Our old friend and Member of Parliament William Duguid hasn’t been seen around Barbados Free Press in many months, but he is apparently alive and was recently quoted in the Nation saying that we should take all our savings out of the bank and invest them.
Hmmmmm…. but Doc, if I invest in Barbados property or a company that owns Barbados property, how do I know which property will be expropriated by the government and which won’t be?
Invest Your Money, Says Duguid
BARBADIANS would be better served taking their money off the bank and investing it.
Member of Parliament for Christ Church West, Dr William Duguid, made this assessment yesterday in the House of Assembly.
With banks having “great liquidity” (a lot of money on their hands) and the interest to depositors increasing only at a rate of 3/4 per cent, now was not a time to put money on the bank, Duguid said.
“I encourage more people to take their money out of the bank and invest it . . . ,” he said.
He suggested investment in properties, real estate and businesses.
“Follow that dream of investing your money, rather than leave it in the bank,” he recommended to people having “this vast quantity of money” in the banking system. Such persons were now losing because of the “negative interest” their money was attracting, Duguid argued.
He made the remarks during debate on proposed amendments to the Co-operative Societies Act.
… read the original article at the Nation News (link here)