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Dr. DeLisle Worrell, Governor of the Central Bank
Dr. DeLisle Worrell, Governor of the Central Bank

Sometimes one has to wonder. The media and analysts have been mostly silent to explain reports two 10 million and one twenty five million savings bond issues have been fully subscribed within hours of being floated. The recent decision by the Central Bank of Barbados to remove the regulation to pay Barbadian a minimum savings rate BU suspects […]

has been the great influencer. It should be noted the Central Bank floated a 4.25% Treasury Note on June 1 also and unlike the enthusiastic updates being issued on the sale of the savings bonds, we have not had similar updates about the treasury note. Come on Governor Worrell, update please!

Almost overnight Barbadians who have been earning 2.5% and higher from as long as the BU household can remember are in shock with banks now paying between .5% to 1.5% on savings accounts. To be expected we have not seen the same rapid and significant reduction in lending rates.

Given the haste the Central Bank of Barbados has rolled out its PR blitz to promote the savings bonds, it is easy to conclude the ‘arrangement’ between the Central Bank and the commercial banks has been successfully executed. Hopefully the Central Bank and commercial banks will achieve a win win position: the central bank will be able to borrow on the domestic market at a cheap rate and the commercial bank will improve its revenue position by not paying interest on useless deposits. The 64k question is whether Barbadians are equally as confident to borrow money which is important to stimulating economic activity.

The ignorance of my people!

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147 responses to “Rush for Savings Bonds”

  1. alvin cummins Avatar
    alvin cummins

    Didn’t we read in the newspapers a few weeks ago that Bajans had over 8 billion in deposits in the savings banks and Credit Unions. Wasn’t it stated that there was a high degree of liquidity in the Banking system? Wasn’t it stated that Bajans were more judicious in their use of their money? Isn’t it obvious that the people of Barbados have more confidence in the performance than the purveyors of gloom and doom? Hasn’t the world economic picture gotten better? These are the aNSWERS TO YOUR QUESTIONS.
    THERE IS MORE GOOD NEWS TO COME.
    Alvin Cummins

  2. Bush Tea Avatar
    Bush Tea

    Shiite….
    The other AC has been resurrected….

    OK the Banks can only see value in paying 1.5% on savings, but Government is willing to pay 5%….
    hmmmmm
    …when banks could only see value in 4% CLICO was offering 9%.

    Right now, those jokers owe tax refunds (money that DOES NOT RIGHTFULLY belong to government, but to taxpayers) for two years….
    Right now they are scrunting for money to pay Bizzy, Barrack, for hospital supplies, UWI and many other WASTEFUL and UNPRODUCTIVE ventures conceived by JAs…

    …just like CLICO needed money to pay bribes, buy swampland in Miami and pay illiterates $90M per year….

    Not stinking Bushie….
    ..Did NOT buy after assessing Leroy Parris’ intellect
    ..Will NOT buy after assessing Stinkliar’s intellect and veracity….

  3. ac Avatar
    ac

    bush shite you are one ignorant work of art,the govt giving 5% on your money and you talking shite about dist and dat what a jas, now tell me how does your repetitive regurgitated arguments adds up to dollars and cents in your pockets you are one dumb negro, trying to catch fish with a fly swat, ha! HA! HA! Truth be known keep what you got cause you probably need it more than govt steupse,,,,,

  4. PLANTATION DEEDS FROM 1926-2015 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS,DLP AND BLP MUST GO VOTE CUP Avatar
    PLANTATION DEEDS FROM 1926-2015 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS,DLP AND BLP MUST GO VOTE CUP

    Bush Tea June 10, 2015 at 9:57 PM #

    Shiite….
    The other AC has been resurrected….

    OK the Banks can only see value in paying 1.5% on savings, but Government is willing to pay 5%….
    hmmmmm
    …when banks could only see value in 4% CLICO was offering 9%.@

    Bush Tea , a sucker is born every minute , it seems you have twins in A’s and C”s

    Why cant some people put 2 and 2 together and get 22? Like British America , more PONZI by this DBLP government for suckers , Better off sticking with CLICO hahahaah,

  5. My Two cents Avatar
    My Two cents

    How much money has been floated in bonds my count is $50 billion. What a brilliant move by Governor Worrell. The lowering of the commercial bank interest was obviously well thought out its led to Nova Scotia freeing up $50 million for small businesses. What a breath of economic fresh air. Bajans voted with their feet and money much to the dismay of David , Bush Hill ah mean Bush Tea, Straughan, the idiot boy Joseph and the regular gaggle of moaners and gloomers.

    The anti government legions will have a hard time explaining the unprecedented vote of confidence in the Governor’s monetary policy. The fact is Barbadians can discern perfume from pup and the whiners on BU spew mostly Number 2. No solutions from them only squatting by their key boards tapping in buzz phrases ‘worst ever government’ ‘Governor of CB without credility’ Sinckler is Sinkliar’ ad naseum.

    Well the hunted have become the hunters the vilified administration is pushing back with strategies that translate into wealth accumulation for the working class . COW and Bizzy and their close nit brethren and sistren e.g the Chandler woman will start complaining soon that the limit on bonds you can buy discriminates against the rich white people. It is a most gratifying sight to see my people swooping on the bonds. Kudos to the Governor of the Central bank a small man with more backbone than all the BU yard fowls combined.

  6. My Two cents Avatar
    My Two cents

    That’s $50 million in first sentence.

  7. AOD Avatar
    AOD

    This plan will backfire for government because com banks just widened their spread, greedy MFs that they are…debt stimulus never works for small business in the long run….it is a con game for the banks. Savings bonds rates will collapse….this was a scam from the get go so that gov could borrow at lower rates by reducing competition from com banks…..so gov and com banks are moving in on our asses like a cartel. As rates fall and saving collapses money will be spent. When inflation outstrips the savings interest rates why save when the Money loses value…he who spends last spends worse, so how does this not end in an inflationary crisis and an internal devaluation?

  8. ac Avatar
    ac

    Only a donkey would start braying the same bile that have been said over and over again,well folks this a new beginning people have gone past ! around! and over the gloom and doom line and for good cause and good reason since it was no help , just a lot of over done long winded goobly junk tired regurgitated rhetoric by the blp brigade , even the submission has fallen short in its application to criticize the irrelevancy of the savings bonds . The govt has long said that the 2013 elections has been spoken for and it is time to rebuild an economy with wheels of sustainability. Well yesterday and two days earlier the proof and central theme of the govt policies were evident,
    Unfortunately for the prophets of doom and gloom their strategy has fell like a pancake while the govt has weathered the bile and doom which the blp had hoped for, the bonds will remain a pivotal role for change cutting a path forward for the further strengthening of the economy a very important piece of financial assistance for growth and development no doubt about it, as well as a proof of the seriousness of govt moving forward to make corrective measures . the bush teas of this society would remain boulders and within time would have no choice other than to sing the praises of a govt who started out with nothing and handed this country so much in terms of long term stability, yes the bonds have send a strong message one which has been taken seriously by the people with an assurance by govt that it is country first and a country on the way back,

  9. lawson Avatar
    lawson

    who bought the bonds that’s how you know when to get on the train or not

  10. Dompey Avatar
    Dompey

    Let’s us hope against hope that this new move by government only serves to benefit the people of Barbados people in meaningful and purposeful ways. And those persons who are bent on playing partisan politics at this juncture of the game can’t obviously have the best interest of country at heart. You would have to deaf, dumb and obviously blind not lend your support to the govenment’s worthwhile effort because the success of the government obviously underlies success of the people. So I say much success for the future endeavours of the Democratic Labour Party. A party which is in my view the drinking water of the common people.

  11. David Avatar
    David

    It is obvious the motive of the central bank and government is to reduce the cost of borrowing, if this was a good strategy why didn’t the central bank forego printing money – criticized by the IMF – and resort to the current approach earlier? We need our Cave Hill trained alumni to share their analysis on this matter, not the yard fowls.

  12. Bush Tea Avatar
    Bush Tea

    @ David
    You need Cave Hill trained alumni to tell you that a fool and your money are soon parted? wuh you may as well give the money directly to Bizzy.
    …would you give your credit card to AC?

    These people sign stupid multimillion dollar contracts with Bizzy, Butch and Maloney, who all now have so much money that they can use it for toilet paper, while the treasury is broke..
    …and now talking shiite bout Bushie investing in ‘national development’?

    steupsss…
    Obviously after observing how their esteemed friend was able to rob Bajans blind and get away with it under the protection of the great Froon, these crabs are now looking to institutionalise the scam….
    Professional, experienced, INSTITUTIONAL lenders have been dissing these jokers, so they have now turned to brass bowls for funding….

    LOL
    Bushie is surprised they did not call them “Executive Bonds”…
    ha ha ha
    brass bowls will be brass bowls..

    @ My Two Cents
    LOL
    Skippa, if we were talking bout matters whose worth were about your value (two cents) you would be on sound footing. A couple cents is about how much Bushie would invest in Froon, stinkliar and the Parris Banker.

  13. Pachamama Avatar
    Pachamama

    @ David

    How have the interventions of these trained economists from Cave Hill helped in the past? Why is it that we expect to keep doing the same things and expect different results?

    The truth is that economy is best understood as politics, by other means. That economics is really about adding and subtracting, is controlled by one large equation.

    Certainly, in the Bajan financial context the ability or inability of a government to locally raise 30 million or 300 million makes no difference. If fact, they may well make things worse by so doing.

    We could never understand why some minor tactic by the CB or the administration could influence current circumstances and after nearly a decade in this deflationary spiral.

  14. David Avatar
    David

    @Pacha

    BU’s observation is the highlight the same point you have made.

  15. David Avatar
    David

    @My 2cents aka waiting

    The following should be instructive for you. Of the 153,000 who voted in the 2013 general election note the split between the two major parties who make up the government. This is a shortcoming of our system of governance.

    image

  16. Artaxerxes Avatar
    Artaxerxes

    The DLP yard-fowls never cease to amaze me. They (like fools) rush in “where angels fear to tread” and, more often than not, exhibiting their stupidity. I can understand an individual supporting a political party of their choice. But when such supporter writes shiite or dabbles in areas of which he has no knowledge, it’s a travesty for him and the political party he supports.

    I saw an economic dunce, “My Two Cents”, stating the governor of the Central Bank made a brilliant move by reducing the commercial bank interest rates, which “was obviously well thought out its led to Nova Scotia freeing up $50 million for small businesses”.
    And “this vilified administration is pushing back with strategies that translate into wealth accumulation for the working class.”

    But what can you expect from someone who goes by the moniker “My Two Cents.” Especially against the back ground that the government ceased the production of the “one cent”; it seems as though his “common sense” went in the process as well.

    Let’s refrain from the use of the political diatribe and embrace the attribute of rational thinking.

    Firstly, the Central Bank governor did NOT lower interest rates, the Central Bank RELINQUISHED CONTROL of determining interest rates for commercial banks. This policy created a situation whereby banks could determine their own levels of interest. Whereas the interest rate on savings is an expense to the bank, they realise profit from interest rates on loans. Obviously, as was the intension, the banks reduced interest rates on savings and increased rates on loans, mortgages, etc.

    Hence, with a reduction in interest rates on savings and a corresponding increase in the price of borrowing, who does this “brilliant move” impact upon most in the society? The working class.

    Secondly, we are aware the government has been “running” a large budget deficit. Under these circumstances, the government, through the Central Bank, will seek to “sell” this debt by issuing treasury bills and long-term government bonds on the market. Most of these bonds are bought by financial institutions.

    When governments fund a deficit with the issuance of government bonds, an increase in interest rates across the market can occur. This is because government borrowing creates higher demand for credit in the financial markets, causing a higher aggregate demand (AD) due to the lack of disposable income. This is known as the crowding out concept.

    Thirdly, as it relates to “strategies that translate into wealth accumulation for the working class.” Many of the working class save money with credit unions, while others may place specific amounts on commercial banks’ fixed deposit accounts.

    Do you have any evidence to substantiate:

    1) If there were any large scale withdrawals from the credit unions or from savings of the so called working class, which were used to finance the purchase of bonds?
    2) If the working class is willing to “tie up” their saving by purchasing bonds, which are redeemable in five years?

    Barbadians have been purchasing bonds for years. However, in this case, the purchase of bonds has been accompanied by a public relations exercise, with the specific intension of creating an “illusion” that confidence has been restored in this administration, and they have been able achieved a feat previous administrations have been unable to achieve.

  17. FearPlay Avatar
    FearPlay

    The Central Bank could go ahead and issue a further $50M or $100M in bonds that would tide the government over nicely in the short term, knowing full well that the next government will have to find the money to honor these bonds. Knowing as they must that the next government will not be their responsibility, this move would have to be a master stroke by the DLP. Maybe we should put a spoke in their wagon and vote them in once more!!! For Christ sake, there won’t be a country left to wreck by next election. I ask “Where the heck is the voice of the Opposition?”

  18. Bush Tea Avatar
    Bush Tea

    @ FearPlay, David and Artaxerxes
    Good to see that there is not all blindness in the land…..

    LOL @ Artax
    …how the hell do you manage to so casually intellectualise such common sense issues…?
    shiite man…. you even manage to raise AC’s comments to palatable levels…..

    …where the hell did David find you nuh…. ??? …we have it all on BU 🙂

    @ FearPlay
    The Opposition is half-dozen….
    …and there won’t be a country left to wreck by next year…

  19. millertheanunnaki Avatar
    millertheanunnaki

    @ Artaxerxes June 11, 2015 at 8:30 AM

    An exceedingly good analysis of the government’s revised strategies of financing its fiscal deficit since the Central Bank’s money printing operations have been put out of business by the IMF. CLICO introduced its EFPA’s to greedy cash rich savers to shore up its cash flow requirements to finance the lavish lifestyles of Duprey and his cronies . Are we seeing a similar strategy being adopted to deal with the present administration’s fiscal problems?

    @ FearPlay June 11, 2015 at 9:12 AM

    Very insightful commentary. The strategy of borrowing now and let the next BLP administration deal with the debt which could be around $ 15 billion in 3 years’ time is the name of the game in DLP town.

    Why are you asking for the voice of the Opposition to be heard? Weren’t there constant previous calls for the Opposition to let the DLP government govern in peace? Bajans are ‘experiencing’ the government they deserve. Ask our dear loving blogger, ac, for her affirmation.
    Now shut up and let the people, especially the poor and working class, enjoy their dear loving party.

  20. David Avatar
    David

    If the strategy of the central bank and government continues i.e. to suck money out if the banking system it will impact some banks more than others and hopefully Barbadians will benefit if the affected banks then have to increase savings rates to attract deposits.

  21. Artaxerxes Avatar
    Artaxerxes

    Bush Tea June 11, 2015 at 9:47 AM #

    “LOL @ Artax:…how the hell do you manage to so casually intellectualise such common sense issues…? shiite man…. you even manage to raise AC’s comments to palatable levels…..”

    Sorry, Bushie……….. hahahahahaha!

  22. Prodigal Son Avatar
    Prodigal Son

    @ Bush Tea June 10, 2015 at 9:57 PM #

    Shiite….
    The other AC has been resurrected….

    OK the Banks can only see value in paying 1.5% on savings, but Government is willing to pay 5%….
    hmmmmm
    …when banks could only see value in 4% CLICO was offering 9%……………

    Not stinking Bushie….
    ..Did NOT buy after assessing Leroy Parris’ intellect
    ..Will NOT buy after assessing Stinkliar’s intellect and veracity….
    …………………………………………………………………………..

    I could not agree with you more, Bushie! Well said.

    When the people went after CLICO’s 8 or 9% flexible annuities, they were deemed greedy. The pompous, arrogant PM boasted that he has a list of the greedy people and threatened to expose the same people who have been wronged by a crook who is an integral part of the DLP.

    Now all of a sudden, those who are rushing to get 5% over the 1% they are getting on their investments in the commercial banks, they are now patriotic and have confidence in these bunch of morons.

    I am with you, I would not put a cent in this government’s hands, not after seeing how they have mismanaged Barbados since 2008. Not when I am still owed two years of income tax refunds but have paid them what I owed them like road tax, land tax, consolidation tax and solid waste tax even though I fundamentally opposed it.

    I hope the morons will have the money to repay the people when the bonds become due. Prior to 2008, I invested some money in bonds and could not wait for them to mature as I was so scared seeing how these morons are running the economy. I took my money and ran like hell.

    I would bet you that the money sent to the CBB for these bonds has already been spent by the Stinkliar!

    Look at for more drama next week, I was reliably informed that NIS pensions will be late again this month!

    Confidence in this government……watch for the pain next week!

  23. Well Well Avatar
    Well Well

    Alvin said:

    “Wasn’t it stated that Bajans were more judicious in their use of their money?”

    Alvin, read your comment again……….you know I do not pull punches, the operative words being “Bajans more judicious in THEIR USE of THEIR MONEY.

    And we can all safely say Bajans money is intact in the banks because neither Government, nor Cow, Bizzy, Jada et all got THEIR hands on the 9 billion plus in the banks that belong to the average bajans, we cannot say the same for the NIS money, by the way what happened to the 4 seasons scam? long time no hear.

  24. Artaxerxes Avatar
    Artaxerxes

    FearPlay June 11, 2015 at 9:12 AM #

    “The Central Bank could go ahead and issue a further $50M or $100M in bonds that would tide the government over nicely in the short term, knowing full well that the next government will have to find the money to honor these bonds.”

    This a very good observation, FearPlay.

    We must first try to move away from the thought that, because some individuals may not agree with government’s policies or may try to highlight flaws in those policies, does not necessarily mean they are members of a political opposition or not patriotic. Such persons obviously have Barbados’s interest at heart and are presenting alternative views.

    The economic reality in Barbados is that we are running a high budget deficit (i.e. government expenditure exceed tax revenue). This budget deficit, which is the difference between expenditure, is being financed by government borrowing. As such, this borrowing has been facilitated by the issuance of long-term, interest bearing bonds, the proceed of which will be used to finance the deficit.

    Obviously, when the government borrows, it must repay. In the prevailing economic climate we must take the following into consideration:

    There has been a significant decrease in tax revenue
    The budget deficit has been high
    There has been no investment in the economy (foreign direct or local)

    Under these conditions, to be able to repay, the government will have to raise taxes, even beyond what is needed to finance its statutory obligations.

  25. Artaxerxes Avatar
    Artaxerxes

    *This budget deficit, which is the difference between expenditure and revenue

  26. Due Diligence Avatar
    Due Diligence

    All this gloom and doom.

    Look at the bright side.

    In 40 or 50 years, one of the Top Ten math wizards may go on to be Governor of CBB, and solve the problems being created by today’s Guv.

    On the other hand, one of the 138 students who scored less than 10% may become the Guv.

  27. Bush Tea Avatar
    Bush Tea

    @ DD
    ha ha ha
    …based on current trends, it will be one of the 138…

    Look folks… it matters not if we buy the bonds or not.
    It is either bonds or taxes….

    Either way we are headed to the poorhouse….

  28. Artaxerxes Avatar
    Artaxerxes

    Bush Tea June 11, 2015 at 12:39 PM #

    “Look folks… it matters not if we buy the bonds or not. It is either bonds or taxes….Either way we are headed to the poorhouse….”

    Man, Bushie, anyway yuh look at it, you right yuh!

    The other dunce wrote: “…the bonds will remain a pivotal role for change cutting a path forward for the further strengthening of the economy a very important piece of financial assistance for growth and development no doubt about it, as well as a proof of the seriousness of govt moving forward to make corrective measures….”

    I hope the particular AC that wrote the above comment wiped after spewing a whole load of “mostly Number 2.” This is “just a lot of over done long winded goobly junk tired regurgitated rhetoric by the (DLP) brigade.”

    Would that AC care to explain to BU how does a country running a high fiscal deficit, issuing bonds to finance this deficit, be interpreted as “a pivotal role for change cutting a path forward for the further strengthening of the economy”?

    If the government finances the deficit by issuing bonds, it not only increases the national debt, but would lead to an increase in interest rates and a crowding out of some private investment spending.
    Can you tell BU how this equates to “financial assistance for growth and development” or “a path forward for the further strengthening of the economy?”

  29. Wily Coyote Avatar
    Wily Coyote

    Buying these Government bonds is the same as giving the government a non repayable loan, Bajans are dumb and easily deceived.

  30. Bush Tea Avatar
    Bush Tea

    Man Wily..
    Actually it would do us better to give them a non-repayable loan. Then we would KNOW up front, that the money is ‘burned’ …and as a benefactor we could even demand some concessions…. like perhaps insisting that someone intelligent be given responsibility for spending the money…
    …or that all the transactions be transparent ..and when the Auditor General ask questions that they be answered – or someone get charged..
    You know…. the kind of things that happen in ‘real real’ countries… 🙂

    Anyone who lends money to a big bully that is chronically in debt; …a debt which is increasing with time; ..who has a history of not repaying debtors; …and who is an ‘esteemed’ friend with certain non-lepers…. MUST know that the money is most likely “CLICOed”…

    LOL
    ..at the very best …Stinkler will impose some other shiite tax ON THE SAME BOND HOLDERS in the future in order to raise funds to pay them back….
    At that time, bond holders will pay AGAIN via taxes, but may get back their money (hence paying only ONCE), while non-bond holders will pay at that time via taxes…..also paying once…

    …the difference is that by then the Barbados dollar may be worth less than the GT$, …so Bushie will wait…

  31. Pachamama Avatar
    Pachamama

    None of these problems about which you speak will be solved as long as there are so many short men in the West Indies cricket team, toooooooooo many short me-crutch men or boys! LOL

  32. Artaxerxes Avatar
    Artaxerxes

    millertheanunnaki June 11, 2015 at 9:53 AM #

    “CLICO introduced its EFPA’s to greedy cash rich savers to shore up its cash flow requirements to finance the lavish lifestyles of Duprey and his cronies. Are we seeing a similar strategy being adopted to deal with the present administration’s fiscal problems?”

    I love the comparison, Miller; because, in theory, you may be correct.

    Dompey wrote:
    “Let’s us hope against hope that this new move by government only serves to benefit the people of Barbados people in meaningful and purposeful ways. And those persons who are bent on playing partisan politics at this juncture of the game can’t obviously have the best interest of country at heart. You would have to deaf, dumb and obviously blind not lend your support to the govenment’s worthwhile effort because the success of the government obviously underlies success of the people. So I say much success for the future endeavours of the Democratic Labour Party. A party which is in my view the drinking water of the common people.”

    Miller, don’t you agree the above comments should be considered the ranting of a madman? Let us, in a rational and objective manner, analyze his comments.

    1) “Let’s us hope against hope that this new move by government only serves to benefit the people of Barbados people in meaningful and purposeful ways.”

    It is evident Barbados’ expenditure exceeds revenue, because the island has been running a high fiscal deficit for the past 8 years. If you want to accept it or not, it is the norm for governments of countries with high fiscal deficits, to issue bonds to finance that deficit.

    When those bonds mature, the government will either have to increase taxes or borrow (even if it means issuing more bonds, which increases the national debt) to pay the subscribers of those bonds.
    Perhaps Dompey can tell BU how does additional taxes, in an environment where Barbadians are over burdened with taxes, in the absence of a comparative increase in earnings, “serves to benefit the people of Barbados people in meaningful and purposeful ways?”

    2) “And those persons who are bent on playing partisan politics at this juncture of the game can’t obviously have the best interest of country at heart.”

    Yes, I agree there will be “persons who are bent on playing partisan politics.” But do you not consider those defenders of the government, who are ready to curse and accuse others as being unpatriotic or members of the BLP, only because they may hold different view from the DLP, as “playing partisan politics” as well?

    If an individual highlights flaws in government policy and offers an alternative perspective, does this means he “can’t obviously have the best interest of country at heart.” By your statement, you are essentially suggesting government policy is ALWAYS correct.
    Let’s use a simple scenario. You and your wife are managing the family’s finances. She cautions you about your indiscriminate spending, which has been exceeding your combined income. Does this mean she does not love you?

    3) “You would have to deaf, dumb and obviously blind not lend your support to the govenment’s worthwhile effort because the success of the government obviously underlies success of the people.”

    Yes, that statement may be true. However, in this case, I would “have to be deaf, dumb and obviously blind” to support policies that are detrimental to Barbados.

    4) “So I say much success for the future endeavours of the Democratic Labour Party. A party which is in my view the drinking water of the common people.”

    Obviously, when one takes the performance of this administration into consideration, Dompey has to be “to deaf, dumb and obviously blind” to make such a statement.

    The common people, let’s look at them. The DLP has been credited with introducing free education, health care, welfare, NIS, subsidized bus fare and housing.

    During the past 8 years, this DLP administration has eroded all those initiatives by, making the common people pay tertiary level tuition fees, causing many of them not to be able to attain higher education; they are systematically introducing fees at health care institutions, starting with the payment for certain medications; they have used NIS funds to finance all types of unproductive ventures to the point where individuals eligible for pensions, sickness, invalidity and unemployment benefits, have been experiencing difficulty in receiving them, what about the future prospects or liquidity of the fund?; housing has now gone out of the reach of the “common people,” whose income does not qualify them for a NHC mortgage.

    Would a party you “view as the drinking water of the common people”, subject them to a situation where, each time after registering for unemployment benefits in Collymore Rock, they then have to venture to Warrens to register with the Employment Bureau?

    Or, those women who have to collect child maintenance cheques from the various courts, having to trek to the Supreme Court in White Park, to have those cheques signed?

    I guess when those of us highlight these “injustices”, people of your ilk deem us of not having the country’s best interest at heart.

  33. millertheanunnaki Avatar
    millertheanunnaki

    @ ac June 10, 2015 at 11:47 PM #
    “.. the bonds will remain a pivotal role for change cutting a path forward for the further strengthening of the economy a very important piece of financial assistance for growth and development no doubt about it, as well as a proof of the seriousness of govt moving forward to make corrective measures”

    We are surprised you have not argued that the proceeds from the current savings bond issues will be used to help payoff some of the massive debt left by the BLP administration still hanging like a millstone around the fiscal neck your dear loving party (dlp).

    Let us all hope for the sake of Bimshire the money raised is used to complete the D T Memorial in St. John and to invest in the Sugar Point Cruise Ship Terminal (a misnomer if ever there was one).
    Sugar made Barbados into Little England; the current DLP administration on its current fiscal management path is hell bent on changing that to the new Greece in the Caribbean. With so many unemployed black men on the blocks and in prison maybe you will witness the return of Greek love right in the open to appease the likes of Bush Tea. LOL!!!

  34. ac Avatar
    ac

    When this govt came to power in 2008 everything associated with the barbados economy was falling apart,Pressure was put on the govt to respond and address with haste an economy which was spiraling out of control.
    The govt then had to make meaningful and challenging decisions necessary/ one of which was to hold strain reverting to limited and systematic policies that would not troubled / or interfere with the social fabric of the economy,
    Going into the second term of this administration and with little or no economic relief in sight and the economy blighted and stagnated in part due to the fact the the bread basket of the economy that being tourism was unable to carry the weight of the floundering economy govt continued to hold strain depending that in short term the global economy would return to a sense of normalcy giving the country an upward boost and the necessary financial relief to turn the economy in a more stable and positive direction.,
    Subsequently such was not the case and the govt had to make drastic changes in order to adjust to the rapid currents that were impacting the growth and incurring high interest and ballooning debt ,as a result of such actions many house holds were affected by the many job cuts and layoffs that govt was forced to make and business were severely impacted by loss in revenue
    Fast forward five years later govt revived / revisited and reviewed their policies with a fastened and hardened intent / approach to move against the global economic tide which had slowed growth and productivity by further introducing and implementing policies that in the long term would be proven to be beneficial and sustainable for the people and the country,
    Firstly govt formulated and implemented strategies (although not popular) to strengthen the tourism industry , indeed now shown to be workable and having a cascading effect across the board for growth and productivity also with a relief in cutting unemployment,
    in the past few days Govt again has taken a bold and necessary move with a bigger and better interest and initiative to influence and stimulate the economy taking action via commercial banking industry to increased the value of depositor monies as well as the individual who wants to be active investors in seeing their earnings increased at a higher and better value whereby resulting in putting money in the pockets of its citizens,
    What the govt has applied is a “win” win for both consumer and the commercial banking industry and has systematically removed a ” NO confidence ” psychological barrier which has been enshrined at repeated cost by the BLP yardfowls

    Two thumbs up for govt, a wining strategy that the actors of Doom and gloom never saw coming

    in the interim the country would rebound the BLP would continue to be lost and wandering souls in the wilderness with out strong leadership / a leader whose goals and aspirations are less than than those of a leader who can truly make a difference

  35. millertheanunnaki Avatar
    millertheanunnaki

    @ ac June 11, 2015 at 5:49 PM

    So you are still insist on blaming the previous BLP administration for all the economic ills facing Barbados? One wonders what OSA would say about that scapegoat strategy.

    Now tell us, dear ac, for what purposes (in the interests of economic development and fiscal viability) would the proceeds of those savings bonds and treasury bills be used?
    That is the most important issue at stake here.

  36. ac Avatar
    ac

    HI Miller if you stay around long enough you would also benefit from the govts foresight of wisdom and intestinal fortitude , these bonds are a long list of instruments that will be highly influential in helping to rebuild and restore confidence in the economy. in other words sending a message to doubters and critics that barbados /barbadians are to be taken seriously and can play within the same boundaries !atmosphere ! and guidelines only allowed to a privileged few in the global financial markets,

  37. millertheanunnaki Avatar
    millertheanunnaki

    @ ac June 11, 2015 at 6:36 PM

    Silly twat, you are!
    What’s so new about investing in savings bonds? Rich Bajans, especially the middleclass with excess cash and the retirees with large idle lump sum gratuities, have been doing that for decades.
    The acid test for confidence in an economy is the amount of investment, both local and FDI.
    Check out the amount of large properties up for sale or rent and let us know if that is a good indication of economic viability and a show of confidence.

  38. Wily Coyote Avatar
    Wily Coyote

    You could compare the latest Government Bond issue to putting a band-aid on a severed artery and expect the blood flow to stop.

    Promised high bond returns to entice Bajans to part with their hard earned cash so that government can continue to pay too many civil servants too much money. Problem is the BLOOD/CASH is still flowing out at a DEATH rate, patient will eventually die.

  39. watchman Avatar
    watchman

    @ AC
    IF we have BLP yardfowls, what do we call the ACs like you, your posting @ 5.49pm are you going to used that on the next election platform

  40. watchman Avatar
    watchman

    @AC
    where help for your sick mind is, no one go and return

  41. Fractured BLP Avatar
    Fractured BLP

    Hello David of BU

    I notice that you are still up and about spreading your hogwash !

    Get over it…..the people bought the Bonds…nobody put a gun to their heads.

    The people smarter than you…..give them credit.

    Bajans know class…..the DEMS provide that.

  42. Artaxerxes Avatar
    Artaxerxes

    It would in the DLP’s best interest if they were to solicit supporters to represent the party on BU, who have vast knowledge of various issues and the intelligence to present submissions on their (DLP) behalf, in a rational and coherent manner.

    It seems as though the ACs had a good dose of Epsom salts or a strong laxative, evidenced by the shiite in their contribution. I hoped they were able to wipe after “depositing so much “jobby.”

    By their comments, the consortium is obviously way out of their league when dealing with economical issues, but is versed in the art of party political, rhetorical diatribe.

    Assume we were to believe the DLP that “everything associated with the Barbados economy was falling apart”, and “Pressure was put on the govt to respond and address with haste an economy which was spiraling out of control.”

    1) “The govt then had to make meaningful and challenging decisions necessary/ one of which was to hold strain reverting to limited and systematic policies that would not troubled / or interfere with the social fabric of the economy.”

    The government introduced a Medium Term Fiscal Strategy and a Medium Term Development Strategy, both of which, and according to the Central Bank governor, Dr. Worrell, failed to achieve the desired objectives. Dr. David Estwick subsequently criticized the DLP, stating the party’s policies were responsible for the economic instability the island is currently experiencing.

    Additionally, the government began to embark upon activities that were counter-productive for the economy. For example, Thompson complained about the number of consultants the previous administration employed. After relieving them of their post, he proceeded to hire a number of DLP consultants in similar posts. The BLP’s events coordinator, Mark Williams, and millennium goals consultant, Hamilton Lashley, were replaced by Cranston Browne and Undene Whittaker, respectively.

  43. Prodigal Son Avatar
    Prodigal Son

    @ Artaxerxes June 11, 2015 at 10:32 PM

    Your post is on point!

    We all know that this bond issue is a last ditch effort to get money from the unsuspecting taxpayers to prop up the failing economy.

    The dems are so good at lies and propaganda that I predict they are going to come with another offer next week…….they must be smiling saying ….oh lord, we did not think that we could still con bajans.

    I would venture to say that that money must be gone…….spent already by the Stinkliar!

  44. Fractured BLP Avatar
    Fractured BLP

    Arthritis and Prodigal your very last contributions are the very epitome of skulduggery.

    Everything that the DEMS do is wrong for you guys.

    That puup does not reasonate with most Bajans.

    Bajans can see what is going on and match it with the happenings in the outside world.

    They are not waiting for you 2 ignoramus to pontificate for them.

    Bajans right now…….BONDING
    ….their future!

    Kudos to Dr. Worrell and the DEMS

    BARBADOS in good hands.

  45. ac Avatar
    ac

    There is no fire and guts which has resonated from no one in the BLP party or their die hard groupies. Their noises have become garbled , their issues have become more and more irrelevant and senseless. The Ac,s consortium have been able to rattled and damage their objective putting/and forcing them onto a meaningless and one way track which is no is of no interest or value to the economy and an alternative to make ac/s an issue.
    For the record come next election no one would care or want to know about Ac/s but how can the politics of the day correct and improved the life and security of its citizens,
    So far the Blp loud mouths have steer far from the relevant and remain simple minded and closed minded architects of double dribble and nonsense, AC/s What ?

  46. Artaxerxes Avatar
    Artaxerxes

    Fractured BLP June 12, 2015 at 12:28 AM #

    “Everything that the DEMS do is wrong for you guys. That puup does not reasonate with most Bajans.”

    I don’t normally reply to any of your contributions, because you usually go down a one way road on EVERY issue, which ALWAYS displays your fractured mentality.

    My mentality and intelligence level would also be fractured if I believed everything the DEMS did was RIGHT. But then again my intelligence level and train of thought is far superior to yours, (and yes, I’m arrogant enough to inform you of this fact), so I forgive you.

    Being aware of your love for the DLP, perhaps you should have capitalized on the free education they are alleged to have afforded Barbadians. It is not my fault that you have developed into such a brainless dunce. The low of level of your inane thinking, as revealed in the content of ALL your contributions, is overwhelming evidence of this fact. No substance at all, just a lot of party political diatribe.

    It seems as though stupidity and incoherency are the qualifying prerequisites for gaining admission into the School of DLP Yard-Fowl Politics.

    It is against this background that I suspect you received a bit of help writing this contribution. Because when one examines your previous contributions, it will be discovered that it is waaaay beyond you to use words such as “epitome”, “resonate”,
    “ignoramus” and “pontificate”.

  47. David Avatar
    David

    Still waiting to hear analysis from our academics on the Hill.

  48. Artaxerxes Avatar
    Artaxerxes

    “in the past few days Govt again has taken a bold and necessary move with a bigger and better interest and initiative to influence and stimulate the economy taking action via commercial banking industry to increased the value of depositor monies as well as the individual who wants to be active investors in seeing their earnings increased at a higher and better value whereby resulting in putting money in the pockets of its citizens….”

    The above, which came from an “architect of double dribble and nonsense”, is what can be described as “more and more irrelevant and senseless.” Perhaps the author is dyslexic.

    I have read it more than once and still cannot understand what it means, it makes absolutely no sense. Is anyone willing to interpret for me?

  49. David Avatar
    David

    The decision to issue bonds is obviously connected to the decision to allow banks to determine deposit interest rates and allow the government access to cheap funds, remember the door was slammed on NIS funds. We are happy the government has been persuaded to stop pushing greedy fingers into our NIS fund although Senator Darcy Boyce disagrees. What we want to see is low interest rates to encourage borrowing leading to economic activity, this is where we need to see confidence Barbadians borrowing!

  50. Fractured BLP Avatar
    Fractured BLP

    Arthritis

    It surprises few persons that you finally admit that ……”you cannot understand anything…”

    The epitome of an IMBECILE!

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