Earlier this year the offshore financial sector in Bermuda launched a campaign called “Everybody’s Business” which aims to “educate Bermudians about the importance of international business to all sectors of the community”, and is sponsored by PriceWaterHouseCoopers and the Bermuda Business Development Agency. (“International business” is a euphemism for offshore finance.)
The latest installment is a column by campaign leader Cyril Whitter in the Bermuda Royal Gazette, with the title “International Business – what does it owe Bermuda?”
“You will hear, from time to time, the assertion that international businesses in Bermuda should be doing more to help us with the challenges that we face as a nation.”
“It is my considered view that IB companies owe Bermuda and Bermudians absolutely nothing. They have already provided us with so much that to ask for more simply is not right. I will explain.”
Whitter then lists as advantages the jobs created by International Business and the positive effect to the economy produced by the “guest workers” (expats) working in the sector, among others.
The column is here. What it doesn’t mention is that Bermuda’s economy is already dominated by international finance, but hasn’t grown in five years. In fact, chances are that Bermuda may need less finance rather than more; the state of its economy looks a lot like a case of the Finance Curse.