The following was posted by Artaxerses on the blog Notes From a Native Son: Reshuffling Sinckler Out of the Cabinet Needn’t Be Painful
Minister of Finance Chris Sinckler
Have we conveniently forgotten:
That the Minister of Finance and Economic Affairs, Christopher Sinckler said his life had been threatened and as a result, he is currently being ‘detailed’ by member of the local constabulary. He was reported as saying…..“On my way here I received a call from my secretary [telling me to] come back because a Superintendent from the Royal Barbados Police Force Special Services wanted to speak to me on a security matter… He told me that they had credible information that two people were overheard planning to shoot me.” What is the status of this investigation? Has the police Special Branch made any progress in determining the reason behind this alleged “hit” or the identities of the alleged “assassins”?
Sinckler’s comment that school children were being allowed to travel free on Transport Board buses as a measure of security, because they were being taken in and out of Barbados for the purpose of prostitution. Does not his statement contradict those reasons given by David Thompson’s during the 2008 budget presentation?
Sinckler’s revelation that he was reliably informed of a discussion held in a BLP secret meeting, which suggested…… should the BLP be elected to office in 2014, they would retrench 10,000 civil servants?
Will we be correct in viewing these comments as “red herrings”, the sole purpose of which, was to distract all and sundry from important issues, especially at a time when Sinckler was apparently under pressure?
Sinckler the politician = 100%
Sinckler as MoF = Reshuffle
You are acting like it is unusual for the DEMs to fabricate stories. The problem comes when they are caught lying and they continue as though nothing happened. There are no adverse consequenceso any minister of the Crown when they are found to have acted dishonourably.
The two pieces of cane in the coat of arms should be replaced by a hand of bananas.
@Caswell
Did you not have reason to apologize to the Prime Minister in her most recent column?
http://www.nationnews.com/articles/view/frankly-speaking-reasons-to-say-sorry-to-the-pm/
Of course, I apologised to the PM. I have been accusing him of misleading the country on the state of the economy in order to win the elections. Also, I have been saying that he and his colleagues promised no layoffs. The PM is The Right Honourable Gentleman, and as you know right honourable gentlemen do not publicly lie. Since the right honourable gentleman denied those charges, I was forced to accept that I misinterpreted the PM’s intentions and felt that an apology was in order.
A right honourable gentleman should resign when caught in a lie.
>
The People’s Democratic Congress has evolved twelve (12) fundamental principles concerning Money and its uses in Barbados.
However, before providing two of those principles, here is a definition of MONEY – M is a non-tradeable, non-consumable, measurable, recyclable, usable, socio-sychologicallly reactable to, physical commodity – and the only one of its kind in the world – that carries denominations for purposes of its users creating its own uses (at the same time) out of their own incomes, payments and transfers, etc.
Now, to the two principles.
Principle 9 – Money can NEVER be taxed – ONLY nominal incomes, nominal payments and nominal transfers in the industrial/commercial realms of this country – and despicably evilly however.
Principle 10 – Money can NOT be spent (used up) by persons, businesses and other entities, including government, on other persons, on other businesses and on other entities in any contexts wherein the former do NOT get market incomes or payments out of the industrial commercial activities they are involved in.
A serious assessment by any thoughtful person of these principles would show – to some extent – why in applying them to our national industrial commercial situation in Barbados, the political material and financial affairs of the country could not otherwise have been and continue to be grossly and recklessly mismanaged by DLP and BLP governments, over the years, primarily.
PDC
Chris Sinckler has built his career on a foundation of lying and he just cannot help himself even when he does not have to. He is a sorry mess! Kerry Symmonds said that Stinkliar pulled a similar stunt when they were both young democrats……so this seems to be the liar’s modus operandi!
Chris Stinkliar’s day will come, sure as night follows day.
Hasn’t Sinckler indicated that theology is is calling? A man with such aspiration should be given the benefit of any doubt.
Prodigal Son
It seems as though you have an obsession with Chris Sinckler? Is there anything you wish to tell the BU community that we haven’t already suspected?
Ross, Caswell and other lawyers of BU have been complaining incessantly about the procedures at the new Supreme Court, I now have more information confirming what these gentlemen and ladies have been saying.
Seems like letters are sent to attorneys confirming dates for attorneys from both sides with their clients to be present on a certain date for hearing before a Judge, however, when these parties turn up for their scheduled hearings, etc, their names and cases are not on the docket…..that is nothing short of incompetence at an extremely high level, how is it there is a brand new Supreme Court with state of the art technology and the management of scheduling cases is much worse than at the old Supreme Court??
How is it the Chief Justice Gibson and the Registrar are unable to fix these problems, I understand recently that no less than 50 people were affected i one day by this incompetent handling of court dates, now we see why Alair Shepherd asked a Judge to kiss his ass, it’s unfair not to mention very inconveniencing to the lawyers as well as their clients, it then usually takes another 2 months to get a new court date in hopes that the same thing does not happen again…it’s ridiculous and another black eye for Barbados, it makes all the court employees at the spanking new Supreme Court look like nothing more than a bunch of incompetents feeding off the taxpayers every month and not actually working for their money, the same time they use to be incompetent would be better used getting those court dates right..
If we had a robust media including talk show moderators we could hold politicians and others to account.
@ David
Did Stinkliar say theology “the Study of God” or that “Demonology” was his calling?
For east is east and west is west and never shall the twain ere meet.
@ Caswell
Caswell, Poor you, having now to give a sort of Apology (hahahaha) to one of the chief scoundrels, actually the Boss Crook he’self for repeating the very words dat de bossman say, for “they are Honourable men and we cannot gainsay the words of Honourable men”
A “likkle” question, one that could be remotely related to “honourable people saying things that are not true”
When (see the MESA blog for this excerpt) “…..Mia Mottley, the Leader of the Opposition, did saying that: “men should learn how to take a horn”….. was what she was saying technically a lie?
I mean, heh heh heh, after all…. being a man and all uh dat, one man giving advice to udder men “learning tuh tek a horn”, and all uh dat, and not tekking de advice fuh she’self/he’self, sorry dem self, en den biting out a gal clit, clit, does dat not make you some sort of liar, or a dissembler of untruths ??
NOW (no pun intended regarding the National Organization of Women) dere is a ting fuh Nalita Jagaghadar tuh hike up she skirts and talk bout instead uh harrassing poor Ralphie Boyce, bless he soul.
De ting is dat we retired ole farts does doan have nuffin to do when de day come, and since we isnt able to “perform”, if you gets my drift, in “dat way”, we does use dese public fora to prove dat we is a “real, real man”
yes hey pun BU, at MESA, at CARICOM and in the House of ASSembly so dat we can be in de limelight, and still feel important en ting, we does mek up sqaubbles so dat people still know dat we is here.
Looka Sir Leroy Trotman, looka Stinkliar and bald pooch cat, and you see dat what I is saying is true!
Relevance, dat is all we seeking, to validate we self now dat we sell by date, three score years and ten, is gone.
Whu you tink?
pieceuhderockyeahright
your writings are a bit depressing
ROTFLMAO…yagga Yuh got much brekking up and holding much belly. Piece forgot to tek his medication today. Loll
Damani Parris put the case well for UWI
I am convinced that somebody is trying to destroy Bdos
What is going on must have a plan
by somebody
somewhere
a Master plan or sorts
Who is trying to bring B’dos to its knees
Why arent UWI past and present not out there protesting
bringing the case to the people
answer – too many female graduates and them do not fight-
kinda weak
always looking for help
@ PDC
My apologies for this, but you need to go away and develop a more sophisticated theory. I can see, even if not agree, with your policy of not taxing earned income, but how about inherited wealth, the biggest cause of inequality in the world?
You have an idea, but not a theory. Do your homework.
Apparently when Chris Sinckler wants to divert attention from certain issues, he draws attention to himself, well it won’t work, there is a lot we want to know starting with wanting to know what is the real deal with Consumer’s Guarantee Insurance Company (CGI), the insurance company for the Transport Board which is taxpayer funded state entity…….
David….this information is easily retrieved from Corporate Registry and is available to anyone in Barbados who wants to do the research since it is impacting on the Transport Board and all it’s mounting liabilities..
CGI – Company #8739
Directors……..Peter Vivek Harris and Edmund Alexander. Bayley
There has been no annual financial reports filed with corporate registry since October 17, 2012 and what was filed was for December 31, 2011, therefore the company has not filed any financial reports as required in insurance best practices for the years 2012 and 2013 and there is none posted on their website..
Auditors are listed as Ward & Patel Chartered Accountants….more research is being done into the two partners. Joseph W. Ward and Hanif S.A. Patel
CGI’s assets as of December 31, 2011, Balance Sheet
$68,417,234.000
Liabilities and Shareholder Equity
$57,818,361
Shareholder Equity
$68,417,234
This financial report was approved by the Board of Directors on April 26, 20112 and signed by Peter Vivek Harris, Director.
Statement of Changes in shareholder’s Equity for the year ended December 31, 2011.
Balance December 31, 2009 $10,628,792
Balance December 31, 2010 $ 8,902,490
Balance December 31, 2011 $10,598,873
Statement of Income for the year ended December 31, 2011
Gross Insurance Premium Written $54,281,064
Insurance Premiums ceded to re-insurers $46,731,394
Please not here that we are still to find a re-insurer for CGI since it is widely known that Lloyd’s of London is the main re-insurer for each and every insurance company around the world from AIG and Prudential to Sagicor in Barbados, don’t know how CGI got itself exempted from re-insurance.
Change in unearned premiums $174,855
Net insurance premiums earned $7,724,555
Gross Claims incurred $27,463,786
In CGI’s case, gross claims incurred does not mean they paid out any claims because they have not paid claims to anyone in Barbados for 10 years of more.
Claims recovered from re-isurers $22,034,931
Again there is no re-insurer listed by name for CGI anywhere in their file at corporate registry.
Net Claims incurred $5,428,855
Commissions earned $10,249,729
Business acquisition costs $3,707,608
Premium Taxes $437,820
Net underwriting income $8,400,001
Investment income $1,006,237
General and Administrative Expenses $7,262,753
Income (loss) before taxation $2,143,485
Taxation $447,102
Net income loss $1,696,383
The company entered into contracts with various re-insurers………I keep seeing this in their financial reports but it still does not say who their re-insurers are by name, which is more than odd.
Retention by Insurers
Motor risks….maximum exposure to treaty re-insurance of $30,000,000 for a single event.
Maximum retention of $500,000 for a single event
Maximum retention of $500,000 for a catastrophic event
*for catastrophic events, excess of loss and facultative re-insurace covers are available per event for amounts in excess of treaty llimits….there is that word re-insurance again, so why does CGI NOT PAY CLAIMS, and if by some miracle they accept liability wants to pay the plaintiff like a COOLIE MAN in installments over a 10 year period.
Management of Insurance and Financial Risk
Claims incurred net of recoveries by category 2011
Motor $4,800,054
Casualty $369,018
Property $248,283
Engineering $11,500
The company claims to manage this risk by proactive claims handling…….Translation…….they do not pay claims and there is now a popular feeling on the island by business people, professionals and others that CGI is no more than a scam and should be shut down.
Re-insurance contract $39,720,220
Financial Assets $14,723,397
Premiums Receivable $6,424,647
Cash and Terms Deposits $3,265,784
Other receivables and prepared expenses $653,828
Corporation Tax Recoverable $68,516
The company ensures their re-insurers have a financial strength rating of ‘A’- or better with Standard & Poors or a comparable raing with AM Best.
Plenty mention of international re-insurers but no name offered, maybe CGI would want to refute the accusations that they DO NOT HAVE ANY RE-INSURERS international or otherwise….they might also want to refute these accusations by showing how many claims they have paid in Barbados for the last 10 years and for how much…and why no financial statements in their file for 2012 and 2013.
Instead of making the usual ass of himself maybe Chris Sinckler would want to start investigating this right away as it would affect the transport board and he is supposed to be Minister of Finance…….the Chief Justice also needs to do something about the fact that CGI Directorship has the court system in Barbados clogged up with cases from as far back as 2004 because they do not want to pay claims, but can purchase Honda for $10,000,000 and Bayview for $25,000,000 but absolutely refuses to pay claims to people who are injured, crippled or relatives of those who have died, there must be something he can do to unclog the court system that this company has in total chaos…..these cases should be settled…..so what are the politicians doing letting these guys at CGI destroy a state owned entity to the point that it cannot be sold…..what exactly is happening,? the corruption reeks.
Former Directors and Secretaries of CGI Insurance Company
John Andrew Frederick Cole
Grenville Winslow Phillips
David Anthony C. Simmons No. 19 Neils Plantation, St. Mchael
Anthony Christopher Hoyos
Fred Gollop
David C. Shorey
Colin Tudor O Brewer
N. Leroy Lynch
Michael N. Fitzwilliam
CGI was formerly ABC Insurance Company
Should Read:
“CGI’s assets as of December 31, 2011, Balance Sheet
$68,417,234
fi
Any insurance company that does not publish its claims records should be avoided. We must also be sure that an insurance has full liability cover, whether in terms of capital adequacy or in re-insurance. And all this should be public information.
Any company, but in particular any insurance company that does not publish its annual report and accounts should be treated with caution.
An insurance company, general or life and pensions, should hold 110 per cent of its liabilities, a totally different business model to banks.
Further, insurance companies’ actuarial assumptions have always been conservative.
That is why I have said, and still do, that the Mutual seems to me to have got away with daylight robbery.
The point there was that Bajans like political but not financial ones and we allowed Hilary Beckles to dominate the Mutual debate.
The same thing with Clico, concentrating on personalising the arguments on Parris and on turning a business crisis in to a legal one, as if lawyers are actuaries.
I am sure that CGI is a properly constituted company which functions with integrity, but generally the biggest legal crooks in Barbados are motor insurers.
Where is the regulator when you need him/her most? Where is the witness FSC?
@ Well, Well
Are you seriously saying that a reputable insurance company only has two listed directors?
Is this firm listed on the Barbados Stock Exchange? What are the rules about listed companies publishing their annual report and accounts?
Hal…….a call was made to FSC and they have no idea who is the re-insurers for CGI and if they don’t know……….and don’t fool yourself, CGI is not operating with any integrity they do not know the meaning of the word or they would not clog up the Supreme Court with 10 years worth of insurance claims and now have the Transport Board itself as a huge liability on the island, on the taxpayers and on the jackasses that call themselves ministers that make up the government…..don’t get me started, they fucked up and should settle all those claims.
Hal……..i suggest you direct all other questions to the ministers of government in the DLP and some that are in the opposition party, some of whom are business partners of CGI’s two directors.
@ Well, Well
You are kidding. Are these the jokers who call themselves financial services regulators? Do ordinary Barbadians know who these people are who pretend to be financial regulators? Their apparent gross incompetence and stultifying and arrogant ignorance of the basics of their jobs? How do they get these jobs?
Hal……..what can i tell ya…….example, the supreme court workers cannot get the scheduling of cases on a docker right ad that is also basic, so when you have criminals running loose pretending to be business people and playing with hundreds of millions when there is no proof of where that money is coming from, what do you think will happen?
@ Well, Well
I am sure this company is legal and above board, but it is important that every motorist insured with them to ask serious questions and if they are unhappy with the answers make alternative arrangements for their insurance cover.
Third party insurance alone is potentially high risk. An insurance company does not have to re-insure with Lloyds of London, but they should with a well capitalised re-insurance company.
Ask for the nam of the re-insurer, this should be public information. Even the Dodos at the FSC should realise this.
Dream on Hall……dream on, legal and above board my ass. What I am concerned about is PM Stuart, I don’t usually like to attack him because i see him as unaware and living in space or Shakespear’s 15th century, but in a situation such as this, he should start to do his job that the taxpayers are paying for and stop CGI’s Harris and Bayley from help in the total ruination of the court system any further and making the island look like it’s steeped in total corruption.
@ Hal Austin
“My apologies for this, but you need to go away and develop a more sophisticated theory. I can see, even if not agree, with your policy of not taxing earned income, but how about inherited wealth, the biggest cause of inequality in the world? You have an idea, but not a theory. Do your homework.”
I could not agree with you more, Mr. Austin. I also think the PDC should concentrate more on developing and thoroughly explaining their theories/policies to the public [with less verbosity], instead of focusing primarily on the BLP and DLP, (or if I am Anthony Wood).
@ PDC
“Principle 9 – Money can NEVER be taxed – ONLY nominal incomes, nominal payments and nominal transfers in the industrial/commercial realms of this country – and despicably evilly however.”
Could you please explain the above principle?
Have you any idea how it looks for an insurance company to accumulate 10 years worth of claims and refusing to pay such claims???, even lawyers can attest to this…imagine the chaos at the Supreme Court.
Hal,
We have formulated a very VAUNTED THEORY OF NO-TAXATION for Barbados.
It is clear that you have NOT been closely following what we have – on BU and in many other places – been propounding over time – with regard to so many of the assumptions, principles, propositions, conclusions pertaining to this theory of the evolution from a TAXATION society to a post-TAXATION society.
Therefore, your assumption that inherited wealth – which itself is a distinctive category that may or may not include remunerations – and that this inherited wealth is something that – outside of remunerations – can be and is supposed to be TAXED, is an entirely false one.
If you were properly reading into principle 9 (above) certain assumptions you would have been seeing exactly where we are coming from pertaining to certain aspects of this THEORY OF THE ABOLITION OF TAXATION.
PDC
@Hal
CGI is a private company.
@ Well, Well
Isn’t arbitration compulsory?
While on the subject of financial statements, it is worthy to note that the most recent financials of the Government of Barbados posted at website of the Auditor General are for the fiscal year ended March 31, 2012
The Report of the Auditor General On the Financial Statements of the Government of Barbados 2011-12, dated January 31, 2013, includes the following.
“The revenue recorded in the financial statements was on a cash basis rather than the accrual basis as required. In addition, there was no supporting documentation for accounts receivable of $600 million. There were also inadequate supporting schedules in respect of assets of $1,8 billion.
In view of the possible material effects on the financial statements resulting from the matters outlined in the preceding paragraph and other matters raised in my Annual Report for 2012, I am unable to express an opinion as to whether these financial statements are presented fairly in accordance withInternational Public Sector Accounting Standards. “
It is now April 8, 2014, and there is no Report for the fiscal year ended March 31, 2013.
How can Government or anyone in Government. including the Minister of Finance, be held accountable if the Auditor General is unable to produce his Report within 14 months after the fiscal year-end?
How could CGI be expected to file Annual Reports on time when the GOB does not file its Annual Reports.
Due Diligence……..it seems as tardy as the government is they are still more up to date than CGI, this company is one building in Warrens with a little house on River Road, they have not filed annual reports since 2011….at least the government has the dumb excuse of being huge and incompetent.
Hal……i just noticed your post, looks like you don’t go to Barbados too often, the same Chief Justice Marston is supposed to have introduced ADR (alternative dispute resolution) to date it seems like only talk, ADR would cut the clogged Supreme Court insurance case in half within one year, but maybe it suits the purposes of the insurance companies to keep the Supreme Court clogged that way they drag the cases out for years so as not to pay out any claims, apparently government and the people in charge of the court system see absolutely nothing wrong with this even if it means the demise of the Transport Board.
Hal…..David is right, CGI is a private company, what is worrying is that they are the insurers for a state entity AND the ones in charge of the court system should make absolutely sure that what CGI does never impacts on a state entity., there is no control over what these private companies can get away with, no due diligence.
Both parties must agree to ADR, the court remains an option.
See 2012 Audit Report (all 133 pages of comments) at:
http://www.bao.gov.bb/themes/marinelli/files/Auditor%20General%20Report%202012.pdf
Could best be described as a horror story.
Artaxerxes,
Let us briefly explain Principle 9.
Just as the government CANNOT tax physical things that are human beings, lands, buildings, roads, vehicles, etc, it CANNOT tax the physical thing that is money.
Still, just as many years ago the colonial government in Barbados and some others here too used human beings as enslaved labour to help achieve innumerable general and specific ends, and just as that and other governments of Barbados have, since the period of chattel enslavement in world history, been using human beings, lands, buildings, roads and vehicles, etc to help achieve certain social, political, material, financial ends, colonial and post-independence governments of this country have been using, in the case of illegal immoral TAXATION policy, money to help them achieve countless general and particular ends.
Hence, it is the USE of money – to what ever extents and amounts of denominations – that the government has been able to get – via this immoral illegal criminal TAXATION system, and to get largely through the use of illegal sanction and force against potential/TAX victims, or the threat of use of such sanction and force against them.
So, it is fundamentally the political sanction and force of government in causing the relevant people, businesses and entities to hand over to it – and without their consent – what is individually THEIRS (incomes, payments and transfers) – that is the absolute madness and evil of this TAXATION system in Barbados. The utter criminality of TAXATION becomes more egregious when it is clear that MONEY is NOT theirs – individually, and too the more egregious when governments of Barbados therefore do NOT make MONEY the object of TAXATION and especially within a money circulation system in Barbados
Hence, money that is NOT used by any one, cannot be used to express incomes, payments or transfers. It is therefore impossible from the start to TAX it, as it is inconceivable to TAX it.
Too even though money is mainly used to express such nominal remunerations, the securing of the use of money by government under this TAXATION system does not amount to TAXATION, even when it comes about principally through the operation of the TAXATION system here in Barbados.
The TAXATION system – in this sense – only therefore secures – to whatever extent of denominations of and from the local money stock – that amount of money that is actually secured for government’s uses.
Also, this use of this money that is sought and got by the government – via the evil wicked TAXATION system here, is secondary to the use of a pre/existing counting system, a pre/existing money circulation system, pre/existing core and peripheral financial systems, pre/existing material property owning and distributing systems, political and legal systems, industrial commercial systems in and outside of Barbados, and the various evolutionary and historical systems and cultures supporting such within and without Barbados.
Too, without those systems there could never have been a wicked TAXATION system in Barbados.
Furthermore, the use of this money by the government of this country, only comes through the use of countless portions of the incomes, payments and transfers of the relevant people, businesses and other entities and in the context of the use of same counting system, the use of the same money circulation system, the use of the same core and peripheral financial systems, and in the context of the use of the relevant ideological philosophical and psychological political legal systems straddling and integrating such systems and the industrial commercial systems of Barbados.
PDC
@ PDC
…what the BB! 🙁
…boss …it would be better NOT to explain wunna theory hear?!?
Better to say nothing and let us think that wunna talking shiite – than to respond to the challenge and confirm it in writing…
Don’t let Artaxerxes trick wunna again…..
@ PDC
Don’t mind Bush Tea…… however, I read your explanation, it sounds good, but I do not understand what was stated….. perhaps it’s me.
Without taxes, how are you going to finance the delivery of social services for the disabled, senior citizens [i.e. house repairs, district hospitals, home care and health care], and poor people in general, who are basically unable to take care of themselves financially. This include abandoned children, who also need personal care, an education and health care.
Then there are the regulatory agencies such as Town & Country Planning, Fair Trading Commission, or the Transport Authority? Also there is health care, public transportation, and most importantly education.
Street lights, police, defense, prison and fire services, national security, roads, the facilitation of foreign trade, etc, through embassies and consulates are also financed by taxes. How do you intend to pay for the provision of these services, salaries and wages of those who provide them, the maintenance of the infrastructure, as well as supplies and materials.
Moreover, national insurance contributions can be viewed as a tax. Individuals contribute to the provision of goods and services provided by the government, by paying taxes. Similarly, people contribute to NIS for injury, sickness, invalidity and unemployment benefits, and old age pension.
As I see it, in lieu of taxation, privatization is the next option. As such, households will have to pay real prices for goods and services that were previously subsidized. That’s where nominal income comes in, since it is income that has not been adjusted to take inflation or decreasing purchasing power into consideration.
Hence, there would be those persons who would fall below the threshold and cannot afford to pay for certain services, two that readily comes to mind are education and health care. These are the same poor people you purport to represent.
@
*Artaxerxes*
*By definition in the PDC’s world there must be 100 employment.*
Artaxerxes,
Encouraging that you read the explanation.
To answer some of the questions you have raised in your last above post under this thread, it would be great if you can go back to the particular PDC post that we had made on BU, February 24, 2014, and that we had addressed to you consequent to your seeking – around that time – to find out what would be the alternative PDC strategies to TAXATION, to have a better understanding of where the PDC is coming from with regard to the evolution of a post-TAXATION society for Barbados, and with regard too to the political financial material parameters within which government would operate in such a society.
But Artaxerxes, does Cave Sheperd determine what remunerations or costs of Da Costa Mannings get or incur at any given time? Or vice-a-versa? Does Bay View Hospital determine what remunerations or costs Sandy Crest get or incur at any time? Or vice-a-versa? Does the Salvation Army determine what financial relief the YWCA will make to particular recipients of its services? Or vice-a-versa? Does the Seven Day Adventist schools determine the remunerations or costs of the Islamic School on Passage Road?
Is it the cost of remunerations to (get) the use of money to get remunerations from the use of money to (get) the cost of remunerations that principally determines what each entity gets within the industrial commercial government sectors of this country, at any given time?
Or is it variations in the amounts/performances of each of those variables that principally determine what each entity gets within the same sectors, at a given time?
Or is it the amount of use of money out of all the money stock of the country that principally determines what remunerations and their costs will be to each entity, at a given time?
Or is it the cost of use of money (average) to such remunerations out of all the money stock (less the average amount of unused money stock) that principally determines what remunerations and their costs will be to each entity, at a given time?
Artaxerxes, where does TAXATION figure in such a rough schema?
PDC
@PDC
So you will legislate away the role of the union?
@ Well, Well
There is supposed to be an insurance regulator who should have the lawful right to intervene and ask CGI or any other insurance company relevant questions, such as capital adequacy and risk management.
The regulatory/supervisor also has a right to question an insurance company about its actuarial assumptions, even though many will claim business sensitivity.
Motor insurance involves the lives of third parties and the futures of their families. It is one thing sending an uninsured driver to prison, but something else when the bread winner is killed in an accident and leaves young children.
Sometime ago the police said about a third of drivers were not insured; this was a horrifying statistics – about 30000 drivers in my estimation.
What is the police doing about this? What are the relevant ministries, including the attorney general? What are our politicians doing about it?
There is no legal requirement for insurance companies to re-insure. They only do so as a business risk.
Finally, all this goes to prove that the so-called stress tests the central bank and FSC have been carrying out are bogus.
The first question for an insurance company under a stress test is meeting its potential liabilities; a worst case scenario: if all your insured were involved in a mass pile up in which 1, 2, 3, 500 people died, could you meet those liabilities?
Has the regulator intervened in the operations of ANY insurance company we are aware of in Barbados?
Has the regular made any public announcement to warn the public about the status of any insurance company?
The Stability Report is probably what the regulator will site to respond to these types of questions,
@ Hal
Supervisor of insurance / FSC / Regulation ????
LOL Ha Ha
…this is Barbados Hal..!!! Think CLICO
@ PDC
…wunna jokes…
Wunna hear don’t let Artaxerxes trick wunna again… Man learn to take a hint nuh!!
+++++++++
“Don’t mind Bush Tea…… however, I read your explanation, it sounds good, but I do not understand what was stated..”
+++++++++
That is just a nice way of saying the same thing that Bushie said…”PDC talking shiite…”
STOP trying to explain wunna tax policy – and get back to the part ’bout …
“….down with the blasted BLP and the damn DLP”
Skippa, ….with that slogan alone wunna would get elected. 🙂
@ PDC
“But Artaxerxes, does Cave Sheperd determine what remunerations or costs of Da Costa Mannings get or incur at any given time? Or vice-a-versa? Does Bay View Hospital determine what remunerations or costs Sandy Crest get or incur at any time? Does the Salvation Army determine what financial relief the YWCA will make to particular recipients of its services? Or vice-a-versa?”
Although I understand its intent, your analogies in comparison with government’s operations is somewhat flawed. Firstly, production costs and market forces determine prices. Firms depend on the consumer, loans, investments and concessions for “financing”, which is used to finance operations.
In the event of a slowdown in economic activity, households will consume less; hence, there will be reduction in sales. Firms will adjust to this decrease by adjusting their prices, laying off staff or reduce their work hours.
Less money circulating in the economy will have a reverberant effect in the society. For example, the consumer will seek medical attention at the polyclinics or hospital (unless you intend to privatize). As a result, Sandy Crest and Bay View will suffer a decrease in their operations, which would lead to a reduction in the services they offer and personnel.
Additionally, more and more people will become dependent on Welfare and other social services agencies (unless you intend to abolish them) for help, as well as organisations such as the YMCA, YWCA or Salvation Army for help.
With less people working, where does this leave the Salvation Army and YMCA, both non-profit organisations whose finances are dependent upon donations?
We presently are facing a real life scenario; the government has no money….. there is a reduction in the provision of goods and services by the public and private sectors, with individuals in both sectors being retrenched.
The significant question is…….. What would the PDC do in this current environment?
@ Bush Tea
Hahahahahaha…….. man Bushie…. you like a lotta sport. But I have to agree with you on this one.
How many times have we passed a conversation on the streets where one man says,,” lord that man want shooting”. After reading the above that statement supplies to many
@ Annie
That is very much the point I too have been reliably informed that Stinkliar, Fumble, Michael Lashes, HeadBoy Boyce, Vivianne Gittens and Sankey Price seem also to have a “hit out on me” because I does doan treat dem respectfully heah pun dis blog and have said you en know dat PODRYR want killing”
In fact it was only last year that i was asking the blogmaster to provide me copies of the electronic evidence that he had where AC threatened to kick me in my head and ting.
In fact I believe that David[BU] ‘s name is at the top of the hit list of people to get wiped off by the hitmen.
I am reliably infomed by “Harpoon” from down by the rum shop aka “donkeyKong” aka “Bus It Up” whose real name is Earle Arthur, no blood relations to Owen Arthur other than by ESA Fields (heh heh heh) that the reverend of my church, while under the influence of the Communion Wine. promised the Elders of the Church to “kill of PieceuhdeRockyeahRight” when he find out who giving way all the chuch secrets bout how dem is collect 3 collections pun a Sunday and got cameras in de church recording who giving in $2 bills instead of the mandatory $20!!
Now dem is a batch dat want killing, whu you tink?
Due Diligence | April 8, 2014 at 5:01 PM |
While on the subject of financial statements, it is worthy to note that the most recent financials of the Government of Barbados posted at website of the Auditor General are for the fiscal year ended March 31, 2012
The Report of the Auditor General On the Financial Statements of the Government of Barbados 2011-12, dated January 31, 2013, includes the following.
“The revenue recorded in the financial statements was on a cash basis rather than the accrual basis as required. In addition, there was no supporting documentation for accounts receivable of $600 million. There were also inadequate supporting schedules in respect of assets of $1,8 billion.
In view of the possible material effects on the financial statements resulting from the matters outlined in the preceding paragraph and other matters raised in my Annual Report for 2012, I am unable to express an opinion as to whether these financial statements are presented fairly in accordance withInternational Public Sector Accounting Standards. “
It is now April 8, 2014, and there is no Report for the fiscal year ended March 31, 2013.
How can Government or anyone in Government. including the Minister of Finance, be held accountable if the Auditor General is unable to produce his Report within 14 months after the fiscal year-end?
OOPS Last paragraph should say
How can Government or anyone in Government. including the Minister of Finance, be held accountable if the Auditor General is unable to produce his Report within 12 months after the fiscal year-end?.
I guess I spoke too soon.
Now we know – how bad things are – well sort of.
@ Due Diligence
The government is bankrupt, insolvent, broke. If it were a commercial company in a well run jurisdiction it would have been forced to close its doors.
If you doubt me just ask Barrack, COW Williams, the recently sacked public workers still waiting for their money, the postmen who still cannot receive their pay, the pensioners (many of them formerly of the UK), whose pensions have been paid by the British government in to their local bank accounts yet they still cannot get them on order of the central bank. Talk of mugging the elderly for foreign exchange.
Who is going to take the brave step and form a new party to rescue the nation?
pieceuhderockyeahright
easy !
Please !
an advisory is in order
for your writings –
its me -not you !
Who is going to take the brave step and form a new party to rescue the nation?
Something is obviously wrong
The populace has been lulled into
a state of -learned helplessness
David,
We are not going to legislating away the role of the Union.
They will most likely naturally die as a result of the evolution of the workers into a higher state of existence.
For, there will be legislation enacted that will see the present statuses of workers, supervisors, managers, owners of companies, businesses, etc., in Barbados evolve in the future statuses of partners of partnership enterprises.
Partnership enterprises will be the only multi-member corporate business enterprises possible, beyond sole proprietorships in this country, and will exist through out the government and private sectors.
The very wicked demeaning dehumanizing exploitative work culture and system shall be ABOLISHED in this country.
Artaxerxes,
“Although I understand its intent, your analogies in comparison with
government’s operations is quite flawed”.
We are NOT sure you understand our intent, really.
For, what we thought we were getting you to understand – via the particular scenarios we drew and which you referred to – is that commerce, health, education, welfare, can be provided by any efficient results-oriented solution-driven business organization that has wider social objectives in mind, and that has respect for the property and remuneration rights of other business organizations within a property owning commercial system within Barbados.
We are not intent on getting you to conclude that government has no money, but that with so many qualified and experienced people and strategic assets and the capacity for delivering the right international commercial connections, etc., under the wings of government today, for a start, the remuneration potential of government itself is exceedingly great, given our vision for a post-TAXATION society for Barbados.
Also, the comparisons are NOT with government’s operations – which disgracefully inexpertly see all employees of government and persons and other entities doing business with government simply whenever getting or accessing remunerations out of the core financial system – but do indeed indicate where government – via the establishment of a new state management entity – will end up in a post-TAXATION society, still being able to provide commercial, health, education, welfare, security, physical and foreign affairs infrastructures and facilities, and not by crudely carte blanche monopolizing and dominating those sectors, principally through forcing private sector interests out of the market by means of TAXATION, through means of crowding out other entities in the core financial sector, red tape, excess and unnecessary regulation, etc., but by, et al, its respecting the property and remuneration rights of other entities in Barbados, by becoming more efficient and efficacious in all of its operations, by setting and achieving its own organizational goals and objectives, by operating at its optimal size, by knowing its own market potential and reach in whatever market spheres, by functioning within its own carrying capacities, and by operating within its own resources and financial means.
Indeed, too, Cave Shepherd does not TAX Da Costa Manning, or vice-a-versa. Bay View Hospital does not stop Sandy Crest from accessing monies in the core financial system, or vice-a-versa.
The above scenario pertaining to references to Cave Shepherd, Da Costa Mannings, Bay View, Sandy Crest, the Salvation Army, the YWCA, the Seventh Day Adventist School and the Muslim school on Passage Road was drawn to also let you take note of the very deterministic role that the real actual cost of use of money (local) has in any of the remunerations that any of those and any other unmentioned entities – other than government per se – will and do get at any given time in this country.
Artaxerxes, it is therefore inappropriate and misleading to assess our very vaunted theoretical approach towards a post-TAXATION society by means of the use of old archaic price misconceptions, old archaic loan misconceptions, very flawed work and production cost theories, etc., in that, you will certainly come to very wrong and erroneous conclusions about such an approach, as is seen in the case in your last response to us under this thread.
PDC
@PDC
If people are not understanding you, maybe you are communicating badly.
Hal…….yeah, I understand from a friend who lived in England for decades when she receives her check and takes it to the bank in Barbados, they want to keep the funds for 3 months before it’s cleared without caring about her health, well-being and the fact that she has bills to pay and food to buy…..that is unconscionable.
To answer your question Hal, I have it on very good authority that CGI’s Harris and Bayley plans to allow the Transport Board’s insurance liabilities to rise to such unacceptable levels (IT’S PRESENT STATE) that the entity will (HAS) become so unsellable (IT’S CURRENT STATE) that they will be in a position to pressure this weak government and can then purchase the Transport Board for a song, this will then ensure that absolutely no claims will be paid out to Bajans who are injured, disabled or to families of those who lose their lives in accidents on the island……maybe CGI can refute those claims.
Maybe the opposition and current leaders of the DLP who love to open their holes and spout shit to the electorate (to secure votes) about patriotism and being patriotic and yada, yada, yada, but gleefully and greedily align themselves with the above shady and unsavory characters just to appear and project an image of wealth and success by lining their pockets to the detriment of state entities, the island and the long suffering taxpayers……just maybe they can tell us just how the people of Barbados can trust these politicians when they continually sell out their own people so as to appear wealthy and successful, exactly what can anyone admire about that lowlifeism?.
Should this plan of Harris and Bayley be successful (and it’s quite likely to be given current conditions), the Barbados electorate will finally get to recognize that the politicians are just there to make sure they themselves benefit from these schemes and scams.
Maybe the minister Dumbville Inniss can enlighten and tell us just how that type of behavior by politicians can be admired and/or tolerated by the voters when the island’s reputation and the taxpayer’s who are affected by CGI’s NO PAY policies and whose health and well-being are directly affected making them the VICTIMS of the greedy policies of Harris and Bayley……while Inniss is at it he can tell us what his role is in all of this CGI big brain scheme
Maybe PM Stuart can also clarify for us why Harris and Bayley are allowed to get away with all this clogging up of the court system for 10 years 6 years of it under his watch….we know for a fact that David Simmons, former Chief Justice, former Attorney General, was involved with CGI while he was working for the government in the previous years before the DLP got the reins of power the records at corporate registry proves this, no great surprise there cause we all know David Simmons HAS NO MORALS, so why was CGI still allowed to operate and victimize Bajans further, AND, are those two also Stuart’s esteemed ‘gentlemen’ friends just like Leroy Parris.
The opposition’s hands are also very dirty in this CGI matter since the likes of Rommel Marshall and Owen Arther allowed Harris to get the Transport Board contract away from ICBL, it will be interesting to hear the circumstances of that change of insurance companes. and then, Harris and Mia Mottley are best buddies, not forgetting Jerome Walcott a sitting senator collectin taxpayer’s money in salary every month is also business partner to Harris and fellow director at the recently purchased Bayview Hospital, good to know he can no longer deny this………..so Hal, I hope that answers all the questions you have for both political parties.
I understand PDC clearly
If people do not understanding PDC
It is because they have hardened their hearts
to the message up front
PDC ‘s message has merit
–and I am in full support
I would vote for a PDC candidate -tomorrow
PDC can count on my vote
PDC can do no worst
and I humbly believe that PDC can do better
if allowed to
because we know the kind of undermining that those in this society who think that their status is threaten , we know how they react
That is why I would advise PDC to have some ‘Force” whatever form that ‘Force’ takes
What have the others done and demostrated overtime ?
Are we happy as a people
These parties at the behest of the people
They exist as a result of the people’s support
They do not possess, in my mind, any greater skills than PDC.
What they possess is the acquiescence of the people–Simple !!!
————————————
Yaaaaaaaaaaaaaaagga —I want PDC to gain a foothold in this Country—Why not !!!!!
@ PDC
I surrender.
Yagga Rowe,
Your continued support for us on here is entirely inspirational and commendable.
We endorse every word of what you wrote in your last post to us just now.
It shows how indepth and profound your cognitive, comprehensiion, evaluation and reasoning skills and capacities are in relationship to what we have been enunciating on here about a post-TAXATION society for Barbados.
Moreover, in regard of the understanding this theoretical approach to the evolution towards a post-TAXATION society for Barbados, every single person blogging on this network, or visiting it, is capable of becoming just like you and the PDC.
Finally, it is clear we not going to be directly responding to what Hal Austin said in his last comment to us.
Thanks Again, Yagga Rowe.
PDC
SO TELL ME PDC HOW WILL PDC GOVERNMENT SUPPORT THE COUNTRY WITHOUT TAXATION. HOW WILL YOU BUILD ROADS, SCHOOLS , ETC
@ 12 inches
Shiite man…stop asking the PDC that question nuh!!!
Just surrender quietly like Artaxerxes did….
…or stick your tongue into your cheek and lie – like YAGGA……
@’PDC
In order to keep everyone focused…
Can you PLEASE get back to ending your post with your trademark motto…..”Down with the blasted BLP and the damn DLP”
Thank you…
@ Jack Donkey Boremann
🙂 🙂 🙂
LOL Ha Ha
@ Bush Tea
Bushie….. you is something else yuh….. I had to surrender, causen in your words…… I aint know wha de shiite duh talking ’bout.
To the individual who wrote in the capitalized letters just above,
In response to what you asked we will restate something that we communicated under the thread – Accessing Tourism Internet Portals To Win Deals – and it is this:”There is absolutely no relationship whatsoever between the amount of remunerations that the government evilly wickedly STEALS ROBS from the relevant people, businesses and other entities on a daily basis, and the actual work that is done by all the government employees, or by all the relevant consultants to government, or the business that is done for government by the relevant business people in this country.
Indeed, it is WICKED and MASSIVE LIE by some people within and without government in Barbados to suggest or tenor statements to the effect that the TAXATION system provides for such activities”.
The fact that there are no relationships between evil wicked TAXATION and those variables ( the building of roads, schools as you posited) does show that there is an illegal dishonest use by the government of wicked evil intellectual psychological devices, whenever it goes and STEALS ROBS the relevant entities of what are countless portions of their remunerations.
Therefore, when the government dishonestly by deception tells a person that it is TAXING human effort, lands, buildings, roads, vehicles, craft, money, goods and services, etc., when it is impossible and inconceivable to do so already, it is in such ways using various wicked evil sleights of hand ruses and hypnoses to help it STEAL and ROB the relevant persons, businesses and other entities of what is theirs – their remuneration properties.
Imagine the government and some other persons in this land having been long going around this country telling themselves that work, land, buildings, vehicles, craft, money, goods and services, have their own psychologized digitized subjective values (prices) (when clearly they do not have such), and therefore on such wholly illusionary bases the government proceeding to STEAL ROB many people, businesses and others of their remuneration properties (but not without some of these people falsely believing deluding themselves that the government has this authority to do so)?
HUH??
For the fact is that there are no relationships between such existences – human efforts, lands, buildings, vehicles, craft, money, goods and services – and TAXATION.
Too, again, there are no relationships between work and business done by the relevant workers and businesses for government, and what the government STEALS and ROBS others of under the rubric of TAXATION.
For, in respect of the latter point, the remunerations that those workers and those business persons and entities get ( and which is represented by money) do come directly from out of the core financial system (money banks, credit unions as such), and NOT from TAXATION.
While it true that individuals, businesses and other entities must be given nominal remunerations (which can only be represented by money), in order for each of them to provide for the use of money in the commercial process, it really does not have to be regurgitated still that it is the process of human beings working and doing business with resources material machines equipment and ideas, that actually transforms various material into roads, schools, hospitals, and other buildings, vehicles, craft, money, goods and services for use by the relevant individuals in the private or public conditions of life, and that furthermore and very specifically critically altogether provides social, welfare, security, physical, foreign affairs ( of this country) for use by the relevant individuals in the private or public conditions of life.
So there you go.
PDC
To the individual who wrote in the capitalized letters just above,
As well, please go to the relevant BU thread on February 24, 2014, and see what is there for your own enlightenment dissection on the PDC’s theoretical approach towards a post-TAXATION society for Barbados.
Thank You
PDC
@PDC
You just don’t get, even those withvpost grad training do not understand your position. Does ghos tell you anything at all?
@ Artaxerxes
I had to surrender, causen in your words…… I aint know wha de shiite duh talking ’bout
++++++++++
Ha Ha Ha Ha
Boss man!
Where your problem would have started is if you HAD understood….
LOOKA…don’t mind David with his diplomatic talk hear….those PDC fellows just vex bout the whole money thing cause dem ain’t got none….
HOWEVER….they do have one VALID point …..and that is…
Down with the damn DLP and the blasted BLP 🙂
David,
The person who goes by the pseudonym – Artaxerxes – is the person who remarked that he has surrendered. But do you believe it that he has really surrendered?
Anyhow, he committed very fundamental errors of judgment and fact yesterday. He also did violate certain cardinal epistemological methodological scientific principles at the time.
He was attempting to dissect our NO-TAXATION model based on old archaic misconceptions myths, like price, loans, production costs, and very flawed theories of work – things like those that the model has totally deliberately excluded from its structures and emphases.
It is certain therefore that he will there come to many wrong and erroneous conclusions about the model itself.
So, instead of realizing that the person became illogical, and seeking to point out that glaring deficiency and problem to him, and letting him know he must get to understand the theory better before attempting to make very false assumptions about it , you are seeking to tell us that even those with post grad training do not understand our position?
Well, we think you ought read, or reread, what the person going by the pseudonym, Yagga Rowe, stated so brilliantly under this same thread yesterday, and ought to read, or reread, what the person going by the pseudonym Code Name wrote so compellingly under another BU thread some weeks ago about our NO TAXATION theory.
PDC
@PDC
Perhaps you should encourage Dennis Johnson to give you an opportunity to share your ideas (not theory) with a wider audience.
David,
Your proposal about getting Mr. Dennis Johnson, of Starcom Network, to give us an opportunity to share our theory (not just ideas) with a greater audience is a good one.
We will see what comes out of your proposal.
In the mean time, we wish you to let you know that what we have evolved is a theory of NO-TAXATION for Barbados, a theory of a post-TAXATION society for Barbados.
A popular website states that “a theory is a set of assumptions, propositions or accepted facts that attempts to provide a plausible or rational explanation of cause-and-effect (causal) relationships among a group of observed phenomenon. The word’s origin (from the Greek thoros, a spectator) stresses the fact that all theories are mental models of the perceived reality”.
You may visit Wikipedia.org and look at the definition of a theory, as well.
Hence, it is clear that our theory fits within their definitional frameworks of what a theory is.
PDC
@PDC
In the context of applying your ‘theory’ to managing a country where there has been no robist testing elsewhere it must remain an idea.
@ David
“In the context of applying your ‘theory’ to managing a country where there has been no robist testing elsewhere it must remain an idea.”
Well stated David, as well as your point about 100% employment in a previous post.
If we take a look at a country close to home, such as the Bahamas. There are no income, corporate, purchases or sales, VAT, capital transfer, capital gains or inheritance taxes in the Bahamas. However, there is a national insurance contribution scheme, to which all employees, the self-employed and non-residents must contribute. Only Bahamian resident are able to benefit.
But we may ask how government raises revenue to manage the island’s affairs; the answer: duties.
There is a 7% stamp tax levied on businesses; customs duties, which are based on the CIF value of imports and ranging from 0% to as high as 200% are applied to almost all imported goods; stamp duties on mortgage and property transactions and a tax on real property. The income derived from these duties provides approximately 70% of government’s revenue.
In the business environment, firms will pass on these duties to households, thereby significantly increasing the prices of commodities (i.e. goods and services). This would give us an idea of how high the cost of living is in the Bahamas, but salaries and wages are commensurate with their standard of living.
Additionally, David, although the PDC’s definition of a theory is essentially correct, they must bear in mind that all theory is an abstraction from reality. Hence, a good theory abstracts from full reality in a useful way; a bad theory does not.
In line with such definitions we will do the following schema –
Therefore, a few assumptions (explicit, implicit, underlying, etc) –
1) that we will – as part of a wider coalitional group win government in Barbados and – thereupon – proceed to ABOLISH TAXATION in the country, and after a Commission has helped to produce major efforts with various people and organizations throughout the country, and has made the appropriate recommendations to us and the country consistent with our national strategic political objectives of the development of a post-TAXATION society.
2) That the process of the Abolition of TAXATION having started, will, as much as possible, fit like clockwork, will dove tail with many other theories, policies and programs that are there to be integrated into it, and to give support to it, before hand, at the same time or in anticipation of it. For example, the ensuring of the removal of Interest Rates from the core financial system; the making sure that all so-called Exchange Rates with the Barbados Dollar are Abolished; the making sure that all remunerations or transfers or financial institutional accounts of all importers of commercial goods and services into Barbados will not be costed, in the context of the importing of such goods and services, until they arrive for transaction at any ports of entry in the country, and that where such costs are done, they will themselves only have to do with the remunerations that are to be given to partners functioning here within those ports or the remunerations of the sole proprietors or partnership businesses doing business here with the said partners of the said ports; the establishment of the National Institutional Productive Transfers of Money Scheme and the National Institutional Non-Productive Transfers of Money Scheme; the establishment of Partnerships as the only multi-member corporate business entities possible in Barbados, etc.
3) That the process of the abolition of TAXATION will greater open up greater opportunities for the greater uses of money in the industrial and commercial realms of this country, and will – along with many of the assumptions – in two (2) above – see less money being used as remunerations/costs than before with regard to many industrial commercial transactions in an especially very competitive industrial commercial market environment in Barbados.
PDC
David,
A theory is NOT tested.
And this is something that Artaxerxes ought to let you know, or remind you of.
Rather, it is the causal or non-causal hypotheses that are involved in the theory – and depending on the type of theory one is dealing with – scientific or non-scientific – that are confirmed or disconfirmed through a series of tests, surveys, statistical data gathering, etc, for such purposes, etc.
PDC
Well said PDC !
What do the naysayers have to say now ?
I still maintain that you will need -‘Force’
of whatever kind –maybe -Force of the People
Whatever the case
PDC must align itself to an entity of -‘Force’
‘Force’ will be needed
What is a bad theory ?
Is it similar to bad art ?
What is bad art ?
Artaxerxes ??
Re: Brasstacks
not true malcolm taitt
the people from nassco
have recalled Yaris and Rv.4s
I should know
Yagga Rowe,
Your abiding and unwavering support is most welcome.
And your leadership on this blog is proving to be exceedingly critical and necessary in respect of many others coming to an understanding of where we and you are coming from.
PDC
@ YAGGA
Man stop playing the donkey do…!
Join PDC and write some poems for them then….
“Down with the damn DLP and the blasted BLP”
@ Artaxerxes
There is NO QUESTION that a complete review and re-engineering of Barbados’ tax policies and procedures is vitally needed. The real danger is that by allowing such a serious agenda to be hijacked by nonsense, we will have a situation where persons will see it as a choice between the idiocy that we currently have …and the insanity that PDC proposes….and you know that brass bowls have no problem with idiocy…
If you look at the Bahamas model you will note that their approach puts control of consumer demand COMPLETELY in their own hands….by manipulating levies and import duties accordingly…
….of course that is why they don’t even fart on CSME…..
If we had such control, we could simply impose appropriate duties on the lotta shiite foods that the merchants make a killing on (pun intended) – and encourage the success of local products instead.
The other fallacy that we have is that a society should encourage “cheap” products to be available to the people….(a la Islandgal)…
NONSENSE!…cheap thing no good…good thing no cheap…
There should be GOOD money to be made from farming and such honest work….and people should be prepared to PAY for value.
Only lazy, unproductive morons benefit from cheap, low-quality stuff…and such attitudes should not be OFFICIALLY encouraged.
@PDC
To repeat: in the context of what you are proposing it must align with what is possible i.e. its practical application, the appetite of Barbadians and internation financial agencies to buyin etc. BUT you will never get it. Until your idea or as you describe it theory remains a mumbo jumbo posit in the view of 99.99% of those who read it, you are wasting your breath.
BT….Ag. food from the developed countries is cheap because of incentives given to farmers by their govts……we have to solve the high cost of Ag. inputs needed for our production.
Until your idea or as you describe it theory remains a mumbo jumbo posit in the view of 99.99% of those who read it, you are wasting your breath.
If it had come from a frosty faced
Caucasian from somewhere in one
of the North Atlantic Countries,
it would not be mumbo jumbo though !
Typical Typical Typical
Keep on pushing PDC
Stay Focused
One of the first task of a new PDC /Coalition Government
should be a massive re-education programme
The old mindset and archaic approaches will be “Forced” to crumble
@ Vincent
…so why look for the hard way to address the problem…?
If we had BALLS, we would simply TAX the subsidized imported junk to the point where it remains UNCOMPETITIVE with our own local produce.
This way, OUR farmers would make a mint, improve quality, improve technique, gain skills – and likely become exporters themselves eventually…
BUT ALAS…the donkeys who sit in our parliaments went and signed all kinds of shiite treaties that now FORCE us to allow those subsidized farmers to put OURS out of business…..
Think Bahamas signed such nonsense…? …or even waste time considering such idiocy as CSME?
Talk bout brass bout here…..!!!
BT…..Chuckle….cannot disagree with the above…
This discussion is purely academic as we know the reason why Ag. will not be allowed to grow in this country.
@ Bush Tea
“There is NO QUESTION that a complete review and re-engineering of Barbados’ tax policies and procedures is vitally needed.”
@ David
“In the context of applying your ‘theory’ to managing a country where there has been no robist testing elsewhere it must remain an idea.”
@ PDC
“David, A theory is NOT tested. And this is something that Artaxerxes ought to let you know, or remind you of.”
Bushie…… I have absolutely no problem with the PDC’s “no taxation theory”, I applaud them for bringing an alternative and being consistent in doing so, amidst all the criticism they receive.
I also agree with your observation about our tax structure. In recent years Barbadians have been burdened with a lot of “willy nilly” taxes, and more so over the past 6 years.
If the PDC could direct me to their source of information so I could read it, without the usual PDC ambiguous and verbose statements, I may be able understand the context in which it was presented. However, if this is an original PDC “theory”, then they should provide us with the test results of this model and the environment/economic conditions [e.g. fixed, opened or mixed economy] in which it was tested for better clarification.
As it relates to theory, PDC is only try to be technical by implying one will have to “test the variables of a theory”, and not the theory itself.
To know if the abstractions of any particular theory are useful or not, in its construction, we must follow a process of logical deduction to discover what is implied by the assumptions of the theory. To test any theory, its predictions must be confronted with evidence. We must also seek to discover if certain events have the consequences predicted by the theory. If the theory is useful, its predictions will pass empirical test.
Essentially David, in the absence of test results or evidence that such a policy has been successfully undertaken by any country, the PDC’s no taxation policy is just an idea and not a developed theory.
@Artax
In other words PDC’s theory must withstand the rigour of the BU intelligentsia…lol.
@Vincent
The other variable with wg is laboir cost. We will be defeated on this front everytime.
Man Bushie wha wrong wid you?
Why should Bajans buy local produce when they can buy de same toxic,genetically modified crap as we Bajans in de diaspora?
You ent see how pretty de packaging is do an tobesides tummuch locally grown food might extend wunna lifean create problems fuh de pension fun.
@ Artaxerxes
Cuhdear Art….Wuh even before looking for test results, …should the theory make some kinda SENSE?
PDC got a point, … but they are lost in emotions and verbosity….
Yuh can’t just ban something (taxes) because um “evil”?
Boss man in that case David can ban the Jack Donkey Boremann fellow right now! ….he real evil!
Criminals are “evil” and anti- social ….don’t we have to live with them…?
Our tax system SHOULD be changed….because it is IDIOTIC.
It does NOT achieve intended aims.
It is inefficient
It is wasteful
It is outdated.
There is too much focus on EASY collection rather that strategic system control….case in point the last shiite tax they just passed….
A visionary tax system should FORCE desired behaviors – like productivity, social responsibility, lawful conduct, creativity, export….
It should punish anti-social tendencies, inefficiency and laziness.
Taxpayers should be able to ‘see’ how their taxes are being used in their collective interests…
…but it would require VISIONARY leadership to conceptualize and implement and maintain such a system…
LOL @ Hants
You ent see how pretty de packaging is do an tobesides tummuch locally grown food might extend wunna life an create problems fuh de pension fun.
+++++++++++++
LOL… Ha Ha
Skippa, …you getting like Yagga yuh….go easy on de old gold and soda Hantsie….
…but yuh right though….we can’t have too many old Bajans knocking about….nothing more expensive to maintain than an old beaten-up brass bowl…. Takes too much brasso and elbow greese….
What yam and Eddie what?!!
Let us keep on eating the expensive, imported, Monsano GM wheat and corn products…
BT
wHENEVER I GO HOME I DOES GET MY MUDDA TO BRING ON THE BREADFRUIT AND THE YAMS AND POTATOES AND THE EDDOES HERE?
@Hal
the pensioners (many of them formerly of the UK), whose pensions have been paid by the British government in to their local bank accounts yet they still cannot get them on order of the central bank
+++++++++++++
Where did you get the information that British pensioners are unable to access their pensions on orders from the Central Bank? I have a very close relative who receives a British pension and there haven’t been any complaints from that quarter.
Is there anyone who can attest to the veracity of Hal’s statement?
@ Sargeant
That sounds like a local issue where the bank may have had transfer issues with the source bank with that particular transaction.
That is not a general rule……yet!!,
@ GP
Your mudda? ….Still feeding you…?
…give the poor woman a rest Doc…. Yuh mean she is to spoon feed you to her old age…?
Why you don’t go up by Islandgal..?
Tell she Bushie send you ….and that she could give you what she got fuh the bushman… LOL
….you gotta helmet…?
LOL Ha Ha
@Bushie
Hal’s words were as follows “pensions have been paid by the British government in to their local bank accounts”. Those are called “Direct Deposits” which should be de rigueur for pensioners as they shouldn’t be waiting for a cheque in the mail or a Postal strike which can wreak havoc with their lives. (You remember the Gov’t making the suggestion that pensioners should open accounts so that their money could be deposited directly and some people canvassing against the idea?)
Direct deposits are considered cleared funds and I don’t believe that we have reached the point where the Central Bank can instruct the Banks to deny you the opportunity to withdraw funds from your account.
@Sargeant
Direct deposits is optional for pensioners at the moment in Barbados.
Countries with NO TAX
UAE
Qatar
Oman
Kuwait
Cayman Islands
Bahrain
Bermuda
Bahamas
Saudi Arabia
Brunei Darussalam
see slide show http://www.cnbc.com/id/48054006
The point I was making is that the money arrives in the pensioner’s account but the retail bank claims, under direct instructions from the central bank I am told by a then BNB worker, not to pay within days. I know because it happened to my 95 yr old father in law.
I also know that I paid a cheque in to a local account and specifically asked when it was going to be cleared. I was told 14 days, two days later I flew in to Gatwick, cleared immigration and customs, went straight to an ATM machine and checked and the money had left my account.
It is an obsession with foreign reserves.
@Hal
Banks in Barbados are part of the clearing houses of the UK or North America foreign checks therefore have to be mailed overseas to collect funds. BU suspects the period local banks hold the funds is a blanket rule.
@ Hal
It is an obsession with taking advantage of helpless morons. ALL the banks here do that shiite….
You deposit a cheque from another bank and they “hold” the funds for days – while these funds are unavailable to the beneficiary.
It is not only foreign funds…even local deposits from another bank next door…..
Bushie would not be surprised if they even held their own cheques for a few days…
…they got that idea from the thieving lawyers bout here who hold their clients’ deposits until as much interest as possible can be collected….
Man EVERYBODY likes to piss on a brass bowl….
@ Bush Tea
Are you telling me that cheques from one local bank to another take days to clear. Tell me it ain’t so. Every time I think I have a measure of Barbadian trickery and inefficiency it gets worse.
With technology payments c an be cleared in minutes; and in B’dos people can walk from one bank to the other. I wonder how much banks make in interest by holding on to people’s money for days.
It certainly cuts back on the interbank lending system.
Where is the regulator, the central bank. They must know what is going on, which means they are complicit, or if they do not know they are incompetent.
David,
You need to deal with our NO-TAXATION Theory.
In that sense, start being relevant by critiquing IT.
Your entering impertinence – a la your 12.46 pm, April 10, 2014 – into such an historic and revolutionary debate is not cutting it.
You are not capitalizing on the opportunity that exists for you to contribute something substantial to this debate, that Barbados MUST move to a post-TAXATION society, for the very strong, incontrovertible and irrebutable reasons that we and many others – on here and elsewhere – have been advancing.
What is also very disappointing about you is that this very debate has been given greater structure on a new and essentially progressive media – BU.
Also, we have already told you on here we are NOT about entertaining any narrow electoral considerations as per whether some will or will not vote for us on the basis of our NO-TAXATION theory.
We are NOT EVER, whenever it has to do with the fundamental and conscientious human, political, constitutional rights of the people of Barbados.
We are NOT EVER, whenever it has to do with such a monumental obstruction to the greatest social political material financial development possible of our people and to the commercial productive sectors of this country.
What we are totally interested in is as many citizens cum voters in Barbados as possible being educated, knowing and realizing the UNVARNISHED TRUTH about the colossal social psychological political material financial damage that this evil criminal TAXATION system has been doing and continues to do to the vast majority of people of this country and to all the commercial productive sectors of it.
Indeed, some of this damage is irrestorable on the current dedevelopment ruinous trajectory that Barbados is currently being taken.
What we are also TOTALLY interested in is the vast majority of people upon knowing and realizing the dedevelopment, the decay, the ruin that are coming to their lives and to the material financial existences and potentialities of this country, directly and indirectly as a result of this criminal illegal TAXATION system – they therefore coming up with ways to help a certain future coalitional regime of Barbados to ABOLISH it, and to help the regime replace it with a modern, progressive, humanistic, altrustic, legal set of systems – some new some not new – for the government greater more wisely accessing money to settle its own bills and for the government greater coming by more of its own revenues.
So there you go.
PDC
@PDC
Your idea has neen critiqued over the years by all and sundry on the blog, the problem is that you are impervious to the feedback.
@PDC
Are you prepared to contest any forthcoming general election as a party?
@David
I am aware that Direct Deposits are optional for pensioners but I was making the point that the Gov’t wanted to make it mandatory and that initiated a debate on this forum.
The Banks in Barbados are mainly Canadian and It is routine for these banks (Canada) to hold funds on uncleared cheques drawn on domestic Banks for an average of 3 days, if cheques are drawn on Banks in other countries that period will be extended. The “hold’ may be waived according to how your account is managed, I believe that the local Branches follow the lead of the parent offices. Bankers can accept losses from loans going sour but they hate losses from bounced cheques which they believe are avoidable.
Still, some of the personnel at the some branches (Canada & Barbados) exercise an overabundance of caution when it comes to holds, they place holds when the customer is long standing and have balances which far exceed the cheque being deposited, perhaps it is due to untrained employees or people who are unable to exercise discretion.
@Sargeant
Understood the add is that the hold time seems to be a default and not customer specific. Obviously someone like you with significant balances would not be affected by holds, lol.
@Hal
Bank A receives a cheque on Day 1 and uploads it at end of day. Bank B sniffs file upload on Day 2 and prepares a file with rejects/return cheques on Day 2 at end of day. It appears that 2 days should be adequate to hold a cheque. What do you think Sargeant?
Sargeant may be right, but interbank payments are done through the payments systems. Electronic transfers should not take more than hours – not days. These are cleared cheques, nothing to do with bouncing.
This has nothing to do with jurisdictions, cross borders, or the man on the moon. The three-day delay is an old custom from the pre-technology days.
Three weeks after resigning.
http://www.cbc.ca/news/politics/jim-flaherty-former-finance-minister-dead-at-64-1.2605728
@ Hal
Hal you are absolutely correct about it being an instantaneous transaction that comes like clockwork to Bulbados from each of the sending governments
The issue about receiving one’s pension on time is based on a few factors
One: If the pensioner has not verified that they are alive with the periodic proof of life certificate that can sometimes cause a pause in their payment irrespective of whether it is a direct deposit or not. That is a manual procedure and requires that a letter be sent with the confirmation.
Two. if there is an emergency or weather crisis in the sending jurisdiction on the days where the cheques are to be sent and they are delayed by that hurricane or flood then the cheques CAN BE LATE. That has only happened to me once in 20 something years though
But here is what is the real issue perpetuated by our local banks against people receiving pensions from ovah and away, that the FSC wid all of their MOUs cant see because them is not the brightest nor sharpest tools in the shed
The banks have been doing a little ting called interbank interest fates which are quite significant things, lending peoples money, generally in foreign currency, to overseas banks overnight and creaming off the interest on the pensioners cheques ergo late cheques to ole farts like we
Wid regard to de lateness of Bajan pensions dat is not because of interbank interest tricks dat is because of “little interest” in unna Bajans perpetrated by the current band of DLP personal Bankers who, instead of paying the po’ peeples dem money, is personally banking it in dem personal accounts overseas like Michael Lashley and Head Boy Boyce and all uh dem tieves dem
Artaxerxes,
Here are a few propositions of this theory of NO-TAXATION for Barbados, ie., our theory of the evolution towards a post-TAXATION society for this country.
1) TAXATION is THEFT
2) All THEFT is WRONG and EVIL
3) TAXATION is WRONG and EVIL
4) All THEFT is ILLEGAL and UNLAWFUL
5) TAXATION is an ILLEGAL and UNLAWFUL GOVERNMENTAL IMPOSITION
6) TAXATION is a fundamental VIOLATION of a CITIZEN’S RIGHTS to FREEDOM of USE of PROPERTY for peaceful, beneficial civil, social, material financial purposes.
7) TAXATION is FASCISTIC and TOTALITARIANISTIC
8) TAXATION is absolutely anti-PRODUCTIVE
9) TAXATION is in itself anti-TAXATION
10) TAXATION is NOT money
11) TAXATION is NOT revenue
PDC
@ Piece
You are right. The banks are illegally making money on people’s money. But they can get away with it because the FSC are civil servants with little knowledge of banks, apart from being customers.
I have said here before and say again, banks take their customers apart. And it is no good fining them like in the US, because they will eventually pass those fines back to their clients. We are the sods who pay, while the executives get their bonuses..
@Hal
The technology may be new but some “Back Office’ processes are still manual, unlike a cheque deposited at a teller which is cleared same day, cheques deposited via ATM are not processed immediately and that’s why the three day “hold’ is still prevalent.
Speaking of technology CIBC in Canada has a new process where you can take a picture of a cheque with your cell and deposit it to your account. Not sure how you dispose of the cheque afterwards or what happens if the cheque “bounces” but hard copies of cheques are not exchanged by the Banks anymore, customers can receive a microfiche (for a fee).
@David
See above para 1, even if it is returned on “Day 2” it still has to be debited back to the account on “Day 3”.
@Sargeant
Understood.
Artaxerxes,
The theory of NO-TAXATION for Barbados exists OUTSIDE of the local social, political, material and financial phenomena whose variations in conduct will be engineered by a CERTAIN FUTURE COALITIONAL REGIME and the relevant many others carrying out of the hypotheses falling within the theory itself.
Thereafter, such variations in general conduct – which will hitherto have to be substantially described and explained by the theory – will also either present opportunities for giving statistical survey evidence etc to confirm or disconfirm – support or not – many of the intended results of the carrying out of the testing of the hypotheses, or be borne out by the statistical survey evidence to confirm or disconfirm many of the intended results of the carrying out of the hypotheses.
Also, such a theory exists OUTSIDE of any country or region of this world – successfully or not – undertaking to test any testable hypotheses of the theory itself.
By making no mention in your 1.47 pm, April 10, 2014 blog of the fact of what the hypotheses would be, shows that, although you are fairly correct in the latter half of your statements of the blog, you are still not grounding your comments closer to reality than being yourself theoretical, since we have already identified in earlier posts on here what we will be implementing.
So the tests will really centre around the implementation of those strategies/programs as alternatives to TAXATION.
PDC
@ PDC
“By making no mention in your 1.47 pm, April 10, 2014 blog of the fact of what the hypotheses would be, shows that, although you are fairly correct in the latter half of your statements of the blog, you are still not grounding your comments closer to reality than being yourself theoretical, since we have already identified in earlier posts on here what we will be implementing.”
As I have stated previously, I have absolutely no problem with your NO TAXATION policy. Surely you must agree that I have to be theoretical because I have not seen your “earlier posts” and those I have seen, I am unable (and unfortunately so) to understand what you have articulated so far.
However, from what I have seen and interpreted, it seems to me that the underlying factors in your policies are privatization and moral suasion. If we use public transport as an example, it seems that PDC is relying on an individual or a group of individuals who are willing to operate the Transport Board and service ALL routes at current bus fares. Whereby this individual(s) would subsidize operations as is currently done by the government as a social good or as a contribution to society.
In essence, you seem to be relying on the wealthy to pool their resources in an effort to manage this island’s resources and provide social services. If I am correct, it sounds somewhat similar to what I read in “Chapter II. Proletarians and Communists” the Communist Manifesto, by Karl Heinrich Marx [I’m correct this time].
Marx begins this chapter by declaring that communists have no interests apart from the interests of the working class as a whole. Communists are distinguished from other socialist parties [DLP or BLP] by focusing solely on the common interests of all workers and not the interests of any single national movement. They appreciate the historical forces that compel the progress of their class and help lead the proletariat to fulfill their destiny.
He also notes that capital is a social product, that is, capital only exists within some social system. The result of this is that capital is not a personal but a social power. Making property public then, as the communist wants to do, is not changing the private to the social; it is only modifying its already inherent social character.
A long time ago on BU PDC was asked to disprove what was described as their null hypothesis. Soumds familiar PDC?
PDC is a think tank.
We are still waiting for the PDC political party to run in an election.
We waiting PDC.
Artaxerxes,
You said: “However, from what I have seen and interpreted, it seems to me that the underlying factors of your policies are privatization and moral sausion”.
The core and fundamental moral ideological philosophical political and other principles of our NO-TAXATION theory form the foundation of the theory itself.
A few of these principles are:
1) The fact is that this TAXATION system in Barbados has been founded on deep rooted immorality, theft, fascism, totalitarianism, etc. As such, it continues to cause substantial ideological, psychological, social, political, material and financial damage destruction to the well-being, growth and development of the people of this country, and to the productive the export and other commercial sectors of it. Thus, in view of all the evidence of the colossal damage destruction it has been doing to the aforesaid, all rational educational political legal and other strategies, policies and programs will continue to be put in place – where applicable – at first, by the PDC, and where applicable – then later, by a certain future coalitional regime of this country and of which the PDC will be part – to help secure its ABOLITION, and to help bring about – in its place – new or improved strategies and methods for the government achieving greater and fairer access to money to settle its own bills, and for the government achieving greater of its own revenue from out of the commercial processes of the country and beyond.
2) The fact is that the government – as like any other social institution in the country – must itself adhere to the rule of the law. The government (executive/legislature) cannot reasonably logically be enacting laws against theft – thereby continuing to rightly make it a crime in this country – and furthermore building too on what common law rules there would have been against theft – and yet still continue to be EVILLY STEALING ROBBING (TAXING) the relevant individuals, businesses and other entities of countless portions of their remuneration properties. Hence, a certain future coalitional government of Barbados and of which the PDC shall be part shall commit itself to full adherence to the rule of law by ensuring that laws are passed ABOLISHING TAXATION in this country.
3) The government must make the greatest possible use of money in the greatest possible number of cases. Money is one of the greatest inventions in the commercial financial world. And by that very token too it has been long helped by millions worldwide to become a very indispensible financial commodity, and one too that must – for whatever purposes – be collected in whatever agreed amounts by whomsoever on the basis of the giving of whatever agreed amounts of incomes and payments by the relevant customers to whom so ever, and from whom so ever too under the same contracts ought to go to the relevant customers what ever agreed amounts of goods or whatever agreed amounts qualities of use of services. Thus, government cannot reasonably have so many qualified and experienced personnel under its wings, have so many strategic assets and facilities under its control, have so many lands under it control, and yet continue to fail miserably at coming by the maximum amounts of money that it should otherwise have been deriving from the maximum amounts of incomes and payments that should otherwise have been coming from customers making use of those assets, buildings, lands, etc. Indeed, whilst the government ensures these massive failings, it – at the same time – continues to steal rob from the remunerations of those relevant people, businesses and others entities, which – though having fewer assets, buildings, lands individually under their control than the government – have been in the main trying – for various reasons – to get as many remunerations/money as possible, but which mainly eventually do experience the government forcing them to hand over many/portions of their remunerations to it, as a result of this evil TAXATION system. To make sure that government makes the greatest possible use of money in the greatest possible number of cases, a certain future coalitional government of this country and of which the PDC shall be part will not only make sure that the government makes far, far greater use of money than now, by its banning of the writing of government checks, by its setting up of a National Institutional Productive Money Transfer Scheme, and its setting up of a National Institutional Non-Productive Money Transfer Scheme – both of which will be primarily dealing with actual money –
but also by its making sure it becomes a more active more aggressive more responsible player in the local overseas commercial markets in terms of its using many assets, buildings, lands, goods and services under its control to get far, far greater revenue than now.
So, Artaxerxes, given these three outlines, it is clear that privatization will not be an important plank in our NO-TAXATION policy, as much as increased commercialization of government enterprises will be, and that moral sausion will not be an important plank in this same policy that will be derived from our theoretical approach towards the evolution of a post-TAXATION society for Barbados, as much as the use of legislation/regulations, etc., will be in giving substantial effect to many of the moral, ideological, philosophical, political and other principles of our NO-TAXATION Theory.
So there you go.
PDC
Hal Austin,
Yes, and we are preparing for the next general elections.
Hants,
We are NOT a think thank.
PDC
@Well, Well “Well Well April 9, 2014 at 11:06 AM “Hal…….yeah, I understand from a friend who lived in England for decades when she receives her check and takes it to the bank in Barbados, they want to keep the funds for 3 months before it’s cleared without caring about her health, well-being and the fact that she has bills to pay and food to buy…..that is unconscionable.”
This is true. I have a friend who receives a tiny (less than $150.00 per month) pension cheque from Canada a resource rich first world country. First Caribbean said that they would have to hold the check for 6 weeks to ensure that it cleared. The friend has been banking at First Caribbean, and its predesessor CIBC for more than 40 years, had a CIBC mortgage which was paid off in full and on time. Owns his own home. The customer has a First Caribbean account. The customer has multiple pieces of current government picture ID’s (driver’s licence, passport, etc.)
He went next door to Scotia Bank (literally next door). Scotia Bank cashed the cheque immediately.
I am not sure what determines First Caribbean’s policy.
Do they really believe that a country as resource rich as Canada is not good for<$150.00?
Do they really believe that their customer of 40+ years in untrustworthy?
But Scotia Bank is not without sin. Recently relatives sent a bank draft with which to pay the property tax. Scotia Bank said they would have to hold the draft for 6 weeks. And that they did. They did not release the funds even half an hour early.
I don’t believe that the the bank draft took 6 weeks to clear.
The Central Bank should instruct the banks to release the funds to the customer’s account as soon as the draft ACTUALLY clears.
I believe that the banks prolong the process in order to make money for themselves, and that they don’t care that the customer is deprived of his rightful money.
And yes I am a Scotia Bank customer of more than 12 years. My pay cheque is deposited there 12 times each year.
@Sargeant April 11, 2014 at 9:41 AM “a cheque deposited at a teller which is cleared same day, cheques deposited via ATM are not processed immediately and that’s why the three day “hold’ is still prevalent.”
And why can’t banks clear their ATM’s and the monies within several times a day? Since the 19th century the post office has managed to clear mailboxes multiple times a day. Why can’t a bank clear an ATM, especially one that is located on its own premises every 2 hours or so?
If they don’t have enough staff, then hire some more people. The banks are making enough money that they can afford to hire more staff in order to work efficiently.
Giving some horse and buggy days bull sh!t excuse just ain’t cutting it in the 21st century.