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Sir Frank Alleyne
Sir Frank Alleyne

Minister of Finance Chris Sinckler persuaded parliament last week to raise government’s borrowing limit from 1.75 billion to 2.75 billion. This single act ensures that government can float Treasury Bills and other government securities as the need arises. One may reasonably assume that for the government to have expanded its borrowing capacity it raises the issue of a concern for cash flow. The Minister’s explanation that seeking approval for one billion at one sitting pre-empts the need to return to parliament is ‘interesting’. 

On the international front Barbadians ‘heard’ that Minister of Finance Sinckler and Governor of the Central Bank visited the UK recently to enter the capital market. As recent as 2011 Minister Sinckler publicly expressed a reluctance to accumulate external debt. His preference was for the government to leverage the flexibility of a highly liquid local market. Of late however we have heard that the lack of appetite for government securities has forced government to rethink this strategy.

About protecting the international reserves the government has made this a priority, relatively so. Although an adequate number of weeks imports provide Barbados safe cover, Barbadians must be concerned that shoring up the forex reserves of late required the sale of Republic Bank and Emera shares. 

One may speculate that the government has been advised by the Central Bank the need to match expected forex outflow with borrowings. Our junk status will probably add to the cost of the loan but the thought of being snared by the IMF should make the cost of the loan palatable.

Now that the political rhetoric has faded post February 21, 2013, the country yearns for serious debate about the economy. Do we need a stimulus or not? Which state assets must be privatised or divested from if some prefer the euphemistic form. How should we rethink our tourism strategy? Do we need to force the rollout of alternative energy? It seems incredible that five years after the global economic meltdown Barbados is unsure of an economic plan.

What concerns BU as well has been the muted voice of Sir Frank Alleyne from public discourse on economic matters.      


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  1. Carson C. Cadogan Avatar
    Carson C. Cadogan

    Just by the way.

    Barbados Free Press has not been updated since 7 May 2013. Barbados Underground next?


  2. Carson……………don’t hold your breath, BU got a fan base.

  3. Alvin Cummins Avatar

    @Pachamama, Dr. Love, Bushie et al.
    Suggestion on how to reduce our health costs begining with Dentistry. I a sure other similar “health costs” can be reduces. India has a number of such “thriving industries.” Bangladesh also.
    So maybe we should change our lifestyles and adopt this model..

    http://www.youtube.com/watch_popup?v=WR8tIjTykbE&feature=youtu.be


  4. Not Taken……………….the IRS will be making a clean sweep……..

    http://www.nydailynews.com/news/national/apple-tax-dodger-probe-article-1.1349651

  5. The Dummy @ Dumo Avatar
    The Dummy @ Dumo

    Carson
    Mia is not even going to recognize the hand holding the sword that cuts her political throat. Owen will never forgive her for selling out the BLP in the dying days before the general elections. Be careful Ms Mottley your enemies are many and they are encamped about you with the most ill of political intentions.


  6. If the allegation is true concerning the local Financial Services Commission’s directing credit unions in Barbados to remove their and depositors funds out of all non-bank financial institutions in the country ( Daily Nation Newspaper of Monday, May 20, 2013), then this must be further and greater evidence that clearly points to serious and fundamental problems that are existing in the local financial system.

    Also, the fact that this allegation must be seen by the PDC and some others to have come right on the heels of the proposal last week by this DLP government to increase the limit on the amounts that government can issue in Treasury Bills and Tax Certificates, from BDS $ 1.75 billion to BDS $ 2.75 billion, must be of great and profound concern to many Barbadians about the entire functioning of this financial system in this country.

    PDC

  7. Caswell Franklyn Avatar
    Caswell Franklyn

    David

    I must admit that I created quite a stir with the revelation that the Government is planning to lay off temporary workers. Without listening or understanding what I said the two sillies from NUPW came swinging. Firstly, my claim is that there was a meeting at the Ministry of Finance last week Friday where they were making plans to terminate the services of temporary employees. I never said that NUPW was present at the meeting. I said that it was revealed at the meeting that the unions were aware and understood Government’s position. Mind you, that is true since Dennis Clarke was on radio last week making out a case for lay offs.

    In any event, today, I have singlehandedly saved the jobs of hundreds of temporary officers in the Public Service by revealing their plans prematurely and forcing the Government to come out and deny what I have said. It is now back to the drawing board for these clowns to find another method of balancing the books that does not involve redundancies.

    I would like to suggest that they collect the $25 million in VAT from Courts as a start. Then they can go after all the other VAT thieves that politicians have illegally intervened to protect from public officers who are just doing their jobs.


  8. @Caswell

    Many suspect that there is something afoot and BU has no doubt you have your sources in the public service. All those workers employed by Lowe during general election 2013 under the Beautification Program, what happens with them?

  9. Dennis Johnson Avatar
    Dennis Johnson

    @ Yagga:
    Carol Roberts and Dennis Johnson are praising some songs
    with excitement and enthusiasm
    Giving unfair bias to
    the Lil Ricks and Edwins
    Stop it !
    The two of wunna doing bare foolishness”

    Totally against my grain, I respond.

    I am one person. I am not “and anybody”. I have not enthusiastically praised “Lil Ricks & Edwins”. Today, I praised Ras Iley for his offerings. Stick to the subject matter of the blog and leff me out nah.

    Thank you


  10. caswell frankly u a two faced mule throwing out an addle egg with pancake batter and to boot making claim to saving jobs……….lol


  11. You see me … I is one person that glad as shite to see the back of Owen Arfter … Anybody that claims to enjoy the “cut and thrust” of politics is someone to be wary of and scorned.

    Ga long Arter, and don’ ever come back …


  12. David penning as we speak a tribute to Owen Arfter and his “legacy” … Good luck wid dat pardna


  13. Why do we have to abuse politicians after they have served the country? Can anyone truthfully say that Owen did nothing for the 14 years as PM?


  14. Owen Arthur has nothing of which to be ashamed. He has a proud legacy.

    In 1994, he took over the reins of Barbados. The country was in shambles. With a team of competent persons, he rescued Barbados, restored investor confidence and the country bloomed. We had years of growth and prosperity and every body other than Dems were happy. Cannot say the same for the years 2008 and on, can we?

    Well done, Owen, go peacefully and enjoy your life with your . You will get the last laugh!


  15. People that abuse systems and populations for a living deserve no sympathy. In any event the making of a fair assessment requires a netting off of the pros and the cons … Should the result be negative or zero then there is nothing to talk about now is there


  16. Prodigal Son

    If you start from the premise that private sector Barbados look to Barbadians for patronage, and therefore view them as exploiters of the Barbadian people, then you may see it as being in their interest to support one political brand over the other. Now I am NO fan of Sandiford, but Sandiford did stand up to them and try to force them to start finding ways to earn the foreign exchange that they were so readily spending. The private sector in Barbados turned its back to Sandiford, they even engineered a march as a showing of popular resentment. When Arfter came to power the private sector simply wanted to prove a point and embarked on large scale investment projects, like the building of the BS&T Head Office and other developments at Warrens.


  17. Hal Austin,

    The VAT is also imposed on the incomes of these business people ( Subway, Burger King, etc) at the level of the Barbados Port Authority whatever the transactions, unless it is waived by the government.

    We do not think that that was referred to or included in the Nation newspaper stories on the 184 per cent charge, not it would have been made clear in the stories.

    Note that there was not any controversy generated by the relevant business people over the VAT ( Might be because, for them, it is only 17.5 per cent rather than 184 per cent).

    Yes, in many cases these particular business people are forced to hand over the VAT out of their incomes to the government, or in many cases the VAT is forcibly handed over by the relevant business people to the VAT office via actual debit transfers to the said business people by financial institutions. In many cases the VAT is wrongfully taken by the VAT office from out of the accounts of the businesses at the apposite financial institutions via cheques that the business people against their will are made to make out to the VAT office.

    Where these businesses are concerned they then at the restaurant level are required by the government to charge and hand over to the government this evil VAT amounts which beforehand are themselves to be stolen from the customers by the government, with the actual amounts that are being wickedly stolen being so nastily inseperable from what these particular businesses are getting as their incomes – inclusive of what represent mark ups – from what said uses of monies (numbers included) the customers are having for these inseperable tax purposes and business incomes purposes, the former which relates to the VAT and still the businesses securing the latter, and the latter which relates to former and still to the monies the customers use for helping secure for themselves and or for those relevant others the passing onto themselves and or to those others of the use of those offerings from the use of the business people themselves.

    So there you go, Hal.

    PDC


  18. ac,

    In short course you will be hearing from us on BU and elsewhere what we as part of the Coalition of Unified Parties shall be doing in regard of those concerns of yourself.

    Stay tuned in.

    Yagga Rowe,

    Thank you.

    And we are not delusional about anything.

    It is through divine revelatory and other sources that we have been able to come up with all of these ideas, philosophies and policy proposals for the betterment of Barbados, the Barbadian people and the productive and commercial sectors of this country and beyond.

    After packaging and presenting these very core and fundamental ideas, philosophies and policy proposals to the many members of the Barbadian and other publics our greatest hope and prayer is for these members to be as critically receptive as much as to be as methodically enlightened by these things and to therefore at any time act wisely and purposefully and politically on the basis of these things knowing full well that in the final analysis we have been only the vessels and vehicles and utensils that have been primarily temporarily used by greater forces for the containing and transporting and pouring out of these ideas, philosophies and policy proposals that are here for a long time beyond us and that are therefore for the enrichment and betterment of entire humanity wheresoever.

    So long.

    PDC

  19. Caswell Franklyn Avatar
    Caswell Franklyn

    AC

    How are you old fool? I can lay claim to saving hundreds of jobs in the Public Service by my revelations on Brass Tacks simply because that is what I did. Let me explain to your simple mind: there was in fact a meeting at the Ministry of Finance on Friday and they did make plans to terminate the services of temporary officers. This plan was supposed to be secret up until the last minute. I revealed those plans and forced the Government to backtrack, ergo, I saved jobs. I can’t make it any simpler for you: I am not qualified in special education.


  20. @PDC

    You are unable to discern the folly in the discussion that we are debating whether government should allow 184% on processed meats? Here is a hint, we are the Amputation Capital of the world.

  21. Caswell Franklyn Avatar
    Caswell Franklyn

    David

    It is not only those workers who were bribed with election jobs that would have been going home: they were also planning on sending home longstanding employees who are styled temporary, some of whom have been employed temporarily but continuously for as much as 10 years. As a matter of fact, I had it confirmed from two schools that the Secretary/Treasurers were compiling their list yesterday (Tuesday).

    They can deny all they like: I am confident that I presented factual information on Brass Tacks.


  22. PDC for a long time many have heard your criticisms of govts, However it is time to show your hand in all areas in respect to how PDC would take control of the country.


  23. caswell . So what is the big problem. If there is no further need for these workers . then would it not be “efficient ” for these ” temporary workers to be laid off. and also the need for you to “test drive” what the govt is doing or going to do is nothing new even do as in this instance you were wrong.


  24. The NUPW and the government have both denied any scheme to send home works, next!

  25. Caswell Franklyn Avatar
    Caswell Franklyn

    Don’t take my word for it check and you will see that the lists were being prepared. I don’t think that these lists were being prepared for the heck of it. I am even told that one person had already been sent home from the Government Printing Department after five years service.


  26. Published on May 21, 2013. Is this genuine? Where did this relaunch idea emanate from? Double your money in six months guaranteed by a follow up rights issue? Is that even legal?

  27. Carson C. Cadogan Avatar
    Carson C. Cadogan

    CASWELL FRANKLYN

    Caswell, Caswell, Caswell.

    I recommend a trip to Dr. Ermie Belle for you!!!!!


  28. @ David
    That chap looks like dishonesty personified…. LOL
    No doubt we will be doing business with him…. 🙂

  29. Caswell Franklyn Avatar
    Caswell Franklyn

    Carson, Carson, Carson,

    I recommend a trip to Our Lady Queen of the Universe to see if the priest there can exorcise your demons.


  30. @ David

    @Bush Tea
    You have truly chucked in the towel.
    **************
    Man David, there comes a time, in the face of the inevitability of disaster, when one has to conserve one’s energy for the challenges of survival and recovery.

    …you ever been in a vehicle accident…? Then you may recall that point when you realized it is no use in pressing brakes or turning the steering wheel… When you look for the least painful point to hit…and when your life flashes before your face….

    Dr. Love is speaking well on Bushie’s behalf….unless of course wunna people interested in the good news about BBE…? 🙂


  31. David,

    The government of Barbados has never been, is not, and will never be the highest moral force in Barbados. Therefore, it is in no position to determine what individuals should or should not consume, although acting on what it puts out as in the interests of the protection or preservation of public health, national security, etc in the country, it can – as it has already done – put in place appropriate measures to prevent what is consumed by individuals sometimes.

    Well, the point that you are making about the quantities and qualities of ‘not so good’ processed foods being taken in by many individuals in Barbados is another area of concern to the PDC as well, but not of enough concern for us to support the banning of them or in any case to TAX the remunerations of individuals or groups of individuals to secure some reduction in their uses – as surely that is not ever the intention of government in such cases though it may say so.

    Furthermore, the remunerations of nobody must ever be taxed on some false fallacious basis that the government is protecting the health of the country against the adverse health consequences of individual personal intake of certain foods, when in truth and in fact nobody knows WHAT money proceeds come from WHICH remunerations that are EVILLY WICKEDLY TAXED by the government, when all of these monies go through certain processes whereby they are eventually put or brought together by individuals in the Central Bank of Barbados and sent back out to the various financial institutions for use in various ways.

    So, a person who does not eat such foods will find that he does not know if the money proceeds resulting from the EVIL WICKED DEMONIC TAXING of his or her remuneration has actually gone to the transferring of monies to a government employed doctor treating such persons who are suffering from such life styles chronic diseases at the QEH, or has gone to be used as transfers to a useless inefficient government minister.

    This kind of situation demonstrates clearly why this DEMONISM called TAXATION has to go: it substantially forces ‘the good and purposeful’ to in relevant ways be almost always supporting ‘the bad and the indifferent’, put simply. What rubbish!!

    In Barbados, it is the grossest and most vulgar and most blind distorter of the allocation of monies into areas where these monies go to support severe inefficiencies maladministrations in government, and which can only be treated with serious reforms or the removal of the sources of such problems.

    David, that is why at anytime a coalition government of which the PDC will be part of comes to office in Barbados there shall be greater emphases on the creation of greater private sector enterprises in health, education, transportation, road building/repairs, etc. in the country.

    Also, where it happens that such a coalition comes to office in this country, it shall not compromise on the delivery of social, social welfare, security, physical, and foreign affairs facilities and infrastructures of the people and for the people’s uses, but wherever necessary still in these areas, and so as to make individuals have a greater appreciation than now for these facilities and infrastructures, and the extent of the real actual cost of/ use of money to get persons to help manage provide for them, they shall either continue to be made or begin to be made to use reasonable portions of their remunerations to ultimately secure the uses of them or the services provided therein.

    PDC


  32. I agree with Bushie that man has sleazy crook written all over his face. It is now known all over the world now that Bajans real foolish and like nuff money so they bringing another shady deal to make money off us. Clico tek us fuh millions, Trade confirmers tek we fuh millions, Narsham tek we fuh nuff money, Four Seasons tekking we fuh millions, de government tekking we fuh millions, now this idiot feel that we ent learn we lesson yet. WHEN ARE WE GOING TO WAKE UP AND SMELL THE FARTS PEOPLE LETTING GO????


  33. @PDC

    Why do we have laws on the book which deals with public morality?


  34. David;

    That story spells desperation when also taking into account yesterday’s news about potential Public sector layoffs; mandating credit unions to move funds from non-bank entities, etc.. We really seem to be already over the cliff with the deal makers having secured their future. Have they forgotten Carsicot; Nitin Amersey; etc? or is a reverse situation where the locals are scamming the usual overseas scammers?

    Another get rich scheme? or at last finding a method to realize the potential of Sea Island cotton. Take your pick!


  35. The man di’n even shave then … fresh out of lock up. His is the face of the Irish mob.

    Maxim to follow,”If it sounds too good to be true, it generally is”


  36. @ PDC

    You are right. Quite often Barbadians are being over-taxed and do not even know it. When I see the second hand car market, luxury cars that can be bought in Europe for under Bds$15000 being sold for Bds$75,000. A bugger of a mark up – and they are being sold.
    Most small businesses, especially the hotel sector, use VAT as cash flow.
    We are being hung out to dry by ignorant government, incompetent civil servants and crooked business people.
    Customs are running the port like a Mafia.


  37. First, we do not seperate individuals, who comprise the state/government, and their own ideological political thoughts and deeds, from those of the government itself – which is also that power and authoritative collective of individuals, papers, computers, machines, tools, etc – that in our minds form and interrelate to themselves as different elements of the government itself.

    For, within the state/government there are also political power plays and influences and such like by many of these government individuals over various other government individuals and for various things within the government, and even over various other individuals and things outside the government and in the wider Barbadian society.

    Second, these kinds of ideological political public policy processes have for donkey years thrown up many individuals among whose primary intentions of becoming at the helm of the state/ government or at the helm of different departments of the state/government is to use what is potentially/powerfully legally hierarchically top downwards about this same apparatus and what is potentially/powerfully legally hierarchically top downwards within it, to essentially control and manipulate many others and to see them behave like them in many ways according to their ( the putative controllers) own beliefs and practices. Hence, these particular people are essentially there in the institutions and processes of government to have those particular or general others do as they say and do as they say, or else.

    Hence, what ought to have been the governmental institutions and processes for determining for many individuals inside or outside of government of Barbados what is right or wrong, good or bad, fair or unfair, about the deeds or actions of government in or of itself, are primarily substituted by institutions and processes that involve many persons asserting or proclaiming their own individual or group or movement’s identities, beliefs, positions, claims of what was, is, or ought to be, and not those specific general identities, beliefs, positions, claims that are as a result of what is right or wrong, good or bad, fair or unfair based on a logical scientific dialectical consensual process of finding out, deducing or constructing the truth (facts) or truth (fact) claims or truth ( fact) positions, and that would necessarily, in a properly functioning polis, be driven by those moral forces to the point where there is the establishing of the required institutions and processes based on and that are for determining, in the main, what is, ought to be morally right or wrong, good or bad, fair or unfair in Barbados.

    Third, where there is so much individualization and personalization of what ever little moral affairs that are found to be in the government, there is bound to be the taking of such to higher or deeper levels where there is use by such personalities of the historic legal power authority of the government to either attempt to or to pass laws and regulations that would otherwise be the laws regulations of their own individual group movement’s in the symbolism of the name of the government as the laws of the government and that are to be obeyed by those whom they are made for under the threat or use of governmental sanction when they are found guilty of being in breach of them.

    So, what these three situations speak to is that it is found in the provinces of government the highest legal political forces or expressions of such in the country, and not highest moral forces.

    PDC


  38. When will a government of Barbados distill from maybe 100 years of economic history the greatest lesson that Keynesian deficit spending does virtually nothing to stimulate an economy. This includes people like Frank Alleyne. By now they should know that a better approach would be for the an independent Central Bank to issue funding directly to productive enterprises, interest free. These funds could be repaid and withdrawn from the money supply from inflow. Of course, this action will have affects on foreign exchange reserves, balance of payments etc. However, it would be of utmost importance for all investment projects to have a net inflow to enterprises and by extension to the national economy. Of course, this strategy can be used to fund essential services also. For it is the interest (usury) that assigns developing economies to perdition. We invite the leading economists to engage us on this point.


  39. PDC it seems as if you are advocating “corporate goverance” wherby the elimination for a need of any political party with the replacement of private entities fully in control of the system.


  40. BAFBFP | May 22, 2013 at 10:18 AM |

    The man di’n even shave then … fresh out of lock up. His is the face of the Irish mob.

    Maxim to follow,”If it sounds too good to be true, it generally is”

    Baf…………….the stories are traveling hard and fast about how easy the governments in the Caribbean, including Barbados allow their people to be exploited. If the government is smart they will let him pick all the cotton himself after he has paid a kings ransom for it………….not holding my breath, there are no geniuses in the BLP/DLP.


  41. Hal……………the market is a disgrace with the Simpson monopoly sucking the life blood of the island, the government needs to start doing like Bermuda and put a restriction on car imports, that would let the air out of the simpson monopoly, but they are so under this guy’s thumb they probably cannot even breathe or fart.


  42. Well Well

    And what about the Simpson/Suzuki monopoly in the other Caribbean countries


  43. @ Well, Well

    You are right. I have called in this forum for a one car policy, but this government will not do any such thing. The other thing is that customs, which ministers cannot control, is using its power as a restriction on trade, with enormous tariffs on second hand cars. As a result it has created an oligopoly for some local traders.
    There is no effective consumer protection, no competition legislation of any significance, yet our politics are dominated by lawyers.
    This is the nation that we have created. The people do not protest, so they deserve whatever they get.


  44. Not Taken……………….if the other Caribbean governments allow the exploitation of their people to flourish by Simpson, they too will suffer the consequences.

    Hal…………..the island has way too many cars for its size and should look to car pooling as an adequate form of transportation, since the bus system is inadequate and badly operated. Consumer protection does not play a part not when so many benefit from kickbacks, from what i have heard over the years, Customs and Excise is run mafia-style. There you go…………


  45. We see that people are talking about a ‘one car policy’. We fear this would only represent a minor inconvenience and would nothing to really solve anything. In any event it is an old fashion idea and we all know that these types of measures never really work anywhere in the past. The results that you seek may better to attained if you suggested some type of modern mass transportation network ( high speed rail service etc) or something, coterminously. Then we can tax individual vehicle ownership out of existence. By itself, this is waste of time akin to picking peas out of shit.


  46. Will repeat part of the fightback process is for our leaders (which includes political leaders) to communicate confidence in the people.


  47. Pacha……………….if they can’t manage to get a small bus system like the transport board to run on time or efficiently, or the ZR and yellow bus system regulated properly to stop endangering lives and destroying young children’s minds, what do you really think will happen with a high speed rail service?…………..what have you been drinking today, i want some.


  48. wuhloss we can’t even fix the potholes in the roads now. I wonder how we gonna build the rail roads . bajans love to dream and talk nuff .the price to build high speed railroads can’t be paid with 17% vat and a bushell of dunks..

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