The Dime💰- Jamaica is the Financial Innovator of the Decade

It is not every day that one of the most sophisticated financial innovations in the world comes out of a Caribbean island rather than a Manhattan skyscraper, but that is exactly what happened when Jamaica, through Dr. Nigel Clarke, built a catastrophe bond to insure itself against hurricanes. Instead of waiting for international relief, hoping for grants, or borrowing money when the roof is already blown off the economy, Jamaica pre funded its own disaster recovery. In simple terms, the country convinced global investors to take the financial hit if a major storm hits Jamaica, not Jamaican taxpayers. If the hurricane qualifies, Jamaica collects the cash immediately. If it does not, investors get their money back with interest. That is not charity, that is contract law and capital markets working as climate defense. It is finance as survival strategy. This week I get to tell you all about it. Here's this week's edition of The Dime💰.