Occupy Four Seasons In The Offing

Submitted by John Dillinger

Tony Marshall, Chairman of the NIS Board

I have followed your blogs [BU] with regards to the Four Seasons and Professor Persaud’s decision to ask the NIS to invest in the project as opposed to bring in international investors like the late PM David Thompson mandated him so to do. Was not the Professor to use his international connections to bring in the investment needed to restart the project? If so should we take it that he has failed to get the interest of the international investment community..the hedge funds, venture capitalists etc. to invest in Four Seasons? If so, then why?

Moreover based on two recent articles in the Nation Newspaper, one on November 24th quoting Minister Chris Sinckler as saying he expects the NIS to make a decision by the end of this week (coming after the now famous extraordinary Cabinet meeting of November 15th to “discuss” the Four Seasons project) and that the Minister of Labour and Social Security was “working closely” with the NIS on the matter. Does all of this smell like a hint of political interference in the NIS decision process with regards to the project at all, especially when it was reported that the NIS had been advised not to invest in the project?

The second major article, coming on the heels of the downward revision of Barbados’s outlook from STABLE to NEGATIVE this week, was an article saying that Standard & Poors was closely monitoring the progress with regards to the project  – how strategically timed and well placed for this article. Can we conclude that this is all meant to influence (read: pressure) the NIS into a particular decision. I hope that the Tony Marshall led NIS Board with the learned Dr Justin Robinson as Deputy Chairman would do the ethical and honorable thing  and resign if they vote with political sword of Damocles hanging over their heads…remember that it is ALL OF BARBADIAN WORKERS future pension that they are dealing with, it isn’t monopoly money – the remainder of us don’t have the benefit of a big UWI pension or large Barclays pension when we retire…we depend on the NIS,

Please don’t throw our money into an empty whole while your own is secure….or else you may be inviting Occupy Four Seasons, Barbados’s version of Occupy Wall Street or worse yet, the beginning of Bajan Spring (our own local version of the Arab Spring) Do you really want that on your conscience gentlemen?

0 thoughts on “Occupy Four Seasons In The Offing

  1. ‘It is a real investment and it should be done’ according to a consultant actuary with the NIS.
    ‘It may not bring returns right away; it may take a little longer than we expect. Let’s say two to three years, but ultimately we cannot lose’ Nunez said.


    Is this the same consultant that recommended the NIS ‘investment’ in Hotels and Resorts Ltd (GEMS)?

    I really must have missed something. Isn’t it going to take two to three years to complete?

    Let us be told be told the facts and while they are at it, the financial facts regarding the taxpayer funded Hilton.

    See REAL DEAL – Nation – Tuesday 1st December 2011

  2. Poor class you have said it correctly the voodoo economics of the past has finally caught up with us. THE BLP Right now with the present leader has not presented any viable plans or alternatives to solving the economic meltdown of this economy one only have to read OSA speech recently at the Hilton similar to what we heard before . The same smoke and mirror politics that got the country here in the first place. So BLP stalwarts with and upcoming election on the horizon tell me what better solutions does the BLP have to offer other than criticism. Personnaly i don’t think they have any.

  3. @David

    My preference is for the DLP, i agree that stuart has not come to fhe front as a leader, but i dont agree that he should have called elections. he needs to show that he is a leader, that laid back approach does not appeal to Barbadians and hence if he does not change his style and show that he ahs some balls i can see his demise.


    I would like to have the infromation on the Hilton Hotel, the amount that was invested in it and where did the funds come from, also its ROI over the years, the same infor is required for gems.

  4. I firmly believe that ALL statutory corporations should be legally bound to publish their audited accounts within six months of the financial year ending.
    This is taxpayers monies and not the personal savings of any Minister of Government.

  5. @Miller

    as a poor person, i do not expect any subsidy, the next thing you would want subsidy on breathing, you undeucated worm. With my blinkers i can still see the wole picture, forget me responsd to poor class and businessman.

    Time longer than twine that is another one for you to see if you know the meaning. The govt action was a corrective measure. Economics about reality, not theory so come again, but you might not have anything in the tank and your braim might be too small to understand the arguments poor class presented.

  6. To Poor Class and Ueducated:
    Please do not dirty your colors because of me. When the DLP loses in about 6-8 months time, your analysis shall still be welcomed here on this blog, but alas it would be from a position of the “opposition”. I know that i have not been far in school, so do not fluster because of me. Stare the loss in the next general election full in the face and then come back down to earth and see if there is any thing you can do to save this sinking DLP political boat.

  7. @Adrian

    all statutory corps are rquired to present their accounts, methink within 3 or six monts after their fy. It fhe managers were halued before the cold for not doing so we might see an improvement, them again arnt these managers political apointed.

  8. I dont think that Stuart will change his style
    What Peter said is true. Going down under , spending money and not reporting to the people is a bad indicator. Stuart must understand that if he leads the party into general elections, the DLP will lose.
    Members of the DLP will move Stuart

  9. @ UNEDUCATED | December 1, 2011 at 8:03 AM |
    “as a poor person, I do not expect any subsidy, the next thing you would want subsidy on breathing, you “uneducated” worm. ”

    You go tell that to “Poor class”! He or she (like you) is the one who is into the class and social division issue! Not me!
    But as far as my being an “uneducated worm” I have now joined the class you have been in for the last 4 years and I plan to sit next to you and copy from you.
    But here is an idea to help the poor man (hope you are reading, poor man) with the increased cost of bottled gas. You should be aware- since you are a bookworm (it takes one to know one, you know!) with a wealth of knowledge- that the price of domestic natural gas piped to local consumers have not increased in any noticeable rate (VAT excluded of course) when compared with the bottled gas. As a widely read student of economics (so you pretend to be) don’t you think this represents a serious distortion in the market pricing mechanism that you so ardently defend? Is this not a clear case of a very “un-level” playing field?
    A similar situation exists between the delivery cost of petroleum products to local businesses (e.g. manufacturers) and domestic consumers in T&T when compared to the other CSME partners. Do you understand why T&T is able to dump its cheaper (and in some cases inferior) goods and services on the Barbados market whose producers are way out to sea in very “fishy waters” and overburdened by very high energy costs imported from the same CSME T&T market?
    Why not increase the cost of locally produced and supplied natural gas to bring it in line with the imported bottled gas. Some of the additional revenue can be used to offset the reduced taxes on the poor man bottled gas which this administration for the same poor man can consider as a token of dealing with the high cost of living especially for the poor.
    Yes, a little subsidy on breathing would be helpful not only to me but also to the growing number of young asthmatics overcrowding the A&E at the QEH.
    Check the quality of the fuels imported for use in vehicles. Also, enforce the provisions of the clean air regulations and get some of those public service vehicles to comply. Such a move would add credence to your oft touted greening economy propaganda even with the cutting down of trees that will reduce the amount of oxygen available for the poor man like me to breathe.

    Now, if you can come up with ideas and “imaginative” proposals like those just outlined and stop the personal attacks and vindictiveness maybe the rest of the BU family might start seeing you and your fellow apologists for your party’s inertia and blatant incompetence in a different light.

    PS: I am willing to help in the national interest but you must stop the personal attacks!

  10. If this blog was serious about taking forward national development at this time, instead of calling the political horse race, thyen the Smart energy Fund should be occupying our attention.

    I am learning as I listen The Central Bank governor said it was important that the alternative energy drive be funded with an inflow of foreign exchange so that its not a drag on reserves initially. I did not think of that, and I am happy that the people in charge are looking at all kinda angles as they manage the economy.

    So the fund although promised in the DLP manifesto has taken some time as they have gone through the IADB process. Instead of looking at the fund and how we can move forward, Miller wants to show how clever he is and that the DLP lacks ideas.

    Barbados now has a cutting edge alternative energy initiative along with the incentives passed over the years and we are talking aout government inerta.

    Lawd help us. My business will make us of this fund.

  11. Check health care. Everyone wants QEH improved, but to get improvements doctors have to be managed. Doctors have run the hospital to date and no one who dares challenge them and thier dominance can survive in Barbados. They are another elite group who vex vex at the attempts of this government to reform the QEH. This CEO and Minister is about the best I have seen but the doctors, who are the creme de la creme of our society will win this one as well.

    Owen wants private health care funded by tax subsidies. So pay at the point of delivery and then claim a tax refund. Who does that work for, not the middle and upper class.? How does that work for the poor class like me. The recipe for a middle and upper class and a poor class type health care. The middle and upper class do not want to ingle with any poor class at any general government hospital, butt hey want the government o subsidize their health care though.

    The upper and middle classes in Bim have forgotten the rest of us. they shape public opinion in many ways and will dominate.

    Class warfare people, the DLP will definitely lose the next election. Forget the crap about the economy, the wrong people have been offended by many of the policies.

    Class warfare people, the message is clear, keep the middle and upper class perks intact and send home the public servants. And you cannot have a man who is the epitomy of uppity Poor Class in the PM office. Not another ugly black man. hell no.

  12. Business man | December 1, 2011 at 10:47 AM |
    “So the fund although promised in the DLP manifesto has taken some time as they have gone through the IADB process.”

    This fund was already designed by the technocrats a long time ago and sleeping on the minister’s table for a long time. So don’t try to make it look as if this is something new to the Ministry!
    But better late than never and we are thankful for every progressive action.

    But what we would also like to see and which does not involved foreign exchange funding is the FoI and Integrity legislation. More than a 1,000 days and counting! As a business man, won’t you say that something due within 100 days is way overdue when over 1,000 days of promises have elapsed?
    Even an “uneducated” Jack or Reginald can figure that one out!

  13. millertheanunnaki | December 1, 2011 at 11:23 AM |
    But what we would also like to see and which does not involved foreign exchange funding is the FoI and Integrity legislation. More than a 1,000 days and counting! As a business man, won’t you say that something due within 100 days is way overdue when over 1,000 days of promises have elapsed?
    Even an “uneducated” Jack or Reginald can figure that one out!
    If you are going to make a STINK about the promised FOI / Integrity Legislation……..What about Owen Arthur’s promised REPUBLIC of 1999 ?
    Can you remind us how many days this promise remains unfulffilled ?

    BLP jokers like you !

  14. miller I have been in touch with the Enterprise growth fund up to this morning. This fund is brand new, it was not some idea sitting on technocrats’ desk from the last administration. But frankly I don’t care when it came from. I care that it is now here and we can now move forward in terms of energy independence. You seem to care about that aspect only, and your intent is so clear the DLP must get no credit for anything, and any and everything wrong in BIM is due to this administartion.

    Don’t scream you will win the next election. Just take it easy.

  15. IU don’t know about all this leader thing. Stuart has brought calm and decency to the office at a difficult time. To the best of my knowledge, he is the first PM to come to office without the barrage of hangers ons (hartley henry, Shorey) to whom he is indebted. So i feel the treasury okay with Stuart there.

    The media has a preference for a different kind of leader.

  16. I think justice would be done if a decent man like Stuart were to pass Integrity legislation and Freedom of Information.

  17. I don’t know about you all, honesty and decency are critical factors in a leader for me. Stuart wins those hands down for me. So I don’t share your views on leadership. I have had my fill of sharks.

  18. The good thing about this most recent discussion is that we are flushing out the partisans pretending to be disinterested bloggers.

    Don’t be afraid people, show your colours and then we can talk.

  19. Anthony, Miller and Lemuel are especially dangerous as they had me fooled before this thread. At a minimum they are unable to give the DLP credit for anything.

  20. @ wizard | December 1, 2011 at 11:30 AM |

    I am not a magician so I can’t live in the pass like you! I am concerned about the promises made by this current administration to improve our current and future lives.
    What you are telling us is that both parties are a bunch of hypocrites and liars. So the damned lying party jokers are currently performing trying to impress us the gullible that they can “out-lie” the previous blasted lying party who was booed off stage through the promises of bigger lies.
    Not only will the fair-minded people make a stink about it but we will use a magic wand to put our “X” to mark the spot for the other set of rested liars to perform before we move the circus elsewhere or invite a new set of untainted performers to join.

  21. Caswell raised questions about the viability of the fund. Should he not respond to the Consultant Actuary who should be well placed to comment on the health of the fund.

  22. @ Business man | December 1, 2011 at 11:59 AM |

    Stuart is also my preferred choice of PM at this stage! Surprised!
    But what I would like to see him do is to keep his eyes wide open. There are many, inside and outside, who don’t have any love for him because he is “clean”, so far. But he needs trusted people next to him. We hope you are one of his trusted lieutenants that he can use to “hunt” down and expose his under-miners. Although he is not comfortable with numbers and the hard side of public finance and business he should ensure that all new contracts and payments to “irregular service providers” over $200,000 are examined and given the OK by him.
    Let him pass the FoI and Integrity very early in the New Year and he has my electoral support along with many other fair minded people, even those stridently accused of being BLP supporters.

  23. @ Poor Class/uneducated/business man
    What you guys need to do is to stop all this class foolish talk and face reality. Understand that Barbados is a mixed economy, which is controlled by the government and the private sector. Under this system, the factors of production are ultimately owned and controlled by the private sector. The government’s role is to control the economy through fiscal and monetary policies, which are designed to counter the events of the business cycle in the case of an economic downturn; and to finance SOCIAL WELFARE PROGRAMS (summer camps, free secondary education, etc), WHICH IS THE DUTY OF ANY GOVERNMENT IN POWER. The poor class owns their labour and a vote, which they sell to the capitalist and politician respectively. The politician will tell you that he loves poor people and demonstrates this by introducing social welfare programs, WHICH ARE ACTUALLY YOUR RIGHT TO RECEIVE. But truth be told, these programs are not original, rather they are based off models that exists in other countries; e.g. free education.

    With this in mind, recall that the government has to rely on the private sector for economic growth, and does so by implementing policies that would seek to enhance such growth. The politicians also rely on the private sector for campaign funds, which they spend on the poor classes to solicit their votes. All “Poor Class” and “uneducated” have is a vote, which will be needed EVERY FIVE YEARS. The private sector has the funds that the politicians need EVERY DAY. Tell me who the DLP and BLP love the most between the poor man and the private sector, when both parties are NON-PROFIT organizations and depend on the “elites” for money.

    • @ Artaxerxes

      What kind of growth are you thinking about?

      Do you mean in construction and the distributive sectors?

    • What is the worth of the opinion of an actuary in determining the quality of the Four Seasons investment? Is this the role of an actuary?

  24. Well maybe they wish from much more billable hours. determine the worth of government bonds /debentures take way less time that actually finding the current worth of four seasons and future worth seeing if it probably that it generate profit this year or not.

  25. Actuaries produce estimates, using directly and indirectly related historical and current data, with associated confidence levels. An expected (50% confidence) estimate should be correct 50% of the time, but unlikely to be correct 50% of the time. An estimate with 75% confidence should be correct 75% of the time, but unlikely to be 25% of the time. If the actuary’s expected (50% confidence) outcome is that it will be a successful investment, it has a 50% chance of success. This assumes that the underlying parameters used in the estimate were in fact the parameters that influence the outcome of such a project. Of course, using incorrect data or parameters will result in bad estimates.

  26. @ David BU

    Economic growth in the context that government guides the overall pace of economic activity, in an attempt to maintain steady growth, high levels of employment, and price stability. By adjusting spending and tax rates (fiscal policy) or managing the money supply and controlling the use of credit (monetary policy), it can slow down or speed up the economy’s rate of growth in the process, affecting the level of prices and employment. This comes as a result of government policy and not the business sector.
    Barbadians have always believed that some services are better performed by public rather than private enterprise. For instance, the government is primarily responsible for the administration of justice, education, the road system, social services, and national defense.

    • @Artaxerxes

      Thanks, can you go on and suggest how given the current economic realities – how would public fiscal policy correlate with managing the international reserves.

  27. You are correct about Anthony, lemuel and millertheanunnaki . They have all exposed their biases to get Owen Arthur back as Prime Minister.
    They make all kinds of insinuations but the Prime Minister and his Government is holding a steady ship from running aground as they predicted from January 2008.
    Barbados has now moved to the highest it ever was on the Corruption index which is 16th with 7.8 while it was 6.6 under Owen. This can correlate that under Stuart there is a lower perception about corruption in the country.
    Keep it up Mr. Pm

  28. @ David BU

    Prior to the recession, Barbados had a fast-growing economy, which tends to lead to a net outflow of money from the circular flow. Conversely, during a slowdown or a recession, as we are now experiencing, the government normally ends up running a larger budget deficit. Implementing certain social policies at the onset of the recession was one of the reasons that caused the deficit to increase.

    A higher level of public debt implies that a larger share of the island’s resources is permanently being spent servicing the debt. This means that a government intent on maintaining a given level of public services and transfers must raise taxes as the debt increases.

    Taxes distort resource allocation, and can lead to lower levels of growth. Given the level of taxes, one has to wonder if further increases will actually raise revenue. The distortionary impact of taxes is normally further compounded by the crowding-out of productive private capital. In an open economy, such as Barbados, international financial markets can moderate these effects so long as investors remain confident in a country’s ability to repay [this could be one reason why there has no haste to invest in the Four Seasons project]. But, even when private capital is not crowded out, larger borrowing from abroad means that domestic income is reduced by interest paid to foreigners, increasing the gap between GDP and GNP.

  29. @ Clone | December 1, 2011 at 6:53 PM |
    We are not amused!
    Have you read my post regarding PM Stuart? I call him Mr. Clean!
    Check my: millertheanunnaki | December 1, 2011 at 12:31 PM |
    @ Business man | December 1, 2011 at 11:59 AM |
    “Stuart is also my preferred choice of PM at this stage! Surprised!
    But what I would like to see him do is to keep his eyes wide open. There are many, inside and outside, who don’t have any love for him because he is “clean”, so far.”

    So apologise! Compensate by going and helping stop one of the trees that hold the spirits of our slave ancestors from being chopped down by your environmental terrorist friends!

    • @Artaxerxes

      Understand your position, the part which is still unclear is to what extent has the protracted nature of the recession affected policy.

      How does one manage with certainty in and environment where destruction of wealth has occurred on an unprecedented scale in the first instance and there is a reordering of the global economy which is in a fickle state.

      Bear in mind the Barbados economy rest on a platform supported by FDI/IB and tourism which are all externally driven.

      Sinckler/Boyce have obviously chosen a conservative path, one of containment.

      Are you intimating the government should have spent more in the period and in the process possibly jeopardize our import cover with implications for the parity of the dollar?

  30. @ Artaxerxes | December 1, 2011 at 7:29 PM |

    Barbados’ biggest problem is maintaining a consistently healthy level of “real’ foreign reserves to finance and service its large consumer import bills, foreign debts commitments, and FDI profit and capital repatriations.
    The other local macroeconomic problems can be fixed or kept to an acceptable level by competent and effective management both at the political and technocratic levels.

  31. @ David BU

    No I am not. What I am saying is that those social policies that were implemented were done at the wrong time.

    These views of spending assume that government knows exactly which goods and services are underutilised, which public goods will be value added, and where to redirect resources. However, there is no information source that allows the government to know where goods and services can be most productively employed. Government spending is less likely to stimulate growth when it cannot accurately target the projects where it would be most productive.

    In addition to this information problem, the political process itself can stunt economic growth. The political system in Barbados suggests that politicians and bureaucrats try to gain control of as much of the economy as possible. Moreover, demand for government resources by the private sector leads to misallocation of resources through “rent seeking”; which is a process by which the private sector and individuals lobby the government for money {e.g. Four Seasons}. Rather than spend money where it is most needed, legislators instead allocate money to favored groups {e.g.CLICO}. Though this may yield a high political return for incumbents seeking re-election, this process does not favour economic growth.

    • @Artaxerxes

      The debate will continue on whether the government overtaxed or not and it is one which given the unprecedented nature of the challenge will be eternal.

      On another note are you suggesting the government should allow the Four Seasons to flounder? CLICO too?

  32. @ millertheanunnaki

    Macroeconomics has focused on two general views of the economy and the ability of fiscal policy to stabilise or even affect economic activity. The equilibrium view sees the economy quickly returning to full capacity whenever disturbances displace it from full employment. Accordingly, changes in fiscal policy, or even in monetary policy have little potential for stabilising the economy. Instead, inevitable delays in recognising economic disturbances, in enacting a fiscal response, and in the economy’s reacting to the change in policy can aggravate, rather than diminish, business-cycle fluctuations.

  33. @ David BU

    I do not agree with CLICO. However, I think that the government should examine the possibility of encouraging investment from the private sector, instead of tampering with the NIS fund.

  34. To Uneducated and Businessman:
    Show me where in any thread I have been pushing a BLP agenda. The problem with person who are close to a party in power is that you tend to listen too late. This move to use the NIS funds whether it a good investment or not is not a good move politically. These are people pension funds you are using; funds that are not normally invested at high risk. By the time you invest and even if that project is a success the BLP shall reap the sweets of that success on the DLP. You shall be out of power. If I am BLPfor saying so then I am guilty as charged.

  35. @Miller

    there is nothing in your blog that make sense, it sounds like soup warm over. By the way, i would welcome you sitting beside me in any class because I know you would be less wiser as this dunce will ensure that you dont taken anything. For your edificaton. i hated economics, i think all economists are criminal and theoreticians and are responsible for all this corporate greed.

    When you start to offer constructive criticism i will leave you and your group alone. We must recognize, regradless of our political leaning we should look at the whole picture and dont selectively argue points.

    I gone, remenber i am undeducated so if i spell words wrong, i know no better.

  36. @Lemuel

    I guess that you have to wait the full term of the DLP before you and your party can dream about regaining power so dream on for now.

  37. Business man | December 1, 2011 at 12:05 PM | Caswell raised questions about the viability of the fund. Should he not respond to the Consultant Actuary who should be well placed to comment on the health of the fund.
    Did the actuary give any reasons for supporting the investment in Four Seasons other than to say that the NIS funds needed to be invested in something, and that you cannot go wrong with the name of Four Seasons. That is not reasoning worthy of an actuary. That is reasoning I would expect from a purblind DLP supporter.

    Who is the actuary that advised NIS that they should pay early reduced pensions from as early as age 60? My information is that NIS, was advised, by an actuary, that they could pay early pensions and it would not be a drain on the Fund because the loss would be offset by those who opted to defer applying for their pensions. The last I heard is that hundreds have applied for early pensions and only one person has deferred.

    Do not be so impressed. Think for yourself. If this were such a good investment, no one would be out there begging NIS, the private investors would jump at it. National Insurance is now required to be the investor of last resort.

  38. Why do persons on this blog keep ignoring the point that the private money has no incentive to come in at this time. The private money has an incentive to wait for bankruptcy and the chance to acquire assets at firesale prices. Why would they put in money now, whne the project is on the brink.

    That is precsisely why the IADB is looking at the private, because they see developmental potential but no real incentive for private money to come in.

    If the NIS slams the door on the possible IADB investment I would find that irresponsible. Surely the NIS can make its funding contingent on IAD approval. If the IADB does not approve then the NIS walks away.

  39. David, I agree with you that we can flog this tax debate forever.

    I would have preferred if some of the measures in the 2008 budget were not implemented. I was not sure how collectible a lot of those taxes were anyway, and a number of them such as cell phone tax and lottery winnings have not been implemented as far as I know.

    Listening to the governor of the central bank, his advice seems to have been err on the side of protecting reserves and to be fair we have gone almost four years into a deep global recession and we have been okay on the reserves side. We cannot just be about screaming at people and criticism, let us give them that.

    If the level of domestic demand stimulation some have been asking for had taken place I wonder what the FX situation would be like. I prefer the kinda hard times we are facing now to the hard times from a devaluation, so if thats a choice we have to make, I can live with it.

  40. Business man or should I say Monkey-Businessman

    You claim that private money has an incentive to wait for bankruptcy and the chance to acquire assets at firesale prices. What’s wrong with that? That is how capitalism works. Let the market sort out it problems, Government has no business intervening to prop up Four Seasons. If the original investors could not handle their business, maybe those who acquire it at firesale prices would be able to bring the project to fruition.

  41. David

    If this country really wants to save foreign exchange we can cut out a lot of foreign products that are retailed in local supermarkets. I went into a supermarket and saw things imported like canned coconut water and grated cassava. While we are at it what about those thousands of christmas trees that are imported used for a few weeks and then sent to the landfill.

  42. @ Caswell Franklyn | December 2, 2011 at 9:52 AM |
    “I went into a supermarket and saw things imported like canned coconut water and grated cassava.”

    This is no lie! I saw it too! Imagine a country that talks so much about free tertiary education and this hypocritical push to be the entrepreneurial hub of the World by 2020 and got the cheek to import bottled coconut water! The bottled coconut water I saw sometime back was, I believe, imported from some S.E. Asian country-either Malaysia or Indonesia. What a laugh! You surely won’t find Bajan branded rum or condiments in those places!

    But time longer than twine and as sure as day follows night the forex will soon come under severe pressure and all this foolishness will have to stop if we want medicine and fuel.

    • David

      We don’t regulate the supermarkets, we make them regulate themselves. These products should be subjected to a luxury tax which would make them prohibitively expensive. Nobody will buy them and the importers would have no cause to import them.

      You ask why not regulate personal overseas travel. The short answer is that there is no local substitute.

  43. Caswell, what is the private interest is not necesarily in the public interest. the legal process could take three years to play out.

    caswell wants the government to stay out of the market in the case of fiur seasons, but they must regulate what products are imported?

    Lawd help us when these are the one shaping public opinion.

    • Monkey-business

      You really don’t understand the difference. Government should regulate imports in the national interest. We do not have an unlimited supply of foreign exchange to pay for all those unnecessary imports. Four seasons investment is not in the national interest: it is in the interest of those investors who do not want to lose their investment in a firesale. Let the market take care of Four Seasons. On the other hand, the country cannot afford to spend its much needed foreign exchange on a few importers who do nothing to earn one cent in foreign exchange.

  44. @Caswell

    At the end of the day we are talking about using forex for non essential reasons. In the case of foreign travel we have the options to reduce personal forex limits no ?

  45. Barbados signed up to the WTO. That pretty much ties our hands with any current account transactions. Well of course we could just violate international treaties we have signed up to.

    If we are going to treat NIS funds invested in government securities as part of national debt, as we in fact do ( a number of countries inlcuding the US and the UK do not), then a NIS investment should not be treated as government investing. If we let the private thing play out as they would like it to, the NIS would not even be offered a chance to invest in prime east coast, beachfront, top luxury hotel.

  46. @ Business man | December 2, 2011 at 12:51 PM |
    “If we let the private thing play out as they would like it to, the NIS would not even be offered a chance to invest in prime east coast, beachfront, top luxury hotel.”

    You have us baffled, befuddled, boggled (dog bite you!) and simply confused! We were of the view that according to the DLP gospel as pronounced by your late “great” messiah and saviour DT that the West Coast will never become the West Coast- neither foreign investment nor local apartheid-like snobbery will see a concretising of this exotic part of Bim. Has there been a change of heart and policy since dead men tell no tales and the poor boys now in charge don’t give a damn about E,W,S or N ecology just get as much as you can of the “fatted” calf which is now in a diseased state and if not cured with appropriate herbs will soon not be fit for human consumption?

  47. millertheanunnaki | December 2, 2011 at 2:04 PM |
    @ Business man | December 2, 2011 at 12:51 PM |
    ” … the West Coast will never become the West Coast…”

    Should read “the East Coast should never become the West Co(a)st”.
    Hoping “uneducated” gets the ‘confusing’ point here!

  48. @Miller

    everything you say is confusing, you even confuse yourself.

    @Business Man

    I know miller the worm is no mathch for your intellect so ignore him and let him deal with this dunce like himself.

  49. @Caswell

    If the american govt had let the market sorted out it problems the american economy would be worse off. What foolishess you talking, under the capitalist model,which we operate under there has always been intervention in the market by goverenment to maintain stability as the need arises.

  50. @ UNEDUCATED | December 2, 2011 at 7:03 PM |
    Let me then “worm” my way from between a hardheaded “uneducated” rock and a slimy business man place!

    Without much “bells and whistles” tell us clearly if your party under the leadership of David Thompson did not promise Bajans that there will be no sale of land on the East Coast of Barbados to “foreigners” and no West Coast like concrete jungles would spring up under his watch.

    Deny that this was ever promised to Bajans! No deviation, focus on the statement!

  51. we need more persons with integrity like messrs decourcey headley, mark prescod, paul bernstien and jerry thorne sitting on statutory boards in barbados if boards are to regain the confidence of the public. the actions of these three gentlemen with regards to the marina project sitting on the board of the BTI were exemplary and worthy of commendation.

  52. @Miler the worm

    Tell me what your party did right by destroying the hilton, investing in gems, selling our lands to the higest bidder and thus create a problem where lanad prices have increased out the reaches of the average Barbadian, sell our fertile natinal bank, encourage the illegall migation of caricom nationals when barbadians could go no where and consequently depressed wages for our artisans as a consequence crime increased see the amount of undocumented cariccom citizens that have been deported over the years for crim related matters. OSA promised a Republic. I can go on. Leaved this undeucated dunce and respond to Poor calss and Business Man theses. nDonr mind me i cant spell nor construct sentences, so if i ramble and dont make sense like you, birds of a feather flock together as we are two undeucated dunce and we talk bear follishness or shoite on this site.i

    Hope you gun remember to give a little donation to the SalvationArmy yah hear.

  53. @ UNEDUCATED | December 3, 2011 at 2:21 AM |

    Typical response! Dodge the issue and use red herrings for bait! Continue to live in the pass and see where that gets you! All the dastardly things you are criticizing the previous administration for the present administration is practicing; same corruption and kickbacks model of looking after the tax payers’ money. Just one goal to achieve: get access to the people’s treasury. But you go ahead and suck from the pig trough until there is nothing; leaving the poor salvation army and its fellow charitable organisations to provide soup kitchens thereby bringing the ordinary, honest and proud Bajan to a state of begging depending on alms to survive.

    Please, Sir, stop living in the pass and concern yourself with what is right before us. The writing is on the wall (Mene Mene Tekel Upharsin)! The worm is warning you! Take heed! I am neither B nor D. My cup runneth over and its contents help those in need along the way in streams of charity so much so that you will live to two thousand years and still not fathom (understand)!

  54. Interesting to note Governor Winston Cox’ comments on the decision of NIS to invest in Four Seasons – he wants to know where is the interest by private investors and the data which supports the decision which he laments has not been deposited in the public domain.

    Similar sentiments previously expressed by the BU family.

  55. Class warfare my people. If I wanted anymore evidence of class warfare I got it today reading Pat Hoyos in the Business Authority today. I like to read that paper to find out what the big people an their kind are talking about.

    Pat blasted the economic policies of the government and wraps himself in the flag of fiscal prudence. He ranted about the increases in taxes over the last three years. he speaks of 100ml of taxes in 2008, but conveniently forgets that 56ml of the tax measures were never implemented. He ignores the spending in those budgets. Yet he is supposed to be an impartial observer.

    If I understand him correctly Mr. Fiscal Prudence Pat Hoyos and his kind want the tax payer to provide a subsidy to reduce fuel costs even though the price more than doubled on the world market, and we import almost all our oil and fuel products. I don’t have hgis learning but simple brain leads me to question what the cost of a fuel subsidy of the type he seems to imply would be given the oil price over the last four years or so. What would be the state of out foreign reserves if we had kept consumer spending at typical levels in the face of hiogher oil prices and lower tourism receipts. This does not enter into his analysis but he is supposed to be one of our tops analysts.

    But the clas sbais is waht gets my goat. he has no problem with the corporate welfare of a fuel subsidy at all, even though he is Mr. Fiscal Prudence. But all the problems in the world with free bus fares for school children. Only poor people children ride the bus. Big problems with summer camps, only poor people children go to those. Of course the opposition has promised a fuel subsidy so the government must change. Class warfare my friends.

    He and his kind want good governance and independence from government, but the Fair Trading Commission grants an increase to BL&P and the government must not let it go through. The government must go against the expert advice in this case.

    He and his kind want to let the market decide, privatize, step aside government, hey but use tax payers money to subsidize my fuel.

    The message is clear, don’t cut fuel subsidies to manage your deficit, send home the poor and lower middle income people in the civil service and statutory bodies, or I will mobilise and vote you out of office. Class warfare people.

    Don’t tax my salary disguised as entertainment allowance to avoid paying taxes, send home the poor and lower middle income people in the civil service and statutory bodies (or I will vote you out of office). Class warfare people.

    It was very noticeable to me that he did not mention the increase in bus fares in his list of complaints. he probably feels that should have gone up ever since, or by more. You know the poor people ride the bus.

    The well of people in Bim are saying very clearly I will make no sacrifice for my fellowman in this crisis. Send home the poor and lower class who work in the civil service and statutory corporation jobs that they want cut.

  56. To poor class, uneducated and business man:
    How do all of you sleep at night, knowing that during the awakened hours that you have been hood winking normal bajans who would have come on this blog to be reliably informed about some issue or the other. Do you clap your hands in glee every morning hoping that you would not be found out, or are you really as Miller said “drinking from the trough” until every last piece of nutrient is gone. You want me to be a BLP supporter; I shall play that part for you. If you call elections after May 2012, you shall be defeated. If you call elections in October 2012 or thereafter, you shall be soundly defeated. You are about to create political history as you grab defeat and run with it rejoicing to the polls. You shall be soundly defeated. I hope David can use this blog to save you this time!!

Leave a comment, join the discussion.