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Obama and Bermuda

Popular psychology often likes to talk about how the brain is divided into left and right sides, with the left side tending to be more analytical and the right having more to do with feelings and intuition.

This is a complicated area, and researchers are often critical of claims that a person may be "right-brained" or "left-brained".

But it is a useful metaphor when talking about Sen. Barack Obama, whose nomination as the Democratic candidate for the presidency of the United States has engendered enormous interest in Bermuda.

That interest has not only been sparked by the fact that a man of African descent is only one step away from becoming the president of the most powerful nation on earth, but also because his message of change and an end to divisive politics has struck a real chord, in the US and in Bermuda.

At the same time, Sen. Obama's reiteration last week at the Democratic Convention that he would pay for his ambitious spending plans by cracking down on tax evaders and offshore financial centres should have sent a chill down the spines of anyone in Bermuda, given the vast importance of international business to the Island's well-being.

So what does this have to do with left and right sides of the brain? It is tempting to say that Bermudians' hearts are largely with Obama, but our minds are ambivalent, and may even lean towards Republican nominee Sen. John McCain, who is more sympathetic to Bermuda's case.

The notion of emotionalism versus pragmatism is an awkward fit, not least because it has been beaten to death in Bermuda with regard to the eternal debate on independence.

Instead, it is more realistic to say that the right sides of our brains like what Sen. Obama has to say, but our left side is saying: "But what about our wallets?"

This is not an easy choice.

What is critical is that Bermuda's leaders, in the public and private sectors, need to be prepared for an Obama presidency and need to be lobbying his campaign now to show that the issue of so-called tax havens is not as clear-cut as it may seem.

It is also critical that much of the work that has been done by the sector and its regulators to show that Bermuda is not a fly by night haven for tax evaders, money launderers and the like is highlighted.

Much of this work is ongoing, with insurers and reinsurers showing how critical the Bermuda insurance sector is to the US when catastrophe strikes and that no one should assume that closing down a domicile like Bermuda will instantly lead to a "redomicilation" to the US. These days, a move to Switzerland seems more likely.

Bermuda and the world might well have much to gain from an Obama presidency. He has the potential to repair the damage done to the global reputation of the US over the last eight years, and his unique ability to bring people together to resolve complex issues is badly needed both within the US and without.

Bermuda's leaders' first priority must always be to put the interests of Bermuda first, and with Bermuda already beginning to feel the effects of the world's economic problems, it is critical that the health of the international business sector be maintained.

Anyone who has followed Sen. Obama's career, read his books and so on, will know that while he enjoys a high level of empathy for others, he, too, is possessed of a first class analytical brain; so it is important that a logical and reasoned approach is made to him, and soon.