Crime is a symptom of poverty. Poverty is the result of a failed economy. As the economy fails, poverty and crime increase.
The above hypothesis is found in the writings of Tony Blair, Britain’s former Prime Minister. Eminent authorities on economies concur. The hypothesis is further supported by the advance of crime in Jamaica.
In earlier years Jamaica’s economy was bolstered by the export of Bauxite. When the export of Bauxite came to an end, Jamaica’s economy began to fail. The lower the economy fell, the higher the crime rate grew. As the crime rate increased the  bolder the criminals became. They attacked police facilities and Jamaica’s murder rate became so high that it is extremely unsafe to be there.
Following Jamaica
Belize is following in the footsteps of Jamaica for similar reasons. That is, unemployment in a failing economy. Belize’s unemployment is the result of lack of investment in successful businesses that provide employment to bolster the economy.
Businesses require loan capital to maintain their successful operation. The intolerably high interest rates demanded by Belize’s banks do not provide the appropriate investment climate. The detrimental effect of such high interest rates is clearly shown by the many bank foreclosures on Belizean businesses and homes.
Belize’s economy will not recover unless there is a sensible usury law to prevent intolerably high interest rates.
Belize’s economy continues to fail because recovery is being blocked by high interest rates demanded by lending institution.
Usurous
The interest rates demanded in Belize could be considered usurous, usury being the excessively high interest rates charged on loans.
Usury is one of the oldest of reported evils. The writings of most religions condemn usury. As is stated in the Quran (Koran) “God has forbidden usury”. (2:276, and in the Bible at Luke 12:20 “But God said unto them: Thou fool, this night thy soul shall be required of thee. Then whose shall those things be which thou hast provided?
Most advanced countries protect their economies by enacting usury laws that prohibit high interest rates. Such a law is necessary for Belize and would be very simple to enact. There are examples from many countries that can be followed.
The State of California’s usury law limits interest rates to 12%. Any person or entity charging higher interest rates is guilty of Loan Sharking, a felony that provides for imprisonment of up to 5 years.
Interest too high
Belize’s lending institutions charge interest rates that are as high as 27%. Home loan interest rates vary from 11 to 18%. The same lending institutions have banks in other Central American countries that provide loans with much lower interest rates. In Guatemala a home loan can be obtained with an interest rate as low as 8%.
When economies are on the decline advanced countries causes loan rates to be lowered to stimulate their economies by stimulating businesses.
Peru has lowered interest rates as low as 1.2%. The USA has reduced variable rate loans by 2.75% causing 6% variable interest rate loans to be reduced to 3.25%, with interest rates on new home loans in the vicinity of 5%. In developed countries 70% of the employment comes from small businesses.
Too  greedy
Belize’s high interest rates result from an excessive number of banks in the country that greedily increase the spread between the interest paid on deposits and the interest banks charge on loans.
The competition be-tween the excessive number of banks drives the interest rates on deposits to 8% or higher. The average interest rate Belize’s banks pay on deposits is nearly 3 times the average interest rate paid on deposits in the States.
In their quest for deposits, Belize’s banks fatten the purses of the wealthy, who have funds to deposit, at the expense of other Belizeans and the economy.
The banks seek a greater profit by increasing the spread on their loans, which in turns increases the interest rate to where the loan becomes an intolerable burden.
Nearly 3 times as much
The average spread on loans in Belize is nearly 3 times the average spread used in the United States. The banks are charging nearly 3 times the interest charged elsewhere The increased spread allows banks to increase their profits which will be shipped out of the country as dividends.
During his September 24, 2009 address to the House of Representatives the former Prime Minister Said Musa in a speech last year said that interest rates must be lowered to save Belize’s economy. The Hon. Dean Barrow has twice stated that high interest rates are a problem.
Political Parties are duty bound to work together after the election. Both the PUP and UDP have a duty to work together to free Belize of crime and improve the country’s economy.
The parties can perform their obligations to the people by jointly working together to enact a usury law and thereby show that they are true Belizeans.
To do otherwise would be putting the banks above the interests of the people, and ignoring the problems emanating from Belize’s weakened economy.
False rationalization
Banks have attempted to justify their intolerable high interest rates as necessary to offset losses from defaulted loans. Their excuse and rationalization are false.
Many of the defaults are the creation of the banks resulting from unbearable interest rates.
Is there anyone in the political arena with the foresight and intestinal fortitude to cause the necessary usury law to be enacted ? This would save Belize’s economy and suppress crime!
Mark these words: The economy will not be saved and crime will not be suppressed without a proper usury law.
Do we have the political courage to pass such a law? Reporter

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