So the Chief Minister is now echoing the predictions made long ago in non-conventional media. While the boom was at its peak we were told by those who seem to know that the bottom would fall out of the banking industry and that the Euro would be the first currency to go to the wall. Now the CM is preparing us for the worst it seems.
A very down-to-earth retired bank worker told me today that she believed the system would go down as has been predicted for years. She claimed that it has been known for a long time and that she couldn’t see things turning around. This would of course not be very good news – but let’s face the real news.
With an economy based primarily on financial products this is certainly not what the Isle of Man wants to hear. (Some years ago I tried to convince some of our ministers that encouraging a variety of revenue sources might be prudent but it seemed to me that the financial boom had made them deaf to suggestions that there could ever be an end to money, money, money). As usual the electorate suffers for any lack of foresight on the part of politicians. There again we really must stop behaving like serfs and start asking questions – and keep asking questions until we get answers.
One burning question is surely the fact that we appear to continue to copy and paste EU/UK legislation and also continue to accept the associated costs of doing this. Why? If we are really to put up the barricades and turn the island into a financially flourishing fortress then surely one of the items we really don’t need is the habit of adopting alien legislation. This is not without cost implications and the reasons for doing this have yet to be explained.