32 thoughts on “Ryan Straughan:International Monetary Fund (IMF) and Barbados Explained


    We listen to MIA spoke , MIA have to Go.
    This is her and Owen Baby about the be born , Here comes the PAIN.
    Long talk and Fraud lead us here NOW,
    Where is the Media she said, WE ASK THE SAME , where are the deeds of the lands they launder and sell off with no return , Only the Queen and King of Fraud would know how to control their fraud,

  2. First let me shoot some messengers

    IMF … Why are these academics so high on an institution that was so desperate for relevance a few short years ago …; one that got its ratings all wrong on private investment bank activities, to the point of fcuking the entire North Atlantic up and now has got it hands filled with countries seeking money …? Is it possible that the IMF is also a goalie that also prefers to stand on the sideline as it creates work for itself ?.

    Where the hell was Straughn when the Collaterized Debt Obligations and other subprime packaging and derivatives were being traded over the counter … and being protected by Credit Default Swaps and the like … Why has he never spoken about the bubble that is the US dollar and the fact that the Federal Government has decided on a limitless ceiling to take advantage of … huh?. (After all he loves to compare us with the greatest printer of money in history … a Barbados billion dollar treasury limit fades in comparison to an infinite limit)

    Now to the reason for shooting the messengers… their mindset. They continue to talk about growth and justify it by assuming linkages with employment. Four years ago the term jobless growth came into being, but the concept remains hidden to these people.

    They link over spending to education and health and develop arguments to commercialize the well being of citizens to defend their design of what a government construct should be.

    Why not tackle the root issues … huh Straughn ..? There is considerable duplication in Government Agency responsibilities. There are considerable amounts spent on rent, consultancies and administrative costs that are “unnecessary”. There is the issue of unregistered collectives vying for the job of determining fiscal and monetary policy, collectives that are not even legally recognized… There is a Goal Keeper that can be fired by the head of the incumbent collective and therefore has no choice but to serve as its “”Creature”. And so on. …

    Whether than commercialize education, redirect to make it relevant to a specific goal, and that goal should be transforming Barbados into a product centred entity that produces items that the rest of the world will actually want to buy while becoming self reliant on food production.

    Fcuk, Is the protection of the peg engraved on some tablet somewhere ..?

  3. What you talking bout BAFFY?
    All the man saying is that one should live WITHIN their means….

    Only a complete ignorant brass bowl female rabbit of the bovine excrement type – would expect to spend MORE money than they earn……year after year……

    How these jack donkeys could expect to live on a credit card funded by external lenders is a testimony to advanced brass bowlery at the highest possible level….

    And to address the problem by laying off poor workers who work for a few hundred dollars per week (then to GIVE them welfare) must be eligible for Guiness Book Of Records as the record for fiscal idiocy …..even for a set of brass bowl jokers

    We don’t need the IMF.
    We need bush baths……

    • The words ‘resheduling debt’ is not part of everyday MBA economists lexicon jargon. Let us go with ot.

  4. Simple, well that is a very simple observation, but I do agree with you. You see, I prefer to be ignorant of your concerns, as my agenda may be quite different to yours. Mine is to earn foreign exchange by building and selling something that the rest of the world might just have an interest in. I would like very much for this to be the aim of every Barbadian, to be part of that process. Why not join me?! Your sanctimonious peg then would fade in relevance, wouldn’t it …

  5. Bush Tea

    “All the man saying is that one should live WITHIN their means….” while keeping the protection of the peg as your number one focus … Okay so let us continue to have the dog chase its tail, only let’s just reposition its tail to its proper position … right in front of its snout ! .. I see

  6. BAFBFP wrote “Mine is to earn foreign exchange by building and selling something that the rest of the world might just have an interest in.”

    That is sound thinking and I would add “creating”. Bajans with the requisite computer skills could be writing software programs,create Apps for cell phones and tablets

    Animation is a huge industry that Barbados could exploit.

    This should all be in addition to supporting, modernizing and enhancing legacy industries like Tourism and Agriculture.

    But please. I am begging. Please clean up Barbados.
    I would like to drop in for the Top Gear Barbados Festival.

    I know I ent nuhbody but some of my Canadian friends coming an I would like wunna to sweep de front yard an roun de house too.

  7. What we need to focus on is the part of the presentation where Mr Straughn showed pie charts through the years of income and expenditure from the Grantley Adams era until this regime.

    What is most important is that it is only during this regime that expenditure has continually out stripped income every fiscal year by millions which have increased the national debt.

    We are in deep do do and the current buffoon we have as a MOF and the arrogant CB governor do not have a clue how to get themselves out of this black hole in which they have dropped Barbados. This current MOF is not a germ as he sarcastically called two persons in Parliament who cannot defend themselves……….he is an epidemic that Barbados can no longer survive!

  8. Hants,
    If you do not want to make your face ashamed, you had better hold off encouraging visitors to come here. The place is a mess. I was on the highway this morning and I was ashamed to see the amount of garbage spewed along the trenches and to think that no one lives on the highway per se.

    I shudder to think what the highway will look like when the Beautify Barbados team goes home in five days time. It seems as if in these economic conditions people have lost their sense of pride even in their surroundings. It pains me to see the litter all over this country.

    Where has all the pride gone? Maybe the useless constituency councils can take up the vacancy left behind by Beautify Barbados. After all, they do not know what their mission is, only political as far as I am concerned.

    Would it not been a better idea to get rid of the constituency councils and funnel this money to people who actually work like Beautify Barbados? But as a DLP yardfowl said on another thread yesterday, Fumble is good at playing politics……this is now what Barbados is all about.

    Good luck with your “friends” visit to littered spewn Barbados! WE need their money but could well do without the bad write ups afterwards!

  9. Prodigal Son “If you do not want to make your face ashamed, you had better hold off encouraging visitors to come here.”

    It is more important that Barbados get the Forex from my friends.

    I will just make excuses if I have to but they will be focused on the events and in particular Lewis Hamilton and the McLaren Formula 1 car.

    The Top Gear Festival in Barbados is going to be awesome for car enthusiasts.

  10. @ Hants | March 26, 2014 at 9:16 AM |
    “But please. I am begging. Please clean up Barbados.
    I would like to drop in for the Top Gear Barbados Festival.”

    Hants, you could beg until you find the ball that shot Nelson and placed it in the first monument erected in his memory this country will continue to look like a garbage dump. A far cry from Barbados of yore when 7th Standard-educated people were managing the house-keeping affairs of the country.

    Both the average Bajan and the luminaries in the Cabinet are totally inured to nastiness, garbage and filth on the streets and in public places.
    Just take a walk or drive on Bay Street that is traversed by the ministers of the Crown to get to work or attend cabinet meetings and would see what is environmentally wrong with Barbados.
    One suspects the so-called authorities including those in the Cabinet are a bunch of crass people with a total lack of class and appreciation for a healthy and clean environment.

    We are sure Senator Professor Henry Fraser would agree to that denunciation of the country’ s failed education system.

  11. @ BAFBFP

    Seems that you’re taking on some personal attacks here ‘bra’, but don’t fear for those who would do you harm only because you don’t want to follow on with their agendas. They are weak, selfish, and fearful of positive change
    I am tempted to concur with your conclusions about the lack of a “need” for the IMF and more of an emphasis being placed on us being fiscally prudent, trimming wastage and duplication in government, encouraging and rewarding innovation and efficiency, and prompting a national agenda of teamwork and togetherness towards nation building.
    I don’t know what cataclysmic event will serve as the catalyst for this radical change, but it seems like there has to be one such event or else we may never achieve that togetherness of spirit.
    What seems to me to be prevalent is that we will continue to exhibit all the signs of this focused selfishness without care for the other person or the impact that it is having on us economically until it is simply too late to avoid the impact of the crash. Its analogous to reaching terminal velocity from a fifty-thousand foot free fall, and then pulling the parachute deployment cord to break the fall!
    Having met many people like yourself who seem to have this desire to see Barbados progress, but are frustrated at every turn by the people and processes that govern the very core of the problem which we now face, I am motivated to tell you not to loose that strong positive spirit, but to recede just a bit, become less vocal, let the destruction occur( with the hope that many of the idiots are destroyed in that previously mentioned cataclysm) and then you can, like some others who really cared, rise to work on the re-building that will be needed. This is all minus the useless eaters who would have possibly( and hopefully) been eliminated if only based on their unchecked greed and stupidity. Strong words I know, unpopular idea too, but necessary at this stage, else progress cannot be achieved!
    This problem is bigger than the few of us who can clearly see its root cause, see it potential solution and see where its is taking is on it’s current track. What we can’t do is steer us clear of the collision path that we are heading towards, so we’ve got to brace for impact. However, our collective advantage is rooted in the analysis of the impending disaster, which allows us to sound the warning bell, but protect ourselves from its full force.
    Don’t be discouraged by those who use this forum expressly to criticize, and promote “partisan” ideas and ideologies, they have vested interested in the current way things are done, ways that HAVE to change. Keep your ideas close, and their implementational processes even closer.
    The true fear will be felt when the contributors to this blog and others who have the country at heart stop talking. That’s when the “earth” will start shaking!

    • Barbados should not worry, there is hope to be derived from the Jamaica experienced:

      Successful IMF Test Creates Confidence – Byles

      Published: Friday | March 28, 20147 Comments

      Richard Byles, co-chairman of the Economic Programme Oversight Committee. - File

      Richard Byles, co-chairman of the Economic Programme Oversight Committee. – File

      With Jamaica’s primary balance falling by three per cent short of the Government’s Budget for the end of January, it means that that fiscal indicator is under pressure, said Richard Byles, co-chairman of the Economic Programme Oversight Committee (EPOC).

      However, he said there was a positive aspect in that "because we are importing less, the current account looks a little better".

      The Government’s response has been to restrain the spending side by cutting $2 billion from the current budget, and underspending the capital budget by $7.6 billion, Byles told a media briefing in New Kingston earlier this week.


  12. @ David
    membership of the central bank board should be people equipped to hold the executive to account.
    Being a successful businessperson is not a qualification in its own right; the central bank is a financial regulator and those on the board should have that capability.
    The board badly needs expertise and this has always been a problem. The Central Bank Act also needs updating, as it is not fit for purpose.
    Part of the problem is that as a culture we are not very good on holding authorities to account as long as individuals pass a popularity test.
    At a time like this we need a highly competent central bank. But the new board is no different to any of the previous ones.

    • Could not agree with you more Hal, infact there is the argument that the Central Bank and the NIS Scheme should be ‘independent’ entities.

  13. @ David
    To be on the central bank board a member should be equipped to question the governor and his team’s assumptions, and policy statements.
    For example the mantra about foreign reserves, the nonsense about devaluation in which people such as the governor, Prof Downes and Dr Clyde Mascoll, all singing from the same song sheet oppose devaluation, but never put an economic argument for their case.
    With the NIS, we need to ring fence it and stop it being used as a piggy bank for government; why, for example, should the NIS be lending CBC $3m? This is madness. Has it been repaid.
    The NIS is a pension fund and should be run by people with expertise in pensions, not ordinary administrative civil servants.
    It is an intergenerational Ponzi scheme.
    Apart from BU, do our our journalists questions these institutions or do they just defer to them?


    • @Hal

      A few do but the bigger issue is the ignorance of most Barbadians and their reluctance to hold the players accountable.

  14. Hal

    In the book called The Enemy Unmasked, the author Bill Hughes claims that, ” The Federal Reserve Bank is not owned by the United States government as many believe.” He further states that the central bank, the Federal Reserve Bank, is a private bank, owned by some of the richest and most powerful people in the world. ( Rothschilds, Rockerfeller, J.P Morgan etc ) Now given your background in finance, perhaps you can shed some light on this author’s claims?

  15. @ David
    The people have been fed a diet of nonsense camouflaged as personal abuse and party politics. In many cases the politicians and public intellectuals do not know any better.
    The great failure of Barbados is post-independence. Not a single naiional institution has improved since independence.

    @ Dompey
    The Fed was founded as a privately owned bank. The reality is that the people who control the Fed, and the president’s key economic advisers are from a narrow band of Wall Street and Harvard University players.
    Plse remember that Obama’s key appointments come from the same background.
    The message this sends is that these are the people who know all there is to know. Remember that the global banking crisis was caused by, and missed, by the leading economists in the world, including Nobel Laureates.
    There are no experts now.

  16. Wait ! ‘
    Nicholas Brancker is the deputy chairman of the BTA -Elcock is the chairman. ?

    Wha going on here . Friends looking out for friends.
    What Nicholas Brancker know bout Tourism

  17. Just Commenting;

    Thank you for your words of encouragement. I hear you and recognized the value of your sentiments .. but know this. When the crash happens, those in Barbados who are very much involved, comfortable with the way things are, and prospering in the midst of misery, well still survive. They are ensuring that they are citizens of the world … and success in the local market, even as a politician, gives them the opportunity to make that claim. They will be the first batch to jump ship. No, it is those who are the innocent that will suffer the most; but then again there is no real innocent among us, is there

  18. The historian V H H Green always insisted that a country’s development was only as good as the development of its poor. With most of our young men and women from our socially depressed sectors barely reading or writing at acceptable levels, development has been concentrated in the middle and upper middle class sectors in Bim. Yet, we are concerned about the level of robbery,violence and offensive social behavior being embraced by our young people. Most who live like lords in Bim can only do so in Bim; in the developed world they are like the poor in Bim, ready to eaten at a whim or fancy.

  19. “in fact there is the argument that the Central Bank and the NIS Scheme should be ‘independent’ entities.”
    and the Barbados Revenue Authority as well if only to create the perception of apoliticalness.

  20. “To be on the central bank board a member should be equipped to question the governor and his team’s assumptions, and policy statements.”
    This view is quite relevant to the composition of the Barbados Revenue authority. It should be equipped with persons steeped in the rudiments of revenue collection.

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