Yesterday saw the opening of the Global Financial Summit 2012 held at Atlantis Paradise Island and in his opening address, conference founder and organiser Mark Skousen (pictured), criticized US fiscal policy, saying: “Bailouts and easy money policies are short-term policies. There has been woeful over-spending and over-promising and under-delivering.”

In the morning session, attendees also heard from a panel of experts including former member of the board of directors of the Cayman Islands Monetary Authority Richard Rahn, who spoke about the need to learn from countries such as Sweden and Canada, who had successfully introduced monetary reform in the face of financial uncertainty.

“In the mid ’90s Sweden saw themselves going rapidly downhill and they realized they were going to go the same way as Greece,” he said. “The left and right parties got together and changed course, downsizing government and cutting spending.”

“In the US the question is really whether we are going to be able to make that shift. As long as the debt to GDP ratio continues to rise, we are getting a worse and worse situation.”

Attendees also heard from Michael Lightbourn, owner of Coldwell banker Lightbourn Realty, who enthused about the benefits of relocating to The Bahamas in his welcome address.

Branded “the free market alternative to Davos”, the Global Financial Summit runs until February 4 and will hear from speakers such as Wall Steet Journal writer Steve Moore, managing director of The Global Advisory Group and Fox Business commentator Dan Mangru and president of the Ayn Rand Center for Individual Rights Yaron Brook.

cboal@dupuch.com