Minister of Finance Christopher Sinckler and Governor of the Central Bank DeLisle Worrell
In May this year Governor Delisle Worrell issued a directive to ban the Nation newspaper from participating in press conferences hosted by the Central Bank of Barbados. His action provoked wide condemnation from every corner within in civil society. The Governor and Central Bank obviously yielded to the pressure and public expectation reverted to the Governor having his routine press and Q&A sessions or so we thought!
It was a surprise therefore when the media was informed that the regular press conference to cover the six month economic performance review was to be cancelled. To date Barbados Underground has not discern the same level of outcry in response to the decision by the Central Bank compared to when the Nation newspaper was banned. Which is to be condemned more, the short-lived ban imposed on the Nation newspaper OR the cancellation of the press conference that denied the Fourth Estate from interrogating the banker of government at a time when we have more questions than answers.
The feeble excuse offered by the Central Bank and supported by leading media practitioner David Ellis that all press briefings are posted to a website is unacceptable. At a time when a greater level of public engagement is the desirable option, the Governor has chosen to retreat and is happy to limit his public appearances captured in the press to attendance at crop over events.
Of greater concern to BU has been the loud silence by civil society and in particular the media. What makes the decision by the Governor to cancel the press conference the more worrying was that no reason was offered. One must conclude that the Governor and his Central Bank advisors have scant respect for the media and by extension the public of Barbados and those beyond.
The supine nature of the local fourth estate has been questioned repeatedly by the fifth estate in recent years, the lack of a strident response to the cancellation of the customary six month economic performance review of the is further confirmation to its moribund state. Questions by the public about key government projects failing to acquire finance and the impact on economic recovery, the funding of government finances contrary to advice from the IMF and others remain unanswered by the Governor. The reason we want to to hear the governor on these matters is that some, although dwindling, regard statements issued by the Central Bank as still credible. Many Barbadians are not inclined to accept utterances from the Minister of Finance after six years of little or no improvement in the economy.
The Governor is said to be a creature of the Minister of Finance, although one senses in the case of Worrell and Sinckler this is not the case. Worrell’s decision to cancel we reasonable expect would have been conveyed to the government through the office of Sinckler. In the absence of an official explanation we are left to speculate why the six month press conference was cancelled.
BU has reached the position of a lack of confidence in Minister of Finance Sinckler and the Governor of the Central Bank Delisle Worrell. There comes a time when enough is enough. The time has come for the two actors to step aside and give others the opportunity to fan confidence back into the Barbados financial arena. Both should resign because the Prime Minister will not fire them because it requires a decision to be made. And the media will not do it because the politicians always seem to find a way to extract moulah from them, especially the Nation newspaper.
sack FUMBLE JOHN BOYCE INNIS AND ESTWICK TOO—LOL
David Ellis declared himself a close friend of worrel and refrained from comment….ridiculous!
David
I don’t know why it is so hard for you to understand why the Governor cancelled the press conference: it is extremely difficult to face the media and knowingly make a fool of yourself continuously. Do you think that the Governor knows that his analysis of the Barbados economy is crap?
Annie
The difference between Worrell and David Ellis is that Worrell knows when he is making a fool of himself.
GEORGIE PORGIE
WHAT IS THE SCORE……
My take is that the governor was pressured to reverse his ban on the Nation after the public outcry. To get his way, he has decided that he would have a press conference then.
Who knows?
Or maybe he could not spin the numbers when he knew that Moody’s would soon be publishing their report with the true position on Barbados’ economy.
The soldier is never the blame. The blame is always with the generals. Worrell is just their political puppet. Sometime the strings get crossed and puppet will not respond to the actions of the puppet masters
Ellis wears another hat, that of public relations consultant therefore don’t look for this ellerslie boy to criticise any big up in Barbados.He thinks all big up businessmen and political appointees to position of power to be fair game in the public relations business. Both he and Peter Wickham are in personality makeover business and you will notice Mia and Sinckler have of late been getting a pass from these two guys.
I am sure we heard Ellis offering excuses today as to how long government might have owed Bizzy money and how there was not be enough time for a measure brought to the House to be perused.He must be close to certain people to be their mouthpiece.
My take on Ellis is not complimentary.Neither fish nor fowl such that in an insurrection he being a fence sitter,would be eliminated first as the man cannot be trusted.Pimpish behaviour would be a reasonable description of his character.
With all due respect……the MOF cannot fire himself, even though he can resign. But for Sinckler to resign is to admit to us that he cannot handle the job. To me the problem has gone for FAAAARRRR to long to exclude Freundel Stuart. It is too late for Freundel to escape culpability whatever action he takes now. Freundel has to relieve Sinckler as MOF….but we must consider the consequences such action will have. Will Freundel rotate the failure Chris in his cabinet or rotate him out. I feel Freundel is deliberately in a covert way trying to weaken Chris Sinckler’s ”stature” in the party by letting him continue in a job that he is failing in. It is part punishment for the Eager Eleven episode.
So these two are thrown overboard, what’s next? Can anybody else do any better? Should we not be thinking about deeper measures?
I do not think it is fair to say that there was “supine silence” on the part of the print media. Both newspapers editorialized against the Governor’s decision.
Freundel Stuart does not have the gonads to fire the MOF or the Gov. of the Central Bank so stop asking the man to do things we all know he is incapable of doing.
@jeff
Both newspapers posted editorials but BU’s point is that they have not created the same bedlam compared to when the Nation was banned. One editorial does not cut it. If something is wrong they need to highlight it with greater and greater urgency. How about putting a blackout on covering on critical events if these persons are present?
The People’s Democratic Congress (PDC) continues to ask many persons within Barbados to do their utmost to secure a Commission of Inquiry into many of the operations of the Central Bank of Barbados.
For, there are so many things that are so fundamentally wrong and very out of place at this once prestigious governmental institution.
For instance, the Bank has – since 2008 – been saying in its some of its reviews of the relevant supposed statistical performances of the overall political economy and services industry sub/sectors of the country, that there have been these periods of growth – either quarterly, half yearly, yearly – in these sub/sectors.
Now, these allegations of ‘growth’ by the Bank have not been squaring with what has been happening in reality in this country, and are clearly cases where the Bank has been feeding patently misleading erroneous and improper information to the public of this country, to lull many people within and beyond Barbados into a sense of false confidence security about what is really taking place in the political economy and service industry sectors of the country.
For, since 2007, there has been never any growth… there has been no quarterly, no half yearly, or no yearly growth whatsoever in the overall statistical performances of all the commercial industrial sectors combined in this country.
None what so ever!
One way of telling that there has been no growth since 2007, has been in the sustained upward stratospheric increase in the real actual cost of use of money (local/foreign) in this country.
Another is in the general observations of multitudes of people and business people who have been relating to the PDC long term cut backs in their and many others’ use of money – and who have been relating to us too long term declines restraints in their and many others’ commercial operations.
These two circumstances – out of so many others – have certainly gone on to adversely help bring about the dreary depressed mood and spirit of the general populace in the country. And without a doubt too the latter have fed right back into overall sloth general long term declines in material production and distribution performances of the country.
Thus, it can be safely argued that there must be evidence in the Central Bank of Barbados that many things have fundamentally gone wrong with the Bank’s data collecting research survey analytic reporting processes when these very dreadful circumstances are not reflected in many of the numbers coming out of the Bank. (We are not focusing on the Barbados Statistical Service yet).
It is such monumental maladministration that must be inquired into by a Commission of Inquiry!!
Moreover, as times go by and irrespective of the gross and reckless misinformation about ‘growth’ taking place at particular times in the political economy and services industry sectors of this country, many more Barbadians will be taking note of many more austerity measures to be put in place in the future, by especially the government, equal to and demonstrative of the extent of real declines that have been taking place in the political economy and services industry sectors of this country.
Finally, we have said it on here and in many places here in Barbados that our situation here with the Bank and the Government in Barbados giving much faulty improper prejudiced statistical mathematical information to the public in Barbados on the supposed data performances of those sectors, reminds us of the situation with the Central Bank of Greece and the government of Greece some years ago doctoring much political economic financial information about the said government and the said country, and which itself was asked by the EU to be provided to it, on the Greek’s entry into the EU, and then some time after having entered the EU, having to go through very turbulent social political material financial times recently and up to now.
PDC
@Gabriel
Ellis wears another hat, that of public relations consultant therefore don’t look for this ellerslie boy to criticise any big up in Barbados
+++++++++++
Typical Bajan classism at work, what does where he went to school have to do with anything? Don’t the students from this school end up sitting next to the students of all the other “named” schools at UWI?
Crabs in a barrell.
Since politics are often so personally and emotionally charged, it’s natural to seek out people you agree with. It’s for that very reason you need to be able to check your bias at the door and be open to (or actively seek out) information that may contradict your position. Sometimes being able to see the complete picture—including the flaws in your own position—are the key to strengthening it.
The polititions responsibility for his mistakes or timely excuses, missing deadlines and actions, are not punishable, or penalised.
All they have to say is ” I’m not liable ” for costing the country millions. ” we get paid whatever.”
Governors of central banks frame their comments to prevent a run on commercial banks.
Finance ministers are politicians.
It is amazing that we Barbadians considered ourselves to be highly educated with one of the highest literacy rate in the Caribbean,indeed it can rival and surpass many developed, industrialized countries of this world,yet we would castigate,ridicule our own and take as gospel the nonsense a bunch of foreign so-called economic experts say about our economy. We would hastily discard the opinion of one of our very own for the opinion of those who really do not have good intentions for this country.
I have great confidence in Dr Delisle Worrell and I respect his assessment of the Barbadian economy. After all he lives here.That bunch of so-called economists that labeled themselves Moody’s previously criticized the USA economy,How did the USA respond? The USA threatened to investigate them with the intentions of bringing charges against them.After that,Moody’s did not comment on the state of the USA economy anymore.
To hell with Moody’s and their nonsense.
Sargeant,I am in total agreement with you on the comment of referring to David Ellis as that Ellerslie.boy.
Snobbery and class ism are not only rife in the Barbadian society but it is very prevalent among many of the commenters on this blog.
Chris Sinckler,Michael Lashley are refer to as those Garrison School boys by many commenters on blog.
At my days at Barbados Community College,I sat in class with students from many of the so-called prestigious schools in Barbados. I was the only student out of a class of about twenty or so students who went to a newer secondary school. I am proud graduate of the famous Garrison School now Graydon Sealy Secondary. I am very proud to say out of that evening class at Community College,I was the only student that was successful in both my ‘A’ Levels.Many of the other students from the prestigious secondary failed and some failed miserably.
The middle class snobs in Barbados and on this blog really do not have anything on the ordinary Black Barbadians because as Sargeant opined, students from all classes in this country sit the same exams at UWI and Community College and get the same degrees.
The Gov is obligated to publish the data, not to hold a press conference; a press conference is the Gov discretion. One must commend the Gov for the timely publication of the data
@Chaucer
You guys don’t cease to make everthing political. They don’t serve the people. They have no interest to answer queetions which will obviously arise from the posted information. Don’t communicate with the people via the media, we are of little significance. A people will get the leadership we deserve.
Debt servicing costs this year are $106 million. In 2015 they grow to $307 million. The FX reserves dropped by 25% last year without the new Credit Swisse loan. Unless there is a dramatic turnaround in FX flows, 24 months from now the reserves will be in a precarious position. The article linked below is well worth reading. One can only conclude that referring to Moodys new rating with the word “garbage” intertwined into the description shows the total lack of understanding by our elected officials as to how the financial world operates and views us.
“Officials from the Caribbean island will engage in fresh talks with investors beginning on June 23 during meetings organized in London and New York by Geoffrey Bell and Company, a long time financial advisor to the government” How about a report from the GOB on how the negotiations are going.
http://www.reuters.com/article/2014/06/05/barbados-bonds-idUSL6N0OM5UO20140605
Sargent and Negroman
You can rave and rant all you like,the proof of the pudding is in the eating.To be sure you can tell at a flash,one schooled at Hammond and Tank,Elsie Payne,Noot, Patricia Symmonds,Duke Wellington,Ursula,Winifred,Newsam .
That poor rakey parliament full ‘o also rans and therein lies our economy’s direction.Even a Harsun fella who always talking bout Paul tishuns en learn nuttin bout pride and industry?Nuttin rub off pun he.?Proof that it all start chez vous!The halt,the lame and the blind went to a secondary school and I see a fella say he does catch crabs and sell.Wuh Deighton mussee turning in e grave to let he name get associated wid other than scholarship!
Why is it in Barbados when a company loses money the first person to get fired is the gardener? For years I’ve said that BDS will only decline as long as FooFoo is (not) running it. You cannot push a rope! For Barbados to grow, FooFoo must go! The only capable manager the DLP has is Donville.
Tick..tock..tick..tock.. word on the ground….that Mia got a whiff of the impending date of the moody,s. report..and purposely choose Thursday for march….tick..tock..tick..tock.
………however in as much as we would like to punch moody,s in the face..we dlp supporters should acknowledge the message ..proceeding with a confidence of optimism..striving even much harder to do better..and proving moody,s wrong..knowing in the face of it all..yet..the biggest challenge would be the detractors
@David
Political !!!
The data was published as required; now its the role of BES, business sectors e.t.c to analyse and comment. You don’t need the GOV to do your job
@Chaucer
Explain why the Governor saw the need to hold press conferences in the past?
The Gov exercised his discretion.
Moodys vs Gov : -1% or 0.3% GDP for 2014, economic forecasting is not an exact science, it is a process of making predictions based on various methodologies. The question isn’t whether the Gov must be fired, but whether methods used are reasonable and consistent with accepted standards.
Where is the politics?
@Chaucer
BS
@David
U have issues !!! my friend
@Caswell Franklyn | July 23, 2014 at 10:16 PM |
Annie
The difference between Worrell and David Ellis is that Worrell knows when he is making a fool of himself.
It seems to me that Caswell Franklyn is more like Ellis than Worrell.
I agree entirely with Chaucer. When you have been doing something stupid and you have the sense to stop and change course you should be given some credit for a return to good judgement, not pilloried. Some people flagrantly demonstrate that they have no brains in their attempt to show that they have more than the normal two balls!
With due respect to the title of this discussion “Fire Worrell and Sinckler”, I would offer that neither of them can be fired. I would go so far as to say none in Parliament from the DLP can be fired. You can stop paying them but you can’t fire them? Why? Because they stopped working a long time ago, that’s why? They are similar to what happened in China recently with the supplier of chicken to McDonalds. Just as the Chinese company altered the expiry date on the chicken, the DLP’s expiry date was altered just before the last election.
@ CHAUCER | July 24, 2014 at 12:14 PM |
“Moodys vs Gov : -1% or 0.3% GDP for 2014, economic forecasting is not an exact science,…..”
Just for the record your comment above reads like Moody’s is forecasting 1% growth when in fact it is a 1% CONTRACTION. Worrell is forecasting .3% growth. That is a spread of 1.3% !
@Nostradamus
-1% ( negative 1 %) GDP for 2014, i.e a reduction of 1% from 2013GDP
0.3% GDP for 2014, i.e an increase of 0.3% from 2013 GDP
It may be interpreted a high of 0.3% to a low of -1%
This level of spin will make anybody giddy.
@ Nostradamus, CHAUCER
It seems to me that one projection that comes up at .3 and another that comes up at 1.3 are significantly different. There is just about a 400% difference in the outcome of one compared to the other. The methodology or predictions being used must be very different. We are not talking about a small deviation.
@ SITH, Nostra
Examine the methodologies applied , OK!!!
@CHAUCER | July 24, 2014 at 2:07 PM |
“It may be interpreted a high of 0.3% to a low of -1%”
You may interpret it or spin it any way you like but the fact is that Worrell/Central Bank is forecasting growth of .3% and Moody’s a contraction of 1%.
Sargeant | July 24, 2014 at 8:15 AM |
Typical Bajan classism at work, what does where he went to school have to do with anything? Don’t the students from this school end up sitting next to the students of all the other “named” schools at UWI?
Crabs in a barrell.
…………………………………………………………………………………….
When I landed in England many years ago, I smiled inwardly, to see many men from these “named’ schools conducting buses at London Transport, alongside men from the ”no brand name schools,” and no one there couldn’t give a toss which school they attended back in Barbados.
However who I would like to see sacked forthwith, is the person who came up with the idea of outfitting our National team,in such a manner ,for the opening of the Commonwealth Games in Glasgow.
The Kilt, sporran etc form part of the national dress of Scotland for many centuries.If I were a Scotsman, to see another country, whose only link to Scotland, beside being a member of the (British) Commonwealth is sharing the same Patron Saint, St Andrew, wearing a bad take- off my my national dress, I would deem it an insult., mockery and taking the piss of my long standing tradition. Talk about taking coals to Newcastle.
Barbadians men or women have never wore Kilts,as such (Scotsmen are not very pleased when one refers to Kilts as skirts), and to see men on our national team wearing skirts, leaves one to wonder what message are we sending to the Commonwealth and beyond.
One has to ask, if the clapping and shouts we heard when our National team appeared was applause or laughter. The National dress of any country is sacred, just as much as its National Anthem, and I am sure that we would kick up a fuss if a Jamaican came to a show in Barbados and sung our National Anthem Reggae style.
Where is our originality and sensitivity. Perhaps Gwyneth Squires or Betty West’s US $1800 costumes would have been more appropriate,
Sargeant
Unfortunately, this is neither surprising nor shocking that we still haven’t been able to free ourselves from the traditional prejudices associated with the School of National Reputation in Barbados. And maybe I am off my rocker with respect to the remark, but Barbados is the only country I know of where most people boast of a Secondary School Education; never mind the traditional four year university education.
Now, Sergeant, you have defened this social-ill as Classism, but I hardly think that we could ascribe such a soft definition to what amounts in my estimation as: an infuriated lust for importance? Georgie Porgie, another education illiterate, informed me several months ago that, “I hadn’t any business being in the same conversation with those Chosen few who have attended Harrison College”. Now, can you actually, imaging the far-reaching -ego of this ill-nature egotistical nincompoop? The man acted as though he has brought a new paradigmatic- shift to the world of academia, when in fact, all he has done it to memorized and regurgitated someone else data. Poor soul we obviously, have to genuflect and pour out our souls to the Lord for this misguided lump of clay.
@”the decision by the Governor to cancel the press conference the more worrying was that no reason was offered. One must conclude that the Governor and his Central Bank advisors have scant respect for the media and by extension the public of Barbados”
I see this in GENDERED terms. It is typical “Barbados man” behaviour.
Don’t question me.
I will talk to you when I am ready.
I may never be ready, but I won’t discuss it. Don’t ask me anything.
I won’t talk to you if I don’t feel like it.
I will marry you when I feel like it..even if that is 40 years after we first met…and in the 40 year “interim” don’t question me.
I may never marry you at all…and don’t question me.
I expect you to raise my children (and yours) with little or no assistance form me..and don’t question me.
When I go to lodge meetings…don’t question me.
When I come home late from work, if I come home at a;;… don’t question me.
And if you question me..I will punish you with silence…don’t question me.
Do any of us know any Bajan men like this?
Our fathers.
Our brothers.
Our husbands.
Our sons…once they are past the teen years?
Our bosses?
The man down the road or the boys on the block who won’t unpick their teeth?
Any public figures?
Any public figures o the front page of today’s Nation newspaper?
Our Prime Minister?
Our late Prime Minister David Thompson?
Any living former Prime Ministers?
Our Central Bank governor?
Why are you guys getting your briefs in a knot about the Central Bank Governor’s silence?
Don’t you ever look in the mirror of your own behaviour?
Isn’t his behaviour a reflection of your own?
@CHAUCER July 24, 2014 at 11:45 AM “The data was published as required; now its the role of BES, business sectors e.t.c to analyse and comment. You don’t need the GOV to do your job”
Dear Chaucer: You are being disingenuous.
@SS
My apologies to u, and thanks for not calling me a simpleton
Going to school and actually learning are distinctly different things.
I know plenty people who left school with certificates, but forgot to take the knowledge and common sense with them.
If anyone listens to Fumble’s comments at these big up functions, dey would have to really restrain dem selves!!! Dem really feel as though they are doing the right thing fuh BIM!?!?!?
Someone! Anyone! PLEASE WAKE THEM TO EFFF UP!!!!
I thought that maybe they were doing these things to get more money for themselves… Recently I have come to the conclusion that it is more about being TOO DAMN STUPID, to even see when they are about to fall down a well.
Simple Simon
Let’s not act as though you’re ignorant and in want of common-sense Simple because I know you to be a smarter man than that. Now, do you think that it is wise to utilized an Absolute to describe any group of people? And in so doing, doesn’t it not speak ill of those persons who aren’t part to such conduct? Come now, you’re judge by the words you articulate, so let them speak to the nature of your schooling brother. QUESTION: does the Exception proves the Rule? Or does the Exception to the Rule proves the Rule? Something to masticate!
A birdie tole me dat Fumble be called “Shakespeare”… and I think they are quite right!
Well, people of Barbados, the stage has been set by Shakespeare:
[code lang=text]
Merchant of Venice:
Stinkliar is Shylock and BIM is Antonio. Mia is Portia.
Shylock tries to extract his money from Antonio, but Portia makes a good case for taking a pound of flesh without a drop of blood. (he would if it was pork). Portia also makes a case that Shylock is trying to murder Antonia and should forfeit his fortunes.
[/code]
Regarding certain likening to Caesar, does this well read ‘Shakespeare” not remember what happened in that play? For this I would paint Donvillan as Brutus and Strinkliar as Cassius.
Seems that WordPress did not like my formatting:
A birdie tole me dat Fumble be called “Shakespeare”… and I think they are quite right!
Well, people of Barbados, the stage has been set by Shakespeare:
Merchant of Venice:
Stinkliar is Shylock and BIM is Antonio. Mia is Portia.
Shylock tries to extract his money from Antonio, but Portia makes a good case for taking a pound of flesh without a drop of blood. (he would if it was pork). Portia also makes a case that Shylock is trying to murder Antonia and should forfeit his fortunes.
Regarding certain likening to Caesar, does this well read ‘Shakespeare” not remember what happened in that play? For this I would paint Donvillan as Brutus and Strinkliar as Cassius.
Iwachya
How long have been living in the world of fantasy and make believed brother? It seem as though you have alot of free time on your hands? Why don’t you take sometime to mentor some misdirected Bajan child, who is in need of directionality? I am sure your talent for make believed can be best express else way Iwatchya.
And based on your inventive characterization of Shakespeare, I can’t help but to think that your schooling centers back to the 1960’s or further?
Colonel Buggy on July 24th at 5:02pm. Most profound. No school defines who you are. You by what you contribute to society, add credits to the definition of your schooling.
@ Sergeant. ..Just saw an earlier suggestion directed my way. Thanks but I’ll pass while making a suggestion of my own. Tell your Minister of finance that perhaps he should stay away from Aladdin’s.As yet not a single wish has been granted. That seems to be the methodology he employs.
If the Governor plans to avoid the press then the MoF should be expected to fill the information void. After all they serve a the pleasure of the people. What will be the impact of the pier project not starting on time on government recovery effort? What is the sub committee of cabinet led by the prime minister doping to counter? What is the status of the law suit brought against government concerning the pier project? How does the government plan to pay Barrack? In an exchange on Facebook Minister Kellman intimated to BU that he had signed the file and passed it on. What about Clico issue? Six long years and BS, blustering, huffing and puffing but nothing to give hope that there is light at te end of the tunnel. We forget many of these ministers have not had to manage any enterprise of note in their lives and are suddenly thrust into jobs to manage a 7 or 8 billion dollar economy.
Dr Clyde Mascoll must be told in no uncertain terms that this localized political economic depression has been caused by a variety of political material financial factors – though primarily of domestic origins.
Mascoll’s attempt to principally blame this jack o lantern DLP government’s fiscal policy approaches for this depression is shortsighted and unstudied, and simply passes as pure Mascoll/BLP ignorance.
While it is true that this government’s fiscal policy effects have contributed much to this prolonged depression in the country, the fact is that it is DLP and BLP governments’ TAXATION MONETARY FINANCIAL policy effects over the years that have been helping greatly to bring this country to this position.
As a matter of fact, the first signs of this localized depression were seen by the PDC in 2005 – well before the onset of the international financial crisis in 2007 – which itself impacted somewhat on our domestic situation.
Dr Mascoll must also remember that as Minister of State in the Ministry of Finance he failed massively in 2007 to rein in the real actual cost of use of money (local/foreign) in this country, and failed massively too to rein in the increasing amounts of remunerations that many persons, businesses and other entities were handing over to one another, whilst receiving the resources, goods, and using the services of the relevant others receiving those remunerations.
Such were primarily driven by the then BLP government’s outrageous TAXATION and obscene transfer of remunerations/credits policies which saw many ordinary people, businesses and other entities, and the core financial system handing over for good monies/credits/numbers (TAXATION) belonging to them to the government, and transferring remunerations/debits/numbers to the government on the promise of monies/credits/numbers being transferred by the government at specified future times.
Such saw many persons in or associated with the bloated huge size of government getting more monies than they deserved, whilst beginning to create greater cash flow problems for the private sectors of this country at this time.
At the international level, the amount in US dollars/US credits that international oil and other relevant commodity owners marketers wanted from out of the credits of persons, businesses and other entities here in Barbados, while they succeeded in passing the oil and other relevant commodities to the latter, had been gradually increasing from 2006 to a peak in 2008. Such created massive credit problems for Barbados at the time.
And let us not write about the government’s profile of foreign credit transfers to it from many international sources – which was worsening more and more!!
Yes, since 2008, the DLP government has made it worse for the political economy and service industry sectors of this country, by its implementation of many evil wicked TAXATION MONETARY FINANCIAL policies.
As it stands now, many of the structures and functions that created those political material financial problems are still there in Barbados and beyond and are still creating these myriad problems that are giving expression to this localized political economic depression.
PDC
Some of us are at a lost why the government through its principle spokesman of finance has to refer to international agencies using disparaging language. In this case the reference to Moody’s as being out of line. Bear in mind whether we like it or not the same investors the minister, governor et al have been wooing weigh the opinions of the agencies. In many cases investment decisions and policy regarding sovereign risk is heavily influenced by the analysis of these agencies that government is so dismissive. Do we have the financial capacity to scoff at these agencies? And when we do what message does it send to the general public?
The PDC is entirely saddened to have heard on CBC 94.7 fm a news item in which it was stated by the news reader that Barbados is now positioned at No 59 on the United Nation Human Development Index, down from No 24 in the mid 1990s.
What a shame!
What a disaster!
Both these jack o lantern DLP and BLP disorganizations must ABSOLUTELY PERMANENTLY be removed by the broad masses and middle classes of people from the parliament of this country.
They are presiding over the dedevelopment and ruin in many of the social political material financial affairs of this country.
PDC
This gradual but serious tumble in the HDI rankings shows two broad things:
1) That this present westernist oligarchist exploitative dependency model of “development”( that has been long practiced by DLP and BLP governments) has ensured substantial dedevelopment and ruin in many of this country’s social political material financial affairs; and,
2) That there is an absolute need for a new indigenous, egalitarianist, participatory people-centered model of development that rescues Barbados from this current calamitous state that it is in, that turns it around, and that puts it on a trajectory towards eventually becoming a world class society.
PDC
@David
You are so very correct to ask why is it necessary to use disparaging language in regards to Moodys. One could simply not imagine trying to negotiate a loan with individuals who rely on Moodys and then having to answer why as the borrower you refer to their announcements as “garbage” .
“Officials from the Caribbean island will engage in fresh talks with investors beginning on June 23 during meetings organized in London and New York by Geoffrey Bell and Company, a longtime financial advisor to the government”
Any clue as to how these meetings progressed?
Dompey:
Thank you. I take that as a compliment. Maybe you are close to one of the character’s in the play?
I don’t know where you were schooled, or when, but I have been reliably informed that Shakespeare’s works are taught in schools in Barbados.
I used that post as a bit of fantasy – because we are living a nightmare.
Maybe, just maybe, we can use a bit of jest to help get through to some people like you Dompey. Whom actually read the post.
Thank you, my brother.
David:
Only a hot headed fool would dismiss several international reports with such flippant language.
This government and the other ostriches in BIM, can call the local detractors political yard fowls who are just attacking the government or party in power.
Yet, they CAN NOT easily dismiss reports and assessments provided by independent international organisations.
List price on the big rides in GOB car park:
http://www.caranddriver.com/bmw/x5
http://www.caranddriver.com/audi/q7
Add accessories and shipping charges and the LOST revenue to the BRA when they imported these monsters on the backs of the Bajan people.
Unless… they paid for them personally…
Owen Arthur to join/consult with the DLP as Chief Economic Adviser to the Cabinet with responsibility to lead the negotiations with the IMF on a Structural Adjustment Program for Barbados.
Mia finally appears to be free of OSA, she should rebuild the party leaving revenge for some yet unknown date in the future.
“Some of us are at a lost why the the government through its prinicipal spokesman on finance has to refer to international agencies in disparaging language”
Simple. The Government is still on the campaign trail as has been the case since 2008.
What is annoying is that these same governments DLP/BLP take good taxpayer’s dollars to pay the same rating agencies for their advice…..as we know they are not paying attention, these fly-by-night leaders, and very shortly they will be prostrate before these same rating agencies, they know they are already not the brightest bulbs unless there is a me me scam involved, but got the nerve to be grandstanding, pretty soon, they will have no choice but to assume the position…….steupss.
Sorry, but those beemers look like hearses, i see much better looking vehicles in North America, Europe, Trinidad, etc.
“OWEN ARTHUR TO JOIN /CONSULT WITH THE DLP AS CHIEF ECONOMIC ADVISER TO THE GOVERNMENT.”
Mr Smart, politics is about opportunism and it was opportunism on Mr Tom adams’ part to snare the St Peter seat thatand Mr Arthur’s opportunism to be a part of the plot that led to his elevation to Parliament as a member of the BLP. Aleopard does not change his spots and as aclose friend of Mr Arthur a(God rest him in his grave) once told me, Mr Arthur is a Barrow dem and will always be a Dem..Observe that he put up a statue f Mr Barrow and the Dems didn’t..The chickens therefore would have surely come home to roost.What a sorry ending for a man who did so much for Barbados in the aftermath of the DLP led destructive assault on the economy between 1986 and 1991. AC over to you. you should beable to find out first hand about the $75000. dollar cheque. I do not think that Mr Arthur would have the temerity to rejoin his former party but who knows what opportunity beckons.
Why would anyone even worry about Mr. Arthur’s future, don’t the taxpayers pay his pension as a former Prime Minister and will do so until he leave the earth, i would more worry about what the sorry asses in the DLP/BLP are up to right now.