Adios 1998

Perhaps the one single event of 1998 that brought lingering anxiety for most of the year was the ravaging effects of the Asian Crisis upon the local economy It sent our primary tourism industry tumbling into the 30 percentage level, a worrisome turn of events for any student of economics. It is especially hard on the local government coffers which saw substantial contraction in revenue generation forcing a 13.4 percent across the board cuts in departmental budget beginning next year.

The Luggage Squad sold their businesses and headed elsewhere to reinvest their money. They have sailed into the sunset in hopes of finding greater investment opportunities in some friendly foreign land. Their departure is our loss which turned into someone else’s gain. We tried making sense of it a bit dazed and unprepared, sorting out our thoughts if the trend would continue. It did. We finally saw the closure of over 1,080 businesses. A lot of commercial buildings and apartments are plastered with “For Rent” signs between Koblerville and San Roque.

Indeed, it is difficult understanding the destructive force of the Asian Crisis muchless, staving its tsunami strength. It is even much more difficult pinning down what else may be in store for the NMI over the next year. Would more businesses close shop? Would local leadership be able to descend from its horse of apparent indifference and complacency and join hands with the private sector to map-out incentive programs for businesses who have helped these islands over the last 30 years? Or would opportunity be forever lost because of our apparent refusal to deal with hard decisions?

About the only industry that withstood the merciless and destructive force of the Asian Crisis, including the devaluation of currencies in Lion and Tiger countries, is the much maligned garment industry. Yes, an industry dubbed as “Little David” has proven it can withstand adversity in these most trying times. And the obvious reason for this industry’s success against the odds boils down to vision and leadership. It’s ahead of most, if not, all other sectors in preparing to ward-off the Asian crisis and the accompanying devaluation of currencies.

Even as we deal with the Asian crisis alone, we had to wrestle with an all out plan for a federal takeover of the NMI by the US Department of Interior. The obvious insensitivity is a tale that ought to bring the greater question for future debate and resolution: Should the current relationship be perpetuated or would semi-independence free the NMI from whimisical threats and mandates from the federal government?

For all our misgivings, perhaps our very weakness in dealing with the Asian Crisis is all part of the exercise of self-government. Yes, we may be slow and even faltering slow, but we know in our hearts and minds that we will survive any and all adversity as we did over the last four-hundred years. We shall overcome! Happy New Year!