Disastrous exodus of investments

If there’s a lifetime lesson we’ve learned from the old folks it’s the ability to regroup when times are hardest. Call it resiliency. If our ancestors could survive the genocidal destruction of Chamorros by colonial powers so can we deal and resolve our own set of problems today.

A relevant issue is the disastrous effects of investment exodus that still holds everything down. It should be a point of critical inquiry and open discussion among so-called leadership to avoid a repeat of history.

In brief, is institutional investment still the answer or must not this require critical review to get a glimpse at its success or failure? Isn’t it an issue that merits realistic review? Casino isn’t the holy grail of our financial needs. So what is there to ensure improvement in the quality of life and sturdy flow of revenue for the NMI?

Definitely we can’t rely on unreliable exogenous (external) investments complimenting the staples of internal negligence to move the needle of growth forward. That would be subscribing to the wisdom of a fool!

Nor am I trying to offer an overly simplistic approach to a heavy issue often mired in confusion and disorientation. But we need to confidently meet and trump our cards in planning our future together. We have to have a beginning!

I don’t have any background in developmental economics but I’ve lived here all my life. In the process, I’ve seen economic growth and its decline prompting my treading the issue in search of realistic answers. What I’ve found isn’t etched in stone but a sturdy and steady one that would carry us through over the long haul through thick and thin. The answer is in small family business.

Small family business: We should resolutely explore every inch of this sector for therein lies opportunities and the stability of our economic future.

Beyond multi-billion dollar global corporations in nearby Japan, there exist by the thousands small businesses in every major and midsize cities owned and run by families since after the war. These businesses have been passed on to children who in turn carry on a built-in family tradition of running them. This sector has basically everything from eateries or restaurants to specialty shops.

The 40-plus years of trying to unravel what would work reminds me of Winston Churchill’s oft-repeated comment so fitting in this case: “A riddle in a mystery wrapped inside an enigma.” Herein lies our future to improve upon our quality of life including shoring up much needed revenue.

From one end of the archipelago to the next there are family businesses that started out small and gradually expanded through the years. A lot of them may have closed down over the years. But those that survived have worked extra hours most days of the week consistently and persistently slowly building and strengthening the very source of family wellbeing.

You need not engage large sums of money (loan) for a small family business. You only need to identify a specific service, research its viability, and move on from there.

It’s good to approach this form of investment from a free market standpoint over technocratic sets of plans. In other words, let entrepreneurs work it out themselves over a central plan comprised of suspect experts making dictates that often miss the point.

CDA’s role: The role of CDA becomes most important in the establishment of family business. As this sector establishes and grows, it should slowly serve as the economic backbone of the NMI moving forward. We should do it with the view of permanency where new family business startups are strengthened and passed on to the next generation.

As a community, we’ve attached the mind-boggling contribution we see in small family businesses. It is based on our understanding that they are friendlier, better employers and more caring in most aspects of their operations. It’s a marketing tool and has access to unique ingredients that can provide lasting competitive advantage.

On several occasions, I’ve visited places like Rappongi or Akasaka in Tokyo, the closest to the entertainment district and Japan’s center of politics. In either place you’d find small family businesses lining both sides of the street. There’s a myriad of restaurants and other businesses as you explore your way around. Beyond Japan’s global corporations, small family businesses have been and still are the backbone of Japan’s economic foundation.

I feel comfortable that the head of CDA has institutional knowledge of our 40-year journey. He should ably expand and improve CDA’s approach on small family business loans and broaden opportunities for our people especially in tiny island communities to move forward. And, yes, the journey of a thousand miles begins with the first step!

Melancholy: After listening to well-written eulogies for the late first lady Nancy Reagan, a sense of melancholy descended as to appreciate the love she’s had for her husband from Day 1. More often than not, they do things together while Reagan was governor of California and president of our country.

I find her daughter’s eulogy (Patti Davis) most moving in how her parents were lifetime lovers. She related of two folks sitting along the shore, heads tilted together or entwined like lovers on a lifetime date. They were two happy souls with tons of love. The only separation they probably had was the cool salty air between them.

She quoted a famous poet who fittingly described her parents’ relationship: “Across the years I will walk with you, in deep green forest and shores of sand; and, when our time on earth is through, in heaven too you will have my hand.” There must be the long stretch of golden sand, orange-reddish sunset, the sea that runs up the shore and reverses into eternity and an entire island unto themselves. Our gratitude to the Reagans: Nancy and Ronny.