Submitted by The People’s Democratic Congress (PDC)

The People’s Democratic Congress (PDC)  was formed in January 2005, and one of the principal reasons for its formation was to make sure that as part of its fundamental duty to the nation and people of Barbados it devoted much of its human social political capacity at any time thereafter towards investigating and reporting on many matters that would  positively/adversely be affecting the social financial and material interests of the country.

Moreover, the PDC emerged when it was clear to the vast majority of citizenry of Barbados that many of the country’s social political material and financial systems and their leaderships were in crisis, were  dysfunctional and were inadequate (the then DLP internal squabbles/ the then BLP Government’s disastrous fiscal and financial policies – hikes interest rates – the idiocy of so-called land prices being made to fetch their highest financial value).

We emerged at a time  too when such unspectacular states of affairs did not only warrant careful and significant investigation and analysis of the way how these  systems and their main human and other composites were malfunctioning, and of the possible/causes that were driving why they were performing in such thoroughly displeasing ways and why they were performing so miserably within the social political environments within which they were placed, but also we merged at such a time when these very distressing  circumstances necessitated the deliberate and sedulous crafting of partial answers and solutions to the myriad national and sub-national problems that were being significantly caused by these said systems.

As such, the PDC has since its establishment been identifying and promulgating this very TAXATION SYSTEM in Barbados as a wicked evil unproductive one that has been substantially assisting in the entire de-development and degradation of the livelihoods of the vast majority of the people of Barbados and their productive affairs.

Also, we have therefore been stating most unstintingly that the only viable fitting answer to this diabolical scourge is a future PDC Government absolutely but gradually ABOLISHING TAXATION and putting in its place political, financial and other direct and supporting strategies that will help eventually realize the government of this country earning far more of its income in a market setting rather than its  continuing – in the appellation of the CROWN – TO STEAL and PLUNDER the incomes of the relevant peoples, businesses and other entities in this country.

Recently, we have also broken new intellectual political ground in this country by uncovering evidence of the operation of a previously un-hypothesized and un-theorized variable called THE COST OF USE OF MONEY  variable in Barbados – which, as we have clearly shown in our last three BU articles, has been for a very long time and until up to this point in time having very devastating disastrous results for the proper functioning of the material production and distribution sectors of this country.

This party has therefore also suggested that a future PDC Government will drastically reduce the COST OF USE OF MONEY in respect of all commercial business transactions in Barbados.

We have declared too that a future PDC Government will introduce a number of political fiscal financial policies and measures that will be designed to achieve such an objective and to place Barbados on the path to achieving growth rates in the region of 8 – 10 per cent per annum.

We have also said on here and elsewhere that Barbados must move eventually towards the total elimination of this most backward undesirable phenomenon.

Now, with almost all of Barbados’ national social, political, material and financial systems being in various states of paralysis and decay, and in far worse shape and tenor than in 2005, the PDC – as a nationalist patriotic organization – is left with no other alternatives but to clearly avow – consistent with its duty to  inform the country – that it has – through its own deeper investigations and analyses of some of the operations and effects of this COST OF USE OF MONEY VARIABLE on other political financial material variables – reached a higher level of critical political financial materialist theory and philosophy in this country.

Therefore, for the benefit of the understanding of many BU family members and, likewise, for the benefit of the understanding of many other Barbadians and other nationalities and people groups, we wish to use this BU article and other information elsewhere at later points in time to indicate two interrelated things, (1), that we have arrived at greater further more compelling proof for the people of Barbados and the region and elsewhere of the ideological philosophical and political basis for/of the ABOLITION OF TAXATION in Barbados, and, (2), that we have arrived at greater further proof of the fact that when TAXATION is ABOLISHED in this country it will indeed pave the way for the ushering in of the greatest possible social political material and financial development this country has ever seen.

Given that these substances of proof have to be deduced in respect of 1 and 2 above, here are some factors that do obviously help to present the theoretical and philosophic and factual outlines within which such proof have been founded.

Fact A –  The portions of income of the relevant people, businesses and others that the  Government of Barbados steal constantly daily ARE NOT and DO NOT EVER BECOME the INCOMES/EXPENDITURES of Government at any time.

Fact B – The Government of Barbados – muchly because it is a regulatory , social, virtual non-productive sector – EARNS comparatively little of its own INCOME, and therefore too INCURS comparatively little internal and external costs TO the little income it makes.

Fact C –  The financial sector of Barbados – muchly because it is a money-oriented money peddling virtual non-productive sector – like the Government sector of Barbados – EARNS comparatively little of its own INCOME, and therefore too INCURS comparatively little internal and external costs TO the little income it makes – it is an income holding and money lending sector – in the case of the former – of the property incomes of others, and in the case of the latter – of the currency that is collectively owned by Barbadians but that is lent to many of them whenever – and of the foreign exchange that is temporarily held by people and entities in Barbados but that is distributed or lent to many of them whenever.

Fact D – The cost of use of money  ( to the extent of the total income that the government steals (TAXES) every year ) IS – to the income that the  government steals – primarily made up of the total borrowing costs of government.

Fact E – The cost of use of money ( to the extent of the total income that the private household and personal sectors earns every year ) is – to the incomes of these various sectors – predicated on the the financial costs of these sectors’ borrowing, insurance, import, exchange rate, dividend, hire purchase, etc. costs.

Conclusions A  – that in order to reduce the VALUE OF  COST OF USE OF MONEY VARIABLE in Barbados drastically or gradually over time, there must be the Abolition of Interest R
ates – the Abolition of Institutional Repayable Productive Loans – The Abolition of Exchange Rates Parities with the Barbados Dollar – The Abolition of Motor Vehicle Insurance – The Abolition of the practice of IMPORTING  so-called prices of goods and services from overseas into Barbados ( NOT imputing the said imported foreign  goods and services – BUT the so-called prices) – The Reducing of the COSTS of Institutional Repayable Non-Productive Loans ( by up to 50 % – 60 % of the principal sum lent that is to be repaid), etc..

Conclusion B – that because the VALUE OF THE COST OF USE OF MONEY VARIABLE is assumed to 70 – 80 % out of every dollar earned or spent in Barbados, it can easily be reduced to 15 % – 20 % of such dollars earned/spent, as a direct result of the right and appropriate financial strategies ( some highlighted earlier ) being put in place by the government, the private, household and individual sectors, and with direct and indirect  consequences for reductions in the long term yearly nominal national income ( compared with national income now ) of the country, but with consequences for the REAL GDP of Barbados being substantially increased for years to come.

Conclusion C – if  E, F, and G will come about, it will mean that – in another light and dimension – TAXATION will be effectively easily ABOLISHED, and moreover, the vast of the majority of the poor and vulnerable will be pulled out of poverty and misery.

Conclusion D – Government as a sector will become far stronger than it is now, materially and financially, by becoming a virtual productive sector, and so will the financial sector by becoming a virtual productive sector, and they will together own realistically much of the productive and investment worth of the nation – which – with a PDC Government in place – will in the long term  see the said projected 80 % – 85 of such worth making up every dollar earned or spent or income institutionally saved.

Conclusion E – This  projected 15% – 20 % cost of use of money to government’s income will be of even far greater assistance than now to the said cost of the government’s operations, when it will be found to be the case that the debt of the government and the nation WILL BE DRASTICALLY REDUCED through a future PDC Government’s introduction of a National Institutional Non-Repayable Productive  Loan Scheme to the political financial configuration of the country.

Finally, it is clear that at this juncture, Barbados requires groups of people that are like the PDC – for give us with this little talk – that will be paying greater critical attention to investigating and researching and finding out much more about the realities and existences that obtain about our Barbadian, regional and international social political material and financial structures and processes, so that once there are certain truths and perspectives and theories that are deduced, revealed and scientificized therefrom, that will in the end form the basis of the creation and maintenance of sound progressive interactive national and sub-national policy making and implementation processes that will lead towards the removing of Barbados from the current patently  failed political developmental trajectory.