Large and small countries the world over are experiencing the disruption of many norms — how we treat one another, how we communicate, our own expectations and the delivery of goods and services. There is no society on Earth that is not being affected by the changes taking place. We are simultaneously experiencing physical and technological revolutions.

We are putting a great deal of energy and speed into whatever we do. We as humans will become more and more conscious of these changes.

We will be offered more and more of what is available, but can we afford the price as individuals or as countries? We seem to watch television and social media and think it is all reality, and therefore raise our expectations.

The reality is that we must come together in conversation and in action to raise our collective consciousness for the good of all people and commit ourselves to achieve it.

Our country has a large debt in the private and public sectors. We have a small and decreasing population. Our public and private physical facilities need upgrading.

Our human resources, which are the real backbone of our society, must realise with these depletions that we cannot do it alone.

We need overseas participation in greater numbers to provide us with more capital and products that make us relevant to the rapidly changing outside world.

Throughout its history, Bermuda has been forced to look outside its coral reef and seek opportunities for our development, whether it was salt raking in the Turks and Caicos, the blockade running of the American Revolution, the development of the hotel industry, the building of the bases, or the reinsurance industry.

Mediocrity will no longer do.

This new paradigm of Bermuda should build on what we have and the stated objectives of the Government — a strong, socially conscious, physical infrastructure, strengthening the existing pillars of our economy and becoming a true player in the emerging technological changes that can be at our disposal.

These are the things that will make Bermuda relevant to Bermudians, stop their exodus from our shores and create an incentive for those who have left to return home and participate.

To achieve our objective we must define, as the Government is doing at present, what we have to offer to an available workforce — both Bermudian and of non-Bermudian origin — to build the critical mass needed to make the country successful.

The informative opinions in The Royal Gazette written by Brian Duperreault and John Wight this month articulated many of these points. The articles are excellent reference points to help understand where we are.

Apart from what the Government is undertaking, which is extremely commendable, we should all get involved and have the conversation with each other so that it becomes an integral part of our agenda. We are too far in to stand still — debt, unemployment, underemployment, pension shortages, and an array of unmet human necessities.

This would be a time for some of us to stop before being discouraged, scratching our heads and saying: “I can’t and therefore no one can.”

We should all take a note from the Serenity Prayer:

“God, give me grace to accept with serenity the things that cannot be changed,

courage to change the things which should be changed and the wisdom to distinguish

the one from the other”.

Our conversation about change could include some of these seven ideas:

1, Cease the use of Bermudian currency and adopt the US dollar

Everything we buy — goods and services — and, in reality, borrow is eventually converted into US dollars. We should do this before the banks reduce our ability to borrow because of our currency imbalance.

2, Declare the City of Hamilton a free-trade zone

Bermudians and non-Bermudians could trade without the 60:40 ownership restrictions only in the free-trade zone. This would inject foreign capital into our city without Bermuda or Bermudians shouldering additional investment debt. Encourage small hotels and apartment developments. Apartments would be available for purchase by Bermudians and non-Bermudians.

3, Look to change the banking establishment requirements

International banks could move here under regulations set out by the Bermuda Monetary Authority. These could be digital banks with a limited, defined presence.

Bermudians could do banking on an international basis and any foreigner in Bermuda could do business with any of these banks.

4, Fintech opportunities

Fintech has begun to take the power out of the hands of the traditional banking establishments and put it into the hands of consumers and entrepreneurs.

The days of going to a local bank to apply for a loan or credit card payment portal to start a business will soon be over. Blockchain and distributed ledger technology are going to revolutionise the way companies do business in the very near future.

The flow of money will be seamless and borderless. We must move very quickly to create the legislation and infrastructure needed for these companies to set up in Bermuda. If we don’t, we will lose out on opportunities, customers and market share.

5, Major projects

Projects such as seaports, the Hamilton waterfront, solar energy and telecommunications should have a template that defines how foreign capital and intellect can invest in these projects and get a return on their money.

It is their investment and if they lose it, there is no burden on Bermuda. At present, we do not have the Bermudians or a banking system that are prepared to take the risk.

6, Maritime activity

Bermuda should become a friendly maritime centre for residents as well as visitors. We should create more marinas and marina-related services. To achieve this, we should remove the import duty on boats, but recover the revenue from registration fees, which would apply to all boats located both on land and in the sea. This would create a great deal of jobs for Bermudians while generating more government revenue.

7, Green initiatives

We should adopt, in a very focused way, ideas to make Bermuda a more green and environmentally friendly society. We should define the beneficial resources such as solar power, clean electric technologies, smart cities and agricultural advancements, and put them into the reduction of our debt, the creation of greener efficient infrastructure and the improvement of our water systems, air quality and land resources.

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I know that these ideas are a stretch, but if we don’t stretch to reach the possible, we will be out of the race.

We have been accustomed to doing business at the speed of sound, 770mph, but technological changes are operating at the speed of light — 670,000,000mph!

Embracing change is not only for our survival in a rapidly changing world, but to make Bermuda a place where Bermudians see opportunity and the promise that their children can have a Bermuda to be proud of.

Trying to be different is not always bad. Bad is where you don’t try at all.

• Sir John Swan was the Premier of Bermuda from 1982 to 1995