David

Professional courtesy should be extended if the Governor behaves professionally. When Dr. Worrell speaks, he leaves the impression that he is representing the DLP. Don’t worry about how people outside of the Central Bank criticize the Governor: you should be more concerned about the image that he is projecting. If he continues in this vein, he will bring the Central Bank into disrepute. He might prefer the DLP but as a professional, he must not be seen telegraphing his politics at any time because a governor is never off duty.

@Hal

Are you suggesting that because Worrell wears a Nehru suit he is disrespecting the office?

Are you suggesting that the many papers/books published by Worrell have been able to avoid the rigour of academic review, why?

Are you saying in his capacity of the government’s bankers and the need to advise on monetary matters qualification whether paper or breath of experience should be discounted?

You need to come straight Hal.

@miller

Can the governor and his data processing army confirm the following?
IS THE LIABILITY DUE TO AL BARRACK INCLUDED IN YOUR CALCULATIONS OF THE GOVERNMENT’S NET FISCAL POSITION AS REPORTED TO THE CREDIT RATING AGENCIES AND THE IMF?
(To use the GP’s style of emphasising the “IMPORTANCE” of a matter).

If NOT, why not? After all the debt can now be classified as an ‘Established Liability attracting high compound interest’ that all principles of accounting- even in relation to national fiscal book-keeping- would require and indeed mandate be reflected in the records and reported accordingly. What ‘better’ independent evidence and source to verify a debt than the Law Courts of this law abiding democratic country?

Yours is a legitimate question, do you know if our respected Fourth Estate believed the question important enough to ask the Gov and some how failed to report it? In his defense One cannot accuse the GoG he holds frequent press conferences and the members of the media are invited to pose questions. One cannot accuse the Governor of avoiding the question.

Given the closeness how you follow events you would have heard his explanation about CLICO liability last week?

David,
There is nothing wrong with dressing in a Nehru suit; a Nehru suit is not the same as playing Kadooment.
I have the highest respect for Dr Worrell’s academic record. What I said was that economic academic qualifications are not necessary qualifications for financial regulations.
To anyone who knows about financial regulation this is obvious. It is my understanding that the CEO of the Financial Services Commission, the senior financial regulator in Barbados, has an accountancy qualification. We have bankers who are regulators.
Because you are a soldier it does not mean you are a sailor, an airman, a prison officer or a policeman. They are all different disciplines.
To challenge Dr Worrells’s ideas is not disrespect, neither of his office or of the man himself.
I rest my case.

Grow Barbados | August 26, 2012 at 8:17 AM |
” when he speaks he exudes a measure of confidence indicating he knows of what he speaks. Dont judge a book by its cover.”

But judging a man on the way he SOUNDS is still judging the cover … (MURDA)

Look the man dun say that there is NOTHING wrong with being a creature of the Min of Finance … The die was cast long time ..!

David | August 26, 2012 at 8:02 AM |

Even if the laughing stock of a Fourth Estate ignorantly refuse to raise such a pertinent matter it is still professionally incumbent on the Governor to ensure that what is reported is a true and fair view of the government’s debt position; even if opaguely embedded in the overall sum of any figures reported. Even though the Al Barrack legally established claim makes good controversial grist for the Press mill it would be a quantum leap of boldness and a galactic stretch of the imagination to expect any worker or manager of that Estate to raise such an important issue during the Governor’s PR sessions.

The governor is entitled to some academic licence and professional leeway when making pronouncements on the state of the economy and projections about its future performance given the uncertain diagnostic tools available in that ‘dismal’ science called Economics. Such latitude however is not available when it comes to financial reporting. On the country, the governor is expected to be conservative and err on the side of caution and MUST report all known liabilities, realized or contingent.

The governor’s attempt to establish a financial ‘cordon sanitaire’ around the CLICO issue is his rather feeble way of weakening the guarantees previously given by his political masters to the CLICO aggrieved policyholders. These attempts to protect his masters by making political pronouncements are not in keeping with his professional brief but more of the province and indeed provenance of the Minister of Finance. We would rather hear the Governor’s assessment of the pro and cons of the options for financing the building of a new hospital in the same way he has pronounced misleadingly on the BOLT arrangement for the Dodds prisons.

@ Grow Barbados | August 26, 2012 at 8:17 AM |
“Was it US$, was it BDS$ spent with Veco on Dodds we still waiting to find out. ”

No, we are NOT! We all know the published cost of construction and the projected total cost -both construction and financing. According to the central bank governor the annual payment in forex is $ 30 million for 25 years. You should ask to governor which currency he is using. Is it US dollars or Bajan dollars? Or is it both depending on the political point being made? Now it does not take a too bright a person like you GB to do the simple arithmetic. You can imagine what it would cost for a new hospital. It should be a standard requirement to express any foreign payment in US dollars since that is the currency we have to find to remit the funds.

Since you, GB, are the spokesman for the governor on this blog the question you need to answer on his behalf is if the Al Barrack debt is included in the national debt like the Dodds prison and Greenland.
You can consult with ac for advice since you both seem to only see things from one eye focused on the BLP inept commissions but refuse to look at this DLP administration’s infelicities of omissions.

The BLP yardfowls will obviously have a problem with Dr. Worrell- He is an outstanding economist who is held in the highest regard locally, regionally and internationally and who has been realistic about the current global situation and its impact on Barbados.
Anyone who does not sing the BLP doom amd gloom political song will be attacked by the Arthur apologists.
I see a pattern here – anyone who does not sing in Arthur’s choir will be turned upon by him and his gang of political thugs. Remember the “Negrocrat, indentured servant, political stepney, malik with teeth,”- you get the point.

The best thing for Barbados is to keep Owen Arthur and his ego as far away from Bay Street as possible.

@ ! | August 26, 2012 at 10:53 AM |

How does your response address the issue of the Al Barrack debt being omitted from the national accounts? Put aside your DLP blinkers and stop your party from further tarnishing the good name of the CBB.
Ask the governor if the AL Barrack debt is included in his sums in arriving at the country’s fiscal position.
Unless the government has appealed the Al Barrack judgment by the Court the governor must, by professional integrity, include the claim as a debt in the fiscal accounts.
Deal with the issue at hand and demonstrate for once you care about this country and how it ought to be managed.

@balance

Guess who gets the prize for missing the point again?

The issue with Worrell is that he has been accused of being political.

@ David | August 26, 2012 at 10:46 AM |
“There is no good reason why the Barrack debt should not be addressed officially in the budget allocation. At minimum it is a contingent liability.”

The canons of public finance accounting will not allow its treatment at this stage as a “contingent’ liability. Only if the government had appealed the Court’s decision would such ‘contingent’ treatment be possible. The mere fact that Ministers of Finance have recognized the debt and have entered into negotiations for its settlement is proof enough to establish its validity and must be recognized in the accounts as a real liability, long term or otherwise. There is no pussyfooting or statistical gymnastics to be played here as in the case of unemployment statistics. There may be “lies damned lies and statistics” but a Court awarded debt is a debt that must be officially recognized and honoured or the name of Barbados must be ever sullied.

I would wage a bet that one of the very good reasons for Barbados’ recent downgrade to junk bond status is the way this Al Barrack debt has been treated like a political football by both political parties with total disrespect for the decisions of the Court. This is setting a very dirty precedent when a sovereign State refuses to officially record a commercial debt verified by the Law. This arrant dismissal of the canons of commercial law can only sully the name and image of Barbados in the eyes of foreign investors. One can imagine overseas investors thinking: “If they (the government) can do that to their own, imagine what those Bajans would do to us foreigners whom the seem to dislike with a passion”.

Should the BLP also be chastised and rejected for the massive off budget spending in which it engaged – digging up roads before the last election as part of a 40 million dollar programme that was not allocated for in the budget,- NOT ONE CENT! massive spending outside of Parlaimentary approval, yet the same BLP yardfowls are now on their high horses criticising the Governor about allocation for the Barrack debt caused by Arthur’s “incomeptence” – I will not say corruption.

How can the BLP yardfowls be taken seriously while promoting an opposition leader who it can be shown is guility on a larger scale of many these same spending issues of which they are complaining?

Surely, Owen Arthur is part of the problem and not the solution.Put country before party and keep Arthur and his ego away from Bay street,

Mascoll speaks as a politician first and an economist second and so does Arthur. Their first aim is to get political power and that is why you will never see or hear Mascoll or Arthur give specific details about major cuts in government spending – an economist would do that but not a politician trying to get his party elected.

Next time , check it out you will hear terms like ” reorder our public finances, bring order to our public finances” – sweet sounding rhetoric but no specific spending cuts – politicians first, economists second”.

Keep Arthur and his ego away from Bay Street.

@I
If Owen Arthur is over-rated as an economist as you are clear to indicate, why is it that Barbados did better under him than the subsequent tow Prime Ministers and over a longer period (you may also want to include the prime minister preceding Arthur)? Why is it that up and down the lengths of the island chain, Arthur is heralded for his management of the Barbados economy? Why is it that international institutions, agencies, and their directorates always spoke in glowing terms of Arthur’s approach to Barbados’ political economy and the facts were borne out by Barbados raising itself to be counted as the number one developing country in the world? Surely you would accept, so has Arthur, that mistakes were made but he always acted with Barbados’ best interests at the forefront and he was not afraid to lead or bite the bullet when circumstances demanded such? Now do you seriously believe the negative things that you want to say about Arthur as an economist or even a political leader? Do you really believe that a majority of Barbadians will tell you that they are better off in the post-Arthur years? Has the DLP did anything to truly instill hope and chart positive directions for alleviating the hardships, poverty, and other economic constraints that bow burden the people of Barbados? Let us be honest, for what it is worth, Barbados needs Owen Arthur and the BLP team perhaps more now than at anytime in the post-independence era, surely the proof is there?

In response to Hal the assumption was made that the Nehru suit was being questioned because one is hard pressed to criticize the Gov jumping on Kadooment Day.

@balance

If you comment it has to be clear, was it day before you had to clarify a comment for a commenter who felt you meant Maloney?

Please read with your best comprehension.

@Caswell,Balance,Hal
Subject matter adequately addressed in your contributions.Well done!

I am much more interested in discussing the governor’s ideas and policies without the biased intervention of party politics.
I think Dr Worrell playing Kadooment is a side show, even if an embarrassing one, at a time when the country is crying out for moral leadership.
Remember, this is the same Crop Over when we saw a toddler being rude with an obviously drunken woman. And when police and social services are still debating if they should act on this basic example of a child that should be taken in to care for his own good.
I would not expect to see the Bishop, Governor General, prime minister or chief justice dressed in a semi-vulgar costume and jumping up.
The dignity of high office means that we have to forego certain things, setting an example to the nation. However, I would expect them all to support Crop Over.
However, what is more important is how the minister of finance, advised by
the governor and others, plan to dig the country out of its economic mess.
What we do know is that after nearly five years they do not have a workable plan.
As citizens we have a right to know what our political masters and senior public officials are doing to rescue the economy.
Introducing party political bias confuses the issues. It does not help that the few public intellectuals we have do not debate each other, which is the best way of educating the public.
Our national newspapers are totally irrelevant to the most important social and public policy issues.
Forget party allegiance, discuss the issues.

Well Mr Austin both Political Parties are “Service (Servile) Centric” as opposed to “Product Centric” in their thinking and policy setting for development. There is Nothing that either can do that has not been tried before that can make a difference in our direction.

@ !
The best thing for Barbados is to keep Owen Arthur and his ego as far away from Bay Street as possible.

I don’t think it is bigger than PM Freundel Stuart’s whose speech last Sunday was so egotistical that he even started to speak in the third person…lmao.

@ Caswell Franklyn | August 26, 2012 at 1:53 AM |
“..When Dr. Worrell speaks, he leaves the impression that he is representing the DLP.”
“… you should be more concerned about the image that he is projecting. If he continues in this vein, he will bring the Central Bank into disrepute.”

Caswell it might appear strange that the miller wants to come to the defence of the embattled governor. But why are you leveling these allegations if not charges against the governor without reference to evidence or situations where the man acted or made statements to justify your assessment of him? You might have on this blog some so supporters on your position but that does not mean the majority is right.

The same way you took arms and swung your intellectual cudgel against people (like Bushie and island gal) accusing you of fraud or attempts to evade repayment of a car loan and pleaded your case most admirably against the actions of PS Layne by brining evidence to justify your action why not identify instances where the governor acted in a political way leaving doubts about his professional integrity? After all, the governor is not here to explain his actions like Jeff Broomes is able to do to justify behaviour.
So, Caswell, be fair and tell us how the governor has fallen short of the glory of his high office with specific references to inappropriate comments and actions.

ALL
PLEASE KINDLY NOTE THIS BIT OF CONCENTRATED BOVINE EXCREMENT BY JUST ASKING
IN WHICH HE SPITS IN THE AIR AND HIS DRIVEL DESCENDS IN HIS FACE

WHY do you think it is so George Brathwaite ?

It is so because Barbadians are opposed to their own people who achieve
They have made all sorts of comments about persons who achieve . Bajans are something else yuh !

HE HATES BAJANS WHO HAVE ACHIEVED AND SEEKS TO BRING THEM DOWN TO HIS LEVEL
POOR FELLOW. MUST BE HARD TO BE A MORON AL YOUR LIFE AND ENVY THOSE WHO YOU PERCEIVE TO BE BETTER

BOY I LOVE A GOOD LAUGH

@ GEORGIE PORGIE | August 26, 2012 at 3:23 PM |

THEN WE HAVE TO TAKE THE PRONOUNCEMENTS OF THE GOVERNOR WITH A GRAIN OF SALT ESPECIALLY WHEN IT COMES FROM A BLP MoF IN THAT CASE WITH A DOSE OF CASTOR OIL ALSO.

So tell us, PG, how come the various MoF’s uttered statements and took positions on the compensation of the CLICO policyholders that seem to be at variance with that taken by the GoCBB?
Can we conclude that the most recent utterances by the Governor on the CLICO settlement are straight from the mouth of the MoF?

If what you and Sarge are saying is true then the Central Bank is NOT really an “Independent” organization. In that case, its functions and operations are ripe for restructuring and incorporation into the coming revamped Ministry of Finance & Planning under the supervision of a real politically independent governing Foreign Agency. Dipper would smile at this turn of events. What use would there be for a central bank as presently constituted if the data produced is subject to political massaging to suit political goals? What use is there for a central bank when the currency peg is taken down to such a level that even the Jamaica dollar can look it in the eye and there is not enough forex to manage to justify such a large and expensive bureaucracy?

@GG

There is nothing wrong with anybody commenting as they see fit.

No argument there David yet still twelve long winded write ups by miller out of forty five blogs is over the top give others a chance.