Marco Rubio: Cubans don't need the military skimming from them; That's what banks are for

[Rasputin_Vol]

Can't make this nonsense up. So Rubio is actually trying to make the case that Cuba needs banks because the military takes remittances denominated in U$D and skims 10-15% off the top, then in turn they give the Cubans the remaining 90% in the worthless Cuban currency.

Start watching around the 8:00 mark.

 

[AshG]

Can't make this nonsense up. So Rubio is actually trying to make the case that Cuba needs banks because the military takes remittances denominated in U$D and skims 10-15% off the top, then in turn they give the Cubans the remaining 90% in the worthless Cuban currency.

Start watching around the 8:00 mark.

I can't really tell what he's saying. Is he suggesting that we go in and set up banks under the nose off the current regime? Does he believe the current regime would not find a way to take a cut even in the miniscule chance they allowed American corporations to set up banks?

 

[Boca Vol]

Can't make this nonsense up. So Rubio is actually trying to make the case that Cuba needs banks because the military takes remittances denominated in U$D and skims 10-15% off the top, then in turn they give the Cubans the remaining 90% in the worthless Cuban currency.

Start watching around the 8:00 mark.

That's exactly what happens. I was somewhat involved in this as I was the contracted merchant company for Stonegate Bank: https://www.miamiherald.com/news/business/article28072318.html

I had the online reservation contract for Starwood Hotels in Cuba: Trump administration orders Marriott to cease Cuba hotel business

Cuba has 2 currencies, the Cuban Peso and CUC's. IIRC, most business prefer USD which renders their currencies virtually worthless. The US quickly found out that even though things were opening up between the US & Cuba that it was/is still a Communist country. Just because they nod and agree doesn't mean it will happen.

 

[BreatheUT]

Can't make this nonsense up. So Rubio is actually trying to make the case that Cuba needs banks because the military takes remittances denominated in U$D and skims 10-15% off the top, then in turn they give the Cubans the remaining 90% in the worthless Cuban currency.

Start watching around the 8:00 mark.

I think I understand what you are trying to say here. Basically you don't think setting up banks in Cuba will help?

I don't know, maybe or maybe not. Sounds like Cuba has a system now where money sent to the country gets picked off by the military before it gets to people. Banks would provide an opportunity to keep a little more of that money.

Maybe my take on the complexities of their financial infrastructure is simplistic. Rubio would seem to know something about this give his Cuban background.

 

[Rasputin_Vol]

I think I understand what you are trying to say here. Basically you don't think setting up banks in Cuba will help?

I don't know, maybe or maybe not. Sounds like Cuba has a system now where money sent to the country gets picked off by the military before it gets to people. Banks would provide an opportunity to keep a little more of that money.

Maybe my take on the complexities of their financial infrastructure is simplistic. Rubio would seem to know something about this give his Cuban background.

That's my point. Lets keep the Cuban military from skimming off the top, but allow the banks to do the same.