Your move Gentlemen!
Who is BU to challenge the UWI Cave Hill intelligentsia about the implication of the recent downgrade by Standard & Poor’s.
It is generally accepted the importance of maintaining an investment grade rating to a country like Barbados which is suffering under the weight of heavy debt servicing. With rapidly declining foreign reserves, our boast of never defaulting on our debt, and ability to defend our US peg is now being questioned. Even if the government and the Central Bank continue to preach the need for confidence, it has become obvious their calls have done nothing to bolster the little which exist. Without confidence Barbados will continue to find it difficult to jumpstart the economy.
The news from Standard & Poor’s this week (20/11/2013) that Barbados had its long term rating changed from BB+ to BB-, the short term B rating was unchanged, was not unexpected. Of course our rating outlook remains negative. What was unexpected is to hear a member of the UWI intelligentsia suggesting that a non investment rating should not be a hindrance to attracting investment to Barbados. The explanation is that some investors will perform their due diligence to inform investment decisions. Further explanation was given that Brazil and countries in Africa have not had investment ratings and it has not prevented investment inflows. All of this rhetoric is coming after a failed bond effort by Barbados.
Now where do we begin with this line of argument.
In the examples referred to about African countries, Brazil and other emerging developing countries which are able to attract investment, here is what must be considered. These country have a vast domestic market to support diverse commodity based industries. Many of them have vast and untapped natural resources. Finally, many of them have systems of government which continue to ‘mature’ in the better interest of more effectively managing national resources.
Barbados has enjoyed good credit ratings in days of old because of bullish tourism and international business products. A quantum shift in the way business decisions are being made on the global stage post 2007 has decimated our economies and will continue to worsen if the status quo is protected. What is patently evident even to the ignorant is that there is a new normal. To aspire to how we have operated in the pre-2007 period is a nonsense. The fact that we continue to fail at executing new ways of generating real GDP and effect a trending down in our deficit positions means that a favourable credit rating will remain elusive. Unlike some countries in Africa, South America and other emerging developing countries Barbados has an unfavourable investment climate by comparison. A look around the region shows the separation in the performance of commodity and serviced based economies.
So where do we go from here?
Let us as a country identify a few strategies which can have material impact on how we do business in the next one to three years, and EXECUTE!
This government has pointed to reform in the energy sector with the rollout of a renewable energy sector. If a priority, the person charged with its implementation cannot be of a bureaucratic mind-set.
There is the project to centralize government’s revenue collection. This makes sense and mobilizing loans from the IADB may possibly be linked to this project. Let us get it done! A government with a second term mandate, although marginal, cannot be seen to be sleeping on the job or pandering to political considerations.
There is the proposal to amalgamate statutory and quasi government entities. This hopefully will provide the opportunity for cost savings and promote efficiencies. Let us do it!
Then there is the business of business facilitation. We have talked about it as a country and its importance to being competitive on the new stage but talk it remains. Minister Donville Inniss has not moved the needle on this initiative one notch that we can articulate.
Finally, it is apparent a few of the statutory bodies have grown to be financial albatrosses around the necks of taxpayers. Barbadians know too well those statutory bodies which political parties ‘pad’ to guard party support. Now that money has dried up this strategy of protecting the party faithful has been exposed for what it is, an unsustainable practice. Deal with it!
With the recent announcement from Standard and Poors, there is a loud silence from our lead.
The Lord is my shepherd, I shall not want. He maketh me to lie down in green pastures.
He leadeth me besides clear waters. He restoreth my soul. He leadeth me in paths of righteousness for his namesake.
Though I walk through the valley of the shadow of death, I will fear no evil, for thou art with me. Thy rod and thy staff, they comfort me.
Thou preparest a table before me in the presence of mine enemies. Thou anointest my head with oil. My cup runneth over.
Surely goodness and mercy shall follow me all the days of my life, and I shall dwell in the house of the Lord, forever…
@Look.
Despite your hoplessness, and Well Well’s negativity we will still survive. The island is not going to sink into the sea.People will still live her and as long as there are people they will survive. things were worse for us pre independence, we went through worse times post independence and we will continue to grow (maybe slowly but growth still) post this recession. My glass is half full. Heed the words of a famous Broadway musical:”Never give up, never give up never give up. ” And the words from my school song”HEARTS COURAGEOUS, SCORN DEFEAT.”
@ Alvin
Nothing wrong with pipe dreams.
@Miller,
In an earlier post I pointed out that the ONLY thing you (BLP) seem to know about is cutting. Cutting the salaries of ministers will not get the job done. Cutting trips of the population by privatizing will not get the job done, cutting services will not get it done. Out sourcing some services can only be done if there are guarantees that the services will not be worse for the people. The people themselves, if you want to really cut, have to obtain their needs locally, and cut out their wants by going to Miami “to shop” for the same things that can be obtained locally, and purchased with Barbados dollars.I will stop harping back to the truth (the BLP mal-administration of “borrowed money” when you stop trying to give the impression that this administration is incompetent.
What would you like to see divested? Why would you want it divested? What would be the effect of divestment? Who would you want to see it divested to? what would be the social cost of this divestment? I am sure you all must have done all these things and factored in the costs already, so let us know the results of your cost/benefit analysis of just one entity.
Awaiting your response..
[youtube=http://www.youtube.com/watch?v=cfR7qxtgCgY&w=420&h=315]
@ Alvin
Weather down there on that little island is getting rough!!! Do something about it. You must do something – NOW. LOL
@millertheanunnaki
After reading Alvin Cummin’s commentary on Cuba and then being taken by surprised by what you described as his ” harping back to the actions of previous administrations” I think Alvin will struggle with privatizing /divesting / outsourcing since this is the capitalist ideal, it works, it creates competition, opportunity, it improves quality of service and it reduces the financial stress levels of the private sector in a Barbados style service economy.
I would like to here his response to millertheanunnaki ‘s question.
Alvin I read the entry, was aware of most of the information since I research and read as much as possible on Cuba. I found the entry informative. I spend little time on this blog so I was surprised at what millertheanunnaki described as “harping back” I too quickly picked up on it. I was disappointed. Please answer the question.
OUTSOURCING
The following activities and services should be outsourced: School transportation, district hospitals , drug services, maintenance of govt buildings and vehicles , school meals; to whom : SBA, Diaspora, Credit Unions, SJPP
Waiting | November 24, 2013 at 3:20 PM |
“Barbados should not and must not have anything to do with Taiwan.”
Of course they should not. If they do they will be cut off loans from the new motherland – China
“I posted a response to this nasty insult Caribbean lover made of Barbados … Barbados is not a banana republic we honour United Nations resolutions”.
———————————————————————————————————–
WAITING, where and when did I insult Barbados? Maybe you should try digesting things before making hasty responses; but, then again, your Itsy-Bitsy, Teeny-Weeny brain might not be capable of such a feat.
@ Alvin Cummins | November 24, 2013 at 5:22 PM |
“What would you like to see divested? Why would you want it divested? What would be the effect of divestment? Who would you want to see it divested to? what would be the social cost of this divestment? I am sure you all must have done all these things and factored in the costs already, so let us know the results of your cost/benefit analysis of just one entity.
Now, Alvin, what would you call the fiscal decision to reduce government expenditure by $429 million in a short period of time to ward of devaluation?
Not cutting, cutting? Or are you going to argue this is only propaganda spread by the BLP and their acolytes on this blog?
When you can explain how the national debt rose from $4.7 billion to almost $10 billion in 5 years you can then talk about ‘borrowing to prop up a previous administration’.
With regard to your request to see a cost/benefit analysis to justify the call for privatization of some State entities I would simply refer you straight to the talking horse called MoT Sinckliar while he was gassing off during the 2012 budget and subsequently slapped in his faced by his somnambulant boss man:
“The available evidence therefore points to a bank-dominated capital market, an
illiquid stock market dominated by a few large firms, an almost non-existent Junior market, a National Insurance Scheme desperate for suitable investments and an economy facing an acute shortage of “risk capital” for the investments needed to drive a restructuring of the Barbados economy. However, we cannot afford to delay the much needed investments in Energy Efficiency, Food Production and upgrades of the hotel plant. The traditional financial institutions are not stepping up to the plate as we would like and as we cannot wait on international capital, we must act now to secure our own future in Barbados. Having spoken to the NIS part already I now propose the following additional measures to assist with this problem:
Undertake an Initial Public Offering of 30% of the shares of Grantley Adams International Airport Inc, the Oil Company and Barbados Port Authority, and the listing of these companies on the Barbados Stock Exchange. Over the next few months, a valuation of the entities will be undertaken and the IPO process initiated. The listing of these three major entities on the stock exchange will serve to inject some much needed life in the exchange. The IPO process will be undertaken in a manner that will ensure broad share ownership which promotes economic democracy and market liquidity.”
Awaiting your response and alibi!
Alvin. said:
“We don’t have to be whollely and solely dependent on tourism. ”
__________________________________
Alvin……….that is what everyone has been telling DLP/BLP leadership for decades, maybe they will listen to you.
Sith………….maybe he got his figures wrong…
LOOK……………i don’t know if you have noticed, but bajans live very comfortably in denial.don’t know what it will take to wake them up.
Alvin said:
“Alvin Cummins | November 24, 2013 at 5:09 PM |
@Look.
Despite your hoplessness, and Well Well’s negativity we will still survive. ”
________________________-
Oh, and i forgot, pointing out REALITY through constructive criticism is considered negativity.
Alvin..they will have to survive in Barbados, they created their own realities, that does not kill, but makes you stronger, better character, remember Ethiopia?
Curious to know now that the recent effort to float a bond failed which was to be followed by another to support monies owed to the UWI, what is the status. Has the MOT made a statement to clarify?
@ David | November 24, 2013 at 8:03 PM |
Is the Government settling its liabilities to the UWI for the current academic year? It seems they are able to make ends meet without those retroactive payments of $200 million due to the UWI.
There is no way overseas investors would subscribe to a bond to help government pay for tertiary education for a pampered “gimme gimme” society.
What has become of the “Tertiary Education Fund”? The establishment of this fund was announced in the 2012 Budget with $4 million per month from the NIS surplus going towards the capitalization of the fund in the first year and $5 million per month in the years thereafter.
very expensive is what is said when you say the word Barbados , no one talks the beach first , the sand, the people, the Sun , Its the cost that reach the lips of People first, So they look to go else where, Barbados dont own a Sun so the same Sun will show bright all over the World
The cost have to do with Fraud and greed, who need to fly so far to another country to get robbed when all people can be robed at home for less ,At least when you call the police they will come , And a report will be made and act upon,
Alvin Cummins | November 24, 2013 at 5:09 PM |
@Look.
Despite your hoplessness, and Well Well’s negativity?@ When people say truth others love to say it no so , Then what is the truth or you all just love to blog?
Askwith;
Just one more comment re. your query on one simple action that could turn Barbados around.
As I’ve stated before, I don’t think that there is a simple short term solution for our situation outside of the standard IMF / World Bank prescriptions since I think that we have now run aground as a resultant of the perfect storm of an inept Government, under an even more inept leader, in a difficult external environment and that we can’t move forward without changing that Leader and perhaps government as well.
But as a long term measure I think that there should be deep constitutional changes that delinks the Senate from party politics and makes it the final law making body. This could be done by having a senate elected from civil society and not appointed by the PM. The House would continue to be an elected party political body. There would be other checks and balances in the legislative system that would ensure checks and balances, stop the raiding of NIS, ensure transparency in contracts, etc.
I don’t think there is a silver bullet.
I think Barbados, that includes the governments and the whole populace, have been sleeping on the development job for the longest time.
Back in 1974 I broached the subject with a cousin and I was told it was all fine as there was no problems in getting loans, so their credit rating must have been sound and affordable.
Back in the late 1980’s – 2008 the same could be said for the UK with loans available everywhere and people on a fraction of my and my colleague’s salaries, were buying things we could not afford.
At work we frequently discussed the situation and one colleague and his wife, both high earners, sat down one Sunday night and used a pair of scissors to destroy every credit card they had.
Right now we see the UK sleep walking right back into the house buying crisis which is supposed to be a sign of a robust economy, meanwhile we borrow and make very little to earn our keep.
We (NOT ME) spend big on Christmas, a kind of annual laughing gas trip that generates a feeling of supreme well being, then there is depression to come after the final fix of 00:01 1st. January 2014.
Happy New Year! they say and I say I’m so happy I could defficate.
At least one Bajan is representing.
http://hollywoodlife.com/2013/11/24/rihanna-wins-ama-icon-award-2013-american-music-awards/
balance | July 13, 2012 at 5:45 AM |
But as a long term measure I think that there should be deep constitutional changes that delinks the Senate from party politics and makes it the final law making body. This could be done by having a senate elected from civil society and not appointed by the PM. The House would continue to be an elected party political body. There would be other checks and balances in the legislative system that would ensure checks and balances, stop the raiding of NIS, ensure transparency in contracts, etc
ARE-WE-THERE-YET- I agree with your above suggestion which I would add to my own below.
I support you 110% and i have already posited on this forum that political parties have outlived their usefulness and to regain trust in our system of governance,the perception of accountibility, and transparency must be improved. To do this we have to take back Parliament from the politicians by having officials elected to parliament from the bowels of the constituencies to look after the interest of the constituents and not the party. Parliamentarians can be assigned certain responsibilties as members of various oversight commiitees or ministries selected from among the members of parliament. These oversight bodies suitably staffed by persons of varying disciplines would decide policy and forward to the technocrats in the relevant administrative departments for execution. In this way, it is hoped that the chances of parliamentarians getting involved in corruption would be limited if not fully eliminated and the characters of parliamentarians would not be open to abuse based on rumor and speculation.. The various independent public service selection bodies would be restored to select persons for employment and to head the various government agencies.Appointments to such critical and important posts like the Chief Justice will be free of bias and gossip.There will be no need for a primus interpares. The role of meeting dignataries and shaking hands can be assigned to the speaker of the parliament or rotated on an annual basis among the parliamentarians. In this system, the role of the governor general and term limits for parliamentarians would eventually come under scrutiny.
I forgot where i read this.
A man goes to a psychiatrist and states that his brother has been pretending to be a hen and that he can lay eggs, he would like the brother to be committed.
The doctor agrees and ask the concerned brother where they can come to pick up the brother and the response is ” and how will i be able to get eggs every day?”
The problems is that we are being led by two incompetent parties, Fumble on the one hand with a bunch of certifiable nitwits and the BLP on the other side, a party which in seeming time “of plenty” flitted away the coffers of the state on equally doltish merchandise.
The BLP was able to pass off their ineptitude, under the cover of night, during the years prior to the global economic meltdown but the fact is that they were no better at managing our economy while tourism still had a bottom in it.
Joseph, without modern preservatives, was able to store up corn to last through a 7 year famine so many thousand of years ago yet our modern day economists and dearth of competent leaders find themselves incapable of seeing the writing on the wall and making adjustments now for the future.
The writing was well on the wall before 2008 but the captain then was unable to see the iceberg that was in the path of Barbados ship.
We have needed competent leaders from the 1970’s and we have needed to break out of this old guard voting style of voting for incompetents because they are put on the ballot but a failed representative election process in each of the constituencies.
I will graft two of Bush Tea’s well used words and ask this question “how can an educated Bajan, citizen of a country that is among the upper third percentile on the UNDP Human Development Index list, think that they can elect “brass bowls” and by some magical process, these scunts will become knowledgeable leaders overnight after an election and contribute to the requisite “game changing strategy”??
EDUCATED you opine. Educated for what?
A piece of paper based on rote learning that delivers zero useful skills is as useless as a three-speed dish cloth.
“Barbados Standard & Poor’s Downgrade: Next Steps”
Removal of the current government and the installation of a coalition government or a…
Coup-De-Ta!
Alvin Cummins | November 24, 2013 at 5:09 PM |
@Look.
Despite your hoplessness, and Well Well’s negativity?@ When people say truth others love to say it no so , Then what is the truth or you all just love to blog?
__________________________________
Alvin………i will tell you what’s NOT THE TRUTH…………all the LIES coming out of the mouths of your PM Stuart, Sinckler MOF and all the other lying politicians…..once the lies are deducted, whatever remains is the TRUTH>…
@ Sid Boyce
“…as useless as a three speed dish cloth”
***************
LOL Ha. Ha
Shiite man….that is even more useless than a brass bowl……
Hi Bush Tea,
At least a brass bowl should easily fit under the bed and save on journeys during the night.
Wait bo wait. So I see hay in my neighbour paper dat I borrow to get a lil read offa, de one dat begging fuh a state funeral hay wid nuff pretty talk bout he would a call Portia to talk bout de Myra girl thing and settle it and thing. Heyyyyy, but dis man lookin ta out Trevor Eastman out a work!
He would a call Portia alright. Call she bout 4 a clock in de morning and buse she in de worst possible way nuff tuh give she a heart attack like how he used to do wid de rest bout hay. Das wa he mean. And I see hay he talking bout wuh “hot-mouthed tirades of a vitriolic nature”. Murder! But he would know bout hot mout, cause he know how nasty he used to cuss people bout hay when he had in he drinks and suppose to be representing Bajans as a prime minister.
Can’t represent me again lemme tell yuh dah!
But he would know bout hot mout, cause he know how nasty he used to cuss people bout hay when he had in he drinks and suppose to be representing Bajans as a prime minister.
Can’t represent me again lemme tell yuh dah!”
just wondering if Mr Arthur’s “hot-mouthed tirades of a vitriolic nature” as you put it is the only reason why he cannot represent you again.
De only reason? Look don’t fret me in hay today!
Now de Monsignor talking bout the only person to downgrade us is his God man Jesus. What the hell is this island coming to? We are in serious trouble and he is encouraging people to ignore it? We really got nuff BRASS BOWLS in dis country. These God menz got people praying and looking up to the sky for something to fall out and save us. Instead of telling the people to demand integrity from our politicians, fix our Judiciary, fix our Hospital and Education, reduce our taxes and cut government expenditure. When yuh spending more than you taking in and when yuh borrowing to pay wages what de rass yuh expect? If I did God I would trow some licks in all dem who praying fuh more money without working for it honestly. Stupse a bunch or BRASS BOWLS!
Listen hush de foolish noise. You in do comprehension at school? De vicar talking figurative. Google it dear heart. Stupse
Looka here Pompasettin
…..like you tink you is one badd ass…..come in hay disc-ing my Islangal and OSA…look you better doan vex onions ya,, cuz he wudd spray ya…Ya madd or wat ?
Pompasettin pussy……tell de Vicar to go figure it out what ah jest say. Whoa Onions tek it easy man wid Pomasettin Pussy, she like she get up from in front she window an walking bout.
Pompasettin, Monsignor, apostle Baird, rev Durant et al all take this thing for a joke.
NOT ONE member of the clergy has the GUTS and integrity to criticize the government. The clergy have not stood up for the downtrodden, the abused and the those that are seeking justice. They practice HYPOCRISY and we all can see through their veils. They are out of touch with reality and they believe they can fool the public by talking nuff shoite.
Buff nuff shoite!
@ Islandgal
They are out of touch with reality and they believe they can fool the public by talking nuff shoite.
***************
Fooling the public would normally be a challenge.
However as Sid Boyce pointed out, there is ONE use to which brass bowls can be readily adapted…. Collecting shoite …especially at night.
…perhaps THIS explains the impact and role of the churches in Bim…and why they talk as you say they do…
…and why would they criticize politicians? …their allies and coworkers in the business of filling our brass bowls with the smelly stuff ..?
Bushie you turning de BRASS BOWLS into TOPSIES? LOLL
[youtube=http://www.youtube.com/watch?v=6t5fb-pq_4g&w=420&h=315]
@ Alvin
Your mission is salvaging Barbados. Action you know speaks louder than words, so get up, get on down there, get on the scene – Barbados. It now needs your help. The S&P downgraded it again. Another one , according to the S&P is possible.
The day the government significantly tries to cut government expenditure by reducing the number of government workers aka “send home nuff people”, here is what will happen:
The same BLP jokers who say that we must cut spending immediately will be the first ones in Queen’s Park holding meetings saying that we need to protect people’s jobs.
The BLP is about playing political games and to try to grab power.
The Drug Service expenditure was unsustainable and when Donville Inniss confronted the issue head on, the BLP ran around the country saying that the government trying to take away old people medicine.
The BLP has offered no serious SPECIFIC and CREDIBLE alternatives.
Bajunfuhlife…..tek yuh yardfowlishness and go back to de coop! This conversation is way above yuh scrawny neck!
Bajanfalife…..doan be a turkey…..somebody would want this SHOITE now wanna dun F Up D place…..think do !
@Look,
Unlike a lot of people who, based on their submissions, do not source their information, I go to the source. I have not replied to Miller; I will tomorrow, because I have been reading bothe the S&P report and the IMF areport on their last consultation. Despite what is being seen by people who can only see negatives the IMF, they do not project any cahnge in the peg of the dollar. You can access this information by googling IMF/Barbados/article 1v consultation.
I will reply to Miller tomorrow. based on his “suggestions” for the “turn around”, as usual their
priorities are aimed at the lower rungs of the ladder; the drug service, the district hospitals, the school transportation etc. I will give it to him good tomorrow.
In the meantime, I do not go along with Monsigneur; I am sure I will be in his bad books when my book:Yeshua a.k.a. Jesus the Nazarene, is printed and launched. the launching will take place when I return home in January. I am quite willing to be interviewed and give my opinions and suggestions and help.
I am not afraid to air my views.
Hants | November 23, 2013 at 9:25 PM |@ you are not reading PLANTATION DEEDS POST .WE HAVE THE PROOF ON BOTH PARTIES ,NONE ANY GOOD FOR BIM,
Waiting | November 24, 2013 at 3:20 PM |david REMOVES WHAT HE DONT LIKE , WHEN TALKING ABOUT HIS FRIENDS.HE REMOVE OURS ALSO WHEN TELLING THE TRUTH , MAYBE THE DLP AND THE BLP GOT HIM ON THE RUN , WE NOT RUNNING AWAY WE RUNNING AT.
Well Well. | November 24, 2013 at 12:49 PM | THEY ARE HIDING TO MUCH MONEY TO CLEAN UP THE MONEY FRAUD , AS SAID BEFORE BASEL3 BANKING WILL CATCH THEM AND CUT OF THEIR TRADE,CHASE BANK TOOK THE LEAD AND OTHERS ,LIKE CITI BANK WILL BE NEXT
@ Alvin Cummins | November 25, 2013 at 8:58 PM |
“In the meantime, I do not go along with Monsigneur; I am sure I will be in his bad books when my book:Yeshua a.k.a. Jesus the Nazarene, is printed and launched”
Do you really think the goodly Monsignore truly believes in a mythical man called Jesus? Roman Catholicism is the biggest fraud and financial pyramid ever perpetrated against the poor and ignorant. Who do you think is responsible for the almost extermination of the indigenous populations of Americas, especially the Aztec and Inca peoples?
The Father B would be more inclined to believe in the power of Asclepius or in Dionysos or Bacchus climbing on his back than Jesus the Jew healing his sin-filled sick soul.
@Balance,
there were a couple of errors in your post. 1 The senate is not chosen by the PM. Under the constitution, the governing party has a number of senators of their choice: four or five. the government has the majority but there are independent senators who are chosen from among a number of people whose names are submitted by ordinary citizens to the Governor general. The exact numbers owever the number of independent senators and those of the opposition are greater than those of government.
The next thing is that “the NIS is not”raided” as people seeem to think. the government,from time to time, when it is in need of funds, issue treasury bills, or bonds (borrowings) which anyone can purchase and keep as long term savings instruments. the government pays interest on these notes or bonds. The NIS , in order to make profits on the money it receives (contributions) has to invest this money. It can do so by buying these treasury notes or bonds, as investments. It is more prudent for Government to obtain these funds from local sources than to go outside and borrow on the international market. Unlike other people, I feel more comfortable with my government holding government debt than others. It matters not what is done with the money;pay wages, improve infrastructure or otherwise, the fact is that it is all our money, and whatever happens the government will repay. Even if it has to raise taxes to do so. Unlike an entity from another dispensation, who borrowed externally “for a rainy day”, these debts have to be repaid now with scarce foreign exchange. The persons who work for these rating agencies are like any other Stock Market salesman; pushing; under the prodding of their supervisors, to make decisions, or write reports thqat the supervisors want to make the agency look good. Check how these markets operate, because based on the figures they choose to put in the computer when the key is pressed for a projection, the projection is based on the figures keyed in, factual or not.
wait did sombody mention AFFA name …wait i tawght he did RETARDED LOL
Conkies anybody …………
@Miller,
We seem to be on a somewhat parallel track here. I would go as far back as the Incas and Aztecs, and their exterminatilyon in the name of GOD, and also add the ethnic cleansing of the North American Indian tribes and their incarceration in concentration camps; called reservations, for hundreds of years. Can you imagine that they were on given citizenship of their own land only around 1968: The subject of my next book, already being written.
@Balaance,
I made an error above. The opposition chooses their own senators about four or five, the governing party chooses theirs and the re are independent senators chosen by the governor general…
@Just commenting,
And then what?
“Pompasettin Pearlie | November 25, 2013 at 1:04 PM |
De only reason? Look don’t fret me in hay today”
Without trying to fret you any further, perhaps you can gloat on these facts pertaining to Mr Arthur’s reign of terror
IN HIS 14 YEARS IN OFFICE, MR ARTHUR AND TAKING INTO ACCOUNT THAT HIS FIRST FOUR YEARS WOULD HAVE BEEN TAKEN UP WITH TRYING TO COME TO GRIPS WITH THE POLICIES INTRODUCED BY MR SANDIFORD AND/ OR MR THOMPSON ( SINCE SANDY RAN AWAY AND VACATED THE OFFICE TO THE NEOPHYTE MR THOMPSON) TO BRING THE ECONOMY BACK ON TRACK WHICH OBVIOUSLY HE MUST HAVE DONE SUCCESSFULLY OTHERWISE HE COULD NOT HAVE FOUND HIMSELF IN A POSITION TO INTRODUCE STRUCTURAL CHANGES TO THE WAY THE ECONOMY WAS MANAGED BY :
CHANGING TAXATION FROM DIRECT TO INDIRECT- IN OTHER WORDS, INSTEAD OF RAISING TAXES SOLELY FROM INCOME TAX, CUSTOMS DUTIES ETC OF WHICH SOME COULD AVOID PAYING; HE IMPLEMENTED THE VAY SYSTEM WHICH IS AN INDIRECT FORM OF TAXATION WHERE ALL WOULD BE TOUCHED IN SOME WAY AT THE POINT OF PURCHASE/SALE..
CREATE REVERSE TAX CREDIT TO LESSEN BURDEN OF VAT TAX ON LOWEST PAID WORKERS IN THE SYSTEM THEREBY PLACING MORE INCOME AT THEIR DISPOSAL
REORGANISE AND CHANGE INCOME TAX BANDS SO LOWER INCOME WORKERS WORKING FOR UNDER $25000.00 WOULD PAY NO TAX THUS TAKING THOSUAND OF LOWER INCOME WORKERS OFF THE TAX PAYROLL THEREBY PLACING MORE INCOME AT THEIR DISPOSAL
EXEMPTING HUNDREDS OF PERSONS FROM PAYING LAND TAX BY REORGANISING THE STRUCTURE FOR THE PAYMENT OF LAND TAX BY MAKING LAND AT A VALUE OF $190.000 TAX FREE.
THE INTRODUCTION OF THE URBAN AND RENEWAL COMMISSIONS TO DIRECTLY TACKLE POVERTY ALLEVIATION.
AND WHAT TO ME IS ONE OF THE MOST SIGNIFICANT PIECES OF SOCIAL LEGISLATION TO IMPACT POSITIVELY ON THE LIVES OF THOUSANDS OF BARBADIANS ON PAR WITH THE INTRODUCTION OF FREE EDUCATION BY THE GRANTLEY DAMS REGIME, THE EXPANSION OF FREE EDUCATION BY THE BARROW REGIME AND THE TENANTRIES FREEHOLD LEGISLATION BY THE TOM ADAMS REGIME WAS THE INTRODUCTION OF THE CASUAL EMPLOYESS LEGISLATION IN 2007 WHICH GAVE ALL GOVERNMENT WORKERS THE RIGHT TO PENSION UNDER THE SAME TERMS AND CONDITIONS. PRIOR TO THAT ONLY THOSE WHO WERE CONSIDERED ESTABLISHED WORKERS COULD BENEFIT FROM A PENSION AND GRATUITY UNDER THE PENSIONS ACT; PERSONS FOR EXAMPLE LIKE THOSE WORKING ON THE ROAD AT MTW, MAIDS, WATCHMEN, MESSENGERS SO DESIGNATED UNESTABLISED WERE ONLY ENTITLED ON RETIREMENT TO A GRATUITY OF 12 MONTHS OF THEIR SALARY AND THEN WAIT ON NATIONAL INSURANCE WHEN THEY REACH 65.
THESE WERE MACRO-ECONOMIC POLICIES WHICH WOULD HAVE IMPACTED POSITIVELY ONTHE LIVES OF MOST BARBADIANS ESPECIALLY THOSE AT THE BOTTOM OF THE LADDER.
APART FROM HIS PENCHANT ACCORDING TO YOU TO BE ABUSIVE , PERHAPS YOU CAN TELL ME WHAT HE DID NOT DO.
INDIRECT TAXES – back many years, a debate raged in the UK that VAT was the way to go, leaving people free to spend their own money as they liked and as you say it penalises the poorest and the not so poor whilst rewarding the rich. The INDIRECT taxes route argument won favour by the majority.
At the time I argued that I had to spend most of my salary, it was not an option. If DIRECT taxation was robbery which they seemed to argue, INDIRECT taxes had the effect of someone holding a gun to my head and asking me either to hand over my wallet or someone holding a gun to my head and reaching in my pocket to take my wallet.
Either way – NO WALLET! but at least DIRECT taxation left me with a little something – at the time I said — hopefully.
True to form though, DIRECT taxes were eventually raised and true to form so did INDIRECT taxes.
You just have to do the best you can while you can but as the Hank Williams song goes “No matter how you struggle and strive, you’ll never get out of this world alive”.
“there were a couple of errors in your post. 1 The senate is not chosen by the PM”
I stand corrected but I believe that ARE-WE- THERE- was trying to show that in reality the way selections are made to the Senate does not allow the body to really function as an independent arm of governance and with more and more of the Senators selected by the Governor -General supposedly under the mantle of Independent drawn from persons whose political affiliation can be unquestionably recognized.
@Balaance,
I made an error above. The opposition chooses their own senators about four or five, the governing party chooses theirs and the re are independent senators chosen by the governor general”
THOSE THINGS HAPPEN MY FRIEND.
7 Traits of Highly Effective Leaders BY Peter Economy@ LEADERSHIP IN FRAUD , AS YOU CAN SEE WE WILL NOT GET ANY WHERE,
FRAUD FRAUD , COMMENTS ARE BEING USED TO HELP HIDE THIS FRAUD , OK SUPER MASSIVE FRAUD AND THE READERS THINKING ALL IS WELL AND THAT IS IS ABOUT POOR LEADERSHIP DEALING WITH FUNDS SPENT BAD OR MISSING FUNDS , OR JUST OVER SPENDING,
THIS RABBIT PIT IS VERY DEEP AND MOST BLOGGER DONT WANT TO KNOW THE TRUTH , SO YOU COMMENT ON LIES AND DIG THE PIT DEEPER INSTEAD OF COMING OUT OF THE PIT TO SEE DAY LIGHT,
KEEP ON , OUTSIDE WORLD KNOWS BETTER THAN THOSE INSIDE , THE REST OF THE WORLD IS NOT A FOOL FOR BAJAN BLP/DLP PONZI ON TOURIST AND THE PEOPLE ,
FOCUS ON TRUTH AND COMMENT ON HOW TO FIX, REMOVE THOSE FRAUD LAWYER SCUMBAG MINISTERS WHOS PENSION WILL BE PULLED BACK AND CHARGED WITH COVER UP……ADMIT THE FRAUD AND FIX IT , OR GO TO JAIL
Balance;
Thanks for your input re. the senate. I was indeed trying to make the point that the senate should be totally removed from partisan control. There should be no Government senators or opposition senators or even independent senators chosen by a GG who was himself or herself chosen by the PM. In actuality the PM now controls the membership of the house as well as the senate. I was saying delink the senate from that control. Have senators chosen on a basis other than party allegiance. Have a totally independent body that can transparently tell the house to wheel and come again when they come with patently partisan foolishness. It was a quick response to Askquith’s very good point about what could be a simple single step that could propel us forward akin to the Cuban step of legalizing the US dollar. It needs some work obviously but its presented for what little its worth at this time.
In the meantime I see that OSA is moving away from the doom and gloom.
@ David
…so these relative newcomers are coming to the realization that our Senate needs to be replaced with a National Supervisory Committee?
..when you plan to tell them that Baffy and Bushie already patented that approach…?
Bush Tea
My apologies for neglecting to mention the BT/BAFBFP proposals for a national supervisory committee. De old brain ent wukkin too gud dese days.
Yes, ARE-WE-THERE i fully understood what you were trying to convey but to be fair his budget response to Mr Thompson’s first budget speech was full of suggestions which were viciously dismissed by Mr Thompson perhaps out of Mr Thompson’s inability to match Mr Arthur’s prowess in the field of economics. The stupid mamantra ‘weare not only an economy but a society- emanated from that debate.
Alvin said:
“The subject of my next book, already being written.”
________________________________
Alvin, i would love to see that script when it’s completed.
LOL @ AWTY
No problem at all…
Bushie too old to be bothered..
…and BAFFY to rich to care… 🙂
[youtube=http://www.youtube.com/watch?v=PgqOl4qlXS4&w=560&h=315]
Watcha talkin’ bout Alvin???
@Well Well,
Of course you will see it. I had problems with my computer and the operation on my eyes, so I have not really worked on it steadily for a little while, but when I return in January I will work on it full speed ahead. The ideas are there already, the synopsis is well on the way, and the research is in train. Glad to hear you. Hope you are very well.
Later. In my next blog to Miller you will read interesting facts by S&P. There is no need for panic.
Alvin……..thanks, looking forward to it………all is well.
Also looking forward to hearing you and Miller disseminate S & P’s analyses.
It’s kinda freezing in Canada, it’s only cold in NY.
@ David:
In the Estimates debate earlier this year and more recently in the August 2013 budgetary proposals it was announced by the MoF there will a major road and bridge rehabilitation programme to the tune of $125 million scheduled to start in November 2013 and designed to help kick-start the local economy.
Do you know if this capital works project has gotten off the ground?
David
Do you know if Rayside, who had to lay off 60 workers because they had not been paid by Government for work already done on capital works programs in progress, has been paid and called the 60 workers back?
Is this BU question time?
We are all waiting for mobilization, we are always waiting.
@ David | November 26, 2013 at 7:24 PM |
There is a new mobilization time just announced by the Scarlet Pimpernel MoF who has become the Houdini master of Time. It’s now January 2014 when the Road Works project will start along with the Exmouth Housing project in conjunction with the sealing of the Four Seasons deal, the start of construction of the Cruise terminal and the Pierhead marina just behind.
What a busy start to an abundant winter tourism season!
May God Bless Bim on Independence Day!
How much do locksmith services cost?
Here we see the Westminster Model of government in operation ,and coming from an ex Communist Country.
A supermarket collapsed in Latvia,and the Prime Minister of that country , took the responsibility and resigned.
Here in Barbados the our country has collapsed ,and not a fellow in Parliament stepping down.
To them the Westminster Model, is a car made by BMC, and most likely to be found in Mallilieu Motor Museum.
http://online.wsj.com/news/articles/SB10001424052702304747004579223641852828638
When are we going to see some discussion on the GoB’s decision to borrow
US$ 225 million from a Mafia bank registered in the Caymans. The Medici middlemen aka FCIB would be skimming off a very large fee in the order of millions to compensate for its efforts in the last failed bond floatation.
Wouldn’t the country be better of going to the IMF for such small accommodation? Why continue to engage in “Paro” economics by going to the suspect financial drug dealers. How long would the forex injection from the loan sharks last if it is used to finance conspicuous consumption and government’s profligate spending to keep Bajans inured from reality? This administration has to bite the bullet and go into rehab before the country ends up on skid row or in ‘crack’ alley.
@Miller’
Back to you. But before I answer you I want to “harp back ” a little since this blog by BU is with regard to the recent comment on the Barbados economy by Standard and Poors. I call it a commentary based on the following; pay special attention to the date.
CLARIFICATION ON BARBADOS’ CREDIT RATING
BY STANDARD AND POOR’S
The Central Bank of Barbados wishes to clarify that the recent statement issued by Standard and Poor’s that changed the outlook for Barbados’ credit ratings from stable to negative is not a downgrade. The term “downgrade” has been used frequently in the media in reference to Barbados’ rating. We wish to correct this impression. Indeed, the title of the news release by Standard and Poor’s
specifically states “Ratings Affirmed”, that is, our “BBB+” long-term foreign currency, “A-” long-term local currency, and “A-2” short-term sovereign credit ratings remain unchanged.
This is not in any way meant to deny the reasons given for the revised outlook. It is clear that while Barbadian authorities are of the view that spending over the next year and a half or so in preparation for Cricket World Cup 2007 and other necessary but unanticipated spending will be temporary, Standard and Poor’s is not fully persuaded at this time.
It is up to Barbados to prove that it is indeed temporary and that cost
containment and debt reduction will be more aggressive and that when these commitments have been met that the ratio of the deficit on the current account of the balance of payments to gross domestic product will be reduced with the assistance of corrective monetary and fiscal policies, some of which are already in place.
The economy remains sound as evidenced by our affirmed investment grade ratings, but Barbadians will need to be part of the process of maintaining this by supporting corrective monetary and fiscal policies.
2005-08-05
As I said, pay attention to the date of this press release.2005-08-05
With regard to your comments on the PRESENT situation. You said tthat the National Debt had moved from 4.7 billion to 10.6 billion in 6 years. This government has only been in power for 5 years (2008-2013) I know it probably feels like a life time for you but it is only five, and Mr. Stuart has been in charge for only four of those years.
Computer acting up. Will continue.
The Minister of Finance for Barbados has issued a comprehensive Short Term Growth & Sustainability programme. It will not work. First, there is no need to address the deficit or to raise taxes of any kind. So numbers 1-3-4 & 10 should get no direct attention. They would all benefit from the Minister achieving 2-5-6-7 & 8. Number 9 would be the biggest mistake. Government should not involve itself in any investment. It should immediately outsource every investment programme to a private entity. No successful government today is involved in investment in this way. On number 2 he can use his skills to negotiate a better position based on what I have outlined here, with the possibility of interesting debt holders and creditors with his discipline. Numbers 5 & 7 would impact number 6. The Minister is right on target there. Reduce the cost of doing business and the time scale for getting into business. Accept that there are things you cannot control. Do not say Barbados is open for business until you have met with existing businesses and let them tell you what they need. Then go out into the world, and “drum up” investment for Barbados.
Professor Gilbert NMO MORRIS