As the economic situation becomes more critical with every other economic downturn, and the fiscal depression gets nearer and nearer to the World-wide crisis that affected all and Sundry in the 1929-31 depression all those decades ago – some pundits are already predicting that this escalating depression will reach the same heights experienced those many years ago. But whether it reaches that height or nearly there, the effects far and wide are already devastating. And in our neck of the woods here in the Spice Isles, the Twenty Million dollars headache is already beginning to haunt and torment us – and the full extent is still a very long way ahead but rising daily. When the new Controllers took over the reins of power last year July – the Minister for Finance was quick off the block to inform the nation that the Treasury Till is empty, while the debt burden was in the Billions – as we had known for a long time during the last years of the out-going lot, who plunged our already impoverished nation state so deeply in debt that it would take us decades to get out – and only if the Countries and institutions we are indebted to, agree to write off and release us from most of those debts. And the sad tale surrounding a lot of those debts, is that many were not accounted for, on the one hand; and on the other hand none was put into sustainable development projects, that could have survived to now help our people meet the hard times they are facing. In addition to, and over and above the many scampish deals entered into by the ousted lot, with con-men and crooks from overseas – who took them and our poor people for some expensive rides that left our debt burden sky-high, but no doubt benefited those involved with increased Bank balances in safe havens overseas – the deposed lot squandered Millions of dollars in suspect projects that provided highly paid jobs to relatives and cronies for many years, and then crashed leaving more Millions of debt burden for the new Administration to grapple with. The Call Centre in Seamoon, the Garden Group Hotels in Grand Anse, the Trade Centre in Grand Anse – these are just a sample of the squander-mania that were left behind after thirteen years of being in control. And after all those years of creating our own economic depression, and leaving our people with a debt burden they cannot ever pay off – last week when the new controllers went to Parliament to get permission to borrow from the local Banks some Twenty Million dollars to aid the stagnant economy – the few elements in opposition in the Parliament were getting on as though they were lilly-white angels with crystal clean hands, and scolding the new controllers for their reckless borrowing. What a shameless spectacle they presented. At least the new controllers went to Parliament to debate the issue of wanting to borrow the said sum – unlike the days gone by when the people only heard of more and more and more debts, long after the damage was done and it came out as breaking news from questionable sources. And the Minister even went further to inform the House and the people – how the debt would initially be paid back, by setting off Corporation Taxes due from the Banks to Government to reduce the burden upfront. That approach is so very different from the scandalous purported sales and Leases, that the Government Advisory Committee have discovered in the course of their investigations into questionable deals entered by the outgoing lot the day before the last General Elections. Not only did the so-called Investors receive the maximum Tax concessions for years to come, but they were even exempted from stamp duties for recording the documents, and in one case to-date also given a Mortgage by the Government to purchase the people’s properties. So when those in opposition wish to question the actions of the Government of the day – as they have every right to do – they should think and re-collect their own actions before opening their mouths and putting their feet in it. And by the same token, to be consistent and to try and influence people on any programme or project they have in mind – those in control must also keep the people informed, and when considering plans like re-naming the Airport for example – they have a duty and very serious responsibility, to consult with the people and get feed backs before embarking on such very obviously sensitive and divisive issues. To behave as they did over the Airport re-naming issue, and simply say afterwards that Cabinet discussed the matter and took a decision to re-name the Airport – without even mentioning the matter in Parliament but announcing it in Cuba of all places – amounted to gross disrespect of the people’s representatives and the seat of our democracy in the Houses of Parliament. Those types of decisions could have very deep-rooted and highly significant repercussions among our people, and those who ignore that importance, or treat them with disdain or arrogance, would sooner or later feel the wrath of the very people who elected them to their high positions. As we grapple with the World-wide economic and financial strangle-hold that we have no boundaries – I noticed our Caricom Leaders were again in discussion about the (CSME) Caribbean Single Market and Economy in Belize a couple weeks ago. That Amendment to the Treaty of Chaguaramas is supposed to be fully implemented by the year 2015 in all the member states – but whether or not that would happen is left to be seen. As far as the Caribbean Court of Justice (the CCJ) is concerned – which is an integral part of the CSME - the jurisdiction over the Revised Treaty is in place, but the proposal to have the Court take over the Final Appellate jurisdiction of the privy Council in London, in Criminal and Civil matters in all member States that currently use the Privy Council as their final Court of Appeal – that is still up in the sky. Barbados and Guyana adopted that proposal from the outset – and Belize has recently decided that it is following in their footsteps and abolishing Appeals to London , but no further words from the other States to-date. The Single Market aspect of the Amended Treaty could come into play as envisaged – but I could foresee real problems with the Single Economy part thereof, because of the various currencies in Caricom as a whole – and the fact that outside the OECS Central Bank most of the other currencies are very unstable and in-secure. The movement of capital in the Caricom region, and the free movement of Labour throughout are also issues that are not so easy to be implemented. The application of those issues in the developed World, like the European Union for example – cannot be compared with what obtains in these parts when it comes to putting them into practice. In our case here at home, our hopes must be very heavily based on the favourable outcome of de-limitation talks with Trinidad and Tobago – so as to allow our Government to pursue the exploration of Oil in our Economic Zone in the very near future. Because of the neglect of our Agriculture Sector in the recent past, a lot more time and money must be spent in that area to help make us more self-sufficient in our everyday needs, and save our scare resources for essentials we cannot produce. Emphasis on the Poultry sector is one area where much more funds must be allocated to help get it up and running. Whereas the Tourism Sector and the heavy expenses on promotion thereon must be slowed down – because of the financial downturn where our traditional Tourists usually come from. The powers-that-be need to use this period of decline in the economic arena, to train as many of its young and un-employed people in preparation for the turn-around that must come in the fullness of time. We have a whole lot of Secondary Schools graduate sitting at home doing nothing, and those should be seen as our human production for exports when the economic atmosphere changes in the developed World. In the field of Information Technology (IT) and Computer skills, and in the health sector for trained nurses especially – we have a lot of raw material that could be developed for later on down the road. Now that (SGU) St. George’s University has started its Degree Nursing Programme at True Blue, with two years here at home and the other two years in Hospitals in Canada and the U.S.A. – the time is ripe for student loans from Government to young ladies and interested young men to prepare themselves for the future. Many would get jobs in the very Hospitals that would help train them, and the loans could be paid back after they have qualified – so that the debt burden would not be an indefinite strain on the State. The door is wide open, and the opportunities are right here to prepare a new generation for export – to ensure the continuation of those remittances that built our housing stock over the last quarter century – and educate our young people to take their places in the developing World. Those so-called investors and off-shore money launderers have taken us for enough empty and embarrassing rides – The time is long overdue when we must move away from those con-men and tricksters, and turn back to investments in our own people for the future – to cope with economic crises down the road. By Lloyd Noel (Attorney-at-law) INSIDE GRENADA NEWS