Est.2007

Barbados Underground

Bringing News and Opinions to the People

Borrowing, Borrowing, Borrowing, Debt, Debt, Debt

← Back

Your message to the BLOGMASTER was sent

CONTACT THE BLOGMASTER ONLY

Submitted by Charles Cadogan

In a recent issue of Barbados Today I read where Barbados is borrowing BDS6.5 million from China.  But the most interesting thing was the suggestion of learning Chinese as a second language.  How is all this money going to be repaid? What if Barbados defaults on the loan? Some of the changes that are being made in Barbados, for instance the Pier Head Project, is this for the good of all Barbadians or for a select few and outsiders?

In the last year reading the Barbados Today  I have seen where  quite a number of large sums of money has been borrowed from China and a few others. In my humble opinion China isn’t going to give any money to any country in the world unless it’s beneficial to them in some form or fashion.  Right here up North China has their foot in the door because of huge loans owed by the USA.  The Chinese are shrewd business people who are in it to win.  Barbados be careful who you keep borrowing from to do all the different projects you deem more important than better housing for the LITTLE MAN, and a few other things that need addressing to make the LITTLE MAN in Barbados live much better than he’s presently doing.

Don’t keep borrowing to do what you are calling improving Barbados and not paying attention at what cost it will come to in the long run.  PLEASE make sure that Barbados continues to belong to BARBADIANS and not some other foreign government. Don’t keep borrowing and end up over your head in debt when you are no longer in office.

Don’t get me wrong, I am all for improvement but some things you are tampering with is all a part of what makes Barbados different from the others.  I think it’s important to leave some of the things that we as Barbadians grew up and enjoyed for our children and grandchildren to be able to see and enjoy also.  It seems that the more improvements you see to be so important is placing you in more debt, at some point in time you’ll have to stop and make changes for the betterment of ALL BARBADIANS.

PLEASE don’t continue to borrow on the one thing that we as Bajans LOVE and want to keep as our own **BARBADOS** for whatever reasons you seem to think that’s best for the people.  I will like to continue coming back home to Barbados knowing that it still belongs to **BAJANS**

I hope and pray that Barbados will continue to belong to Barbadians, and I’ll make sure that this will be included in my prayers each and every day for as long as breath remains in my body.

Discover more from Barbados Underground

Subscribe to get the latest posts sent to your email.

29 responses to “Borrowing, Borrowing, Borrowing, Debt, Debt, Debt”

  1. Terence M. Blackett Avatar
    Terence M. Blackett

  2. Terence M. Blackett Avatar
    Terence M. Blackett

    IS THE ABOVE VIDEO A FORETASTE OF WHAT IS TO COME TO BARBADOS?

  3. BGI Avatar
    BGI

    Remember the statement “friend of all, satellite of none”?

    Doesn’t seem to ally anymore, does it?

  4. Terence M. Blackett Avatar
    Terence M. Blackett

    Let’s face it Charles this is the ERA* of MASS TURMOIL and NO-ONE* is exempt… The “FORCES” that are at work transcend beyond the “specter” of BORROWING & DEBT…

    This is outside of our physical ability to moderate…

  5. bajantruth Avatar
    bajantruth

    Don’t be assinine Carson, 6.5m dollars is not money. What is this osng and dance about.

  6. Terence M. Blackett Avatar
    Terence M. Blackett

  7. David Avatar
    David

    There was a time Barbados prided itself in charting a homegrown path. Now it seems with the albatross of a mounting debt burden to carry we have gladly joined ‘all the others’.

  8. Clifford ZAmmett Avatar
    Clifford ZAmmett

    Well you have gotten a loan from China? And it may be a soft loan What do you have to give back ?You are sure that it is a an easy loan. Well you should examine the wherewithall . China give a little loan but they are going to have your market at their disposal. They will sell you and not buy from you . Ther eis little anyway that you could sell them,.they will nt atttend your churches they will not come to your parties. They can s ell you 24 hours . beware China is all overthe world .?They are in Africa.Canada America,Caribbean You name it and china is there.. They are improving and we are decalinin

  9. Terence M. Blackett Avatar
    Terence M. Blackett

    @ DAVID

    You make a fantastic point… But let face it, BIM* has outgrown – HOMEGROWN!!!

    Global pressures is being brought to bear on this small island…

    We had a chance to chart and to establsh a real serious MANUFACTURING base framed around TECHNOLOGY industries because of a highly EDUCATED & SKILLED population but we were too INWARD LOOKING* and forget the lessons of JAPAN & SINGAPORE…

    When we ought to have created major FOOD TECHNOLOGY manufacturing industries which would have created a real EXPORT -driven base and at the same time, guaranteeing as you said “HOMEGROWN” industries which would meet both local & international demands – WE FAIL TO CAPITALIZE ON THE OPPORTUNITIES [20} years ago…

    So narrow-minded, tubular- tunneled perception and thinking has seen us develop a few industries (i.e. OFFSHORE & TOURIST) at the expense of the others which would have given us a well-rounded portfolio of industries – all earning real foreign exchange capital and providing real-time EMPLOYMENT * ENTREPRENEURIAL activity for the 1000’s of Bajans who pass their days in idleness…

    Too much IN-REACH has resulted in a BLOATED* public service which will have to trim FAT* (and will consequently result in civil unrest sooner if not LATER*)… And with the EU & US struggling with sovereign DEBT* and the market recapitalization issues which are facing major economies like GREECE & the UK becoming more and more problematic – the stage is set for another market EARTHQUAKE (this time of DEPRESSION* proportions)…

    And we haven’t factored in the US economy, inflationary pressures, rising commodity prices, spiraling fuel cost, the cost of future UNSEEN* wars on the horizon, natural & man-made catastrophes and the looming menace of FOOD SCARCITY* resulting in starvation and the ill-effects of a lesser developed world unable to feed itself…

    I hate to sound like a PROPHET OF DOOM* but I am not optimistic at all about the FUTURE especially as it stands – being run by men who would rather run the planet into the ground than to REVAMP*, REALIGNED & REPOSITION for greater equality and wealth distribution…

    But then PROPHECY* must be fulfilled…

    BOB MARLEY* says it nicely – “WE GOTTA FULFILL THE BOOK”…

  10. dan Avatar
    dan

    What has Barbados become, a nation of people that belives in material things and not God. A place that any nationality can come & do as they please an no one to tell them there are wrong. They forgot to clean up they back yard but prefer to clean someone elses, now the Chinese are invading Bim like cockroaches & hard to get rid off, ask anyone that live in other parts of the world and get they reaction about chinese with they bad manners and only for themselves. you think you can find a black person working in any business that is run by Chinese think again. Give it time & barbados will be having stores, road & bank signs change to chinese lanaguage, and even a china town that you see in america, canada & were ever they land. So I hope bajans are ready after this big loan from China. Damn shame what Barbados is coming too. God help us.

  11. Terence M. Blackett Avatar
    Terence M. Blackett

    OFF TOPIC>>>>

    Black Activists Organize “Day of Action and Unity II” Sat. June 25th and Call For Boycott of All Non-Black Businesses

    New York, NY (June 16, 2011) — Saturday, June 25th is heating up as Blacks nationally and worldwide are organizing rallies, boycotts, marches, teach-ins, free food and clothing drives, and other strong actions in over 50 cities. Day of Action and Unity #1, which was held on April 23rd was very successful as thousands of Blacks in over 40 cities organized in the streets and confronted what they termed the “racist power structure” in a wide variety of ways.

    The “Day of Action and Unity II” promises to be exciting as these grassroots activist have selected such controversial locations such as the Weinberg Jewish Center, located at 5700 Park Heights Blvd., in Baltimore Maryland, near where Jewish vigilantes brutally beat a 15 year old Black Youth late year.

    Justice has not been served in that case and the community is angry. A key Boycott location is Platinum Jewelry in Harlem, New York, located at 326 W. 125th street where the organizers goal of “boycotting all non-Black Businesses” will highlight the brewing anger over exploitative conditions in the Black community. “Black Unity Town Hall Meetings” convened local leaders to confront local problems facing Blacks will be held in Washington, D.C.; Louisville, Kentucky; Chicago, Illinois; Los Angeles, California; and several other cities.

    Organizers are again also calling for a “Buy Black Only Campaign” and a “Boycott Of All Non-Black Businesses” for the day of June 25th. They say they are pushing this boycott to raise awareness around the fact that billions are being spent by Blacks to outsiders right in our own communities.

    According to June 25th co-organizer Dennis Latham from Alabama, “the economy is so bad that we can no longer ignore that fact that others are making billions off of our people right in our own community. We must boycott these exploiters as a sign that soon we are coming to take all the businesses in our community back in our hands.”

    The keynote speech of the Day of Action will be given by Dr. Malik Zulu Shabazz, Day of Action Co-Organizer, from Atlanta, Georgia at the Tupac Center in Dekalb County, Georgia. Mr. Shabazz is also Chairman of the New Black Panther Party and Black Lawyers for Justice. The speech will be broadcast live at 8pm Eastern at http://www.dayofactionmovement.org.

    Attorney Malik Shabazz has the support of Minister Louis Farrakhan, leader of the Nation of Islam, and a litany of local activists and leaders. According to Shabazz, “the time of complacency, conservatism and apathy must end and we must understand that Blacks will continue to remain at the bottom in many critical areas if they don’t organize reverently to change their condition.”

    In total, the cities mobilizing for the Day of Action and Unity include: Harlem and Brooklyn, New York, NY; London, England; Liverpool England; Washington, DC; Baltimore, MD; Atlanta, GA; Chicago, IL Norfolk, VA; London UK; St. Louis, MO; France; Baton Rouge, LA; Nashville, TN; South Africa; Lebanon, TN; Newark, NJ; Philadelphia, PA; Dothan, AL; Henderson, NC; Atlanta, GA; Dallas, TX; Athens, GA; New Orleans, LA; Zimbabwe; Charlotte, NC; Raleigh, NC; San Antonio, TX; Newark; NJ:, Trenton, NJ; Selma, AL; Houston, TX; Charleston, WV; Morgantown, WV, Fayetteville, NC; Midland, TX; Tampa, FL, Wilmington, NC; Milwaukee, WI; Trenton, NJ; Jacksonville, FL; Chicago, IL; Louisville, KY; Los Angeles, CA; Raleigh, NC; Columbia, SC; Cleveland, OH; Augusta GA; Tampa, FL, Selma AL, St. Petersburg , FL; Irvington , NJ; Brooklyn, NY; Las Vegas, NV; Portsmouth, Virginia; Columbia, South Carolina; Miami, Florida.

    The June 25th Day of Action is supported by Students and Youth, members of many of Black Church, the New Black Panther Party, Nation of Islam, National Black United Front, National Action Network, The Ordinary Peoples Society (T.O.P.S.), and a long list of local organizations.

    March co-organizer Rev Kenneth Glasgow says, “Until we stand up and address the crisis that’s going on in the prison system and the lack of jobs and education in our communities we will continue to suffer and get no respect at the ballot box.” Rev. Glasgow is the founder of T.O.P.S. (The Ordinary Peoples Society).

    St. Louis organizer Linea Baker says, “The mere fact that there is an African American in office has not changed our reality. We are really stuck on stupid if we don’t understand that symbolic power means nothing without mobilizing and organizing local communities across this nation.”

    “The National Day of Action and Unity II” will bring to attention the plight of so many who are uneducated, exploited, behind prison walls, disunited , in poor health, homeless, victims of police brutality, pimped by crooked politicians, tortured, falsely accused, under developed, morally perverse, apathetic, addicted to drugs and alcohol, victims of harsh budget cuts and genocide. Special attention will be given to victims of neo-colonialism, corrupt governments, imperialism, Zionism, capitalism and inadequate concern for the Diaspora of Africa.

    For more details, visit:

    http://www.dayofactionmovement.org

  12. Terence M. Blackett Avatar
    Terence M. Blackett

  13. Albert Brandford Avatar
    Albert Brandford

    Jeez, the news story quite “loudly” states it’s a $6.5 million “grant” from China not a “loan”. Any difference?

  14. David Avatar
    David

    @Albert

    Yes it is a grant but the gist of the submission stands. Thanks for the catch however.

  15. Ryan Avatar
    Ryan

    I read the same article on the GIS website and it said a grant for $20 M Yuan which is BDS$6.5 M .

    http://www.nationnews.com/index.php/articles/view/6.5m-grant-from-china/

  16. Ryan Avatar
    Ryan

    China, USA, UK, IMF, Canada, Trinidad & Tobago, Barbados. at the end of the day who ever you get the loan or the grant from will be expecting something in return. It is about building relationships and how you negotiate. Barbados has as much to gain from a partnership or cooperation with China as it does with a partnership with the European Union. It is about identifying those opportunities and exploiting them to your advantage. If you allow the chinese to come and do it and you don’t whose fault is it.

  17. Technician Avatar
    Technician

    @ TB….

    Why distract with a long ass post and have the nerve to start with ‘off topic’….stupse.
    BU has lots of places for you to go put your post…..even the jokes corner!!
    Canucks vs Bruins violence…..sports! etc,etc.

  18. Colonel Buggy Avatar
    Colonel Buggy

    More Chinese craftsmen will be in Barbados to ensure that they carry out the repair or construction work that the loan is financing. And some one in the recent House debate spoke of developing small business etc etc.
    One sure thing this present administration cannot be accused of being anti Caricom, as many Caricom nationals have been clamouring for the downfall of Barbados, and Mr Stuart and his cronies have handed them that request on a silver platter.

  19. St George's Dragon Avatar
    St George’s Dragon

    I thought it was more than coincidence that alongside the coverage of the PM’s new grant there was an article about how the Chinese want to expand the membership of the UN Security Council.
    I have nothing against that but the model of the Japanese buying votes from small countries on the International Whaling Commission immediately sprang to mind.
    I hope there is no intention for Barbados to become a paid for voter for China. We should instead be making the point about China’s human rights record, freedom for religion etc. I wonder if Mr Stuart did that?

  20. David Avatar
    David

    @St George’s Dragon

    In the same report didn’t the Chinese thank Barbados for its commitment to the ONE China policy?

    China is the economic power house of the world along with Brazil and there is no way Barbados will whisper about China’s human rights abuse, no way.

    It would take an Errol Barrow!

  21. St George's Dragon Avatar
    St George’s Dragon

    I didn’t spot that but I am sure you are right.
    (To save people having to Google (as I had to) its the Taiwan issue and whether it should be part of China or not.)
    I guess the Chinese are buying support throughout the Caribbean. When I was going through the airport at Union Island in the Grenadines a couple of months ago, I noticed a sign on the wall about visting Taiwan – part of China – and wondered who had got it so wrong. Obviously a Chinese handout, I guess.
    I can’t believe Barbados supports One China. That’s like China supporting Barbados’ integration back into the UK again. But then a quick look at Wikipedia says it all:
    “For any country that wants to establish a diplomatic relationship with [China], it must first discontinue any formal relationship with [Taiwan]. In order to compete for other countries’ recognition, each Chinese government has given money to a certain few small countries. Both the [Chinese and Taiwanese] governments have accused each other of monetary diplomacy. Several small African and Caribbean countries have established and discontinued diplomatic relationships with both sides several times in exchange for huge financial support from each side.
    Maybe that’s the answer to our finacial worries. Swithch our allegiance between China and Taiwan regularly and take the cash handouts.

  22. TooManyLawyers Avatar
    TooManyLawyers

    I’m willing to bet that in the fine print (that bajans will never get to see) we will have been committed to x number of Chinese entering the island; taking construction, alternative energy and other types of operations from local businesses,

    Stuart’s visit to China begins a slippery slope of what little is left of Barbados being sold out to the Chinese,

    Please take a look at how the Chinese are robbing Africa of it’s natural resources and in return providing little or nothing to the African people,

    The African leaders are way out of their league and Stuart and other Caribbean leaders are blindly following.

    Barbados needs to learn from mighty America’s interactions with China.

  23. David Avatar
    David

    Then there is something to be said for the fact the USA is operating from a position of strength.

  24. Christopher Halsall Avatar
    Christopher Halsall

    @David: “Then there is something to be said for the fact the USA is operating from a position of strength.

    What strength what???

    Are you meaning that when you owe someone $1,000,000 it’s your problem, but when you owe someone $1,000,000,000 it’s their problem?

    Sorry — doesn’t work that way internationally…

    All they have to do is sell your debt on the open market at “bargain basement” rates, and your currency tanks….

  25. David Avatar
    David

    @Chris

    Can you appreciate that the two economies are wrapped up like two worms in heat?

    Think about it.

  26. Christopher Halsall Avatar
    Christopher Halsall

    @David: “Can you appreciate that the two economies are wrapped up like two worms in heat? Think about it.

    I have.

    http://chart.finance.yahoo.com/5y?usdcny=x

  27. Terence M. Blackett Avatar
    Terence M. Blackett

    @TECHIE

    “Why distract with a long ass post and have the nerve to start with ‘off topic’….stupse. BU has lots of places for you to go put your post…..even the jokes corner!! Canucks vs Bruins violence…..sports! etc,etc….”

    ARE YOU WEARING A LEATHER CAT SUIT & CARRYING A WHIP!!!

    LOL!!!

    By the way, the POLICE-STATION is just down the road….

  28. Alien Avatar
    Alien

    Christopher Halsall | June 16, 2011 at 8:27 PM |

    Our rate is fixed against the USA, but has declined with the USA money against the other currencies. So if a man has some retirement money, what is his best option to maintain the value? A piece of land or house and land – or some T&T government bonds – or some shares in a company without excess cash or that has foreign business – or do we rise and fall with the USA and good old England?

  29. just only asking Avatar
    just only asking

    @David

    who will whisper about america’s and NATO’s human right abuses, as well as Israel.

The blogmaster invites you to join the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading