David Smith, wears Polo cologne, likes to play X-Box and his favourite extravagance is staying at the best suite in any hotel he stays at, according to a recent article in the Jamaica Observer. Mr. Smith went on to say in the same article that he tried to live each day the way Jesus would. I tried to imagine Jesus playing X-Box, in a fancy suite, wearing cologne, but couldn't. Instead, I recall Jesus feeding thousands with a few fish. This must be what Mr. Smith was referring to, his miraculous returns!
Certainly, we have seen a metaphorical resurrection in one of these 'informal investment' characters. And the most telling of all of Jesus' miracles was the disappearance of his body once the tomb was opened. I only hope that the principals of these schemes will allow the powers that be, to open their tombs and reveal to all the believers the absolute truth. Like Jesus, I hope they have nothing to hide, and in opening their doors, we can put an end to all the speculation that is dividing our nation.
A number of depositors in these schemes have assured me that they cannot fail. They provide some logic based on how foreign exchange market trading works; you simply can't lose. It is a convenient argument, one that does not delve into the matter of why is it that none of the major money market traders throughout the world can provide these returns. It overlooks the track record of the principals and it does not ask the question why is there no transparency in the operations of these institutions and why they have not welcomed regulation and certification.
Old favourite scapegoat
Instead, depositors have largely attempted to find an old favourite scapegoat. They are angered by the 'big man' who is now trying to keep down the 'poor man' who is finally making some money. This argument does not consider that the businessmen and women of this country only serve to benefit if the population is richer. Their businesses and developments, and investments will thrive with the added demand, a wealthier economy provides.
On the other hand, there are many upper/middle class depositors in these schemes who consider it just a gamble; they will put their money in (not enough to hurt them) and get the profits out in time, just before the whole thing comes crashing down. It hardly bothers them that if they get their money out before it crashes that they are likely to have in their possession some poorer less savvy investors life's savings, or worse mortgaged house. I think time will tell a tale not of the big man who is warning of the perils of these schemes being the villain, but the wealth that a few will walk away with, at the expense of thousands of others.
The true villain
If these 'miraculous schemes' failed, then the true villain will be the political leaders who ran a few ads warning the public, but did not aggressively attempt to regulate these large and unwieldy schemes. Instead, they collected political donations and washed their hands of the situation. Both parties should immediately make public what donations they received from Cash Plus, Olint and his 'agents'. This information might educate the public on the honest intentions of these groups, and may explain why our leaders have remained impotent on the matter.
I am not a financial guru, but I believe in listening to those who are well-respected and perhaps know more about the markets and lending schemes, and they are shouting a resounding warning. They can only benefit from new wealth in this country, so one would have to wonder whether what they are really afraid of is not a shift in the social order, but the social chaos that will invariably follow if these incredible schemes failed.
published: Friday | December 7, 2007
Olint's chief, David Smith, wears Polo cologne, likes to play X-Box and his favourite extravagance is staying at the best suite in any hotel he stays at, according to a recent article in the Jamaica Observer. Mr. Smith went on to say in the same article that he tried to live each day the way Jesus would. I tried to imagine Jesus playing X-Box, in a fancy suite, wearing cologne, but couldn't. Instead, I recall Jesus feeding thousands with a few fish. This must be what Mr. Smith was referring to, his miraculous returns!
Certainly, we have seen a metaphorical resurrection in one of these 'informal investment' characters. And the most telling of all of Jesus' miracles was the disappearance of his body once the tomb was opened. I only hope that the principals of these schemes will allow the powers that be, to open their tombs and reveal to all the believers the absolute truth. Like Jesus, I hope they have nothing to hide, and in opening their doors, we can put an end to all the speculation that is dividing our nation.
A number of depositors in these schemes have assured me that they cannot fail. They provide some logic based on how foreign exchange market trading works; you simply can't lose. It is a convenient argument, one that does not delve into the matter of why is it that none of the major money market traders throughout the world can provide these returns. It overlooks the track record of the principals and it does not ask the question why is there no transparency in the operations of these institutions and why they have not welcomed regulation and certification.
Old favourite scapegoat
Instead, depositors have largely attempted to find an old favourite scapegoat. They are angered by the 'big man' who is now trying to keep down the 'poor man' who is finally making some money. This argument does not consider that the businessmen and women of this country only serve to benefit if the population is richer. Their businesses and developments, and investments will thrive with the added demand, a wealthier economy provides.
On the other hand, there are many upper/middle class depositors in these schemes who consider it just a gamble; they will put their money in (not enough to hurt them) and get the profits out in time, just before the whole thing comes crashing down. It hardly bothers them that if they get their money out before it crashes that they are likely to have in their possession some poorer less savvy investors life's savings, or worse mortgaged house. I think time will tell a tale not of the big man who is warning of the perils of these schemes being the villain, but the wealth that a few will walk away with, at the expense of thousands of others.
The true villain
If these 'miraculous schemes' failed, then the true villain will be the political leaders who ran a few ads warning the public, but did not aggressively attempt to regulate these large and unwieldy schemes. Instead, they collected political donations and washed their hands of the situation. Both parties should immediately make public what donations they received from Cash Plus, Olint and his 'agents'. This information might educate the public on the honest intentions of these groups, and may explain why our leaders have remained impotent on the matter.
I am not a financial guru, but I believe in listening to those who are well-respected and perhaps know more about the markets and lending schemes, and they are shouting a resounding warning. They can only benefit from new wealth in this country, so one would have to wonder whether what they are really afraid of is not a shift in the social order, but the social chaos that will invariably follow if these incredible schemes failed.
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