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Barbados Urgently Needs a Return to Economic Growth

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George C. Brathwaite, founder and interim president of BAJE
George C. Brathwaite, founder and interim president of BAJE

Chris Sinckler began his ‘2013 Budget’ [BU] presentation by relying upon what he called a ‘biblical injunction’ which was rummaged from the book of Ecclesiastes at chapter 3. To be quite honest, the entirety of Sinckler’s snatching away verses from the good book was unnecessary although coming from him, the brazen act was sufficiently provocative. I refuse to be prosecutor, judge and jury all at the same time. In this submission, the attempt is to lay bare the facts, substantiate claims made, and leave the verdict to those who have been whelmed by blows delivered by Sinckler, Sealy, Stuart, Boyce, Jones, and company.

Realistically, the pronouncements and policy measures that were articulated in and followed the 2013 budget gave the general public the ensuing sense and feelings of grave uncertainty. There has been a continuous and unrelenting slew of widespread confusion thrown to many different publics. Constantly is the cry that the Cabinet is inconsistent in its policy positions; and that it may largely be due to several Ministers being more in tune with spin and disguise that with forthrightness and Barrow’s traditions.

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152 responses to “Barbados Urgently Needs a Return to Economic Growth”

  1. David Avatar
    David

    Interesting point raised by a caller today which we need to recall. Last year the MoF indicated in a budget last year the government would put some state assets at the air and seaport for sale. Not the PM has stated in Toronto that the airport is not for sale.

  2. millertheanunnaki Avatar
    millertheanunnaki

    @ David | September 24, 2013 at 1:35 PM |

    Who says the caller was not the miller who raised the same point with Prodigal Son yesterday; or at least fed the caller with information? LOL!!!

    Now you see why the miller has no brief for this vacillating hypocritical PM who at every turn does a volte-face on the policies and proposals announced by both himself and his Cabinet colleagues.

  3. Yagga Rowe Avatar
    Yagga Rowe

    ODE TO AC
    blame me blame you
    blame he and she too
    Give back the BLP
    If yuh cant handle DLP
    Government always a challenge
    wicket rolled/bat on it
    ball turning/play it
    dont know how to bat
    Retire hurt
    playing down the wrong line
    well you’ll struggle
    and blame something/somebody
    for your inability
    typically
    declare the innings close
    let other batsman/team bat
    bat like Sobes/
    bat like Lara
    all yuh batting like tail-enders
    while economy and Bajans -suffer

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

    David,

    In your 1:02 pm blog, you are entirely mistaken again.

    It is not – as you suggested – any failure to defend any currency peg that exist between the Barbados Dollar and the US Dollar that primarily will indicate whether or not there will be this so-called devaluation of the Barbados dollar.

    That is an old, antiquated, ineffective, and backward methodology you are using to assist you in any determination (which will be necessarily false) as to whether that event will come about or not in the not too distant future in Barbados

    Indeed, a good modern, effective and forward-looking methodology/variable to use in helping any one determine whether or not that event will (most likely) happen at any time in the future in the commercial business financial circumstances of the island is the real actual cost of use of foreign money.

    Thus, it is this real actual cost of use of foreign dollars – via the use of our local incomes, payments and transfers – that will primarily indicate whether the Barbados government has reached a point where there will (most likely) be this so-called devaluation of the Barbados Dollar.

    And the truth is that the higher this rate goes towards the 100 per cent mark, the closer the government of Barbados will (most likely) be towards a decision to so-called devalue the Barbados Dollar.

    Well, in 2010, the real actual cost of use of foreign dollars – using the US dollar as the basis for the measurement of the performance of this variable – stood at 79 per cent.

    In the three years since then, there has been increase in the relative borrowed use of the US dollar, via the Barbados dollar, thus by now probably putting the rate in the region of 85 per cent – closer and closer to that time and space (95 – 100 per cent), when the conditions will supposedly exist for this so-called devaluation of the Barbados dollar in the next 9 – 12 months , if those trends related to the increase borrowed uses by the relevant others in Barbados of the US dollar are not reversed all like now, in the face of, say, amongst other things adverse, increasingly weak export earnings for the country

    So, there we go in using a good technique for assisting us in determining whether or not this devaluation will (most likely) take place within a certain prescribed time from now.

    PDC

  5. LOOK Avatar
    LOOK

    Barbados urgently needs a return to economic growth but doing this with success will be difficult if not impossible, call for a new Prime Minister but certainly not Mottley or Arthur, could just set fire underneath the existing one, Stewart. A large part of the American Automotive industry is now owned by the government due to bail out (2008). Obama, immediately after taking office had to do something to help the American Auto Industry – move his ass or lose it. Prime minister Stewart must do something NOW to help Barbados. Move his ass or lose it.

    Barbados at moment is in junk bond status meaning non-investment grade. The City of Detroit in Michigan (United States) has been in junk bond status for quite some time and just recently filed for bankruptcy protection. Detroit will survive without government bailout and without hurting pensions and or it 2.6 billion dollar art collection housed at the Detroit Institute of Arts. Maybe. City of Detroit residents has said hands off pensions and its art collection. Pensions are protected by Michigan state law and the 2.6 billion art collection is held in trust by the City of Detroit for all citizens of Michigan; it belongs to the citizens Michigan not the city of Detroit. Federal law, however, may not preclude incursions of either, pensions or the art collection.

    Detroit alike Barbados is ill, extremely. Detroit albeit is breathing. In Detroit, its 329 million Cobo Center re-construction is near complete and its 444 million hockey arena is still forth coming. It additionally has even received $44 million in funding to complete the 3.5-mile stretch river walk. http://www.freep.com/article/20120724/BUSINESS06/207240322/-36-44-million-to-help-finish-Detroit-RiverWalk. Unlike Barbados, Detroit need not worry itself for a urgent return to economic growth. Detroit yet produces automobiles also bicycles and watches, will continue hosting the North American International Auto Show. Unlike Barbados, Detroit still show signs of life but Detroit is putting out fires of corruption while Barbados does nothing. Detroit Ex-mayor Kwame Kilpatrick will serve a long sentence. Kilpatrick is no longer a free man. LeRoy Parris still is, as are these individuals: Owen Arthur, Mia Mottley, Dale Marshall, George Payne, Gline Clark, Sir Richard Cheltenham, Sir Charles O. Williams, Ralph Torne, Richard P. Byer, Mark Cummings, Samantha Cummings, etc.

    Montreal Quebec, Canada Montreal’s interim mayor, Michael Applebaum, was arrested (June 2013) and charged with 14 criminal counts including fraud, breach of trust and conspiracy. Barbados is too far behind, need to catch up somehow. People in government, in other countries are persecuted and convicted without hesitance.

  6. MoneyBrain Avatar
    MoneyBrain

    @ The Watcher
    Interesting that ONLY white people playing games with VAT!
    When one makes such grandiose statements it certainly requires MUCH further detail and explanation. Why would they take such a chance with the law?
    This reminds me a lil of Animal Farm where 4 legs are good and 2 legs bad until the Pigs truly cement their power!

    Since you claim truth and knowledge I await details.

  7. The Watcher Avatar
    The Watcher

    @ millertheanunnak
    Yes, Send them to jail with Leroy. Principle is principle.
    @ MoneyBrain
    It doan need no further detail or explanation! Yuh cann read. I ent tekking no prisoners atall in dis camp. They(WHITE FOLK) are the MAJORITY Business owners in Barbados. They own the LARGEST businesses! That is a fact! It is INDISPUTABLE!
    READ!
    COMPREHENSION IS FUNDAMENTAL!
    They single-handedly as a group, owe the most VAT. THAT IS ALSO A FACT!
    Whats your problem? It bothers you when people have to come out and call a spade a spade! A spade cant be a club or a heart!
    Instead of looking for technicalities to focus on, or to create a diversion and magnify minutia, ask them to pay their VAT and we can have a starting point from which to work.
    Or as I said. JAIL THEM!
    Do you have anything else to say on this manner and specifically this matter which is either valuable to the common good and progress of the country or of consequence?

  8. islandgal246 Avatar
    islandgal246

    Hark Hark the dogs do bark
    Beggars are coming to town,
    Some in suits and some in boots
    And some in polyester gowns!

  9. MoneyBrain Avatar
    MoneyBrain

    @The Watcher
    I have it on good authority ie Chartered Accountants in Bim that there is some truth to what you say BUT the question is WHY? Are they owed money on VAT or other Govt bases for inputs etc?

    Since you claim to KNOW, I thought you might be able to tell the WHOLE TRUTH but it done look like you can????? You want to try the WHOLE STORY?

    Can you even reveal that Govt itself OWES nuff blendser to certain Companies? Maybe one of the solutions is to JAIL the thiefing and mis-managing POLS! Especially the senior members who support the biggest CROOKS, who thief from the hardworking peeps!

  10. ac Avatar
    ac

    Yes money brain. but dat not going happen cause under theBLP administration they were given their Right in return for doing them personnal favours. to some of them fats they already pay, screw the taxpayer they don;t give a dam. then u got raw mout George Brathwaite up in her writing nuff fuk..ery when he knows that all these problems stem from a govt who did nothing absolutely nothing for the country but fed them the crumbs that fell off the fat cats table, Talk to one balance he /she can tell u about them good ole days when His/ her pockets was bulging over , now the same ole political yardfowl get up in here and cry poverty sayin he ain;t got nutting to give to his country, what a selfish SOB.

  11. pieceuhderockyeahright!!! Avatar
    pieceuhderockyeahright!!!

    @ Watcher

    prosecuted not “persecuted and convicted without hesitation, not hesitance.

    Secondly, White people do not commit crimes and cannot be locked up, particularly not at Dodds where they WILL BE DONE UNSPEAKABLE TINGS.

    When is the last time you have seen a white bajan being incarcerated?

  12. The Watcher Avatar
    The Watcher

    @MoneyBrain
    I specifically dealt with VAT. I did not introduce any other form or avenues of revenue collection. I spoke about VAT because VAT is one of the largest un-tapped sources of outstanding revenue. Yes. I know. Yes I am well informed. And yes, I did not expand or elaborate on it with any level of detail other then what was offered purposely. I will not name companies or individuals that are offenders. That will only serve to indicate that the policies governing information security within the department are in-adequate. That certainly wont raise confidence in the government or department. While that may not be the issue, his is not an indictment on the government in this specific case. So no whole story here. Sorry. The whole story is know by few and even fewer are computer literate enough to post it. That certainly narrows it down too sharply.
    However, I’m not against the jailing of POLS as you refer to them. They give directives and when they backfire, claim they never knew and officers acted on their own without their knowledge. And yes, many contributors to the political causes will do as they please because that’s what they’ve paid for. The US does this and its called Political Campaign Contributions. But its the purchase of influence and power. Its the EXACT reason that VAT can’ t act decisively to collect revenues. And the government owes many companies and individuals monies. But the balance is unfortunately in favour of the government in this one as it relates to VAT and specifically VAT.
    So here this. The fix is simple and involves testicular fortitude.
    Get tough, friend or foe.
    Get fair and balanced.
    Run the country like a business and not a whorehouse.
    I gine back to watching.

  13. MoneyBrain Avatar
    MoneyBrain

    @The Watcher
    Your latest writing is far more believable and professional.

  14. David Avatar
    David

    Getting tough will never happen and we all know why. Whether B or D the tentacles of influence is far too great.

  15. Well Well. Avatar
    Well Well.

    Moneybrain said:

    “Can you even reveal that Govt itself OWES nuff blendser to certain Companies? Maybe one of the solutions is to JAIL the thiefing and mis-managing POLS! Especially the senior members who support the biggest CROOKS, who thief from the hardworking peeps.”

    ____________________________________

    I have to endorse that one also, fair is fair.

  16. millertheanunnaki Avatar
    millertheanunnaki

    @ The Watcher | September 24, 2013 at 6:26 PM |
    They give directives and when they backfire, claim they never knew and officers acted on their own without their knowledge. And yes, many contributors to the political causes will do as they please because that’s what they’ve paid for.

    “Watcher”, don’t you know a true ‘Watcher’ according to the Book of Enoch (Georgie Porgie [GP] can confirm) is a being of light and enlightenment not obfuscation and deceit.

    How can you- in an earlier verbal incarnation- blame the white business people for not paying over the VAT collected from poor unsuspecting customers and in a reincarnation of perceived political impartiality accuse the politicians of running roughshod over the mandarins legally responsible for collecting the VAT while seeing the whole chicanery as repayment of the politicians debt for private contributions to both party finances and personal aggrandizement.

    Why this propensity to ascribe tax evasion and corruption to local white business persons and not to other ethnic groups who are known more so for the most unethical business practices. Now who own and run most of the retail business operations in Bim? Bajan white people? You even have Moneybrain buying into your crap.

    Look fella, white people can only do shit, break the laws and get away with it in Barbados because the same stupid black people led by the obese corrupt politicians allow them to do it for kickbacks and backhanders all negotiated on the back or inside of an envelope.

    And the miller would be fair and extend this perspective to all business people including those of East Indian descent. Imagine Lalu Vashwani calling for more economic activity by encouraging Bajans to spend more in the shops of Bridgetown. And how does he incentivize them by suggesting to the government to allow Bajans to buy duty-free goods as long as the pay in foreign money.

    Doesn’t the idiot realize he is putting the cart before the horse? He should be first calling for a change in the laws that regulate the dealing in foreign currencies. Bajans are not allowed to trade in foreign currencies unless authorized by the Central Bank.
    Why not also call for the decriminalization in the trading marijuana that can be grown locally and contribute to the economic development of the country by getting those once arable fields back into some crop production to save foreign exchange? At least the white man Julian Hunte is asking for the replanting of canes.

  17. ac Avatar
    ac

    hey miller , i had the not so the dubuious pleasure of reading the 2006 budget with all its fanfare and might , propogating all the grandiose promises on account of having a cart load of cash driven by a tourism industry but never finding the wherwithall in the fourteen years to implement much of any in way of developing a productive and sustanable economy. one thing i sure give the might magican of all time OSA his abilty to squander his fortunes likened him to the story of the prodigal son. with so much money how could a country be almost dirt poor after them long years of living high and mighty, ,

  18. MoneyBrain Avatar
    MoneyBrain

    @Miller
    I ain’t buying into anything! I just making it clear that racial venting misses at least half the story. Money has colour but is not racist. All races have many members that love money and race is irrelevant when they are on the receiving end of mucho cash. You guys really think black Pols give a Rodents Rectum about the race of the hand giving the big bucks to them?
    They dont give an excremental thought to the welfare of the majority black population.

  19. balance Avatar
    balance

    “Why do we have the governor of the central bank, the minister of finance, his permanent secretary, personal assistants, etc touring Britain begging for money.
    The entourage arrived yesterday. Who is paying for th3e trip. I understand they go on to the states from London”.

    Since you seem Ac to be the self-appointed defender of the hopeless; answer Hal’s question.
    Boy we are really turning the clock back when we have the gumption to ignore Mr Barrow’s admonition not to be found loitering on the steps of the Colonial office after closing time. Lord have mercy, what next.

  20. Hal Austin Avatar
    Hal Austin

    We have got to stop US dollars being effectively legal tender in Barbados. If this continues it means government will never have control over the money supply. Make it illegal to spend foreign currencies for normal purchases in B’dos. We must have out country back.

  21. David Avatar
    David

    @Hal

    It IS illegal to spend US dollars in Barbados but it is done anyway.

  22. Hal Austin Avatar
    Hal Austin

    @David
    Which is the point. It is used as ‘legal’ tender throughout the country. I always like to see those Swan Street shop owners who put the Greenback straight in their pockets. It is obvious that that money will join lots more in a private family safe, next to the gold jewellery.
    Ben Bernanke may be a nice man, but we cannot have him determining our monetary policy. Do you think he cares about unemployment in B’dos?
    Ban the use of the Greenback as legal tender, or to put it another way, enforce the law.
    This is far more important than the idiotic nonsense about army fatigues as street clothes, a clear example of the Barbadian mind at play..

  23. ac Avatar
    ac

    balance | September 25, 2013 at 12:25 AM |
    “Why do we have the governor of the central bank, the minister of finance, his permanent secretary, personal assistants, etc touring Britain begging for money.
    The entourage arrived yesterday. Who is paying for th3e trip. I understand they go on to the states from London”.

    Since you seem Ac to be the self-appointed defender of the hopeless; answer Hal’s question.
    Boy we are really turning the clock back when we have the gumption to ignore Mr Barrow’s admonition not to be found loitering on the steps of the Colonial office after closing time. Lord have mercy, what next.

    balance an ignorant question coming from Hal and even repeated by u ..should be ignored,,,,,,,,,,,,,

  24. lawson Avatar
    lawson

    the Barbados dollar is like Canadian tire money. its one of those things that you wonder why it is in your pocket, if you are going to go back to the store to use it, and if you did what can you possibly buy with it.

  25. LOOK Avatar
    LOOK

    Yagga Rowe
    don’t you know
    you’ll reap what you sow

    Shame on you flagging ac
    The BLP planted the Barack tree,
    that is now titanic, can’t you see.

    Look for heavens sake.
    BIM is way down into the lake.

    Yes, DLP should go
    but the BLP not DLP stopped cash flow

    the hix on bim
    came from them

  26. Hal Austin Avatar
    Hal Austin

    Then, why not gt rid of it and use the Greenback, like Ecuador. At least we will save on printing and minting money.

  27. Hal Austin Avatar
    Hal Austin

    @ ac

    It was Dietrich Bonhoeffer who said: “If you board the wrong train, it is no use running along the corridor in the other direction.”
    By coincidence, I have just had the latest analyst report on emerging and frontier markets’ predictions and this is what they say in part: the technical position is that emerging markets, despite recent outflows, are the strongest they have been since 2008/9; real GDP growth will accelerate from 4.5 per cent in 2013 to about 5.5 per cent in 2014; the long-term fundamental arguments for investing in EM remain unchanged; and, frontier markets are in a position to deliver super economic and earnings growth in the next decade due to structural advantages.
    In other words, the prospects for emerging and frontier markets are good. Barbados fits in as a middle earning market, why are we so far behind our peers?

  28. David Avatar
    David

    @Hal

    Dolarisation is an old and tried concept.

  29. pieceuhderockyeahright!!! Avatar
    pieceuhderockyeahright!!!

    @ Hal Austin

    On the issue of legal tender and the use of US currency to buy merchandise in Barbados or rather, the possession of US currency by a Barbadian and not passing them over to the bank or Central Bank, i should like to point out that the ONLY PERSON WHO WAS EVER CHARGED FOR HAVING US Currency in his possession was Ashton Quimby from that shop on Bush Hall.

    He was charged, on several occasions, (Aston like the Franklins as opposed to the Grantleys, like some of you like HRH Queen Elizabeth) anyways nothing ever came of the cases.

    Recently Ashton was briefly “joined” in that infamous list of illegal holders of US currency by Michael Lashley, “Lashes” though the latter was not charged for illegal possession of US currency here in Barbados.

    I am made to understand that because of the possession and non declaration of the quantity of US, Lashes cannot return to the US and may be facing extradition in 2018 when the LP gets back in or if one of the DLP politrickans dies before, whichever comes first

  30. Hal Austin Avatar
    Hal Austin

    Am I right in thinking that the legal limit of US cash in possession is US$10000? I say that because the money laundering legislation is a bit of a legal joke. I remember laughing my head off on that bit of cross border legislation.
    It was decided by the authorities that 10000 of currency should be the limit, so in the UK we went for £10000, in the US they went for US$10000, and in the pre-euro days, Germany and France went for 10000 francs and 10000 marks.
    Of course, in every instance the exchange rate was different. So, you could leave London obeying the law and arrive in Barbados breaking the law with the same money – no additions or deductions.

  31. Sargeant Avatar
    Sargeant

    @Hal Austin
    We have got to stop US dollars being effectively legal tender in Barbados
    **********
    Isn’t there a regulation prohibiting Bajans from having accounts in foreign currency on the books? Why not put up a sign at the Ports of Entry saying “Tourist are not welcome”? Perhaps you should study how the Black market in US & Canadian dollars has flourished e.g. in Guyana and Jamaica with the imposition of strict Foreign Exchange controls through the last few decades.

    I could just imagine the vendor at the Oistins fish fry telling the bemused tourist when they offer to pay in US dollars “dat doan work here” or the Tourist operators with statements on their website that “US dollars are not legal tender in Barbados”.

    Pure gobbledygook.

  32. Hal Austin Avatar
    Hal Austin

    @ Sargeant

    We have had this discussion in ths forum before. We get more Americans in the UK than in the entire Caribbean. When they come here they change their dollars in to sterling. No problem. Either in a bank of a bureau de change.
    Whey would it be so difficult for those with US currency changing it? Why should that put off tourists? When I go to Europe I have to get euros, I cannot use sterling, and we all belong to the EU.

  33. lawson Avatar
    lawson

    when there is talk of devaluation how can you not expect people to hang on to foreign currencies the green back in particular no matter what the govt says or does.

  34. Sargeant Avatar
    Sargeant

    @Hal Austin
    I was in Europe last year and it was easier to use Euros but had no difficulty using US.

    About US tourists, they may readily exchange their money for Sterling or even Euros because in the grand scheme of things they think some countries are “must see” countries and believe they have attractions they want to visit. e.g. they complain of the French and their snooty attitude but despite that they visit Paris in record numbers, if Bajans put up the same barriers watch them stay away.

    Here is an example of American thinking, Americans were able to come to Canada with basic ID i.e Drivers licence- since the imposition of Passport requirements those numbers have declined simply because some people won’t go to the trouble of getting a passport.

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

    “Taxes on goods and services decreased from $44.3 million or 14.8 per cent to $ 255.6 million” Taken from one of the above blogs.

    This is one of the most egregious false statements that could ever have been reproduced on this thread.

    The fundamental and unvarnished fact is that goods and services any where they are at all – Barbados included – CANNOT be TAXED.

    Another fundamental and unvarnished fact is that goods and services have carry NO money (costs), inherent or otherwise.

    So, goods and services CANNOT be TAXED.

    Another fundamental and unvarnished fact is that NO material immaterial form can be TAXED, not even money therefore.

    What however is being stolen robbed TAXED by the government is the relevant portions of the relevant people’s, businesses, entities incomes, payments or transfers.

    The results of this evil wicked TAXATION process, in most cases money, are then wrongly handed over by the respective TAX victims to the immoral criminal TAXATION authorities in Barbados, under the threat or use of criminal sanction of the government – which itself partly translates into the cowardly fear submission of many people to the government of Barbados – mere mortals like them in real human terms.

    Too, that is partly where the TAX law enforcers are totally evil and criminal, where they command MOST OF US – TAX VICTIMS – NOT WITHOUT SOME OTHERS COMMANDING THEM TOO (expressed by the aphorism equality before the law) AT THE SAME TIME – TO MIND, THEN TO BEHAVE CONSISTENT WITH THE PARTICULAR EVIL WICKED TAXATION POLICIES OF THE GOVERNMENT, IN HANDING OVER THESE MONIES and whatever else that gives them access at whatever designated time to the use of money.

    As seen, money is NOT ANY part of that particular evil abominable ideological psychological sociological political legal process of the oppression and manipulation of human conduct.

    So, this thing about taxing goods and services is downright foolish nonsense !!

    PDC

  36. Hal Austin Avatar
    Hal Austin

    Only 20 per cent of Americans have passports, because the majority prefer to holiday at home.
    The point is that the US of foreign money is illegal in euroland and the UK; you will always get a stall holder willing to accept Greenback, especially if the exchange rate is in their favour.
    I buy Bajans off travellers who may never visit Barbados again. But that is a private deal among colleagues.

  37. Well Well. Avatar
    Well Well.

    lawson | September 25, 2013 at 6:01 AM |

    the Barbados dollar is like Canadian tire money. its one of those things that you wonder why it is in your pocket, if you are going to go back to the store to use it, and if you did what can you possibly buy with it.
    __________________________________

    I changed some bajan currency at TD Bank earlier this year and got 16 cents on the dollar, many years ago i changed some in Miami and got 30 cents on the dollar, the currency is quickly become unchangeable..

  38. islandgal246 Avatar
    islandgal246

    Poor father fumble
    Went a begging to Toronto
    To get the government some funds
    When he got there
    Toronto said it’s not here
    Go back to you country
    And tell the truth to the people
    That your country is no longer eligible

  39. George C. Brathwaite Avatar
    George C. Brathwaite

    Seeing that the Minister of Finance finds it difficult to remain in Barbados during this period of change and restructuring, can someone from the Stuart-led Cabinet tell me if “a temporary tax on the assets of commercial banks [has been] applied at 0.20%” effective September 2013, and for which the “amounts raised will be earmarked to contribute to marketing efforts of the BTA?” I understand that this should run for 19 months, can we have an update as to whether it has been implemented.

  40. Well Well. Avatar
    Well Well.

    Moneybrain said:

    “You guys really think black Pols give a Rodents Rectum about the race of the hand giving the big bucks to them?
    They dont give an excremental thought to the welfare of the majority black population.”

    _____________________________________

    The above comment is from a bajan white, now we see clearly why the country is in and will remain in an unrecoverable mess if the politicians don’t change their mentality that is predicated on selling out their own black people to the highest bidder.

  41. Well Well. Avatar
    Well Well.

    Politicians in Barbados, please take note…………TORONTO HAS CASH FLOW ISSUES, that means CANADA also has cash flow issues, just like most countries in the world, maybe with the exception of GERMANY, who are now holding the money in Europe, i do believe that Canada will be among the first to recover, they are just stuck between recession and recovery, but, please leave the countries who are feeling the same shocks alone so they can recover, if they are haemorraging jobs, where will they find money to lend you, start from scratch, use your brains and start creating jobs. I remember vividly as a young girl, Errol Barrow driving himself, and other ministers used to follow suit, he did not need the latest Mercedes or to fly first class with an entourage of 100 to develop the island, yall need cutting off at the knees, bring you down to size. All the pretentiousness has to go.

  42. Well Well. Avatar
    Well Well.

    Sargeant said:

    “Isn’t there a regulation prohibiting Bajans from having accounts in foreign currency on the books?”

    ______________________________

    Lalu Vaswani wants bajans to shop duty free in Bim using foreign exchange, i thought bajans were only allowed US $250 without being charged for having illegal currency, so in effect he wants them to buy US at the bank, shop in his stores and Cave Shepherd and all the other duty free outlets so that the store’s bottom lines can look good??? Stupid is as stupid does.

  43. David Avatar
    David

    Most tourists to Barbados will use credit cards and cash for miscellaneous or small purchased. Many of us travel the world as exchange currency for local and what is left you convert at the airport or give the taxman as a tip. What is the beef here?

  44. MoneyBrain Avatar
    MoneyBrain

    @Sarge, Hal et al
    Properly run Govts don’t have to be concerned about their currency because it will be in demand as a result of executing sensible policies. When a friend of mind inherited $600k+ from family in Singapore it was a simple wire order that was required to transfer that amount.

    When a Govt is mis-managed they have to protect foreign exchange and certain big-ups like it that way so they can sell their influence! Do you really think that the rich and well connected have too much difficulty getting approval for $1mmn to buy a yacht???

    The irony for Bim is that the country’s major Forex earner is remissions from Bajans abroad to local family.

  45. George C. Brathwaite Avatar
    George C. Brathwaite

    @ Money Brain

    While I understand what it is that you are attempting to say, I must inform you that you are NOT correct. To start at the end, ‘remittances’ are NOT Barbados’ biggest earner of foreign exchange although these happen to be substantial.
    On another point that you may want to revisit is the statement “properly run Govts don’t have to be concerned about their currency because it will be in demand as a result of executing sensible policies.” The misrepresentation in the statement comes from the fact that developing countries without an inexorable quantity of diverse resources will be ultimately challenged especially in a system when it is 7 or 8 economies mostly predicating what actually occurs in the international system.
    I will suggest, that even in 2006/7 when Barbados attempted to introduce the liberalisation of financial markets, it still had to be done with a great degree of caution. Equally, despite the rich may have certain advantages in obtaining and transferring large sums of capital, the regulatory bodies are not restricted to the government or states in which the transactions occur. These things again are multilaterally regulated and I am sure you know the term ‘money laundering’ and the fall outs from such. I hope that I have offered some clarity.

  46. MoneyBrain Avatar
    MoneyBrain

    @George C et al
    The point is that when Govt focuses on developing the Nation by attracting Corporations from the major rich countries to provide jobs for a properly educated populace the result should be an abundance of riches thereby negating any need for Forex Control of the type applied by Barbados. Why? In such situations the $$$$ are rolling IN!

    Money Laundering has no bearing once the money is coming from licenced Financial Institutions and has an appropriate audit trail.

    Once the populace are convinced that the Govt is highly competent and working to increase everyone’s standard of living, they will NOT have the desire to transfer their Net Worth to another Country. Therefore, the need to control outflows of Capital will be mitigated. So creating the positive business environment is critical and Bdos has had almost 47 yrs to reach such objectives which begs the question, why have the “leaders” failed?

    May I suggest a lack of commitment. May I suggest that countries like Singapore were far more focused and disciplined in formulating, executing and communicating their plans. The Pols have not demanded that all participants be disciplined in attaining lofty objectives. Indeed, the “leaders” themselves have not been disciplined in their approach.

  47. alvin cummins Avatar
    alvin cummins

    @Hal
    What is it you cannot understand when David tells you that it is illegal to have (keep in your possession) foreign currency (U.S. dollars (greenbacks) Pounds, Euros etc. All foreign currency is supposed to be exchanged at the bank for Basjan currency to spend in the island. So if one is caught with such currency they can be legally charged and brought before the court of law. In Cuba foreign currency has to be exchanged for Convertible currency (CUC) which is the currency used by visitors. Cubans have to spenc Cuban pesos which are different from CUC’s. On leaving Cuba the CUC’s are exchanged for foreign currency. All such exchanges take place at the airport. Of course in Barbados, our “non law abiding citizens” hoard and exchange among themselves whatever greenbacks they can obtain, without realizing the damage it does to our foreign exchange position.Maybe Vaswaqni’s idea is to bring this money out of hiding.
    @Well Well I am tired of all this bashing of politicians. I am firmly of the opinion that people do not become politicians and enter politics with the intention of “tiefing” from the people. The constant harangue about dishonest politicians, rumors and innuendo about their dishonesty, and the constant message that all their dealings are dishonest only feeds on itself and every rumor is supplemented by a bigger rumor and in the end it can be shown that there is no truth. Let’s stop this nonsense and get the island running.
    @Money bags There is no doubt that the white people have raped and continue to rape this country. Those here who have plantations continue to destroy our good agriculture land by letting it run to ruin, seeking permission to build on it and then constructing housing on good arable land. It has reached the stage where we are now importing sweet potatoes from St. Lucia, and at the same time scraping off the topsoil from the fields that once grew ground provisions and sugar cane; (check the lands at Vaucluse) and building housing developments that no poor people (and even middle class people) can afford to buy. We have to get a Minister of agriculture, supported by colleagues with balls, to ban the construction of housing developments on agricultural land. When I say BAN I mean just that. If they refuse to grow produce CONFISCATE the land. This was done in CUBA successfully and Cuba is self supporting in that area. We cannot allow the rape to continue. If it means introducing different legislation then do so.
    Spending over seven hundred million dollars on imported food CANNOT; MUST NOT, be allowed to continue. STOP THE RAPE OF OUR AGRICULTURAL LAND. I invite anyone to approach Lears from the Hothersal turning area and see what is being done to that good land just north and west of the Shell Gas station. Do we really NEED that housing development? It is private, not government, in case some people jump on the anti government bandwagon in this instance.
    @In support of George Brathwaite, Anti money laundering legislation, especially those dictated by the U.S. applies to everyone all over the world. we cannot avoid implementing it.

  48. Hal Austin Avatar
    Hal Austin

    @ Alvin

    There is not a business or institution, even government, t hat does not (would not) accept Greenback as ‘legal’ tender.
    If businesses start saying no to those who offer Greenbacks and call the police the practdice will stop. This is the case through the majority of the countries in the world, not jsut the Caribbean.
    When the Soviet Union was collapsing all UK journalists carried Greenbacks to cover their costs. In fact, if they did not have any people did not want to deal with them.
    There is a huge difference between having something on the statute books and actually enforcing it.

  49. Well Well. Avatar
    Well Well.

    Moneybrain said:

    “The irony for Bim is that the country’s major Forex earner is remissions from Bajans abroad to local family.”
    ___________________________________

    Moneybrain……the Barbados government will NEVER in this life nor the next admit that remittances is their main foreign exchange earner, as a matter of fact neither the BLP, they prefer live in LALA land and pretend it’s tourism, they will never want to admit that it;s their own black people who work incessantly in foreign countries and have been for many decades propping up the economy, someone i know had to pull up stupid Liz Thompson for trying to tear down bajans who live and work in foreign countries….i heard she found herself living and working in the US at some point, she should have been forced to stay in Bim with her law practice.

  50. Well Well. Avatar
    Well Well.

    Alvin said:

    “@Well Well I am tired of all this bashing of politicians. I am firmly of the opinion that people do not become politicians and enter politics with the intention of “tiefing” from the people. The constant harangue about dishonest politicians, rumors and innuendo about their dishonesty, and the constant message that all their dealings are dishonest only feeds on itself and every rumor is supplemented by a bigger rumor and in the end it can be shown that there is no truth. Let’s stop this nonsense and get the island running.”
    _______________________________-
    Alvin……..as long as politicians are corrupt, dishonest and condone atrocities against the people who pay their salaries, they are supposed to be bashed, if they do not want to be bashed, go into the private sector and find a job that does not require the public paying their salary. No one is making up this stuff, the people who bribe them and fund their campaigns are beginning to talk and more will come out as we go along, you will not find me shutting up anytime soon, not until the politicians sees it’s in their best interest and that of the taxpayers, ………..to change their modus. Alvin you may as well get used to it, i don’t keep secrets for dishonest politicians, lawyers or their criminal friends. I like to keep a clear conscience.

    George………….now that tourism is down and out on the island, can you tell me what is the number one forex earner?

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