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@ Chuckles
The English could have well joined because they are still always involved in bailing out the others; and are members of the European Parliament and subjected to the trade, human rights and other laws coming out of Brussels. The UK economy is also doing worse than those than joined including Germany, France, Poland and Netherlands. The Euroscepticism is borne out of insularity (especially ‘love’ for the pound) more than anything else yet without a thriving EU the British economy is doomed as is currently obvious; and had certain policies been mandatory and adopted the current situation might have been different.
I am positing the restructuring of Caricom economies within the context of a regional economy as a way forward not as the answer to avoiding the current global recession, and luckily for us we have the weaknesses of the EU as examples to avoid.
@Peltdownman
How will Barbadians awake to spend locally when the government in waiting is suggesting the issues of the day has more to do with government’s mismanagement?
@ david
Mismanagement could also mean not encouraging local buy…no?
@Hantsie
Sorry to read of your hardship, if one is to judge from your postings you are a survivor and your pragmatic view of the world would have helped :-).
The conclusion which the BU household has come to for a little while now is that our leaders like those in the global sphere don’t have a clue how to turn this thing around.
They seem to be operating by trial and error.
The protracted nature of this recession has been a back breaker.
It is not surprising that economists will disagree on a way forward.
On 12 October 2011 17:41, David wrote:
> @Hantsie > > Sorry to read of your hardship, if one is to judge from your postings you > are a survivor and your pragmatic view of the world would have helped :-). > >
Buying local must come with a shift in thinking.
It seems whether at the individual, private sector or government level the spending pattern/taste remains the same.
After 4 years of buffeting in a world recession most Barbadians still don’t get it.
@enuff:
” I am positing the restructuring of Caricom economies within the context of a regional economy as a way forward not as the answer to avoiding the current global recession, and luckily for us we have the weaknesses of the EU as examples to avoid.”
Terence M. Blackett, please com to the rescue and euthanise this patient called Caricom.
Trinidad, the Fuhrer of the Union, has abandoned us in our time of need. Why Trinidad, our brother, sister , mother , big daddy, still charging us poor relations the commodities market gambling prices for petroleum products produced next door but available to Trinis and friends at giveaway prices. Don’t they realize that reduced spending power because of high oil prices in the poorer islands means less money the natives, especially in Bim, have to spend to buy their Caricom tariff-protected goods displayed on the shelves on the ever expanding retail shopping empires owned by the Trinidadian based conglomerates.
Caricom equals to Trini con!
David wrote “Sorry to read of your hardship”.
Thanks for the sympathy David and you are right. I am a survivor.
I would prefer to be in Barbados employing Bajans but I guess it was not meant to happen.
@ George c. Brathwaite, “I beg you not to shoot me for asking for a new direction”.
You are too valuable to Barbados so there will be no shots fired. Fellas like you must keep putting ideas out there and hope they help Bajans survive these difficult times.
The best idea I have been able to come up with is simple. Food import substitution is paramount if you wan’t to reduce foreign currency spending.
Growing food in Barbados is not difficult. Hard work yes but very rewarding.
Richard Sealy accused OSA of not convening meetings of the Public Account Committee of Parliament as a part of his contribution to the last Budget debate.
I want Minister Sealy to know that the Barbadian public is watching to see whether he to participates with PAC next week when it seeks to enquire a number of matters, including the BTII (Pierhead Marina scandal) and the BWA.
I love see an immature politician eats his words.
@ David
Did you by chance manage to the article in last evenings Barbados Today about the Ukrainian PM which attempted to link into the Barbados political system?
@ Health & King:
“I love see an immature politician eats his words.”
I hope also you enjoy a good visit to the circus! This will be a “pappy show” where the great lion tamer, OSA with whip in hand (a piece of cloth wrap around a pawpaw shank), will make sparring motions to the sedated lion called DB. CS and the other cheerleader RS will try to prop up the wounded traitor with the “yes man” marshall from the dale looking on with a smile(y) on his face playing the part of the clown.
The only thing that will come of this charade is that the two-faced traitor and crook will get a slap on his rump to force him to take what has already been stolen (paid to the St. Lucia IBC) and don’t come back to the pig’s trough. A a sweetener he can continue to hold his cushy, work devoid portfolio and draw taxpayers money as an unelected official under the pretext of ministerial responsibility.
@Health & King
Feel free to post the link.
Terence M. Blackett
“if ANTHONY’S economic perturbations for Barbados is correct”
anthony is related to the PRINCE OF GLOOM AND DOOM, Owen”seethru”Arthur, so what more do you expect from anthony?
@ Health & King:
So you agree that the PAC boys’ club meeting is just a merry-go-round!
@ Miller
Another time, I’d be inclined to agree with you but given we are very close to election season and that OSA is desperate to get back to Ilaro Court and Bay Street so as to secure his legacy, I don’t know. I think this might be a serious attempt to injure.
OSA also has debt to settle with DB, so that will be icing on the cake plus one has to remember that a few members of Cabinet have been calling on FS to cut DB to the wind before the party starts campaigning.
I think you might be surprise where this going.
@ Health & King;
Men like DB are dangerous to keep as political associates. Untrustworthy! Men that would sell you out for a mess of pottage and stab you in the back.
The day he is cut loose to the wind and blown into the canyon of retribution and justice the cleaner the air will become devoid of the stench of corruption.
The question is: Does your man FS have the testicular fortitude to turn on the fan and open the windows to allow rubbish to be blown away! He is dispensable; unlike LP who would require another method of disposal, similar to his erstwhile buddy and factotum.
peltdownman there is hardly any money circulating these days and soon there will be none at all thanks to the ill-advised policies of the cuurent administration on assuming office.the man at the bottom is who spends and circulated the money in the economy and he isn’t getting any. checheck the supermarkets, rumshops or bars on nelson street on friday evenings and the picture is evident. white people do not spend, they save, well to do blacks operate foreign exchane bank accounts and shop overseas; the indian community buy property circulate their money among themselves.
@ millertheanunnaki
BU has posted relentlessly on this FRAGMENTED* conflagration called CARICOM*…
I am not sure that much more can be said or done!!!
You correctly cited that the underline tensions is within the TT quadrant (reasons being multiple in nature) but the sociology within the TRINI* political landscape is mired in ethnography with fissures and fractures which run deep within the psyche of that society…
Putting on a amalgamated show at CARNIVAL* does not represent the true “RACIAL UNDERPINNING” within that society…
Like GUYANA*, another Caribbean country where a similar type sociology exist within the ethnic groups – ALL* of them vying for a form of supremacy resulting in RAMPANT CORRUPTION*, CRONYISM* & BREACHES OF THE RIGHTS* OF CERTAIN PEOPLE IN BOTH THESE RESPECTIVE SOCIETIES…
Jamaica, a land of extremely gifted people have not lived up to the creed to which they stand on and as a consequence a vacuum in real moral, political and economic leadership has resulted in a country where the seismic rumblings could one day explode in all out social anarchy…
The other smaller nation states – each with their respective contributions to make cannot be undervalued, however, (notwithstanding that most of us are still boggled in trying to understanding how could Caricom exist without CUBA, DOMINICAN REPUBLIC or HAITI as well as the other islands of the outer northern Caribbean)…
These are the real challenges within CARICOM* because these [2] neighbouring countries both have mineral and ENERGY* resources and believe they have the right to spearhead any form of autonomous leadership ( just as GERMANY* hold the gavel in the EU as the presiding power because of its economic might)…
Just as “IRON” and “CLAY” are two completely separate and distinct elements and cannot gel, coalesce or cleave together – in the same way CARICOM* partners will always see themselves as unilateral entities – not to be outdone by any other…
So we have serious dilemmas in the areas of POLITICAL,MONETARY & STRUCTURAL UNION within CARICOM*…
The two person who could have pulled this “UNION” together are on one hand (THE LATE, GREAT, HONORABLE ERROL WALTON “Dipper The Skipper” BARROW or Tom Adams) – regrettably, neither of these men are alive on this plane of existence and almost sorrowfully, THERE IS NO ONE IN SPITTING DISTANCE WHO IS OF THE CALIBER OF THESE TWO GIANTS)…
The most that our so-called regional leaders can do is try to “AGREE” on a (CAP) COMMON AGRICULTURAL POLICY (hopeful better negotiated than the current EU policy); try to “AGREE” on a mutually beneficial regional “TRADE” policy which would see the cost of “GOOD & SERVICES” driven down to such a place that it would spur economic growth, serious entrepreneurship and movement within the islands…
Like a few on BU and elsewhere on the pristine shores of these “magical” islands is the rhythm of song that says:
“UNITED WE STAND, DIVIDED WE FALL AND IF OUR BACKS SHOULD EVER BE AGAINST THE WALL – WE’LL BE TOGETHER, YOU & I….
Anything less and I am sorry but ANTHONY* may very well be right!!!
@ HANTS
Don’t feel bad my dear bro – somethings need to change within the political sphere before GUYS* like you can “OPENLY” & FREELY” invest in our great country…
The climate and culture in Barbados has made it hard for indigenous FOLKS* (EXPATS) to make the kind of investments we would like without the FEAR* of manipulation, monetary machinations, and the malfeasance that come with a SYSTEM* that is blaring CORRUPT* from the HEAD* down to the TOE*…
From politicians, to lawyers, to BANKSTERS*, to the TRADEMAN*, to the common GUY* on the street – almost EVERYONE SEEMS TO BE ON THE TAKE!!!
This does not sit well given that in place like Canada where you reside those kinda’ problems are virtually non-existent…
The question we must ask ourselves is – WHERE DID THIS KIND OF ENCULTURATION SURFACE FROM?
It is very troubling!!!
On the other hand (and I am not sure whether the average BAJAN* realizes that his country is being sold off PIECE* BY PIECE* to a new form of NEOPLANTOCRATS* (economic piranhas with loads of expendable income) in cahoots with our said elected REPRESENTATIVES* who have been mandated to look after our social and indigenous rights as the MAJORITY*… For we are the 99%…
Wherever in the long epoch of IMPERIAL* history, the “MINORITY” rules – the “MAJORITY” is in deep “KAKA”…
One morning, you lot may awake to find your existence no different to that of the ABORIGINES, NATIVE AMERICAN INDIANS & ALL OTHER GROUPS WHO FELL PREY TO CULTURAL FORMS OF ECONOMIC DOMINATION*…
I would have no difficulty with a 12% unemployment rate. While it is certainly not impossible, is would be very strange for 3,000 jobs, about 1,000 per month for three straight months, to lost in a small place like BIM without it being very obvious. For that many jobs to be lost in such a period would require headlines making be business closures and layoffs.
Something statistical appears to be going on.
Aspects of the economic policy debate intrigue me. Last year at this time the focus was on the fiscal deficit. We had to bring it down at all costs to manageable levels. Now the deficit has come down from 9 to 5 percent not a peep about that. the debate has shifted elsewhere.
The policy measures to bring down fiscal deficits often constitute a drag on growth. We bayed loudly for deficit reductions, choices have been made to reduce the deficit, but choices have consequences.
@trained economist
The problem exist that they they producing fy 2011/2012 figures and also using calendar year 2011 figure. using q1 + q3 report fiscal balance stands at -577.8 jan-sep 2010. -419.6. given the gpd estimated. we get -10.6% and 7.1% fiscal balance. Careful stat selection can hid alot
The Gov’t and the Central Bank needs to refute this reported comment by Owen Arthur if it is NOT true:
““ . . . Dr Worrell should have told the people of Barbados that between April and September the Central Bank has become the principal financier of the deficit of the Government of Barbados and it printed almost $150 million to finance that deficit”
http://www.nationnews.com/articles/view/arthur-central-bank-now-financing-deficit/
If it is true, would it be unreasonable to worry that given the worldwide economic recession, particularly in the USA and Europe, that such action by our Central Bank may ultimately lead to devaluation of our dollar?!
@ Ping Pong:
Right on the money!
The Printing of Money (term used advisedly) without the concomitant increase in local economic activity to soak up the additional dollars in circulation and backed by adequate and sustained levels of foreign reserves to finance the large foreign component of this additional economic activity is a sure recipe for further economic dislocation and an invitation to the IMF to visit us sooner than we would wish for.
What will the public view be if and when the DLP members of the PAC try to frustrate the meeting by refusing to give OSA a quorum?
I know one think for certain, there is dirty down in the marina redesign, um can’t cost no $40 million design the bloody marina which already designed.
Darcy ass got to be biting he, I hope he an OSA is really not friends cause I got a feeling OSA got a wicked plan for his short ass.
@Health & King…
Just putting this out there for consideration…
Is it possible the People of Barbados deserve more than they are currently getting?
@ Christopher
We deserve more and better but it is us, the electorate which must demand what we want. Nothing less will do.
Understand this, some of a board of directors comprised of people hand picked by the first DLP cabinet in 2008 resigned because of this matter. A attempts were made to ensure that the DLP did not get themselves into this mess but the board was left to the screaming insults and directives of a little short BLP lackey, DB.
God help DB if this matter ends in a Commission of Enquiry, he will not escape the wrath of the directors who resigned in protest and disgust.
@ Health & King:
First he must be unceremoniously fired on the same date of this month that his sponsor made an exit. FS needs to act fast and remove this cancer. Don’t wait any longer! Call on Rev.Jones to exorcise this demon.
A Commission of Enquiry is a waste of time and money. No one will be locked up after, just embarrassed. Immediate dismissal is more appropriate and politically wiser.
Irony at its best.
the fiscal deficit for the first nine month of 2010 was 9.5%, while it is down to 5.3% for the first nine months of 2011.
four seasons and pier head not forward might suit the political objectives of the blp and some others, I am not sure it suits bim at this time.
Two large construction projects with a signficant chunk of foreign exchange financing that does not add to government debt. 85ml uS from IADB in the case of four seasons.
If I were oposition leader I would heaven and earth to make sure they remain stalled for the next 12 months at least.
can we really move this economy forward at this time without these two projects starting as soon as possible?
If I were minister of finance I would be moving heaven and earth to get them started as soon as possible.
@Trained Economist
Is it about moving the projects forward at all cost or more about whether in the global economic condition the cost benefit makes sense.
government expenditure is some ones income, if we cut expenditure unless it is replaced by private expenditure gdp will be reduced. It is far from clear to me that govt expenditure is currently crowding out private expenditure, or pushing up interest rates.
reduced taxes can spur more expenditure, but we must focus on the foreign exchange impact of such. if you put more spending power in peoples hands, theu will spend more, but much of that spend will use foreign exchange. can we really count on domestic expenditure to drive growth without draining our reserves?
tourist arrivals have not translated into tourist expenditure in this environment. the latest data from our main source markets suggest that their expenditure will be depressed for the forseeable future. can we really get the growth we need by ramping up arrivals?
the private sector in bim and globally is showing major risk aversion. can we really count on private capital inflows from traditional sources to drive growth?
a large construction projects provides many spin offs and employment.
if the project is heavily funded with foreign exchange inflows, reserves get a boost ar at least are not depleted.
if the project is largely private govt debt is not impacted and our credit rating can be preserved.
if the project is a bolt with foreign financing, the impact on debt is delayed until project completion, and reserves get a boost.
pierhead, and four seasons are far from perfect, but could they be the best of the many bad options in front of us?
@Trained Economist
Compare your reasoning to that of government and perhaps it explains why there is much distrust and skepticism about using the two projects.
When you add Marshall’s comment that Avinash was naughty to go public then you see the politics being amplified.
The people just want to know the damn truth* so that we can manage our expectations.
Some on BU can read it for themselves but to others the message has to be managed.
david, i think the cost/benefit favors these projects in terms of our available options.
if we want to divesify our tourism product to the new wealthy in the east and latin america, top brand name hotels seem an essential part of the mix.
@ Trained Economist:
Any right thinking Bajan, irrespective of their political leanings, should NOT be against the two projects, in principle, at this stage. For the sake of argument, this is an appropriate time to embark on large construction projects that could kick start the construction industry– one of the main engines of economic activity- and to generate some investor confidence in other sectors of the local economy. The construction companies involved should be in a better bargaining position to negotiate for reasonable labour cost of a high quality and to secure deals in sourcing materials and services from both local and overseas suppliers.
But what we are concerned about is the obvious corruption, wastage, duplication and general hanky-panky dealings floating around the marina project. Unless the ruling party sprinkles some disinfectant in the bilge water and force the rat(s) to jump overboard, the project would continue to stink to high heavens and continue to attract flies and other vermin.
Nothing wrong with approaching the NIS as a possible investor partner in the venture in which Bajans could have a stake and might benefit in the long term if the project realizes the projected cash flows and profitability. What is wrong here is the gumption the NIB have in making such an investment decision based on a whim or fancy, feelings and sycophantic desire to satisfy their masters’ political agenda. Where is the information on the Investment Fund’s current or reasonably current financial, position? Where is the transparency and accountability? Who is there to review their decisions in a meaningful and timely fashion to identify any shortcomings and make recommendations for change to enhance the decision-making process?
This is not CLICO & BAICO policyholders and investors monies that were used as gambling chips and easy money for personal aggrandizement and living the highlife.
We want some accountability from the people we have put in charge of our savings for old age.
Don’t you think that a consortium of local private sector investors, along with some NIS funding, would add some measure of confidence to the project by removing the perceived partisan political control with its own electoral agenda. The involvement of the private sector investors would lend significant support to the perception that the construction of the project would be carried out efficiently and most likely within in the terms of the agreement(s). Thieves hardly steal from their own. They are the best guards of their own money. The NIS investment can be protected by tightly drawn up performance agreements with severe penalty clauses for poor or non-performance.
So you local money men with your millions sitting in your bank accounts either local or offshore, here is a grand opportunity for you to join together and partner with the workers (with their forced meeting turns- NI contributions) to save Barbados from pending economic stagnation and possible dislocation. The Chinese can even be approached and offered a share of the investment to assist with the foreign exchange funding component. But then again, this will do nothing for the local labour force and the many small shops, food sellers and entertainment joints around the Island.
@Trained Economist – how is the Pierhead project to be financed?
Trained Economist | October 15, 2011 at 12:00 PM |
the fiscal deficit for the first nine month of 2010 was 9.5%, while it is down to 5.3% for the first nine months of 2011
page 9 see that little Asterisk its April to September figure.
post oct 14 12:01 am
The problem exist that they they producing fy 2011/2012 figures and also using calendar year 2011 figure. using q1 + q3 report fiscal balance stands at -577.8 jan-sep 2010. -419.6. given the gpd estimated. we get -10.6% and 7.1% fiscal balance. Careful stat selection can hid alot
In today nation uwi says they are awaiting 108 million in payments from government. if this hasn’t been include in the transfers & subsidies this pushes the fiscal balance to 527.6 million with the gdp estimate fiscal balance gdp percentage is 8.9%
Isn’t pier head and the the new cruise terminal suppose to be government financed ? Iadb suppose to inject 65 million us with four seasons another 25 million us with ansa. The 60 million us loan to clear water still needs to be repaid. with 137 million us estimated required to complete construction and only financing being done for this . how will this 60 million be paid back ?
Any comment on the Harlequin project?
January 2010.
‘The Merricks have received the full support of the Prime Minister of Barbados, the Right Hon. David Thompson’
Yet over one year later, the project together with the proposed transformation of Allamanda Hotel is abruptly halted with the loss of jobs
due to Government delay in not giving the concessions promised. Nation – 15th October 2011
What is going on?
http://www.harlequinproperty.co.uk/hp_statement.php
See today’s Nation:
http://www.nationnews.com/index.php/articles/view/13-workers-lose-jobs/
BU understands another small resort (Lighthouse Resort Barbados) may have been closed as well:
maybe they want duties + vat off. Government revenue or lack thereoff off the project wouldn’t help their situation or could be redtape but it just normally the signing of single document to waive duties + vat.
There is no coherency or consistency with government policy……..simples!! And further, as I continue to intimate, the government speaks before it thinks.
Case in point…the government is fast building houses yet I doubt any provision is being made in these housing developments (whether high rise or single dwellings) for decentralised energy systems, though they speak of plans afoot to enact legislation allowing feed in tariffs.
@enuff: “I doubt any provision is being made in these housing developments (whether high rise or single dwellings) for decentralised energy systems
Could you please explain further what you mean?
Are you talking about consumption, or production?
Or both?
Well both nuh
@enuff: “Well both nuh
OK.
So then, do we merge our consumption such that we optimize a bigger system? For example, have a centralized hot water boiler? And/or, do we have a centralized air conditioning unit?
Or, do we instead, merge our production such that we optimize our sun-facing surfaces covered with solar panels?
Or both?
Or neither?
What do you advise?
I am not advising, however I am in favour of a mix of different approaches based on the wishes of communities/homeowners as opposed to a one size fits all. Let me declare that I have not done any economic analysis…lol.
All I am trying to say is that at Coverley, for example, an alternative energy system is far more desirable and progressive than a Town Centre. What about Four Seasons? Believe it or not, but getting such systems in place on these massive projects is not that difficult.
And when I say decentralised energy I am referring to the production of energy outside the control of BL&P.
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