|Currency Pair||7 March 2022(10:35 am AST)||8 March 2022(8:26 am AST)||9 March 2022||10 March 2022||11 March 2022|
One day while heading out of my apartment on an errand, I met a young lady seemingly out on a walk for exercise. We exchanged pleasantries and inquired about where we were both from. She said she was from Guyana. I told her I was from the Virgin Islands. She replied, “But you guys aren’t Caribbean.” She was taken aback by my indignation. “Of course, we’re Caribbean!”, I said. She quickly headed on her way with the clear message that I was insulted. This was many years ago. After a couple decades of mellowing out (although I refuse to apologize for any passion I express regarding politics), I can see why West Indians, especially those residing in independent Caribbean island-nations, would take the position that the U.S. Virgin Islands is more American colony than Caribbean.
All one has to do is to follow residents of the USVI on social media to realize how immersed Virgin Islanders are in American society and politics. From American football (full disclosure. I am a 50-year Dallas Cowboys fan), baseball (you are either a Yankees or Dodgers fan), and partisan politics, Virgin Islanders have an opinion on all things American. Peruse the local print media and you’d swear the rest of the West Indies did not exist, even with a significant portion of the territory’s population either hailing from or directly descended from parents who were born on other islands.
Virgin Islanders are not the only West Indians suffering from cultural cognitive dissonance. The people of Barbados have always been viewed as being more British than the British. Guadeloupe is a French department, fully incorporated into France. You are in France when you visit Guadeloupe. The British Virgin Islands and the Cayman Islands are still crown colonies of Great Britain. But just because other territories may suffer from dependency and cognitive dissonance issues doesn’t mean the Virgin Islands has to marinate in that infirmity. Snapping ourselves out of this malaise is increasingly imperative given the cultural shifts I am seeing in the United States.
America is a divided nation. According to data from Pew Research, approximately 77% of Americans believe the United States is more divided now than it was prior to the outbreak. At the core of this division are differences over ideology, race, and religion. The American Democratic Party is seen as tending toward more progressive or liberal views on ideology, race, and religion. While the Democratic Party itself has its underlying fissures led by its distinct internal factions, its prevailing narrative is based on responsible and increasingly regulated capitalism, voting rights reform, racial equity and equality, and religious tolerance. The Virgin Islands political landscape is dominated by the local Democratic Party, but other than the moniker “Democratic”, that is about where any serious similarities end.
The non-relatability of the vast majority of Virgin Islanders to the Republican Party is understandable. I am to this today amazed that the Republican Party still exists in the USVI. The narrative they have been painted with by the left—that they are racist and support corporate greed—has seeped in to the sub-conscious of a Virgin Islands with a population that is 79% Afro-Caribbean and is not a haven (yet) for corporate activity that has positively impacted USVI residents.
But the notion that USVI residents should latch on to the national Democratic Party is also puzzling. Having observed the national Democratic Party up close and personal here on the mainland, I can tell you that the national party and its ideology has nothing in common with the mores of the people of the USVI. Virgin Islanders are, again, majority Afro peoples; they are religiously conservative; and, ironically, vehemently opposed to wasteful government spending, especially where benefits are not apparently flowing to the population. “Where deh money?” is still a refrain in VI politics, and vehemently so given the territory’s small and intimate population.
This unfounded allegiance, I believe, stems from the USVI not only appreciating its place in the Caribbean, but failing to establish a national identity of its own. Since the territory officially transitioned on 31 March 1917 from the Danish West Indies to the Virgin Islands of the United States, it has gradually pursued Americanism. As American ascendancy increased seemingly exponentially from World War I into the late 1960s, the Virgin Islands rode that wave. Virgin Islanders, especially older ones, fail to see that the wave has long crested and that America’s place in the world is under severe challenge.
The notion of democracy itself is under challenge globally. China’s ascendance adds to skepticism that democracy must accompany capitalism in order for an economy to grow. In addition, the likelihood of China and Russia aligning to create and deploy their own communications system for moving capital and currency is increasing. And even in the Virgin Islands own Caribbean backyard, the idea of regional economic integration is moving from the backburner to the oven.
The Virgin Islands cannot take advantage of the shift in global economic, social, and cultural attitudes if it insists on maintaining ties with a giant sitting on its laurels. The United States will be forced into isolationism either by its own choice or when the rest of the globe turns its back on America. When that happens, it will be forced to cut costs and a territory that does not bring the US tax revenues and is no longer needed as a military deterrent to World War II German submarines will be on the chopping block.
To prepare for what I see as inevitable, the Virgin Islands of the United States will have to look within, create a national identity narrative, and use its labor talent and natural resources, and go its own way. There is a waiting Caribbean region for us to integrate into.
2 July 2021
Foreign exchange rates of interest
|Where base currency is XCD||Rates as of 9:30 am AST 2 July 2021||Where term currency is XCD||Rates as of 9:30 am AST 2 July 2021|
Eastern Caribbean Central Bank-interest rates
|ECCB Fixed Deposit Rate-1 month||0%|
|ECCB Fixed Deposit Rate-2 months||0%|
|ECCB Fixed Deposit Rate-3 months||0%|
|*ECCU Minimum Savings Deposit Rate||2%|
|ECCB Discount Rate||2%|
Links to follow …
Eastern Caribbean Central Bank. The Eastern Caribbean Central Bank (ECCB) recorded a net profit of $25.2 million for the year ended 31 March 2021, a 60.1 per cent decrease from the profit reported in the prior year. https://www.eccb-centralbank.org/news/view/eccb-records-profit-for-financial-year-2020-2021
European Central Bank. The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) today published a joint report that takes a closer look at how a broadened set of climate change drivers affects millions of global firms and thousands of financial firms in the European Union (EU). https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210701~8fe34bbe8e.en.html
Interbank. The yuan’s share of the world’s central banks’ reserves is at 2.45%. https://illinoisnewstoday.com/chinese-yuan-share-of-world-foreign-exchange-reserves-hits-new-highs/279603/
Interbank. The Central Bank of The Bahamas says the restrictions placed on foreign exchange outflows at the onset of the economic crisis caused by the COVID-19 pandemic will end this week. https://www.nycaribnews.com/articles/foreign-exchange-restrictions-eased-in-bahamas/