Solutions To The Economic Crisis Facing Barbados

Submitted by the People’s Democratic Congress (PDC)

Mark Adamson, leader of the PDC demonstrating outside Barbados Light & Power against high electricity charges by Barbados Light & Power

The current political economic depression in Barbados, and the depth and duration of it, ought NOT to have come as a surprise to the broad masses and middle classes of people of this country.

As that, a few years before the coming about of this depression, the PDC was warning the public of Barbados that if certain political financial systems remain in existence in this country in the long term, that they were going to substantially cause very staggering and profound amounts of decay and decline in the production and exchange structures in the country.

Furthermore, too, then, the PDC warned the public of Barbados that certain actions that were  from time to time being taken by the so-called leaders of the national tripartite social arrangement (esp. those of BLP/DLP Governmental leaders), to disgracefully expand these very systems, such as TAXATION; INTEREST RATES; REPAYABLE INSTITUTIONAL PRODUCTIVE  LOANS; IMPORTATION OF THE COST OF GOODS AND SERVICES FROM OVERSEAS; EXCHANGE RATES PARITIES; WORK; etc. (which invariably are some of the same fundamental causes of the massive production and exchange decline that is now being witnessed by many people in Barbados), were going to mean the guaranteeing of political economic recession soon after political economic recession, for Barbados.

Also, during the first year of our party’s existence in the said 2005/2006 period, we reinforced in the minds of the said broad masses and middle classes of people, the notion that if the systems and other relevant ones were not REMOVED TOTALLY once and for all from the the political material financial landscape of Barbados, and were NOT at the same time replaced with modern viable systems, how their continuation would make sure that Barbados would become so much vulnerable to external shocks and turbulences, that the country would certainly accelerate tremendously towards becoming a second rate Third World country in the next 10-15 years (from the mid 2000s) – with all the attendant chronic social illnesses for many to see.

The truth is that whether or not our warnings were taken heed of by many persons in Barbados, as it stands now, Barbados has been in a severe state of political economic crisis since the last part of 2007, with many businesses closing down, many thousands of people being laid off, and there being significant declines in national output, there being substantial increases in the cost of living and doing business in the country, with also crime going up, and increasing hopelessness abounding.

But, as can be gleaned from economic textbooks and from the teaching and practicing of economics (and Western Financial subjects) in Barbados, theories of TAXATION, INTEREST RATES, etc., have long been seen by many people to be integral parts of this dark and discredited discipline called economics.

Make no doubt about it most (80%) of the concepts, theories and principles that are found within the economics discipline are totally obsolete and backward and are antithetical and irrelevant to 21st century national development for Barbados.

So, having studied much economics ourselves, the point must be hammered home that with these above mentioned systems and other ones being responsible for the massive production and exchange decay and decline (soon substantial ruin) in the country, and the consequent worsening social environment, it makes absolutely no sense whatsoever continuing to teach and practice political economics any where any time in Barbados – given that the above mentioned systems and the relevant unmentioned others, in theory and practice, are at the core of the economics discipline  in Barbados and elsewhere.

That is why the  PDC has been letting the broad masses and middle classes of this country know of the absolute need for them to wholly and systematically dispense with most of the concepts, theories and principles making up this very dismal approach called economics.

And that is why, too, we have been asking some individuals from within these said categories of people to take the lead in coming up with a new and relevant people centered discipline; a set of new and rigorous  tools of analysis; and a body of fresh and exciting methods, theories and principles, that, et al, would definitely aim to describe and explain multi-farious aspects of the productive, material and income affairs of this and other countries, and that would positively seek to describe and explain countless relationships that would exist between numerous political, social, production, commercial and income related variables.

Indeed, a proper understanding of the history of the emergence of the discipline of economics in the 18th century in Europe and its later development across other parts of the world, is also very necessary in any fundamental understanding as to why the ordinary people in Barbados must evolve a new dynamic and scientific discipline, as a means of not only properly projecting and at the same time substantially reflecting the productive material and financial circumstances of the country, but also as a means of signifying a substantial thrust towards providing greater intellectual political social and financial growth and development.

For, any overwhelming breaking away from the clutches of colonialism, not only means the quest for political independence for a previously colonized country; for a country’s own final courts, but also the doing away with things like economics which are loaded with imperialist oligarchic biases and prejudices.

Since, it is economists and their cohorts (in the political, business, legal, banking and other relevant fields), that have been failing to recognize that it is economics  (as well as its political underpinning and structures) – out of all the other disciplines – that has been bringing about the greatest possible harm, destruction and degradation of the national/sub-national affairs of Barbados, it must therefore be the duty of the most keen and knowledgeable practitioners of the other social studies and other disciplines in this fair land to take the lead in creating alternatives to economics teachings and practices in Barbados, and to at the same time continue the process of steadfastly pulling the country out of the big giant mess that it has been put in by certain political people in it.

For, the country cannot now afford to be seen to be committing more of the same egregious blunders as in times gone by when persons like Dr. Frank Alleyne, the late Wendell McClean, Owen Arthur, and other ruled dominated public policy making in this country in the 80s and 90s – and when things political economic now, such as the alarmingly high government debt, deficit financing, etc. are partly as a result of advice and information given to government and private sector officials by them.

Therefore, Owen Arthur, Clyde Mascoll, Anthony Wood, Dr. Brian Francis and others must not appear ever again to be catapulted into the limelight of current events, esp. by the traditional media, when in the country’s search for solutions to its material and financial problems, it is seen that NOT one of them (as economists) in Barbados has brought forward any solutions to the myriad political economic and financial problems we in Barbados are faced with at this stage.

In closing, we would like to ask BU readers/visitors the question: How could Arthur and Mascoll have been reported in recent, different editions of the Nation Newspaper (but in different contexts) as bemoaning the disastrous effects that – as they say- the printing of money (government borrowing from the Central Bank ) can have on the performance of the so-called Barbados economy? when borrowing of money/value by all kinds of entities from other kinds of entities is a common place thing in this country?

Whereas Arthur reportedly termed such action by the Central Bank, as the last desperate step before going to the IMF, if the history of Barbados was correct, Mascoll reportedly stated that this action in the context of the Caribbean economy, was the fastest and deadliest way to undermine stability in a country like Barbados.

However, both these economists must be told that while it is true that such printing of money at very alarming levels can lead to disastrous consequences for the so-called Barbados economy (NOT through any really false and fictitious economic concept of building up inflationary pressures in the economy, BUT really through the cost of use of money going up as a direct result of that type of Central Bank action and other effects) it is absolute rubbish to suggest that money/value when added to other amounts of money/value can anyhow devalue the existing value of the existing money pool in a country like Barbados. What old, archaic economic thinking!!!

The truth is that anytime a  PDC Government comes into existence in the future in this country, the government will have the right to borrow up to 35-40% of the then current GDP, in any one given fiscal year, from the core financial system without having to repay such, such within the context of the implementation of a National Institutional Non-Repayable Productive Loan Scheme.

0 thoughts on “Solutions To The Economic Crisis Facing Barbados

  1. millertheanunnaki(may2012)

    You are getting more desperate as you go along as you try to cover up BLP misdeeds.

  2. The Barbados Labour Party is nothing but a bunch of GANGSTERS in three piece suits.

    “Seethru” be very afraid.

  3. @ Carson C. Cadogan:
    “Without laws against such corrupt behaviour, Owen Arthur continues to be free to profit from his official acts and decisions – and to make such decisions so he can personally profit from his position.”

    Mr. Cadogan, you really need some help in getting you out of the TIME WARP you are stuck in!
    Mr. Owen Arthur is NO LONGER PRIME MINISTER! Nearly Four years in the making he has been put in political confinement away from the addiction of corruption as claimed by you. And the same corruption is going on!
    The drug of corruption has been stolen and being injected by your paro boys.
    Man, go check yourself before you become fully delusional and might require a long stint at Black Rock where there are no computers to blog on, only DLPTV!

  4. @millertheanunnaki

    like i said before just ignore ccc. he is ignorant to the core after all. he doesn’t know fact from fiction and can’t think for himself. you can’t help him.

  5. Millertheanunnaki

    You are very selective in your arguments. What is your opinion of Owen Arthur position on immigration into Barbados?

    If you project this collapse of the Barbadian economy in the next two years how is Arthur’s projection of an increase population going to relate to our social services.

    Is he showing this genius that the BLP persons on the blog want us to believe?

    He also hinted that Barbadians can be given tax rebates on health care and education if they have to pay for them.
    Is he not now admitting that the policy of both the DLP and BLP in the future will be to make Barbadians who can pay for these services pay?

    Why then can they not have a bipartisan approach to these issues that he said he would not. He just wants to be Prime Minister again for his ego not about moving Barbados forward.

    I agree with you fully about integrity and FOI legislation because that should have been done long time ago.

  6. He also hinted that Barbadians can be given tax rebates on health care and education if they have to pay for them.
    Is he not now admitting that the policy of both the DLP and BLP in the future will be to make Barbadians who can pay for these services pay?

    He said if they have to pay for them meaning its not his policy or anyone to make bajans pay healthcare even the dlp seem how bad that can effect them in the polls. We need a strong economy to support social program which make a society. They go hand in hand and aren’t separate from each other which the current administration seem to have forgotten. Erosion of revenue mean the debt will pile up and they will may have to cut program to make imf and rating agency happy. the concentration should be in getting revenue generation going such as the international business sector. It seem to be rather basic economics points the government is falling on.

  7. @ Clone:
    “You are very selective in your arguments. What is your opinion of Owen Arthur position on immigration into Barbados?”

    I don’t understand this question! As far as I am concerned immigration is governed by the Laws of Barbados not Mr. Arthurs’s position. If Civil Servants fail to apply the law and regulations governing immigration matters then they should be brought before the Courts. Mr. Arthur is a politician and if he wants to see a change in the law then he knows where to start.

    With regard to the pending loss of social benefits, all that can be said is that the days of “freenesses” are over, whether DLP? BLP/ or DBLP will be cutting the umbilical cord. Same crap but different colour!
    If you read between the lines and appreciate the subtlety of the statements and comments emanating from both camps you would understand the depth of the tragedy that is about to play out before our very eyes and empty our wallets to pay for the show.

  8. New and deeper jobs recession looms, UN report warns

    GENEVA, Switzerland — A United Nations report issued on Monday warns that the cooling global economy risks pushing the world into a double-dip jobs recession and triggering an outbreak of social strife unless governments take urgent action to stimulate employment growth.

    In what it calls a “grim analysis” of the future of global employment, the International Labour Organization (ILO) also notes that while private enterprises are in an even weaker position to retain employees since the start of the financial crisis, austerity measures implemented by governments have contributed to the growing numbers of unemployed.

    “We have reached the moment of truth,” said Raymond Torres, Director of the ILO’s International Institute for Labour Studies, which issued the report. “We have a brief window of opportunity to avoid a major double-dip in employment.”

    According to World of Work Report 2011: Making markets work for jobs, 80 million jobs need to be created over the next two years for global employment to return to pre-crisis levels.

  9. @ Fractured BLP
    That is all you could muster–the promise of a Republic? wtf!! You really think that played a part in the BLP winning an election?

    @ Cadogan
    You should have advised your party to pay close attention to the world economy before crafting their last election manifesto of promises.

    A two bedroom house with a fridge, stove washer and dryer on a tiny lot with no room for expansion cost $298,000 plus a monthly maintenance fee of $117.50!!! I want someone to tell me why the government instead of selling lots directly to Bajans so they could build their own houses opted for JADA?

  10. @ enuff:
    Cadogan knows all the BLP corrupt thieves and their secret overseas bank accounts. I wonder if he can shed some light on the overseas bank account that was credited with the finder’s commissions re the “Covertly” disposal of land and associated fees earned for the covertly facilitation of the development of the lower middle class ghetto just off the highway that is used to get to the departure lounge to fly away to a location where the account is held with the Alpha -numeric Access code: ML MP St. P Nth 15-01-2008—14-01-2013.

  11. @ anthony:

    Kelly has argued that by using his own brand of Keynesian economic theory called “Kellmanomics” he has arrived at the conclusion that the bl&p and its parent are taking the small consumer for a ride and basically Peter is paying for Paul. Certainly this act of robbing the poor to keep the rich happy is not fair trading at all!
    Now this is a very serious charge against you client. Guilty or not guilty? Or is the gospel according to “Kellmanomics” just a Northerly hot wind blowing just to fly kite to test the temperature of the general electorate?

  12. Seems he think changing the topic from bnoc/bntcl profit to blp he could get away with madness. He contribution seems to be the worst i have heard of in long time. FTC regulate the base rate which the bl&p return which mean it doesn’t change in between rate hikes. people then decide on how much energy they use. the things that changes is the FCA. If fuel price go down but FCA stay high the profit all pass to the bnoc/bntcl. 🙂 artificially high prices cause by FCA not bl&p. It wasn’t even a test . he running in a safe seat. unless he trying to lose it lol

  13. Enuff,
    @ Fractured BLP
    That is all you could muster–the promise of a Republic? wtf!! You really think that played a part in the BLP winning an election?
    Do not remain in your puke !

    The promised Republican state of government was a big BLP HOAX.
    Owen Arthur and the Bees cannot be trusted.

    To prove to Barbadians that the BLP are serious about tackling corruption……get Owen Arthur to publicly address the charge made by Rawle Eastmond about voter padding/ rigging for the 2010 BLP conference.


    Is this why Rawle is now hounded out of St. James North by the same Owen Arthur ?

    BLP frauds.

    • The following statement should ring loud in Barbados.

      Why has Greece failed to put its house in order in the year and a half since Mr Papandreou sought bail-out cash and technical assistance from the EU and the IMF? Lack of political will in his cabinet, where fellow reformers are in the minority, is one reason. Another is incompetence among old-fashioned, deeply politicised civil servants. And with civil servants hard-hit by the latest round of austerity cuts, working to rule has become the norm.

  14. @ Fractured BLP:
    Indulge me if you have already addressed this issue which I wish to raise in the form of a question. What is the DLP’s position on Republicanism for Barbados?

  15. “It would appear that at a meeting held at the Bay Primary School (prior to the Conference) Mia Mottley made the patriotic call for a Joint Select Committee of both Houses of Parliament to discuss the matter of Transfers and Subsidies.

    But Arthur shot down the idea.

    The reason is simple: if Sinckler gets its right, Arthur is no longer relevant.”

    THE HON. MIA AMOR MOTTLEY is standing head and shoulders above most of you in the Barbados Labour Party.

  16. @ Fractured BLP
    Same story, same person, different pseudonym. Go figure!!

    @ Carson
    Mia was calling for a joint select committee as far back as 2009 if not late 2008. At that time, the late PM Thompson opted to be treacherous by proposing to invite past Prime Ministers to breakfast meetings, hence excluding the then Leader of the Opposition. As expected, not a single meeting occurred. You were also busy at that time calling Miss Mottley the vilest names under the sun.

    Desperation I say!!!

  17. ENUFF

    You want to hear “vile names”, go back when Mascol was opposition leader and you will the the “vile names” you BLP operatives called him.

    Now he is Lord Jesus for you BLP operatives.

  18. There is no economic policies or practices and no economy period. The financial institutions in europe are corrupt and amoral so ther is no model to follow. That is why people all over the world are standing upto their leaders who have stolen ( and there is no other word for it) there hard earned taxes and loan payments to finance wars, their life styles and propoganda (called newspapers ie;rupert murdoch and co) check the (OWS) occupy wall street website and see protest all over the world especially in greece and america. everybody is waking upto these tyrants, they shouldn,t be dictating to anyone, let alone about accepting gays or peaodophiles.
    All the islands should have a peacefull rebellion just like everywhere else!
    These people (bankers and politicians) feel, when it gets ‘hot in the kitchen’ they can just jump ship and go and sun and fun themselves in the caribbean to be waited on hand and foot. In europe everything is grinding to a halt, except for escential services. In America, even soldiers are joining the protesters instead of brutalising their own people on behalf of theiving bankers! These bigoted, bloated assholes must pay back and debt because they syphoned the monies out of the countries, I lost count of the number of banks and companies selling illegal financial products to ordinary people that ripped them off, have had to close down in america.
    PlUS they are too busy trying to hype jamaica, despite the ‘off the chart crime’ child trafficking an abuse, because those people pander to them and do what they want. FACT!
    NO ECONOMIC MODEL, JUST REBELLION! no point trying to flog and a dead horse. In Greece where there is heavy rioting, the people have gone back to growing their own food and helping each other, doctors are even working for free just to spite the real theives who have been making them work long and hard all these years just to tell them now, that they won’t be getting the pensions they thought they were going to get, ontop of which they have DEBT and so do their children, HELL NO
    They call it austerity, we call it YOUR DEBT they must pay it all back even if they have to sell their crutch and their own pickney!!
    DO NOT ACCPT DEBT OR AUSTERITY MEASURES. otherwise non of your children will ever have a future just these bloated lychees sucking you dry forever, while dictating what you must do in order to get what you should have anyway- FINANCE. Look at the constant high prices of food in your shops, and taxes, let alone morgage, petrol and your childs education. A flight from england to barbados with resort they want £899.per person where does all that money go, DO our people see any of it, but you must cater to…. and keep the island nice and sweet eh? BULLSH***T
    Mexico has gotton rid of the dollar and is getting its own culture and money system back, returning a source of pride to its people, just like Venezuala, cuba. Our black countries should do the same Africa is doing the same. Now we will leave them nowhere to run

  19. @ bajan | November 3, 2011 at 7:44 PM |
    “Africa is doing the same. Now we will leave them nowhere to run”

    Just propaganda here!
    Sub-Sahara Africa is being sold out by its corrupt leaders and elite to the Chinese and to a lesser extent the Saudis. Even South Africa has to jump to the roar of the Dragon. Ask Bishop Tutu why his invitation to his friend the Dalai Lama had to be withdrawn.

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