Daily Archives: February 4, 2009

President Obama and America Getting Tough With Tax Cheats

Apparently, President Obama has imposed tough new requirements on his officials and cabinet members: They must pay taxes.

This onerous rule has already sidelined or slandered a number of candidates or appointees for his critical posts. Many wonder if such strictures are a wise move, but it’s hard to quarrel when their jobs are about spending trillions of taxpayer dollars – a cause that some of these people have not made a contribution toward.

… Diane Francis in The National Post article US Protectionism Globally Destructive

US Protectionism Likely To Rise

Times are tough everywhere, but nowhere are they tougher than in the wallet of the United States of America where taxpayers are now on the hook for a trillion dollar giveaway to corporations in what is euphemistically called “a bailout”.

president-obama-barbadosThat money has to come from somewhere and one of the first messages sent out by President Obama is that all Americans and American businesses will pay their fair share of taxes. The Obama administration must, and will, stop the secret foreign economy conducted offshore by Americans who continue to live in the homeland but keep their assets and income hidden offshore.

The second message of the Obama Presidency is that America intends to stop being the world’s policeman and better look after things at home. While the world breathes a sigh of relief that the American bully cop will be seen less, the other side of the coin is an increase in trade protectionism. As the USA withdraws into a “look after the homeland” mode, smaller countries that don’t matter a whole lot to the United States (like Barbados) will find their offshore financial industries under increasing scrutiny.

Like the vast majority of people in Barbados, we at BFP supported (at least moral support) Obama’s bid for President. But we also understood that Obama will be no special friend to foreign nations, at least not at the expense of the United States. As we wrote in several articles, Senator Obama was a fierce opponent of the offshore banking industry in the Caribbean and he even sponsored several pieces of legislation that were directly harmful to Barbados.

So enjoy the moral victory and social progress represented by the election of a non-old-white-guy President, but hang on to your wallets friends because money is going to get tighter ’bout hey.


Filed under Barbados, Business & Banking, Crime & Law, Offshore Investments