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OnlyMe

Cayman Has No Need Of British Help

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Back at ya! :lol:

http://www.guardian.co.uk/business/2009/se...cayman-guernsey

Cayman has no need of British help

The Cayman Islands do not want to borrow money from the UK. Indeed we need no financial assistance whatsoever from the UK (Britain may be forced to bail our offshore tax havens, 14 September). What we do need is for the Foreign and Commonwealth Office to give the Cayman government the nod to borrow £278m from willing banks that are relaxed about our triple A credit rating. Just to put that sum in perspective, it is equivalent to less than half a day's current overspend by HM government. If we wanted lectures on how to manage our economy, the FCO would be the last body on earth we would approach. Our short-term funding issue is hardly a global issue, yet beleaguered onshore politicians single out Cayman as a convenient scapegoat to divert attention from their own inept fiscal mismanagement.

Despite this current propaganda war being waged by ill-informed factions within the UK and US governments, I don't remember any reluctance on their part during the recent cataclysmic financial downturn to beg Cayman for assistance in diverting trillions of dollars to their ailing US and UK economies. As the UK government prepares to bring in a 50% top rate of tax and the British consumer is crippled by further extortionate taxes on fuel, stamp duty, inheritance tax, airline charges, alcohol and a myriad of others, is it not time that the electorate asks this question – what is the morality of a country that takes more than half in taxes of what their citizens earn?

No banks or institutions went bust in The Cayman Islands. No bailouts were necessary. Unlike future generations in the UK and US, our citizens will not be faced with what has become known as "intergenerational taxpaying". The Cayman government has also had the courage to propose a 2% cut in public sector pay. What chance of Messrs Brown and Darling grasping that nettle?

Anthony Travers

Chairman, Cayman Islands Financial Services Association

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He sounds like Dick Fuld just before Paulson Bernanke and the Squid took him down.

Edit: So, if the FED are using hedge funds out of the Caymans as a pump fund (Seydel's thread), taking them down would be another easy way of covering it up. Send the Feds in, confiscate documents, lock a few people up...........

Edited by Red Karma

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