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.

4 Comments

Filed under Barbados, Consumer Issues, Economy, Real Estate

4 responses to “Wall Street Journal: Caribbean vacation properties risky because deposits finance construction

  1. I SO Love bailing out the crooks, with MY MONEY!

    So the Wall St.Journal has figured out what us idiot Caribbean-island taxpayers have not!
    That we are easy to fleece.

    Verily I say unto thee
    You get the Government you so richly deserve!
    and we are so foolish that we think we are somehow not part of the Government/s.

    When “Government” bails out a project, WhoTF do you think is providing that money?? -Government? LOL

    It’s YOUR TAXPAYER MONEY you silly twits!

  2. Mr Coco

    Thanks for posting this, very interesting. I have seen the Westin St Lucia (paradis)project first hand and it ain’t pretty. A couple of locals were shot there scavenging a month or so ago.

  3. 2396534.66320

    Just hope that NIS comes out all right, but have my concerns about pensions!

  4. yatiniteasy

    Was Government(our) money provided to Harlequin?