Submitted by Anthony Davis
Cedric Murrell, CTUSAB
“The position which will see 3000 public servants placed on the breadline between January 15 and March 15, 2014, is “unfortunate”, and clearly . . . a situation where Government had no other choice. This is the position being held by the Congress of Trade Unions and Staff Associations of Barbados (CTUSAB), and articulated by its president, Cedric Murrell, following a meeting with Minister of Finance and Economic Affairs, Chris Sinckler, this morning. What I will say to people generally in this country, because we don’t know who is going home, is that they must have faith. They must have an understanding that there are times when an economy goes through trials and tribulations. (But) what we have to recognize is that the only way we can positively move from this position by growing this economy. By growing this economy, it means that every single person in this country, has to see how best they can contribute to the sum total of the output of this country. With regard to a perceived snub by Government, and them not being informed about the plans to sever workers, he noted that that matter had been discussed and resolved – page 3 of “Barbados Today, dated 18 December, 2013
My, my, my, My mind boggles, Mr. Murrell!
What kind of drivel are you spewing to 3000 people – whom you and the other head honchos are supposed to be representing, but are doing a very poor job of doing – by telling them to have “faith” in these harsh economic times? Why don’t you, and your ilk who are in your tax bracket – and especially you three – give at least 10% of the money you receive – whether you have earned it or not is a horse of another colour; I do not think that you have earned yours, as you have done a great disservice to the public servants of our country – to the Inland Revenue, to help this Government which has boxed in itself by having an incompetent Minister of Finance, and help those you are supposed to represent?
The three of you can have some “faith”!
You could still live your luxurious lifestyles in your gated communities, and be part of the upper echelon of our society. You still will be able to buy your groceries without caring about the prices – unlike many of those citizens of this country and those who choose to make it home who already are leaving many things at the checkout counters because of the price-gouging going on, which this Government promised to do something about. But, like many other things, that will be done “tomorrow”. By that time many people would have died of starvation because they cannot pay the exorbitant prices!
The problem is that it is the elderly who leave most of the goods at the checkout counters, and then those who work for such paltry wages that a loaf of whole grain bread costs just as much as their hourly wage. I, and many other Barbadians, have faith, but not in this Government!.I do not think that those public servants will have it in you and the other two with their Cheshire cat grins with you, any more either.
Pray tell me, Mr. Murrell, which of the 3000 who are to be fired – retrenched is a very poor euphemism in this case – can take “faith” to the bank and say: I have no money to pay my mortgage, but I have brought some “faith” with me! How about the payment of bills, Mr. Murrell? Will the people accept “faith” in lieu? How about clothing themselves and their scions, Mr. Murrell? Can they take “faith” with them. Being public servants, some of them would have just used the opportunity given by Government to help with the purchase of vehicles, to buy a vehicle on HP. Can they take “faith” to the relevant salesman/saleswoman?
And the list goes on, Mr. Murrell!
“Unfortunate” is another word which you have wrongly used, Mr. Murrell – unless you mean it in the sense of infelicitous, unsuitable, deplorable, or regrettable. According to “Merriam-Webster’s Collegiate Dictionary”, the one you may be referring to means “not favoured by fortune: unsuccessful, unlucky” or “marked or accompanied by or resulting in misfortune.” Clearly, Mr. Murrell, you cannot mean “not favoured by fortune”, because one could see the smoke signals from thousands of miles away, yet this Government decided to plough ahead like some juggernaut and introduced Constituency Councils – probably to give friends and family some of the fat calf which the last administration had left for them – and introduced two different football championships when one would have also done the trick. Moreover, it wasted $60million – which the Minister of Finance pillaged from the NIS Funds – by dropping it into a bottomless pit called “All Seasons”.
The tax payers are also paying heavily for the sweetheart deal given to “Butch” Stewart. So, Mr. Murrell, there is nothing “unfortunate” about this. The Prime Minister said that band aid will not be used, but I think that his Minister of Finance has used up not only enough for himself, an this Government, but also enough to go around the earth at least once!
How best can the 3000 that are being fired “contribute to the sum total of the output of this country”, Mr. Murrell? Clearly they cannot spend what they do not have.
Do you think that they will have enough of what they get from the NIS left over to become big spenders?
How many will end up on welfare?
How do you expect the economy to grow if people do not have money to spend, and have to rely on the Welfare Department?
The economy cannot grow in such a case as it depends on the spending power of those who reside in the country.
It does not work with people who will be fired early next year.
That will probably exacerbate the unemployment problem.
How would any of you like to be going to bed every night – especially at Christmas time – not knowing if you will have a job after 15 January/15 March?
Would you be able to sleep peacefully and profoundly, honchos of CTUSAB?
I very much doubt it! Every waking moment will be one of frustration, and the feeling of being hung out to dry.
You have sold those you are supposed to protect down the river!
What a sad day for this country!
“Cowards die many times before their deaths.”
One cannot even trust the NHC in the purchase of Government land, because they have waited until people have paid in full for their house spots, then to turn them over to Al Barrack! So, some of them may have “purchased” them, and may now have to look for money for a different piece of land, and hope that it they are not fraudulently deprived of it, as is the case with the NHC. He (Mr. Murrell) noted “that the matter had been discussed, and resolved”. How nice of the Minister of Finance to discuss the matter with you after the fact, and how nice of you to accept his excuse – no matter how paltry it was. That probably ranks in the league of the sweetheart deal “Butch” Stewart received!”
This could not have happened in a European country – especially not Germany, Italy, France, or Spain – unless you were looking for trouble. The unions in this country have no backbone, no decorum, no pride, no self-esteem!
All they are doing is appeasing a Government which could not care less about the populace of this country.They have promised a lot, but have reneged on most of them – especially on education by increasing the fees at BCC, and refusing to pay the fees for the scions of the poor, the needy, and the vulnerable at the UWI Cave Hill Campus but, then again, enemies’ promises are made to be broken!
They have brought this country to its knees!
this not a time for lashing out… the article could be better served as for public discourse in generating solutions, the fact is that what happened on that friday would impact everyone including the unions who would lose thousands of dollars in revenue due to the fact that disgruntled members would not view their positions as being well servedand might take flight …i am still awaiting any proposals to be given by the private sectors who over the years were pampered and allowed to have their say so on how this country should be governed,,,,,,,, their silence is deafening, meanwhile their trumpets are still going at full blast as they continue to fire shots across the bow for govt to do more,,,,,,,,
Mr.Davis if you had been reading this blog you would have realised that cedric murrell has been always a yardfowl even when the string is removed from his foot he cannot changed –now he gets allowances from the Public workers credit union ,2,CTUSAB,3-NUPW so call MEDICARE–icbl company 4-st George secondary school board ,5 constituency council,6 a salary from Air traffic control plus others -do you expect this yardfowl to go against his political masters ,what he is doing now he did the same in 1991 –Murrell has not made a decision that is honourable in all the years that I have known him and I am a retired civil servant –I recall that he sold out his executive members in 1997 .he and Dennis DePeiza plus Walter Maloney and Dennis Clarke back raise ROY TROTMAN to SUCOO BYER -then CTUSAB got an increase in its subvention ,with DEnnis Depeize and Walter Maloney going to Geneva as a reward . what this government needs to do is to stop the subvention to CTUSAB since it is not being use for the intended purpose ,we hope the Auditor General will have a look at these funds and how there are used ,we also hope the auditor general will tell us about his audit at the constituency councils , we hope all those who are working at the protective agency near padmore village st Philip can show why their received funds from the council. These checks and balances will save us funds to keep others employed . Mr,murrell give two of your allowances every month back to the government then at lease you will be paying the salary of one of the proposed lay off officers salary
@caswell will you please up date that article and repost it under this article that we all can see how people like cedric murrell and others have used the workers of this country ,people shall be surprise
@caswell please start the BU POLITICAL Party we need you and the party now more than ever
Murrell’s comment clearly suggests that the MoF came public with this absurdity without discussion with CTUSAB and all the unions – well not all – because Leroy of BWU may not have attended such a meeting.
I will repeat – relieve the consultants and they will see that they have money a-plenty in hand.
The DLP complained about the consultants that the BLP had hired and they have the same consultants attached that are their DLP supporters. Some were even given permanent posts – relieve them – they are high end and can help themselves.
This time the DLP is wrong, wrong, wrong. There are other ways to get the revenue that our economy needs and reduce expenses. The DLP retained the exorbitant expenses just as the BLP and now want to put the low income workers out of work. No!!! no!!! no!!!.
‘Unfortunate” is not the response we want to hear from those with the ear of the PM and MoF. It does not help anyone.
And another entity that can be closed down is NISE. Teach the children at home to love their neighbor as themselves, work hard, stay focus, pursue higher education, reinforce these behavioural traits throughout school and in the church and let the Training Division do its job.
I am sure that NISE does not have 5,500 employees. Close that entity which is like a consultancy block.
Clearly, the DLP Government should have come to the public for ideas.
Leave those temporary workers except they are the consultants, plus Constituency Council funds for chairmen and executive members. STOP the favoritism management and start managing this country with basic common sense.
Return on Investment is crucial in business and definitely profitable when realized.
Isn’t Murrell attached associated with the BPWCCU as well?
DISTRACTIONS ,FROM THE TOPIC AT HAND,
DBLP UNITY GOVERNMENT WORKING WELL TO MOVE FOCUS FROM THEIR FRAUD.PONZI
STAY FOCUS BARBADOS AND THE WORLD
ONE man given these posts and today 3000 public servants to be sent home and HE will retain his position whilst the other employees pay him for contributing to sending home those and others.
NO problem at all because Bajans say nothing. It was ” do whatever yuh like Owen it is alright wid we’ now it is DLP do whatever yuh like it is alright wid we.
@ac
With all the support you place on the DLP management, don’t we have more people in Barbados that could offer views and solutions and management skills to these Government boards? Is Murrell et all who have been placed the only ones that have requisite skills or was this just political affiliation?
Share the pie evenly then you will get the full support. Gone are the days when I vote for D or B because of membership – you have to prove that I too benefit from supporting you not a select few.
Now we know why the BCC and other institutions are in dire need of effective leadership.
I’m one of those who think that NISE should be shut down, because it is only sending the wrong message, and allowing certain people to hold lectures/seminars about how Barbadians should serve! Pray tell me people, if 40% of public workers, and 30% of private sector workers do not like their jobs, or would like to change them, does it not stand to reason that 60% of public workers like their work, and 70% of the private sector like it! I have never understood why people came to the conclusion that Bajans are averse to work because of what Kim Tudor published! I think that certain people just wanted to make some money from the seminars/lectures that are supposed to bring them on the straight and narrow when it comes to better work ethics! The figures speak for themselves! They prove that Bajans are hard-working people!
It is nigh impossible to make suggestions to an arrogant MOF who is the only one who doesn’t realize that his measures have not worked, you cannot tax people to the level he has and expect them to have money to spend to get the economy moving again.
In 1991 when Government cut salaries by 8%, there was a meeting at NUPW to determine what action it would have taken. At that meeting, Cedric Murrell said that if his salary was cut, he would take the Government to court.
I was employed by NUPW and was assigned to work with the lawyers to prepare the case. We did all the research and finally we needed an applicant who was employed in the Public Service. I remembered what Cedric had said and called him to verify that we could have used his name on the application. Lucky I made that call, Cedric objected strenuously and I was forced to seek out another applicant. Eventually, I called Gladwin King and she readily accepted.
I viewed him with suspicion ever since then. I watch him glorify Owen Arthur when he was in office and then watch him switch sides just prior to the elections.
He would do anything to get by. Ask him how he became President of CTUSAB. He pretended to be Trotman’s friend and that clown manoeuvred Cedric into the Presidency even though Cedric was not qualified to be elected because he was not a delegate. They broke the rules to have him installed and, as soon as he took his seat he bit the hands of Sir Roy that fed him. That is why that clown was forced to pull his union out of the congress.
If I were in any doubt about the future of this country, today on “Sunday Brasstacks” Miss Mottley has clearly put it on the table what is the situation as we speak, and what is likely to happen by March 2014.. I think young Barbadians should start to put a plan ‘B’ in place because under this DLP government there will be no future.
I can tell you Ms Mottley, arrogant and idiotic Stinkliar will not meet at any table with Owen Arthur and Mr. Griffith as you have suggested so it is straight into the hands of the IMF we will go. Bajans will then see what God ‘dem serve.
I posit the view that Murrell is out of his league.His hand has been caught in the cookie jar.His morning talk and his evening talk do not jell.
I posit that Mia’s call for the head of the MoF is grossly misplaced.Her call must be for the head of the PM.He is the man in charge of this light brigade and all effort must be made to put the blame where it must lie and that is with Freundel Stuart who is a poor leader,who does not like to make a decision and who has got Barbados downgraded 4 or 5 times since he was chosen by this pack of sardines to be the PM of Barbados.
The head that must be hunted now is Stuart’s not Sinckler’s.Sinckler cannot make a move unless Stuart says do it.Stuart is rejoicing at Mia falling into the trap he set for her and for Sinckler.Thus as Frank the heavy roller would say:”Ipso facto,Mia en no leader either!”
gabriel
please go to the back of the class
in fact leave the classroom entirely
2ND THOUGHTS YOU ARE EXPELLED! LOL
re he was chosen by this pack of sardines to be the PM of Barbados.
THESE FELLAS NOT EVEN CLOSE TO THE VALLEY OF A CAN OF SARDINES MAN LOL MURDAH
We use to blame Colin Goddard, Douglas Lynch et al (White interest) when they occupied seats on several of the large companies in Barbados. Is it fair for Murrell to be wearing so many hats?
David
There is no problem with Cedric Murrell wearing several hats: the problem comes when he tries to wear them all at the same time. He looks foolish!
>
all i asking is why in a country of more than two hundred and eighty thousand people that in time when all hands are being asked to plough ,why is that the poor are being asked to pull the heavy load,,why is the rich not being asked to do their share ,,have they become the UNTOUCHABLES,,,,,,,,,,,Cedric murrell and three thousands bajans does not make up the whole of the country and what is even worse it makes us fight among ourselves
cedric murrell tell us under which government was your wife promoted and her qualifications then -we understand that she has gone home medical unfit and that you had a heart attack may be you can tell your friends in the D L P how your daughter got to study in CUBA —-we are a shame of you .
I was at the airport this afternoon and one of the air traffic controllers said to me that some years ago ,Millicent Small had told the then Prime Minister that Cedric Murrell wanted to call a strick while the then PM was in the AIR and the Caswell Franklyn did speck to the then PM and saved Cedric neck but that same Cedric then turn around and kick Caswell out of the NUPW , well that was the same treatment he gave Sir Roy Trotman –So it seems that every one that helps him he then turn and kick them shame on Murrell–o by the way we understand that Cedric has been promise a big pick –but please tell them your heart is not so well that you was hospitalised a few months ago
Cedric Murrell Describes Sending Home 3,000 Public Workers as UNFORTUNATE
ISNT THIS THE TRUTH
ISNT IT UNFORTUNATE?
SO WHATS THE FUSS
BU IS BARE FUN
Clement Payne and Bussa with Uriah Butler that a riot will take place in Barbados in 2014. I put it down as another foolish dream but a hear about a container of bullet proof vest and rubber bullets so it’s a real possibility.@David King
@ Georgie
You late skippa.dwl
@ac, why should the rich people as you describe them help when this DLP government was told since 2008 that they have to tread cautiously in the recession. They (the government) thought that somehow things would miraculously turn around and they would have a chance to bask and boast and probably jeer the persons who were giving the advice.
I hope that you were able to listen to Brasstacks Sunday on Starcom this morning. Capital flight continues as indirectly revealed by Ms Mottley. It simple means that the “rich people” continue to take out their money from this country. The ‘poor people’ that sold their votes in February 2013 for ipod, cell phone, laptops, flat screen TV etc should be the ones called upon to take this country forward . They are the one benefiting from free bus ride, summer, autumn, winter and spring camps and constituency councils..
uh see what i mean are u rich very quick to defend, instead of helping they head for the high hills, now that kind of information is quiet revealing in essence they see bajans as stupid dum asses and they couldn’t careless if they swim or sink……………let the assholes find a way out cause they not going to help and in the meanwhile mia and her band of misfits helped to do some of the shoving,,,, yes the poor always gonna be the ones to do the heavy lifting but they won’t forget ;;;;
@Bag juice
It seems as though you do not wish to tell the true, but fact of the matter is, the BLP have been buying votes for many decades. The Former BLP Tourism Minister Aaron Trust, brought his votes from communities in Bank Hall, Bush Hall, Park Road, Dean Village, Waterfords, and Station Hill back in the 1980’s. Now, your probably wondering how I know such information? Well, I used to reside in one of the communities mentioned above, and had had the opportunity to have taken some of the free money. Mr. Trust gave away from his then office which had been located in Roebuck Street at the time.
I also remembered quite vividly after leaving St. Leonard’s Boys Seconadry back in the 1980’s. I sought the help of the then Minister Aaron Trust, who wrote me a very lovely letter which I took to Home Center Limited and shortly there after I founded myself bagging groceries for a spell.
This a great opportunity for all politicians and rich Barbadians to put their money where there mouth is and their hearts should be.
The politicians should take a 30% pay cut and the rich should use some of their wealth to create more jobs.
Owen and Mia declared their substantial assets and I am sure the other politicians ent han to mout so it is time fuh them to give back to their beloved country in its time of need.
And might I add that at that time the Former Prime Minister Errol Barrow used to frequent Home Center Limited during the time I had worked there. And I might had bagged his groceries on numerous occasion, but it was a pleasure to say the least. Because I loved the man and what he had stood for as the Father of our little island.
Really don,t make me laugh mia statd that the wealthy took their money out and some busybody asking the wealthy to create jobs……Uh think so now it is up to the poir to save the economy cause the rich don,t give a rats ass wuh jobs got to be kidding right… this not america. or canada………
To ac and Mark Fenty. Do not worry about the “rich people”. They can take care of themselves. Other Caribbean countries would welcome their investment. Even Guyana and all is projected to grow by 4.5%. It is the poor, vulnerable black people that the IMF conditionalities will hit in ‘dem backside come 2014.. Devaluation and all.
The rich people are rich because of their race. I hold firm to the view from listening to the coarseness of Cow and Bizzy, Ralph Johnson and the rest that were they black they wouldn’t even own a snow cone cart. Cow and his wife picked stones from the ground for a living what.
Its unfortunate Cow open his big trap and talked about civil servants taking a pay cut because for knowlegeable folks his crude mouthing’s always carry a hidden agenda with race as part of it. Murrell and Depeiza are jokers even Kellman sharper than them which means with those three in the forefront we up s**t creek. They couldn’t organize a piss up in a brewery much less lead Bdos out of a financial crisis.
True Bajans want to help overcome this mess and they will once the Prime Minister after wide consultations politely ask them to help. The likes of Cow and Depeiza are massive disincentives to the participation of Bajans who can think for themselves.
Like it is aka Waiting aka Ruffin | December 22, 2013 at 10:58 PM |
The rich people are rich because of their race. I hold firm to the view from listening to the coarseness of Cow and Bizzy, Ralph Johnson and the rest that were they black they wouldn’t even own a snow cone cart. Cow and his wife picked stones from the ground for a living what.
…………………………………………………………..
Tek away every last cent from COW ,Bizzy , the Goddards and everyone of the people who you stated are rich because of their race. Leave them penniless . Divide the spoil equally among us, the blacks of this country. In a very short time, the now penniless,COW, Bizzy, the Goddards and all the others will be back in the same position that they are at present.
when Obama asked the top richest in america to help they rained down fire and brimstone calling him a socialist,,, the rich only intent is to keep the working poor in check making sure that they(whites) will be the ones in charge of economic power, and the poor would eternally have to keep begging them bread so it is with poor countries and individuals alike especially blacks, the world bank and its international economic terrorist knew that these poor countries where in dire need of help and laid out a plan with a catch 22 one that was too good to e true,,,,,,these poor nations fell in the trap and now with the economic down turn many of them have to use the poor as pawns to repay astronomical debt while the rich sits back with folded hands sip their expensive champagne or get out of dodge,,,help repay debt what,,,,,,neva in this lifetime too greedy and selfserving,,,
On cue Cow in today’s paper calling for a level playing field. This SOB who fleeced GOB most of his 80 years bout here is up in arms over little small contractors getting a pick to do roadworks. To no one’s surprise he uses NIS payments as cover for his scurrilous attacks. There is always a hidden agenda with race a big part when he manipulates the media into carrying his race laced comments.
Step 1 on the road to recovery: admitting you have a problem. When will the DLP admit they have a management problem? Blame does not solve.
I was amazed at the shifting that went on in the economic discussion on the PEOPLE BUSINESS on CBC TV Sunday night. It was horrible. But what would you expect if CBC invites only pro government persons to the discussion?
The utterance by Murrell on the VOB program yesterday can be described as flowery. How can Bajans feel par of a national effort to make sacrifice and offer suggestions in a climate of such political divisiveness? There is a time when the adversarial system would not have compromised our position, this is not one of those times.
@Roverp. I totally agree with you. The discussion on the Peoples Business was pissy poor. Dr. Marshall at one point in time in trying to be subtle was lashing out at the private sector when he made comments about being creative and stopping this ‘give me’ mentality. Don’t talk about the old man Beckles, he was out of his depths. Simpson was hogging the show and saying nothing really.
@bag juice. I think you have the wrong name for the young fellow on the Peoples Business last night.. He is not Simpson, Jeremy Stephen. He was talking so much gibberish that he reminded me of the fake interpreter at Mandela memorial service. Dom Marshall was talking to himself because I don’t know who was understanding the points he was making. The old man Beckles reminded me of foolish Frank Alleyne who incidentally has gone very quiet these days.
Postcard From Barbados — a.k.a. ‘Cyprus West’
Barbados, “the Jewel of the Caribbean,” the tiny easternmost island in the Lesser Antilles with 288,000 year-around inhabitants and lots of very rich foreign visitors and investors, is in the throes of a financial meltdown.
While its entire GDP is now only worth about $4.2 billion, and its population is smaller than that of Duluth Minnesota, this crisis is worth examining closely. For here we have a very precise example of the “finance curse,” where excessive dependence on high debt, an aggressive offshore haven industry, very low tax rates for high-net worth investors, foreign companies, and banks, and high tax rates for everyone else, have essentially brought this little country to its knees.
Economists revel in grim statistics, especially at Christmas time. In recent weeks Barbados’ current account deficit has soared to 12 percent of GDP, and the island is down to 10 weeks of reserves, compared with 16.4 weeks last June – which was already the lowest level since 2008. Deficit spending is 6 percent of GDP and headed higher.
At 94 percent, Barbados’ ratio of public debt to GDP, already the Caribbean’s second highest, is fast approaching Cypriot levels.[i]
Not surprisingly, in October, a $250 mm Bajan bond offering in the US market had to be yanked after it was greeted with howls of derision. In late November, S&P downgraded the long-term rating on Bajan bonds for the third time in two years to BB-, below investment grade, the same rating as Gabon and Nigeria.
That is very bad news for 126,000 long-time contributors to Barbados’ National Insurance Fund, who depend on it for old age, disability, unemployment, and severance benefits. [ii] At least 60 percent of the Fund’s $2 billion is invested in this dodgy Bajan junk – it now finances a third of Barbados’ entire public debt.[iii]
To fix this unbelievable mess, the Bajan government, led by PM Freundal Stuart of the Democratic Labor Party, has lately adopted the same orthodox IMF playbook that has worked so many wonders everywhere else in the developing world. Appropriately enough, the high-level IMF team concluded a week-long emergency mission to Bridgetown on Friday December 13. [iv] Shortly before its departure, Finance Minister Chris Sinckler announced the island’s first IMF “structural adjustment” program since 1991.[v]
“Structural adjustment” is an IMF euphemism for an economic phlebotomy. Under the terms of Sinckler’s IMF-approved program, 3000 out of Barbados’ 26,000 government workers will be fired by March 1. All new government hires are frozen for 5 years. Senior officials get an immediate 10 percent pay cut; other civil servant will remain subject to a wage freeze. The government has also announced cuts in government travel budgets and college tuition subsidies, the suspension of an important medical clinic project, [vi] and increased VAT taxes. The Barbados Chamber of Commerce expects the private sector to fire an additional 1000 workers, in an economy where unemployment is already 11 percent. All these layoffs and other afflictions will soon be felt by least 20-30,000 Bajan families. And this is just the beginning.
Given the IMF’s key role here, there will undoubtedly be more spending cuts and tax increases to follow. Indeed, as discussed in Part II, there’s a chance that the IMF might actually be able to force through some badly-needed tax reforms. Given the IMF’s track record elsewhere, however, as well as the overwhelming opposition of elite interests both at home and abroad, we’re not betting on it.
The other disturbing news from this tropical paradise is that Barbados also now intends to borrow up to $225 million from Credit Suisse AG Cayman on an emergency basis, in order to shore up its reserves, maintain the sacrosanct 1:2 peg of the Bajan dollar to the $US, and continue funding various pet projects. The terms are usurious: $3 million in upfront fees for the bankers; IMF conditionality; a waiver of sovereign immunity; and variable interest rates up to 775 basis points over LIBOR,[vii] which Credit Suisse and other global banks have recently been accused of rigging.[viii]
But even these generous terms may not be easy to syndicate. The price of existing Bajan bonds has noise-dived, and investors are now effectively demanding more than 9 percent – a junk bond rate.[ix] If the ultimate terms are even more costly, unless this loan is extraordinarily well spent, it may only aggravate Barbados’ fiscal problems — debt service already consumes a third of the government budget.
All told, all these measures remind us of the desperate 1991 IMF intervention, when 4000 government layoffs and sharp real wage cuts were also imposed. It took Barbados’ real per capita income level and unemployment rate more than six years to recover from that phlebotomy.
Now we are hearing that UCAL maybe sending home workers. and we know the ownership of UCAL. And we know the TRANSPORT BOARD has been outsourcing work to other contractors. What a mess!
From a philosophical perspective David, can you tell us what is so wrong about “sending home people”?
There are THOUSANDS of people in Barbados that DESERVE to be sent home……starting with the damn politicians.
Don’t you get it that the ROOT of our problem is LACK OF PRODUCTIVITY coupled with unrestrained spending- which results in our living UNSUSTAINABLY above our means?
The PROBLEM with “sending home people” is that we are sending home the WRONG people. If we sent home the NON-PERFORMERS then there would be a natural improvement in the overall system, …..but the brass bowls doing the sending home are the ones who want sending home FIRST.
If our unions had ANY sense or balls, they would STOP griping about retrenchment and start INSISTING that such “sending home” begins AT THE TOP…..and/or is based on MERIT.
….but then again the Unions are the same shiite…..the top want sendin home too….. LOL except Caswell – who get send home already 🙂
Damn!!!
How ever you look at it our donkeys in trouble… 🙂
@Bush Tea
It is not so much the sending home of people but the fact that it is not structured but knee jerk. Scarily is also the fact that it will happen again because we maintain a system of mendicancy and NOT meritocracy.
Trinidad secured a ‘Dream’ come true deal from China in June 2013. Their credit ratings continued to impress S&P despite Kamla’s declaration that crime is taking its toll on the country depleting its revenue. Below is an excerpt from the TT Express. Barbados has such good relations with China and is unable to convince the Chinese that they would get a generous Return On Investment. Do we mean that without oil we have nothing.
Chequebook diplomacy
By Robin Wigglesworth
Story Created: Dec 26, 2013 at 12:35 AM ECT
Story Updated: Dec 26, 2013 at 7:01 AM ECT
The leaders of eight Caribbean nations toasted a new friend at a private luncheon this summer in Port of Spain, the capital of Trinidad and Tobago. But the host was not Trinidadian Prime Minister Kamla Persad-Bissessar, but Xi Jinping, China’s president, accompanied by his folk-singer wife Peng Liyuan.
Over a spicy meal, Mr Xi made clear to the heads of state and government that China would not be a spectator to the region’s economic difficulties. Persad-Bissessar later said Beijing had promised $3 billion of soft loans and investment. The Chinese embassy announced plans to set up a Caribbean scholarship programme.
“We see in your China Dream a splendid opportunity for China to become a model for the world,” Persad-Bissessar said in her toast to Mr Xi.
Anyone heard Acting Commissioner Griffith’s expressed optimism on Tuesday when he was touring the city? Well, he expect s that when persons are laid next year, the severe man power shortage in the force will be no more. Desperate persons will have no choice nut to join the police force . (DWL)
Curry, if people 55 and older are eligible for an early retirement. Why shouldn’t they be allowed to do? This would obviously free up room for those young people leaving Secondary School and College. Even though 55 is somewhat of an early age to retire. But the alternative seems rather dismal. Won’t you say?
@Mark Fenty
Institutional knowldge
Knowledge Capital.
@Mark, Fenty
We live in a period of globalization right now and if I were one of those young persons of whom you speak, I would be looking to migrate. The future for this country is not bright at all. Canada want labour bad, bad, bad. As long as they are willing to go beyond Toronto to British Columbia, Alberta, etc, they will be good to go. This country that use to be the beacon of the Caribbean will be no more soon. The Jamaican and Guyanese and other Caribbean nationals that were the target of some Bajans will be having a good laugh at us soon. So too is Ms Largarde up at the IMF.
What authority or mandate does the NUPW have to negotiate with government outside of the collective bargaining agreement anyway.
@BU
Dennis Clarke is bare fluff, huff, puff, grand standing just to to look and sound important.. Lets see where all of this gibberish goes.
Now why would the private sector voluntary agree to a cut n salary when these guys in government pad the public service and cussed all those who warned them it was nonsense? Where is the confidence to come from to support these ignaramusses?
@Curry Soursop. My man thanks for offering a brilliant economics 101 to us all. I have read this masterpiece written by you, knowing that you are the proud, excellent beneficiary of a first class education, probably obtained in one of the finest instituions of academia in the world, on the sandy shores of Barbados. Those who have obtained law degrees, should pay attention to the science, economics. Failure to not understand, the intricacies of this delicate science, has tossed the proverbial “Googly” to eocnomic “Idiot Savants” like Chris Sinckler. Chris, a word of advice, find Owen S Arthur or Clyde Mascoll, so one or both of them, can explain economic theory to you. Chris, buddy it’s okay to admit, that you’re out of the ball park, let alone, even being in the game. So far, Freundel Stuart has single handedly set Chris Sinckler up for total political ignominy. And Chris, the sad thing is, you never saw your removal from the Prime Ministerial conversation coming.
@victor
“So far, Freundel Stuart has single handedly set Chris Sinckler up for total political ignominy”
Listened to Chris this evening and he sounds like a man totally defeated. It would take an economic miracle to help him recover politically (on the national stage that is) in years to come far less be EVER considered for Prime Ministerialship.
What is your view on Donville’s “outbursts”?
Happy New Year!
Observing
Observing;
I think that Donville’s statement is another attempt to show to the public that he is prime ministerial material and in so doing differentiate himself from Freundal Stuart. It highlights the chaos in Cabinet. Nothing more, nothing less.
I think also that a thorough reading of Clarke’s angry response to him in this morning’s nation newspaper shows up the two-mouthedness of Donville’s and most politician’s rantings. They do not generally speak truth. Believe little of what they write and less of what they say. Francis Chandler’s article in todays paper is a good description of the origins of our current situation and the nadir to which our politicians and country has sunk.
@Are-we-there-yet
It tells a little more. It shows how various sector players sleep in the same bed until the chinks bite and then there is yelping. It is why we need to enforce existing laws and strengthen with transparency legislation.
The Democratic labour Party was never equipped to control the instruments of goverment. Remember, to legislate and then govern is what leadership is made of. The people of Barbados wished for change, and deservedly they got the change they sought. Now, we are seeing that to whom much is given, much is expected. Leadership often emerges from individuals who out of necessity lead. But there are times when it is clearly evident, that
some men and women, may be good even great ministers, but not exactly prime ministerial material. Leaders distinguish themselves by being “Lighthouses in the seas of the unknown.” No one is born a great leader, but develop into the greatness of leadership by the prevailing conditions, that forces that acclimation. Mr Stuart, like Mr. Sandiford has never been comfortable in his role, as Prime Minister. His awkward stumblings, and misgivings and at time seeming lack of trust in those he has appointed to cabinet positions, would beg the question, why is Mr Stuart a prime mininister, and not a cleric. I will not argue relative to Mr. stuart’s intellect, but I would submit to all of you here, that Freundel Stuart merely wanted to protect the legacy of David Thompson, and that as a basically decent man, he does not know how to retrace his steps, and to offer himself to the bajan people, as the head of a government, of a miserably failing and abysmal political administration. With the Sycophant doctrine of government embraced by the political curmudgeons who masquerade as DLP politicans, no wonder the country of Barbados is in deep trouble.