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Would V.S. Naipaul have made a good venture capitalist? Join us for a whirlwind episode with prolific British writer, Henry Oliver as we tackle thought-provoking inquiries surrounding the age of heroes, cities as imaginary spaces, the tragedy of unique talent and, the late bloomer.
Imaginary Cities
To best describe a place you hold dear, you must leave it. Or perhaps you find it oppressive to your ideas. Again, you must leave it. Henry describes cities written by icons like Joyce as meta-physical spaces, distinct from their geographical analogs, but often more real. We all experience a city differently, but those who step out of it can best perceive and concretize those collective experiences.
Has the age of heroes ended?
We theorize that the Great Man Theory of History may be to blame, or rather its rejection. Henry attributes this shift to a backlash against the idea that history is shaped solely by individual actors, emphasizing the importance of systems and broader forces. This "impersonalisation" of history from the common man has removed the reverence once attributed to various figures and barred new ones from joining their ranks. But perhaps it is time to give the relevant thinkers their laurels once more.
The Tragedy of Talent
The right people, with the right ideas, at the right time, can change the course of history. Take Paul Kagame, the savior of modern Rwanda. Can we replicate his genius elsewhere or even again within Rwanda to continue his legacy of forward momentum for one of Africa's fastest-developing economies? What does the theory of personalities have to tell us about the rare harmonization of variables necessary to produce such development?
And what of talent, whose capabilities present themselves later in life? Are we doing a disservice to the workforce by disregarding the late-bloomer? Shouldn't the collective experiences of those who find calling in non-traditional phases of life count towards their contribution potential within organizations? -
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Full transcript on cpsi.media.
The gay “movement” in the Caribbean has stalled and we think it’s because they haven’t done their due diligence. The various rights groups throughout the region have skipped the necessary steps in the evolutionary progression of gay concepts in the Caribbean. They’ve hastily pushed to emulate their more developed American and European colleagues and now risk a paralyzing backlash that could set gay rights in the region back for generations.
How have we arrived at this critical impasse? We think the gay drain is to blame. Brain drain is a term coined to describe educated individuals who emigrate away from the Caribbean to seek out better opportunities for their degrees and fields of study. It’s no surprise that these emigrants are also, very gay. The “D.C gay” as we call them in this episode is any gay man or woman who has graduated from fighting for rights, to enjoying them. Whether they were on the streets with placard to bring them to being, or simply worked to escape the Caribbean region and join a more comfortable life abroad, these individuals have exited the conversation entirely.With these moderate fighters gone from the equation, more radical personalities who often see the progress abroad and seek to copy it at home are all that’s left. And this overwhelming body of extremes is the new face of the gay rights movement in the Caribbean. The role models all but gone. Western societies are now at a completely different stage of the rights conversation, one that has been unnecessarily obfuscated by the introduction of concepts like trans rights, that are are not synonymous with the gay rights that were fought for earlier. This dilution of the gay rights movement via the addition of more and more letters now paints a picture of a slippery slope that conservative developing parts of the world are terrified of and keen to avoid. In our modern environment that is becoming hostile to external changes perceived as threats to culture, what paths are there to progress?
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The traditional definition of sovereignty is not afforded to the small island states of the Caribbean and should be redefined in our newly evolved and globalized world. Ivelaw Griffith joins us for another insightful discussion of the political balance of the Caribbean, this time in the context of true independence versus perceived independence.
"Who is really paying the bills?" Dr. Griffith brings attention to the honesty of politicians and their willingness to have difficult talks with the population on the true nature of financing and governance in a region that is still deeply connected and in some cases vertically integrated with their colonial parents.
"Where has the political willpower gone?" The stagnation of the socio-political landscape of the Caribbean has dulled the electorate's curiosity to the idea of competent and dynamic governance. Interest in necessary unions like CARICOM and their continued improvement are falling by the wayside in the minds of more recent generations. Why?
Without answering these pertinent questions, the most basic pillars of stability in the Caribbean remain shaky, especially regarding immigration, crime, and resource allocation. -
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Economic collapse, the largest native exodus in Latin American history, and border woes with Guyana. In this episode, we sit with political analyst Parsifal D'Sola to unravel the last three decades of Venezuela's tumultuous history and the path ahead for the embattled former juggernaut of South America.
Venezuela has fallen from its prized position as the most influential economy on the continent. Its financial influence is now only felt in the massive burden imposed by the mass migration of its citizens away from their homeland. 30% of the country has now fled, leaving all but a few cities like Caracas as centers of any viable economic activity.
While Parsifal acknowledges some stability being established, he also posits that this is mostly due to the country hitting rock bottom. After all, you can only go up from absolute ruin. The political landscape, now stunted by incumbent President Maduro is facing a slim chance of revival via María Corina Machado, who despite being banned from running, has named her alternate candidate Corina Yoris on a platform that poses a credible threat to the Maduro hegemony.
But what exactly has kept Maduro in power throughout Venezuela's precipitous decline? A cabal of business owners who have benefitted from nepotism may be a key cornerstone of the administration's continued existence. Alternate sources of income to prop up the ailing government and the legitimacy granted by close ties to Beijing also complicate any efforts to turn the country's political fortunes around. In this episode, we examine the current state of Venezuela and try to ascertain where the country could go from here. -
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And we mean that. Rihanna's cultural relevance (despite her foray into cosmetics and fashion) remains deeply rooted in Caribbean society. Behind the generic summer beats and a few questionable lyrics, lies a regional thinker who has created 8 memorable albums, each chronicling her own evolution and development as an artist. Join us for another frank musical discussion, journeying from "Pon De Replay" to "Work", as we cover Rihanna's cultural influence and contributions to the Caribbean's sociopolitical landscape.
This episode contains some adult language and references. Listener discretion is advised. -
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How do we categorize the Milei administration and its policies? Today on the show, we're joined by Argentinian economist Iván Carrino in a deep dive into political movements throughout the country's history, from the authoritarian economics of Juan Domingo Perón to the controversial interventionism of the Kirchners. Can Milei's own brand of Libertarian populism work to revitalize Argentina?
Argentina has fallen from lofty heights, and all eyes are on Javier Milei to right the ship. Once having the highest GDP per capita in Latin America, Argentina is now eclipsed by Chile, Panama, Paraguay, and Uruguay. We explore the ideologies over successive governments that have eroded Argentina's stability, namely the mantra of "spend, spend, spend" that has ballooned the country's deficits in what has been deemed a decadent approach to economics.
Iván takes us through the evolution of "La casta," a seemingly ever-changing metaphor used by incumbent political parties to provide direction for public outrage, which Milei's administration has flipped yet maintained its effectiveness to the voters. Milei's most recent victory, "Ley Bases," a collection of laws aimed at fiscal correction through privatization, shows there is hope yet for his congressional capabilities, which were in question in no small due to the hyper-conservative ideologies of his colleagues. The same ideologies could clash with Milei's strident Libertarianism.
And what of his aspirations for dollarization in the early days of the campaign trail? They are on the back burner for now. Milei's current objective is balancing Argentina's fiscal budget and controlling inflation. Then, once those previous US dollars can be shored up to back the peso, dollarization may finally return to the fore. -
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On this episode, we're joined by Patri Friedman of Pronomos Capital to discuss the more practical facets of building a charter city. What are the building blocks of a viable charter city project? At what milestone can a charter city be deemed successful, and what common mistakes can a nascent city stumble upon?
Friedman himself is in favour of corporate governance, but also expands on and compares alternative methods of administration and explores the pitfalls that could lead to the undesired discontent or even rebellion of a charter city, what he creatively calls the 'Avatar Effect' - after the events between the colonists and native inhabitants of James Cameron's fictional movie series. Freidman warns that while no system is perfect, the key is not to enact drastic or sweeping changes that could leave sizable portions of the city's population unhappy, which would lead to a quick undoing.
At what point does a charter city earn its title? The consensus varies as the industry evolves, however, Patri suggests that at least 10% of the legislation needs to diverge from that of the host state, in favor of more dynamic development within the charter city. The clearest success story today is Prospera in Honduras, which meets the criteria of not just substantial legislative self-determination, but sound legal standing for its existence that is enshrined in the host country's constitution. He is clear, however, that a charter city's goal is neither independence nor sovereignty from the host state.
So what are the goals? Higher earnings, a better state of life, and economic contribution to the greater state, directly through the addition of resources or indirectly through the migration of skill and talent. A charter city should spur the development of various industries, like Endeavor in Kenya which is now responsible for a sizable portion of the country's coffee cultivation.
Patri argues that the attributes of a charter city are not easily transplanted onto existing settlements as it could displace and disenfranchise those who already live there. But perhaps some of those very attributes are just what the micro-states of the Caribbean need in some capacity to breathe new life into their stalled socio-economic engines. -
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In a previous episode (Madrid: the Capital of Capitalism), we explored the nature of governance in Spain's capital. However, the bigger picture for the largest country on the Iberian peninsula is one of political turmoil and deadlock. Economist Daniel Lacalle joins us for a thought-provoking discussion and a somewhat cautionary tale for the Caribbean region.
The current political stalemate stems from the 2017 Catalonia Declaration of Independence, which Lacalle describes as more of an unconstitutional pantomime of an actual coup d'état. Despite having no legal or even historical basis for independence, Lacalle notes the knock effects that this event has had on Spanish politics even to this day. The parties who engineered and participated in the coup have been allowed to form a coalition government which is unsurprisingly and consistently at loggerheads with the ideologically dissimilar ruling party it is now bonded with. A major point of contention is a recently passed amnesty law that allows the most egregious offenders, to be pardoned for sedition and thus remain in power. The result is a stagnant legislative and executive arm of government that is paralyzed by infighting.
How does Spain's prosperity persist against these odds? Lacalle posits that the country is not where it should be economically. And that the government's growth reports are mostly deceptive, hiding inflationary gains following the downturn from the COVID-19 pandemic. This resembles the reporting from some Caribbean countries, keen on maintaining the delusion of a rebound after the hard-hitting effects of global tourism shutdowns.
The key takeaway is the air of distraction from the real economic and political thorns in Spain's proverbial sides and the lengths to which a discordant government will go, to deflect from these issues. Once again, how can the Caribbean region learn from the pitfalls of political fracturing that can grossly impede the progress of even the world's largest economies? -
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On this episode of the show, Rasheed is joined by international lawyer Thomas Laryea, who specializes in the mediation process for sovereign debt restructuring. As a senior lawyer with the IMF, Thomas holds a unique vantage point at the tables of the negotiation between state debtors and creditors when financial instability requires a reevaluation of ongoing agreements.
The Caribbean is no stranger to Laryea's field, with several members having undergone their own restructuring processes. Of particular note is Suriname's own recent restructuring, which came under scrutiny in the public eye for it's long-winded execution and apparent delays brought about by the largest creditor, China. Thomas explores the intricacies of of the negotiation process, an outlines factors that could lead to the perception of overdrawn negotiations.
What makes a good or bad deal? There's no one size-fits all for restructuring. Sovereign debt restructuring is handled case-by-case. Dynamic solutions must be brought to the table to bring each party as close as possible to their perceived conditions for a win. The negotiations must also account for future investment opportunities and ideally provide new vehicles for additional financing in the long term.
Climate change poses a significant threat to the Caribbean region with many territories lacking the necessary financing to implement infrastructural and policy changes needed to weather the upcoming crises. Here, Thomas offers advice for governments seeking funding solutions across both private and public liquidity pools. The climate conundrum will be a broad challenge for small island states, and broad solutions will therefore be required to meet that challenge. -
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Navigate the Barbadian political landscape with Rasheed Griffith and CPSI Podcast Producer Shem Best. In this episode, we discuss the evolution and decline of governance on the island, starting with one of its most prolific Prime Ministers, Owen Arthur. What tipped the scales for the David Thompson administration's rise after over a decade of BLP rule? What disastrous decisions paved the way for Mottley's landslide victory in 2018?
Barbados' Westminster-style government structure has created one of the world's most stable democracies with over three centuries of an uninterrupted parliament (the 3rd oldest in the Western Hemisphere). However, its two-party arrangement has also generated predictable levels of stagnation throughout all levels of leadership which can result in knee-jerk reactions from the electorate, easily swayed by domestic and international pressures.
We explore milestones in industry and policymaking that have produced one of the most tumultuous political environments the island has experienced since the early years of independence. From self-harming fiscal and monetary legislation to the resulting physical deterioration of the island's infrastructure and the compounding shocks of international events, join us in this two-part series on how the Gem of the Caribbean lost its luster. (All over afternoon tea) -
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Where does Caribbean tech infrastructure stand today? Join Cybersecurity expert Neil Harper as we investigate the slowdown in innovation and standards adoption that could further erode the region's competitiveness and digital integrity.
Could 5G benefit the Caribbean? Neil says yes, outlining the surface benefits of the latest in cellular data technologies and how they could provide resilience in a disaster-prone region. 5G offers the opportunity to bolster telecommunications infrastructure with a smaller footprint that is less susceptible to natural phenomena like hurricanes.
What about security? The Caribbean has become a breeding ground for nefarious cyber activity, owing to a failure to adopt more stringent policies to protect its citizen's data. With the digitization of entire industries underway, a more systematic and meaningful approach to how information is handled, both at the business and legislative levels, will be required. -
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What lessons can we learn from the current tech regulation climate in the United States? CPSI Director Shane Glynn joins us for a great discussion on efforts to reign in the juggernauts of the technology sector and the market factors driving the latest wave of scrutiny over household brands like TikTok and Amazon.
The Caribbean may not be a major player in global information and technology, but it is a notable customer and beneficiary. Social media proliferation in the region facilitates the dissemination of news and politicians have jumped on the latest trends to reach a younger and more socially active electorate. Facebook, WhatsApp, Instagram, and TikTok allow ideas and movements to propagate throughout the region in mere seconds. The importance of these platforms has not gone unnoticed by US regulatory bodies. The courts argue that the ubiquity of these public forums has crossed the threshold for which they can operate without increased oversight.
In the case of TikTok for example, the geopolitical tension between Washington and Beijing has brought the popular video-sharing network within the crosshairs of Congress. Shane discusses the broader implications of recent congressional hearings and the shift it could cause in the greater regulatory landscape. America's competitive and technological edge is often said to be driven by its open markets and de-regulatory practices. A leader in innovation and information access, The U.S. is powered by a thriving tech sector that largely functions without the fear of government incursion. But could this edge be dulled by a renewed focus on censorship? What could this increased oversight mean for privacy, free speech, and accessibility for the satellite regions of the Caribbean and greater Americas? -
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In this fascinating episode, we dive into a more nuanced discussion for implementing dollarization in Argentina. Nicolás Cachanosky joins our Executive Director, Rasheed Griffith, for a detailed and technical rundown of the steps needed to transition the beleaguered economy to the US Dollar.
Firstly, there's the equilibrium rate. How many pesos would be needed to redeem one US dollar? How would this price be established? The government could remove the country's capital controls, which have been used to maintain an inflated and unsustainable rate. This would allow the market to determine a new rate at which the country would dollarize.
Secondly, you must dollarize the bank deposits. The checking and savings accounts of citizens and businesses must be converted to USD. This is the most straightforward step, as this form of money is purely digital. Bank deposits also act as a method of converting the physical currency into dollars when withdrawals are processed and redeemed in USD.
Thirdly, there's the dollarization of the central bank. Argentina's central bank is insolvent. Government bonds would be a viable solution if Argentina's trust rating on global markets weren't firmly in junk territory. To get around this problem, Cachanosky suggests using a special purpose vehicle, transferable bonds, equities, and other financial instruments based on assets in the government's portfolio, such as pensions and health insurance.
None of this can happen in a vacuum. Measures will also need to be taken to ensure that the policy changes are concrete enough to withstand a regime change. If successful, it could cause a cascade of financial reform across the Southern Cone and usher in a new financial era in Latin America. -
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Citizenship by Investment or CBI programs tend to get a bad rap due to the misconceptions surrounding how they work and how they came to be. Dr Kristin Surak shares some valuable insights on the origins of "passports for sale" and goes into more depth on the true meaning of citizenship through the eyes of the people and the state.
Several islands in the Caribbean offer prominent CBI opportunities. It is estimated that more than 40% of Dominica's government revenue is derived from their own CBI program, financing wide-scale infrastructure projects across the island, such as additions to their green energy generation and a new international airport. To truly understand the lucrative nature of CBIs, we'll explore the historical context behind their inception, the motivations behind those who invest in these programs, the suppliers involved, and the complexities of successfully executing such a multifaceted process.
A passport may not necessarily mean citizenship. Dr. Surak posits that to grasp the motivations behind CBIs, a better understanding of modern state and personhood concepts is required - what exactly does a foreign passport offer, and how does it differ from the perks of naturalization?
The history of CBI programs also sheds light on the driving factors behind their persistence. For example, Hong Kong's handover to China fueled much of the initial success of many CBI programs in the Caribbean and Canada. A passport can be an assurance or fail-safe against government-induced insecurity, evident by the number of Hong Kongers who took up the offer.
But are these programs also a backdoor for unsavory individuals to bypass global restrictions? Not necessarily. The screening process for many of these programs is vigorous, even more so than Visa approval from countries like the USA. Bad apples are not unheard of, but this is not an indictment on the industry as a whole.
These programs are the lifeblood of several smaller economies and are a legitimate source of revenue for vulnerable small island states. The question should not be if CBIs are harmful because they aren't, but how best they could be utilized to enable development in the countries that rely on them. -
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Should Canada dollarize? Should sovereign debt be modeled as risk-free? Why is monetarism unfit for modern financial markets? John Cochrane, Senior Fellow at the Hoover Institute and blogger at The Grumpy Economist, joins Rasheed on the podcast. They discuss core themes in macroeconomics and why financial tools are underutilized in stabilizing economies to make them more conducive for growth.
Toward a Run-free Financial System by John H. CochraneFiscal Histories by John H. CochraneThe Fiscal Theory of the Price Level by John H. CochraneMacro Markets: Creating Institutions for Managing Society's Largest Economic Risks by Robert ShillerIndexed Units of Account: Theory and Assessment of Historical Experience by Robert ShillerCentral Banking 101 by Joseph Wang (also, previous podcast with Joseph)Money Changes Everything: How Finance Made Civilization Possible by William Goetzmann
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If you were asked to rank cities based on their level of libertarian policy implementation, it is very unlikely that at the top of the list, you would intuitively put Madrid. Of course, liberalism, classical liberalism, libertarianism, or capitalism are not usually thought of as being abundant in European cities. But on today's episode, we are going to be discussing with Diego Sánchez de la Cruz his newest book, "Liberalismo a la Madrileña" (Madrid-style Liberalism). How and why Madrid has become the region in Spain that grows the most, generates the most income, offers the best public services, collects the most, and lowers the most taxes.
Madrid achieved all of this while implementing the most radical liberal reforms in any European city in the last 15 years. How exactly did Madrid become the Capital of Capitalism in Spain?
Book Link
Liberalismo a la Madrileña, Diego Sánchez de la Cruz -
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Former Minister of Finance Manuel Hinds joins us for an eye-opening account of how El Salvador dollarized. We get down to the nitty-gritty of monetary policy and prudent governance in what should serve as a poignant lesson for the Caribbean region.
Dollarization in Latin America is back in the economic headlights. The policy is simple. Encourage the use of US dollars as a unit of an account in a country other than the USA to aid the fiscal stabilization and long-term growth of that country, yet from all corners, you have professional economists slinging unjustified objections to dollarization.Always in these cases, they never gave actual examples of countries that have dollarized. How did they do it? What happened on the ground? What were the empirical results? Instead, they retreat into abstract theorization.
Through this discussion based on the world as it is, and not mere abstraction, it can be seen that dollarization is a simple, elegant, and powerful policy that any economy in Latin America and the Caribbean should adopt. -
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Talent will make or break a band, a company, and even a country. We're joined by Dr Collin Constantine to explore the requirements for successful growth, primarily in the context of Guyana, the region's potential rising star economy. Does Georgetown possess the necessary talent to bolster its social and political institutions or will they languish beneath a wave of uneven wealth distribution, similar to the likes of West African oil states?
Guyana's political history and economy are in a complicated state of disrepair. Racial and class tensions have resulted in unsteady leadership as various interests jostle for control at every level of government. Collin argues that an influx of fortunes from the recently discovered oil reserves could widen the divide.
Will Guyana's newfound financial weight create a unifying voice within the union or further exacerbate its irrelevance? CARICOM's viability and utility have been brought into question, with Jamaica even threatening to abandon the initiative at the turn of the decade. A shift in power to any single state could undermine the balance and dynamic of the Caribbean Community.
What about the local currency? Surely the government would seek to address a weak Guyanese dollar given its nascent energy sector, poised to bring significant foreign exchange to the country. Dr Constantine explains that while the local currency should be replaced with USD it will be a mainstay for the foreseeable future. The coming decade will be an interesting period of development for Guyana and the greater Caribbean region. -
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This episode takes us deeper into the idea of art as part of the welfare state. Music journalist and critic, Andrew Mellor is our guide to the historical nuances that fuel the Nordic's ongoing domination of the classical music space.
Finland boasts the highest number of conductors per capita in the world. This has not happened by chance. The unique way of talent selection at the Sibelius Academy plays a large role in this. The country exports its prowess to almost every corner of the classical music space. In the UK, Every BBC orchestra is headed by a Finn.
Iceland, a population smaller than some Caribbean countries, has crafted itself into a music powerhouse. The geography of the Nordics has played a remarkable role in shaping their high art and music-focused culture. Harsh winters and foreboding landscapes greatly influence one's outlook on life. This has made them exceptional leaders, diplomats, and, of course, conductors.
The proliferation of the Nordic brand of music, forged by geographical circumstances, is not dissimilar from that of the Caribbean, save for a critical difference. The governments of the Nordics saw the potential in this cultural output, not just as a revenue source, but as a way to better the everyday life of their citizens. The Caribbean music scene has all but diminished. What can be learned from the Nordics?
Andrew Mellor on X (formerly Twitter)
Rasheed Griffith on X (formerly Twitter)
Reading Recommendations:
Andrew's book: The Northern Silence: Journeys in Nordic Music and Culture
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