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We Want to Know…

The following was posted by Artaxerses on the blog Notes From a Native Son: Reshuffling Sinckler Out of the Cabinet Needn’t Be Painful 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 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
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

202 responses to “We Want to Know…”

  1. Caswell Franklyn Avatar
    Caswell Franklyn

    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.

  2. David Avatar
    David

    @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/

  3. Caswell Franklyn Avatar
    Caswell Franklyn

    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.

    >

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

    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

  5. Prodigal Son Avatar
    Prodigal Son

    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.

  6. David Avatar
    David

    Hasn’t Sinckler indicated that theology is is calling? A man with such aspiration should be given the benefit of any doubt.

  7. dompey Avatar
    dompey

    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?

  8. Well Well Avatar
    Well Well

    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..

  9. David Avatar
    David

    If we had a robust media including talk show moderators we could hold politicians and others to account.

  10. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ 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?

  11. Yagga Rowe Avatar
    Yagga Rowe

    pieceuhderockyeahright

    your writings are a bit depressing

  12. islandgal246 Avatar
    islandgal246

    ROTFLMAO…yagga Yuh got much brekking up and holding much belly. Piece forgot to tek his medication today. Loll

  13. Yagga Rowe Avatar
    Yagga Rowe

    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

  14. Hal Austin Avatar
    Hal Austin

    @ 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.

  15. Well Well Avatar
    Well Well

    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

  16. Well Well Avatar
    Well Well

    Should Read:

    “CGI’s assets as of December 31, 2011, Balance Sheet
    $68,417,234

  17. Hal Austin Avatar
    Hal Austin

    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?

  18. Hal Austin Avatar
    Hal Austin

    @ 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?

  19. Well Well Avatar
    Well Well

    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.

  20. Well Well Avatar
    Well Well

    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.

  21. Hal Austin Avatar
    Hal Austin

    @ 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?

  22. Well Well Avatar
    Well Well

    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?

  23. Hal Austin Avatar
    Hal Austin

    @ 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.

  24. Well Well Avatar
    Well Well

    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.

  25. Artaxerxes Avatar
    Artaxerxes

    @ 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?

  26. Well Well Avatar
    Well Well

    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.

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

    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

  28. Hal Austin Avatar
    Hal Austin

    @ Well, Well
    Isn’t arbitration compulsory?

  29. David Avatar
    David

    @Hal

    CGI is a private company.

  30. Due Diligence Avatar
    Due Diligence

    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.

  31. Well Well Avatar
    Well Well

    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.

  32. Well Well Avatar
    Well Well

    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.

  33. Well Well Avatar
    Well Well

    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.

  34. David Avatar
    David

    Both parties must agree to ADR, the court remains an option.

  35. Due Diligence Avatar
    Due Diligence

    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.

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

    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

  37. Bush Tea Avatar
    Bush Tea

    @ 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…..

  38. Artaxerxes Avatar
    Artaxerxes

    @ 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.

  39. David Avatar
    David

    @

    *Artaxerxes*

    *By definition in the PDC’s world there must be 100 employment.*

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

    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

  41. David Avatar
    David

    @PDC

    So you will legislate away the role of the union?

  42. Hal Austin Avatar
    Hal Austin

    @ 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?

  43. David Avatar
    David

    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,

  44. Bush Tea Avatar
    Bush Tea

    @ 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. 🙂

  45. Artaxerxes Avatar
    Artaxerxes

    @ 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?

  46. Artaxerxes Avatar
    Artaxerxes

    @ Bush Tea

    Hahahahahaha…….. man Bushie…. you like a lotta sport. But I have to agree with you on this one.

  47. Annie Avatar
    Annie

    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

  48. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ 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?

  49. Due Diligence Avatar
    Due Diligence

    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.

  50. Hal Austin Avatar
    Hal Austin

    @ 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?

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