Burke: Work attitudes have to change

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The New Today

July 24th, 2010

THE NEW TODAY - July 24th, 2010

Grenada’s Minister of Finance, Nazim Burke who was recently appointed as the new Chairman of the Eastern Caribbean Central Bank (ECCB) Monetary Council, has stressed the need for improved work attitudes within Grenada and the rest of the Eastern Caribbean. Addressing a gathering attending the 67th meeting of the Monetary Council last week Friday in Grenada, the local Finance Minister pointed out that citizens have a key role to play in the financial recovery that is being fought for by member states of the bank.

Burke noted that every country that has experienced sustained growth and prosperity in the wake of the global recession, has done so through innovation and higher levels of productivity and entrepreneurship. “Based on this experience, our current efforts at improving the business climate must be accompanied by improved work attitudes and a versatile and flexible labour force capable of delivering world class services,” he said.

Minister Burke stated that the high rates of unemployment across the currency union is a source of grave concern for all within the region but to effectively tackle high unemployment and reduce poverty, the economies of the region must return to growth in the shortest possible time. “Our already high debt levels across the currency union mean that we cannot borrow our way out of this recession. If we had any doubts, we just need to look at the recent experience of Greece and other European countries which have over-borrowed trying to spend their way out of recession”, he said.

The senior Grenada government minister made reference to recent cuts in budget deficits in the major developed countries of the world. “In recent weeks, we have seen developed countries in USA and Europe announce measures to cut their budget deficits. This means that developed countries could find themselves in a pattern of low growth or worse in the next several years”, he remarked. “The implication is clear. We must ensure our fiscal houses are in order through resolute fiscal consolidation and strong economic management”, he said.

The new Chairman of the ECCB Monetary Council believes that to resume growth, the Currency Union and governments within the region must tap into the areas of global growth for which may have a comparative advantage in areas such as tourism, health and wellness services, agri-business and ICT. In addition, he called for these states to pursue investment opportunities through the private sector and public-private partnerships; as well as continue to mobilise resources from the international community on the best possible terms; and engage traditional and non-traditional bilateral sources of funding to support public sector investment programmes.

Within the currency union itself, Minister Burke stated that the ECCB would seek to improve the operational efficiency of the Regional Government Securities Market (RGSM) and support the participation of a more diversified investor base while encouraging greater participation of member states on the market. “As we seek to resume growth, we must not merely work harder. We must work smarter; accomplishing more with less. This imperative applies to each of us - individuals, companies and Governments”, he said.

Minister Burke stressed that citizens of all region states have a role to play in helping to bring back growth. He said: “Ladies and Gentlemen, every country that has experienced sustained growth and prosperity has done so through innovation and higher levels of productivity and entrepreneurship. “Ladies and Gentlemen, it is reforms combined with strategic investments in our human capital and infrastructure that will position our economies to take maximum advantage of the upswing in the global economy. These are the factors that are likely to make a significant difference to how fast our economies grow and how sustained that growth will be.

“Staying with reforms, I must also state that our current drive in the area of public sector modernisation is essential not just from the standpoint of fiscal consolidation but also in enhancing our competitiveness as small states,” he added.

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George - Mr.

|99.247.34.xxx |2010-07-29 04:32:34

The issue with the economy is monetary policy. Governments all over the planet are beholding to
borrowing money from private banks, who make money out of thin air (because they have no reserves).
They then charge compounded interest to the borrower on top of the principle they made out of
nothing. This is called fractional reserve banking and is counterfeiting because it is backup by
nothing. In Canada for instance, the government under the Constitution has the ability to borrow
debt free money from the Bank of Canada which is owned by the Canadian people, yet the government
borrows 95% of its money from private Banks at compounded interest. Canadian tax payers are being
indebted on a daily basis of over 160 million dollars a day in debt from this policy and system
which is meant to bankrupt the country. This affects every soul on the planet as you are being
directly taxes to pay for this scam. I would bet the Mr. Burke has given little to any thought about
were money comes from. The financial crisis has nothing to due with people’s work attitude; it has
everything to do with a debt basis financial system which is by design meant to enslave people.

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