Governor of the Central Bank of Barbados, Dr. DeLisle Worrell will host his first news conference on Wednesday, January 13, 2010 in the Executive Dining Room, Central Bank of Barbados.
Subject: Barbados’ Economic Performance in 2009 and Prospects for 2010.
Time: 11:00 a.m. – local time
Time: 10:00 A.M. ET
Note: We recommend that you access the webcast five minutes before its scheduled start time.
Click following link to view Webcast of “The Barbados Economy in 2009 and Prospects for 2010.
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The broad masses and middle classes of people of Barbados, no matter where they are, must stand up and be prepared to fight both DLP and BLP across the country for their having been grossly and recklessy mismanaging the political, financial and material affairs of this country since the late eighties.
IT IS OBVIOUSLY CLEAR THAT TIME HAS RUN OUT ON THESE TWO TRADITIONAL BACKWARD WAYWARD DECADENT STUPID PARTIES – whose primary interests totally surround the personal, cronistic, corporate, familial, and foreign interests of the leaders and principals and financial connections of these parties, and NOT those of the country or the nation. Of course, such a state of affairs is totally obnoxious!!
Since the passing of the late great Errol Barrow some 22 years and counting, none of these two damn parties and any of their mediocre leaders have done anything at all to thrust Barbados firmly onto a greater path of development. NONE!! NONE!!
Instead, what the average politically conscious progressive Barbadian has been witnessing, while he or she has been doing LITTLE or NOTHING about still, is a Barbados under both BLP and DLP leaderhips, tumbling further and further down the hill in many areas of life in this country, esp. with regard to the political, religous, spiritual and material affairs of the country.
Also, what has been tremendously exasperating or irritating to the PDC, is that there are some so-called academics and social commentators who are also terribly falling down in their assessments of what are really factual instances of these BLP and DLP factions’ massive failures to lead Barbados towards brighter and better. Such persons are therefore making childish, feeble and wholly unstudied utterances in their covering for these two failed parties, and must be seen too as contributing to the agony and pain of the broad masses and middle classes.
Take for instance, Dr. Justin Robinson, Head of the Department of Management Studies of the University of the West Indies, Cave Hill, and who was reported to be saying in a recent issue of a local publication how this current crisis ( local or international ???) is the worst crisis that an independent Barbados has faced, and that how the efforts of this David Thompson Administration proved to be “a resounding success” for a mere two reasons – according to the news story because UNEMPLOYMENT IS 10 % and because BARBADOS HAS NOT HAD TO GO TO THE IMF. It was furthermore reported in this same issue that he said that tourism stood out as the most successful sector, since employment levels were maintained through government assistance.
Now if that kind of intellectaul bankruptcy is NOT pure partisan poppycock, then was is NOT. But, Dr. Robinson, if what was reportedly ascribed to you is true, then it must mean that you are talking pure foolishness!!
The facts are that even before the BLP was kicked out of office last election unemployment was said to be as low as 7 %, and this was even the case when it was so clear to the PDC and many others in this country that this so-called Barbados economy was clearly heading towards the present depression – notwithstanding that there have been multifarious wider international economic and financial recessionary conditions would have been accelerating it.
Too, that a so-called economy would be achieving such low unemployment levels but at the same time be in a tailspin downwards, must show that the current rate at which employees ( PRIVATE SECTOR EMPLOYEES ONLY ) – in the country are in fact substantially paying for most of the cost of their own maintenance – mostly indirectly, through internal trade and consumption and businesses doing business with one another – is becoming higher and higher and more and more – more through social policy than through market operations – even as the costs of employment are being drastically reduced throught out Barbados – fewer working hours, fewer training programs, fewer employee related functions, etc.
So, as the nation produces lower and lower goods and services, and overall companies record less profits at this time – it shows clearly from the available evidence – Central Bank information, observable facts, et al, that the vast majority of employees have been far too long, paid far too low wages than they ought to have got.
So, to talk about this David Thompson Administraion achieving “resounding success” given that unemployment is relatively low when there has been the continuation of a wicked and deliberate policy on the part of the SOCIAL PARTNERSHIP under the aegis of this DLP Administration to really keep wages of the majority of the masses and middle classes across the country as low as possible, while trading off for additional employment, is simply to be talking pure unadulterated mindless hyocritical crap in satisfaction of DLP interests.
Moreover, added to the fact that employee disposable incomes are getting less and less, as the HIGH cost of living and TAXATION and INTERESTS RATES and REPAYABLE PRODUCTIVE LOANS remain wickedly in place, and with the country’s IMPORT VALUE REMAINING so exhorbitantly high, and its EXPORT VALUE REMAINING so depressingly low, INSTITUIONAL SAVINGS BEING SO HIGH, AND BEING SO UNDER-UTILIZED, and WHEN SO HEAVILY UTILIZED, BY MANY OF THE WRONG PEOPLE, and as the GOVERNMENT DEBT skyrockets further and further upwards, it must mean that all like now, and in the not too distant future too, that there is and will be horrendously lesser and lesser amounts of productive money in circulation, and that THE GOVERNMENT HAS ONLY SO FAR MANAGED TO AVOID THE IMF.
Well, the GOVERNMENT HAS ONLY BEEN ABLE TO AVOID THE IMF FOR NOW BECAUSE OF A EXTERNAL LENDING INSTITUTIONS, WHO THOUGH ARE SEEKING TO FURTHER EXPLOIT AND FURTHER WEAKEN BARBADOS. But the facts are such that with prevailing economic and financial conditions in the country so very depressing on the whole, and with TOURISM, yes, TOURISM, which has been said to be the flagship industry, performing so unsatisfactorily and miserably over the last ten years or so (tumbling 11. something % for January – Spetember last year), it could easily have meant any other DLP or BLP Government being in office going to the IMF. Overall, conditions in Barbados are that bad.
So, to talk about the David Thompson Administration proving to be a resounding success because it has NOT gone to the IMF, even when it has already drawn down on its special drawing rights and even when it has been doing NOTHING to turn around the so called Barbados economy while adopting “a waiting and seeing approach”, is to be talking pure convoluted foolishness, Dr. Robinson.
So, once again the masses and middle classes of people are paying a very heavy price for NOT removing these two archaic joke parties from the political landscape of this country, and for NOT responding adequately to the reported inanities of their academic social commentator supporters; rather than seriously helping to build other existing parties that would be very interested in developing the affairs of this nation and country first and foremost out of every thing else.
PDC
PDC Please give me a break! You realise that this thing happening all over the world!!!!
You all think that Barbados is a paradise don’t you! I agreeing with Bush Tea more and more …….. the shit aint hit the fan yet …… Stupse!
Of course we should be always mindful of the fact that this Governor was quoted as saying that ‘it is okay to be a creature of the Prime Minister…!”
Governor Delisle Worrell has been reported in the press as saying no to aggressive stimulus and the need to maintain the peg to the US dollar. His position conflicts with many economists who have been sounding off on the road Barbados should or should have taken.
In a nutshell he suggests a stimulus is too risky a proposition and would drain our precious foreign reserves.
The Owen Arthur/BLP Administrations from 1994 to 2008 pursued many so-called governmental economic strategies. Five of these strategies were:
1) The unwholesome suppressing of wages across the productive and distributive sectors as a means of helping to bring about greater employment;
2) The blatant and nefarious encouraging of the selling of locally owned, or in some cases foreign owned, private land space rights to foreigners;
3) The sickening chronic dependence on foreign direct investment flows into the country as a means of substantially driving the so-called economy;
4) The excessive and unrighteous borrowing of local and foreign funds to help prop up a failing economy; and
5) The despicable increase in the role of the state in the so-called economy via WICKED EVIL TAXATION, INTEREST RATES AGENDAS, in areas where the private sector is known to better perform etc.
Well, it has been shown that these rebarbative strategies were intended to help bring about that localized recession in 2001/2.
Now, enter this wayward backward David Thompson/DLP Administration.
And, just as those very terrible Owen Arthur/BLP Administrations had been vigorously pursuing those very dismal strategies with the intention of eventually destroying many of the productive and distributive affairs of the country and helping to create the 2001/2 localized recession, this horrible Thompson DLP Administration has been unflinchingly pursuing those same failed strategies – which are a continuation from where those Owen Arthur Administrations left off – systematically destroying many of the productive and distributive affairs of this country and helping to create this vicious localized depression in 2008 – 2011.
No wonder that the so-called economy is said by the Central Bank to have contracted by 5.3 last year, with thousands losing their jobs, hundreds of businesses closing or downsizing, with thousands upon thousands having their incomes reduced and thus being unable to pay their bills properly and to properly secure many of their properties.
Finally, what the broad masses and middle classes of people in Barbados must do – surely as a result of being severely unfaired and ill-treated by both these old backward and devious parties, is to as soon as possible VOTE both DLP/BLP to hell OUT of the parliament of this country, and replace them with the right people-centered nationalist development parties.
PDC
PDC, without taxation to fund organisations such as the BWA, how would Bajans get and purify water????
And whom are these parties that should be elected that you refer???
The Money which the Barbados government is guaranteeing for Four Seasons is essentially a Stimulus
So too is propping up CLICO and guaranteeing the US$15 – US$25 m LIAT Pension Fund, CLICO cannot pay.
So the DLP is selectively stimulating!!!
Thompson called it a delicate balancing act. Remember?
Young Bajan,
You asked the following: PDC, without taxation to fund organisations such as the BWA, how would Bajans get and purify water????
Here is our response. Critically analyse the following briefly outlined theoritical aspects which have been wholly taken from the Barbados Allegiance blog ( of course, with a little editting done), and then tell us and some other commenters on this BU blog what you think.
So, here we go.
There are at least eight strategies ( herein very briefly outlined ) that a PDC Government will put in place to support a NO TAXATION regime and for which ALL other countries across the world will do well to properly understand and accept and to thereafter put in place as perhaps suitable for themselves:
1) A massive reduction in the size and operations of the state – which will mean fewer inefficiencies and duplications and wastages and fewer state expenditures and borrowings – and which will also mean that most of those operations and people that were once part of the state apparatus will have to be conditioned or reconditioned to become part of the private enterprise system of Barbados and thus to become capable or more capable of producing goods, services and income in this sector of the country;
2) The necessary greater use of its partners (formerly workers) and the land, resources, technological and other capacities it would otherwise have under its jurisdiction, as a means of helping it to earn so much more of its own income than presently obtains, within a market framework;
3) The offering of shares to the public in many commercially viable attractive state managed business ventures or commercially viable state/private sector business ventures – this equity financing approach will most likely be a better approach than seeking loan financing as a significant part of start up capital for these ventures;
4) The state having the capacity like Barbadian citizens and Barbadian entitites in this country to borrow money for productive purposes from the core financial system and then later not having to repay such monies. There shall be maximum limits placed on the amount of unused/underused money/value the state will borrow from core financial institutions to finance its activities in any one fiscal year – this being 3 and one half of tenths of GDP at certain rates of annualized growth in real GDP itself – which itself will be in operation between 3 to 7.9 % of real GDP growth – and in most other cases being three tenths of GDP where annualized GDP growth rates exceed 8 % of real GDP, and in very rare circumstances being just above 3 and 1/2 of tenths of GDP but no more than 3 and 3/4 of tenths of GDP, where GDP might fall beneath 3 % of real GDP growth itself.
5) The frequent publication of accurate and reliable financial statements and accounts on the every day business of government, whether in the social, commercial, security or other facets of government. Such will assist in bringing about greater public confidence in government’s managing of the affairs of the state and will greatly assist in the public deciding whether to continue supporting or investing in government programs, generally;
6) The increased usage of sheer accounting and financial values as a means of preempting the use of actual money in cases where many state/private trading and commercial transactions are set off one against another;
7) The implementation of a fairly rigid policy that the state will NOT do business or borrow for unproductive purposes any where beyond its means and capacities to properly engage in such business conduct or to repay such monies quite successfully;
8) The state by way of the fact of its strategic presence, say, like in the Barbados Port Authority Inc, control of the industrial estates in the country, etc. in relationship to many other productive sectors of the countries will be properly repositioned to benefit financially and otherwise from the substantial growth that will take place in the country’s GDP with the removal of TAXATION and other financial and administrative scourges.
Young Bajan, you also asked: and whom are these parties that should be elected that you refer???
And, we respond: we are simply asking you and so many other people to help grow the PDC, the PEP, or some other newly formed party that is really different philosophically, ideologically, programmatically and otherwise from the DLP/BLP, and that like the PDC has the interest of the people of Barbados – esp. the broad masses and middle classes – and the further development of the people of this country at heart/first and foremost.
PDC
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