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Friday, December 1, 2023
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Mosler Remarks on Christensen's Remarks

Dear Source,
The following quotes by our delegate to Congress appeared in your article 'Bush's Budget Should Be Cause for V.I.'s Attention, If Not Alarm by Shaun A. Pennington.' The first is in regard to the CFO bill now before the Congress:
"They were fed up, long before I decided to act, with the mismanagement and siphoning off of the territory's resources." She added that Virgin Islanders, "have been calling for a way to reverse corruption, waste and abuse that has characterized the handling of contracts, money and workplace ethics for so long."
Unfortunately, this is also the argument being made to members of Congress. It is designed to put us in the very worst possible light in order to convince them to vote for the CFO bill over the stated opposition of the Dept. of the Interior. With our own delegate lobbying against our ability to manage our affairs, and washing our dirty linen in front of the Congress, it makes it doubly difficult for our elected officials, official spokespersons, and even private citizens to subsequently lobby on our behalf for participation in other federal programs. While I fully support the notion of an independent CFO, I question the killing the patient to cure the cold tactics employed by our delegate.
Additionally, the delegate is implying first hand knowledge of corruption and siphoning off of the territory s resources which are criminal activities.
Should the Atty. General not demand further testimony?

Your article continued with a quote regarding the EDC
'She said, "Just last Friday I met with a new applicant," who she said has a "many billion dollar business, chiefly foreign dollars" and who wants to bring his money back to the U.S. "And I am sure there are many others, so I remain hopeful."
Unfortunately,the words foreign dollars and bring money back read as references to holders of untaxed offshore income, waiting for a means of using the funds domestically without incurring accumulated federal tax liabilities. A delegate discovered encouraging this type of applicant risks the further wrath of Congress and the IRS, and the shut down of
what little remains of our EDC program.
Warren Mosler

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