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It Was The Year That Went Ponzi

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Charles Ponzi
Charles Ponzi

The year of our Lord 2008 will be remembered by Barbadians for the many history making events which occurred.

At the beginning of the year Prime Minister David Thompson led the Democratic Labour Party to a comfortable win over the Barbados Labour Party led by the veteran Owen Arthur. While the party hacks experience the joy and sadness of the post election period, some of us marveled at the seamless transition which took place in government. In a post-independence period one of our proud achievements as a people has been our clean electoral process. It appears to be a routine process but its importance cannot be underscored enough and serves as a standard for others to aspire – the maturity of a small nation .

Our system is not perfect but BU remains confident that we will continue to leverage the intellectual capital of our PEOPLE to propel the required changes to adequately provide for our PEOPLE.

In November, Barbadians joined others across the world to witness the first African American, Barack Obama’s ascension to the Presidency of the United States. Many people even now are in awe that come January 2009, the First Family of the USA will be non-Caucasian. World citizens of all races continue to revel in the magic of Obamamania. For Barbados, a predominantly Black country, it was a poignant moment to witness and celebrate Obama’s election. Could it be that Obama’s victory symbolizes and reinforces the idea that hope springs eternal? A reminder of what can be achieved against seemingly insurmountable odds. The relevance cannot be underscored enough for Barbados as we struggle to govern in a global economy.

Can we forget that in 2008 the world continues to experience what financial experts believe to be the worst financial meltdown descended on the world. BU believes the current global financial debacle has its origins in the greed of mankind. To quote BU family member Carlos, 2008 must take the prize for pushing cultural relativism to its peak.

Although experts are starting to whisper of a market bounce in late 2009, beware that the proclivity of man to embrace a lifestyle hinged to greed guarantees that the economies of nations will have to regularly negotiate economic turbulence.

Mankind as far as history records has always engaged fraudulent schemes to satisfy the pangs of greed. Do we hear credit default swaps and asset backed securities? What is different about the current financial crisis is the implication it has for global markets. BU will remember 2008 as the year when Charles Ponzi was finally knighted.

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31 responses to “It Was The Year That Went Ponzi”

  1. BWWR Avatar
    BWWR

    Excellent, David.

    I have my own view on the financial meltdown. It is that the major players (the USA, the UK etc.) have always derived major foreign cash income from the production and sale of armaments. Indeed, it is my view that the entire “Western Financial Infrastruture” is primarily based on the development and sale of arms to other countries. In becoming the consumer itself, the “Western Alliance” has created and continues to pertetrate its own financial crisis. It is estimated that the war in Iraq costs in excess of US$10 billion A DAY. I have no idea what the war in Afghanistan costs, but it cannot be far off that figure either.

    Let us see what the New Year and President Obama will bring globally. We are living in exciting times with unprecedented problems to face and overcome and our country will, as it always has, play a leading part and it will not shirk its historic role.

    It is time to celebrate Barbados and all those many things that work so well here and, while not ignoring (but rather correcting) the things that do not work well, to eschew gratuitous, negative and individual self-serving critisism (real or manufactured) and move forward boldly.

  2. The Scout Avatar
    The Scout

    If ever there was a time Barbados and barbadians must show some maturity in their lives, it is this new year. I suspect things would get pretty rough and I warned about it earlier, but true bajans can ride it out. We must put our priorities right, deal with the NEEDS and not the WANTS. The community spirit that once existed in this country must return. The most important element in all of this, is that Barbados MUST be for Bajans FIRST. Therefore, we MUST rid this country of aLL illegal immigrants and even those so-called legal ones who are just parasites. It may be considered, by some, a rash thing to do but it will be survival of the fittest and freeloading is not part of the equation. To all who see it differently, when hard times hit, remember I told you so.

  3. BWWR Avatar
    BWWR

    “The Scout // December 31, 2008 at 6:58 am

    If ever there was a time Barbados and barbadians must show some maturity in their lives, it is this new year. I suspect things would get pretty rough and I warned about it earlier, [you and every second person over the age of 50 who have seen it all before] but true bajans can ride it out. We must put our priorities right, deal with the NEEDS and not the WANTS. ”

    Right on!!!!

    “The community spirit that once existed in this country must return.”

    Why? It has never gone away! Just changed and altered shape to reflect the ever changing society. And changing society has been a factor since the dawn of mankind. BUT, you are right in that it must be protected and nurtured and built on.

    The rest, well I give you qualified agreement. Certainly we have to review and tighten our immigration policies. However, this has to be done in the context of how we expect the rest of the world to treat Bajans who wish to reside outside of Barbados – but for those, we would not have people like the new USA attorney-general to boast of and to clearly demonstrate that we are serious international contenders. We are a part of an international democratic community and there has to be give and take. The difficulty is finding the balance so that we do not lose our national identity, but rather we expand ansd enhance it in directions that will benefit our country first and that international community second. A difficult balance and one I am sure that our elected leaders will do their best to get right. Otherwise, we have insularity and that is the one thing that no one can afford any longer.

  4. The Scout Avatar
    The Scout

    Let me suggest to ALL that you read St.Luke Chap 21 and take heed of the readings.

  5. The Rev O Glenville Butler Avatar
    The Rev O Glenville Butler

    Re: Global Meltdown.

    1. This issue, together with those of crime and lawlessness, are not economic and/or social problems – but spiritual issues!

    2. Leaders – national, civic, Church – who are in fact haters of God, side in with satan the accuser of the brethreen, they being influenced by the powers of darkness over nations, cities, communities which cause the people to err.

    3. Practitioners use the institutions of state in their practice of greed, religiosity/cultism, malfeasance, class and race hatred etc to further their own ends and those of their associates – because of their aversion for certain members of humanity.

    4. That in a nutshell is all there is to it.
    [“The Triumphant Church” – Hagin (2003)]

  6. Rickie Avatar
    Rickie

    where is the next job coming from?

  7. Rickie Avatar
    Rickie

    Jobs jobs jobs

  8. David Avatar
    David

    @The Scout|Reverend Butler

    The challenge for the new Barbados is what guiding principles do we as a society embrace to build the kind of moral code we want as a people.

    Does it evolved to something we don’t know what?

    If not who should be the ones to champion the Renaissance required?

    The answer must not be that we are plugged into a global system and must go along for the ride.

    Unfortunately using an argument built on Christian doctrines will not be compelling because many of our people are not influenced by Church/religion i.e. atheists, agnostics and the ignorant.

  9. Yardbroom Avatar
    Yardbroom

    We as a people are at a precipice we can either step back from the abyss that seems inviting or plunge headlong into it. May I with “respect” say to our politicians and administrators the simple things are often best; not how much money I can make or how wealthy I will become but how can I improve the quality of life for the society which I am a part.

    So simple to ponder and reflect on but for us it seems difficult to execute. May we be granted wisdom for such a noble endeavour the benefits which will ensue for our people are immeasurable.

    We can if we believe.

  10. The Scout Avatar
    The Scout

    David
    That’s where the problem is,God is not responsible for man’s ignorance. If man decides, that’s what he/she wants, then they also accept the results. Like Bush Tea said, we are allowing the anti-God cancers to take over the world body and destruction will come. Unfortunately, there is also a serious cancerous element within the church itself i.e. some pastors, reverents and leaders that is more dangerous than HIV/AIDS to the TRUE WAY. I must confess,it is becoming harder and harder each day to walk the Christian trail but I WILL NOT QUIT. If I fall, I will dust myself off, ask forgiveness and keep going until I reach the destination. There are some very important people waiting for me and I know the harder the journey the sweeter the reward. 2009 will be the year of seperation, the good from the bad, the Godly from the unGodly. Choose you this day whom you will serve.

  11. The Scout Avatar
    The Scout

    If barbadians are to wake up to the reality of this world recession, the powers that be MUST set the example. P.M cut baqck on your travel, use the Net more often, even for Tele- Conferences, stop living so lavishly, pay genuine interest in your constituentcies (ALL OF YOU). Religious leaders this goes for you too. Church members, because you can afford your life style remember the poor in the congregation, share meal and stop being a church goer but be a Christian.

  12. David Avatar
    David

    On the point of the Church we continue to observe the extravagance by them. We understand the Seven Day Adventist Church is about to spend two million dollars to build a facility, not to single them out.

    Your idea about government officers and we add private sector using the technology i.e video conferencing is a good one.

  13. Donald Duck, Esq Avatar
    Donald Duck, Esq

    We now have our PM taking off for a week’s holiday to celebrate his 20th wedding anniversary and he has not as yet delivered his stimulus pacakage for the economy.

    Everybody deserves a break but surely he could have looked after this issue before planning to go on holiday or even going on holiday. Perhaps he has nothing to deliver!!!

  14. Annette Avatar
    Annette

    Just to ensure that we are historical factual…. there were four African American presidents of mixed ancestry before Obama. The four presidents are: Thomas Jefferson, Andrew Jackson, Abraham Lincoln and Warren G. Harding.
    Much as I understand the euphoria surrounding Mr. Obama , I think that we need to be very aware that from time to time the White world has allowed or been forced to allow some persons of mixed race to reach what is considered the pinnacle of political power in the United States. Happy New Year every one.

  15. David Avatar
    David

    @Annette

    Thanks for the clarification, there is the euphoria around Obama because he looks Black. The four earlier Presidents reputed to be Black operated as if White.

  16. Juris Avatar
    Juris

    Do you think Jefferson, Jackson, Lincoln or Harding were considered of mixed ancestry by the electorate,if indeed they were, Annette?

  17. Duppy Lizard Avatar
    Duppy Lizard

    @David

    Mr. Obama does not look like a black man to me – he look more like a “brown skin man” – remember that term? He was raised by white grandparents which exposed him to the “white” mentality, attended Yale (I believe) and probably thinks like a white man – which is why he is where he is today.

  18. Avatar
    Anonymous

    About Warren Harding please read:
    http://www.thornwalker.com/ditch/sniegoski_harding.htm

    As to Abe Lincoln read the following quote and decide for yourselves whether he thought himself Black (that is not to say that he didn’t have Black ancestry)

    “I will say, then, that I AM NOT NOR HAVE EVER BEEN in favor of bringing about in any way the social and political equality of the black and white races—that I am not, nor ever have been, in favor of making voters
    or jurors of negroes, nor of qualifying them to hold office, nor to intermarry with White people; and I will say in addition to this that there is a physical difference between the White and black races which will ever FORBID the two races living together on terms of social and political equality. And inasmuch as they cannot so live, while they do remain together, there must be the position of superior and inferior, and I, as much as any other man, am in favor of having the superior position assigned to the White race.”

    — 4th Lincoln-Douglas debate, September 18th, 1858; COLLECTED WORKS Vol. 3, pp. 145-146

  19. Yardbroom Avatar
    Yardbroom

    @ Duppy Lizard
    I am not sure you know – you did say probably – that Obama thinks as a white man; he probably thinks as a black man…or perhaps he just thinks.

  20. Bush Tea Avatar
    Bush Tea

    @David
    Interesting subject.
    A ‘Ponsi’ is a scheme where gullible victims are ensnared into a pyramid type scam -right?

    The main characteristic of such a scam is that to any level headed person, it is clearly ‘too good to be true….’ and we all know that if it is too good to be true -then it AIN’T true…. right?

    I put it to you David, that the biggest Ponsi scheme of 2008 -indeed, since Ponsi himself, has been the election of a black family to head the USA and the so called ‘free world’

    …..talk about ‘too good to be true….
    …..talk about ‘unrealistic expectations’

    That Obama practically came from ‘out of nowhere’ – and was elected by white people without so much as a whimper is all the more worrisome…. I find it extremely difficult to invest my hopes and aspirations in such a scheme….

    Maybe it is Bush tea’s age or ingrained cynicism – but if this is not a set-up then Ponsi himself may not have been all bad….

  21. Carlos Avatar
    Carlos

    Yes, the time for trying to correct all that we as ‘humanity’ suffer from in political, social, philosophical, economic, educational and other humanistic ways, has virtually run its course, it has been mankind dealing with the symptoms, instead of the decease, which Only the Saviour and Lord, Jesus Christ has the answer for; He has been patient, waiting on those who would respond to His Universal invitation, to ‘Repent’ and by faith, reasonable faith, not blind faith, receive and accept Him into their hearts and lives.

    Notice, He did not say, Church membership, or some kind of man made ritual or formalism would make anyone a Christian, BUT, sincere repentance to God the Father, and faith in Him, as Saviour and Lord. For He made it simple enough, for anyone to heed the call; yet, the most profound miracle of ‘spiritual’ regeneration occurs when in child like belief and faith, we yield our hearts to Him.

    Apart from the global economic crisis, which is just beginning to unfold, for the worst is up ahead, which will ultimately usher ‘in’ the ‘One World Government’ all prophesied in God’s Word, its just a matter of time, for the conditions to come together a bit more, which calls for a global economic crisis in order to bring about this most evil Anti-Christ world order.

    But, we now have another ‘key’ indicator to the fulfillment of the ‘End-time’ scenario in the Middle East, Israel, which IS the apex of the consummation of all biblical prophecy, that will predede the Second Advent of The Lord Jesus Christ.

    The proclamation of the ‘Gospel’ of Christ to all nations throughout the world, is taking place via Satellite in an unprecedented manner, with millions in China, tens upon thousands of Muslims in the Middle east, coming to Christ for Salvation, purpose, and peace; millions in Africa, and South America are likewise finding for the first time, that JESUS CHRIST, is the answer, NOT religion, and dead paganistic false religion, the ‘Person’ of Christ, is the Only answer.

    All of this is emperical evidence, confirming the words of Jesus spoken in Matthew 24, verses 11-14.

    “Then many false prophets will rise up and deceive many” (v.11).

    “And because lawlessness will abound (how true!) the love of many will grow cold” (True again!) v.12.

    “But he who ENDURES to the end will be saved” (v.13

    “And this gospel of the kingdom will be preached IN ALL the world (is happening!) as a WITNESS to ALL nations, then the end will come.” (v.14)
    emphasis added.

    May we all heed the urgent call of the Word of God!

  22. The Rev O Glenville Butler Avatar
    The Rev O Glenville Butler

    David [in response to Scout/Reverend Butler at 8.13 AM Dec 31]

    Very well worded, Sir. I shall pick you up amicably one day on that very presentation

    All the very best for the rest, Squire

  23. Avatar
    Anonymous

    Carlos
    In 2012 Nibiru returns and crosses paths with earth and then the gods will be revealed.

  24. BWWR Avatar
    BWWR

    Once again, the racial discussion raises its head. Let us look at one of the great singers of our time who was perceived as and claimed by the black community, but was in fact mulatto. She died last week and her name was Eartha Kitt.

    “Born on January 17 1927 on a cotton plantation in South Carolina, Eartha Kitt was raised by a woman called Anna Mae, who she believed was her mother. The singer later said that her father was the white son of the plantation owner, and that she had been conceived by rape. Named Eartha after the year’s good crop, she lived with Anna Mae in grinding poverty until her mother met a new husband who rejected the mixed race child. Eartha Kitt was sent away to poor relations, saying later: “If you’re mulatto you’re not black enough to belong to the blacks and not white enough to belong to the whites.””

    That was in the early years of the last century. Surely by now we have reached the maturity to be colour blind and deal with Bajans rather than their racial ethnicity. Naturally, there are some who find that their ‘platform’ by which they have sought or attracted attention is removed by a colour-blind society and they will fight tooth and nail to retain racial disharmony just to retain their attention-seeking edge. I, as a black woman, fought for racial equality so as to achieve the colour-blind state where I am accorded what God gave me – the right to be equal, both as black and as a woman. Believe it or not, we are there and you racists are defunct, so go get another platform – the one you are trying to use is no longer relevant.

  25. J Avatar
    J

    Dear Duppy Lizard:

    Why don’t you just slither back under your rock. And stay there.

  26. Duppy Lizard Avatar
    Duppy Lizard

    @J

    Duppy Lizards don’t live under rocks – dey does live behind pictures hanging up in de house. Maybe you should find a crab hole to crawl into.

  27. Gear Box Avatar
    Gear Box

    Wanna neva hear ’bout Bernard Madoff ?? Who dis Charles Ponzi is again?
    AAAAAAAAAAAAAAghhhhhhhhhhh

  28. Bonny Peppa Avatar
    Bonny Peppa

    Duppy Lizard,
    Ya funny. I doan like lizards but you is a diff’rant kine. Ya does live behind pictures dat hang up in de house nah. Well I got some baygon hay fa ya ass. Come out lemme spray yah man. Tek dah, ga long.
    Ya mek ma cry when ya tell J to find a crab hole to crawl in. Ya too sweet. I kno’ de lizards dat does hide behine de pictures, we is call dem poison-lizards but you real sweet, so wah kine you is? A sweet poison lizard?

  29. Adrian Hinds Avatar
    Adrian Hinds

    David where did you get the idea for this story from? It seems that you have beaten the Wall street journal to it.

    The article is a good read i think!

    http://online.wsj.com/article/SB123093987596650197.html#printMode

  30. David Avatar
    David

    @Adrian

    The link attached to the blog when we read it was easy to connect the dots given what is happening around us.

    Wow it is a good thing our blog has a date stamp of December 31, 2008, we would not want to be accused of plagiarism :-).

    Since the financial meltdown we have been reading alot about the markets Adrian and it is scary how Wall Street is really a scam. Maybe one day coming soon we will try to blog about what the fat cats on Wall Street refer to as pump and dump because that is what Wall Street is really about, a few who get rich off the many.

  31. Rum Pig Avatar
    Rum Pig

    Meltdown in Barbados happened many years ago, when the flying fish ran out and sugar prices declined.
    Can it get worst???

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