A Future Real Economy

[Evil Goblin]

Indeed. I take advice from friends, one of whom consults at the very highest level and has just formed one of the largest financial institutions in Europe.

 

And which institution would that be, then?

 

If he says don't use an IOM company on the international scene then that's what happens.

 

Did you think to ask him why? People have all sorts of self-interested motives for bad-mouthing some places rather than others.

 

I would....... just live on the Island with income from one of the other companies

In view of your clear distaste for the place why bother living here at all?

[GD4ELI]

And which institution would that be, then?

 

Did you think to ask him why? People have all sorts of self-interested motives for bad-mouthing some places rather than others.

 

In view of your clear distaste for the place why bother living here at all?

 

For confidential reasons I can't name the institution, the value is in the billions of Euro.

 

I asked him because he knows about these issues and it's best not to create the wrong structures early in the life of a company. The reasons involve US legislation as well, it's more than the Island's support for Iran & Tax issues although these do give the Island a very bad name.

 

I may have to return in any event for family reasons, probably sooner rather than later. And a reason why I don't want to return yet is that I have the feeling that it's the begining of the end of the road, I'm not ready for that yet.

[bellyup]

Spook - why do you have such a distorted view of the Island compared to other low-tax jurisdictions? The IoM is not known for happily accepting the cash pilfered by various dictators, nor is it known as a main receptacle for drug money - look to London and the USA plus Switzerland for that. The Island's reputation does not stink (at least any more than a host of other places around the globe). I fear you are far too parochial in your outlook - try looking around the outside world.

 

 

However it did take the money of thousands of innocent bank depositors and send it unprotected to London.

[Moghrey Mie]

On another thread Pongo has suggested that we should go about building an economy based on doing things here rather than playing the tax game. Any such economy will need to be based on high-value-added activities (to minimise the problem of transportation costs) and be high-tech where we do not have to compete against the East. No doubt people will have all sorts of ideas for what could be done but my two pennorth would be design and manufacture of specialty chemicals. These tend to be low volume, high-value products and so seem to fit the bill. Any other ideas?

 

'Defence equipment' would seem to fit the bill but personally I would be against that on moral grounds.

Im sure Andrew could get us a few contracts with his friends in the Middle East

[Evil Goblin]

[For confidential reasons I can't name the institution, the value is in the billions of Euro.

 

I haven't read of such a great new outfit being formed - why would that be?

 

I asked him because he knows about these issues and it's best not to create the wrong structures early in the life of a company. The reasons involve US legislation as well, it's more than the Island's support for Iran & Tax issues although these do give the Island a very bad name.

 

So, you didn't bother to ask why. If US considerations are a determinant then any putative bad odour of the Island was irrelevant - why mention it if it wasn't relevant?

 

I may have to return in any event for family reasons, probably sooner rather than later. And a reason why I don't want to return yet is that I have the feeling that it's the begining of the end of the road, I'm not ready for that yet.

I think I recall you saying elsewhere that it's because of an aged parent. An understandable motive and I am sorry that you feel the end may be nigh. Presumably, in due course you will then leave again.

[spook]

Spook - why do you have such a distorted view of the Island compared to other low-tax jurisdictions?

 

It’s not a case of having a distorted view, nor does it matter if I think our reputation is legitimate or not, it’s a case of what other people think and when I encounter such a negative perception about where I live with no prior comments from me, then it’s time to take note.

 

We are not seen as being just an island with a low tax jurisdiction, we are seen as a tax dodgers having a government that is both very dodgy and very incompetent.

 

The IoM is not known for happily accepting the cash pilfered by various dictators, nor is it known as a main receptacle for drug money - look to London and the USA plus Switzerland for that.

The Island's reputation does not stink (at least any more than a host of other places around the globe). I fear you are far too parochial in your outlook - try looking around the outside world.

 

My opinion is immaterial. The opinion of other people is what matters when possible options for our future is concerned and believe me, our reputation is in the pits.

 

Not just far worse than Switzerland where the country and its banks actually have a very good reputation, and far worse than London where any bad reputation is limited to a handful of dodgy dealers. London actually has a good reputation in financial circles.

 

We do not, and I think justifiably so.

 

So rather than shooting the messenger would it not be better to read the message? Especially when he is only one of many bringing in the same message?

[Evil Goblin]

Bellyache - I have had much more tolerance than most for you in your predicament but your telling lies is starting to stretch things. As others have clearly stated, the faults lie with the UK Government, the FSA and Iceland - NOT the IoM Government. Or are you saying that funds placed with any institution in the UK are not safe?

[GD4ELI]

Presumably, in due course you will then leave again.

 

I would expect so - that's exactly what a couple of highly qualified school colleagues have done. One thing the Island will never have is good weather and I suffer with the damp - stay on the Island and keep taking the drugs or move.

[GD4ELI]

It's not a case of having a distorted view, nor does it matter if I think our reputation is legitimate or not, it's a case of what other people think and when I encounter such a negative perception about where I live with no prior comments from me, then it's time to take note.

 

Spot on.

[Evil Goblin]

It’s not a case of having a distorted view

 

Oh yes it is.

 

it’s a case of what other people think and when I encounter such a negative perception about where I live with no prior comments from me, then it’s time to take note

 

And how often does this happen? I have dealings around the world and I can assure you that I never encounter such a negative view of the Island's finance industry.

 

having a government that is both very dodgy and very incompetent

 

I certainly can't argue with that.

 

My opinion is immaterial. The opinion of other people is what matters when possible options for our future is concerned

 

The question is - which other people.

 

and believe me, our reputation is in the pits

 

A personal, subjective opinion which, as you have said yourself, is worthless.

 

banks actually have a very good reputation

 

That depends on which criteria you use - that good reputation presumably does not extend to their attempt to steal hundreds of millions stashed in accounts by long-dead Jews, cash laundering for Marcos, Mugabe, etc., etc.

 

and far worse than London where any bad reputation is limited to a handful of dodgy dealers

 

You obviously are not familiar with the Banks, Insurance Companies, Fund Managers, etc., Spook.

 

So rather than shooting the messenger would it not be better to read the message? Especially when he is only one of many bringing in the same message?

 

It is certainly important to read the message but when the message is likely tobe from someone who bases it on an general ignorance of the financial world as a whole then the message is not worth heeding. You need to heed the message delivered by those whose views actually count, and we have no problem there.

[spook]

 

It is certainly important to read the message but when the message is likely tobe from someone who bases it on an general ignorance of the financial world as a whole then the message is not worth heeding. You need to heed the message delivered by those whose views actually count, and we have no problem there.

So why are they leaaving in droves and their places not being filled?

[Evil Goblin]

So, Spook, who constitutes these "droves".

[spook]

So, Spook, who constitutes these "droves".

 

Even the semi-local rag has to print some facts sometimes.

[Evil Goblin]

So Spook - a non-answer. You will forgive people if they conclude that you have been talking rubbish.

[spook]

So Spook - a non-answer. You will forgive people if they conclude that you have been talking rubbish.

 

People can think of me what they want.

 

Recent reports in the press about business closures and banks and finance institutions moving out tell the tale. Rats leaving sinking ship, or maybe ships leaving sinking rat. You judge.