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Governor Marion Williams Says Foreign Reserves “Sufficiently Adequate”, No Need To Approach The IMF At This Time

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Governor of the Central Bank of Barbados, Marion Williams
Governor of the Central Bank of Barbados, Marion Williams

Yesterday Governor of the Central Bank of Barbados Marion Williams delivered the quarterly review of the economy for the second quarter. In light of the prevailing economic conditions her presentation was eagerly awaited and continues to be analyzed given of the unprecedented global economic conditions.

Governor Williams was unequivocal in her assessment of the adequacy of the foreign reserves. There has been much comment on BU concerning the rate as which the foreign reserves are being depleted. The Governor quoted in the daily press suggests the foreign reserves are “sufficiently adequate.” Barbados’ foreign reserves currently register at 1.3 billion dollars. Barbados will join International Monetary Fund (IMF) member countries allowed to withdraw USD80-85 million dollars from the special drawing rights facility which will serve to provide support to the reserves.

The willingness of G20 countries to approve the SDR drawdown is interesting and ironic. Wasn’t it the G20 countries who precipitated the the destruction of the global financial markets? The result of it all has been to decimate the economies of developing and emerging economies around the globe.

How does the Governor’s assurance to Barbadians fit with the pronouncements by the Gurus of Economics Messrs Dr. Frank Alleyne and Dr. Avinash Persaud? Both Alleyne and Persaud have been quoted in the media since the global financial meltdown that Barbados should approach the IMF sooner rather than later to solicit financial support before the economy worsens. Our impression is they were not referring to SDR drawdown but the standby arrangements which the IMF avails to members with the obligatory conditionalties attached. Governor Marion Williams was lucid in her assessment yesterday when she indicated NOW is not the time to enter a standby arrangement with the IMF.

Governor Williams reference to the 1991 –1992 period when the foreign reserves bottomed at 6 million dollars may yet be irrelevant. The current crisis from all reports is unprecedented and the need to utilize untested responses may yet prove to be the greatest challenge for Barbados.

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169 responses to “Governor Marion Williams Says Foreign Reserves “Sufficiently Adequate”, No Need To Approach The IMF At This Time”

  1. ericgairy Avatar
    ericgairy

    Rumplestiltskin, in the world of finance, short term is taken as 12 months or less (see http://www.investorwords.com/4563/short_term.html). So, Governor Williams, was not wrong, speaking as she was in 2007.

  2. ericgairy Avatar
    ericgairy

    It is hard to see how you can be in a financial crisis if your country has money available to pay for goods and services over a reasonable period. So Dr Williams’ remarks about having BDS$1.3 billion in reserves are not a sick joke or stupid. That is not chump change. If you only have money for one week and no prospect of more money to come in then perhaps crisis is the right word. So the PDC critical observations are silly.

  3. Bimbro Avatar
    Bimbro

    Geary, look, anything is purchaseable dese days, including SDRs, so please leave poor Yardbroom alone!! Geary, SDRs may exist, however, we’re not interested in avialing ourselves of their use! DO U ONSTAN DAT NOW?!! More Bajan for your information!!

    Then, please leave ‘Looking Glass’, alone!!

    Geary, I’m fully aware that you ‘can’t force ideas on people, etc….’ which is why I don’t bother to waste my time trying to convince Jamaicans and their Barbadian friends in the adoption of standards of decent, civilised behaviour!! Of course u can try, which is what the Jamaican police have been doing for so long, with the use of batton and bullet, with some degree of laudable success. However, Jamaicans, and some Barbadians, are a ‘hard-ears’ people and it will take them some time!!

    Re: time zones, G. I need time to sleep, which is why I could n’t reply to u sooner, not like your friends, the JAs, who don’t need to sleep ’cause they’re always getting up to mischief!! I am a respectable person!!

    Eric, I told u Barbadians can recognise another countrymen from a stranger, even before knowing where u were from! Anyhow, just wanted to inform u that I came across a Trinidadian blog years ago. Can’t remember its name now, but try looking in the sidebar here and also at Barbados Free Press. You might find it listed!! Must b easier than starting your own!!

    Rump, so when it in a ‘r’ its a depression?!! Lord, wunna really determine to talk Bim down into one, are n’t wunna!!

    Steupse!!

    Geary, it obviously means that, not being Barbadian, ur not sufficiently well acquainted with our affairs to speak or even write, sensibly, about them!! Transparent logic!! I may be in the UK but retain close connections with Bim (u don’t even know what that is, do u!!) and, at the highest levels!! Barbadians know who Barbadians are, and u do not quality!

  4. Bimbro Avatar
    Bimbro

    Jes lef d economy alone tuh its own devices and the eminent stewardship of d Governor an all will be well!! Don’t perceive a crisis when duh ent nun!!

  5. Rumplestilskin Avatar
    Rumplestilskin

    No, even within the 12 months after that statement, major industry such as tourism and construction started to feel the effects of the recession, so I am not wrong about that.

    Noether am I wrong about the economic troubles, if you read what I said, even if you have foreign reserves, if your major industries are in trouble and you have significant job reductions into the foreseeable future, you do have serious trouble.

    What you then have is a situation where either the people will furt badly for a the foreseeable future, or Gov’t borrows for capital expenditure, to prop up the economic activity, then resulting in debt repayments for the mid to long term, which will stifle the economy in future and is not really a long-term solution.

  6. David Avatar
    David

    @ BU Family

    Beware of those who are trying to derail the conversation they tried in the past and failed.

  7. Rumplestilskin Avatar
    Rumplestilskin

    Additionally, when we talk about economic acitivity and health, the holistic approach is appropriate, semantics really do not come into it, particularly when semantics simplify the reality.

    Bimbro”Bimbro // July 31, 2009 at 6:07 am

    Jes lef d economy alone tuh its own devices and the eminent stewardship of d Governor an all will be well”

    You have GOT to be joking.

    Interesting that you follow the ‘see no evil, hear no evil’ of the last thirty years of Caribbean politics.

    I may know someone who has a bridge to sell you……

  8. Bimbro Avatar
    Bimbro

    Rump, nun uh those things will happen bro!! Why u suh pessimistic?!!

  9. Bimbro Avatar
    Bimbro

    Dave, please have a likkle patience wiv me, jus for a minit – u might even open a thread!! but, I can’t understand this business about the so-called, black professor in the States, at all!! Cheese on bread man, if somebody saw me breaking into my own home, here in the UK, because I’d lost my keys, and called the cops, I’d say, “sorry guys, lost my keys and this was the only way I could get in”!! I would n’t make a fuss and perhaps, seek to fight somebody!! I swear to god I can’t onstan black people!! And, dah Obama’s stupid fuh supporting e!!

  10. Rumplestilskin Avatar
    Rumplestilskin

    Bimbro,

    You are in England of all places now and are optimistic?

    Either you are in real good company financially, or you have your eyes closed, surely?

    Peace

  11. Bimbro Avatar
    Bimbro

    Rump, I’ll teach u a lesson learnt hard from British politics over the past 30 or so years, and expounded by none other than the luminary, ex-British PM, Margaret Thatcher, i.e. “you can’t buck the market”!! Do u know what that means, Rump? Of course u do, u can’t interfere with the market! It will make its own mind up and sort out its own problems. Meddling too much is playing with fire, bro!! And we know what happens when people do that!! U get burnt!! and, we don’t want that, now, do we!!

    Please remember that lesson, Rump!!

  12. Bimbro Avatar
    Bimbro

    Rump et al, just to prove my confidence in the Bajan economy, I shall be leaving all of my investments there and not moving them to another destination! There’s confidence for u!!

  13. Bimbro Avatar
    Bimbro

    Now there’s a word which we should use more often and encourage its use as widely and extensively as possible, if u wish to inject confidence into the economy! Yes, that’s right, the word ‘confidence’!! Read it, write it, say it, disseminate its use extensively throughout Bim to instill confidence in the economy and forestall what so many of u seem to want to c, the ‘r’ word, which is n’t permissible!!

  14. ericgairy Avatar
    ericgairy

    BIMBRO, thanks for the sidebar pointer. I will look but hope that if I want to start my own that will be okay with you.

    You write “Geary, it obviously means that, not being Barbadian, ur not sufficiently well acquainted with our affairs to speak or even write, sensibly, about them!! Transparent logic!! I may be in the UK but retain close connections with Bim (u don’t even know what that is, do u!!) and, at the highest levels!! Barbadians know who Barbadians are, and u do not quality!” So, transparent logic, how is it you as a Barbadian can speak so wisely about other Caribbeans? Jamaicans seem to be your expertise but you say you are not one, so should we just ignore all you say about them? Or do you have close connections to some, but are afraid to show that?

    A lot of politicians say a lot of things so the words of Maggie T are just the ones you like, but they are no more meaningful. I think Rumplestiltskin when he says to you “You are in England of all places now and are optimistic? Either you are in real good company financially, or you have your eyes closed, surely?” I would say eyes closed definitely.

  15. ericgairy Avatar
    ericgairy

    Rumplestiltskin, the argument was about the governor talking about likely impact in the short term. Her assessment was not wrong, but there were impacts felt later, that is clear, and she acknowledged them from what I have read. But your prime minister keeps playing down that you have economic problems and by saying with glee that no need to go to the IMF or whatever gives people the idea that all is well. You all clearly do not believe him.

  16. ericgairy Avatar
    ericgairy

    BIMBRO, I looked at Manicou report and Trinidad & Tobago news blog. They are interesting. But like this blog it seems that comments come from very few ‘names’. I wonder if there is really much interest in the blogs or if the comments are noisy additions but not much else. I guess I will have to guess at that.

    You talk about not bucking the market but I just read that your prime minister is going to get involved more in CONTROLLING OR MANAGING the market. He is going to buy up an old hotel that obviously no one else wants. He is also going to get involved in price controls, see http://www.nationnews.com/news/local/hotel-help. I read that at his press conference the “Barbados’ hard-hit hotel sector is in line for more Government aid. [INTERVENTION]
    Consumers will also get some relief from sharply rising food prices with a state agency to intervene in the market to import goods and cut out the middle man [MORE INTERVENTION].
    In the wide-ranging Press conference Thompson also defended a number of controversial decisions taken by his Government – on immigration, the acquisition of Sam Lord’s Castle [MORE INTERVENTION] and financial support for the troubled CLICO insurance operation [EVEN MORE INTERVENTION].”

  17. ericgairy Avatar
    ericgairy

    Dear David, your name comes with a BU symbol so I take it that you are the moderator. So, how can you write “Beware of those who are trying to derail the conversation they tried in the past and failed.”? You are the one who lets the comments pass, so you must be willing for whoever is making the comments to take them in a particular direction. Is this another example of wanting cake and eating it too?

    And what about all that stuff the people write about free speech. How can free speech derail a conversation?

  18. Veritas Avatar
    Veritas

    Take Eric with a pinch of salt and have a laugh. In 1991 I sat in the living room of 5 Trinis in Goodwood Park and they predicted with glee that Barbados would have to devalue!

    When we didn’t, and sent the IMF home in 1994 without even drawing down all the allocation, they were extremely chastened and actually tipped their hats to our people. Eric is just adopting the typical Trinidadian jealousy of Barbados.

    Its not harmful. It is the parable of the wise and foolish virgins!

    This is an age-old rivalry with Trinidad – an unmanageable country with plenty money and little brains – that has been endowed and has little to show for it. A foolish virgin!

    Barbados has had infinitely less and come through worse. Personally I think that David Thompson fully understands where we are and what we have to do and adopts the Nelson Mandela strategy of keeping hope alive.

    Rumplestilskin, what is a Minister of Finance to do in these circumstances? Most of our problems are inherited … can he change that overnight? He has had no elbow-room to put his imprint on a new strategy and therefore has to focus on post-recession growth.

    Also, Barbados has done relatively well with average moderate levels of GDP growth over the last three decades. We are able to do more with less and that is a national characteristic that can help.

  19. ericgairy Avatar
    ericgairy

    Rumplestiltskin, I think you are right that some want to see no evil and hear no evil. It means a person does not have to do anything themself. I was reading the papers again and see talk of an upsurge in gang violence (http://www.nationnews.com/comments/editorial/friday-editorial-july-31-copy-for-web). Is this reflecting harder economic times or is there some other sickness that needs the holistic approach that you favour?

  20. ericgairy Avatar
    ericgairy

    A friend in England just sent me a link to some letters from economist to the Queen about the economic problems in the UK, but another person blames the problems on the economics profession, http://www.guardian.co.uk/commentisfree/2009/jul/31/queen-letter-financial-crisis. So why would you have so much faith in Governor Williams to steer you through? Your former prime minister, Mr. Arthur was an economist, so he should be even worse placed to help steer out of the ‘crisis’. What do you have to say on that?

  21. David Avatar
    David

    @eric

    You are not a Trini continue to goad us and we may start to challenge what you are trying to do.

  22. mash up & buy back Avatar
    mash up & buy back

    So david this so called ‘eric gairy’ blogger is not a trini?

    Perchance is he a member of her majesty’s loyal opposition?

    Hogsqueal,royal rumble,kerrie simmons,liz thompson eh?…..hmmmm

  23. ericgairy Avatar
    ericgairy

    Is that an answer to the question about what to think of the economic leadership? Trini’s PM says ‘loosen belts’. The opposition immediatly say ‘keep belts’ tight. What are people supposed to think with views that extreme? Your PM

  24. ericgairy Avatar
    ericgairy

    oops…Your pm and governor say no crisis. The oppostion argue the opposite. What are people supposed to think? Some of your commentators say leave the economy to fix itself. Others say that is nonsense. What are people to think?

  25. Bonny Peppa Avatar
    Bonny Peppa

    Bimbro et al
    Lissen, dis Gairy fella seems to be one dat ‘hates a war but adores a riot’, or sumting so, so we cud put he pun ‘ignore’. Simple.

    He doan undastan dat dis BU family is curse one anedda in one instance an gree like fam’lee in de nex.
    Stupseeeeeeeeeeeeeeeeee.

    Eric Gairy,
    Come, it’s time for your ‘pill’. Yes, darlin, time to relax and calm de nerves.Yes, come darlin, open wideeeeeeeeeeeeeeeeeeeeeeee. Good boy.

  26. Hard Driver Avatar
    Hard Driver

    Wait!! David … How you could tell where somebody come from??
    I mean I know ya could tell from de IP address where de person live, but how you could find out where he born?????

  27. Bimbro Avatar
    Bimbro

    So, transparent logic, how is it you as a Barbadian can speak so wisely about other Caribbeans?

    ****************

    Gairy, I don’t pontificate on their economies only their personal or communal behaviour! JAs economy is of no interest to me, at all!!

    ***************

    You all clearly do not believe him.

    ****************

    I clearly, believe our PM, G, and would advise that u did, too!!

    ************

    Eric, economic tinkering-at-the-edges, is permissible. More is inviting trouble, sooner or later!

    Interesting points about ‘derailing and free speech’! I noticed the remark as well, G, and, although I’m not certain, suspect may have been aimed at me! I don’t think he’s too keen on me, for some unknown reason!! Probably becuase I criticise his ‘sweet-boy’, Technician!!

    Laaaaaaaaddddddddddd!! fagive me, David!!

    Geary, it’s just occured to me; where do u draw the line between ‘intervention’ and simply, normal, sound governance! I’m not so certain the instances u referred to do qualify as ‘intervention’!!

    G, to reiterate Veritas’ point; I trust u will give us fulsome excuses for Trini’s dismal economic performance before u leave, Mr expert on Barbadian affairs!!

    Gang violence, like all things evil in Bim, is a Jamaican importation!! Simple!!

    We only take heed of the sensible, economists which is why our country did so well, economically at least, under principal-economist, Arthur!! In some other matters, he was found to be wanting!!

    Boony, Laaaaaaddddddddd!!

    When’s he due his nex dose!! lol!!

  28. Bonny Peppa Avatar
    Bonny Peppa

    Bimbro
    He nex’ dose due ‘rong 12.

  29. Bimbro Avatar
    Bimbro

    Bonny, I’ll be there!! I’ll be there!! Tuh open e mout wide fuh yuh!!

    Laaaaadddddddddddddddd!!

  30. Bimbro Avatar
    Bimbro

    Dave, open a new thread nuh?!! I keen to talk bout dis ‘racial profiling’ bizniss!! Yuh c, it’s a new terminology in the UK, we’re really only jus hearing bout it now properly, since dis incident wid Obama fren! I in 100% sure yet wha it mean!! Does it mean dat if yuh black an yuh’re seen brekking inta a house dat yuh mus be a robber?!! Well, Dave, tell yuh d trute, if I c a black man brekking inta a house, unless it was known fuh a fack dat it was his house, well, I would assume dat he wus a robba and, if I c a white man brekking inta somebody house an it in known fuh a fak dat it is he house den again, I would assume dat he wus a robba too, an I could n’t blame nuhbody else fuh tinking so, eida!! So, wha is all d fuss about ’bout racial-profiling an d professor, etc!! Song like a lot uh foolishniss tuh me!!

  31. Bimbro Avatar
    Bimbro

    Dave, did I tell u dat it was only after having been in the UK for several years dat I realise dat Kolma-rock was really Collymore Rock!!

    Doan laugh!!

    Yuh c, ova hay we English pronounce everyting properly!! D Queen’s english at all times!!

    Laaaaaaaadddddddddddddddddd!!

    Barbadians!! Bless um!!

  32. David Avatar
    David

    Nothing to do with IPs. A careful read of the comments tell it all.

  33. Veritas Avatar
    Veritas

    Eric Gairy, there is always an upsurge in gang violence when illegal drugs are in short supply. But it is a chicken and egg situation and I think the Police are doing a great job in stemming illegal drug shipments. Eventually, once they are successful, the gangs will dissipate.

    Gangs are businesses that faciliate sale of drugs! Simple. And illegal drugs are business.

    When you going to do the same to deal with illegal drugs in Trinidad? Or does the conclusion of the Scott Report – that most Trinis in high places are involved in drugs – still hold under Manning?

    Just asking.

  34. Bimbro Avatar
    Bimbro

    Eric, I told u not to worry. Between us, the Brits and the Bajans will save your skin! You can be happy again now. Just to make sure u understand – if it’s ok in London then it’ll be ok, eventually, in the caribbean! We’ll drag u up with us, ok!!

    http://www.telegraph.co.uk/finance/markets/5952111/FTSE-100-stock-market-has-best-month-in-more-than-six-years.html

  35. David Avatar
    David

    Governor has stated our reserves are adequate but what is the context?

    What are Barbados obligations loan repayment obligations over the next 12 months?

  36. Living in Barbados Avatar
    Living in Barbados

    David, the Governor’s focus on the gross international reserves is presumably because she (and the government?) believe that is Barbados
    Achilles heel in times of economic trouble. But is that right? I did not hear the full remarks, but I wonder whether she justified that. In many cases, the cautious view is focused on the NET international reserves (NIR), which looks at the official foreign assets minus short term obligations. I have not had a chance to look at the level or the trend. Ideally, the NIR would be positive–meaning the country sees clear air in paying its way in the short term. If it is negative, one would be worried if they continued to fall and ‘happier’ if they become less negative. I’ll let you and others review the figures.

    I’m pondering PDC’s comments about opportunity costs of not earning enough foreign exchange. I don’t really understand it, so have left it hanging. But I would be interested if others found that this was a gem of wisdom, or not.

  37. Living in Barbados Avatar
    Living in Barbados

    @Bimbro,

    At the risk of your ignoring my comments, read, the article “Irrational Exuberence Continues”, http://dailyreckoning.com/irrational-exuberance-continues/. Movements in the stock market are supposed to indicate a forward looking assessment of the economy. But is it right? The prevailing view since the start of 2009 has been that the world recession is coming to an end. Data show that things are stabilising but that’s a long way from their turning around. The latest US GDP data, which was heavily revised for past perioeds, showed that the recession was deeper in late 2008/1st quarter 2009, making it more likely that growth in 2009 will be positive. As the article suggests, the US consumer is beaten up. The UK housing market seems on better footing, but lending by banks is still a dribble. The world’s real hope is that China will drag it up, and Australia looks set to benefit more from that than say the US and UK.

    But the stock market’s rise need to be looked at in the light of still rising unemployment, which lags other developments (ie it can keep rising when other things have started to turn around). Unemployed people are usually the angriest people in the economy, and if their ranks swell rapidly they pose a major social risk. It is totally unknown if these unemplyed can get jobs from any economic upturn.

    In Barbados, what has struck me is that job creation is not happening, so the government is trying to do job preservation–stop lay offs, sometimes with dubious actions. But how long can that last if an economy is not growing? It is the tax payer who is paying to keep jobs in place. But would the tax payer rather have other things done with the money?

  38. Living in Barbados Avatar
    Living in Barbados

    When I look at developments over the past 6 months, sentiment has been shifting so that data are looked at in ‘second derivative’ terms. The absolutes are bad, but if they show a situation less bad than expected the stock markets and foreign exchange markets interpret that as positive (ie less bad = good, now). But, there is a body of opinion that says the situation is still dire and think markets have run ahead of themselves. If that view is right then the markets may still have a new down leg to go, as people’s sentiment focus more on the absolute rather than relative situation. That too may lead to a slower recovery, if any at all over the next 12 months.

    Financial market sentiment is on an edge and can turn quickly. Investors in those markets can make $ or lose their shirts. BUT, countries like Barbados are not living on short term sentiment (longer term sentiment matters and could be seen as negative–look at foreign investment and tourism). They have to deal with a slower moving reality of a bad current and possibly not improving future situation. That’s where my concerns get high, because I do not see what is being done to change the real economy.

    Not going to the IMF has been put up for a long time as a sign of strength by Caribbean countries. I don’t share that view (but I have a bias). IMF oversight does more than provide money: it impose a degree of good governance over financial activities that is often at least as important as having the financial cushion. It also gives the world ‘confidence’ that good policies are in place, and is a signal for other lenders to go where they previously would not tread.

    Food for thought.

    Got to miss Crop Over and focus on rabbits in Dominica.

  39. Living in Barbados Avatar
    Living in Barbados

    @Veritas, I’m seeing your comments about wise and foolish virgins and will give that thought from the comfort of the LIAT waiting lounge. It’s well known that natural endowments have often been squandered (Nigeria and Guinea the worst? Botswana, Norway and Chile far the best?), while meagre resources have been well harnessed (Singapore and Hong Kong the best? But there are also many examples where meagre in means dependence for ever, as with several Caribbean small islands, Djibouti, and small Pacific islands. But I have to see if I can step aside from a ‘jealousy’ analysis and think about what else may be going on between the Soca Warriors and The Flying Fishermen.

    On gangs, I think you make a lot of sense with regard to their facilitating illegal activities: they are another economic circuit and often not just limited to a local playing field. That latter aspects is bothersome, because the pawns (small, local, happy with their little deals) are what are seen easily and tackled often, but the kings and queens (national, international, often well connected politically, focused on control of major aspects of social life) make big moves behind the scene that are unseen and rarely easy to tackle (look at how intractable the drug business is because it is national business–major suppliers: eg, Mexico, Colombia, Pakistan, Afghanistan; major demanders: eg, USA, western Europe).

  40. Living in Barbados Avatar
    Living in Barbados

    @Veritas, part of the answer about the virgins lies in the counterfactual. Should Barbados have devalued and what would have been the results? Should they have drawn IMF resources and made the recommended policy changes that would have allowed the drawings? Should Trinidad not have drawn on the IMF resources in 1989 and 1991?

    You cannot escape also the problems of managing a commodity economy, especially one driven by petroleum products, and the difficulty of managing the exchange rate, fiscal and monetary policies. Just looking at the past 24-36 months when crude prices have roller coasted from lows to ridiculous highs (US$147/barrel) back to recent lows ($30-70/barrel), and oil and gas revenues swinging similarly. Try imagining managing Barbados with tourism revenues taking similar swings.

  41. Bimbro Avatar
    Bimbro

    OMG, LIB’s back!! LIB, ur a natural sceptic who finds disagreeing useful to propounding ur economics’- views! Look, even ur fren Obama today, or yesterday, announced the end uh d recession in d US!! Want me tuh find the videa clip fuh yuh – as viewed on CNN just dis mornin hay in d UK!!

    Steupse!!

  42. livinginbarbados Avatar
    livinginbarbados

    @Bimbro,

    “LIB, ur a natural sceptic who finds disagreeing useful to propounding ur economics’- views! Look, even ur fren Obama today, or yesterday, announced the end uh d recession in d US!!” [Skepticism is healthy. Adam could have used a good dose of it.

    President Obama said something a bit different from what you suggest; I heard the remarks in full yesterday, and the Bloomberg report highlights some key points, http://www.bloomberg.com/apps/news?pid=20601087&sid=aKJ8pd.VoTyc.

    Note: “Important steps that we have taken over the last six months have helped put the brakes on this recession,” …“As far as I’m concerned, we will not have a recovery as long as we keep losing jobs,” The US is shedding around 570,000 new jobs a week and has over 6 million people making continuing claims. So, the recession is far from over.

    But, for Barbados read today’s Nation: Dacosta Mannings layoffs/closures; LIME job losses. Think about the sacking of managers at the Paradise hotel project and what that means.

    Too horrible to contemplate? Let’s wuk up then, it’s Crop Over.

    I’m a technocrat not a politician and do not need to massage my message.

    Remember last week President Obama said the police acted “stupidly”. He then spent the whole week walking back from that remark. Did he have an Epiphany?]

  43. livinginbarbados Avatar
    livinginbarbados

    @Bimbro:
    So touching that you missed me, but end of month is a bit tricky in financial markets, especially when it comes on a Friday. I’ll try to make up for lost time as I plan to take the next week off from such activities and will be able to focus fully on all-in wrestling with you. I was also trying to locate transcripts or recordings of the PM’s and Governor Williams’ remarks, which I missed as I was othewise engaged on both occasions. VOB are supposed to be getting me a recording, so I may have more to say once I have heard the full commentaries.

  44. Bimbro Avatar
    Bimbro

    Epiphany or not, it’s people like u who voted for him because he’s black. I’ve never been impressed by slow-mout Obama. He talks at 0 miles per hour!!

    I did n’t say I missed u. In fact, I’m horrified that ur back! Wrestling wiv me? Please don’t make me sick!! When’s the next flight to Kingston??

  45. Sargeant Avatar
    Sargeant

    LIB

    • I’m a technocrat not a politician and do not need to massage my message.

    ************************************
    Glad to see you agree with my assessment (technocrat) in an earlier post. Re Obama what he said was correct but the media fixated on it and it wasn’t in his best political interest to have that as the focus at this time.

  46. livinginbarbados Avatar
    livinginbarbados

    @Sargeant
    I will look back to that assessment (and feel free to repeat or remind me which). No disagreement on Obama, but that is politics.

  47. livinginbarbados Avatar
    livinginbarbados

    @Bimbro
    “…it’s people like u who voted for him because he’s black. I’ve never been impressed by slow-mout Obama. He talks at 0 miles per hour!!”[It will be over remarks like this that I will happily be Mick McManus or Jackie Pallo, and drop kicks will fly. I do not have a vote in the US, as I was not a citizen. So, your glib ‘people like you’ needs better direction. It is also one of your typical, I do not like what you say so I will throw out some garbage remarks. Remember, Obama got more votes from white voters than Gore or Kerry before him. We can adduce reasons, but it’s hard to say that it was because he is black. Thinking should not be a part time job. It is full time work. Sometimes it means that your mouth has to slow down so that the words are clear and in synch with your brain, otherwise, the babble will be all we hear. Try it.]

    “I did n’t say I missed u. In fact, I’m horrified that ur back!”[You did not need to say it. It was clear. You need foils and I am a willing one. Next week, the moderator permitting, I may have to become a weapon of mass destruction and make sure that my Exocets are well armed and targeted. Remind yourself about the Falklands War, if you need.]

  48. ericgairy Avatar
    ericgairy

    VERITAS
    Eric is just adopting the typical Trinidadian jealousy of Barbados. THIS IS SUCH FOOLISHNESS. JEALOUS OF WHAT.

    THAT YOU DID NOT INVENT THE STEEL PAN (THE ONLY NEW INSTRUMENT OF THE 20TH CENTURY)?

    YOU DONT HAVE ENOUGH OIL TO BUILD YOUR COUNTRY SO YOU TRY TOURISM? BUT YOU STILL HUNTING FOR SOME OIL, THOUGH?

    THAT YOU COULD NOT PRODUCE MANY WORLD CLASS ATHLETES AND A WORLD CUP QUALIFYING FOOTBALL TEAM? ALRIGHT, I GO GIVE YOU CRICKETERS THAT YOU PRODUCE ENOUGH OF, BUT AS YOU DON’T PRODUCE OTHER ATHLETES EXCEPT IN ONES OR TWOS IN ANY OTHER SPORT, I GUESS WE SHOULD BE WELL JEALOUS.

    THAT YOU DONT HAVE CARNIVAL? WELL, I’M HERE FOR A CONFERENCE AND WILL STAY FOR CROP OVER TO SEE IF THE WUK IS GOOD ENOUGH TO MAKE ME JEALOUS.

    Its not harmful. It is the parable of the wise and foolish virgins! SOUNDS GOOD BUT THE STORY DEAD WRONG

    This is an age-old rivalry with Trinidad – an unmanageable country with plenty money and little brains – that has been endowed and has little to show for it. A foolish virgin! SO LITTLE? HOW MANY COMPANIES IN BARBADOS ARE NOW RUN BY TRINIS OR CONTROLLED BY TRINIS? IT’S THE MONEY TALKING I GUESS.

    SO UNMANAGEABLE THAT THE SUMMIT OF THE AMERICAS WAS JUST HELD HERE? WHY NOT IN BARBADOS?

    Barbados has had infinitely less and come through worse. I WONT WORRY ABOUT THE EXAGGERATION AND INFINITELY LESS IS MEANINGLESS.

    WORSE LIKE WHAT? YOU DON’T EVEN GET LICK BY HURRICANE.

    BAJANS SEEM TO FEEL THAT THE WORLD OWES THEM HOMAGE. MAN, YOU NOT REAL.

  49. ericgairy Avatar
    ericgairy

    VERITAS
    AS FOR ‘LITTLE BRAINS’, I ASK YOU WHAT DO YOU THINK OR ERIC WILLIAMS (I’M SURE HE FOOLED THE PEOPLE UP AT OXFORD TO GIVE HIM THAT FIRST CLASS DEGREE) AND CLR JAMES? IDIOTS?

  50. Bimbro Avatar
    Bimbro

    My god, can u imagine Obama in a crisis!! “Mr President, the rockets are on the way! What shall we do!” By the time he finished speaking Washington would be history!!

    Lord!!

    ***************

    THAT YOU DID NOT INVENT THE STEEL PAN (THE ONLY NEW INSTRUMENT OF THE 20TH CENTURY)?

    ***************

    E, u think that ‘inventing the steel pan is worthy of praise, do u?!!

    Laaaaaaddddddddd!!

    Listen, I had d bigges laugh uh my life so far dis year when I saw some announcement that the Trinidad govt. was now making it compulsory for all Trini schoolchildren to learn to play the steel pan!!

    I had to laugh so much!! I thought, is this for real?!! – only West Indians!! Every way else in the world people r becoming virtuosi in playing the violin, piano and other classical instruments but no, trust the stupid W. Indians, they’re FORCING their children to learn the STEEL-DRUMS!!

    I tell yuh!! To this moment I still can’t believe it!! The stupidity is mind-boggling!! Even the Africans would laugh at you to scorn!!

    So, tell me, for a country with a population of your size, wha world-class athletes u produce?!! I can only think of two!!

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