Dollars And Cents Supported By Commonsense

Chris Sinckler, Minister of Finance

For as long as the global economic situation remains depressed, small open economies like Barbados will continue to struggle  implementing economic and social policies. Contrary to what Clyde Mascoll, Avinash Persaud, Michael Howard et al have to say, there is no rule book which adequately prepares governments in the region who are unfortunate to be elected at this time.

The foregoing is not meant to disrespect academia, after all, partly responsible for the ‘success’ of Barbados has been the commitment to educating its people as evidenced by large budget allocations even at the worse of economic times. It is a social policy supported by successive governments for greater than four decades which separates Barbados from the rest. Exacerbating the economic problems we are facing in Barbados is the extent to which those in academia have allowed a political lens to cloud the sobering and dispassionate analysis which is required to facilitate a constructive debate on the issues.

BU most times has distanced itself from lacing our postings with jargon when distilling our points of view; even at the risk of being accused of being simplistic. In the ongoing debate about whether the government has been making the correct decisions, the average Barbadian must now be giddy at the myriad of perspectives being offered. The understandable reality that Barbadians have been living a very expansive lifestyle for the last 15 years on the back of a global economic boom makes the situation we find ourselves unpalatable for most Bajans. When we insert adversarial politics to the mix, rhyme and reason goes through the window.

Commonsense says if the global market is sluggish this would negatively impact spend by individuals originating from source markets like the US and UK. Therefore expect tourism, foreign direct investment and remittances to be negatively affected. Less tourists means less spend, more tourists probably spending less, depressed global economies, less of an appetite to invest, jobless growth in the USA, austerity measures being implemented in the UK, you get the drift. If you have not done so, recall that the Barbados economy is service based. That was the policy pursued by the last government. You can’t enjoy the sweets of a service economy but runaway from the bitter when the economic model  is not a good fit to flex in a global economic slowdown.

We have created a monster with a voracious appetite for ‘things’ which have to be paid for in foreign currency. A huge food import bill, a fossil based energy which has to be paid for in foreign currency, a consumption lifestyle at the individual level demonstrated by frequent travel overseas, luxury vehicles. An abundance of foreign based companies which have to repatriate foreign currency to their parent companies, the list is not exhaustive. In the current predicament what are our options?

The government is on record stating its commitment to preserving jobs in the public sector, staying true to its position that Barbados is a society first and an economy second. We have become a big public sector, magnified in a shrinking economy. The government will have to perform a Houdini act to prevent the economy from stalling on the present trajectory. This debate BU would like to dominate the public space is, how do we command the attention of all Barbadians we need to work together to design the best homegrown solution.

Chris Sinckler, a rookie finance minister finds himself in a very bad place. Our greatest fear with a general election on the horizon is relevant economic policy will be trumped by political expedience. The current situation brings to the fore BU’s position that Prime Minister Fruendel Stuart needed to call a general election on assuming office. He would have benefited from the sympathy vote and BLP infighting at the time. Despite Stuart’s aversion for ‘treachery’ as the political leader of the DLP his only objective should be to win the government once done within the law.

0 thoughts on “Dollars And Cents Supported By Commonsense

  1. where was the rhyme and reason when the dlp was seeking office and feeding a frenzied public about the corruption practices of the blp rather than educating the public about how they intend to manage an economy about to be impacted by the world economic situation.wasn’t adversarial politics throwninto the mix then?

    • @balance

      All political parties spout rhetoric. Your response identifies the problem we face NOW.

  2. David – just wondering if PM Stuart had called an election shortly after assuming office do you think that there would have been any difference to the economic policies that the Government has pursued in the past six to eight months or so?

  3. Avinesh Peraud is the biggtest economic joker around the man announced the restart of Four Seasons at least four times in last three years nothing of the sort happened. He bring overeas bankers and take press photos with them and Sinckler saying the money for restart secured. Years gone by and Four Seasons like a ghost town. Barbados is ill served by phony economists like Persaud and Clyde Mascoll.

  4. @Paul

    Good question hypothetical though it is, by calling the election to get a mandate it would have put Sinckler and the government in a better place faced with having to make hard decisions. The assumption here is that the DLP would have been returned.

    To your question, the answer is probably not.

  5. @David

    Barbadians need to curve their consumption patter for foreign foods and we need to have a robust agricultural sector, despite my preference for the dlp, i need to see the cassava that haynesly benn talked about to hep as input for feed, i want to see us growing exotic crops for the export market. For years, it was stated that the cut flower industry could generate substantial fx change, what has happened to that. the only thing i can see is a buch of miilde class people gloating about some medal they have one year after year.

    You dont need an economist to tell you that if you economy is based on services being fed from the internatinal market that, once there is trouble in the international market there will be trouble locally.

    It is time for government to cureve the importation of vehicles and the govt needs to stop buying to gasl gobblers(jeeps) to be used by messengers who used them to drive about their friends and faimlies. There should be a policy on the purchase of vehicles. Persons who obtain fixed travelling should use heir vehilces and not the govt vehicles. That goes for Ministers and top civil servants. Govt need to revisit the leave granted to public officers to attend classes, That is stressing the service. the University of the West Indies needs to have more of their classes in the evening to faciltitate working students.

    Overseas travel needs to curtailed. Should Minister continue to travel first class in these recessinoanry times. Public Officers need to ensure that govt funds are used wisely. The thiefing in the public service msut stop and the kick back.

    We need to earn fx exchange to kick start the economy, we can only do so much at the local level, but we are tied into the intl economy because of the the MNC and the way they operate, When we borrow fx money do you know how much we eventually in interest? Nough and the cyle is repeated and repeated.

    In a nutshell, we must be prepared to curve our apppetite and look inwardly to solving our problems. Such as asking students attending UWI to start making a contribution to their education, while studying or after graduation. The UWI should attract intl students who will be pay for their education and generate income for uwi and consequently cut its dependence on govt.

  6. @David,

    ‘Our greatest fear with a general election on the horizon is relevant economic policy will be trumped by political expedience. The current situation brings to the fore BU’s position that Prime Minister Fruendel Stuart needed to call a general election on assuming office. He would have benefited from the sympathy vote and BLP infighting at the time.

    David aren’t you contradicting yourself. Isn’t this political expediency that you advocate, if Freundel had called elections while the nation was in the throes of emotional upheaval?

    Unfortunately we have not seen a government with the testicular fortitude or in other words ‘the balls’ to make the hard decisions concerning agricultural and other imports that can readily be produced by our people.

    We take the easy route out by selling off our assets to the highest overseas bidder and never see the repercussions of foreign currency leaving our country.

    The economic situation we face right now is compounded by a green government who seems way out of their depth.

    @Looking Out,

    Avinesh Persaud is such a joker, he could have let one of our able housewives teach him. Every good housewife knows that you don’t count the chickens before they hatch.

    Every time he thinks an investor is coming on board with the ‘four seasons’ project he sounds off with the media in full attendance only to find the ‘eggs’ are addled, and the government finds themselves complicit in the matter giving potential workers false hope.




    OH LOSS!

  8. David – if PM Stuart had called an election shortly after the death of David Thompson, I agree that it’s highly likely that the DLP would have secured another victory. Stuart would have been percieved to have secured a “mandate” more closely associated with his persona than with Thompson’s, so this event may have given his (Stuart’s) political capital a little boost…for a while.

    Other than that, I can’t see what other difference a snap election would have made (other than strewing even more distractions in the paths of ministers who are, in the main, already operating way beyond their competency levels). And Stuart, unless we had moved into a parallel universe, would just have frittered away any uplift in politcal capital after an election win with his subsequent lacklustre performance as a leader.

    An early election would have reset the clock on the DLP’s dismal stewardship of the country’s affairs…nothing more.

  9. I also categorized Mr Mascoll as a phony economist.
    Yesterday on Brass tacks the moderator raised a point from a book written by an economist.
    Mr Mascoll as usual dismissed the man as a clown. He dismissed Moody,s and Standards on another brass tacks program with David Ellis by saying forget about them man get on with managing the economy how you see fit.
    Now he is all over the media using moody as the bible for down grading Barbados.
    He is intellectually dishonest in his arguments.
    No economist in the world knows more than him and his name is only known in Deacons as Freundel rightly explained.

  10. Question for Mascoll:

    He suggested on the same program referred to by Clone that government should be supporting capital projects and less taxation. Barbados is an import based economy, it means there if we do as Mascoll says there is the possibility of ‘stressing’ the foreign reserves. Would appreciate if the economists on BU can clarify. It is clear the government has to balance stimulus and other fiscal approaches.

  11. @Paul Barnes | June 24, 2011 at 2:53 PM
    “(other than strewing even more distractions in the paths of ministers who are, in the main, already operating way beyond their competency levels)”

    Paul, did you not mean “…below their competency levels?” It only makes sense to me when I read it that way.

  12. I agree with “Beyond”!

    Most of them, with a few exceptions, are not competent to operate at the level at which they are reasonably expected to operate.


    What do you think of this?

    “Echoing Grenada PM Keith Mitchell’s comments in the press,
    Gonsalves dismissed the notion of “winds of change” sweeping
    through the Caribbean with the recent change of governments
    in Jamaica, St. Lucia, Bahamas, and Barbados. According to
    Gonsalves, Barbados’ two main parties are so similar that
    “differences will have to be manufactured to keep the party
    faithful happy.””


    Sounds a lot like what you are trying todo.

  14. @ Truthman – I meant operating “beyond” their competency levels. In the sense that they are in over their heads, at the end of their ropes, over-driving their headlights, etc, etc, metaphorically speaking. Put another way, these are people that we have entrusted with the responsibility for making important social and economic policy decisions every day, and most of them, frankly, I don’t consider competent to dig a hole in my yard.

  15. @Paul Barnes

    If you dont have a yard there is nothing to be dug. You have to wait seven more years before you think about getting a yard.

  16. But PB, if they are “OPERATING beyond” is that not good? Now if they were operating “below” that would make more sense. You probably mean that the duties are BEYOND their competency levels, not that the Ministers are OPERATING beyond them in performing the tasks.


  18. It seems Clyde Mascoll has pissed-off Frank Alleyne who is head of the economic council. Dr. Frank Alleyne stated that to attack the Central Bank Governor and technocrats who support him has deep implications. He also reiterated that Barbados is an open economy operating in a very challenging global place.

  19. David
    Mr. Alleyne also made a point that Barbados economy is back where it was twenty years with the same problems.
    Mr. Mascoll should therefore know that he cannot escape blame in not helping Owen Arthur restructure the economy in moving away from having the strong dependency on tourism, construction and selling the scare land resource.
    Mr. Mascoll even told Maureen Holder that one of the ways to improve the economy is to look at the sugar industry. Can anyone point to any policy he enacted when he was associated with the BLP government that showed the sugar industry was important.
    These two mout politicians must know that blogs are here for the average citizen to expose their deceitfulness.

    • @Clone

      looking forward to Mascoll’s response. There is no doubt Mascoll has a share intellect, it is a shame his credibility has been shot because of his political ‘forages’.

  20. No matter the differences in outlook between the Thompson led DLP and the Arthur led BLP I can’t remember Thompson or even Mascoll attacking the Govenor of the Central Bank or its bureaucrats during their time on the Opposition benches.

    Perhaps there are deeper issues here but does anyone know or care to speculate the reasons behind Mascoll’s “ take no prisoners” approach to anyone or anything associated with the Gov’t?

    Here is my armchair analysis: Mascoll is still not accepted by the rank and file BLPites as a bona fide member (they can’t forget his assaults on the BLP) and is trying to ingratiate himself into their hearts by being extra aggressive in his attacks on the Gov’t and its policies.


    Maybe Clyde is just pissed because of the way he was removed from his position as leader of the DLP and will do anything to get back at those
    %^&@#! Bastards.

    Sometimes one can try too hard.

  21. I have read one article written by mascoll and that was the one delaing with BL& P with the rate increase. i consider him to be a theorectical economist and nothing more, even Davis estwick, not an economist can put over economic matters better than him.

    The problem with mascoll is that he has now realized that a lost opportunity can never be regained and he is at the peripherial of the BLP never to be let in, and can never returned to the DLP. I consider bothe he and Hmie Lashley two politcal parasites, one has a base and the other base is in theory.

  22. @David | June 25, 2011 at 1:08 PM |
    “@Clone. …looking forward to Mascoll’s response. There is no doubt Mascoll has a share intellect, it is a shame his credibility has been shot because of his political ‘forages’.


    Hi David, I note that you hardly ever answer my questions or respond to any of my statements. It’s often the absurdity of the Carson C.Cadogan’s of this forum who get your attention; but that’s quite okay by me … not even a suspicion of jealousy where I am concerned..

    With reference to Clyde Mascoll, I take it that you meant “sharp” intellect, not “share’ intellect, although the “e” on the keyboard is rather far from the “p” and you could possibly mean something altogether different!

    But ….. Are you or anyone else suggesting that Dr.Frank Alleyne, the eminent economics professor at Cave Hill he is, is devoid of any political agenda, and has not made any political forages?

    At least Mr. Mascoll achieved some measure of success in his. Why are you people focusing your attacks on Mascoll like this, making statements about loss credibility?

    You are doing a great work Clyde. There are many aspects of your discipline of which you bring enlightenment to me and countless others, so do not be daunted by the naysayers. I certainly benefitted from your discourse on Brass Tacks this week related to the Barbados Light and Power rate saga, not to mention your sagacious and instructive defense during the rate hearing against the rate increase, on behalf of the suffering people of Barbados.

    My advice to you, CLYDE MASCOLL is to always be aware that the devil never wastes his resources on people who pose him no threat. Those people who never attract the attention of the devil, are those who live in a perpetual comfort zone, people who behave and think LIKE MANY OF THE GEORGE STREET (DLP) BLOGGERS in this forum. And as it is in the spirit realm with the devil, where God originated everything, and the devil distorted, so it is in the natural,

    They will try their utmost to discredit you Clyde, and to neutralise you. No disrespect meant to the goodly gentleman, but even a “resurrected” DLP economic guru like Dr. Frank Alleyne will be on your case Clyde! Dr Alleyne must never perpetrate the nonsense that Central Bank Governor, Dr.DeLisle Worrell is beyond constructive criticism. I entirely agree with many other people who have detected a certain political slant that has subtlely attended many of Dr.Worrell’s pronouncements since his appointment to that post. I will return to this subject.

    • @Truthman

      What can one say except the barbs tossed by you and Hamilton Hill at each other provokes much mirth in the BU household.

  23. @Sargeant | June 25, 2011 at 2:24 PM
    “Maybe Clyde is just pissed because of the way he was removed from his position as leader of the DLP and will do anything to get back at those
    %^&@#! Bastards.”

    And by the way Sargeant my friend, I think Clyde is consummately qualified to defend himself, but I will just say that observing the man’s countenace and behaviour, I would never believe that he is “pissed” or anything of the sort, and wants to spitefully get back at anybody in relation to that DLP debacle. Yours is a nasty slur against the man.

    Is not it clear to you that as far as that DLP situation is concerned, that Clyde Mascoll is at peace? Is it not clear to you, that the DLP, after having been in the political wilderness for 15 years, and yet in a state of unpreparedness, lied and deceived their way back into government, and that based on the their CURRENT MEDIOCRE PERFORMANCE in office, have confirmed Clyde Mascoll’s worst fears?

    Clyde has therefore been entirely vindicated, even by the hand of the Almighty, who giveth, and taketh away!

  24. Truthman Burton I am putting it to you that you are squeaky voice Clyde Mascoll.

  25. @DLP leader

    I dont believe in trying to determine the identity of any blogger.

    What Truthman need to tell this blog what mascoll has been vindicated of. Clyde Mascoll was gven Harwood to manage and when he was done it was sotwood and nothing was left.

  26. AHAhahahahahahHHAAHAHAHAHAHA!!!!!
    Please believe, I am not psychotic or anything like that, but I am enjoying this, even though we are dealing with serious matters!

    For you certified morons, yesterday, I was KERRIE SYMONDS, today I am CLYDE MASCOLL, who will I be tomorrow? TOM ADAMS come back to haunt you?


    “The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.” Winston Churchill

    And may I add, “It hurts”

  27. @just only asking | June 25, 2011 at 8:45 PM

    Why don’t you produce all this evidence of wrong doing, the evidence that you deceived the entire Barbadian electorate with, as it related to Clyde Mascoll, and get him put in jail. That’s what you threatened, you (D)ECEITFUL (L)ying
    (P)athetic ……. bastards!

  28. @Truthman Burton

    I presented two alternative analyses but you only responded to one of them how about the other? Is the BLP faithful is accepting of Clyde? Is Mia accepting of Clyde?

    Are you sure Clyde is at peace? In one of his criticisms of Sinckler he spoke about Sinckler’s countenance, about the gravity with which he delivered his speeches. Clyde would be better advised to criticize the content and not the appearance, since he was on the receiving end of one of the funniest or vicious (depends on where you sit) lines from one of your senior members …. Madame Foreign Minister B Miller who said he looked like ….. well you know the story.

    Speaking of nasty slurs, how many times have you been on these pages pronouncing that Thompson’s illness was caused by his fondness for vodka? That is only one example but I wouldn’t have to check very far to find many more examples of your slandering politicians from the party opposed to yours.

    How about that? Truthman’s last two submissions have made references to the Almighty, but did you have to use Owen’s words (metaphorically speaking of course) when he said words to the effect…..I promoted Ms Mottley, I made her this and I made her that now I am going to take it away from her…… in other words Owen giveth and Owen taketh away.

  29. But jack spratt re. your post of June 24, 2011 at 9:27 PM ;
    You said
    “But PB, if they are “OPERATING beyond” is that not good? Now if they were operating “below” that would make more sense. You probably mean that the duties are BEYOND their competency levels, not that the Ministers are OPERATING beyond them in performing the tasks”

    Operating “below” their competency levels must mean that they are probably quite competent and their current “outputs”, such as they are, have been achieved without having to approach their competency levels. PB surely did not mean to suggest that they have any level of competency, rather that they are incompetent.

    There is absolutely no evidence that they have a competence level below which they are now operating. They have no track record by which one can say that they have a certain level of competence.

    The word “Operating” suggests that they are doing something, PB, seems to be suggesting to me that whatever they are doing or attempting to do is beyond their competence level, not below their competence.

  30. @truthman

    Do you see politicain bout here try to lock up one another? They wont, but they kow about the corruption that went on but they operate like a fraternity. Look how much money your administration spent on the st. Joseph Hospital to prove what?

    All politicians both BLP and DLP use their position to enrich themselves. Only two persons on the BLP could not be accused of that; Jerome Walcoot and Anthony Wood. All the others in your party got rich, it is a pity that the report which owen said he had could not be made public, it would have embarrased pepole like you. just remember how the stoke of a pen land in zone was able to be sold? Think about that as a start and get back to me.


  31. one would realise from the attacks on mr mascoll by the dlp bloggers how love for party political institutions seem to cloud the judgment of persons who by virtue of training ought to know better. it is a pity that mr mascoll had to cross the floor but what else was there for him to do after having been unceremoniously pushed from the leadership of his party by a snake-in-the-grass manoevre by a wily mr thompson who saw an opportunity to return from the political grave after having lost three elections. may i add just for balance that crossing the floor at parliamentary level began with the luring of mr kenmore husbands by mr barrow frojm the blp to the dlp; mr lloyd “boychild’ smith did a similar thing as well as miss mottley’s fathjer. so crossing floor is nothing new. should mr mascoll have remained in a party where he was not wanted to satisfy the whims and fancies of the dlp elite and suffer the door cmat indignity of mr kellman and to a lesser extent time longer than twine mr estwick to feed on the crumbs from the fatted calf..i am really sorry that there was no other political avenue available to mr mascoll to make his contribution to the country but i salute him nonetheless for not wanting to be anybody’s doormat.

  32. @balance

    By your logic we should expect Mia to cross the floor.

    Another flaw in your comment, Thompson required the support of those elected to wrestle the leadership from Mascoll.

  33. Balance
    I followed political parties for a long time and came to conclusion that Mr.Mascoll would have led the DLP to another defeat. He was gaining no traction in getting the population confidence that he could be prime minister.
    The parliamentary group saw a weakness in him and removed him before the next election. It was rumoured that he told them that to move him as leader he would break up the whole thing.
    His political immaturity was evident here where he could believe that one man can break a political institution like that.
    Owen Arthur embarrassed him all the time and then tricked him into crossing the floor to be a minister. He became the first opposition leader in the world to cross the floor and become a minister in the same week.
    He said on brass tacks that he was consistent all through his political career forgetting that he accused Owen Arthur of being involved a scam with persons given the acronym JAWS and never mentioned again when he became a minister.
    The BLP hierarchy and followers never forgive him about that.
    Owen naming him co leader also caused MIA to help defeat him in St.Michael North West. She will do it again if he is selected for St.Thomas.
    I am not a DLP blogger. I am one for Integrity in Public life

  34. @tBalance

    If Mascoll had any ounce of integrity, he would and could have resigned from the party and sit as an independent. Clearyl you motto is instead of none give me any. It was disgusting that he could have done something like that, and that is why i prayed for his defeat, just like the I think his name is Vaughn Lewis. What message were they senidng to people that politics is obout prostituting oneself for politcal ll expediency.

    Catch ya another time.

    How ironic you are the one that is supposed to give a balance approach you find it diifult to argue such an easy case.

    Mascoll will never ever get elected in Barbados, even if he runs in St. Peter. He is not a politician and should stick to theoretical economic.

    For your information, i am not a dlp blogger, what i blog comes from my heart and knowledge of the politcal scene. Yes my preference if for the DLP, but i am not a clone of the DLP and is not in contact with anyone of the DLP memembers about what i blog about. I respond to bloggers and the topic.

  35. if mia crosses she would have every right to do so and then too she would be going back to where she started as a young democrat. as i said crossing the floor is nothing new and despite how the non-dlp bloggers try to spin it, mr mascoll was unceremoniously relieved of his position in the dlp because he did not fit the bill to make way for three time loser mr thompson who sensed mr arthur’s failing fortunes and all the time had the cheque scandal under his bosom waiting to throw in mr arthur’s face. he might never win a seat but at least he has more balls than mr kellman and at least he gives the public the benefit of his wisdom like it or lump it.

    • @balance

      You have truly misread the Mascoll situation. Is it not true that the CADRES poll at the time put Thompson way ahead of Mascoll in national popularity?

      Would Thompson have wrung the hands of the DLP parliamentary group to vote for him similar to Arthur and the support he has gotten over Mia?

      Agree or not the political system we have supports the ruthless nature of what we saw first Mascoll/Thompson and second Mia/Arthur.

  36. Balance
    What is his wisdom? The electric bills still went up and now are ridiculous. He could not walk in Wendell McClean shoes.
    Dr.Blackman and Charlie Skeete are giving Barbadians an honest appraisal of where the economy is and what must be done to get out of this mess. That is wisdom not political posturing.US and UK growth is slow. Europe is struggling and the only countries that are doing oK are not our major trading partners.
    What do you expect of this small non productive island?
    The United Nations Human index again shows Barbados in the top ranking. How did we get there? Not by our productivity but by borrowing all the time. Those funds help to move our standard of living so far ahead of so many countries that the people do not know what hardship is.
    Most Barbadians are well informed about the world economic problems because they use the technology such as facebook, twitter and other social media. Politicians like Mascoll cannot any longer fool persons with this inexact science of economics which is the study of how people choose to use scarce resources. Every father and mother managing a household is an economist.
    By the way Mascoll has not mentioned once how he would control the civil service wage bill. In fact no politician has mentioned it. Those two gentlemen have. That is what you would call honest, economics.

    • Let us pray that the US economy does not do a double dip.

      All the talk in Barbados will surely hit the fan then.

      We have a generation in Barbados who don’t understand hardship.

  37. The article in today’s Sun on Sunday attributed to economic guru, DLP senior member, Dr Frank Alleyne, makes VERY interesting reading. Is P.M Stuart following the same road as former P.M Sandiford?

  38. @ David
    The only reason the US and Europe wont “double dip” is because they never came out of the first drop! In the last 2 yrs growth of 3% has been artificial when one considers that in normal growth cycles the growth should have been 6-7% and with a fraction of the money creation in this cycle. The West is in deep shyte for at least the next 7-10 yrs and Bim would be well advised to develop home grown solutions generated by their best and most experienced economic and financial thinkers.

    • @Moneybrain

      Interesting comment, we will see when Obama intervenes in the budget talks this week how things shape up.

      Time is running out, the republicans want deep spending cuts with no taxes!

  39. World Bank to take stock as Egypt scraps IMF loan
    WASHINGTON | Sun Jun 26, 2011 6:12pm EDT
    (Reuters) – The World Bank said on Sunday it would have to take stock of plans to lend to Egypt after the International Monetary Fund confirmed the authorities no longer wanted an IMF-backed loan program.
    Egyptian Finance Minister Samir Radwan said on Saturday Egypt would not borrow from the World Bank and the IMF after revising its budget and cutting the deficit target to 8.6 percent of gross domestic product from 11 percent.
    A World Bank spokesperson said it was not informed of the decision.
    “As far as we are aware these discussions are ongoing and we have heard nothing from the government to suggest the contrary,” a World Bank spokesperson said.
    “If there is no IMF program, we will have to take stock,” the spokesperson added.
    The IMF said Egypt had scrapped plans for a $3 billion IMF loan agreed last month. The World Bank and other international donors usually look to the IMF as a seal of approval to lend to governments.
    World Bank President Robert Zoellick said on May 24 the poverty-fighting institution would make available $4.5 billion over the next 24 months for Egypt. The funding included $1 billion this year in budget support and another $1 billion next year to help cover a huge budget shortfall after the economy was plunged into turmoil by mass protests that drove Hosni Mubarak from office on February 11.
    The World Bank program was also aimed at improving transparency and boosting employment, which were part of demands of the protesters.
    Radwan said Qatar had provided Egypt with $500 million for budgetary support in the past week, and Saudi Arabia had offered a similar amount.

  40. mr blackman and mr skeete are saying the same thing that mr mascoll has been preaching.the balance on current account since 2008 has been considerably expanded because of bad economic policies and there needs to be a change in direction.unfortunately, the dlp intellelligentsia do not seem to have any answers other than bread and fish issues as free busfares, free houses, free camps. rather than build societies, unaffordable and unmanageable freenesses contribute to the depletion of societies like barbados with little resources.

  41. Balance
    Don’t try that.
    The two gentlemen never said anything about the bad management under any government. They spoke about the effects the US and UK economies will have of Barbados experiencing growth in the future.
    They main contention is how to get the deficit down and it involves the government telling the public the truth and go about cutting government spending including a wage freeze.
    Now your irresponsible leader is telling the unions not to accept a wage freeze. He is so desperate to get back at the people who vote him out that he is becoming reckless.
    Well Mia is making sure that he doesn’t get back in by declaring in his presence in St.James North that she is running for the chairmanship of the party. Making the point that she needs to clean up the party to give the Barbadian public, some level of confidence in the BLP.
    The issue is what she wants to clean up?

  42. Imagine, serious people, including BU, wasting time discussing Clyde Mascoll, a discredited politician and intellectual of convenience who is the brightest man on earth and can never be wrong whether talking politics or cricket. His latest ingenious revelation on the Barbados economy: A restructuring of the sugar industry will save it. All this discovered in the last few months, though when in government could offer or implement any plan to do the same. Indeed rather than working on the restructuring of the Barbados economy Mr. Wisdom the Economy Guru, who BU says has “share intelligence” spent his waking hour conceiving and implementing the Hardwood Project that crashed and burn taking with it the hard earn cash of many innocent Barbadians who coughed up money for houses they never got.

    Of course this economic genius with “share intellect” could not get a project as small as that off the ground successfully, but has every possible answer for the Barbados economy. Of course while he is at it he will successfully tell the light and power how to reduce energy costs and produce cheaper light bills cause they dont have a clue what they are doing (according to him) and of course instruct Adrian Loveridge (never mind his more than 30 years in the hotel business) how to run his hotel because according to Clyde his talks a lot of rubbish; and when no one is looking he will take a lunch time break to solve all of the problems of the West Indies team because the selectors and management do not have a clue.

    This is who we, including me, I confess, are spending valuable time in 2011 taking seriously and wasting space talking about on this blog.

    Oh how have we have sunk.

  43. @Little Angel | June 27, 2011 at 10:51 AM

    You are no “Little Angel” ….. sounds more like a “Lame-brained, Humongous Jackass” to me!

    It’s just I told Clyde Mascoll in another post, that out of fear and awe, they are all going to come after him, (even Dr.Alleyne) in a futile effort to neutralize him …. because they see him as a threat to their political stability.

    Mr. Humongus J.A., you have now snatched the record from CCC, for having discharged the largest load of offal in this forum.

    Imagine that … compelled to spend so much valuable time on a man who has no value. You could have fooled me, “mi angelito”

  44. And I know Mr.Humongous J.A., that you have been mulling over my posts, because you have zeroed in on my previous reference to David’s reference to Clyde Mascoll, as having a “share intellect” instead of a “sharp intellect”, which is what Clyde really has.

  45. @Clone | June 26, 2011 at 9:28 AM |
    “@Balance, I followed political parties for a long time and came to conclusion that Mr.Mascoll would have led the DLP to another defeat. He was gaining no traction in getting the population confidence that he could be prime minister.”

    Clone , you know you are not representing Clyde truthfully. Clyde worked his tail off in the DLP opposition to bring them from a humiliating TWO SEATS, (I believe the most devastating defeat ever in local politics) to SEVEN.

    The other truth is that the DLP could REALLY use Clyde Mascoll now. If some how they could have acquired the ability to see down the road, they would not have treated him so dishonourably, so degradingly by literally throwing him out of George Street.

    The annointed one, who rushed back in to shamelessly benefit big time, from Clyde’s passionate, emphatic, rebuilding exercise, unfortunately did not last too long. The vacuum has been/is very evident with “SILENCE STUART” in the saddle. Even when SILENCE utters something, it seems he still ain’t saying a pang!

    But they are too ashamed to admit, “Clyde, man we could really use you now”, so what else could one expect them to do, but to launch unrelentless attacks on the man’s credibility.

  46. @ David
    Both US political parties have contributed to the bankruptcy of the US. They both persued unrealistic housing policies whereby people were encouraged to buy homes with nothing down, questionable income streams and prospects. (The lower 30% should be on Govt “rent to own” programs) Both parties have allowed the rich/ investment banks to dominate policy and bail themselves out when their greed has been unbelievably egregious. Socialism for the rich or formerly rich is by far the most dangerous form of socialism.

    The real solution was to not create so much money in the first place and certainly not permit the shenanigans of the investment bankers. Keynesian solutions of money creation wont work and economists and politicians have not learnt that creating huge some of monies out of thin air CANT work. The Austrian school of economics under Von Mises and Hayek does work and Keynes himself said “morally and philosophically I find myself in agreement with virtually the whole of Austrian economic thinking, in fact deeply moved”.

    When Govts intervene in the economy and delay the market’s adjustment, the longer and more grueling the depression will be, and the more difficult will be the road to recovery. Here are the errant policies that are employed BUT should not 1 preventing bad investments from liquidating 2 inflating 3 keeping wages up artificially 4 keeping prices up 5 stimulating consumption 6 subsidising unemployment. The US is guilty of all. Nothing will change because it is politically expedient to inflate the debt away and risk US$ immolation. 43 MN Americans on food stamps, crazy. The problem is that with lil pain there will be lil gain. This mess will end with massive debt repudiation. Austerity was the way to go BUT now it is totally politically impossible. Sick leadership in the past 30 yrs will place BO in a very difficult spot and he may well become the victim at election time through little fault of his own. The Pres must answer to his masters, regardless of who he is, his life depends on it!

    • @Moneybrain

      Where is the credibility in a system that would allow greed to infiltrate it leading to a serious compromise of the global financial system and economies?

      How can we trust the players to now self regulate?

      Is it ironic that the very developed countries who own the international financial institutions are now pressuring developing countries to reschedule debt and cut deficits and were the ones who caused the destruction of wealth in the first place.

  47. Mr. Truthman Burton……..o lord somebody hit a raw nerve in U……….lololololololololololol. When will you ever get over it. lololololol wuhloss!

  48. @Truthman

    Have you disregarded the national swing against the BLP which Mascoll benefited? Thompson ran against Arthur at the upswing of an economic boom and Arthur at his most popular.

  49. @Little Angel | June 27, 2011 at 3:25 PM |
    ” Mr. Truthman Burton……..o lord somebody hit a raw nerve in U……….lololololololololololol. When will you ever get over it. lololololol wuhloss!”
    What raw nerve you talkin’ ’bout, mi “angelito”?
    You could really cease that stupid pathetic gigling … I can detect PAIN in it!

    @David. Swing or no swing, Thompson had retreated, fearful of his political future with three(3) straight defeats under the belt, and he must have been in the shadows wondering when the chance would come to pounce upon the hard working Clyde Mascoll. That chance was accelerated with the villainous,underhand, back-biting dealings of people like the late Peter Morgan, and Phillip Greaves.

    The rest is history. The ‘King’ from St.John, who had always gotten everything handed to him on a platter, never had to fight cleanly for anything (e.g. an established Law Practice and a completely safe seat in Parliament) returned from the dead!

    • @Truthman

      To engage you in the argument wouldn’t politicos suggest that Thompson was being strategic?

  50. @Truthman Burton

    Earlier you claimed that David doesn’t respond to your questions but you don’t respond to any either. I am still waiting for response to my query about Clyde/Mia and the BLP.

    In the above post you wrote that Thomson seized an opportunity to topple Clyde thanks to “back-biting” old guard politicians.

    Well I guess that “back-biting” is an occupational hazard for political leaders in Barbados, when a former leader thought that the door was open for him when Thompson was gravely ill and Mia thought she had the support of her colleagues some people were “back-biting” Mia or perhaps she would call it “back-stabbing”.

  51. @ David
    The entire political system in the US and most other countries is corrupt. I dont trust Washington et al . Most people think Lombard St in San Francisco is the most crooked in the US…… BUT NO, it is the street that connects Wall St to Washington DC. Nothing has been accomplished with regards fixing the problems the probs have been exacerbated. Collapse is inevitable BUT my real concern is what will BIM do? Life will soon be incredibly tough and Bajans like Americans are not use to hard times like 40yrs+ back.

    The banksters are fraudsters they will do anything to stay afloat!

    • @Moneybrain

      Read an article some where recently that not much have change since the bust as far as regulating Wall Street is concerned.

      Your point about Barbados, maybe getting busted is a reality we need to face though it pains to even think it.

  52. david, didn’t mr thompson benefit too in the last election from the swing expected after three terms by the blp? i have no problem with persons loving their political institutions and i know many oof the partisan supporters of the dlp are ashamed at how their party is performing but vilifying mr mascoll wouldn’t ease their pain or perhaps shame.

    • @balance

      The simple point you are missing is that both Thompson and Arthur could not have wrestled the leadership from Mascoll and Mottley without the support of parliamentary colleagues.

      Within the confines of party constitutions they did nothing wrong.

      You may dislike the action but it was not illegal and is part of the cut and thrust of Westminster politics.

  53. @just only asking | June 28, 2011 at 5:30 AM |
    “@Truthman Burton.Do you expect owen to return from the Dead as well?”
    J.O.A., Why would I expect that? I don’t recall any funeral services held for Owen Arthur, and apart from being evidently ALIVE and kicking, he is gloved up, and in a state of BEE READINESS!

    “The simple point you are missing is that both Thompson and Arthur could not have wrestled the leadership from Mascoll and Mottley without the support of parliamentary colleagues. Within the confines of party constitutions they did nothing wrong.You may dislike the action but it was not illegal and is part of the cut and thrust of Westminster politics.”
    On a number of occasions, e.g. the heading “Mia Mottley Has Moved To Another Level” posted on March 15, 2011 by you David, it looks to me like you did not feel that the “Mia controversey” could be placed in the category of “the cut and thrust of Westminster politics” as you do now.
    You appeared then to show great sympathy for her position. You were joined in this exercise by DLP psycophants, who for their own disingenuous purposes, tried foolishly to mislead Mia that they were in her corner. It seems to me that all of you propagated the idea, subtlely or otherwise, that she was back-stabbed and unfaired.

    It pleases me though, that Mia has paid no attention to the foolishness of DLP distractions. She undoubtedly understands that no one is bigger than the institution, and she is dedicated to maintaining the BLP’s unity and integrity. These DLP pernicious scandlers praise her one day and cuss her the next; they ought to mind their own backyard.

  54. @Truthman

    Believing that Mia was the victim of crass political opportunism stands, understanding the system is another matter.he system is another matter.

  55. Truthman Burton
    What Unity?
    Mia Mottley said on Sunday at that meeting that she is running for the chairmanship of the party. In any election year it is usual for the political leader to be the chairman of the party. This is telling me that she and Owen will be in conflict again.
    Mia is using classic political strategies to keep the BLP base why making sure Owen is not successful in the next election.

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