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David ThompsonWe listened to the announcement in the media this evening – 13 April, 2008 that the Honourable Prime Minister David Thompson will be addressing the nation at 7.30PM tomorrow night. One of the topics which we understand he will address is the runaway cost of living affecting not only Barbados but most countries around the world. Like most Barbadians we will be riveted to the television set come tomorrow night to hear what our new Prime Minister has to tell Barbadians in his first national telecast as PM.

If we were to use the blogs and call-in shows as a barometer to gauge what Barbadians expect to hear from our PM at this time, we immediately start to become worried. Barbadians have become accustomed to living a high standard of living, and in the past when there has been economic downturn the government of the day has always been there to save the day. Our understanding of how the world has changed in the last ten years has sensitized the BU household that it is necessary to rearrange our expectation of government. Barbados can no longer survive on behaviours of the past. The traditional underpinnings of the economy of Barbados which historically have served us well is now under threat by a phenomenon called globalisation.

Click To Read Related Content on Barbados Free Press

Barbados Prime Minister Thompson “Leveling With His People” On CBC Tonight – 7:30pm

We had hope that our economists friends who visit BU would have had their say on this issue. While we understand that the current government would have been caught up in election politics up to January 14, 2008, reality must be setting in by now. The level of subsidies which the current government has inherited and added a few of their own cannot continue. We are not saying that some level of subsidy should not be adopted by the government to buffer against โ€˜shocks’ to benefit its most vulnerable citizens. However decisions to sustain subsidies because of political motivation must be seen as not being in the interest of the country. Removal of subsidies will obviously expose the vulnerable in our society but we know that the two ministers in the social transformation ministry can assist by identifying those in need.

The reality is that Barbadians must start to demonstrate behavioural changes which suggest that they have become aware of the tough times facing the world. As we continue to observe little Barbados we see the cable antennae on the roof of the most humble abodes, the SUVs and double garages, the fully loaded supermarket carts, the high number of cars on the road, the lack of effort to engage in back yard farming because of the stigma associated with agriculture, no attempt to car pool despite the fact that 65% of Barbadians direct their vehicles towards Bridgetown each work day, the proliferation of cell phones, the crowding of KFC and Chefette fast food restaurants and the list could get longer. When we tally our observations we easily came to the conclusion that Barbadians need some shock treatment to open their eyes to the reality of the current times.

Tomorrow night we intend to listen to Prime Minister Thompson carefully. We hope that his pronouncements will force Barbadians to understand that they need to work hard to keep their feet planted on the ground. When Thompson is done Barbadians must be left in no doubt that if Barbados is to maintain its current economic standing every Tom, Dick and Harry must place their shoulders to the plough to raise the level of productivity in Barbados.

BU urge Prime Minister David Thompson to give the country the medicine NOW so that we can avoid possible major surgery LATER.


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89 responses to “Prime Minister David Thompson To Tell Barbadians Like It Is Tonight @7.30PM!”


  1. We may have to get ready for an increase in bus fares maybe $2, anything is possible. We can’t avoid these increases. We as bajans have to realise that we have to forget about some of the material things and some of the vanity that we worship so much.

    Until……


  2. David:

    Among the things that you said in your commentary on Prime Minister Thompson’s address to the nation that is slated for tomorrow night was the following:

    “Barbadians have become accustomed to living a high standard of living and in the past when there has been economic downturn the government of the day has always been there to save the day.”

    Perhaps, you should reflect on what a careful review of the empirical data of the past, say fifty years of Barbadian socio-economic history tell us about this so-called progress. You said also:

    “While we understand that the current government would have been caught up in election politics up to January 14, 2008, reality must be setting in by now. The level of subsidies which the current government has inherited and added a few of their own cannot continue. We are not saying that some level of subsidy should not be adopted by the government to buffer against โ€˜shocksโ€™ to benefit its most vulnerable citizens. However decisions to sustain subsidies because of political motivation must be seen as not being in the interest of the country. Removal of subsidies will obviously expose the vulnerable in our society but we know that the two ministers in the social transformation ministry can assist by identifying those in need.”

    I am in general agreement with these sentiments, but, on the matter of the impact of removal of subsidies, I must point out that unless they are directly targeted (read means-test based) not only the poor and needy, but many more less deserving individuals/groups benefit from them.

    Political parties in Barbados have generally based their social policies on the model of the British welfare state, but anyone who has studied British politics of the last twenty years cannot be unaware that this model has been undergoing major adaptation to meet the challenges of statecraft in the late 20th/early 21st Century.

    Perhaps, you may wish to read a paper written on the subject of the need for a new development model for Barbados that was written a few years ago by a friend of mine, that I will email to you. I hope that you find some of its comments worth circulating.


  3. Look forward to the email Linchh. Thanks for your insights.


  4. As the Prime Minister of Barbados, Mr. David Thompson, prepares himself to address the nation tonight at 7.30 pm on state media CBC TV, the People’s Democratic Congress (PDC) has been made to understand from some details of the announcement last night on the 7 pm CBC TV News that he willl be dealing with some serious issues and problems that have for a long time been been wrecking havoc on the masses and middle classes of people in Barbados. Also, were made to understand, from the said announcement, that he will be dealing with matters related to the skyrocketing costs of living, the obscene high costs of food and fuel, and the critical lack of housing solutions in the country.

    It was also stated in the announcement that at the end of Mr. Thompson’s presentation, he will be questioned/interviewed by a panel of journalists representing the CBC, VOB and CMC, whom, we submit, are going to be obviously querying the prime minister on many issues and matters that will have formed part of the content of his presentation.

    However, we in PDC must say “over and over again” that voters in Barbados must stop electing DLP and BLP Governments in this country. Both the DLP and BLP are too conservative and outmoded in too many of their ideas, programs and projects that purport to have significant bearing on a country that is facing myriad social, political, material and financial challenges and problems at this juncture in world society, politics, economics and history. Indeed, the DLP and BLP have been around too long!! It is time that many more people in Barbados come and join the PDC with a view of helping us to further build and develop the party, or it is time they come and form their own serious people centered developmentalist parties. Nevertheless, the PDC is the party in Barbados that is really genuinely equippped with the ideas, attitudes, experiences necessary for becoming a modern 21st ruling party. What we need most of all right now, politically, is the creation of a winning election team. Do help us in this regard, people!!

    Finally, we know that the prime ministers’s presentation and follow up discussion with that panel of journalists will represent more of the same ole social and political talk that we in Barbados have been accustomed to hearing from old style politicians, at the end of which the masses and middle classes in Barbados shall still be suffering from the dire effects of a national political directorate that itself lacks the capacity to commit itself to the kind of serious alternative rational political action that is needed for, and that must be at the center of, the further social, political, material and financial development of Barbados.

    PDC


  5. Inadvertence: line 8, 1st paragraph – “hence” instead of “also”.


  6. David that is a well written comment. You right. And as always Linchh makes good queries.
    I am also of the opinion that it cannot be business as usual and knew that somebody had to do some stocktaking. The time is past due. Let the chips fall where they may.
    Even before the DLP had become the gov’t a friend was telling me that it is likely to be a one term gov’t because of the measures it will have to put in place. The BLP acted as though they were getting free money from a place that would never run out. But people who live on budgets know that you only get so much to do whatever with.
    We will see.


  7. Where is all this one term government talk coming from. The new govt is about three months old


  8. The Prime Minister will be questioned and interviewed by a panel of journalists representing the CBC, VOB and CMC during his broadcast to the Nation.
    ……………………………………………………………………..
    I am worried about the selection of journalists for tonight’s Address to the Nation. I see a blatant insult to the two publications, namely the Advocate and the Nation. Am I to believe that these special journalists will be given a script regarding the questions to quiz the Prime Minister?

    Is this the beginning of marginalising the media? Will the Address to the Nation be an extension of the Film Festival? Will we have new political and journalistic actors on our airwaves? Is this what Transparency and Integrity all about?

    Tell me Why the journalists from these two media houses were omitted since it is customary for every media house to have a representative at all Broadcast to the Nation?


  9. TMY you need to relax.

    We will all be able to judge the value of the interview later. David Ellis works for OneMedia which for this purpose we can all accept that he will be representing all their companies. Here are some question which Mr. David Ellis can ask on behalf of the BU family:

    1.Following on from Minister George Hutsonโ€™s suggestion that the well of in our society should carry some more of the burden to compensate for redistribution of disposal income to the less well-off, do you agree?

    2.Will we see a more aggressive position from government towards the retail and distributive sector as in relates to price gouging and price fixing? I.e. mechanism to ensure price hikes above a predetermined threshold should be justified to a regulator.

    3.Now that Barbados is a haven for the rich and famous can we use a โ€˜luxury taxโ€™ to earn revenue which might also act as a deterrent?

    4.Will the PM contemplate imposing a tax on SUVs and all GAS absorbing vehicles over 1600cc. This would generate revenue but lead to the creation of new behaviours necessary if we want to see contraction in consumption expenditure.

    It is important that the PM stabilizes the cost of the staple foods, the increase in flour by 30% is unacceptable.


  10. TMY you need to relax.
    …………………………………………………………………….
    We relaxed during the last administration. How all of a sudden one representative is representing the Nation and VOB? Was the Nation Corporation the representative of these two entities prior to OneMedia, yet we had individual representation? Please David, I am all about facts. Too late may be our cry!!!!!

    PM Thompson could easily have adopted Arthur’s style and hold NO press conference or have Peter Thorne fron the government CBC do it. Again we say to relax!

    David


  11. 3.Now that Barbados is a haven for the rich and famous can we use a โ€˜luxury taxโ€™ to earn revenue which might also act as a deterrent?
    ……………………………………………………………………..
    I will deal with this issue first.

    I have a fundamental problem with the influential rich owning large land area, building a house with floor space larger than 3,000 square feet and the rest of land is under utilised due to these people concentrating on lawn area. With this in mind, Government should be able to get more funds by controlling the amount of land sold to foreigners. Increase land taxes if the land is un-productive. And finally, I agree with the language of ‘Luxury Tax’. This can be instituted from the Land Tax end since this department will have the true cost of properties in the island, and since personnel from this department is on the road taking photos of all properties and placing them on respective home owners’ files.


  12. I am hoping that we will not see an extension to any subsidies to selected businesses. What we need is the removal of unnecessary taxes on certain food items. Let the consumer benefit from the reduction instead of the suppliers who never pass on the savings to the consumer.

  13. Trained economist Avatar
    Trained economist

    I hope the public of Barbados will give the new government some slack, not too much, but some. There is an unbelievable level of policy overhang in Barbados. Owen Arthur and his team have left such a fiscal mess and unresolved public policy issues after 14 years in government, that they should be barred from government for at least another ten years, and someone else given a chance to address the issues.

    Owen Arthur and his team have wasted the Value Added Tax bounty on questionable projects and political largesse. VAT was supposed to provide Barbados with tax revenues when trade liberalization would require the reduction of import duties. You know what, that reduction in import duties has not yet come in any significant way, but the level of spending has already exceeded VAT revenues.

    Owen Arthur and his team should be tarred and feathered for leaving Barbados in the current fiscal state. It galls me to hear them prattle in opposition about how little room the new government has to implement any new policies.
    After 11 years of VAT and no substabtial reduction in import duties and moderate income tax reduction, the fiscal position should be sound. Its like putting money away for a rainy day, and licking out the money before the rainy day comes.

    Bus fares have not moved in how many years. When the then minister Wood announced an increase he was slapeed down by th then prime minister. Could there be nay justification besides political cowardice for not adjusting bus fares in the last 14 years. Will the people of Barbados give the new government the support to make a much needed change?

    The last subsidy on gas at the pump was implemented when the oil price was about $64 per barrel. Some adjustment is needed. For erasons best know to himself, Owen Arthur and his team did nothing.

    Mangrove was getting filled to capacity, Owen and his team were hell bent on greenland. greenland will require a 45 milliion dollar investment before it can receive toxic garbage, while mangrove is projected to be at capacity by year end. If that is not criminal neglect in public policy. I don’t know what is?

    Owen and his team fiddled while Rome burnt. there is a lot of mess to be cleaned up, this will be a messy process and will call for lots of public forbearance.


  14. Trained Economist this is the problem we have and our ire is not directed at you. The last government was in office for 14 years and if we take your submissions as gospel it begs the question where have all our economists and other trained persons, the output of a free educational system which has been the boast of many Barbadians?

    Why is it that people like yourself now feel incline to reveal the underbelly of what has been the result of the economic policies of the previous administration?

    What is the value of the intellectual group in the Barbados Economic Society? This is one reason we have been cynical about our learned friends on the ‘Hill’ and elsewhere. it is time that trained personnel start to engage the public in a non-partisan way.

    LET US NOT FORGET THE MEDIA PRACTITIONERS WHO WERE DEAFENINGLY SILENT!!!

    BU thank you and others who have sought to add to the discussion.


  15. David I am sure you have heard me say before that Economic opinion can be bought and sold. Indeed this have been the case in Barbados. How else can you explain Clyde Mascoll?

    …Anyway at some point the chickens had to come to roost, they can fly forever. We know of the spending that the last government embarked on as a result of 911, and that they continued in spite of suggestions from the IMF not to do so well after our debt to GDP ratio showed a dangerous and unsustainable 70-80%. Owen Arthur’s response was, Barbados will pay it’s debt when they fall due. While I am not accusing him of not being able to see into the future, having 2 billion in foreign reserves, 2 billion in import cost and such large debt demonstrated that he did not have much regard for the uncertainties of said future. He certainly could not have predicted 911 or it’s economic fall out, and i certainly did not expect him to have predicted the global fallout from American sub-prime loans and investments called derivatives. But i will blame this Political economist for abandoning what his mother and my mother and probably all of our parents have instilled in us and that is to save for a rainy day, and to live within your means. We have our collective selves to blame, for electing him again and again, and for not containing our material wealth accumulation in the face of such uncertainty, and since 911 until now there was any number of clouds of uncertainty hovering over us. We did not take heed as a country or as individuals and we have to finally face the music.

    Me in America i am watching me neighbours finally having to live like i do everyday, within their means.


  16. Thanks for your comment Adrian. The little reading which we have done on this subject of the debt burden of Barbados concerning the debt/GDP 70/80% ratio, we understand that the foreign debt represented a manageable component of the overall national debt.

    Are we wrong in holding this position?

  17. Trained economist Avatar
    Trained economist

    I do not want my comments taken as gospel. they are simply the opinions of one economist. I welcome a debate on my views.

    There have been a number of comments about the misdirected nature of the last government’s policies, but while they were in office, the gravy train was flowing and no one thought they could lose, there was not much space for dissenting views.

    The blogs are a relatively recent development and one can comment without fear of being branded and possibly victimized.


  18. Adrian boy, I glad to hear that you too are trying your best to live within your means. I remember hearing the Gov of the Cen Bank saying we in Bim should seek to lessen our debt in the days ahead. And that was every since.
    Up to now I have never applied for a credit card. I like I real frighten for them or something. I read the money pages at MSN and Bankrate, Scott Burns, Dave Ramsey and people like them and in general follow stuff in the world so for the last few years I have been paying real attention to money.
    Got myself a budget and I like whenever I hear people saying that they are living within their means hence my reply to you. I could not resist and plus I am with you on the comments you made. As for me and politicians, I believe that political statements are for children and the childlike, not for adults. I always know when they are crapping. LOL.


  19. David, I have always wondered what is manageable debt. It can only be manageable if absolutely nothing changes and we all know that change is constant.

  20. Trained economist Avatar
    Trained economist

    Much of the debt we are speaking about was built up during 1997 to 2000 when Barbados’ debt rose by about $1 billion. The country was still very much under the Owen spell. A number of us commneted then, but there was no room for dissenting voices in King Arthur’s kingdom.

    Unlike what the last government claimed, there has been quite a jump in the foreign debt as well. It doubled from 701.5 million in 1997 to 1.5 billion in 2007.

    Lets leave the past aside. Where is the new government going to get the political cover from, in order to shore things up?


  21. Does if matter what the Prime Minister says tonight? Why should he be trusted? He broke promises the day he was sworn in when he did not adopt his Ministerial Code of Conduct.

    He promised. He did not deliver. Why should we trust him?


  22. FisherKing // April 14, 2008 at 1:40 pm

    Does if matter what the Prime Minister says tonight? Why should he be trusted? He broke promises the day he was sworn in when he did not adopt his Ministerial Code of Conduct.

    He promised. He did not deliver. Why should we trust him?
    =================================

    FisherKing we have long stopped trusting politicans, we elect them and judge their record every five years, mindful of the record of those that would replace them. So don’t get grand ideas that our critique of our government is an automatic plus for those in opposition. We don’t see red or blue, or have preference for B or D.


  23. Manageable debt can only be achieved when the economy is doing good. With that in mind inflation, interest rates and the floating dollar must be in the forefront to achieve that goal.

    What is manageable today might not necessary be manageable tomorrow.


  24. Unlike what the last government claimed, there has been quite a jump in the foreign debt as well. It doubled from 701.5 million in 1997 to 1.5 billion in 2007.
    …………………………………………………………………….
    Tell me the Government that reduce foreign debt and I will tell you the bullet that shot down Nelson.


  25. David, Manageable is all that Owen and Mascoll could use to cast what is not acceptable on any financial level, micro or macro. Do you think you could get a mortgage with 70-80% of your gross income committed to existing liabilities? The answer should have been a responsible no, but yes you could have gotten a “subprime” loan where you did not have to submit proof of income or demonstrate your ability to pay the mortgage. Look what kind of mess such situations has gotten the world into? No body in their right mind and being familiar with budgets, total debt, income,..gross and net, and monthly payments fixed and fluctuating that are base on interest plus principle divided over a range of time would commit themselves let alone an entire country to such situations. What is the excuse when not one but Two trained Economist have done so and continues to swear that their approach to macro economics in Barbados was and still is the right one?

    Now remember we did not get that 2 billion in reserves from traditional earnings, i.e taxes etc, we got that from selling government own institutions, and it does not matter that we can make the economic argument that Government is not best suited to run and or own such intitutions, the fact remains that they were sold primarily to shore up our foreign reserves, foreign reserves that neither government or corporate Barbados has been able to earn in a meaningful way for sometime. Now 2 billion in foreign reserves, 2 billion in yearly foreign imports, and not forgetting that we had to sell treasure to get liquid reserves means that we have not been home, means that our household has been operating on automatic and at full tilt for 14 years on money that cannot be concidered real income. It wasn’t earned. What next can we sell?


  26. David: Clyde Mascoll in his turn about face articulate that the largest component of the nations debt was held locally i.e. The “I owe you” notes are for large amoungts and makes up a large portion the net value of NIS funds. They claim they fixed NIS ( running out of money anytime soon) part of which was to increase the pension age. The question that no one seems to ponder is how much of the required fixing was as a result of these large IOU’S?????

    Yes it is manageable becuase it is likely to affect little old ladies an men an if the state that our country leaves it’s elderly in is anything to go by, this should more of the same.

  27. Donald Duck, Esq Avatar
    Donald Duck, Esq

    Readers, just a reminder of the issues promised by the dlp in their manifesto for implementation immediately and within 100 days of them coming into office

    IMMEDIATE ACTION

    Labour rights legislation ( page 36)

    A new DLP government will move to immediately enact a comprehensive national Labour Rights legislative compendium which will include the following:

    ๏ƒฐ A Full Employment Rights Act
    ๏ƒฐ An Alternative Disputes Settlement and Arbitration Committee
    ๏ƒฐ A Sexual Harassment in the Workplace Act
    ๏ƒฐ National minimum wages legislation
    ๏ƒฐ Legislation fully recognizing Trade Unions.

    Approval of capital account transactions (page 25)

    Immediately review the current Central Bank procedures for approving capital account transactions with a view to simplifying and speeding up the approval (or denial) process for restricted transactions.

    Port charges (page 33)

    The DLP pledges to immediately re-examine the Port charges with a view to significantly reducing these to manufacturers as they consider them to be a burdensome cost. They say that tonnage dues are charged twice; – on raw materials when imported and again on finished products when being exported.

    Integrity legislation (page 48)

    Immediately introduce integrity legislation requiring

    ๏ƒฐ a declaration of assets by public officials,
    ๏ƒฐ a Code of Conduct for Ministers,
    ๏ƒฐ a new Freedom of Information law,
    ๏ƒฐ amendments to the Defamation laws and
    ๏ƒฐ new constitutional provisions to rationalize the powers of the Prime Minister.

    Health issues (page 11)

    A new DLP Government will immediately embark on a health promotion campaign to sensitize the public to the dangers of unhealthy lifestyles

    ISSUES TO BE DEALT WITH IN FIRST 100 DAYS

    Donโ€™t forget the DLP promises to do the following in the first 100 days

    ๏ƒฐ Introduce the Agriculture Protection Act that will require a 2/3 majority of both houses of parliament for a change of use of land from agriculture.

    ๏ƒฐ Remove VAT from building materials on houses valued up to $400,000.
    ๏ƒฐ convene a National Consultation on Education


  28. Adrian we freely admit that we know nothing about economics in a way to refute Mascoll, Arthur or whoever. The point which we made earlier about 70/80% debt to GDP and the need to identify what is domestic or foreign is important. As we understand it local debt can be financed through borrowings by government on the domestic market. Foreign debt however must be serviced by export earnings or selling the family silver as you stated. Usually when pundits discuss debt they lean towards the foreign component which can present a slightly bigger headache for the Finance ministry.

    Maybe the Train Economist can expand?


  29. O.K O.K. We’re into the front door of a potentially serious economic crisis. This could be far worse than the oil crisis back in the ’90’s. I remember having to get up early in the morning and park in a long line and finish my sleep, just to get sometimes $io.oo in petrol. Vehicles were mostly of smaller engine capacity than what we have now and individuals were less negrocratic than they are now. The BIG BOYs with their SUV’s and BIG RIDES will get preference and we SMALL FRIES would have to take the remains. Start conditioning your selves to deal with not only petrol but all the other commodities that will get scarce. Start preparing for it now, less use of cel phones, MCTV or DIrect Tv. fast food joints, the many fetes especially the foriegn ones and most of all dig up parts of the beautiful lawn and plant some sweet potatoes , cassava and yams. Raise a few chickens in a litte pen and stop giving your children the $20.00 bills per day to take to school. Let’s face it, we’ve become a bit arrogant, so let us eat a little humble pie and get back to reality. It will not last forever. Lots of us are in the BABY BOOMERS era and know how are it was. This would teach our offspring that life is not always a bed of roses. Finally, let’s not make a political specticle out of this the BLP is probably smiling for losing Gov’t during this. Let us as PROUD BAJANS live up to our National Pledge of “Pride and Industry” WE WILL GET OVER THIS.

  30. Trained economist Avatar
    Trained economist

    Would it be a great let down if these policies were implemented in the first 200 days?

    For me the jury is still out on whether or not we are seeing a government breaking the public’s trust, or a new government with little experience, grappling with the realities of governing and doing so in a pretty difficult environment.


  31. David // April 14, 2008 at 2:23 pm

    Adrian we freely admit that we know nothing about economics in a way to refute Mascoll, Arthur or whoever. The point which we made earlier about 70/80% debt to GDP and the need to identify what is domestic or foreign is important. As we understand it local debt can be financed through borrowings by government on the domestic market. Foreign debt however must be serviced by export earnings or selling the family silver as you stated. Usually when pundits discuss debt they lean towards the foreign component which can present a slightly bigger headache for the Finance ministry.
    ================================

    David this is part of the problem. When people like your self give more meaning to being a trained Economist than is warranted. At it’s core Economics is but a Social Science, a social science that dicusses how a society tries to solve the human problems of unlimited wants and scarce resources, it is not and cannot be an exact science and as such differing views, can be applied to any one thing. So i asked you, who better understand your behaviour? You or Clyde Mascoll?

    Adrian

    We agree! Don’t mind our mild attempt to play David Ellis et al at being provocative ๐Ÿ™‚

    David

  32. helter skelter Avatar

    Nice move for the PM to address the nation. Like Standard and Poor’s helter skelter believes Thompson has acquitted himself well thus far. I am dismayed Nation and Advocate are not on journalist panel. A great opportunity is being missed to invite Albert Branford on panel and expose his journalistic prostitution for all to see. I can see Thompson tearing him to shreds.


  33. David: debt is debt unless you are running a banana republic, where you make up the rules as you go along. Also remember that the Owen Arthur regime, gave as it’s core reason for not signing unto Petro caribe as “It make no sense financing todays consumption on borrowed money” Arthurs words were something to the effect of not having our children pay for our current consumption. Who will pay back NIS? indeed i would like to see the actual amount taken and the payback schedule. I would not be surprise if it is over the next 100 years. Then again thoughts of a Banana Republic makes wonder if there is even evidence of a loan repayment schedule to NIS.

    Saving foreign currency is only one aspect of it. THE REASONS FOR BORROWING SHOULD BE FRONT AND CENTER FOLLOWED CLOSELY BY HOW THE LOAN AMOUNT IS SPENT.


  34. Please, this is not the time for infighting or which party is more equipped to handle this crisis. The fact is the DLP is now governing and unless we insist that we have another elections and return the former gov’tment to power, this is the way it is . Futhermore, the problem is bigger than any BLP or DLP. THIS IS A NATIONAL PROBLEM and both parties and their supporters need to come together to assist BARBADOS in riding out this delimma. After 42 years of independence we are still putting party before country, then this shows a level of immaturity. Let’s rise above this . It is time.


  35. This country is known internationally for it’s stable governance. We were able to get over the 70’s crisis before many of our neighbours because we as bajans came together and became our brothes’ keeper. This can be used as a reminder of this. What goes around, comes around. It is unfortunately that it has come during and just after the silly season


  36. The scout // April 14, 2008 at 3:25 pm

    Please, this is not the time for infighting or which party is more equipped to handle this crisis. The fact is the DLP is now governing and unless we insist that we have another elections and return the former govโ€™tment to power, this is the way it is . Futhermore, the problem is bigger than any BLP or DLP. THIS IS A NATIONAL PROBLEM and both parties and their supporters need to come together to assist BARBADOS in riding out this delimma. After 42 years of independence we are still putting party before country, then this shows a level of immaturity. Letโ€™s rise above this . It is time.
    =================================

    I don’t know who your comments are address too, but if perchance I am included, I would say that it is high time for the people of Barbados to stop sitting back and allowing politicians to have all the say. We as a people have not set an example for our Government to follow, two billion in foreign imports???? The Last parliament can make the claim that they entered what can only be described as a Keynesian approach to macro economics which is to promote demand, and to fight unemployment and deflation, after 911 on your behalf. This took money and this is the reason for your debt. You have to solve this as no government having to face such a short sighted electorate will risk their political life to do the right thing.


  37. Scout, in the 70’s they was a different kind of Barbadian alive. You are seeing a number of them reaching the ripe old age of 90-100. One common refrain from these patriotic Bajans is the love of hard work. Today’s inhabitants and in who name the last government sought to sheild from reality via it’s Keynesianism, are unfortunately people who are as foreign to hardwork as they are from what it is to be the kind of Bajan that would have made it thru the period you spoke off.


  38. Adrian, I agree, but we fail to realise that WE ARE THE EMPLYERS OF THE POLITICIANS. The problem is that we allowed them to sweeten our mouths with give aways but at some time it will come back to burn the behind. The longer we take to accept the burning, the worse it will be.


  39. The coming collapse of the US middle class (Youtube video):

    Distinguished law scholar Elizabeth Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America’s credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class. Series: “UC Berkeley Graduate Council Lectures”

    (lecture by Professor Warren starts at around the 4:50 mark. Video runs for 57 min).


  40. Greem Monkey I haven’t watch it yet, but hope you can tell me what is meant by collapse?

    They are quite a few people waiting to snap up these foreclose properties, and thereby signal their sojourn into the middleclass. Also Many existing holder of subprime mortagages are getting smart about the process, a larger number are walking away from such mortgages cognizant of the fact that they owe nothing since they put up nothing to secure the loan in the first place. The numbers will so large that financial companies will not be able to ignore or treat to these people in a punitive way for any substantial period of time. I don’t share this view about the collaspe of the middleclass because this group serves a much more important role to corporate America and to the richest 5 % of Americans.


  41. We are now hearing that it is a ‘conversation with the PM’. I am listening to the PM preamble before he gets into the nitty gritty of governance.


  42. who cares. At any rate are you not tired of politicians talking down to us or hogging up all the airtime like Arthur use to do? schuuppsse

    conversations are good no?

  43. Carson C. Cadogan Avatar
    Carson C. Cadogan

    Was it necessary to place Ads in the middle of the interview with the PM?

    Metropolitan Bookstore, Wednesday nights, Nature Produce all of that could have waited until after the interview. When will CBC get it right?


  44. Greem Monkey I havenโ€™t watch it yet, but hope you can tell me what is meant by collapse?

    Traditionally the US population in economic terms followed a standard, more or less symetric bell curve with relatively small numbers of wealthy and poor anchoring each end and a big chunk of middle class taking up the middle of the bell shape. Professor Warren foresees the middle portion of the bell curve collapsing due to increasing economic pressures on what up to now have been middle class families leaving the US with what would be a more “third world” type of economy with large numbers of poor, a very small and diminishing middle class, and then the wealthy.

    You can follow the discussion about this video on this thread at democraticunderground.com if you are interested.

    http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389×3152637


  45. Hants, are you happy with the level of information from the PM. Is Richard Cox reading the script provided by the board that will tempered the questions by David Ellis and Kaymar Jordan?


  46. BU fully expected that the PM would have had to address the rising crude oil situation on the world market. It should force Barbadians to consider adjusting current behaviours which are bent on consumption expenditure.

    Although we appreciate David Ellis trying to pin down the Prime Minister on the issue of election promises we have to ask how realistic was it to expect that the new government could have implemented all of the promises made. We have written in earlier blogs that the election promises must be taken for what they were, promises.

    All in all we thought Prime Minister Thompson did a good interview and deserve some time to unravel the government’s medium strategy in light of the volitilty in the global market.


  47. BU, I thought it was a good interview as well. Noticed that he sat up straight at a certain point. LOL.

  48. Donald Duck, Esq Avatar
    Donald Duck, Esq

    Summary of major non-energy issues highlighted by Thompson in his โ€œconversationโ€ with journalists this evening

    ๏ƒฐ VAT only to be removed on houses worth less than $100,000. This is down from the $400,000 limit set by the DLP in their manifesto for action within 100 days of being in Government. This limit is also $50,000 lower than that provided for in the previous governmentโ€™s housing incentives act
    ๏ƒฐ 419 lots of land have been identified for first time homeowners to be purchased at $5 per sq foot for first time homeowners. He did not say how many of these were already earmarked by the last government just before it left government.
    ๏ƒฐ NHC tenants who have been in their houses for 20 years or more will be given their houses free of cost and will only have to pay the legal costs of purchase
    ๏ƒฐ The promised Agriculture Protection Act in the manifesto will not be forthcoming in the first 100 days of the dlp being in office as was promised. The promise that the bill will contain a provision that will require a 2/3 majority of both houses of parliament for a change of use of land from agriculture will not apply and that the minister simply has to notify parliament.
    ๏ƒฐ The promised new โ€œCode of Conduct for Ministersโ€ will not see the light of day for a while since Thompson although being aware there was always an old code of conduct for ministers to follow on taking up office.
    ๏ƒฐ The promised integrity legislation will take a while to be introduced since the government has now realized after studying the Trinidad legislation that such legislation might diminish the pool of resource persons who can be called upon to take up positions on boards.
    ๏ƒฐ There will be a budget within the next 12 weeks

    Nothing was said about the following promises that were supposed to be introduced immediately, namely
    Labour rights legislation

    A new DLP government promised to immediately enact a comprehensive national Labour Rights legislative compendium which will include the following:

    ๏ƒฐ A Full Employment Rights Act
    ๏ƒฐ An Alternative Disputes Settlement and Arbitration Committee
    ๏ƒฐ A Sexual Harassment in the Workplace Act
    ๏ƒฐ National minimum wages legislation
    ๏ƒฐ Legislation fully recognizing Trade Unions.

    Approval of capital account transactions

    The new DLP promised in their manifesto to immediately review the current Central Bank procedures for approving capital account transactions with a view to simplifying and speeding up the approval (or denial) process for restricted transactions.

    Port charges

    The DLP pledged to immediately re-examine the Port charges with a view to significantly reducing these to manufacturers as they consider them to be a burdensome cost. They say that tonnage dues are charged twice; – on raw materials when imported and again on finished products when being exported.

    Health issues

    A new DLP Government promised to immediately embark on a health promotion campaign to sensitize the public to the dangers of unhealthy lifestyles

  49. Trained Economist Avatar
    Trained Economist

    I find it interesting the prime Minister with a graduate degree in Economics made a lot of decisions on the basis of politics and as a result has left the country in a very vulnerable position. On the other hand the non-economist is making decisions that make economic sense but may have a political price.

    The new PM has shown a trait completely absent from the from the last government. that is, the ability to make tough decisions. With the oil price settling around $90+ this is a good move. the new government should now go full speed ahead with its alternative energy policies.

    With the fiscal situation much tighter than any one expected rolling back on manifesto promises is a wise move. That takes real guts and shows a determination to manage the economy well.

    So much for the DLP being unable to manage the economy they are showing much more discipline than owen and his team.

    Donald Duck can look to score points, I am m ore interested in the well being of the country. I cannot judge whether the election promises were genuine or not. What i can tell is that it would be madness to have gone ahead with them given the current environment.

    Instead of pointing out the items on your list ad nauseam you may want to note that the PM is being true to the promise that fiscal prudence will be the watchword of his governments. That to me is the important promise.

    If Donald Duck exercised his mind a little bit he would recognize that fiscal prudence supersedes all the other promises are contingent on it.


  50. To the blogger, Trained Economist

    It seems by your quality of offerings so far that you might really be a trained economist, but one who nevertheless might really be so artlessly steeped in baleful eurocentrism and westernism. You blogged that “VAT was supposed to provide Barbados with TAX REVENUES when trade liberalization would require the reduction of import duties”. But, dont you know there is really no such thing as TAX REVENUES? Trained Economist, you must be properly taught that to TAX means the state (in violation of one of the commandments of the Holy Bible, which says clearly thou shall NOT steal) proceeds to steal daily some parts of the incomes of those relevant persons, businesses and other entities in Barbados or any where else such a TAX system exists. In Barbados’ case, it is a monstrous and evil type of socially politically adopted/learned Eurocentric behaviour by the state that must be categorically fought against at ALL costs. Revenues, so-called Trained Economist, are incomes that have been earned on the basis of the voluntary exchange of goods and services between persons, businesses and other entities anywhere anytime. This type of general social behaviour must surely be supported in almost all instances, NOT the stealing of parts of such portions of incomes of the relevant persons, businesses and other entities in Barbados. Indeed, the state has the wherewithal to earn so much more of its own revenues!!

    Finally, you also blogged that “after 11 years of VAT and no substantial reduction in import duties and moderate income tax reduction, that the fiscal position (of government) should be sound”. But, Trained Economist, any level of TAXATION in a country clearly raises overall that presumption that the fiscal position of Government has primarily deliberately been made weak or less than strong, since time immemorial, esp. through the overly historically and culturally dependent and parasatic nature of the state, inspite of the great amount of human personnel who have for eons been operating under the aegis of the state, and who have been possessing very many marketable skills; inspite of the great amount of land and building spaces it has been commanding; in spite of the strategic assets it has been having, and the control that it has been having too of many other things in the country. Surely, it is this wicked TAXATION sytem that helps to foster much of the wastage, inefficience and irrationalism in Barbadian governmental affairs that you so quite rightly referred to above.

    PDC

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