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Senator Tony Marshall
Senator Tony Marshall

BU had eagerly looked forward to the contributions of Independent Senator Tony Marshall to the Upper Chamber. Based on the Systems Systematic Survey he was labelled the #1 talk show host never bashful to share his views on any subject. He was vocal as president of the Barbados Cricket Association. Surprisingly he never seemed to be as vocal when he wore the hat of Chairman of the National Insurance Scheme (NIS). In his current public role as Senator again one senses he has been very below the radar in his contributions to the Upper House The few time sittings were called.

In his rookie contribution as Senator there was the opportunity for him to draw a line in the sand to define the tenor of is contributions by speaking to issues like NIS, EMERA, Four Seasons and outstanding financials; quick pick issues. In fact given his profile there is nothing to prevent him from speaking in the public forum. He is a public figure and the media would take note. BU does not expect Senator Marshall to raise these issues in the Senate because in our style of government what difference would it make anyway? This must be his mindset. Go for it Senator, it is legacy building time!

Along with earlier questions asked by BU in the public interest here are a few more.

  • Why did Trident Insurance received so many new insurance contracts which were formerly covered by ICBL when the Government changed in 2008?
  • Was Senator Tony Marshall ever a Director at Trident Insurance when Government business of certain entities of which he was Head/Chairman taken from ICBL and given to Trident at much higher policy rates?
  • Did the now Senator Marshall recuse himself when the Tenders for insurance were deliberated at that institution when he was Head/Chairman?
  • How much business has ICB lost to CLICO (remember CBC when the former Chairman of CLICO Holdings Barbados was also Chairman at CBC) in the period 2008 – 2013? For those who are unaware this is a period of DLP tenure. Why did this happen?

BU reserves the right to ask the hard questions, the Senator has the right not to respond.

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50 responses to “Mountain of Questions”

  1. old onion bags Avatar
    old onion bags

    OH LOSS David!…..Man just as we thought “The truth must be told M ” would once more be in ‘good fooling’ and come out of his shell now given ample license as Senator…you gone and fire these shots cross D man bow…that now dun um fa sure !

  2. BAFBFP Avatar
    BAFBFP

    But the Senator don’ read BU …

  3. BAFBFP Avatar
    BAFBFP

    Remind me how an “independent” card carrying party hack Senator is chosen again?

  4. BAFBFP Avatar
    BAFBFP

    How is it that an upright ex-public servant, Free Mason (more interested in truth ahead of all else) like Lenny St. Hill, chief orchestrator of the national development plan, was NEVER called to be an independent Senator?

  5. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    Were Senator Marshall still a talk show host on the same VOB 92.9 Brass Tacks, he would have had to speak to the very disgusting situation where the present Minister of Finance introduced a resolution last Tuesday in the House of Assembly to raise the limit on the amount of Treasury Bills and Tax Certificates that can be issued by the government from BDS $1.75 billion to BDS $ 2.75 billion.

    Now, this very loathsome act is further evidence of the gross and reckless mismanagement by the Minister of Finance and the relevant others of the financial affairs of the government and by extension the whole financial affairs of the country

    For, if the relevant financial institutions and others inside and outside of this country were to sufficiently subscribe to anymore Treasury Bills and Tax Certificates under this measure, this will help set the stage for the cost of use of money in Barbados to reach very dangerously and uncontrollably high and raging levels, such that when these are made to mix up with other toxic fires that were lit by these incompetent inept DLP/BLP governments over the years – but that are yet to be outed by them or any body else, it will mean another series of huge destructive fires that will engulf and scorch the productive and commercial sectors of this country even more.

    But, rather than putting out fires that consume them from time to time, and that have been burning down and causing severe damage to their properties and causing tremendous disruptions to their lives, these sectors must finally go to the sources of these fires and abate them by all means necessary, if not there will be no more means one of these good days to out them and the entire place including more of their properties will be burned to hell down and the human and resources and remuneration costs to the country to rebuild and recover will take huge mounds of effort and many of years to accomplish.

    PDC

  6. Well Well Avatar
    Well Well

    Baf……………..you know when somebody don’t like you in Bim for whatever reason, real or imagined, you get picked for nothing whatsoever.

  7. David Avatar
    David

    @Baffy

    How do you know he does not read? Because he says so?

    If he does not read one of his lodge mates will inform him.

  8. BAFBFP Avatar
    BAFBFP

    Barbados will be well served with a Lenny St Hill in the Senate. He has now gone very quiet, he never was a favorite with Starcom call in hosts and to mme that is all the more reason that he should be positioned to mek some proper noise.

  9. BAFBFP Avatar
    BAFBFP

    I do not “believe” that Tony Marshall is a Free Mason … He does NOT fit the profile.

  10. Pachamama Avatar
    Pachamama

    @ BAF

    We didn’t know that you were a contractor, determining who is a mason or not (smile). You must remember that most of these people on the ‘square’ are merely useful idiots with no idea what they are a part of.

  11. Lacostic Avatar
    Lacostic

    Its better to have a man in the tent pissing out rather than to have a man outside the tent pissing in.

    Tony Marshall is a member of Thistle.

  12. millertheanunnaki Avatar
    millertheanunnaki

    @ Pachamama | May 16, 2013 at 9:13 AM |
    “We didn’t know that you were a contractor, determining who is a mason or not (smile). You must remember that most of these people on the ‘square’ are merely useful idiots with no idea what they are a part of.”

    You speak as a man of ancient esoteric knowledge that even Imhotep in his apron and shovel in hand would be proud of you. If George Washington- one of the most ardent inquisitive fans of secret masonry- could not even kiss the left foot forward of the great architect do you really feel these local indentured fools know anything about masonry far less that of the free version?

    Not to make fun of our most creatively indigenous version of the British Navy the local boys pretending to be ‘Masons’ of the Prince Hall precinct are the spitting image, culturally speaking of course, of the Land Ship.
    As I said this is not meant to make fun at our Land ship as a special cultural institution since it reflects the Bajan uniqueness of indigenising its colonial past and in true British fashion ‘steal’ other people’s cultural possessions and call it their own.

    Free Masonry is just another one the European man has stolen from ancient Egypt. Bajans just simply follow their masters without knowing -even if holding a shovel- the ancient origin of Masonry and path to enlightenment at the capstone of the Pyramid reflecting the light from the three wise men from the East in Orion’s belt.

    Do you think any of the local idiots pretending to be “free masons” can really decipher the symbolism far less the true intent of the brotherhood? Would they even be so proud as to associate with a modern mason laying bricks in building their own mansions of material opulence and spiritual ignorance?

    But you, Pacha, are a man of great spiritual insight and will appreciate the above esoteric writing. A man whose knowledge begins like a small tributary to the mighty Amazon River in the high Andean mountains where the real Pachamama is worshipped as a goddess and supporter of life on this tiny orb.
    “In God we trust, all others we audit!”

  13. Alvin Cummins Avatar
    Alvin Cummins

    @David
    Isn’t ICBL owned by Republic Bank (as a result of the sale of BNB, along with Barbados Mortgage and Finance) and isn’t Republic Bank owned By CL Financial? And isn’t CLICO owned by CL Financial? Things that are equal to each other are equal to one another. Take out of the left pocket and put in the right pocket, different pockets but the same pants.

  14. Well Well Avatar
    Well Well

    Alvin………………..we can just simply say that the Trinidad government is the true and rightful owner of most of the financial entities in Bim, that would negate any confusion.

  15. Well Well Avatar
    Well Well

    Miller…………………..you still have a lot of educating to do, most people fail to acknowledge that the present system is just pieces of the original system and civilization created in Africa by our fore parents, modified and tweaked by the Europeans to achieve conformity. The only thing the present day freemasons in the Caribbean care about is that they can practice all the nepotism, favoritism and all the other unethical things that enrich them, you think they really care about the genius of our ancestors?

  16. Anon Avatar
    Anon

    @ Alvin Cummins
    ICBL is not owned by Republic Bank. It was never a subsidiary of or owned by BNB which merely had shares in the company. BF&M Limited in Bermuda, through its wholly owned subsidiary, Hamilton Financial Limited, domiciled in St Lucia, is the major shareholder of ICBL with approximately 51.7% interest in the issued and outstanding shares.

  17. Alvin Cummins Avatar
    Alvin Cummins

    @Anon,
    I stand corrected and accept that I was wrong with humility. I thought BNB had the majority of shares which went over when it was sold to Republic Bank. I’m sorry if I mislead.

  18. David Avatar
    David

    @Baffy

    Surely you have lodge friends? If you do the veracity of the position can be resolve with ease.

  19. BAFBFP Avatar
    BAFBFP

    “IN GOD WE TRUST … All others pay cash …!”

  20. BAFBFP Avatar
    BAFBFP

    Wait David you mean Lodge School friends?

  21. Prodigal Son Avatar
    Prodigal Son

    I would like Mr Marshall to say what he knows about the audited Financial Statements of the NIS he had faithfully promised to be made public when he was Chairman. He was fired and it seems as if his mouth was “fired’ as well. Why were they not ready as he had promised prior to his firing?

    Now it seems as if the NIS may not be as solvent as it should be as claims are taking very long to be sent out and you have to know someone in the NIS to help you.

    I notice that the “Clown Prince” of this DLP government seem to be flying a kite again to get public reaction. He now declares that they have to look at statutory corporations, salaries paid to the execs,the cars they drive, look at merging some statutory bodies which will certainly lead to job losses.

    Is this not a far cry from the rhetoric we heard from these Dems all during the election? How can the people of Barbados trust these people?

  22. Permanent Secretary Avatar
    Permanent Secretary

    Hello everyone on Bu.
    It was indeed intriguing to hear Minister Donville Inniss berate public officers about their productivity at work and the need to improve our efficiency and cost effectiveness if Barbados is to effectively confront the harsh economic challenges facing it. I said earlier intriguing, because it was only a few days ago on this BU site someone alleged that the Director of the Office of Public Sector Reform, Mr. Michael Archer, had printed some Adminstrative manuals cheaper at the Government printing department , but curiously chosen to print another 3000 copies of the same manuals at S and M printing for a higher price ($ 9,000.00). I chose to note that posting then and investigate for myself.

    A visit to Mr. Archer’s office on Tuesday this week by my messenger revealed the following, as reported to me by my messenger :

    1. Mr. Archer’s office table was covered with the said manuals , and he was heard on the phone telling someone ” come and get some more even though you may have enough”

    2. As is the norm, the Government Printing Department is acknowledged on those copies of the manuals that they print. But no acknowledgement from S and M printing on the back of the ones that they apparently printed. So it is true that the Government Printery printed some of the documents (250 in total)

    Two things I found strange after my interaction with my minstry’s messenger :

    1. Why did my ministry receive a second batch of these manuals after receiving 20 copies the week before ? The staff compliment in my ministry is 25 persons all of which have nothing to do with Administrative manuals, and I now have 50 copies of the same. I checked with my secretary and it was revealed that Mr. Archer frantically called and asked that the messenger be sent to collect the said manuals.

    This call came just after the story I alluded to earlier was posted on BU.

    My secretary informed me that she reminded Mr. Archer that the minstry was already in receipt of 20 copies which were suffiicient. He countered by saying the excess can be shared with visitors to the ministry.

    2. Why would Mr. Archer be trying to rush these manuals out of his office if there is nothing to hide ?

    I had a check done at the Treasury Department to confirm that a payment of $ 9.000.00 for the printing of 3000 manuals by S and M Printing was indeed processed. I am now convinced that person, who reported this matter on BU, in an earllier posting their account of events bears much merit.

    This is clearly a wanton and unnecessary waste of resources by a senior public officer that should be more reasonable with the use of governent scare financial resources. Senator Garner recently declared on the floor of the Senate that the Office of Public Sector Reform needs to be shut down. I must confess Mr. Archer’s recent action ( one among many of recent times, my investigations have revealed) does that department no good.

    In my capacity I have alerted PM Stuart and the Head of the Civil Service about the apparent skullduggery taking place at the Office of Public Sector Reform under Mr. Archer’s (mis) guidance.

    I took this opportunity and length to confirm that the earlier posting on this matter indeed took place. That poster (though anonymous) must be given kudos for highlighting such acts in our public service that we can do without.

    It would be wise if we all pay attention and heed Minister Donville Inniss advice.

    Thank you.

  23. David Avatar
    David

    If Archer is believed to have engaged in malfesance by contravening government’s financial rules isn’t there a disciplinary process which should be invoked? What is the problem?

  24. David Avatar
    David

    Further, if there is a standing policy to procure all printing from the government printery, who approved the payment in this case? Is it that Archer has his own budget and can issue cheques at well? Has the matter been brought to the attention of the Auditor General? What are the next steps?

  25. Permanent Secretary Avatar
    Permanent Secretary

    David,

    My submission about this issue was centred on the question on efficient use of government financial resources in these tough economic times.

    If there is alleged malfeasance on Mr. Archer’s part, I concur with you, there are mechanisms to address such.

  26. barbadainonoverseasvisit Avatar
    barbadainonoverseasvisit

    @David

    there is no policy decision which states that printing must be done at the govt printer, even though I am told has one of the most advanced printing machine on island.

    In light of the harsh economic times, the use of the government printer should be a first priority, but there are times when urgent printing is being done and hence the reason for engaging the private printeries. If there is proper planning a lot of the rush can be avoided, but how many public officers are interested in planning strategically to avoid unnecessary rushing. I can speak to why it is not done, but will wait until I see further development on that issue.

    some public officers use all types of strategies to give govt printing to their friends, and when confronted become angry. I know of what I speak. They are not cost conscious because they are involved in malfeasance, among other things. at the end of the financial year they spend the money because it is available, they purchase inferior desks which must be replaced often rather than buy local furniture. The new procurement system which is soon to be implemented will track excessive and produce variance reports in pricing.

  27. Permanent Secretary Avatar
    Permanent Secretary

    David,

    On the question of approval of funds. My investigations revealed that Mr. Archer approved the use of the funds himself relying on the Below-the-line account allocations of the OPSR, which at the time of the decision were periously stretched.

    Here of lately there has been an unusual flurry of explained “enhancements” to that office , all authorised by Mr. Archer’s use of that same account.

  28. David Avatar
    David

    @barbadainonoverseasvisit

    Thanks!

    It seems a hopeless situation that government’s MTFS is predicated upon cost management yet we have a PS who has been accused of engaging in a procurement practice which runs counter. The issue here is simple. If this is continuing to happen across the civil/public service what is the point? We are on a road to no where.

    As in the issue mentioned on the blog, we havean Independent Senator in Tony Marshall who has built a reputation on being vocal on the issues yet since his appointment ntment he has been as silent as a church mouse on the relevant issues.

  29. barbadainonoverseasvisit Avatar
    barbadainonoverseasvisit

    @Permanent Secretary
    what is the difference between malfeasance and misappropriation of funds.

    @David
    Mr. Archer is not a Permanent Secretary, but a department head, he functions within the mCS which has a ps.

  30. barbadainonoverseasvisit Avatar
    barbadainonoverseasvisit

    @P s

    r u sure that the below-the-line account can be used for such purpose? What is the purpose of a below-the-line-account? If the funds were donated by a fx entity, wouldn’t be placed in a blelow-the-line-account and hence use for the purpose it was intended? I await ur response.

  31. David Avatar
    David

    @barbadainonoverseasvisit

    Which makes this allegation all the more incredulous. Who is the PS?

  32. barbadainonoverseasvisit Avatar
    barbadainonoverseasvisit

    Mr. Forte is the ps, acting

  33. David Avatar
    David

    The final responsibility should rest with the PS as far as whipping his heads of department into shape to comply with the directive from the MoF to ensure cost efficiently.

  34. Hants Avatar
    Hants

    Independent Senator means “not a card carrying member” of a political party.

    Marshall is an old man. He is on cruise control enjoying the sweets as a well connected middle class Bajan.

  35. Checkit-Out Avatar
    Checkit-Out

    David;
    Something seems very fishy about these revelations about alleged malfeances by the Mr Archer. I don’t know Mr. Archer and I don’t know what is the quality or otherwise of these manuals and I don’t know anything about Mr. Archer’s politics or abilities or alleged crookedness, but the posts written by “Permanent Secretary” ring totally and patently false. They were definitely not written by a true-true Permanent Secretary or, if they were, the new stock of PS’s has deteriorated to a level that is almost unbelievably poor and flies in the face of the standards expected of a PS.

    I am not disputing any of the claims made by “permanent secretary” or the person who brought this matter to the attention of the BU family in an earlier post and made no attempt to clarify the matter when challenged. Indeed Permanent Secretary’s post here leaves me to wonder if he and the earlier poster is the same person seeking to spread mischievous rumours.

    There are ways and other Fora in which the Permanent Secretaries and allied Grades can handle a situation like this one, or used to be, since I don’t know what obtains in this regard at present. Is there still a Head of the Public Service designation? Shouldn’t such matters be brought to his/her notice, formally or informally? When should the Politicians (Ministers) be brought into such matters?

    imho. This sounds to me like one junior officer or a rival with a grudge against Mr. Archer, using the BU forum to ventilate a case which may or may not have legs. Perhaps Caswell can investigate and report.

  36. David Avatar
    David

    @Checkit-out

    Agree with you. This is obviously a witch hunt.

  37. Hants Avatar
    Hants

    Meanwhile in the land of FOI,,,,,, 2 senators resign and the Mayor of Toronto could be in deep doo doo.

    “Senator Mike Duffy has resigned from the Conservative caucus and will sit as an Independent amid controversy over his living and travel expense claims.”

    “Senator Pamela Wallin says she is recusing herself from the Conservative caucus while her travel expense claims are under scrutiny.
    Wallin, a former journalist who now represents Saskatchewan in the Senate, has claimed about $321,000 in travel expenses since September 2010 that are the subject of an audit by an outside firm.”

    Now that is what happens when you have a FOI act.

    Only in Canader eh!

  38. barbadainonoverseasvisit Avatar
    barbadainonoverseasvisit

    @David

    from the questions I asked, it will tell you that it a witch hunt. The manuals are useful and can be used by all officers in the public service and statutory boards from bottom to top. The persons does not even know when money is placed in a below-the-line-account, I will not educate him/her.

    A PS would know what is a below-the-line-account and how it is used.

  39. David Avatar
    David

    @Hants

    Six years later and we are waiting for our version. PM Stuart must be aware his legacy and that of the government he leads is bound up in its ability to honour the promise to implement transparency legislation i.e. FOI and Integrity.

  40. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    High liquidity within the banking system? How high is high liquidity? What are the indicators that this is so? Where is the evidence that this is so?

    Well, we are neither going to accept or presume – without the necessary corroborating evidence being given to the public by the banking sector – that there is high liquidity in it.

    But, given some of what we are observing happen within this very inefficient, most unproductive sector, and given some of what has been reliably reported by some persons in relationship to how this sector has been performing, we are left to conclude that there is no high liquidity whatsoever in the banking system in Barbados and, furthermore, within the entire core financial system in the country.

    However, BLP member for the constituency of St. James Central in the House of Assembly, Mr Kerrie Symmonds, somehow strangely thinks that there is high liquidity within the banking sector in the country (Nation Newspaper, Thursday, 16 May, 2013. He even asserts that there is a reluctance by it to expose itself to medium term to long term government paper(Nation Newspaper, Thursday, 16 May, 2013) .

    Mr Symmonds was speaking in the House Assembly, last Tuesday, in the debate on a resolution to increase the limit in the amounts of Treasury Bills and Tax Certificates that the government of Barbados can issue, from BDS $ 1.75 billion to BDS $ 2.75 billion.

    With regard to those two central points of this parliamentarian, certainly he is coming from two very contradictory angles.

    The website wfhunnel.cnchost.com/banking, defines liquidity in the context of banking as the ability of a bank to meet its financial obligations as they come due.

    Lately, in Barbados commercial banks have been reporting that there has been a recent surge in non-performing loans and loan loss provisions and that there have been many persons drawing down on their savings in the said banks. It was some time ago reported by the Central Bank of Barbados that commercial banks owe the relevant persons, businesses, and other entities inside and outside of Barbados collectively about BDS $13 billion in remunerations. It has recently been reported in some sections of the local media too that commercial banks are under-subscribing to government bonds. Even one finance house – Consolidated Finance – reported significant so-called losses some weeks ago. And there have been many reports by many persons that have been applying for residential mortgages from these commercial banks of their being turned down by these banks or being given the run around, where in ordinary circumstances they would not have been done so.

    These and other relevant circumstances point to the fact that liquidity in the banking system is not high, but is low or is running extremely low or negligible.

    What also circumstantially supports the fact that liquidity is not high in the banking sector is that recently the Central Bank of Barbados gave permission to the commercial banks to set their own minimum rates on deposits – with certain exceptions.

    This, et al, meant that – with the government planning some time ago to increase its Treasury Bills load – that it therefore had to help create – in view of all those negative circumstances described above and some others not referred to herein – greater opportunities for operational relief to commercial banks in Barbados ( such though is mere foolishness and tinkering since interest rates ought to have been abolished by now), by it – in some circumstances – giving up responsibility for the setting of minimum rates for deposits.

    So, it is these negative circumstances that have been found within the banking sector in Barbados, and too those negative circumstances surrounding the fact that Barbados has entered its sixth consecutive year of political economic depression, and the gloomy bleaky outlook by many people inside and outside of the island for the short to medium term performance of the Barbados political economy and services industry sectors ahead – that have helped to provide circumstantial evidence as to why liquidity is low or is running low or negligible in the domestic banking sector, and circumstantial evidence why too – as Mr Symmonds had reportedly stated too – there is a reluctance on the part of commercial banks to be exposed to medium term to long term government paper.

    So, clearly – based on what was reported in the said Nation Newspaper – this BLP joker has failed tremendously to put forward a case to support his argument that liquidity is high in the banking sector of this country. What a shame!!

    PDC

  41. JUST ASKING Avatar
    JUST ASKING

    I am in full agreement with PDC
    Barbados needs this line of thinking period !!

  42. ac Avatar
    ac

    PDC keep pressing on your views and opinions are borne out of critical thinking and not hypocrisy and simple acceptability

  43. David Avatar
    David

    @PDC

    Surely you are aware that Consolidated is not a bank? Why make reference to it to support your arguments? Surely a visit to the Central Bank website to view the respective liquidity reports is enough? Please don”t mislead if you want to be taken seriously.

  44. David Avatar
    David

    @PDC

    You can check the Central Bank Economic Review for March p3 and onward:

    http://www.centralbank.org.bb/WEBCBB.nsf/vwNews/BB60402C6DDD42CC04257B480063A7CB/$FILE/Press%20Release%20March%202013.pdf

  45. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    JUST ASKING and ac,

    Thank you.

    We have been critically thinking on these kinds of subjects for years. The truth is out here. Most of us just need to plan and organize for using the “right” intuitive, common sensical, experiential, scientific or what ever else approaches and methodologies, singularly or in combination with each other, to arrive at it, wherever it is. Where upon it is arrived at, much or all of it must be properly dissected weighed and interpreted before being shared with the public for its substantial and long lasting education and benefit.
    David,

    We are not misleading any one, as you suggested.

    If you had read us carefully you would see that we referred to the entire core financial system (paragraph 3) although in essence the post dealt with the banking system, which is a major constituent part
    of this core financial system in this country.

    Too, if you had read us carefully in some of our very recent posts you would have seen that we would have previously made mention of finance houses alongside of commercial banks and credit unions.

    So, come on, David, we know that finance houses are different from banks. This is knowledge that we have had since Adam was a lad.

    But, really our point for using Consolidated Finance has been to show that Consolidated Finance is going under slowly but surely and that – as a MAJOR CUSTOMER of the local banking system, it too is a source of instability within the core financial system, seeing that – to some extent – it is unable to hand in to or bank enough monies with the local banking system, fundamentally because many Barbadian people and businesses have been unable – in recent times too – to hand in enough monies to them concerning, among other things, arrangements related to vehicles got through them.

    PDC

  46. David Avatar
    David

    @PDC

    The point which you have not addressed is that in almost every Economic Review the Governor of the Central BAnk has acknowledged that there is high liquidity in the banking system and it is reflected in the low interest rate regime prevailing.

  47. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    David,

    All the nominal income, payments and transfers that are saved in financial private sector in Barbados ( that are backed by the actual depositing of money, and we hereby not dealing with electronic or paper transfer effects), are as a result of whatever benefits of use of money by depositors (estimated to be 17 per cent of the monetary base of the country in 2011), and the real actual cost of use of money prevailing in the country ( estimated to be 83 per cent of the monetary base of the country in 2011).

    And these are so, notwithstanding the numerical, legal, temporal, and other relevant implications of the primarily artificial constructs of current or saving deposits or demand or time deposits – and under which MOST OF THE SAME USABLE MONEY THAT IS GENERALLY CIRCULATED IS ABSOLUTELY TRANSACTED.

    Moreover, all debit transfers of money out of the financial private sector in Barbados to the non-financial private sector ( that are backed by the simultaneous use of actual money, and we hereby are not dealing with electronic or paper transfer effects ) are as a result of whatever extents of use of money by the said financial private sector and the real actual cost of use of money prevailing at the time in the country ( we are writing it again that it was estimated to be 83 per cent in 2011).

    And too these are so, notwithstanding the numerical, temporal, legal or other relevant implications of the primarily fictional constructs of mortgages transacted or of any debit transferring undertaken by the relevant financial institutions of electronic or paper numbers of over one year, from them to the particular debit accounts of these said persons, businesses and the relevant others in the relevant financial institutions – and under which MOST OF THE SAME USABLE MONEY THAT IS GENERALLY CIRCULATED IS ABSOLUTELY TRANSACTED.

    Now, contrary to the extremely false misthinking of many people that these money flows have to do with work or business done in Barbados, these money flows have nothing to do with work or business done in this country although many times these money flows, when initiated and effected, run parallel to such work or business done.

    But, increasingly in this country there are and have been countless so far times when the use of mere electronic numbers or numbers written on paper cheques etc by financial institutions and the relevant people and others have substituted for the use of real money by financial institutions and the relevant people and other entities in this country.

    Notwithstanding such, the intention of such financial institutions ( unless there are cases of fraud involving these said electronic numbers) have been to help effect the use of real money by others in the various commercial business transactions in Barbados, and the intention of these people (unless there is the deliberate bouncing of cheques etc) is to help effect the real use of money by others in the various commercial business transactions in the country.

    However, to the detriment of the current and future uses of real money by hordes of persons and groups of persons in the country, these electronic and paper numbers have helped served to increase – by substantial numbers too – the real actual cost of use of money in Barbados, while helping to decrease – by proportionately substantial numbers – the real actual benefit of use of money, especially, on one hand, when persons or groups of persons have to find the equivalent real monies to satisfy the principals and interests charged, the expected numbers that have been charged against their names, to give the relevant financial institutions, and other hand, when the said financial institutions have to find the equivalent real monies to satisfy the amounts saved plus interests, if so, the expected numbers that have been charged against their names, to give to the persons and the relevant others when the financial institutions are to give them up.

    It stands to reason therefore that as the rate of which remunerations has been deposited in the core financial system has been decreasing, there will be less and less remunerations (analysed for only up to one year) to support the rolling over of remunerations (numbers) already put in the said core financial system in Barbados.

    And it stands to reason too that as the rate of debit transferring of real money out of these relevant financial institutions has decreased there will be less and less debit transferring of real money (analysed for only up to one year) to support the rolling over of debit transfers ( numbers) already in the wider financial system, .

    In the first instance, each denomination ( coins and papers) used by persons takes, at least, on average two commercial circulations from person to person before going back into the core financial system; and for each denomination used by persons, at most, on average four commercial circulations from person to person before going back into the core financial system in the country.

    In the second instance, it just takes one circulation where the core financial system uses real money.

  48. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    Continuing from the earlier PDC post under this thread………

    As there become less and less remunerations saved ( represented by real money ) by the relevant persons, businesses and others in the relevant financial institutions, and as there become less and less debit transfers (represented by real money too) by the relevant financial institutions to the relevant others, and as that these situations must be considered by us in direct relationship to the reported size alone of the MONETARY BASE of the country, which has been claimed by the Central Bank of Barbados to have been just over BDS $ 1 billion in 2011 – and we do not know what would be the amount of the claim at this stage too in view of the new styled bill denominations and the phasing out of the old ones – must mean still that as time goes by the lower and lower the liquidity levels in the entire core financial system of the country will become and this is in relationship to the said size and the size alone – however much it is – of the monetary base of the country, NOT IN RELATIONSHIP TO ANY FALSE FICTITIOUS GDP figure that has been concocted by the Central Bank of Barbados for Barbados.

    For, it is absolutely erroneous too to use the GDP as a basis for measuring liquidity in the banking or the entire financial system of Barbados, when there is the use of electronic and paper numbers in calculating the estimate for any of these FALSE FICTITIOUS GDP figures that are concocted by the bank.

    Worse is that Central Bankers in Barbados have been calculating these liquidity levels partly on the basis of non-existent money and partly on the basis of money assumptions as that the so-called total assets and liabilities of these banks and other relevant financial institutions have been totally out of proportion to the reported size of the local monetary base.

    If and when one were to examine the total accumulated amount of assets and liabilities of the core financial system, as they have rolled over over the years, it would be found to be about BDS $ 14 billion as at 2013. Now, if one were to write that 10 per cent of those were actually to be held in cash in the financial system (which seems to be conservative given some of the percentages that are found in the 2013 first quarter review and from which we have made own certain careful extrapolations) it would mean a figure of BDS $ 1.4 billion in cash, which would be way below the claimed amount of the monetary base. The fact that the total assets and liabilities are estimated to be in that region but that the monetary base is still just over BDS $ 1.1 billion means that for us the liquidity levels are about 7 per cent, which as we are using the Central Bank’s own information would illustrate that this amount is far below what is reasonably required at a time when the real actual cost of use of local money continue to sky-rocket in this land and the real actual cost of use of foreign money increases tremendously.

    For those persons in Barbados who may think that the recent change in the appearance of the Barbados money bill denominations has to do with the need to get the rid of an old style look had better think again. It is to do with the fact that the appearance is to help distract some people from the severe money problems that Barbados faces at this time in its history. For the introduction of these newly designed bills will not mean that the real actual cost of use of local and foreign monies will be reduced just like that, when they continue to increase substantially.

    We dare challenge the Governor of the Central Bank of Barbados to come to the majority of the people of Barbados and explain to them how in the 2013 first quarter review there was a BDS $ 78 million decline in savings as well as why there was a BDS $ 78 million decline in loans in the one quarter under review when contrasted with the corresponding period one year ago, when at the same time the real actual cost of use of money can NEVER produce such a claimed parity of BDS $ 78 million, when it will produce far far disparite results ( as between the two variables) than those same figures in relationship to the alleged reductions in debit transfers ( represented by money) to the relevant persons, businesses and others, and in relationship to the alleged reductions credit transfers (represented by money) by relevant individuals, businesses and others to financial institutions.

    So there you go, David, you must realize that the persistent claim by the Governor of the Central Bank that there is high liquidity is one that has been thoroughly unmasked and undone by much of what we have pointed to in this post as well as the previous post under this thread as well as very starkly by this initiative by the government to actually print more money at this stage.

    The Central Bank’s lowering of the minimum rates on deposits over the last four years or so has been significantly done to somewhat reduce the real actual cost of use of local money generally and to the financial sector, specifically, but clearly that has failed to achieve the desired effects, as the financial and government sectors have led the way in tremendously increasing the real actual cost of use of local money on the remunerations of the masses of consumers and investors and business people who have been already reeling under the evil and wicked effects of TAXATION and further to that people who have been seeing their remunerations further reduced to the points where there has been a massive sprawling snow-balling effect in the use of money by persons and the use by those persons of the use of non-money commodities and user services in the different commercial sectors of the country.

    PDC

  49. Steve Hunte Avatar
    Steve Hunte

    K.G.B
    well said P.D.C . Financial;consultant/adviser to the Government you need this/that post to help EDUCATE the educated common sense ain’t that common after all we need to be brought up to
    (S.P.E.E.D)…that is the Social Political Educational Economical Developmental status of our society and its citizens the civility of our
    civilization honesty upright and forthright .Barbados needs the gauging system properly install the system that would cause Gross Development
    Productivity G.D.P.. The .R.P.M,S. is the Guage R-religion-P-politics-
    M-money-S-society the gauge for any conversation to begin our end at
    In order for( S.I,D.S) A Island like Barbados have to know what speed it is moving by(S,P,E.E.D) that which the Engine/vehicle of our Economy
    produce the output to get us where we want to go in this global developing World of Economies of Goods and Services rendered world wide.(The G.D.P) gross domestic product calculated by goods/services.
    G- The gauge ; R.P.M/S defined above(GROSS)
    D- Development ;S.P.E.E.D defined above(DOMESTIC)
    P- Productivity; G.E.T.S Goods,Education.Technology.Services(PRODUCT) But the policies set by our politicians have some stop us
    from the S>P>E>E>D that we should travel by on our highway of living
    hence police/policies both are law ;The measurement of speed on our roads is;Km/hr hence the speed by which this country should develop
    to get to its desire place /destiny its by seeking to find and utilize the
    Knowledgable-Manageable%Human Resourse ( Km/hr)
    of people with respect of who their are in person HR the most valuable
    resourse and difficult to manage….( MAN-AGE-ABLE) MAN that is of AGE and is ABLE to work efficiently and that is manageable
    well the Masons have built Institutions schools.universities,colleges etc.
    and the Mechanics have maintain the Engine of our economic drive
    that only certain people can Learn/ /Drive. WE need the gauging
    Instruments of change to Gauge Develope produce A viable economic
    conductivity for local and foreign investment for local growth development and productivity sustaining and maintaining our S>P>E>E>D—-K>M/H>R—-R>P>M>S—-G>E>T>S—-Through a upright and just mind and the righteous judgment/justice of Politics and Rule of Law.The Constitution is SUPREME LAW of theLAND

    K.G.B.—-. Canidate/ch/ch south2013

    For A FORM of Governance(Benevolent)KingdomGovernmentBarbados

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