We are one of the most economically self-contained densely populated countries in the world with one of the highest per capita incomes. If we are to survive this world economic turmoil, we have to be innovative, competent and give par excellence service in every area of business and life.

We have a tendency to take our success for granted. At times this causes us to be self-important, arrogant and over-confident and to forget the characteristics of ingenuity, competence, service and civility, which make our country an economic and social success.

We are in the midst of a global financial restructuring, the likes of which very few living persons have experienced. This is not an American manufactured event as many are often led to believe, even though they might have been the greatest contributor to the present economic climate. This is a world event that will alter the economic, social, political and overall stability of the world and thus have a profound effect on Bermuda in ways that have not been realised or that we today cannot imagine. We must, therefore, recognise that we will not be immune from what is and what will take place in the rest of the world.

The global economy is coming under a great deal of stress resulting in many failures of companies and individuals together with governments who will not be able to provide the demand for services and security that their citizens have become so accustomed to.

Bermudian residents, whether guest workers or permanent residents, must in these challenging times, ensure that we offer first class service. We must ready ourselves for what we might experience by way of shortages of jobs, loans, income and opportunities that we have taken for granted.

We must now recognise that we will more than ever have to compete with the rest of the world in a more meaningful way to survive. Our competitors, be they large countries like the United States of America, United Kingdom or Canada and the European Union have to satisfy the requirements of their citizenry and, therefore, have far less regard for policies and initiatives that might adversely affect Bermuda. In addition smaller countries like Cayman, Switzerland, Bahamas and Singapore, will be fighting harder than ever for market share. In other words, they first and foremost will enact policies that will benefit their individual countries and the spin-off might hurt some other countries, including Bermuda.

It was very fashionable for leaders to talk about the big picture, but today they are concerned mainly about their immediate circumstances. They know their survival depends on it. If Bermuda is to look after its people and not lose our capacity to enjoy what we have become accustomed to, we must take wishful thinking out of the equation and become far more pragmatic.

We must appreciate what we are, how we became what we are and we must realise if we want to continue to enjoy what we have, we must not be preoccupied with what has been wrong in the past but concentrate on achieving the greater good for Bermuda.

The historical economic world has almost disappeared. We will need to carefully determine how best to face these new challenges in a rapidly changing world and to make solid decisions to serve the long term interests of our country.

There are three necessary components that are essential in the world we now live in: Education, innovative efficient human resources and availability of capital which is made up of cash and infrastructure. How we utilise these components will determine how successful we are in meeting the needs of the world seeking service from us, thus providing jobs and opportunities for our people.

This country needs a public educational system that embodies high standards of conduct and achievement. New global and historical evidence has provided new ways of thinking about the way education is provided by society. If sustained economic prosperity is our goal, then high quality public education must be our first priority.

The innovative new world order will become a significant factor of the use of human resources and capital. If we are to meet the requirement for our services in an efficient and cost effective manner it means that we must find the highest quality in human resources, both locally and from overseas.

Bermuda will need to have a state of the art infrastructure such as a hospital, airport, media system, waste management, schools, transportation system and many others, which will require a great deal of capital. To achieve these objectives will require a substantial amount of cash and to be efficient in the implementation of these capital projects, we will need to increase income in order to service what we have and to implement what we need. We must participate in a world that might appear to be growing but its capital base is shrinking, that is why the best will be required of us.

It is imperative to acknowledge the deterioration in many social and physical aspects of our community. We, therefore, must not allow ourselves to be afraid of the future and add to its destruction while we are trying to create an even better Bermuda. If tourism and financial services are to grow to provide us with the needed income to invest in our future, we should accept in a meaningful and transparent way that we might need to grow the manpower size of Bermuda substantially and offer forms of incentives that encourage the best brains to come and enjoy what they helped to create. As the global demand for efficiency and the limits on capital increase, the demand for competent human resources will increase exponentially just to try and keep pace with the demands of the new world economic order, such as transparency, regulatory and legal requirements, etc.

We should set some very defined objectives and determine how they are to be achieved and what the consequences will be with these objectives. For example, to do what we need to do we might have to increase the critical mass population of Bermuda, which if not thought out beforehand will put a lot of strain on Bermuda's infrastructure. But, if planned early, we could increase our workforce population and accommodate them by extending the city of Hamilton limits, zoning more commercial, industrial, residential and educational space and putting in an efficient transportation system and as a consequence, restrict the development in the areas outside of the City, except for areas zoned for purposes such as hotels.

We must get away from our policy of generalities and make it very clear to the people who come and contribute in a way that enhances our objectives, especially those with prerequisite educational requirements, that they should have an expectation of long term tenure in Bermuda. We should not continue the current practice of fixed term work permits, particularly if people add value to our long term requirements. To simply use their talents and then discard them disrupts a career and future prospects that could have been used elsewhere. Remember the adage: "Do unto others as we would have others do unto us."

We Bermudians, have some tough decisions to make. These decisions do not belong to Government (Bermudian or British). They belong to each and every one of us as they would affect Bermuda's future generations. To do nothing might work but not likely; to do something invites controversy. Controversy that draws conflict often leads to emotional reactions and offends both the people that change is designed to help and the people from whom we are seeking help. We need a public discussion involving all stakeholders, local and international guest workers, that is open, honest and non-offensive about where Bermuda might find itself in this new emerging global order and determine for ourselves what is best for us and be prepared to live with the consequences. To do nothing is to let pride come before the fall.