Submitted by Beresford
The DLP don’t play when it comes to politics.
A new sinister play of party paramountcy, of DLP first and foremost above all else including country, and survival at all costs, sprung like an X-men monster as the central feature of the Government.
All talk of a new approach immediately dissipated on assuming power in a rash of self-serving moves and projects, from questionable and unlawful appointments of cronies to the awarding of contracts to the favoured few to the spinning of economic data and financial projections to create a false impression of security while exposing the country to a non-stop battering from self-inflicted wounds.
With the death of Thompson and Ministers running amok, the self-serving politics of the DLP just mushroomed. The many sent home with years of service against recent hires, the attempts to hire friends and family at places including the NCC, Transport Board and Central Bank, the awarding of contracts to much higher bids without any particular justification, David Thompson football are all evidence of the DLP tactical playbook.
Even so, hope was held out that the DLP would find a dose of true nationalism from somewhere and in Barbados’ celebration of its 50th year of Independence, forge a truly all-inclusive approach embracing political parties and institutions.
Why would anyone think the DLP would act otherwise than the facts of the past eight years? If it walks like a duck, quacks like a duck and looks like a duck – it is a duck.
In true DLP fashion, while Freundel managed to spout about a country as one, the Government has proceeded on a year-long celebration that is nothing more than a PR exercise in all things DLP and nothing and no one else. As if the DLP alone is responsible for the achievements of the country over 50 years of Independence.
The farce of national celebrations has been evident in everything from the hilarious sending out of invitations to Opposition members for the grand launch, which somehow could not find their intended recipients in time to the Government putting forth a programme that is nothing other than a propaganda exercise for the DLP.
Four or five nights of a screening of a movie on Errol Barrow? Paraphernalia that only highlights DLP achievements, some though dubious?
Where are the people, the institutions, the businesses that have worked together to build Barbados?
Why has it been left to various organisations to now, having been ignored in what was supposed to be a national approach, to put forward their own contributions to Barbados? The perfect opportunity for a national approach has been reduced to another tribal fight for relevant contributors to be a part of the process so that 50 years from now it would not appear to a new generation that only the DLP was at the development of Barbados. Which is clearly the intention.
Well, no. In fact, many will argue that the DLP has really not contributed that much to post-Independent Barbados. That contribution diminished sharply since 2008 and with the current Stuart incarnation is becoming less and less daily to the point of irrelevancy.
Politically, the BLP has been entrusted with the hopes of Barbadians for 24 of the 50 years of Government since 1966 – and those years have been spectacular.
Compared with DLP periods, particularly the latter Barrow years from 1973 – 76, those of the privileged pump and army of occupation; the Sandiford years of 1991-94, those of the 8 per cent cut and Government implosion; and those since 2008, of an entirely new, unrecognisable leadership and an inexhaustible list of questionable moves marked by an economy in shambles, crumbling social services and decay all over – compared with these, the BLP is stunningly arrayed.
Infrastructure projects that transcend generations – airport, seaport, highway networks, Bridgetown regeneration. Social programmes that transform generations – Plantation Tenantries Act, the work of the UDC and RDC, establishment of Women’s Bureau to advance women’s rights and the demarginalisation of children born out of wedlock. The maintenance of foundation programmes, particular health and education, through the network of polyclinics and expansion of education facilities including UWI that has touched generations. Until now. Economic management that has provided opportunities for generations – move to financial services, development of services sector focussed on tourism, 14 years of unprecedented growth that produced such investments as the new Sandy Lane, Hilton and Port St. Charles. Visionary leadership, universally hailed, typified by Tom Adams and Owen Arthur, such that Barbados was described as “punching above its weight”, that inspired and will continue to inspire generations.
It is a tragedy of paucity of vision and belief in only survival that the DLP cannot find the charity to celebrate 50 years of Independence as a unification exercise, highlighting the achievements of all rather than seeking to diminish the BLP’s stellar role in Barbados’ development.
The BLP will, however, not allow that to materialise. The unfortunate circumstances of DLP politics leave us no choice to reassert our decisive role in helping to shape Barbados.
It is shameful that taxpayers have to foot a more than $5 million bill for the DLP to sashay over citizens for a year especially in circumstances of excruciating suffering, broken promises, lost hope and the destructing of the twin pillars of health care and free education to university level by the Government.
This time, though, the DLP is fooling no one.
HAPPENING THIS SUNDAY MARCH 13, 2016
An Admission of Failure!
The Barbados Labour Party, (BLP), will present perspectives of Government Estimates, to be debated in the House of Assembly next week, under this topic on Sunday, March 13, 2016 at BLP headquarters, Roebuck Street.
Ryan Straughn, former President of the Barbados Economics Society, (BES), Economist Dr. Clyde Mascoll and Political Leader of the BLP, Mia Mottley will dissect the Estimates to show that, once again, the Government is way off base in its financial reporting and projections.
The forum, which begins at 5 PM, will be chaired by Member of Parliament for the City, Jeffrey Bostic.
133 responses to “Pure Political Play”
BTW, perhapo we should ac Timex.
They take their lickings and go on ticking..
We all understand the merit in rolling out activities for the 50th to help with nation building. Is the planning committee for the 50th comprised of Opposition members also? I’d memory serves only Dale Marshall took a rain check from the opening gala.
David March 12, 2016 at 3:09 PM #
Run that one by me again…….you are going to spend 5m to get the diaspora to come……so skippah dem is we,they know long time how to add to 50 and done plan to come…..so what exactly are we spending the 5m on……wait,wait,eureka moment…..bring them in free of cost,hold elections same time and case close….ah now see.
The Gazer
Words are words. What is bad for one set of persons might be appreciated by a next. There is nothing wrong with the word cunt. What I find offensive is when they transformed the beautiful word gay into a negative. Would it be better for me to use the R ole, which is only bad to bajans? My vocabulary of so called bad words is limited to only four. These are reserved for very wicked, thieving and conniving people. This particular brand of AC merits the scorn heap on its head.
@Vincent
OK then, so we stick with the building nationhood argument 🙂
@DD
Your example of how Canada benefits when its dollar weakens against the greenback, while true, cannot be transplanted to Barbados that easily. A weaker currency does help a country to export by making its products cheaper, and it can encourage consumption of local products instead of more expensive imports. Indeed, a weaker Barbados dollar might well push our agricultural sector back on stage, strengthen its role, and reduce our food import bill. Yes, that saves us foreign exchange, but how do we go about earning it? When it comes to taking advantage of a weaker currency to export local products, what do we manufacture or produce that the world wants and can’t get elsewhere? How much hot sauce does the world want? Can we produce frozen TV dinners made up of flying fish and cou cou? We don’t have the acreage or the soil to produce major crops of any kind. Our most successful “export” to date has been tourism. We sell accommodation, meals and entertainment to people and the beauty of it is they come to us. We don’t have to ship anything anywhere. Same applies to the offshore sector. The clients come to us, and create jobs in the process. So before we devalue or float our dollar, we need to know how it might help or hinder these industries. And what might it do to wholesale and retail businesses and the jobs they provide.
flyonthewall March 12, 2016 at 5:42 PM #
We have sufficient land to do niche areas of value added products such as herbs including hemp,hot sauce,sweet potatoes/breadfruit/cassava/yam flour,aloe vera cream,etc to name a few…..note studies have been done on the viability of all the above and they are positive areas.
@ The Gazer
You are new here so doan get in that ting between the two of them.
My girlfriend and AC have a history together that is a love hate ting.
Lef dem alone.
SSS only does cuss two people heah and they know who they are.
Besides SSS is me “cyberspace outside lady” She may say some tough words to the nex one who strangely enough move up from 1 out of 1000 statements making sense to 4 out of 1000.
Some of BT rubbing off on that one but let SSS alone causing she wears Nandoris and I partial to Nandoris as a certain fellow who like Music and fishing very will knows
@ SSS
did you see the song featured on the BBC yesterday from Nigeria?
I found it quite “tasteful” and was taken back by my mind’s according it a lus as a very good song.
Two things fight in me now. Traditional value sets euphemism for stigmas that were ingrained in me for years and a grudging and recent ability to “see total care and commitment” in same gendered persons”.
I have not made the leap to using the word love yet and may never do so but one thing i am sure of is that I have come to realise WE DID NOT MAKE THEMSELVES. GOD WILL DECIDE THAT ONE.
I enjoyed the grandchild playing “Stay with Me” and “Im not the Only One” by Sam Smith just slightly less that Ben E King’s “Don’t Play It No More” Good music does not know gender.
Just goes to prove that if you live long enough, some things don’t take on as much significance while others well, you just can’t let them pass.
A break down of what? the entertainment and promotional value far outweighs the monies appropriated for the celebration ..monies that if not used would sit idly in some bank to attract a penny on the dollar . One would have to be a particularly blind partisan with malicious peculiarities not to understand that money is only of value when it is assured a valuable return on its investment
Going by the many attractions put in place it is a safe bet that the 5 million invested would generate twice as much spent
the name Hamilton lewis return to bushy park as an attraction included in the 50th would generate interest in and out of Barbados and a sure bet of generating forex
flyonthewall and Vincent
Thanks for jumping in. I was hoping for some discussion.
DD is no “distinguished economist” or even a sophisticated financial analyst; jus retired a ole man who spent over 40 years in business.
Of course, because of the difference in scale, my Canadian example cannot be transferred directly to Barbados; but the basic theory applies to both.
Canada extracts natural resources and exports them, and manufactures goods and services and exports them to earn foreign exchange it needs to pay for stuff made elsewhere at costs at which they cannot be made by Canada. The exchange rate for the Canuck Buck goes up and down depending supply (from export earnings) and demand (to pay for import).
Exports earn fx (US$) and imports require fx.
As you said Barbados’ most successful “export” is tourism. You sell accommodation, meals and entertainment to people from over and away, like Canada sells natural resources and manufactured goods and services.
The buyers pay for their accommodation, meals and entertainment (and air fare) using their hard earned dollars or pounds or francs.
While price is not the only factor in deciding how to spend those hard earned dollars to (buy a) vacation, it is an important factor; for many the most important factor.
Those repeat visitors we see at the PM’s soirees at Ilaro Court, or own a second home in Barbados, clearly have thing for Barbados, and have the financial resources such that cost is not important; but they are a very small part of the market for accommodation, meals and entertainment.
But for the regular folk who want to vacation somewhere warm, the cost is important and they choose to vacation where the cost is less – Jamaica, Mexico, DR and Cuba, now more so with US vacationers.
So in my simple way of thinking, if the 50 cent BBD were to become a 45 cent, or a 40 cent, or a 35 cent dollar, it seems to follow that, based on cost in US, Canada, UK etc alone. Barbados competitiveness as a tourist destination would improve and arrivals would increase and more capacity (rooms) would be required and more jobs would be created. And that would be a good thing.
Of course, before you devalue or float your dollar, you need to analyze how it might help or hinder all industries and what jobs a floating currency would create and destroy.
But that analysis is not going to happen under the current administration; the Guv, the MOF and the PM have this fanatical, almost religious, commitment to the 50 cent dollar; and “will do what needs to be done to protect the Barbados dollar”
They may be protecting the dollar; but they may be destroying the country’s economic future; as in “The operation was a success, but the patient died.”
But that is the opinion of dis ole man.
@ Due Diligence March 12, 2016 at 10:52 PM
“Of course, before you devalue or float your dollar, you need to analyze how it might help or hinder all industries and what jobs a floating currency would create and destroy.
But that analysis is not going to happen under the current administration; the Guv, the MOF and the PM have this fanatical, almost religious, commitment to the 50 cent dollar; and “will do what needs to be done to protect the Barbados dollar”..”
Very interesting discussion going on here between you and FOTW. If only “SITH”, an early proponent of ‘Devaluation’, would join in.
It is not now a matter of ‘Devaluation’ versus No devaluation, but one of when and by how much.
With Barbados’s foreign reserves haemorrhaging at the current rate despite the dramatic drop in oil prices and increased tourist arrivals there is no way the country can receive a forex transfusion unless from the banker of last resort called Dr. IMF the specialist in monetary haematology.
Who else would be prepared to ‘help’ Bim restructure its debt and bring greater fiscal discipline other than the IMF?
In the past Barbados could have evaded the inevitable devaluation train when its bond rating was somewhat above junk status and fiscal manoeuvrability was still there to withstanding the pressure from its ballooning import bill due mainly to a massive habit of conspicuous consumption of imported goods paid by the credit card using other people money and ATM’s. The credit card is now ‘maxed out’ and the loan-sharks are circling. Only the balloon left to be punctured by the Chinese refusal to give alms to the financially reckless mendicants or, to use PUDRYR’s term, “the purposely disadvantaged”. Barbados has no ‘commodities’ that could be of interest to the Chinese and used as collateral for any financial bailout.
There is absolutely no way the Bajan dollar can be worth more than the E.C. $ or even the T.T. $ in a competitive market.
The question is whether the “burden” for the political decision should be placed on the shoulder of the current MoF as a final act of karma-type ablution for the many sins of lies told to the people over the last 6 years or would it fall on the next administration as punishment for the BLP’s past sins of promoting excessive conspicuous consumption with its ‘paro’ economics style of financial management?
It’s time Bajans such more salt with the threat of monetary drought and more fiscal dark clouds hovering.
@sunshine sunny sunshine. I couldn’t agree with you more. We have a situation where people like ac with no regard for anything other than the few dollars they are enjoying from the fatted calf walk around and spout a lot of bull for the DLP.
What we have for a Prime Minister is nothing short of a disgrace and an insult to our educational standards. This man hates bajans to the extent that he refuses to even speak to or with them. That is with the exception of the few attending his branch meetings when he decides to get up off his lazy stuck up ass and keep one.
Miller
Thanks for joining the discussion.
Tony Best’s column “Pushing savings bonds in NY” is an interesting read.
http://www.nationnews.com/nationnews/news/78877/tony-pushing-savings-bonds-ny
With a Debt/GDP ratio at unsustainable levels, distinguished economist, Dr DeLisle Worrell, Governor of Barbados’ Central Bank, visited Brooklyn New York last week in an effort increase the Debt/GDP level by selling more debt to the Bajan diaspora.
According to Best:
The message was that Barbados’ savings bonds, treasury notes and debentures, all investment instruments for the average Bajan should be considered for inclusion in people’s portfolios.
He said first, they were safe and backed by the Government. Secondly, they were profitable, paying a fixed interest rate that far exceeds what’s available on private investment markets in the US. Thirdly, they allow Bajans in North America to invest in their birthplace’s economic and social development.
“The reason why I feel confident in telling you about them is that they are designed to suit your interest,” said Worrell.
“A lot of Barbadians say we want to invest in Barbados to help the country. I don’t want you to invest in Barbados mainly to help the country. I want you to invest in Barbados to help yourselves because the instruments we offer are suitable for your needs, depending on the circumstances and your plans,”
So, Worrel is offeing the “average Bajan” the opportunity to buy a $50.00 savings bond or a $100,000 debenture to help themselves; because they were safe and backed by the Government; and they were profitable, paying a fixed interest rate that far exceeds what’s available on private investment markets in the US.
What he did not say is the that, when it matures in 5 years, their $50.00 savings bond, which will cost them US$25.00, will be worth US$20.00, or US$15.00, or whatever;after the looming devaluation.
No doubt the Guv will be off to London, Miami and Toronto with same “economic witchcraft” pitch soon.
@DD
What the Governor is trying to do is tap in on foreign exchange of Barbadians in the Diaspora which is cheaper than borrowing on the capital market. Locally it is the same modus operandi because local financial institutions have reported how much cash they have because people not borrowing like in the days of plenty.
@ Due Diligence March 13, 2016 at 10:39 AM
“What he did not say is the that, when it matures in 5 years, their $50.00 savings bond, which will cost them US$25.00, will be worth US$20.00, or US$15.00, or whatever;after the looming devaluation.
No doubt the Guv will be off to London, Miami and Toronto with same “economic witchcraft” pitch soon.”
You are one contributor I have a lot of intellectual respect for. You tell it ‘like it is’ in a most respectably informative way. But shouldn’t we be brutally frank and let know them what their financial future holds?
How can a government with a Debt to GDP ratio in excess of 100% offer rates of return in excess of the prevailing market on junk paper bonds?
What the Guv is doing is nothing more than a Ponzi scheme similar to CLICO and its Executive flexible Premium Annuities. Bajans, both home and abroad, are just a bunch of vulnerable suckers just waiting to have their nest eggs taken from them in true DLP mongoose fashion.
@DD and miller
The idea that a weaker dollar would make Barbados a more affordable destination and therefore increase the volume of visitors is an enticing one. Since the industry earns in US dollars it can pay for its supplies in US dollars. This means the cost of essential supplies would not suddenly become more expensive, which would be the case if they were only earning Barbados dollars. So the tourist industry could benefit and become more profitable even, but individual Barbadians, including tourism employees, would be feel the pinch. Basically, we would have to pay more for evertying we pay for and consume. So you win on the roundabout and lose on the swings.
Right now, unpegging the Barbados dollar and allowing it to float could devastate Barbados. The value of floating currencies is determined by confidence in economies (economic prospects), interest rates and the amount of trade countries do with each other. In short, the value of floating currencies fluctuates according to demand. What do we think the demand for an unpegged Barbados dollar would be? I hate to think. Our economic prospects are dim; our government bonds are beyond junk level (we are almost at default level); and in terms of trade we buy far more than we sell. The world can live without the Barbados dollar. Right now, a floating Barbados dollar might end up being worth 20 cents US. And the loud sucking sound we would hear is the sound of money leaving the island.
a possible devaluation scenario is that we seek parity with the EC dollar. But that means two central banks will have to find a way to merge or operate together; maybe become one bank with a single currency. Another option might be to restructure the debt and bring the debt to GDP ratio down from 130 per cent to about 70 per cent. This would cut interest payments, which is one of the government’s biggest costs next to wages, but it means institutions that hold government debt would take a hard hit. By the way, this includes the NIS which holds a huge amount of government debt. But none of these scenarios are going to address the fundamental structural issues facing the country. In plain terms, the government takes in about $2.6 billion in revenue every year and spends about $3.1 billion ($900 million or so in wages). So we have an annual deficit of about $500 million that is now virtually a fixture. A point of note for the DLPites on BU, the late, great David Thompson, with his soundbite about Barbados being a society and not just an economy, added about $1 billion in government spending during his first year in office. This government is cash-strapped. That’s why it collects 17.5 per cent in VAT but won’t pay the refunds it owes. This is encouraging people not to pay it. Can you imagine a day when the government has to pay civil servants in “script” and ask the merchants to accept it? You think it couldn’t happen? The central bank cannot keep printing money to keep the government afloat. To get out of this mess the government has tackle the two big costs of wages and interest rates on debt.
They have to make the civil service smaller and stop using it to create jobs for party faithfuls. Second, they will have to sell assets that can be run more efficiently by the private sector. This administration has been told this time and time again, but they refuse to take it on board.
This is a lot of nationalistic horseshit talked about selling the family silver every time “privatization” is mentioned in Barbados. Well, sometimes you have to sell the family silver, the furniture and the second car, otherwise you can’t pay the mortgage and the bank will take away the house. In cases such as the port and the airport, the government could keep 51% and let a private company run things. They will make money from the dividends and from the taxes a successfully run company pays. The unions will fight this of course, because they don’t care much about efficiency. They are happy when 200 are employed to do the work of 100. If this government does not grasp the nettle, if a solution is forced on us by the IMF, I believe a generation of young Barbadians will have to leave this country in search of a better life.
Miller
Thanks for your kind comment
You said “How can a government with a Debt to GDP ratio in excess of 100% offer rates of return in excess of the prevailing market on junk paper bonds?”
Because as Minister of Finance Chris Sinckler said “The Government is committed to the fixed exchange regime and will do what needs to be done to protect the Barbados dollar”
The Barbados dollar – not the Barbados economy.
What about the leaking of foreign exchange by the tourism industry? Some of the players borrow locally and retain foreign exchange offshore.
On 13 March 2016 at 15:41, Barbados Underground wrote:
>
@ Due Diligence and The Anunnaki
There is a little matter that de ole man would wish to bring to the attention of readers.
The governor of the Central Bank of Barbados having NOT registered with the Securities and Exchange Commission of the United States of America, may albeit unwittingly, be committing a crime through uttering the sale of investment vehicles in the USA, sine (dat be Latin for widout) a SEC licence as well as the requisite federal/state licence.
His recorded words, and offers, constitute the sale of financial products, across several boundaries, and to the best of the ole man knowledge, contravene intra state exemptions and tings dat the island’s leading monetary authority either doan know OR so desperate, doan care bout.
Dis is why um still is possible for residents or citizens of de United States to bring a lawsuit against CLICO for the sale of financial instruments post the instructions of the Superintendent of Insurance in Bulbados to cease and desist
fow
Really good stuff.
Clearly your knowledge is way above the pay level of dis old man (with apologies to PODRYR)
Your comment about US Dollars in and U/S dollars out for tourism income and payment of supplies is a good.
Sut, Sandals, and probably others, are already doing that by having reservation receipts deposited to bank accounts in Miami, New York and Panama, and paying for supplies from their overseas accounts. It also improve efficiency by circumventing the need for Central Bank approval to send payments abroad. And of course a devalued Bajan Buck would improve their profitability by lowering their US Dollar costs for wages and the few other local costs. Lower Bajan Buck would be an incentive to buy local fruit and vegetables – if local growers meet their high standards. And Bajan rum instead of Jamaican Appletons.
So many things to consider!!!!!!!!!
New car prices would go up with a devalued Bajan Buck, so less new car sales (except for the Bmers and Benzes for government Ministers, PSs etc.) On the other hand that would be good for car repair shops who would create new jobs for mechanics.
And the list goes on and on and on.
Let’s keep talking, and hopefully others will join the discussion
PODRYR
Thanks for the heads up.
If my name is on the invite list for the Guv’s presentation in Toronto, I will be sure to ask if he has Ontario Securities Commission approval to flog his bonds up here.
British American Insurance Company (Barbados) Ltd (Preservations of Investments) Bill 2016 to increase Debt/GDP.
This is interesting reading
http://www.barbadostoday.bb/2016/03/10/bailout-could-not-have-been-avoided/
Bailout could not have been avoided
Added by Sandy Deane on March 10, 2016.
Government’s initiative to support the beleaguered policyholders of British American Insurance Company will spike the island’s already high public debt, but failure to act would have resulted in a financial and economic crisis, warned Senator Darcy Boyce today.
Speaking in the Upper House during debate on the British American Insurance Company (Barbados) Ltd (Preservations of Investments) Bill 2016, Boyce, Minister in the Prime Minister’s Office, insisted it was not a light matter as he detailed how turning a blind eye would have affected the entire country and not just policyholders.
“This support for British American will of course increase our debt-to-GDP ratio, something everybody is concerned about. It will increase our debt service, I admit that there is no denying it.
“The question is, if we did not increase the debt-to-GDP [ratio], if we do not accept the increase in the debt service, what would we have done?
“Would we have let the country go to pieces because of that? Would we have let 15,000 or whatever it is policyholders go through the eddoes?
What pain and suffering would that have caused and is not that pain and suffering more than what would be caused by an extra debt service?”
…………………
What can I say?
@ DD
You can be assured that it is not.
The SEC test is not for DimWits and, with each state that you propose to sell securities in, you HAVE TO TAKE AND PASS the requisite exam.
That is 48 States in the continental US with Hawaii and Alaska outside the US (where there are not too many Bajans to worry about that offering)
He cannot utter or intimate any such sale of sovereign bonds without such registration
See https://www.sec.gov/divisions/marketreg/bdguide.htm
Two items of note
D. Brokers and Dealers Generally Must Register with the SEC
Section 15(a)(1) of the Act generally makes it unlawful for any broker or dealer to use the mails (or any other means of interstate commerce, such as the telephone, facsimiles, or the Internet) to “effect any transactions in, or to induce or attempt to induce the purchase or sale of, any security” unless that broker or dealer is registered with the Commission in accordance with Section 15(b) of the Act.
and
Foreign Broker-Dealer Exemption (Rule 15a-6)
The SEC generally uses a territorial approach in applying registration requirements to the international operations of broker-dealers. Under this approach, all broker-dealers physically operating within the United States that induce or attempt to induce securities transactions must register with the SEC, even if their activities are directed only to foreign investors outside of the United States. In addition, foreign broker-dealers that, from outside of the United States, induce or attempt to induce securities transactions by any person in the United States, or that use the means or instrumentalities of interstate commerce of the United States for this purpose, also must register. This includes the use of the internet to offer securities, solicit securities transactions, or advertise investment services to U.S. persons. See Securities Exchange Act Release No. 39779 (March 23, 1998) http://www.sec.gov/rules/interp/33-7516.htm.
Foreign broker-dealers that limit their activities to those permitted under Rule 15a-6 of the Act, however, may be exempt from U.S. broker-dealer registration. Foreign broker-dealers that wish to rely on this exemption should review Securities Exchange Act Release No. 27017 (effective August 15, 1989), 54 FR 30013, to determine whether they meet the conditions of Rule 15a-6. See also letters re: Securities Activities of U.S.-Affiliated Foreign Dealers (April 9 and April 28, 1997). In addition, in April 2005, the Division of Market Regulation staff issued responses to frequently asked questions concerning Rule 15a-6 in relation to Regulation AC. See http://www.sec.gov/divisions/marketreg/mregacfaq0803.htm#partb.
Wire Fraud and/or non approved sale of securities can get CLICO sales agents who sold to US Citizens or residents and or the Governor of the Central Bank locked up IF THEY HAVE NOT EFFECTED THE SEC Registrations
So While Michael Lashes purported cyan go back to the USof A you can imagine effing de Guv in a session trying to bilk de Bajan Yankees and de US authorities turn up and arrest he laa laa for illegal solicitation, to induce or attempt to induce securities transactions in the United States HAVING NOT REGISTERED
JES SAYING!!
Dat gine put a bug bear in dis Central Bank spree cause eider de guv gine gots to do all de tests dem or dem gine has to hire a broker and agent tuh make de physical representations on behalf uh de guvment uh Bulbados AND DAT PROXY MECHANISM SORTA DEFEATS DE PURPOSE DONT IT??
DE UDDER SON DAT EMIGRATE TUH DE US and does invite me and de madam deah (and pay all uh we expenses) he does work at one uh dem Securities places in N.Y and is he who say so but unlike de governments uh Uruguay we Foreign Ministry, de Ministry uh International Trade and de Barbados Investments and Development Corporation dem does doan be into dese sorts uh serious investment tings and only deah fuh de “tea and crumpet” if you get my drift…heheheheheheh
Me bruddah effing you was to know how really not ready we Bajans is, it wud mek a grown man cry!!
Many of those contributing to this article have made a few comments relative to the $5M cost of the yearlong 50th anniversary of independence celebrations. But how many of you read Royal Bank of Canada’s Group Economist, Marla Dukharan and David McWilliams’ assessment/analysis of the Barbados economy?
Barbados’ debt to GDP ratio has been recorded at 130% and includes funds owed to the National Insurance Scheme. McWilliams suggested the government should restructure its debt and ask creditors for some “elbow room.”
Dukharan concluded the Central Bank was one of the reasons for the decline in foreign reserves in 2015. Expressing views similar to those articulated by Dr. Mascoll (and Artaxerxes) several months ago, she said the Bank was printing money, which “was contributing to a high liquidity situation in the financial system.”
According to Dukharan “Barbados’ economy should have benefited from a bump in foreign reserves following record tourism arrivals in the 2015-2016 financial year. Rather than experience growth in reserves as a result, there was a 15% decline to US$453M. Hence, the island is facing a balance of payment deficit.
She said another factor influencing the falling reserves was the extent of government borrowing. “The government’s net borrowing of US dollars was lower in 2015 so that means that the years before when we saw increases in reserves it was because net borrowing was higher. So we were gaining reserves not organically grown by tourism, we were gaining reserves by borrowing,” she added.
So, is this $5M to be ADDED to the GROWING DEBT or has the Central Bank PRINTED MONEY to FINANCE this farce of a independence celebration?
I am of the opinion that the independence celebrations is a POLITICALLY CRAFTED event whereby this DLP administration is using $5M of TAX REVENUE to FINANCE their POLITICAL CAMPAIGN, while “throwing in an event or two” to appease the public.
If this were not the case, why is the DLP’s independence committee comprised PREDOMINANTLY of DLP members and why are they HIGHLIGHTING EVERYTHING DLP, as though DEMS are the ONLY people who have made significant CONTRIBUTIONS to the DEVELOPMENT of Barbados?
To quote the RESIDENT yard-fowl, as they correctly described this disgraceful and despicable act:
“It is a pity! shameful and downright disgraceful that the politics of yard-fowlism would be so shamelessly attached as a contribution by the DLP and their operatives ONLY and now being showcased as an opening act at the once in a lifetime celebration of the nation’s first and only 50th celebration. A celebration whereby the nation as a whole should be proud leaving vindictiveness, hatred and bitterness behind, so as not to be written onto to the pages of history as a foot note.”
The ARROGANCE of the DLP will dealt with whenever elections are called in 2018.
The Opposition BLP will stream its political meeting tonight from 7:30pm.
Blpbarbados.net
@DD
If my name is on the invite list for the Guv’s presentation in Toronto, I will be sure to ask if he has Ontario Securities Commission approval to flog his bonds up here.
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No need to do that the Guv was in TO promoting the sale of Savings Bonds last September. The question of future value of any maturing investment was raised in relation to the Canadian dollar vs the US dollar and also the possibility of any devaluation of the Barbados dollar. The Guv assured everyone at the presentation that (1) devaluation wasn’t on the horizon (2) wouldn’t happen under his watch and (3) the CBB recognises the economic triggers that will spark a devaluation and knows how to avoid those pitfalls.
Whether his confidence is misplaced or simply pie in the sky one only has to look at the economies in the Caribbean region e.g. Guyana and Jamaica to see how they have fared post devaluation. I believe that neither this Gov’t nor the alternative will take the devaluation route unless it has absolutely no other solution. Will we be better off with or without devaluation? The jury is still out on that but one constituency sure to be hard hit with any devaluation is the returning nationals who have parked much of their overseas savings in local Banks.
@Sargeant
You are aware the Governor does not make policy? How therefore can he promise not under his watch?
@Sargeant, re ‘…one constituency sure to be hard hit with any devaluation is the returning nationals who have parked much of their overseas savings in local Banks.”
WHY???? Would a returning national who still has ready access to their US/Canadian/English bank park more than living needs funds in a local bank in BIM?
What am I missing here?
@ DD
You need to understand Darcy Boyce, former Partner of KPMG (Barbados and the OECS) and his connection/allegiance and public stated support of British American Insurance Company (Barbados)
Before you read any further please take a look at http://www.baico-intl.com/documents/Plan-B-Report.pdf
What is the name of the entity that is conducting the “Review”? one KPMG Restructuring Ltd, a Bahamian company, a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative,
So you have a former partner Boyce speaking in support of “support/bailout” and the entity that Boyce formerly worked for conducting the review and proposing the very restructuring for said BAIC!!
ammmm jes one mo’ minor detail fuh midday mean cuntsumption.
“Thirteen Directors of the insolvent CLICO and British American Insurance Company (BAICO), including former CLICO executive chairman Leroy Parris and president of CLICO Holdings Barbados Limited, Terrence Thornhill, are facing B$128 million in negligence lawsuits.
De names uh sum uh de udders jes in case you din see dem befo’ is
Anthony Ellis, Woodbine Davis, QC Leslie Haynes, QC Elridge Thompson, Adrian Lorde, Basil Springer, Edrick Griffith and Vishnu Ramlogan.
Talk about “the fox guarding the chickens, giving a morning count of the amount of chickens in the chicken coup!!”
Granted that “the other defendants named in both claims were accounting firm PriceWaterhouseCoopers, the auditors of BAICO and CLICO; the Supervisor of Insurance; and the Attorney General, as the representative of the Crown…” but to be truly fair to the process of impartial examination and review, a non regional entity like dat fellow dat CE was did used, Stephens LLP sumting should have been engaged BECAUSING all uh we know one annuder and a feller cyan say dat there was/is arm length between Boyce and KPMG.
But den agin Boyce was one uh de fellers who draft de “Pathways tuh Progress” document wid de dead king so wid FOI and Integrity in 100, sorry 1000, sorry, 10,000 days – whu is a zero effing De Ministah uh Finance Chris Sinckler is who putting in dat decimal pint, whu wunna expect??
@DPD
WHY???? Would a returning national who still has ready access to their US/Canadian/English bank park more than living needs funds in a local bank in BIM?
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Just as I was getting used to DIW you went and changed your moniker.
Don’t assume that because you are sophisticated about financial matters that all folks are the same. Some people want to have their funds close to them rather than in an overseas institution that they may have difficulty accessing and when you are in the departure lounge it may seem a simple solution.
I am am not implying anything and sorry to disappoint PUDRYR cause you expect “better” when you see my name but I letting fleur rest fuh now.lol
http://www.cbc.ca/news/business/kpmg-offshore-sham-deceived-tax-authorities-cra-alleges-1.3209838
Fair enough re departure lounge…I suspect though that a lot of these folks with 401Ks and all that other stuff out US and the equivalent Retirement Investment A/c in Canada and England are just as savvy as any of us.
But point taken.
As I am getting older I am trying to live out my verbal fantasy as a Messi like dribbler…that and the blogmaster’s evocation to this new alter ego.
@ David [BU]
Regarding your comment @1.47 and I quote “The Opposition BLP will stream its political meeting tonight from 7:30pm. Blpbarbados.net… i have a suggestion that me grandson have sternly warn me about.
The Best Free VPN Services for 2015 see http://www.pcmag.com/article2/0,2817,2390381,00.asp
Unlike you Honourable blogmaster who doan got no reason to betray de trust uh de common bajan anyone lse who planning tuh log onto dat site wud be advised tuh
1) use a VPN tuh log onto dat meeting OR
2) go and install de TorBrowser pun wunna machine and access de BLPBarbados.net site from deah.
Causing wunna cyan be certain dat if any uh wunna foolish enough tuh go to de BLP site straight three tings going happen during dat session
1) wunna IP address is gine get log by de BLP operatives in anticipation of the Troika that cometh and which will destroy ALL 4th estate dissent under the salvation arms of the BLP saviours
2) de MAC address uh each one uh wunna machines is going to be recorded including that unique address uh wunna phones
3) wunna gine get invite to download some shyte as a gift tuh record dis “momentous event” dat gine be a trojan horse of “stuxnet” variant. Said gift dat gine reside pun wunna machine and transmit data til “the Kingdom Come”, like dem computers dat de Chinese guvment gi de Minister uh Finance 7 years ago. Yes boasie dat is de same PRC dat de guvment signing a military agreement to provision de supply of military vehicles and arms and other assorted memorabilia dat de Defense Force is tuh be issued in the event of insurrection when de Republic coming
While it may be interesting to watch whu Mia and her set uh power hungry cohorts gine be saying latah I gine wait till de blogmastah or somebody sanitize um and watch um den or jes wait fuh AC and Carl Moore to review um pun dem cuntputer and gi’ be de distorted highlights.
Lol..Piece…glad to hear of that 128 million dollar negligence lawsuit against the former Clico gang, that will make for some sleepless nights and trembling backsides.
@ Hants
When i read things like this that is why I just love to see Fleur and the other flower that the Blogmaster put up.
“Dalhousie tax professor Geoffrey Loomer says that if the allegations against KPMG hold up in court, the case may have implications for the entire accounting industry.
“It seems to me it’s bad from the point of view of the advisors involved, but it’s also just, you know, an instance of a larger problem where you have high-wealth, high-income taxpayers arguably not paying their fair share,” Loomer says…”
Mia, Dr.Clyde and Straughn are scheduled to give a preview of the Estimates debate.
One can always tell when the BLP officially rings the campaign bell ,They revert to Clyde Mascoll mouthings ..
Sargeant March 13, 2016 at 1:50 PM
Did the Guv have OSC approval to promote/sell GOB securities at his presentation in Toronto last September?
Sargeant
You said the Guv said in Toronto that “CBB recognises the economic triggers that will spark a devaluation and knows how to avoid those pitfalls.”
I guess that is the same as the MOF saying in Brooklyn “The Government is committed to the fixed exchange regime and will do what needs to be done to protect the Barbados dollar.”
What the hell do they mean?
Due Diligence March 13, 2016 at 3:05 PM #
They mean that they need money and will use whichever sound bite that will do the trick to get it….QED
pieceuhderockyeahright March 13, 2016 at 2:01 PM
PLEASE
A 126 page Bailco document on Sunday afternoon?
I am having trouble just keeping up with the bloggers comments flying in fast and furious.
@ Sargeant March 13, 2016 at 1:50 PM #
“The Guv assured everyone at the presentation that (1) devaluation wasn’t on the horizon (2) wouldn’t happen under his watch and (3) the CBB recognises the economic triggers that will spark a devaluation and knows how to avoid those pitfalls.”
You are just one NCO that will squarely into one of Bushie’s Bajan brass bowl.
Do you really think the Guv would say otherwise?
That same Guv has been recognizing the same economic triggers that have brought about economic decline in Barbados for the past 7 years. Can you count the many times that same economic soothsayer has been predicting growth as a result of multi-billion investment projects?
Is that the same Guv who has broken all the rules and facilitated the parking of millions of laundered money from the CLICO heist?
Do you really feel that man has a drop of compunction enough to tell you the Truth?
Itn’t is under his very watch that the debt to GDP ratio moved from below 70% to 130% and rising monthly?
Of course it wouldn’t happen under his watch. He would either be decent enough to resign before the inevitable or be forced to exercise that special clause in his employment contract.
But we heard similar assurances from another spin doctor. A goodly doctor in the god business also assured Bajans that David Thompson will never die under His Almighty Durant’s watch. And you saw what happened. His god went into a self-induced extended coma to late October 2010.
Snake oil salesmen, Miller..they are all snake oil salesmen.
DD needs some help re: British American Insurance Company (Barbados) Ltd (Preservations of Investments) Bill 2016 to increase Debt/GDP.
I am assuming the increase to the ratio of Debt/GDP results from liabilities assumed by GOB to the policy holders under the legislation.
Has the legislation been passed?
How much is the new debt?
When will it be reflected in published GOB financials?
@pieceuhderockyeahright March 13, 2016 at 2:29 PM #… do you use a TOR Browser or know someone who does? Does it work as well as advertised?
Just seeking another independent reference.
@DD
Did the Guv have OSC approval to promote/sell GOB securities at his presentation in Toronto last September
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It was an information session; I didn’t see any cheques or any purchase forms being distributed or requested.
Finally some posts which are close to the truth.
My only addition would be listen….listen closely….you can hear the ticking of money leaving the island. How? Its been going on for years. First many of the so-called Bajan business are not on-shore. Second, the way around is cross-listed stocks. You buy in Bim and sell on the cross listed exchange where you can turn those dollars into foreign currency quite easily. Then boom, the money is gone.
I agree any attempt at monetary unpegging or floating would be a disaster. The issues are fiscal. The deeper issue is employment. Specifically over employment in the public sector, including its sponsored NGO’s and other bodies. And the even deeper issue by citizens of “the government owes me a job”.
The challenge is this problem is not new, and it has been politically expedient for successive governments to ignore this issue for many years. Privatization solves little, for the value of any public asset is proportional to its expenses. So if the seller tries to enforce current employment one gets less value. And given the attendant consultant fees any such deal is likely to have, it is only a guess what will end up in the public coffers. It only provides a ‘little ease’ in cash flow.
The structural employment issue becomes the key.
@ DPD (as long as you doan change your name to DPP as in the Director of Public Prosecutions)
https://www.torproject.org/projects/torbrowser.html.en
temporarily employ a FREE VPN, then use the TorBrowser above – quasi untrackable insofar as these dolts are concerned
for more technically minded temporarily change MAC address of machine in addition to above
@Miller
You are just one NCO that will squarely into one of Bushie’s Bajan brass bowl
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Don’t be a clown I was reporting what the Guv said; I know he is selling Barbados and wouldn’t expect him to say otherwise. Didn’t you read what followed as in “Whether his confidence is misplaced or simply pie in the sky”
If you want to shoot the messenger you are woefully off target.
@ DPD
It works perfectly.
Insert ip-tracker.org when you install the torbrowser and that will give you all the independent verification you need.
Mac ID Properties Emulation and Manipulation (MIPEN) like i said is the more radical procedure but insofar as the Troika in Waiting and Ronald Jones’ IT team’s skill sets are concerned even if they had the assistance of the US Department of HomeLand Security (and the US Government don’t rank us as deserving of that privilege) you are safe behind this wall for the time being.