Former US Presidential candidate Steve Forbes yesterday promised to do all he could to protect Bermuda's interests as a low tax jurisdiction and take his fight all the way to US Congress.

Mr. Forbes, who is chairman and CEO of Forbes Media and editor-in-chief of Forbes Magazine, made the vow to a captive audience comprising some of the Island's biggest movers and shakers at Capital G's inaugural Private Wealth Conference held at Tucker's Point Hotel & Spa yesterday.

He covered a range of topics from the economy and markets to US healthcare, as well as fielding questions from the floor on the threat of US tax legislation to offshore financial centres and the future of innovation.

"The idea of having areas where you have tax advantages, I am all for that," he said.

"Certainly I and others who support low taxes will fight to make sure that the US doesn't treat Bermuda like a colony."

Mr. Forbes said Bermuda had a lot going for it already in terms of commerce and enterprise and there was no reason why it could not continue to enjoy similar success in the future, while warding off any present or imminent threats from US Congress.

"I think the US Congress can be kept at bay," he said. "It is always a fight, but it can be done."

Mr. Forbes earlier predicted that the US economy will experience some real growth this year, based on inventories being rebuilt, companies making capital expenditure and consumers spending again.

But he questioned whether that growth would be sustainable and said there were a number of factors which needed to be taken into consideration first, including the strength of the dollar, taxes, trade and spending.

Starting with the dollar, Mr. Forbes said that, like any form of currency, it should be used as a measure of value and kept stable, adding that weak money meant a weak recovery and was a very disruptive force, while he accused the US Federal Reserve of not treating the dollar with any respect and said that small businesses across America were finding it very tough to secure credit and create jobs and thus get the economy going again.

On taxes, he said that not only did they raise revenue for government, they also came at a cost and were a burden to individuals and businesses alike.

As far as trade was concerned, Mr. Forbes said US President Barack Obama's administration was the first not to make free trade its central policy, adding that if the US did not take a forceful lead on this front it had the potential to get completely out of control.

Finally, he said the "binge spending" of the past cannot continue in the future if the economy is to fully recover.

"Even though things are going to get better short-term, there are some major things that we need to address," he said.

"The recovery should be very good if these things are right."