Notes from a Native Son – Barbados is Now In Real Danger of Drifting in to An Economic Swamp: A Budget to Nowhere

Hal Austin

Introduction:
The DLP government has now given its Budget programme which, intended or not, will be seen as its case for re-election  to finish what it has started. But, apart from the tribal political grunts, minister of finance Chris Sinckler’s Budget Speech on Tuesday was poor in construction, lamentable in its vision and as a precursor for the forthcoming general election it must certainly signal the end for this government. Ignoring the inevitable party political noises, on a purely macro-economic basis, it is not worth the paper it is written.

Analysis:
In this blog, I will concentrate on one or two essentials and try to point out how desperately wrong the minister and his key advisers got their theory.
First, he does not appear to understand that there is an economic trade-off between growth and stability, especially with a reserved army of mainly under-qualified young people just hanging about at street corners.
This should be a priority since they pose a real threat to the social order, despite the ludicrous belief by some policy-makers that police and the defence force would be able to handle any such uprisings.

Problems in other jurisdictions, including North Africa, the Middle East, Britain and other places should be a warning. The other potential danger is demographic. If, as government intends, Barbados is to be a top-end service economy, then it needs the highly trained and skilled labour force to take advantage of those developments. As things stand, new high-powered jobs will attract immigrant workers, to the chagrin of local people, which may also lead to social unrest.

There is a conventional wisdom in Barbados, supported by many people who ought to know better, that foreign currency reserves is king, that such reserves provide stability. In fact, this has not been true since Richard Nixon abandon the gold price in the early 1970s, followed by the oil crisis, which forced Barbados, and many other nations, to peg their currency to the dollar.

Since most commodities were (and still are) priced in the dollar, this pegging provided stability since the country was then confident of the prices on the world markets. Since the 1980s, and more so since the mid-1990s, this need for massive foreign reserves has not been necessary yet, in a ironic way, developing nations have been accumulating foreign reserves much larger than at any time. The assumption that foreign currency reserves drive our economy and, thus, it will be so for the foreseeable future is highly contest.

As Joshua Aizeman (“Alternatives to sizeable hoarding of international reserves: Lessons from the global liquidity crisis”), large reserves feed large global imbalances and contribute to asset bubbles; they are also expensive to hoard, since the term premium and carry price outstrip any benefits; and, they are a form of self-insurance, hedging against externalities. However, it is highly unlikely that external shocks would affect in such a way that Barbados would be cut off from the rest of the world, through geopolitical strife or pandemics. Therefore, if this is the case, why stockpile huge sums of money (Nds$5bn, according to the central bank, or just under $3bn, according to the finance minister).

At a time of such economic restrictions, government could find better and more productive use of at least half of these reserves by investing them to stimulate the local market through a policy of endogenous growth. The dominant view of foreign reserves is based on the untested theory of market turbulence, which has occurred only during the Second World War. It is rooted in neo-classical theory, with its absurd assumptions and a notion of equilibrium and market perfection which the banking crisis of 2007/8 has shown to be a nonsense. The 2007/8 crisis brought about by a failure of risk perception, risk management and the application of those theories to the market place, i.e. sub-prime lending.

It is the belief of a great number of people, including academic economists and policy-makers trained prior to 1980s and who have not returned to the classroom since to update their knowledge. Our economy has reached the stage when endogenous growth can be the driver of further development with prudently managed importation of foreign goods and services. Consumers need discipline.

In a statement issued on June 13, this year, the central bank claimed: “To grow the economy, we must invest in activities that will increase the inflow of foreign exchange, because as soon as income is spent there is a need for additional foreign exchange.” Then it continues: “That is because everything we buy has an element of imports: either the item itself is imported, or the seller uses electricity which is generated with imported fuel, or the purchaser has driven to the place of sale in an imported car, or there is some other call on foreign exchange.”

First, in its way, the central bank is admitting that the importation of fuel for energy needs is inevitable, a view backed by the minister. If this were the case, along with all the rhetoric about a green economy, where is the policy? Why do we have to import fossil fuel when we have wind, solar and wave energy available to us?

Further, the cuts in fuel duty contradict such a policy since any comprehensive energy policy must include transport, road building and a proper standard of road traffic management. The idea that 350 ZR van owners rushing dangerously around the street car makes a transport policy is nonsense.

In terms of macro-economics, the broad assumptions underlying the Budget Speech contradict the theory of comparative advantage, which was developed by David Ricardo in the early 19th century. China’s recent development model is based on the same principle: it imports basic or raw materials, then manufactures goods, them sells them to the world at affordable pries. It is now moving up in terms of added value to its manufactured goods, leaving the basic low-level cheap manufactures to other Asian economies. This thinking should be the basis of the restructuring of the economy. Is this beyond the imagination of this government?

One unintended revelations is that we have deskilled the nation, therefore we import most of our essential needs. In any case, pegging to the US dollar should have provided the hedging against such currency volatility; further, had the government decoupled from the greenback, pegged to a basket of commodities and currencies, then that would introduce even more stability in the economy, thereby negating the need for Bds$5bn of foreign currency. This is an economic sin. In any case, the idea of building large foreign reserves is like putting the cart before the horse.

The press release goes on to say that the main aim of the central bank is economic stability and that the main weapon in this fight is the building up of targeted foreign reserves. I, however, would put creating jobs and inflation targeting before building up foreign reserves since they would come if the goods and services we offer have an overseas market, including tourism and financial services.

In fact, by holding huge foreign reserves and maintaining the base rate historically high, given the state of the global economy, the central bank is in reality the biggest barrier to economic recovery. More than that, government could easily kick-start the economy by releasing $500m of its reserves – first by giving Al Barrack a drawdown facility of, preferably, Bds$1m a month for the foreseeable future, then gradually funding well planned small and medium enterprises, and by providing affordable homes for young professionals.

The key driver of our economy should be jobs and the roadmap for creating jobs should be privatising sections of the public sector, such as the government printery, the Transport Board, the Port, the Airport, the Housing Corporation, and other sectors. Modern economies no longer need pre-1980s large foreign reserves.

Government should also financialise the economy by providing funding for small and medium enterprises and the self-employed; those workers will pay income and VAT taxes, go shopping for goods and services, the shops and craft persons will spend money, including creating more jobs, and the economy will operate in a virtuous circle – including the importation of good and services. Ironically, if the other levers of the economy are working well, then government would not have to over-spend.

Analysis and Conclusion:
At a time of crisis, in particular prolonged economic and meltdown, you need a firm and knowledgeable hand on the till. Judged by any criteria, that person is not Mr Sinckler, who has not the training, experience nor obvious competence to be the finance minister at time when the nation is spiralling out of control, the gaps show. His Budget Speech reads like an undergraduate essay which, had I been marking it, would get a C-. You can see the revealing intellectual fingerprints of his leading economic advisers all over the Speech – and the tell-tale signs are there: economic theories that were prevalent before the 1980s, suggesting either that the adviser graduated pre-1980s, or had been taught by someone who had not upgraded his knowledge base since he wrote his PhD thesis in the 1960s or 70s.

The key drive to economic prosperity in the medium to long-term future is education and high-quality skills training. At present neither UWI nor the community college fits this requirement. What is badly need immediately is a diversification of the economy away from the traditional tourism market, create more career opportunities for 16-24 year olds by extending the school-leaving age to 18, with those who are non-academic going in to skills training such as four-year apprenticeships from the age, offering private employers incentives to employ young people, job-sharing at entry level for public sector jobs and zero-rating books, school uniforms and other equipment needed for education. You cannot put a tax on learning.

But the most important policy tool in the minister’s box both he and his key advisers do not even want to tolerate is that the Barbados dollar is over-valued: he should decoupling the Barbadian dollar from the Greenback, peg it to a basket of commodities and currencies (for the much talked about stability) and float against the vastly under-valued US dollar.

One book I would recommend to the minister is Vito Tanzi’s Government versus Markets: The Changing Economic Role of the State (For a more comprehensive version of this blog please email me)

40 thoughts on “Notes from a Native Son – Barbados is Now In Real Danger of Drifting in to An Economic Swamp: A Budget to Nowhere


    • Can anyone explain Hal’s and Arthur’s position that we should become a little more aggressive in utilizing our forex reserves to stimulate the economy?

      Arthur stated that Barbados’ economy is 70% domestic.

      If we juxtapose what he is saying with the other touted position that 70 cents out of every dollar spent spent domestically leaves the economy in exports: how does this threaten our forex reserves?

      What are we not understanding here?


  1. Arthur also said that rather than borrow money from the NIS to fund civil service activity (like UWI education for which there is NO measurable return … my sidebar) Government should reduce the NIS contribution required from people, but tax their personal incomes more. All this activity including that fancy stuff called stimulating the economy has NOTHING to do with providing for the development of Barbados’ expertise on the world stage, NOTHING to do with producing commodities and products that the rest of the world would want to buy, but everything to do with having more opportunities for government to tax people. How is it and since when is it that the filling of the Taxation account been the primary focus of government …?


  2. There is absolutely no need for Barbados to wallow in a swamp.There are still options both the DLP and failing that…. the electorate can do. Sinckler really not understood economics and his advisers who know better, want the DLP out..otherwise….if there really was a $184 Mil excess collected on VAT…there is still time of recommit and spur up some growth in the slowly dying economy.But here lies the problem…an untruth coming back to haunt you..(for those who understand)…you can’t bake bread without flour.


  3. “70 cents out of every dollar spent spent domestically leaves the economy”

    If this is true, and is unlikely to change anytime in the near future, does this mean that we will continue to “hold strain” on returning disposable income or spurring the domestic economy.

    I’m honestly at a lost with respect to the argument that “our holding pattern decisions are being made to hold foreign exchange reserves steady.” I’m also certain that the average person is too, but hey, I’m still learning.

    The persons who have been positively swayed by this budget are so few and far between it’s ridiculous.


    • @Observing

      Not sure if anybody knows all the answers. What we do know is if our import cover goes South then that will be it!


  4. @David
    Granted and agreed. But we must also agree that there is more than one way to skin a cat and either side may not be more wrong than the next. Regardless of which “method” is used, I’m deeply concerned about

    a) cost of living, inflation and the income/prices disparity
    b) economic restructuring based on a foundation of educational planning and execution and
    c) political paradigm shifts to the benefit of the people.

    I’m not seeing anything of late to give me confidence in any of these things. Some may have adjusted, many have not. The outcome of the election lies in the DLP’s or BLP’s ability to inspire hope that they can deliver both on a macro level as well as a micro level eventually.


  5. Excellent submission …..

    This is why the NON-SENSE headlines we have seen in our national newspapaers is so TOTALLY DISAPPOINTING, I get the political nature of the media but to throw “fair and balanced” reporting totally out the window does the BAJAN people a true disservice. Headlines that make things appear to be “great or getting better” in Barbados under the current DLP government are totally misleading in every form of the word, as Mia Mottley clearly pointed out this week ….

    The DLP is indeed getting us as a nation real close to that CLIFF … and if the bajan people do not get the current PM and Finance minister out of the economic drivers seat,

    “we will surely see what it looks like from the bottom of the cliff…” FACT


  6. why are we so surprised …. did bajans really think the PM and Minister of Finance two people that know nothing about real world “economics” beyond what they real in a book could produce the kind of budget we need at this time ….


  7. This is a case of the DLP blind (PM) leading the arrogant (Minister of Finance)…. a deadly combination for Barbados


  8. @ David

    “Even though the fiscal deficit for 2009 was very high, reflecting the adverse impact of the international economic crisis, a much larger deficit could have been accommodated, without depleting foreign exchange
    reserves and imperilling the exchange rate anchor. Looking ahead, Government’s Medium Term Fiscal Strategy appears sustainable, and Government has a sufficient margin of comfort, in the event that the economy performs less well than is expected. These conclusions appear robust to a range of plausible assumptions about the impact of fiscal expansion on the overall balance of external transactions, which is the most proximate constraint on fiscal policy in the small open economies
    of the Caribbean.” (Fiscal Sustainability in an Open Economy with an Exchange Rate Peg By Anton Belgrave, Jason LaCorbiniѐre,
    DeLisle Worrell and Denisa Applewhaite, p43)


  9. Does anybody know what was said by the Mauritius Minister of Economic affairs in Jamaica last week when he gave the feature address? If not I think there is a reason for it …! (Where is my intelligent agent when I need him …)


  10. A constructive fiscal policy of shaping public taxation and public expenditure to reduce the effect of reduced business activity in a time of recession and at the same time contribute towards maintaining a pre recessionary level of employment free from excessive inflation has been the challenge of the present DLP administration and which on available evidence has resulted in placing the economy of Barbados on a path of destruction as advised by the trained mind of the leader of the opposition.Taxation has dampened private consumption and funding for investment spending is too weak to maintain high employment levels.The response has been to take the funds from the NIS to shore up Government otherwise legitimate expenditure which should have been a charge on the Consolidated Fund.It has to stop and will stop one day coming very soon.All Barbadians should support asking the Solicitor General if this is tantamount to the Executive raiding and plundering the NIS funds and if that act is lawful.It is time the Cabinet be collectively responsible before a court of law for wasting public funds.But I am not holding my breath.


    • @Frater

      Perhaps it is more about a contracting economy interacting with a government trying to maintain public sector employment and entitlements.


  11. I am not at all a political animal except when it comes to T shirts. However, watching the debate on the TV this week it came home to me forcibly how bereft of serious ideas this government is. The performance of Mia Mottley, on the other hand, I thought masterly; the performance of the A-G pretty pathetic. Well, he’s doing a lot of thinking so I suppose that’s good but that was it. The one exception was Byer Suckoo who at least had a command of the language and a sense of occasion though rooted in St George. Is she the one to watch?


  12. @ Austin
    Barbados is Now In Real Danger of Drifting in to An Economic Swamp
    __________________________________

    We are already knee deep in the bogs…..trying to walk in this swamp is taking a toll..employees are dropping like flies weekly….prices rising daily as we speak…. the awfully sad part is …WE were looking for a CHANGE IN DIRECTION (Budget )….Would you believe these morons..have seen our plight now for two n half years and after continually being warned…. to change direction,… with talk of a “MTFS death print”…we continue to trod deeper n deeper into the quick sand….with a silly idea….world economies will change….Why only yesterday….it was discovered by an intln financial journalist ..the world $$ BIG UPs like it that way….and have begun manipulating the money market and interest rates to maintain the status quo..Keep looking for relief to come from abroad..!

    PEOPLE OF BARBADOS BETTER WAKE UP !


  13. Barclays Bank found guilty of manipulating INTEREST RATES,,

    The Financial Services Authority (FSA) is expected to reveal that it has
    found evidence of mis-selling as part of a review into the way lenders pushed so-called interest rate swap arrangements (IRSAs).

    IRSAs are complicated derivatives products that may have been sold as protection – or to act as a hedge – against a rise in interest rates without the customer fully grasping the downside risks. Some companies have claimed the rising fees required to service the product after interest rates fell in 2008 have forced them out of business.

    The City watchdog is expected to confirm that banks are writing to customers who have taken an IRSA and an independent assessor will look at the most complicated cases and determine whether compensation should be paid.

    The claims echo the payment protection insurance (PPI) scandal that emerged last year, costing banks billions of pounds, and come in the week Barclays was fined £290 million for manipulating interest rates.

    Businesses have complained that IRSAs, which were designed to insure borrowers against steep rises in interest rates, left them swamped by huge penalties after interest rates were slashed to record lows in the wake of the financial crisis

    Customers will be dealt with in two categories according to whether they were sold relatively simple products or those of a more complex nature, Sky News said. The latter group are expected to be told that their case will be reviewed by an independent assessor and that they will be compensated if there is evidence of mis-selling.

    A debate in the House of Commons last week saw MPs from across the country offer examples of mis-selling for the interest rate swap products.

    Aberconwy MP Guto Bebb claimed thousands of businesses lost large amounts of money after being mis-sold the complex products by their banks, and many were told that without signing up they risked being refused credit. He said many business people did not understand the deals but trusted their bank manager. In other cases, he said, businesses were only offered one product and the bank made no effort to provide a choice.

    A survey by Bully Banks, which has been set up by alleged victims of swap mis-selling, found nearly three-quarters of its members claim to have been forced to buy a swap by their lending bank as a condition of their loan.

    Copyright (c) Press Association Ltd. 2012, All Rights Reserved.

    The Financial Services Authority (FSA) is expected to reveal that it has found evidence of mis-selling as part of a review into the way lenders pushed so-called interest rate swap arrangements (IRSAs).

    IRSAs are complicated derivatives products that may have been sold as protection – or to act as a hedge – against a rise in interest rates without the customer fully grasping the downside risks. Some companies have claimed the rising fees required to service the product after interest rates fell in 2008 have forced them out of business.

    The City watchdog is expected to confirm that banks are writing to customers who have taken an IRSA and an independent assessor will look at the most complicated cases and determine whether compensation should be paid.

    The claims echo the payment protection insurance (PPI) scandal that emerged last year, costing banks billions of pounds, and come in the week Barclays was fined £290 million for manipulating interest rates.

    Businesses have complained that IRSAs, which were designed to insure borrowers against steep rises in interest rates, left them swamped by huge penalties after interest rates were slashed to record lows in the wake of the financial crisis

    Customers will be dealt with in two categories according to whether they were sold relatively simple products or those of a more complex nature, Sky News said. The latter group are expected to be told that their case will be reviewed by an independent assessor and that they will be compensated if there is evidence of mis-selling.

    A debate in the House of Commons last week saw MPs from across the country offer examples of mis-selling for the interest rate swap products.

    Aberconwy MP Guto Bebb claimed thousands of businesses lost large amounts of money after being mis-sold the complex products by their banks, and many were told that without signing up they risked being refused credit. He said many business people did not understand the deals but trusted their bank manager. In other cases, he said, businesses were only offered one product and the bank made no effort to provide a choice.

    A survey by Bully Banks, which has been set up by alleged victims of swap mis-selling, found nearly three-quarters of its members claim to have been forced to buy a swap by their lending bank as a condition of their loan.

    Copyright (c) Press Association Ltd. 2012, All Rights Reserved.


  14. There are a number of points to be made from this. First, the global derivative market is valued at US$700trn, but in reality no one knows the full value because their true value is deeply buried on banks’ off balance sheets, and the banks do not trust each other.
    As far as Barbados is concerned, the reality is that the Financial Services Commission is not competent to regulate these complex financial products.
    I say this because the UK Financial Services Authority is grossly incompetent and has shown over the years that it can only play catch-up in terms of bank wrong-doing, rather than a policy of tough preventative regulation.
    The reality is that to regulate products, means having highly skilled risk analysts and other technical staff – and there is the issue of moral hazard.
    There is also the much-needed tougher regulation of the foreign-owned banks. They pay interest rates below the rate of inflation, which means that savers may maintain the nominal value of their savings, while the real value loses it purchasing power.
    It is also a deliberate policy on the part of the government and the central bank in that with high inflation they are inflating away their debt. The only people who will benefit are the owners of expensive properties on the West Coast.


  15. i was so glad to hear the minister tongue lashed the hotel industry who for all the years have been treated far better than any other sect or of our society when it good times some of them never saved for a rainy day think of all the billions they have collected but quick to complain ever so forgetting that the govt is caught between a rock and a hard place trying juggle all the different areas of the government with limited resources one would think that after years of the govt giving into their wants, the industry would not at all be behaving in such a selfserving way, outside of jobs which at this time the govt is also serving in lending a helping hand to them to keep the workers employed what has the industry have to show in areas of entertaintment one that would keep tourist coming to barbados people not going to show up to stay in four star hotels i say start sharing some of the millions to the cultural industry who understands and will give the tourist an enjoyable appetite for things bajan. out with the old in with the new.


  16. @ ac

    You do realise, don’t you, that your last majestic sweep was in one sentence only? Or are you trying ever so hard to hide something? I really don’t know. But you do rather sound as Blogger does on his really good days and I just can’t believe that anyone over 12 can be that incoherent; though I do see that you might just be enamoured of the charms of your persistent and unmitigated screech. Perhaps I should follow you about now and remind you of all this – on the ground that it’s sauce for the gander. But no – perhaps this little nudge will do the trick. Let’s see.


  17. The low response rate on this piece just shows how much Bajans wish to remain in the dark about the oncoming economic vortex that awaits us and indeed the world in 2013. May god show pity on this foolish flock, for they are indeed a lost lot….


    • @Brudah

      Barbadians for some reason don’t discuss matters of finance well.On the talk shows it is the same. It says a lot.


  18. I have found a piece that discusses the recolonization of Mali and the greater Black African Diaspora. Here’s the link : http://libya360.wordpress.com/2012/05/23/mali-self-determination-or-recolonization/

    Here’s is a video on how CENTURIES OLD LANDMARKS that were constructed by BLACK AFRICAN CIVILIZATIONS are being DEMOLISHED by ARAB INFLUENCED Syndicates and “deplored” by Western nations: http://www.aljazeera.com/news/africa/2012/06/2012630101748795606.html

    THis is a clear example of the blatant disregard for the ARCHAIC history of the Black African and yet Blacks have nothing to show for the opposition of the destruction of their heritage. I weep for black people for as a race, they choose to listen to the foreigner as opposed to looking within themselves to know how to develop and establish themselves internally.

    Instead, we wish to blame colonialism for our plight instead of the inept politicians we elect into office….

    THis is why the Black man will never be respected, for he REFUSES to see his worth within his OWN eyes!!!


    • @Brudah

      Will have a look at your links later. It says a lot when we invest half billion a year in education and we are comfortable to remain passive with the information.


  19. @ Hal Austin
    why do you keep frustrating yourself with these sophisticated prescriptions that our unsophisticated Prime Minister and Minister of Finance don’t seem to understand ? You are well placed to take your talent and prescriptions to a more sophisticated country . You may start with Britain your adopted homeland and then consider such other places like Spain , France , Greece, Cyprus , Turkey ….. The leaders of these countries should be better able to appreciate what you are continually preaching . At present you are really wasting your talent . Go and make a name for yourself . I am also sure that the IMF can use someone of such obvious talent .


  20. @ robert ross
    The last time the Dems refused to notice you you went up to St Philip from where I understand you originate , and ran as an ” independent Democrat”.
    It does not appear that the Bees have any available room for you but we may well see you appearing as an ” independent labourite ” given your erratic personality . You may even qualify for a seat in the Senate and be made Attorney General . If that comes to pass then we would surely know that Barbados is in trouble .


  21. @ Brudah-Bim | July 2, 2012 at 2:35 AM |
    “The low response rate on this piece just shows how much Bajans wish to remain in the dark about the oncoming economic vortex that awaits us and indeed the world in 2013. May god show pity on this foolish flock, for they are indeed a lost lot….”

    Brudah-Bim, only if they knew what is ahead! I fear for this land. This country’s main foreign income earner tourism is primarily dependent on the UK market. Its International business sector relies overly heavily on the Canadian market.

    Now what are we witnessing with the UK market? A steady decline in visitors with spending power. The new UK travellers are mostly of a different ethnic make up and to whom sea, sand and sun does not figure decisively in selecting travel destinations especially those that are far off and expensive like Barbados. The new traveller from the UK would prefer to go to Cuba and the other “un spoilt” islands than to tired old Barbados.

    The international business out of Canada will disappear by 2014 as the quality of life and social dislocation in Barbados accelerates in 2013.

    But Bajans feel that these things can’t happen here because we are better than the rest, the most educated in the Caribbean and most of all, God is a Bajan.

    Have a laugh, Brudah, to relieve the mental pain! We are tired crying for Bim. We will be labeled as negative, pessimistic, not liking Barbados by bad talking it and a whole lot of personal attacks from the jingoistic brigade.

    But you are in a position to see; Hal Austin can see; and I also can see. All we are doing to sounding the alarm and giving early warning of the on coming storm.
    We live in hope and weep for Bim!


  22. Some on this blog unfairly attack Hal because he calls it as he see it. Why do we embrace those in the Diaspora when we want to lure their investment but do the opposite with their ideas.


  23. The irony of the Eurozone is that Germany’s success is owed to the fact it is Europe’s biggest exporter to the zone. It exposes the vulnerability of ‘globalization’.


  24. But to ‘come clean’, Just wondering, let me say that I am a poor wanderer making music in the courts of kings.

    And so for you and pretty well everyone, here is a poem inspired by the poet Taliesin.

    ‘Riddle’

    I am the woman at the well;
    I am she who sculpted her life
    To put it in a jar;
    I am a ball of paper
    That someone carries in his hand;
    I am a lamb
    For the world to feed on;
    I am the scrawl from a cheap ball-point;
    I am a domino falling
    Full-frontal;
    I am an adagio for strings;
    I am the privacy
    Of my own thoughts;
    I am a twisted web
    of many colours.

    Who am I?

    From ‘The Twisted Web: Perspectives on Poverty in Poetry’


  25. millertheanunnaki wrote “The international business out of Canada will disappear by 2014.”

    Fuh true? fuh real?


  26. @ Brother Annunaki

    “Have a laugh, Brudah, to relieve the mental pain! We are tired crying for Bim. We will be labeled as negative, pessimistic, not liking Barbados by bad talking it and a whole lot of personal attacks from the jingoistic brigade.”

    Indeed Brudah, it would seem that we have no other choice but to. But I have this strange feeling that I would weep as I laugh a tired laugh. It is sad to say, but the only change that would occur at this rate is if a Bajan with a plan for the betterment of the country and preemptive measures strategically mapped out were to suddenly win the lottery in either America, Britain, or Canada, and return to Bim to set up shop and avidly initiate strategic business investments…


  27. Nothing about my argument has changed over the last six years. Sinckler and Stuart still continue to ignore good advice.

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