And when the OAS under an extremely bold secretary basic, Luis Almagro, tries to bring the institution towards acknowledging that Venezuela is no longer in compliance with the Inter-American Democratic Charter, he is not getting the complete support of the hemisphere, and undoubtedly much of the Caribbean Basin has actually not accompanied that. And if you line up the votes, who enacted favor and who stayed away, you can do a quite easy one for one comparison based upon who belongs to Petrocaribe. Therefore the ramification of your concern I believe is area on, you know, which is why I believe when we speak about the Caribbean in Washington, oftentimes we consider it in the context of, you know, island nations or programs or social development, and all of these are really, extremely essential problems.
And the dividends settle down the roadway when Venezuela itself remains in the spotlight of the global neighborhood. Then they have buddies that they can count on and it pays dividends for them - Which results are more likely for someone without personal finance skills? Check all that apply.. So I believe that at the end of the day that is a lesson frankly that we can find out, and I believe we can construct toward reversing that course. Ms. Yearwood. I agree 100 percent with Eric. Venezuela stepped in at a time that was really important for much of the region and now the region is extremely much paying the price, whether it owes money or other areas associated with votes and other requirements that they do as a result of the-- Mr.
Increased expenses in energy too now. Ms. Yearwood. Sorry? Mr. Sires. An increase in the cost of energy likewise. Ms. Yearwood. Oh, definitely, absolutely. Therefore I believe to the point, we are at an important point now with the expense of energy being what it is with the U.S. energy supply increasing and the region looking at ways to increase sustainable energy, whether it is through natural gas or getting the area less dependent on Petrocaribe and able to make these switches to new kinds of energy is going to make a substantial difference. Mr. Sires. See, I don't believe things happen by accident.
The other concern that I have is the considerable increase of China in this area. You know, we appear to be put to a lull of sleep or something due to the fact that everyone seems to move in and then we respond. And we don't appear to catch these things till something like this occurs, you know, like Venezuela. So unfortunately, you know, given that I have been here we have been pressing-- and I know Mr. Meeks and the other members that are here, you know, this is a crucial area for us. It is an important region for America and we really need to concentrate.
They are going to go through the Panama Canal and they are available in and they toss money, you know, at these little nations, which in reality they can't manage not to accept the cash. Take a look at the site here So how much of influence is there now of the Chinese? And I know it is growing, but-- Ms. Yearwood. The Chinese influence, it is actually really fascinating to view the method China has kind of entered the region and the kinds of tasks. Sometimes it is a sports arena - How long can you finance a used car. I think the recent, the Baha Mar fiasco in the Bahamas, you have actually seen the Chinese Federal government come in in such a way that the U.S.
If a Chinese developer comes into a country in the area they have the Chinese financing and the Chinese Federal government behind them. Mr. Sires. And the workers. Ms. Yearwood. And the staff members. And so you have actually efficiently got a plan that the U.S - How old of a car will a bank finance. can not-- the Foreign Corrupt Practices Act and all sorts of other factors, the U.S. can not contend in terms of the types of financial investment that they have the ability to take in without sort of needing to do the due diligence behind it. And it is really welcome in a lot of locations, however what Baha Mar has actually shown us is that it can create an extremely challenging situation for the nations where they go.
Farnsworth. I believe Sally raises a really fascinating and essential jon wesley thompson point in this context. What is a future in finance. You understand, the Chinese or Venezuelan design is a state-led model, so the capital of the country, the leaders in the country can say this is what we are going to do. We are going to develop Petrocaribe or we are going to develop a sports stadium or we are going to state that we are going to establish these jobs, whereas the U.S. model is private sector-led design. And the disconnect here is that we are dealing with smaller economies, island nations, and in contrast of other financial investment chances in other countries in Latin America, much less worldwide, these are economies that generally aren't going to draw that large financial investment except in a couple sectors like tourist like we have actually been talking about. What the onus needs to be is to find methods to clear and establish a seamless financial space in between the U.S. and the Caribbean so that personal sector capital can work. There are opportunities. Last but not least, I would say that the Caribbean is ending up being a far more complex location due to the fact that of the modifications in policy towards Cuba, https://www.inhersight.com/companies/best/industry/financial-services the cross-cutting trade contracts such as CAFTA, et cetera, and we have to think about the Caribbean now in a broader sense. In regard to Haiti, I think really essential is its continued combination with the English-speaking Caribbean, since these are well developed democracies and it is a financial location which holds chances for Haiti and there is now quite a great deal of Caribbean financial investment entering into Haiti and vice versa.
