The islands turn to Alan Greenspan for some insight into a new direction or potential solution out of the coming downturn. He seems an odd choice given the fact that he generally takes a macro-economic approach and a downturn in the tourism sector seems to be more of a specific issue better addressed by consultants. Unless the Caribbean nations are looking to make significant economic policy changes on a national level, then Greenspan is not their man.

It seems almost obvious at this point that the Caribbean tourism officials need to shake their dependence on US travelers and focus more on attracting tourists from other regions of the world who aren’t feeling a financial pinch, specifically Europe and Asia. Pushing aggressive promotional campaigns in these regions as early as last summer when the US economy was well into its downward cycle (triggered by the real estate sector) would have proven to be a smart move instead of spending $100K - $150K an hour (Greenspan’s going rate) to hear Mr. Greenspan speak.