Submitted by Looking Glass

We seem preoccupied with peripheral issues—everything from transparency to Senatorial non-attendance— and criticism of government while seemingly oblivious to the major problem, the economy. Along the way we blame everyone and everything except ourselves, echoing the utterances of some significant others in the name of wisdom. Could it be that we have but a spurious understanding of the role of the Senate, the government and the economy? Is the attack on Westminster an excuse for the absence of smart thinking? Or are we being purely political? Knowing the problems but not the answers is pointless. It is time the critics present a definitive plan or series of proposals to save the sinking ship.

The Westminster Model has been with us for more than 100 years, I believe since 1865. The fact that it served us well in the post independence era implies that the same was not true in the preceding era. Is that really the case? Post independence success coincided with the Development Decade of the 1960s; a time when banks, corporations, the IMF and World Bank flushed with an overflow of idle capital went in search of investment opportunities. And we like other underdeveloped countries accommodated them.

The Model has little to do with our collapsing economy, your contribution to the collapse, or the need for trained people and or the creation of body of expertise for the sake of productivity. Are trained Senators a prerequisite for productivity? The Senate is not a manufacturing facility.

Things have changed in the last 20 or so years. Countries, some via the IMF, GATT and World Bank, have revised and altered the conditions and terms of both business and cooperation. Waiting in the wings is the Multinational Agreement On Investment or an amended version thereof. The Model has nothing to do with the “disappearance of preferential tariffs and quotas which benefited developing countries like Barbados.” In the interim we surrendered most of our most valuable assets—Port, Airport, the National Bank, the Oval and Land—The current regime inherited an empty trough, a humungous national debt which cannot be retired in 40 years and the already resident IMF.

Parliamentary non-attendance is neither new nor unusual there or anywhere else. Being present at every sitting is not indicative efficiency or effectiveness. How many elected members of the Lower House with a stellar attendance record have introduced half a dozen or more bills, or made a positive contribution beyond voting for a bill, languishing in the dining room, and telling you what you needed to hear? A smaller Lower House and elected Senators is unlikely to change this reality. There is nothing wrong with the Westminster Model. Models like systems are not natural orders, but inert devices designed by man to facilitate operation. So blame the man and those who put him there not the model

That the Senate is too large may well be debatable. However Senators are not appointed to meet with the public or the media. They may and can influence policy but can’t dictate it. That responsibility, like informing the public, lies with the elected members of Parliament.

Government can’t correct our socio-economic degeneration without resources or access to resources neither of which we have, and people revise their lifestyle. It is unlikely the Oil spill in the Gulf will be fully contained. Oil prices will rise and so too the price of all imports, a fact over which we (the Senate) has no control. Government can’t even make you put two sweet potato or onion plants in the backyard. The worst is still to come. This is not in defence of party or government per se; but should government decide to raise taxes, freeze wages etc to contain the economic descent would it be considered capable and efficient?

Darcy Boyce is said to be guilty of, among other things, a few short scattered speeches. Not surprising no mention was made of substance. Long speeches are the exception not the rule in similar settings elsewhere. Are long speeches indicative of competence and substance? Those not privy to his short speeches and debates have so far demonstrated little understanding of the role of the Senate, overall problems and are ill-equipped to evaluate substance. So is this a case of criticism for criticism sake?

One person acknowledged Mr. Boyce’s expertise but deemed him unsuitable “simply because he does not have the required communication skills.” The person should define communication skills. Am I to understand that Mr. Boyce, one of the most competent and qualified souls to grace our parliament in the last 20 or more years, who successfully traversed deep intellectual and professional waters and consulted with some of the worlds leading agencies without the required communication skills? If so then his expertise and ability are truly great. Either way your opinion of Mr. Boyce is neither his concern nor business. Few of you could step into his shoes.

Our words and actions cannot be greater than ourselves. Passing judgment on people and matters about we know no, like criticism for the sake of criticism or political purpose is neither indicative nor symbolic of intellect or understanding.

31 responses to “The Westminster Model And The Economy”


  1. The article’s reference to the relationship of the governing system i.e. Parliament and Senate to the analysis and implementation of social and economic visions is excellent.

    However, on commencement it refers to the populace being oblivious to the economic problems existent and looming.

    That is incorrect and unfair. Many times the economy has been discussed and indeed, suggestions given to alter the direction, on these blogs, commencing from as many as four years ago.

    Indeed, I myself have called for the implementation of capital gains tax, of an increase in VAT, not only to address the debt burden, but to then be able to give incentives to local productive sectors.

    To make suggestions, one must first recognise three things.

    Firstly, there is no ‘magic bullet’ as an answer to our economic issues. Only pragmatic and down to earth basic economics will get us through. By definition, this will impact our standard of living. It does not mean that we will eat rice and pease for years to come, but surely some luxuries and non-necessary items must become less important.

    Secondly, reduction of the net balance of payments position and an reduction in reliance in foreign reserve spending is necessary, to be brought about partly by the above i.e. reduction in consumption of imported goods and services, secondly by an increase in production of goods and services locally for both domestic consumption and export revenues.

    Thirdly, while an increase in some tax may sound counter-intuitive in a time of diminshing economic activity, the two chosen i.e. VAT and CGT are deliberately chosen as the two that will have the least burden in implementation.

    Bear in mind, to service debt, maintain Government expenditures and increase industry-specific incentives, Government has to get the money from somewhere and it is my opinion that VAT and CGT are the resource.

    Note well, that while I have made these suggestions some time ago, the very recently elected British Government appears to be going straight to these two sources for increasing Government revenue.

    That is the economic side.

    On the governance issue, as it relates to social as well as economic application, one must agree that the point of the article is valid.

    No, we should not and cannot say that a specific person is not suitable for the matter at hand, what we can say is whether the process as a whole meets the criteria of bringing critical issues to analysis, assessment and successful action.

    Some time ago on these blogs it was suggested that Senators also be elected, on the same ballot sheet as the Parliamentary representative.

    I believe that this is the possible alternative.

    However, for this to work, we would have to assess what rights Senators have, what the voting could bring, what rights the Cabinet has to veto and what right the Queen’s representative i.e. the Governal General has, also of veto.

    Maybe it is time for consideration of these matters, in order to bring more accountability and action to the Houses.

    Then again, is it process only or is it ‘intent’ of the reporesentatives that matters.

    Will changing the process merely serve to create a new ‘group-of-occupation’ or bring greater results?

    Remember, the make-up of the houses is relevant, as for example there are some Government Senators who will obviously side with Government action.

    Is it a greater balance of independence that we seek, or greater power of the Senate to vote against bills?

    Ultimately, whatever process we choose, we must also seek those who will be willing to stand, speak and vote from conviction.


  2. Maybe Looking Glass needs to be reminded of the government strategy which is to build a society and not an economy.


  3. Senate should be comprised of people who represent a cross section of minority interests thereby giving each single Barbadian a chance at more than one vote on any bill that comes before the Upper House. Small Business, Manufacturer, Rural, Religious Community, Environment where each community would be responsibility for electing its own member to serve for a term. (One item in the BAFPFP Progressive Democratic Plan)

    Agencies like the NCF, IDC and ALL overseas agencies/Embassies should be packed to capacity with and run by well trained, high skilled sales and marketing agents with the enterprising ability to open doors in foreign markets for a list of Barbadian goods and services (One item in the BAFBFP Export Development Plan).

    The Civil Service will no longer be a breeding ground for academic scholars seeking to further a career option. Tax payers’ money will be better spent on personnel whose output could be measured… Health Care, Teachers, Law Enforcement OPERATIVES…
    (One item in the BAFBFP Civil Service Redevelopment Plan).

    To my mind a competent person is one who has what it takes to earn revenue, more than he/she costs… Mr Boyce is a first class highly qualified academic. Is he really competent..?


  4. @BAFBFP.

    My own thought is that Minister Boyce is indeed very qualified and competent.

    Let us not forget however, that economic policy is made not just by the Minister (of which he is actually not the Minister of Finance per se), but surely by the Cabinet decision.

    Recommendations that come to the Minister by the Ministry officials and ‘experts’, may then be presented to Cabinet by the Minister with preferences (I have no first hand knowledge, but that is the logical approach) stated, but surely Cabinet makes the decisions.

    Obviously Cabinet may weigh political vs strict financial theory, but that is inherently subjective and therefore, open to fault.

    What it calls for is a pragmatic leader and Cabinet with the political will and fortitude to not only make the ‘right’ decision, but to stand by it politically.

    Why is Cabinet there, if not to make the sound decisions, as the leadership body in the country i.e. to lead?

    But, I could be wrong, but I sense an element of political ‘care’ in making economic decisions recently.

    Unfortunately, the critical decisions can only be deferred, never avoided.


  5. BU holds the position that the Barbados Parliament can never practice the Westminster System in the most effective way because of its size. The Westminster Model relies on several working committees to supply good governance and the fact it has hundreds of representatives to chose from ensures the Model works.


  6. I definitely cannot come close to Minister Darcy Boyce.But we must face the reality that his role as a minister is both technical and political.

    Mr Boyce has to articulate the economic policies of the government. If he cannot speak to the public on economic issues he should not hold the position of minister. Pay him twice as much as a minister and let him become an adviser,but get someone that can tell us what is going on with the economy.

    With the PM not being well, we need someone to at least make us believe that somewhere down the road we will get out of the current fiscal problems and broader economic impasse.


  7. David + Anon

    Can’t fault the sentiments.

    Whether technocrat or politician I would rather not pay Mr. Boyce at all


  8. @ Anonymous
    “….we need someone to at least make us believe that somewhere down the road we will get out of the current fiscal problems and broader economic impasse.”
    ***********************************************************************************************
    Houdini died.!!
    …..Our next best bet is to bury our heads in some sand.


  9. Bushman come home man.. The tents just start and they could use you right now…MURDAH I dead….Ha HA


  10. @BT

    Man you prophet of doom and gloom is depressing…lol.


  11. Taxation does not stop recessions. it only ensures that gov’t has revenue at the expense of the citizens ability to maintian himself. in any recession where people lose jobs; and in the case of b’dos when prices remain stable or faill in a recession, we have rising prices aided and abetted by gov’t – water, electricity. pass through of cost of fuel. Too many things have been done by gov’t to exacerbate the impac tof the recession. When you have a recession you do not make things worse. Firs tbudget raise taxes, for what – take gov’t spending form 2.8b to 3.2b, in a recession, pleasseeeee! Pass through cost of fuel which spiralled cost of business and cost of living, pleasssseeeee! Raise water 60% for everybody, why not lower it for farmers and business, the only impact of that is to raise the cost of agric. products and manfuactured goods – cost of living rising again for citizens; and then you giv epermission to raise electricity already too high, where bills had already moved from 80 per month to 220 per month, already, pleasseee.
    The DLP have taken a bad situation and made it worse from incompetence, and you want to do what increase taxation.


  12. No one said that taxation stops a recession. What clever incidence of taxation does is allow Government to balance the budget, bring in revenue to service excess debt and provide revenue to increase Government spending in productive areas, to jumpstart those sectors.

    Taxation is an essential tool of administration, again note my words well on the incidence and most beneficial forms.

    Running to the platform and agruing against taxation in and of itself is merely political posturing and of little merit nor benefit.

    Actually, an increase in Government spending in a recession is the norm, not the exception.

    Unfortunately, when one is starting from a debt burden such as this Government did, the fiscal flexibility is severely limited, thus the real problem in such a situation is not the increase in Government spending per se, but the unfortunate high debt level that limits such action, in the first place.

    @Anonymous who said ”out of the current fiscal problems and broader economic impasse”

    Maybe my first post on this was wasted? Or is the query above purely political posturing.

    From my first post: Firstly, there is no ‘magic bullet’ as an answer to our economic issues. Only pragmatic and down to earth basic economics will get us through……..etc.

    Again, there is no magic bullet and there is an answer, albeit one that most will not like.

    Cut cost of living by cutting out non-essential imported goods and services.

    That said, things are no better in many countries, indeed worse. In many European countries and indeed America, many just cannot get a job right now.

    Note too, that the oil price only has one way to go, that will impact inflation and cost of living for everything, hence increasing the importance of reducing reliance on imported goods and services.

    That is your answer…no magic bullet.


  13. To add to your comments Crusoe increasing taxation would have been another way to check demand for imports given contracting revenues of the foreign kind and the high level of consumption expenditure incurred by Barbados. Yes indeed there is no magic bullet but an apparent inert government headed by a Senator responsible for finance who hides out in the members room of the Senate is not helping to shore-up confidence.


  14. Crusoe

    Surely David sees smoke which should mean that there is a fire… somewhere. You like Min Boyce and I am sure that if I met him I would like him too. But is Bajan Truth not also seeing smoke. Sir at my peril I will attempt to refute your “Only pragmatic and down to earth basic economics will get us through” comment by saying that Barbados needs to get into the business of SELLING Barbados. Sir that is activity oriented not economics…

  15. Donald Duck Esq, Avatar
    Donald Duck Esq,

    How come the clico saga has not been discussed anymore in Parliament. The tenure of office of the oversight committee ended on June 12. The management of clico barbados can now do whatever they want except write new policies.

    Isn’t Mr Parris still knocking around?

    It is time that parliament appoint a select committee to look into the whole downfall of clico.


  16. The fact that the Government of Barbados is still prepared to find the money to buy Sam Lords Castle merits an in depth discussion on this relationship between Thompson and Parris. The Elephant is in the room and no media house will look in its direction


  17. @ Crusoe

    You and David are exactly correct about the potential to use taxation to steer the economy is some desired direction (i.e. to take control of where we will go as a country)
    …for example, we could slap a wicked tax on some of the outrageous items that consume valuable foreign exchange, we could encourage productive enterprise (like agriculture) etc etc…

    EXCEPT FOR A FEW SMALL ISSUES…..

    ….remember those trade agreements that we bashed around here on BU some time back…? …. and that Barbados signed…?
    remember the CSME laws that Owen and his band changed in Barbados…(while the others just talked…)?

    Well while all ya were sleeping, those whose plans include future control of our lives ALSO recognized that the ability to control taxation would have provided us with too many options – thus their trade agreements and ‘enabling legislation’.

    Ask any good lawyer if government can just up and tax imports ‘just so…’?
    Man we can’t even get illegal, uninvited, undocumented immigrants to go home from bout here without some lawyer (who we paid to educate) threatening to take us to some international rights commission….

    …..The Bushman tried to warn wanna…… now um like um too late…..hard ears wanna won’t hear…


  18. @BAFBFP

    Taxation never steers one out of a recesison, it does not stimulate the econnomy. Taxation can be used judiciously, by applying it to non-essential items to reduce loss of foreign exchange, but it will not take you out of a recession. Across the board taxation, raises the cost of living, thus reduces spending, thus reduces or keep at the same level revenues. If you tax non-essentials, and you reduce gov’t spending, and put savings into the productive sectors to generate more money, then you will get more revenue annd preserve jobs. if you want more money, issue a bond, it uses savings that ordinarily will not be spent, and it is used for the productive sectors not social programmes. This is basic economics that Darcy Boyce should know. Jokers are handling the economy to the detriment of everyone, and blaming it all on the crisis. How do you raise water 60% in a recession and electricity rates,it affects production, increases cost of business and cost of living, impacting the poor. Are you kidding me? the crisis is one disaster, the second is the incompetence we are subjected to now, making a bad situation worse.


  19. Sorry BAPBFP it was Crusoe I meant with above comment


  20. @Bushtea ‘Ask any good lawyer if government can just up and tax imports ‘just so…’?’

    So? The point is that consumption tax CAN be applied at will, which is why VAT on such things as Benz’s, 60 inch TV’s, expensive gear, IS valid and certainly will either bring revenue or reduce consumption of foreign exchange.

    Then, one can direct tax incentives directly to local production.

    You do not need to ask a lawyer, there is always a loophole or work-around.

    Much can be done fiscally. As I said, the biggest problem is the inherited debt burden.

    Incidentally, this is the exact complaint that the British Chancellor is now venting on.

    Guess what his answer is?

    Increase VAT and CGT! Budget not yet presented, but these are expected to be two of his ‘tools’ to relieve the fiscal issues, aside from reduction in public spending.


  21. @Bajan Truth

    Have you grasped that Barbados’ economy is in a recession because of a global recession?

    Do you understand they government is charged with the enviable position of spending more while at the same time dampening demand for imports?

    Do you recognise that a large chuck of Barbados’ economic activity is derived from distributive trade?

    The point to be made is to tackle many of the problems we now are experiencing we have to make up strategies as we go along. Even as we discuss this matter there is still the fear of double dip in the major economies around the world.

  22. Micro Mocky Engineer Avatar
    Micro Mocky Engineer

    Japans’s debt is twice that (200%) of its GDP… Wow.. But hear this, hear this, the bulk of the debt is owed to Japanese… and they have a large trade surpluss with well, about every country in the world!

    Man Crusoe jump in and finish this line of argument man cause David pun you back too…!


  23. How the present evil TAXATION, INTEREST RATES AND REPAYABLE PRODUCTIVE LOANS MODELS diabolically have been affecting the proper functioning of the main productive, expenditure and income sectors of Barbados in the long term.

    The PRODUCTIVE SECTORS of the country – comprising mostly the Agriculture/Agri-processing Sector, the Manufacturing Sector, the Tourism Sector, the Construction/Mining/Quarrying Sector, the Transportation Sector, the Communications Sector, the Retail/Wholesale/Distribution Sector, the Individual Sectors, etc, HAVE BEEN PRODUCING LESSER AND LESSER REAL OUTPUT RECENTLY primarily because of GREATER AND GREATER EXPENDITURES caused within those sectors that comprise the EXPENDITURE SECTORS of this country – the Individual/Personal Sector, the Household Sectors, the Productive Sectors, the Income Sectors, the Investment Sectors, the Import Sector, the Export Sector, the Employment Sector, the Government Sector, the Core Financial System, etc, and which in turn have led to drastic reductions in the levels of income going to the INCOME SECTORS of the country – mainly comprising the Individual/Personal Sector, the Household Sector, the Productive Sectors, Expenditure Sectors, the Investment Sector, the Import Sector, the Export Sector, and the Employment Sector.


  24. A critical analysis of the aforementioned models and some of the ways how they presently function will show that the Government Sector – which is NOT a Productive Sector – but which is made up mainly of TAXATION, and is a major component of the Debt Sector, the Investment Sector, and the Employment Sector – has been for a long time a dangerous but tremendous contributor to the GREATER AND GREATER EXPENDITURES caused within the Expenditure Sectors, while at the same time however it has been contributing comparatively LITTLE REAL OUTPUT to the Productive Sectors of the country and contributing comparatively LITTLE INCOME also to the INCOME SECTORS.

    Note that the Government Sector is NOT also part of the INCOME Sectors primarily because of the fact that it STEALS much income from the Productive, Expenditure and Income Sectors of the country.


  25. The Core Financial System – which even though it is NOT a member of the Productive Sectors of the country primarily because like the Government Sector it has for a long time been contributing meagrely to REAL OUTPUT in the country – has been a dangerous and most biabolical contributor to the GREATER AND GREATER EXPENDITURES that have been caused within the EXPENDITURE SECTORS, and which as said earlier have in turn led to progressively lower and lower INCOMES going to the Income Sectors of the country.

    By for a long time implementing wicked Interest Rates Regimes and Repayable Loans Regimes in this country esp. through exacting GREATER AND GREATER REPAYMENT COSTS from the Productive, Expenditure and Income Sectors of Barbados, and, yes, by therefore doing so on the basis of some of the most backward political laws in the country, the Core Financial System – which is primarily made up of the Central Bank of Barbados, the Commercial Banks, the Credit Unions, Finance Houses, and – for purposes of greater understanding how money/value is helped circulated in the country in this present analysis – Insurance Companies, has dastardly been ensuring that, even with all the many people with many skills and talents serving it and others in this country, it has NOT become a member of the INCOME SECTORS of this country primarily owing to the fact that it hardly produces INCOME even if it stores a good deal of those portions of income that have been generated in the Productive, Expanditure and Income Sectors of the country.

    The general financial activities of the Core Financial System will help make sure that at this stage there is LESSER AND LESSER REAL SAVING in the Saving Sectors of Barbados – which are primarily made up of the Individual/Personal Sector, the Household Sector, the Productive Sectors, the Income Sectors, the Investment Sector, the Import Sector, the Export Sector, the Core Financial System, the Employment Sector; will help make sure too that at this time there is GREATER AND GREATER (PRODUCTIVE) DEBT incurred within the DEBT Sectors of this country – which themselves are primarily made up of the Government Sector, the Core Financial System, the Productive Sectors, the Individual/Personal Sector, the Household Sector, the Import Sector, the Export Sector, the Employment Sector, and which operate on the basis of stupid political laws and policies, and foolish agreements between the relevant interests in these varoius sectors; will help too make sure – along with the dumbass Government Sector esp. that at this stage there is LESSER AND LESSER INVESTMENT in the Investment Sectors, which are too mainly made up of the Productive, Expenditure and Income Sectors of the country, the Government Sector, the Employment Sectors, the Import Sector and the Export Sector of Barbados.


  26. Through mainly over the years the wicked TAXATION and DEBT laws and policies of the Government Sector, and the evil Interest Rates and Repayable Productive Loan policies of the Core Financial System, there is bound to be at this stage LESSER AND LESSER PRODUCTIVE SECTOR OUTPUT going to the Export Sectors of the country – which ironically are chiefly made up of ONLY a few sectors of the Productive, Income and Expenditure Sectors like Tourism, Manufacturing, a few sectors of the Investment Sector, and the Core Financial System; and bound to be at this stage too LESSER AND LESSER PRODUCTIVE SECTOR OUTPUT FOCUSSED ON IMPORTS FROM OUTSIDE TO BE USED for domestic and other purposes by the Import Sector of this country – which is mainly made up of the Productive, Expenditure and Income Sectors of the country, the Investment Sector, and the Core Financial System.

    This lower activity in the Productive Sectors, the Export Sector and the Import Sector at this stage means correlationally LESSER AND LESSER ACTIVITY within the Employment Sectors, means correlationally LESSER AND LESSER INCOME going from these activities to the Income Sectors of this country, and means at this stage too LESSER AND LESSER INVESTMENT FROM THESE PRODUCTIVE SECTORS to the Investment Sector and means too at this juncture LESSER AND LESSER Foreign Exchange being earned by these Productive Sectors to go towards the said Core Financial System too, but means also at this juncture LESSER AND LESSER Foreign Exchange having to go from the Core Financial System to the Import Sector to be used for the relevant foreign business, commercial and financial purposes of the Foreign Sectors of this country – which mainly constitute the Productive, Expenditure and Income Sectors of many other countries, the Investment Sectors of many other countries, the Employment Sectors, the Export Sectors, the Import Sectors of them, the Core Financial Systems, the Saving Sectors, the Debt Sectors, Government Sectors, and the Foreign Sectors of many other countries.


  27. A proper understanding of the abovementioned TAXATION, INTEREST RATES, REPAYABLE PRODUCTIVE LOANS MODELS and their net diabolical effects on the otherwise near proper functioning of the Productive, Expenditure and Income Sectors of this country – and, yes, minus some considerations of those many other current egregious political social problems – will reveal that Barbados is in a hopelessly almost irreversibly bad political material financial position at this stage in its historical existence, and that this is so primarily because of the wicked and inept laws and policies of the Government Sector and Core Financial System of this country.


  28. On those and some other existing apposite political, material, financial trends, Barbados WILL DEFINITELY become a semi-failed or failed state in the next 25 years or so if the broad masses and middle classes of people of this country do NOT wake up and rid this political landscape in the next seven years of these two wicked, corrupt and intellectually bankrupt DLP and BLP factions and their abject nonsensical laws and policies, and make sure at the same time too that there is elected in this country at the beginning of the eighth year a government that will absolutely remove from the political financial landscape of Barbados these evil demonic oppressive TAXATION, Interest Rates and Repayable Productive Loans Regimes and other wicked anti-masses, anti-middle classes, anti-national developmentalist schemes in this country like Motor Vehicle Insurance, the current Hire Purchase framework.

    Without such fundamental far-reaching rational action by such people, the Barbados that Grantley Adams, Errol Walton Barrow and Tom Adams and so many other outstanding sons and daughters of this soil left behind will DEFINITELY be NO more.


  29. Contrast the following five PDC theoretical strategies with just these five failed Owen Arthur led BLP Governmental strategies and see that there is really a need for a new political order in this country to help take this country to a higher material financial developmental level at this juncture.

    Just these five PDC theoretical strategies:

    1) Measures to help ensure that the Government Sector becomes a Productive Sector, wherefore with its strategic possesssion of many assets, resources, land, and with many trained and talented people under its aegis, these and other aspects will be brought together and made into efforts that NOT ONLY will greatly assist in the development of the local goods and services market as itself a component of the wider market, BUT that will ALSO greatly allow for this Sector to really earn far more of its own income;

    2) Measures to help make sure that the Core Financial System becomes a Productive Sector and thus to realise it contributing substantially to National Income mainly through returns on real investments in productive capacity and through returns on the selling of its various banking and non-banking services;

    3) Measures to help ensure that much of money income that goes to the Core Financial System – NOT money income earned by the Core Financial System, goes there as REAL SAVINGS, goes there as Deposits to be used in the Non-Repayable Productive Loans Scheme, etc. rather than as Debt Repayment Costs – THE LATTER WHICH IS EXACTLY THE CASE NOW;

    4) Measures to reverse the prevailing level of dependence on foreign capital – foreign direct investment for the securing of some aspects of the country’s growth and development through making sure at the same time that the country’s material and productive and financial sectors become more augmented and autonomized and safeguarded in this period of increasingly globalized capital and financial flows;

    5) Measures to help make sure that there is a cap placed on the maximum number of land and building spaces any person and entity can posssess in Barbados; measures to help make sure that foreigners are debarred from owning land space rights in this country and that they will only be able to lease such lands for relative short periods of time.

    Just these five Owen Arthur BLP Governmental strategies that helped to put Barbados into the present depression:

    1) The allowing of the selling of more and more of our precious Land space rights to foreigners in order to earn some amount of foreign exchange;

    2) The keeping down of the unemployment levels to minimum levels so as to allow the elite corporates to continue to exploit the broad masses and middle classes at a faster and a more profound rate – already there is hardly anything good about the employment culture and the work culture in Barbados;

    3) The constraining of wages and salaries of the employee classes – during the BLP 1994-2008 period of great misrule – so that the profits of the corporates would more than likely increase and so that higher levels of employment would come about with greater profits and lower employment overall operating costs per person – take for example the stupid foolish CSME;

    4) The help to make sure that the cost of living and the cost of doing business were made higher and higher so as to help the elite corporate establish a greater stranglehold over the broad masses and middle classes;

    5) The ignorant excessive borrowing of funds for the state sector as a means of proping up a long faltering state sector.

    PDC

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