Daily Archives: March 1, 2012

Wall Street Journal: Caribbean vacation properties risky because deposits finance construction

Left unsaid in the WSJ review is that after a project collapses there is a tendency for Caribbean governments to buy into failed projects with public funds in the hope of kick-starting the local economy. Bleached concrete bones dot coastlines throughout the Caribbean and in Barbados too, and once construction is stopped the salt and plants start to deteriorate the unprotected and unfinished structures. At a certain point it becomes uneconomical to continue to build on the old structures and they half to be torn down and started anew. Not a hope in hell of doing that in this economy.

Every time I hear our illustrious leaders talking about using our public money to ‘invest’ in failed projects like the Four Seasons Resort I make a mental note to save more for my retirement – because the government won’t be able to buy me a sticky-plaster let alone provide adequate health care for older Bajans when my time comes.

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Filed under Barbados, Consumer Issues, Economy, Real Estate