Tottering...

…Banking system??

You may be wondering, dear reader, why your humble Eyewitness has been talking up the Bank failures in the US. You do remember last week’s collapse of two U.S. mid-size banks - Silicon Valley Bank ($209 billion in assets) and Signature Bank ($110 billion)?? Well, Biden had to step in and bail them out, since, in the US, customers’ deposits over $250,000 aren’t insured. And for those banks, that was chicken feed – especially SVB with its go-go startup venture capital concentration!!

Three Venezuelan nationals have waived their right to a trial, and have pleaded guilty to robbing two Guyanese fishermen at Waini Point, North West District (NWD), Region One (Barima-Waini) recently.

They were charged contrary to Section 3 of the Hijacking and Piracy Act, and answered to the charge on Tuesday when they appeared before Magistrate Sunil Scarce at the Diamond/ Golden Grove Magistrates’ Courts.

Charged are: Jose Beria and Reniel Valenzuela, both 23, and 21-year-old Aleyandio Valenzuela — all of Capio, Venezuela. They allegedly robbed the Guyanese fishermen of a white fibreglass boat valued at $600,000, a 15-horsepower outboard engine valued at $700,000, and a 40-horsepower outboard engine valued at $1.1 million. The items are the property of

Rajendra Singh.

In relation to the armed robbery charge, the three men were remanded to prison until May 22, when they will be sentenced for the crime. They will, however, face a trial for unlawful possession of firearms and ammunition.

The foreign nationals were arrested on Wednesday, March 8, following a collaboration between ranks of the Guyana Police Force (GPF) and the Guyana Defence Force (GDF) Coast Guard.

On the day in question, at around 01:45h, the law enforcement ranks were alerted to a pirate attack in the area at Waini Point, North West District (NWD), Region One (Barima-Waini). As such, the ranks departed in a Coast Guard vessel in pursuit of the three pirates, who were armed with guns, bows, and arrows; and they managed to intercept them in rough waters as

The victims — a 24-yearold and a teenager — told investigators that the pirates spoke to them in a foreign language (believed to be Spanish), and ordered them off the fibreglass boat that was being powered by two Yamaha outboard engines. They then took control of the fishing boat and its contents, and fled towards the Venezuelan border.

But even though those were regional banks, your Eyewitness explained that because of the seamless interrelationship of the global financial system, tremors in the US can cause earthquakes elsewhere!! And let’s remember that the source of the Banks’ troubles originated nowhere else than in the mighty US Fed that’s supposed to be looking out for the largest economy in the world. But as soon as the Fed raised interest rates to dampen inflation, this made the long-term bonds that the banks had massively invested in lose value - as they became discounted!! Actions – especially in banking – have consequences!!

Even across the Atlantic, tremors were felt as British Banks looked for Sunak’s UK Government to also intervene. But it’s Switzerland –regarded as the gold standard in global banking – that their second largest bank, Credit Suisse (CS), with over US$500 billion in assets – is tottering!! And they’re a global institution that wasn’t even too affected by the American travails. What this means is we have a new epicenter for troubles in the global financial structure. So how come Credit got into trouble?

The same way that most of us do – by playing fast and loose in what we’re involved!! But since we know how quickly global policemen jump all over us when the slightest error is committed, your Eyewitness wonders where were the Swiss regulators during all described below. We can start with the 2021 collapse of the British financial firm Greensil - forcing CS to shutter four funds with $10 billion exposure!! Four weeks later, they lost $5 billion when US hedge fund Archegos imploded!!

They same year, they had to pay fines of $475 million for bribery in Mozambique!! Gasp!! Yes, bribery for loans!! Then a press investigation revealed that the bank had billions in deposits from criminals dating back to the 1940s. And last year, a Bermuda trial revealed that CS had caused a client to lose $537 million. And was fined for facilitating a Bulgarian coke network; paid off $500 million to settle subprime loans in the US and paid $38 million euros to avoid money laundering charges in France, etc etc.

The victims managed to alert another nearby fishing vessel, which assisted them, and immediately contacted their boss, a 36-year-old businessman. The matter was subsequently reported to the Morawhanna Police Station.

As a result, the Police and Coast Guard ranks swiftly proceeded to an area called the Crab Dog area, where they observed and attempted to intercept the stolen fibreglass boat with the suspects inside. Upon seeing the Police, the pirates jumped overboard, but were eventually apprehended. The boat was searched, during which two single-barrel shotguns, one live 5.56 round of ammunition, and two arrows and one bow were found hidden in the boat.

They’ve just had to turn to the Swiss Central Bank for a $54 billion loan to maintain liquidity!! So, who’s corrupt?? And who’s sinking??

…old politicians

They say some old people don’t think any longer…they only remember. So, when confronted with a particular situation, rather than dealing with it with tools available in the present, they dredge up things from the deeeep recesses of their fading memories - and lay it on!! Unfortunately, at the very best, that’s a hit-or-miss proposition. It’s like the “infinite monkey theorem” which claims that a monkey hitting keys at random on a typewriter keyboard for an infinite amount of time will almost surely type any given text, - such as the complete works of William Shakespeare!!

Right now in Guyana, we got some old geezers dredging up an old political strategy from the seventies to call for the army to stand down - or turn their guns on the PPP – when they launch their action to remove them from office!! Problem is, during the 1970s we had a totalitarian dictatorship that oppressed the ENTIRE populationaccording to Walter Rodney.

That ain’t so today!!

…shibboleths??

Is your Eyewitness too old school to believe that discipline must be IMPOSED in schools?? To him, the very raison d’etre of schools is to impart knowledge to children. And the latter gotta be inclined to receive that knowledge!!