Derisking - “The Greatest Danger” Print E-mail
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Written by By Ed U. Kate   
Friday, 19 February 2016 00:00

What laws did we contravene? What regulations are we about to break?  Those are the questions of the day!

H.E. Dr. Patrick Antoine, Chief Finance Advisor - Govt. of Grenada: “The de-risking phenomenon is perhaps the greatest danger to our economic prospects at this time…We need to put the onus on the United States to tell us what regulations will transgress or what regulation, it appears  that we are going to transgress. And then they have an obligation to tell us how are they purporting that these limitations accrued and I think that is one of the things we need to do.”

Prime Minister Dean Barrow - Interim Chair, CARICOM: “Under pressure from their regulatory authorities in Europe and especially the US, banks in those jurisdictions have been closing their correspondent relationships with our indigenous financial institutions.  This deprives our banks of the ability to keep US deposits, do wire transfers, facilitate credit card settlements for their local clients and our economy.  The implications of this for our international trade, for our remittances, for our structures of production, consumption and investment, are so obvious as to require little further elaboration. It is therefore no hyperbole to say that, especially in an environment where the value of our imports and exports taken together equals or exceeds our GDP, any attenuation, not to say complete cutoff, respecting our trade and remittance flows, constitutes a clear, present and compendious danger…Surely our respective country banks can get together across jurisdictions and as a block, approach target banks in the US for pooled correspondence services. That way we should be able to leverage the critical mass needed to make our business volume worthwhile in terms of the risk reward equation.”

Ambassador Irwin LaRocque - Secretary General, CARICOM: “Mr. Chairman, today all member states face yet another existential threat and it is immediate. This arises from the withdrawal of correspondent banking services due to the arbitrary and unsubstantiated categorization of our region as a financial high risk area. This is despite our jurisdictions being in compliance with institutional and regulatory standards established by the FATF, the global forum and other international bodies. Yet the global banks have reacted to the heightened regulatory emphasis in their own jurisdictions with de-risking strategies which either result in the withdrawal of corresponding banking relationships or restrictions on those services. Our region is inarguably one of those adversely affected by these de-risking strategies and our people have already begun to feel the consequences of such arbitrary decisions.”

It is indeed very good, proper and timely that the countries of the Caribbean are now carefully focusing on the pressure facing the region - and indeed the world.   Pressure generated by the regulatory authorities of Europe and the US.   I would like to consider Europe and the US as one unit.  I call that unit the West.  I have studied the way in which the West treats the rest of the world.  The findings are shocking indeed:

1)      Genomic and DNA studies have been traced back to Lucy and Africa in every case!  The analysis of the remains of the Warrior  King  was quietly shelved because of two reasons: a). The  association to Africa and b). Hanky-panky causing deviation from the Lionheart!

2)  When Columbus landed on the shores of the Americas there were millions of people living over here.  They had been occupying the land for at least 20,000 years!  The Amerindians OWNED the lands for 20,000 years before Columbus landed on American soil.   Everything was stolen from the Amerindians; EVERYTHING.

3)  On January 6, 1854 James Buchanan wrote:  “Surely the Mosquito Indians ought not to prove an obstacle to so happy a consummation.    Even if these savages had never been actually subdued by Spain, this would give them no title to rank as an independent State, without violating the principles and the practice of every European nation, without exception, which has acquired territory on the continent of America.  They all mutually recognized the right of discovery, as well as the title of the discoverer to a large extent of interior, though at the moment occupied by fierce and hostile tribes of Indians.  On this principle the wars, the negotiations, the cessions and the jurisprudence of these nations were founded.”  The West took away every Human Right from the Amerindians – how utterly evil, how totally wrong!

4)      On September 30, 2015 Congressman Kevin McCarthy explained how Legislators subvert the System….  Legislators, judges, prosecutors and police colluding in one heck of a corrupt injustice system!  Buchanan and McCarthy confirm to us that over the centuries, the West has been consistent in its total disregard for the rest of the world.  They divide, isolate, victimize, terrorize and then destroy.  Racism and white supremacy succeed because some of the very victims unwittingly help as one group after another is attacked.  When blacks are victimized and terrorized, some of the red, yellow and brown help by making excuses for the atrocities.  As Trump is picking on the Mexicans, even some non-Mexican Hispanics find ways to side with Trump!  Such behavior is wrong.

5)      Countless millions of Africans were kidnapped and forcibly trafficked from their home and enslaved in foreign lands.  Their human rights were violated in every way possible.

6)      It is true that the Chinese invented gunpowder, but it was the Whites who perfected the nefarious art of gun boat diplomacy.   Recall that it was Bush and crew who lied about Weapons of Mass Destruction to illegally engage in war; hundreds of thousands were murdered – and the killing continues…

7)      WWI and WWII were fought because of European greed.  After WWII some 2500 Nazi were brought to the Western Hemisphere to ‘’fight communism’’ and ‘’develop rockets.’’   The blue print that they brought with them is directly responsible for the problems that we see today: a) Out of control military spending to the tune of a $20 Trillion debt. b) Militarization of the Police with the endless complaints of brutality, unfairness, harm, injury and murders. c) Neglect of infrastructure, health, education, transportation, environment, employment, agriculture, social services, economy, climate, human services, social security…and every other non-military sector of the society. d) Real risk of destruction of Earth by nuclear weapons.

8)      The so-called ‘War on Drugs’ is the worst kind of scapegoating.  The people in the Western Hemisphere were living in harmony with the environment for a full 20,000 years before Columbus.  It was the Europeans and their descendants who mass produced, concentrated, purified and commercialized the leaves (tobacco, marijuana, and coca); we in the Caribbean are the victims of their insatiable drug appetite and bad habit.  Reagan, Bush, North et al used their agencies to moves tons of drugs north.  After selling same in the inner cities the monies were used to buy guns which were shipped south – as I said above, we are the victims!

9)      The worldwide financial systems crash of 2007/2008 was 100% the fault of the ‘geniuses’ of the West, how dare them refer to us as risky?

Yes Sir!  We too frequently hear the following words and terms carelessly and recklessly thrown around: Human Trafficking, Money Laundering, Racketeering, Crime, Stealing, Fraud, Freedom, Human Rights, Respect, Intelligence, De-risking, Drug Trade, Failed State, Arab Spring, Terrorism, National Security….I would strongly urge all readers to take sufficient time and reflect on the historical facts and to do everything to encourage self and others to resist the lies and the hype and to fight for the absolute truth.  This issue is about control and interference in the affairs of sovereign states.  This economic war is illegal.  The West does not treat others as they treat themselves – this is the genesis of all of our problems!