Saturday, July 10, 2010

The Seychelles Column - By Christopher Gill

Passing The Buck On Economic Woes
When an economy runs into trouble, no one wants to take credit for the trouble or the failures, especially the political leadership of SPPF/PP.
The SPPF/PP tends to claim the occasional success, and lay blame of economic woes on external forces, that the SBC pounce on without posing questions.
Blame The Banks
Recently, President James Michel has been blaming the commercial banks of Seychelles, for all his problems. He came only a slight step to declaring political war on them in his National Day speech and the Independence Day speech.
The problem is not the banks and the problem goes back to where the buck stops: on James Michel’s desk. The commercial banks only react to market forces that are in play in a very difficult pseudo communist market wherein costs of doing business is high for everyone, banks included, particularly when we have a defaulting client on loans like the Government of Seychelles.
Face Facts Man
At the start of the year 2010, there was a total of SCR 5.5 Billion in circulation in Seychelles. SCR 3.7 Billion was already tied up in commercial loans, loans to government of Seychelles, or Treasury Bills. The surplus of money in the economy, that is dormant is SCR. 1 .8Billion. A significant portion of that needs to be lent out to get the domestic economy running fluid again.
Unfortunately for the commercial banks, it is not easy to find viable customers for SCR. 1 8 Billion, when SCR 3.7 is already out there somewhere, spread over the entire economic market spectrum. Without adequate infrastructure in place to absorb another SCR 1. 8 Billion, we will remain in a stagnant state economically, in spite of the fluffy numbers being put out by SPPF/PP.
IMF / SPPF Said Three (3) Year Plan
In October 2008, the IMF and the SPPF/PP said the IMF program would last Three (3) years. The commercial banks of Seychelles relied on this declared program term. At the time, Treasury Bills went up to 30%. Most commercial banks reasonably expected that Treasury Bills would become the mop up tool for excess liquidity and bought into the program. They offered clients 12% interest on their deposits and bought Treasury Bills with the money, making handsome profits and clients made a “solid investment”.
Commercial banks took a calculated business decision to pay 12% interest on deposits. Those deposits that were fixed term at fixed rates for 2 or 3 years, must be honoured, in spite of unfavourable circumstance for the commercial banks now being paid Treasury Bill interest of 1.8%.
Dupe The Banks
The commercial banks have been duped by the SPPF/PP and IMF into believing the IMF program was to last Three (3) years. We now have 5 years of IMF programs, and many years of debt repayment for the $500 Million in debt that has not been written off or forgiven by bilateral and multilateral institutions. This is a reduction from the November 2008 official bankruptcy figures of $860 Million outstanding bill SPPF created over the years.
The commercial banks have been duped into holding all the liquidity in the market created by SPPF/PP when they printed money like tomorrow would never come.
Ministry of Finance Calls The shots on Treasury Bills. They have advised the commercial banks that they will not need their money over the next Three (3) years. Banks cannot drop interest rates lower they say, because of the cost of carrying bad debts and cost of doing business in Seychelles.
Catch 22 it seems.
Enter The Khalifa Pillar of Economy of Seychelles
The problem with the SPPF/PP economic recovery program is that it is hedged on good relations of SPPF with Sheik Khalifa, and the selling out of our sovereignty to Sheik Khalifa of UAE.
In 2010, it has been estimated that Sheik Khalifa will bring in the 4% GDP projected growth. Sheik Khalifa is building a residence that will exceed $500 Million when done, though everything is imported duty free.
Sheik Khalifa has funded $10 Million for a hospital renovation at Victoria Hospital (Ministry of Health prop), $16 Million for Two (2) generators (Ministry of Industry PUC prop),Ile Preservans Housing for $30 Million is forth coming (Ministry of Land Use and Housng prop), Michel has asked for military intervention against piracy and permanent military involvement with Seychelles on part of UAE (Ministry of Defence prop and internal security prop), Sheik Khalifa has just paid over $2 Million for some buses to keep fledging SPTC going,(SPTC prop). Additionally, Sheik Khalifa offers President Michel use of a jet occasionally, for free, (State House travel Budget prop).
All in all Sheik Khalifa pillar of the economy has gotten off to a quick start with exception of the La Misere damages settlement cases.
IMF See No Evil, Hear No Evil
IMF has turned a blind eye to this new pillar of the economy that does not pay taxes , choosing instead to focus on the bottom line. If Seychelles is being sold to Sheik Khalifa, does not concern the IMF technocrats that come and go and change every year.
Sheik Khalifa we all know, does not pay his way, he pays as he wishes. We all know over $200 Million could have been injected into our economy this year alone if Sheik Khalifa paid his taxes as due, when due.
Instead, he offers a gift here and there, to keep SPPF/PP floating. The confidence SPPF/PP displays and arrogance towards commercial banks have only one source.
After all, who can stand up against the commercial banks of Seychelles, who have SCR. 3.7 Billion in loans unpaid? Surely not bankrupted SPPF/PP.
Personally, I would prefer to deal with the commercial banks of Seychelles, knowing what I have to pay for what I get from them. The commercial banks would be good to extend loan terms to make the market buoyant and fluid.
With Sheik Khalifa, do you know what you will have to pay- for what you get, SPPF/PP?
In spite of your Bozo economics and bozo finance scheme proposals SPPF/PP, that involve the material sale of our country, we will over ride this policy of “Sell Baby Sell” and defeat you collaborators who are selling Seychelles and her People as you read this article.

Sesel Pou Seselwa!
May God Bless All Freedom Loving Seychellois!

54 comments:

Anonymous said...

Will the real Bozo please step forward!!!

Christopher Gill, how long do you intend to insult our Foreign Digniteries with impunity you Loser and Floor Crossing Traitor?.

Put it through your kokonut that what the Incumbent does and intends to do are none of your business. They are not accountable to you but accountable to the Juries, Judges and Executioners come election time Boof-Head. Like your brother Francis the Fraudster of Guam, both your articles reflect and highlight the absurdities of it all.

Anonymous said...

Reply to Kokonut Head-

A foreign dignitary that comes to Seychelles, respects our laws, respects our people, respects our culture, has my full undivided respect.

A foreign dignitary that comes to Seychelles, does not respect our laws, does not respect our culture, does not respect our people, and intends to take over our country, will not have my respect.

They can go home!

Whatever is done is Seychelles, is my business. I am making it my business. I will continue to comment on my business.

The only issue absurd here is that you think what happens in Seychelles is no one's business.

Kokonut Head, your arrogance exceeds your ability to deal with your realities.

Christopher Gill

Anonymous said...

Dear Christopher Gill,

D'ont let that asshole disturb your sleep.

The problem is that the seychelles government is full of Crooks and Liars. the judges are Crooks and Liars. The forign institutios are full of Crooks and Liars.

I am sad to say that the law in Seychelles is also written by Crooks and Liars, Crooks and Liars.

The ombudsman that just became a judge, a crook and a liar.

it is even more sad to say that even some opposition members are Crooks and Liars.

the most interesting is that what you know about things that are happening on the islands, is perhaps a small part of the truth, if at all.

I have a secret recording of the so called most respected lawyer in the seychelles, he is also a Crook and a Liar. interesting times a head.

Anonymous said...

Who is this most respected lawyer in Seychelles?

Give us his name and we will deal with him.

STAR- stands for Seychelles, Truth, Accountability, and Reality

We are not afrais of no respected lawyer if he is a crook and liar!

Just a little butter on our bread at STAR.

Christopher Gill

Anonymous said...

Please state in what ways His Highness Khalifa has been "dis-respectful to the Seychellois; to the Seychellois culture and the Seychellois Laws?."

And please Christopher Gill, we do not want to stomach your usual promulgation of fiction in the 'guise of Facts and Realities.

Where were you born Christopher?. We will not send you home because we need you to keep on keeping on as you continue to shoot yourself in the foot and make a fool and a Pest of yourself. There won't be any need to use a Flit to Flit you Mate.

Anonymous said...

Reply-

Where Has Sheik Khalifa been disrespectful to the People of Seychelles:

1. He has used the Vienna Convention which does not apply to Heads of State but to diplomatic missions to not pay taxes on good entering Seychelles, which we believe, has exceeded $200 Million in levies;
2. He has built a house or multiple houses, beyond the hieght of a coconut tree on the La Misere property;

3. He has accepted the same property for Scr. 1.00 without tender, and without fair market value being paid, which violates our commerce trade culture and governmental regulations of Seychelles;

4. He has imported vehicles for personal use as much as 17 I believe,and paid documents fee only for Scr. 25.00. No taxes.

5. He has imported over 2000 workers GOP free without permits, under permission from Ministry of Finance when he could have paid his way. - In our culture, anyone who can pay his way, must, there is no exception to this, unless a diplomatic mission (international obligations)

6. He has placed these workers in housing for 75 men all 2000 plus, and have them use a septic tank for no more then 100 men, this violates our social norms and planning regulations;

7. He has imported an illegal company into Seychelles, ASCON, not registered, not licensed instead of using a licensed company;
8. He has contaminated the water source of over 1500 families;
9. He has not apoligized to these families yet, which is culturally required in Seychelles for any offense towards a neighbor;
10. He has not paid compensation for the offense of allowing a neighbor to drink "delo kaka".

In our culture, it is wholly unacceptable to not apoligize for such a faux pas,especailly when children are involved and women.

Ten is enough for now. I will give you another Ten soon.

Christopher Gill

Anonymous said...

Some say (and i dont know if it is true) that the lawyer who shagged his secretary with his son is a crook and a liar.

is that the lawyer Anonymous mentioned??

Patrick X said...

STAR vs Kokonuthead, 2:0 to STAR. Well said Chris and very well replied. What happens in Seychelles is everybody's business and only a kokonuthead would think otherwise.

Patrick X

Anonymous said...

is he the offshore lawyer?

Anonymous said...

there are many offshore lawyers in seychelles. do you refer to PB ?

Anonymous said...

is he the lawyer who sponsers the prostitute and pretends to live with his wife? I hear all kinds of rumors lately. is he he going to run for presidency this time?

Anonymous said...

The story with the prostitute and his son/wife is an old story.
He went back to her since he was involved in something to do with the international court and freemasons, lehman brothers collapse , seychelles bankrupsy and so many more things. (why don't you ask your uncle jimy what is behind the bonds story). that lawyer went back to his wife when the story expolded in late 2008.

some say he plays more than a double game with the government and others. a prostitute lawyer, so called respected.

Open your eyes Mr. Gill, that lawyer can boullshit allmost anyone.

Anonymous said...

When the truth hurts some people resort to insults because they have no defence to the facts being put forward. They people are cowards.

Anonymous said...

Mr Gill is not insulting but just showing us his point of view. you must show respect for others.

Anonymous said...

Well, you are not the first one or the last one to complain about crook lawyers in the Seychelles.

fifi

Anonymous said...

Kokonut head,,when Khalifa shit in our rivers is not that disrespect,booby? Koko your are a real nut ,you just don't understand like your mantor Michel what sovereignty is,otherwise you would have not even raised the question about foreign dignitary in our country.
There is not blind man as someone with good eyes who cnanot see.

Jeanne D'Arc

Anonymous said...

To Christopher Gill, Batsick X and Zann D'ork,

All three of you are as thick as a brick to my chagrin.

Put another 40 reasons Gilly Boy and Patrick can rate you as much as his little heart's desire, again I say to put it through your kokosek that the Voters of Seychelles - will at the end of the day when the Fat Lady sings to say it's over come election time - as Judges, Juries and Executioners will give their Verdict. In the meantime, keep on your insults at your own peril. Take care Banla.

Patrick X said...

That's the best you could come up with Tikolor? Tell me something, when you can no longer reason with your wife, do you tee to violence to shut her up? Judging from your behaviour here it seems that you're the type to do so.

Patrick X

Anonymous said...

That how things should work in a democracy .We could argue,fight but at least we have a choice.Don't loose your rag ,else you might get a heart attack Billy Goat, execuse me Tikolor.

Jeanne D'Arc

Anonymous said...

Tiklo Proxy For Rene

Deny the ten reasons I have posted and articulate the reasons, and I will give you another ten (10) points.

Jimmy is not a reference for me on any matters, so why don't you go chat it up with him and post the details.

Your threats of my peril no longer scar me Tiklo.

Sesel Pou Seselwa will defeat you and your lackeys that shame Seychelles.

Time is on our side this time.

Christopher Gill

Anonymous said...

Patrick X-

Let us be fair to SPPF/PP.

Only Rene ever read any documents for SPPF/PP/

At the time of the Lehman Brothers Bond contracts, Rene was replacing batteries for his heart, so no one read the documents.

James Michel just signed as usual.

Its presidential.

Christopher Gill

Anonymous said...

to anonymous,

we all know who that lawyer is. why do you bring it up? are you connected to that poor girl? are you related to his poor wife?

that lawyer pretends to be on the opposition side, so don't wait for mr. gill to reply.

Anonymous said...

I reply to don't bring it up-

I do not protect or defend any scoundrel lawyer that is hurting his family. It is unchristian.

STAR stands for Seychelles, Truth, Accountability, Reality.

Normally we do not empty the bin unless we know it is full.

Christopher Gill

Anonymous said...

I reply to don't bring it up-

I do not protect or defend any scoundrel lawyer that is hurting his family. It is unchristian.

STAR stands for Seychelles, Truth, Accountability, Reality.

Normally we do not empty the bin unless we know it is full.

Christopher Gill

Anonymous said...

Regarding Opposition Crooks and Liars-

What ever information you have you can drop it off at MSR office New Port, docklands, Level 3.

Or you can send articles to STAR or place a comment in comments section.

Administrator address:
www.starseychelles@gmail.com.

They will take care of you.

Anonymous said...

I are morally obliged to warn you of an existing highly secretive plan. be careful!

Leonard Francis Gill said...

To Prior Anonymous:

We in The Mouvman appreciate your warning and your recognition of your moral obligation to stop evil actions by the PP Collaborators. this is an obligation of all Seselwa Rasin.

However, your moral obligation extends beyond simply issuing a warning. It must extend to disclosure of any details you might know about any evil secret plans that the PP Collaborators have hatched. With the disclosure of the details of the secret plan we Rasin-ists can counter the evil that the PP Collaborators are planning for their fellow Seselwa Rasin.

So do the right thing and use the multiple avenues available to send any information you might have to The Mouvman. We will put it to good use to make Sesel Pou Seselwa.

Anonymous said...

Sir, you found it a moral obligation to warn ,us so far so good, but it is not enough.Because a moral obligation is a duty one owes and which he ought to perform.Since you are not performing this duty,we can't consider you to be a good moral person until you reveal the so called secrecy you holding.

Jeanne D'Arc

Anonymous said...

I dont know if this is the secret Anonymous refers to, but maybe you should start with this:

http://www.youtube.com/watch?v=stij8sUybx0

Anonymous said...

amazing

Anonymous said...

what do you say about that mr. Gill?

Anonymous said...

Dear Anonymous,

You better keep your head down. there are dark forces in this world. don't write anymore about that lawyer, he is a wolf in a lamb skin. dont forget that they can locate where you are easily.

Anonymous said...

These dark forces have been around since PP took power by the barrel of ak-47 in 1977 and it hasn't been able to illiminate us and it isnot today that they will be able.If they can locate us easily we can do the same to.So far PP has been trying to locate MSR members without success it shows how easy it for them to locate us.

Jeanne D'Arc

Anonymous said...

Jeane Dárc-

For darkness these days, we have solor panels. Cost nothing to bring light to a darkened area.

In dark political corners, we have Facebook and Blogs. Cost nothing to bring light to the darkened political room.

Any threats or attempted being made shall be uncovered. This has been the case for years now.

As usual, we will advise the US Embassy if relevant, and the FBI when it concerns them.If it concerns a UK citizen M-I 5 will be brought in.

If it is SPPF/PP, we will just blog the hell out their dark room, until light shines on their ....

Now if Regar and Weekly do not print in unity, then it demonstrates they have their own agenda, beyond change.

But we will soon have our printer up and running and we will come out 2 times a week. Then 3 times a week, maybe a Sunday issue, for free.

Christopher Gill

Anonymous said...

They can locate us and find us.but they will never no what is waiting for them on they arrivel.Dark forces can be defeated.

Anonymous said...

They can locate us and find us.but they will never no what is waiting for them on they arrivel.Dark forces can be defeated.

Leo said...

We in The Mouvman and The Mouvman leadership will not hide from the Pp Collaborators.

We will take the necessary precautions to protect our leadership and our members from harm, but we are no longer afraid of the Pp Collaborators.

When the time comes we will put our heads to your gun barrels.

We will match you ballot for ballot or bullet for bullet, assassination for assassination. The choice is for the Pp Collaborators to make. Will it be democracy or continued tyranny, will it be war or will it be peace. We Rasin-ists are now ready to hear your choice. What will it be Pp?

Anonymous said...

Is Leo Jean Francios Ferrari, MNA for SNP Mont Fleuri, hiding behind a turtle name?

Or is Leo Pauline Ferrari, Mata Hari, Consul for State House in Paris, cum founder of Mon Fes Y Grate Facebook page?

Or is it perhaps the good Dr. Ferrari, that stood over Son Chang him with a 9 mm gun as he died on June 5th, 1977 in the streets of Victoria?

Who are you Leo, who do you work for, PP, SNP, or both?

Be brave, reveal yourself.

Christopher Gill

Anonymous said...

LEO which means lion in spanish,is an old ailing PP-SNP crony who is just wondering about what would happen to him when MSR takes over.He is worried of facing justice for colaborating or even participating in PP's atrocities.A criminal usually won't come forward to say i am the culprit because he is afraid of justice.lEO we will bring justice to you then.

jeanne D'Arc

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