REPORT #381 September 2000

Produced by the Belize Development Trust

The politicians of the PUP and the UDP continue to ignore and avoid banking reform, new legislation creation favoring banking and international banking in Belize.

The subject makes their head spin. They don't want to get into it, said one close observer. In the meantime they continue to complain about high interest rates and creating low income loan alternatives to the main international banks who control the country services. Central Bank seem to be composed of dunderheads, said one commentator.

No attempt has been made to contact Belizeans in high banking circles in innovative California banking circles. Seminars would be help for politicians and bureaucrats in Belize.

They have been led around by the nose, like a little child whose Mommy knows best for more than 40 years.

If banking is a multi-layered cake, then in Belize, the banks are only interested in the icing when it comes to services. They don't want to get into the cake itself. And why not? That is where the maximum profit for the least effort exists. Like BTL monopoly, the banks are not interested in doing anything but getting the most profits for the least services in Belize and the politicians know so little about the subject and are adverse to learning, that port town con man Minister of Finance Ralph Fonseca is considered an expert, despite years and years of bad negotiated deals and wrong moves to his record. Just because he has a smattering of the jive lingo and can hype the talk and confuse those less familiar with the subject itself. Yet him included and certainly those fellow travellers in Belize from the port town are continually snowed by the existing banking establishment with their own spin on rational why they do things and why the government should not interfere with them. What a farce! A comedy of errors that continues!

Outspoken writer Godfrey Sealey, the 41 year old playwright says the Trinidadian (hiccup) leaders are megalomaniacs, power-hungry, money grubbing capitalists without any vision. The description could fit most of the British Caribbean countries under the current Westminster system.

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