90% controlled by white Bermudians?

Shortly after the election, Ewart Brown told a BBC Caribbean reporter that "the economy of Bermuda in the private sector is probably 90 percent controlled by white Bermudians".

Really?

So....

If Bermuda's (Re)Insurance companies are capitalised at $129B as reported today, that can be no more than 10% of our economy according to Dr. Brown. (Because...our insurance industry is controlled by foreign investors - publicly traded, hedge funds and others - which are by definition not white Bermudians).

If we assume then that black Bermudians control nothing (makes the math easy and is what Dr. Brown would like to keep people believing - helps with the victim complex), then white Bermudians control $1.161 trillion dollars worth of capital.

That's a lot of tacky checkered golf pants and wool sweaters.

And if you believe that, I have 267 pristine acres of land in Southampton to sell you.

One can only conclude that at best the Premier is disingenuous or at worst uninformed about the economy he controls, or both. Either option isn't good.

The truth is that Bermuda's economy is 'probably 90% controlled' by foreign investors, not white Bermudians. Has been for a long time.

But it's politically expedient (and incredibly divisive) to lump white Bermudians and foreign money together...lots of people lap that kind of talk up because it allows their prejudices to go unchallenged.

The days of Front St. money are gone in case you hadn't noticed. Bermuda's old merchant class hold no economic or political clout, they've haven't for a long time. (Psst, don't tell that to the time warped Premier or his whole world view will crumble.)

But anyone who is going to be persuaded by facts already knows this. Because in the world according to Brown, reality has a well known anti-PLP bias.

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