A reader (and my sometime spell-checker) weighs in on Bermuda's economic picture:
Don't overlook that Bermuda's currency is effectively worthless. It is not backed by any assets and cannot be freely traded off the island. Couple that with how Bermuda's GDP is calculated, which includes a large contribution of profits of IB, which reduces as each company redomiciles and the profits are consolidated where the parent is now domiciled, and the picture is exceedingly bleak.
I don't think a bleak future is inevitable, but it will take a severe course correction. I only see that occurring with a change of Government because the PLP have proven themselves incapable of introspection and humility.
Term limits, anti-Bermudians laws such as licensing your spouse and the real estate limitations, an increasing pace of overspending amid declining revenues, continued focus on irrelevant dogma like independence will be the death of Bermuda.
The PLP have taken one of the most vibrant economies in the world, with budget surpluses and surplus employment and completely reversed that.
