SELLING OFF GOVERNMENT ASSETS AND PRIVATIZATION COULD BE EQUAL TO CORRUPTION

SELLING OFF GOVERNMENT ASSETS AND PRIVATIZATION COULD BE EQUAL TO CORRUPTION

HERE’S THE PROOF

Unskillful and naïve politicians believe The idea that Privatization or selling off government assets is intended to create more jobs in the free market . Their assumption is that the good conscience of the honchos of these wealthy corporations would tap into the decisions to hire local people, and that more efficiency would be demonstrated by private companies than government itself.

Unfortunately this has never happened anywhere in the world where government assets have been sold nor where there was privatization.

Here’s what really happens in every instance:-

There has always been uncontrollable corruption in privatization of every government program.

Corruption has infiltrated the privatized programs in the United States, Canada, and especially Russia and the formerSoviet Union they have had to deal with this nightmare singlehandedly.

Corruption carries high costs both economically and politically. Unscrupulous privatization has cost Russia, Mexico, and India Billions of dollars in losses and bailouts. Now the poorest countries with the most corrupt governments in the world. This has been the major contribution to inflation and slow down of their economy.

Communists and bullying dictators, and premiers around the world are the exploiters of this kind of rampant corruption the purpose is to increase party memberships and shakeup to unseat governments because privatization and selling off government assets is designed to strengthen the dictator and this unrehearsed reverse contributes nothing, but instead threatens the very economy that the aristocrats report its design to “fix”! Don’t believe that lie.

The World Bank and the International Monetary Fund IIMF) has been pressuring upcoming and developing countries to privatize with the promise of financial support. They call it a marketing transformation! This pressure is put on these developing countries long before any independent regulatory, legal or judicial framework is in place to effectively stop corruption. Mexico and Russia were shaken by the realization that these structural reforms were crucial to economic transformation and stability. They realized that without the legal framework and regulatory system in place it was nothing but a hot bed for corruption. Why because Government accounting does not meet the same standards, nor valuation of assets as in the private sector!.

Even when governments enter into competitive bidding to sell off their assets which is required by multilateral institutions, the bids are usually confidential and ALLL TOO MUCHC POWER to make the final decision LIES IN THE HANDS OF "ONE INDIVIDUAL MNISTER" and those rules are only as good as the political party name where it exists, their long history of corrupt government, their neglect and insensitiveness to serve their own people who electd them, and their likelihood to pursue in corrupt privatizations.

What makes things worse for the tax payers purse is that even if there are anti-corruption laws on the books, the acceptance of back door dealings and under the table hand outs along with the wining and dining, legitimizes practices such as bribe-taking or insider dealing. This type of practices to any country, affords paying bribes as always seen as an extension of its pitiful and shameful tradition.
The Cayman Islands has been faced with a reckless regime that threatens the very fabric of the possibility of running government without corruption

This jurisdiction’s history of the rich and famous giving presents to the tribal chief to “make sure things get done” raises concerns from locals’ educated writers pen to point to it as a critical juncture in a fast developing dictatorship regime.

The possibility that too much Free enterprise, privatization, and selling off government assets is about to become the new rule rather than the exception , can do nothing but bring third world likeness of devastation for the country and the people of the Cayman Islands. The end result will be corrupt practices that will always bring a wave of graft that makes the tax payers, unhappy , poor,

oppressed, unsettled, jobless, outnumbered, scared , subservient, beggars, and subdued. Privatization and the selling off of the assets of the Cayman Islands government is not a direction we want to go.

(Florence Goring-Nozza)