Front Street Hamilton Harbour Bermuda at duskFront Street Hamilton Harbour Bermuda At Eventide

 

Economics for Every Man

 

 

The Economy of Bermuda

Martha Harris Myron 

 

 

The Extraordinary Island of Bermuda, Home of America's Cup 2017

 

Front Street in Hamilton, the center of the business district sports the clean lines of modern Bermuda architecture interspersed with old store rollouts, all dolled up in pastel colors for the occasion. The sounds of the sea ferries, the comforting feel of soft clean tropical breezes, the small Optimist sailboats skimming the harbor in training with the next generation of very young Bermuda sailors, the dazzling interplay of light on the turquoise ocean all provide a euphoric lift to the eye and the senses, from the street or viewed from the top floors of the office buildings.

See the panorama on the docks greeting the arrival of the weekly consumer goods freighter. It is truly an emotional and physical experience, a sparkling natural ambiance enveloping you viscerally, never duplicated, never contrived.

 

When Juan de Bermudez discovered Bermuda in 1505 there wasn't much here. Nothing, that is except for treacherous reefs stretching more than 60 miles in all directions (see early chart to the right), azure sparkling blue boiling seas, 350 days of sunshine, incessant trade winds, scant water resources, multiple forms of marine life and lush vegetation, including surprise, tobacco. Not being into sunbathing, snorkeling, and pure lounging, nor possessing significant metallic commodity treasures portable to the home country, the crew moved on to the more profitable waters of the Caribbean and Latin America.

 

Remote, inaccessible, and deemed unsustainable for human life, the island lapsed into obscurity for a hundred more years. Forgotten, but remaining stealthily perilous, it claimed various and sundry victims (and many shipwrecks) over the ensuing decades. Ships were rebuilt from the remains of wrecks, or from native cedar, but none of those early documented survivors remained to build a legitimate colony.

 

In the Year of our Lord 1609, the Sea Venture, out of Plymouth, England set sail for Jamestown, Virginia heavily laden with food and supplies for the starving colonists charged with establishing a settlement in the United States. The Isles of the Devils (Bermuda) claimed another victim when the ship foundered in a hurricane on those same treacherous reefs. It took almost a year for the mariner and landfolk survivors in Bermuda to build another two ships, the Deliverance and the Plough, then, finally reach Jamestown. As documented journals told, the first Bermudians on the rescue mission found less than 100 remaining settlers, in deplorable condition exhibiting symptoms of cannibalism and starvation.   

 

With that resuscitation, Bermuda and the United States were forever entwined in a symbiotic, but mutual relationship of respect and cooperation that has endured for more than four hundred years.

 

Bermuda has not always been so well known. How its settlers not only survived but thrived throughout its more than 400 year existence on a tiny island that is the fourth most remote spot on earth, is an incredible story of perseverance, survival skills, plunder, pilots & privateering, profits, public policy, political will, and passionate, commtted, business visionaries. To this Present Day, Bermuda continues to exert a global financial influence far beyond its size and stature.

 

Follow the Economic Summary of Bermuda here, by hundred year chunks throught the courtesy of Bermuda-Online to read fascinating details of island life, business, ships and ship building (for that was our livelihood), and toward modern day financial services, International Business and (Re)Insurance.

 

 

BERMUDA'S MODERN ECONOMY

 

 

 

Bermuda is NOT a Tax Haven!

 


 

 

Lady Brassey Map Bermuda 1877

Under construction - to be elaborated.

 

Bermuda’s economic history – brief overview of presence, piracy, pilots and privateering, profits, public policy, politicians, and the Present Day.

 

* 1500-1699

 

* 1700-1799

 

* 1800-1899

 

* 1900-1951

 

* 1952-1999

 

* Present day

 

 

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