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Moody’s Downgrade Barbados AGAIN

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Press Statement re: Moody’s Downgrade by Leader of the Opposition, Hon. Mia Amor Mottley Q.C., M.P.

Mia Mottley, Leader of the Opposition
Mia Mottley, Leader of the Opposition

Barbadians need urgently to sit up and take stock.

We cannot expect to continue to do the same things over and over and get different results. Yesterday’s further downgrade by Moody’s by a staggering 3 notches must jolt us into our true reality.

We were warned that increasing our overall debt, especially our reliance on short-term debt, will lead to a further downgrade. Yet the Government continues recklessly to do so. Two weeks ago we increased the Local Loans Limit to $4 billion and now today we are increasing the limit under the Special Loans Act by $1 billion to $2.5 billion.

We were warned that continued Central Bank financing of our fiscal deficit will put pressure on our exchange rate. Yet the Central Bank continues to do so.

We were warned that increasing our fiscal deficit and missing our targets for fiscal consolidation will lead to a further downgrade. Yet the Government continues unashamedly to do so.

We were warned that declining foreign reserves will lead to a further downgrade. Yet the foreign reserves dangerously continue to decline in spite of the Government’s borrowing to prop them up.

Regrettably this downgrade by 3 notches also comes against increasing difficulties by the Government to raise medium term money with them having challenges with a recent 2019 Issue of Bonds. The market is reflecting their lack of confidence in this Government’s management of the economy and its fourth attempt at fiscal consolidation.

How many more people and institutions must speak, through their words and actions, before Barbadians tell this Government that the message is clear from everyone who assesses our economy? How many more Barbadian workers, families and businesses must be sacrificed before we recognize that all Barbadians must stand up and call a spade a spade.

The definition of madness is doing the same thing over and over and expecting a different result.

Our economy is in crisis and NO ONE has confidence in this Government’s policies nor in its ability to lead us out of the crisis.

The deafening silence of Barbadians is the greatest ally to this Government’s incompetence. The voices of all Barbadian patriots in the private sector, union movement, academia, church, civil society and among our general population must now be heard for it cannot be business as usual.

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254 responses to “Moody’s Downgrade Barbados AGAIN”

  1. Prodigal Son Avatar
    Prodigal Son

    And not a word on this from the Prime Minister, the Minister of Finance or the Governor of the Central Bank.

    I expected a further downgrade but not three notches. One of my children said to me this morning when the news broke…….we are already at junk, how much lower can we go. The question is valid, how much lower will we go. This is proof that government’s policies are not working.

    For love of country, this is time to change course!

  2. are-we-there-yet Avatar
    are-we-there-yet

    Will comment on the downgrade later, another signpost of the country digging deeper into the morass at the bottom of the cliff.

    But I wonder who else heard the most Honourable Freundel Stuart today firmly and unashamedly and without apparent provocation, essentially declaring to all and sundry (when one analyses his words and their context) that he places himself in the political mould of the late Lammie Craig, inter alia.

    It might not seem connected with these downgrades, but I think it is.

    David, If you have a transcript of the PM’s exact words please post it or point us to it as it reveals a side of the PM’s character that is not often recognized by the public and explains much of the attitudes of the current Government over the years of Mr. Stuart’s leadership of this country.

  3. Hants Avatar
    Hants

    Mia Mottley is reported to have said

    “The deafening silence of Barbadians is the greatest ally to this Government’s incompetence”

    So Mia has found a sophisticated way to call Bajans brassbowls.

    Mia Mottley is reported to have said

    “Barbadians must stand up and call a spade a spade.

    Since you are Barbadian you are forgiven because ” SPADE is a derogatory term for an African American, more commonly used in the post-Civil War era than today (cut an paste )

    I would like to suggest that Barbadians are not confident enough in the BLP to pressure the Government to resign.
    They are wishing and hoping for a strong leader to emerge.a LEADER who can show a credible way forward.

  4. Tell me Why Avatar
    Tell me Why

    It is about time that the electorate who put this government in place, step up to the plate and demand answers. We cannot continue with the silence of our PM after numerous downgrades. Our neighbours are performing far better which automatically place us as the laughing stock of the Caribbean.

    Our people have been betrayed by Unions, Private and Public sector organisations , economists, consultants, businessmen all with one goal of assisting with the rape of our people.

    I must say that a breathe of fresh air is now in the Chambers of Commerce with Tracey Shuffler at the helm. Her response to our recent downgrade was a gem with factual analysis. That organisation was crippled by a political motivated leader who was grooming himself to be popular instead of fighting on behalf of the organisation.

    After six years as guardians of our country, we are constantly seeing a decline of our finances due to callous decisions and promises, promises that failed to be realised. We need a driver, co-driver and crews to keep the engine of government firing on all cylinders. The time is up for learners.

  5. Hants Avatar
    Hants

    It is a good time for the Prime Minister to address the Nation.

    It is a good time for a BLP mid term manifesto.

    It is a good time fuh me to listen to de A|lison Hinds CD uh buy from HMV, mek a cup a tea an eat some Shirley biscuits which duh sellin in de supermarkets up hey.

  6. Tell me Why Avatar
    Tell me Why

    Hants, you talking a roll of excreta. Using the word spade cannot refer to anything derogative. You love excuses.

  7. Artaxerxes Avatar
    Artaxerxes

    When former president of the Barbados Economic Society, Ryan Straughn, gave his synopsis of this DLP administration’s economic policies relative to the prevailing recession, he was accused by Donville Inniss, Chris Sinckler, Fruendel Stuart, other members and supporters of the DEMS, of being a supporter of the Barbados Labour Party.

    When Jeremy Stephens took over the presidency and gave his perspective on the way forward under his watch, we heard the social commentators, such as Mary “Trinidadian Woman” Sargeant commenting that the BEC now sounds like an organisation we could listen to, because in her opinion, the Society under Straughn, was preaching “gloom and doom” , and through him, was perceived to be affiliated with the BLP. The self appointed political scientist, Maureen Holder also jumped on the band wagon as she usually does, singing premature praises for Stephens, while condemning Straughn.

    Recently, Stephens has been commenting on this administration’s failure to grapple with the economy, and now he too is accused of being a member of the BLP.
    Over the past 6 years, this government has been asking Barbadians to “wrap themselves in the flag and join team Barbados”. However, if anyone attempts to do this, his efforts to assist are not heeded. Any criticism leveled at this government’s handling of the economy, is met with a level of aggression and accusations of being unpatriotic, preaching doom and gloom, wanting to see the government fall, encouraging people to riot, affecting investor confidence, and being a member of the BLP.

    I guess people like “AC” will blame Mia Mottley, the “rubbing shoulders” initiative, Prodigal Son, Bush Tea, David and the other rational thinking contributors to BU, for this recent downgrade.

  8. Pachamama Avatar
    Pachamama

    MAM is only partly right. For she too lives in a World of Make Belief. A belief that she and parties have the answer/s – they do not and will not. This is no better than ‘Serapis is the Answer’ or ‘Jesus is the answer’. The DLP are merely the responsible party leading us deeper and deeper into the World of Make Belief. The sad thing is that maybe 40% of Bajans are singing gleefully in this DLP land of magical thinking. A land where money can be created on a screen magically regardless of consequencies. This is the magical thinking of an economy of religion. We are all lost in wonder, love and fear! The hymnal says

  9. islandgal246 Avatar
    islandgal246

    Does this come as a surprise? NO! Our leaders are wearing blinders and the majority of the electorate are in denial. Will they take off their blinders and have a good look? They will be FORCED to face that reality when the engine has come to a complete stop. It is groaning and straining yet no one knows how to fix it. When non members recommend or critiique the methods that have been implemented and those not implemented there is an outcry from supporters and those elected. Yet these elected official scoff and play word games with the public. Questions are being asked and the silence is deafening!

    The Canadian government has told the region who have their hands outstretched hoping to get some free money that they must “raise their level of ambition”. I wondered how they interpreted that expression?

  10. Hants Avatar
    Hants

    @Tell me Why

    ” The word got its racist meaning in United States. It seems that in the 1920s the spade on a playing card (which also has nothing to do with people) became a term for Black people in the United States. The term stuck. It’s unclear exactly how and why that happened “

  11. Hants Avatar
    Hants

    Canada is spreading its ” free trade wings”. No profits in the Caribbean.

    http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/chile-chili/index.aspx?lang=eng

    http://news.nationalpost.com/2014/03/11/stephen-harper-announces-free-trade-agreement-with-south-korea-canadas-first-such-deal-with-an-asian-country/

  12. islandgal246 Avatar
    islandgal246

    This opens Barbados to more seasoned professional criminals. The government is so desperate for money they are willing to sell out the people of this country rather than feel the pain of their own ministers being retrenched. Yet Mr Fumble has very little responsibility in his portfolio. NEVER have I seen such a group of misfits trying to run a country with a bunch of zombies supporting them. They continue to hide in the dark and plant cane.

  13. Lincoln Carrington Harper Avatar
    Lincoln Carrington Harper

    @ Hants
    “I would like to suggest that Barbadians are not confident enough in the BLP to pressure the Government to resign.
    They are wishing and hoping for a strong leader to emerge.a LEADER who can show a credible way forward.”

    Hants, boy, yuh got dat rite! The problem with the Hon(ey) MAM is that she likes the sound of her voice so much that she often speaks before she thinks.. The rating agencies comments are designed to warn persons who intend to deal with Barbados’ financial products of the risks that they face. However, these agencies should never be regarded as sources of advice on alternative social and economic programmes and policies.

  14. Tell me Why Avatar
    Tell me Why

    Lincoln Carrington Harper

    Wuh school of thought you dig up that roll of nonsense from. Rating agencies interpretation deals with the fiscal prudence, debt ratios, forex and strategies to stabilise an economy.

  15. Bajan in NY Avatar
    Bajan in NY

    @ Lincoln Carrington Harper | June 3, 2014 at 11:55 PM |
    Are you saying the Moody’s Investor’s Service Report shouldn’t be a concern to the average Bajan?

  16. ac Avatar
    ac

    Arterexes u got that Right cause all the names mentioned had a role in voting govts that set the country on this slippery path for disaster,,the only difference now is that the present govt was the one handed a leaking bucket that no one wants to help mend.,everyone that had a role over the years that voted in govts that borrowed at high cost is responsible for the downgrades,, the high debt and as the report stated the high interest cost of the loans and other factors contributes to our continual downgrade… a country that had much good financial support between 1994and 2007 does not even have an industry in place that can help shoulder the debt and promote growth that is a dam shame.. with all that money garnered ..not one dollar spent wisely ..now everyone is expecting short term resolutions to long term problems,,well that is never gonna happen when over the years the one sector which was the bread basket for growth and financial stability has weakened,,, everyone should hold their heads in shame including MIA MOTTLEY who believes that the downgrades secure her a good chance to winning the next election ..well that too not going to happen,,cause first she got to prove to the electorate that she can keep her political house before she is given the opportunity of cleaning up the country fiscal house

  17. frankly speaking Avatar
    frankly speaking

    Question: Was is not Moody’s and international rating agencies that forecast back in 2007 that Lehman Bros ,the American multinationals and the US financial system were in robust economic shape. Those forecasts were dead wrong as the world discovered for the past 7 years. Isn’t the sole superpower USA threatening to investigate Moody’s and the rating agencies for corruption and the like.

    The point is Barbados is being vilified despite taking drastic action to right its economic ship. GOB should take the rating agencies outlook on board at the same time pursue its policies of cutting expenditure and mobilizing capital projects to generate economic activity and employment. What is required is not a quick fix. It took 14 years for Mia Mottley and Owen Arthur to rack up the billions in debt and other payments that are monkeys on Barbados economic back.

    The problem isn’t the DLP’s responsibility alone. The economists at UWI and in the Economic society are buffoons at best liking to hear the sound of their own voices. They issue a drumbeat of vicious criticism without solutions that can gain the attention and support of the population. The lame no fresh ideas ailment afflicts the obviously disunited BLP.The Government must remain steadfast and forge ahead. Barbadians are backing the government because the alternative of the BLP is about horrific infighting with at least three leaders and factions each saying different things. Chaos and confusion not seen since 1994 . The BLP cannot lead itself much less 300, 000 Bajans. There is no gain without pain.

  18. limitone Avatar
    limitone

    MAM want all these organizations to fight her political fight , so people must march , break stores and cause a riot then the government would change ……………and then what …….can she find the money to repay the debt that was brought to book (edutech program , Golden showers,missing houses from the RDC, (Trevor Prescod was hired as a consultant under Hamie laa to find some ,coast guard complex , judicial building , 3 S for the highway , the Prison that had varying cost, the crab hill police station that cost 4 times the estimated cost ) .all the mentioned projects had to be brought to book and accounted for properly under the accrual system . the debt problem didn’t start in 2008, the repayment is to satisfy Barbadian appetite.
    All the capital projects built since 2008 were houses and two (2) buildings finance by NIS to make civil servants happy and houses for the people of Barbados to live in .
    The villas and golf courses we were building were not sustainable projects .
    A one engine economy is not a smart strategy,
    we should have been saving in time of plenty , we borrowed loans for a raining day that never came .
    we had a slush of VAT money that was squandered ( consultancies , Pinelands , Israeal Lovell, overruns on projects) the leaders of the day never thought of restructuring an economy as milk and honey flowed.
    politicians were bought and call it politics of inclusion.

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

    Both these intellectually and politically bankrupt and discredited DLP/BLP disorganizations must be ABSOLUTELY PERMANENTLY removed by the broad masses and middle classes of Barbados from the parliament of this country within less than fours years, and be replaced with a well disciplined, competent, nationalist, progressivist, people-centered coalitional regime of this country, or else this country on this current trajectory will become in many more ways like how Jamaica has become – a virtual failed state.

    PDC

  20. David Avatar
    David

    As a country we have to be able to discuss what confronts the economy in a mature manner. What is Moody’s evaluating to drive the decision to push our grade THREE notches. This is not the time for political partisan BS.

  21. ac Avatar
    ac

    again u talking BS DAvid,,,,,three notches down ,,,the question is how and what got the country in this economic doo doo, a rightful and pertinent question ,,Yes also a vexing question that the BLP yardfowls do not want to ask ..or to be asked,,, THE ANSWER IS HIGH DEBT<<<<<< BAD LOANS <<HIGH INTEREST PAYMENTS BAD INVESTMENTS A ONE FOOT ECONOMY<<<all roiled up into one,,,, the question is what are the answers,,there are none,,,,,that would ever satisfy any one,,, cause it involves pain and lots of it,,,,,

  22. Artaxerxes Avatar
    Artaxerxes

    frankly speaking | June 4, 2014 at 1:01 AM |

    “What is required is not a quick fix. It took 14 years for Mia Mottley and Owen Arthur to rack up the billions in debt and other payments that are monkeys on Barbados economic back.”

    Do you DLP supporters ever do any type of reading or research into any topic before hastily running to defend this administration? Your replies are more often than not based on emotional, party political sentiments rather than on facts.
    This lot has borrowed more money in 6 years than the previous lot did in 14 years.

  23. Caswell Franklyn Avatar
    Caswell Franklyn

    People want the Prime Minister to come out and address the nation on the economy. Well, don’t hold your breathe. Have you ever heard the PM speak on the economy in any meaningful way with any clarity? It would appear that economics and finance are like Greek to Mr. Stuart: he does not have a clue. The only thing Freundel speaking out would prove is that economics if far outside his competence. Mind you, the same can be said for Sinckler.

    When Stuart speaks, the country is treated to a whole load of esoteric crap that is incapable of putting the country on an path to growth.

  24. David Avatar
    David

    @Artax

    Here we go again. Here is the key issue. There is no confidence between private sector and government, none. It does not matter who done it, what matters is next steps which means ALL working together.

    On 4 June 2014 10:05, Barbados Underground wrote:

    >

  25. David Avatar
    David

    Here is a sensible comment by the BCCI.

     

    Tracey Shuffler is new BCCI President

    The Barbados Chamber of Commerce & Industry (BCCI) has a new President.

    She is Ms. Tracey Shuffler, the Deputy Divisional General Manager in the Import Distribution and Marketing Division at Goddard Enterprises Ltd (GEL), a company employing over 5,000 people throughout the Caribbean and Latin America. She was elected President at the BCCI’s 188th annual general meeting held on 28 May 2014.

    Her career with GEL spans 17 years, during which time she worked in sales, marketing and general management with a number of companies including Purity Bakeries, Goddards Shipping and Tours and the West Indies Rum Distillery before her current appointment in 2009. Tracey, who was born and raised in Montreal Canada by Barbadian parents, moved to Barbados after completing her education at McGill University where she earned a Bachelor of Commerce with a double major in Marketing and Organizational Behaviour and later an MBA from Concordia University. Tracey also serves on a number of boards within the Goddard Group and keeps busy supporting and sharing in the development of the strategic direction of some of GEL’s companies in Barbados, Grenada, St Lucia, St Vincent, St Kitts and Antigua. She is committed to growth through export based business development, renewable energy investment to conserve foreign exchange and improving national competitiveness.

    Full details of the BCCI’s council 2014/2015 are below:

    Executive Council:

    President: Ms. Tracey Shuffler – Goddard Enterprises Ltd. 
    Senior Vice President: Mr. Eddie Abed – S. Abed & Co. Ltd

    Vice President-Finance: Mr. Ricky Went – Axcel Finance Barbados SRL

    Vice President: Mr. Edward Clarke – Sagicor Life Inc.

    Councillors:

    Mr. Goulbourne Alleyne – Insurance Corporation of Barbados Ltd

    Mr. Roger Archer – Scotiabank

    Mrs. Roxanne Brancker – Media Support International

    Ms. Sharon Christie – Kensington Court Group

    Mr. Peter Downes – Profiles Caribbean Inc

    Mr. Patrick Hinkson – LIME

    Mr. Nicholas Mouttet – Ansa McAl (Barbados) Ltd

    Mr. Ezra Prescod – SOL (Barbados) Ltd

    Mr. Ryan Straughn – Abelian Consulting Services Inc

    Mr. Charles Tibbits – Tax Consultancy Services Ltd

    Ms. Harriet Walrond – Williams Industries Inc

    Mr. Jared Wright – Neal & Massy (Barbados) Ltd

    Immediate Past President Mr. Lalu Vaswani of Satjay Enterprises Ltd. and Executive Director Mrs. Lisa Gale will continue to sit on the Executive Council.

  26. Caswell Franklyn Avatar
    Caswell Franklyn

    I know nothing of Tracey Shuffler except what I consider to be one major achievement, and that is to get Lalu Vaswani out of my face spew drivel when the time comes.

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

    The People’s Democratic Congress has evolved fourteen (14) very fundamental principles so far concerning Money and its various uses in Barbados.

    Here is a definition of Money –

    Money is a non-tradeable, non-consumable, measurable, usable, recyclable, socio-psychologically 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 as they are using it) out of their own incomes, revenues and transfers, etc.

    Hence, it is absolute balderdash and poppy cock for Mia Mottley to be in this day and age writing about how this jack o lantern DLP government has increased the limit that it can borrow – under the relevant amendment to the Local Loans Act – to BDS $ 4 billion, and about how this same ramgoat DLP government has also increased the limit that the government can borrow – under the relevant amendment to the Special Loans Act – to BDS $ 2.5 billion.

    For, any serious analysis of those numbers by any serious student of money affairs in Barbados would show that they are entirely bogus and false, and especially in a context where – judging from those same numbers presented themselves – there has been seen by the PDC this very brazen and incredulous omission by Miss Mottley to somewhat speak to the falsity deceit of such numbers, by pointing to the tremendously far less amount of money that is estimated to be actually circulated in this country, and that is truly being competed for its uses by thousands upon thousands of people, businesses and institutions in this country – all at the same time.

    For it is totally inconceivable and impossible for the government to be at any time borrowing such reported false bogus amounts when there is Central Bank information that has shown that the total estimated amount of money in circulation is about 1 billion BDS.

    Too, for government to be actually borrowing such monies – at this juncture – would have to mean that the total amount of nominal incomes, revenues and transfers that would have to be generated in this country – at this same juncture – would have to be gigantically more than what they are really at now.

    So, for the umpteenth time too It is starkly clear that Mottley is politically unfit to become the Prime Minister of this country by – in this instance – herself publicly repeating – and without question at the same time – such bogus false figures provided for public use by the particular government ministry of this country.

    So, What a failing in intellectual political leadership!!

    PDC

  28. David Avatar
    David

    It is amazing how we select people who run retail businesses to head the BCCI, it gives teriffic insight.expect all week for the private sector and government agents to be warring.

    And it continues.

  29. HAMILTON A HILL Avatar
    HAMILTON A HILL

    “The deafening silence of Barbadians is the greatest ally to this government’s incompetence.” No Mia no, yours is a newly found cliché. Bajans are more comfortable with the very familiar “Six is half dozen however we look at it.” The fact of the matter is that even in times of plenty this same con game obtained. The players have changed so that those who once reaped the benefits of Governmental Deception have now been replaced by those who sought to bring to light the short comings of the Owen Arthur administration. The only constant in the whole charade that we embrace as party politics is the fact that those at the very bottom, the most vulnerable in society are the ones that never seem to have access to the crumbs that fall from the table, whether its in plenty or in time of need. We will change course and find that the rabid contributions of our friend AC will be replaced by those of an equally rabid Prodigal Son. Unless and until we are willing and able to recondition the way we think as a people, a few will continue to prosper to the detriment of the many that are gathered around the bottom of the totem pole. There is no difference, none whatsoever in the Barbados Labor Party and the Democratic Labor Party. Till Barbadians decide to take back Barbados we are doomed.

  30. Caswell Franklyn Avatar
    Caswell Franklyn

    I wish to be associated with the above remarks of Hamilton Hill.

    >

  31. Pachamama Avatar
    Pachamama

    We only have relative calm in Babadus because of the good sense of White people. For it would take the likes of Peter Boos, Chis McHale, Bizzy Williams and Ralph Johnson to lead the docile slaves into another soft coup agiainst this hapless government. Maybe this is a good thing for Peter Boos, for one, has correctly diagnosed a deeper social malady which transcends party and politics. He talks about failure in Westminster governance, and he is right. Though late to the game and economical with the deeper truths of this malady, he is nonetheless on the right side of history. We therefore think it highly unlikely that Boos and company will be ready to assist the BLP this time around. So MAM will fail, in the short term. Without their support there shall be no Duke of York marching up and down around here. LOL

  32. Lemuel Avatar
    Lemuel

    I know this shall trouble the BLP, but what is stopping Mam from going on the streets with her troupes to show “the silent Barbadians” how it is done?

    I really have a problem with a plan that shall only see the poor, powerless and voiceless being beaten by the security forces of Barbados. Freudel said yesterday he and ALL the members of Parliament are the POLITICAL CLASS: so political class come and go on the streets and show the proletarians how it is done.

    May no mistake about the path that is being suggested. It is a path of SEDITION!!!

  33. millertheanunnaki Avatar
    millertheanunnaki

    @ Prodigal Son | June 3, 2014 at 9:24 PM |

    I told you so! Just wait on the S&P report.
    And you know precisely what is in store for Barbados First a flight of capital and then the dread D word. Four to 1 sounds reasonable.

    BTW, what has become of the many projects that were announced last year by the MoF and due to start this year? What is happening with the programme to restructure/privatize the many statutory corporations announced last December by this administration?
    Have you noticed how the standard apologists (ac and co) have reverted to the strategy of blaming the current fiasco on the previous administration 14 years of so-called misrule?
    We were of the view that they too would have put that behind them since February 2013 (when everything was declared to be stable and in good managerial hands) in the same way the BLP must learn to accept its defeat and as one commenter said: “vox populi vox Dei”.

    It doesn’t really matter at this stage because the IMF god will soon be taking over on a full-time basis the fiscal and monetary management of poor Barbados.

  34. Pachamama Avatar
    Pachamama

    This writer happened to have been privy to a discussions where the GOB was being advised to abandon the credit rating. At the time we thought it to be a radical approach and after years, no apparent action was taken. Could it be that a tatical decision was made to follow that advice and it was implemented in slow motion or is this just a mindless surge towards an unavoidable perdition?

  35. Artaxerxes Avatar
    Artaxerxes

    frankly speaking | June 4, 2014 at 1:01 AM |

    “Barbadians are backing the government because the alternative of the BLP is about horrific infighting with at least three leaders and factions each saying different things. Chaos and confusion not seen since 1994 . The BLP cannot lead itself much less 300, 000 Bajans”

    I could not agree with you more on this point, it’s spot on and has been proven.
    Barbadians witnessed 14 years of infighting within the DLP and similar scenarios that are now unfolding in the BLP. We saw “horrific infighting” for leadership in the DLP between David Thompson and Clyde Mascoll, David Thompson and Denis Kellman, David Thompson and Fruendel Stuart (and the infighting still continues….Dr Estwick and the “faction” of the Eager 11 are prime examples). We also saw an exodus of many disillusioned members of the DLP.

    As such, the DEMS spent 14 years in opposition, because, as you rightly stated, people were of the perception the DLP could not “lead itself much less 300,000 Bajans.” However, after the infighting, which was far more “horrific” than we are seeing displayed within the BLP, the DLP was able to win the government.

    Once again your point relative to the infighting has been substantiated by the performance of the DLP thus far. After 14 years of infighting, the DLP has proven to all and sundry (except to those of you who prefer to wear blinkers), that they could not lead itself and Barbados then, and they have failed miserably in leading “300,000 Bajans now.”

    Good observation, my friend, we have learnt from you to never elect a political party that has been plague by infighting, or we will surely get the type of government that this DLP administration is proving to be.

  36. David Avatar
    David

    @Pacha

    It is the government’s right to follow a strategy however a departure from following the edict of the rating agencies has consequencies.

  37. HAMILTON A HILL Avatar
    HAMILTON A HILL

    @ LIMITONE…. To your post timed at 3:09 am answer me this. Yours is a very clearly defined list of infelicitous undertakings {and I have chosen that term deliberately}by the Owen Arthur administration. Other than the big talk to which we were treated by the late Deceptive David up by the Bussa Roundabout back in 2008, what has happened even though those in whom we reposed confidence have had at their disposal for the last six years every file and piece of documentation highlighting these infelicities? Remember the promised forensic investigation? Remember the slime that surrounded Noel Lynch? Do you understand that a change of government represents the resurgence of such slime? Are you asking us to believe that this DLP government gives a shit about the plight of poor people?

  38. Sunshine Sunny Shine Avatar
    Sunshine Sunny Shine

    @Hamilton Hill

    You speak the language of the SSS. Will there be no Robin Hoods to deal with these Sheriffs of Profitting-ham. Will no voice arise to speak the truths that the bastards from politics – past and present- has sought to deceive and malign? It makes no sense, Yard-fowls, PIMPS, Pilfers, casting blame at your respective rivals on either side of the political fence. That won’t save this sinking ship. Barbadians will only rise up when the real effects of the nightmare that is our economy finally touch them. And when they do they will curse both these deceitful is ass parties for what they truly are.

  39. Pachamama Avatar
    Pachamama

    Well, when one has limited options one may then turn to the unavoidable, the painful. We would like to think that any government may want to explore all options but when decisions are made that substantially depart from accepted norms there would be wide consultation and all that could come from that. This should tell us something about the nature of the governing system.

  40. Bush Tea Avatar
    Bush Tea

    @ Hamilton Hill
    Did the PM not answer your question yesterday when the house of assembly almost appointed Lammie Craig a saint…?
    Did he not define a “Political Class”?
    Did he not say that DESPITE ANY WORDS BETWEEN THEM, IT WAS THEM AGAINST THE REST OF US?

    Caswell is right again…..
    It is better when the PM is silent….cause every time he speaks he sounds more and more like a BBR….. (R is for rabbit)
    …..almost as bad as Mia……

    Bushie is just waiting to see how much longer before wunna bloggers wake up and smell the flowers……
    ….our brass is grass
    TIME TO LOOK FOR PLAN B……..BBE!!

  41. Code Name Octopussy Avatar
    Code Name Octopussy

    Dems destroying dem (-ignorant bajans)-who like FREUNDEL

    because he quiet and do not talk much-a la the caller on Brassstacks talking to David Ellis. She complained about the Government BUT….she still like Freundel–So there you have it.

    Some people like their oppressors-Black Slaves like their masters. People like people who abuse them. Women (some) love men who beat them. This woman on the call in programmne likes Freundel and she is a DEE
    Boy when Bajans like you, you can do anything-no problem
    When they do not like you, you can do the world of good==they will cuss you and call you names still. Starnge mental
    Mottley was right–Idiots–half of idiots and poopets
    .Peter Wickham was right-They voted for Freundel not talking so why should he talk hold press conferences
    Elombe Mottley was right
    That is what de ignorant Bajans voted for so why should the man talk to anybody. Freundel is really a confused Snob who wants to distance himself as far as possible from certain people

    MEANWHILE BARBADOS IS BEING DESTROYED

  42. Artaxerxes Avatar
    Artaxerxes

    David | June 4, 2014 at 5:23 AM

    “As a country we have to be able to discuss what confronts the economy in a mature manner. What is Moody’s evaluating to drive the decision to push our grade THREE notches. This is not the time for political partisan BS.”

    Essentially, Moody’s reviews focus primarily on the political and economic factors affecting the sustainability of favorable developments in the medium-term, in addition to examining structural problems that could limit continued progress.

  43. robert ross Avatar
    robert ross

    Lemuel has raised a question which has increasingly forced itself upon me as I read down the posts – and it’s one that BU has itself raised. What exactly are we to do? Any suggestion of marching goes down like a ton of cement and, in any case, I wonder if the average worker, shop assistant, priest or doctor or whoever has the stomach for it, the fire for it…for though we’re great at jibbing there’s little else – all fizz and no pop. So maybe Lemuel is right – maybe the Party member activists should organize something and then see who will join…the Pied Pipe had a great success after all.

    On ‘spade a spade’, I have to say I always feel uncomfortable using the expression just in case….but now it’s good to know it’s OK….err…..well, I think.

  44. Artaxerxes Avatar
    Artaxerxes

    ac | June 4, 2014 at 12:55 AM |

    “everyone that had a role over the years that voted in govts that borrowed at high cost is responsible for the downgrades,, the high debt and as the report stated the high interest cost of the loans and other factors contributes to our continual downgrade…”

    AC, when it comes to economical matters you are far out of your depth. It seems as though you get together with your DLP fan club members, and as Bushie would say, talk some shiite, and then transfer it to BU. As I always tell you, stop listening to the idiots who advise you and do your own research, before coming to the blog. What you contribute are always emotional, unfounded statements, because you can never refer to any supporting documentation to substantiate your points. Obviously, you rely on the party political diatribe of DLP for your educational enlightenment, which makes you denser than I previously anticipated.

    In essence, you are saying that voting for the BLP has led to the downgrades. Before contemplating writing such nonsense, maybe you should have determined the criteria used by the international rating agencies, and review their reports from 1994 to 2007 (since you are using the BLP’s term as your performance benchmark), and compare them with the reports between 2008 and 2014 (so far), then you would realize that you are only regurgitating shiite.

    No wonder you are considered the “BU Clown”.

  45. HAMILTON A HILL Avatar
    HAMILTON A HILL

    @ Bush Tea… are-we-there-yet touched briefly on that same extraction taken from “The Follies Of Fruendel Vol.1” in an earlier post. Your point is taken bushman, especially when one remembers that the same Fruendel told this nation that he had witnessed first hand an act or acts of election fraud. What has he done about it? Perhaps he like only can, has already smelled the tea leaves and drawn the conclusion that WE LIKE IT SO!

  46. ac Avatar
    ac

    that`s right arterexes we all know where the moody place the focus going foward..however the picture also points us back to the high level of incompetence that was allowed to fester and boil under the blp administration and which has now reached a boiling point …as for ac rabid comments wether or not agrees with. this present govt of handling the economic problem is open for all kinds of debate however all gloves are off as to how this country got into this hell hole in the first place

  47. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad Avatar
    PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    You all can study the banks and down grades , Barbados will end up under the train. What is under the train is LAND and bad title deeds,
    The is at the Roots of Barbados fraud state , Blame Mia, Owen , EX CJ Simmons, Ex COP Dottin, ,
    This is your CRIME SCENE OF 166 SQUARE MILES,
    BARBADOS will not recover until the land titles and Archive , the land is what drives the money …. PONZI FRAUD IS STILL BEING COVERED UP,
    90% OF LAND TITLE DEEDS ARE JUNK BOND STATUS , THE BANK LOANS ARE PROOF OF MASSIVE FRAUD,
    MIA NEED TO BE IN JAIL FOR 5 DEATHS ON LAND SHE HAS NOT CLEAR TITLE FOR AND HAD NOT PERMISSION TO BUILD ,
    WE HOLD THE DEED FOR 286 ACRES , MIA ,,,YOU WILL NEVER BE PM ,.

  48. Artaxerxes Avatar
    Artaxerxes

    ac | June 4, 2014 at 12:55 AM |

    AC, the following information is for you and the other clowns like “frankly speaking” and “limittone” who are talking about debt.
    Firstly, I must point out to you that if there is no way that this administration would have come into office without knowing about the debt. Secondly, in the process of my research for academic purposes, I had to register with certain agencies to access information. Surely, if this facility is available to me, it is also available to the DLP’s shadow minister of finance and his economic team. So to suggest that the DLP were unaware of the debt or any variables that affected the economy is a lotta shiite.

    In the following excerpts are from Moody’s reports from 1997 to 2003 you should take particular notice of their comments on the economic policies, debt to GDP ratios and debt manageability.

    New York, 2/13/1997 — Moody’s Investors Service placed the Ba2 sovereign ceiling for foreign-currency debt of Barbados on review for possible upgrade. Also on review is the Ba3 sovereign ceiling for long-term foreign currency bank deposits.
    Moody’s said that the review was triggered by improved macroeconomic fundamentals, the continued presence of a prudent policy framework and declining debt ratios.

    November 10, 1998 – Moody’s Investors Service has assigned a first time rating of Baa2 to domestic currency debt instruments issued by the Government of Barbados. The agency said that the rating reflects sustained improvement in budgetary performance during this decade, an average but improving public sector debt profile, as well as the country’s limited economic resources.

    New York, June 18, 1999 — Barbados’ country ceiling of Ba1 reflects the country’s comfortable debt profile, improved economic fundamentals, as well as social and political stability. The outlook for the rating remains positive according to the report, reflecting the country’s efforts at fiscal control and a positive medium-term economic forecast for the nation.

    February 08, 2000 – Moody’s Investors Service raised the long-term foreign currency ceiling for bonds and notes of Barbados to Baa2 from Ba1. Moody’s noted that a consistent record of prudent fiscal and monetary policies supports the rating upgrade. In recent years, following a serious balance-of-payments problem early in the 1990s, the island nation has continued to register improvements on various macroeconomic fronts including sustained GDP growth, modest inflation and manageable current account deficits.

    New York, July 12, 2001 — In an annual report on the Caribbean country, Moody’s Investors Service says its stable outlook for Barbados’ Baa2 foreign-currency country ceiling rating reflects a record of prudent fiscal and monetary policies, careful debt management and a long history of social and political stability.

    Global Credit Research – 09 Jul 2002
    In its annual report on Barbados, Moody’s Investors Service says the island nation’s Baa2 country ceiling and stable outlook reflect the presence of low and manageable external debt ratios, proficient debt management by the authorities, and a political consensus in favor of prudent economic policies.

    New York, September 10, 2003 — In its annual report on Barbados, Moody’s Investors Service says the country’s Baa2 ratings reflect prudent fiscal and monetary policies, low and manageable external debt, and a political consensus that crosses party lines and favors prudent economic policies, says Moody’s Investors Service in its annual research report on the Caribbean nation.

    More to come.

  49. Lemuel Avatar
    Lemuel

    Ross:
    This crowd would never see what we are seeing!! LOL

  50. Roverp Avatar
    Roverp

    It amazing how we continue to blame instead of fix. To the leaders it is all a childish game of who is better than. The level of ignorance that we have fallen to is alarming. Time to do the right things. We have been doing too many wrong things.

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