Schools talks collapse | Cayman News Service.
Cayman's government is rapidly descending into chaos. On Friday a major contractor stopped work on two projects.
Cayman, of course, blames the UK.
The UK requires Cayman to show capacity to repay loans - top line, revenue generating capacity called tax. The UK is right to do so. If Cayman goes bust the burden is the UK's.
Cayman refuses to tax.
The corruption of tax havens / secrecy jurisdictions is writ large here: ultimately the rfusal to tax on behalf of the wealthy hits hardest those most vulnerable in any society. In this case it's Cayman's children. But that's just a metaphor for the bigger picture.
This is an issue the UK has to win and Cayman has to lsoe, for the sake of us all.
Hat tip: Chris Hopkins.
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Actually ultimately the refusal due to the UK’s under handedness on behalf of the wealthy hits hardest those most vulnerable in any society. In this case it’s Cayman’s children.
You only have to look how they treated the Chagos Islanders to see how very underhand they are.
The point is there is a global recession leading to Cayman’s first deficit, I know and the FCO know that Cayman will be able to support itself within 2 years once again without direct taxation. The UK gov are stalling to get their own agenda and as such the Caymanian children will suffer.
That is the truth of the matter and you whole heartedly support it
Your glee over the cash flow problems of the Cayman Islanders is quite palpable- they are resolving their revenue stream issues but that is not good enough for you. Your socialist Labour masters have committed exactly the same sins- relying on a tax harvest on the backs of profit-oriented bankers to fund your useless and ineffectual social programmes- none of which are worth the wasted assets poured into them except for the bloated salaries garnered by Labour-voting bureaucrats and toadies such as yourself. Cayman Islands is as much a victim of the UK’s expediency as the UK is, and even your socialist soul-buddy Obama has backed off this witch-hunt. The only difference between us and the UK is that you have the money printing presses- we don’t. Let’s hope for your socialist conscience’s sake that no innocent Caymanian child has to suffer as a result of your vindictiveness…
Rather odd Knal
I am not a socialist
I am not a member of the Labour Party, or any other party
But as an accountant I’m darned good at telling when someone is bust
Cayman is
Richard
OK, apologies in order. Maybe you are neither socialist nor a party hack- understandable, as the 3 UK political alignments are all a bit wet. They do love to spend the money, though- you have to admit that collecting too much tax simply leads them to spend way too much. Be that as it may, you still have the printing presses (a most insidious form of tax, which should make you very pleased) and we don’t. The nice thing is that we will be in the black again very shortly as the value-losing pound is traded out to non-sterling and stashed in Cayman banks. Mmmmm- we win, you lose!
Cayman is bust? maybe someday you will stop the mistruths
http://www.caymannewsservice.com/headline-news/2009/09/30/mac-gets-cash-no-tax
As a matter of interest how much is Cayman’s net structural deficit per capita and net government debt per capita, and how do those figures compare with the UK, Jersey, Guernsey and the Isle of Man V
I’m very curious to know the outcome.
Rupert
Jersey and Guersney much better – not in debt
With UK irrelevant
We have a diversified economy of 60 mil people and a range of powers Cayman has not got
No comparison
Richard
Richard
Why is the UK irrelevant and how is the economy diversified ? I’m not even sure what the UK actually makes these days, but it isn’t much.
If Jersey and Guernsey aren’t in debt (and both islands have cash reserves to cover several years of tough times), why do you keep saying that we are going bust ? I think that it would be more correct to say that we would go bust eventually if we don’t find ways of covering our structural deficits by any combination of public sector cuts, extra taxation and extras sources of revenue by the time that those cash reserves run out, which isn’t quite the same thing.
Its a bit like me saying that I would go bust if I decided to retire today and to carry on with my same level of expenditure without making cuts or finding new income sources before my savings ran out.
Rupert
I suggest you study a little on the issues of money supply, the capacity to issue debt, regulation of interest rates and more. Plus even taxation and macro policy
Then you might understand
Richard