Central Bank Explains Recent Downgrade, by Email
Dr. DeLisle Worrel
BU understands the following flash report was circulated to an email distribution list which the Central Bank of Barbados maintains. We have scanned the website of the Central Bank of Barbados to determine if the communication was posted for all Barbadians and others to access. What is noteworthy is that there is a confirmation the downgrade WILL increase government’s cost of borrowing. Such a position conflicts with the spin and lack of concern being conveyed by the political directorate of Barbados. Eight years is a long time for a country to be subjected to a deluge of negative reporting about the performance of the economy. Bear in mind there is a ‘nexus’ to the quality of the social landscape we enjoy – David (BU)
Dear Associates:
LATAM Strategy Flash: Barbados – Moody’s Downgrades Barbados to Caa1 Despite Clear Improvement in External and Fiscal Accounts – April 4, 2016
Barbados: On April 1st 2016, Moody’s Investors Service downgraded the Government of Barbados’ government bond rating and issuer rating to Caa1 from B3, and changed the outlook to stable from negative, citing: slow progress in achieving debt-sustainable fiscal consolidation; low foreign exchange (FX) reserves; and weak financing conditions. This comes after a triple-notch downgrade in June 2014 and the maintenance of their negative outlook ever since. The negative outlook represented a more than 33% chance that Moody’s would downgrade Barbados’ credit rating over the medium-term. In December 2015, Moody’s indicated that another downgrade would be likely if the country faced “…a trade-off between debt servicing and maintaining the currency peg, given past evidence of the central bank’s financing of the fiscal deficit…”
Bottom Line: Although we are not comfortable with the central bank financing fiscal deficits, we find this action unwarranted and confusing. We also do not see from their analysis the so-called trade-off, because the countries with more flexible exchange rates have on average defaulted more times, not fewer. Moody’s is saying that Barbados will almost surely default, and is putting the onus on its fixed exchange rate. Barbados has never defaulted, and the rating agencies have reserved these single-B and below ratings for serial defaulters or countries just coming out of default. Expect widening on the news; but we do not think Barbados’ credit is worse than BB and still recommend buying on whatever sell-off we see.
Following Moody’s previous negative outlook and insufficient progress to date in stabilizing debt ratios, the rating action does not come as a complete surprise, although the level is exceedingly low for a country that has never defaulted. The Government of Barbados finds itself in the same rating bracket (Caa) as Caribbean sovereigns such as Belize (rated Caa2 with a stable outlook) and Jamaica (rated Caa2 with a positive outlook), both “serial defaulters”. IMF forecasts suggest that Barbados’ short- to medium-term economic growth prospects appear weaker than both Belize and Jamaica (see Figure 1). Barbados’ projected nominal fiscal deficit is larger as a percent of GDP than its counterparts, and the 2014/2015 interest expense/revenue was only marginally better than Jamaica’s –26% for Barbados compared to 30% for Jamaica and 9% for Belize. However, the projected Debt/GDP ratios and external current account balances are on par, even when taking into account that both Jamaica and Belize are coming off significant debt restructurings. Finally, Barbados’ external debt as a percentage of total outstanding gross government debt is lower (30% for Barbados at December 2015 compared to approximately 83% and 59% for Belize and Jamaica respectively), but so are its FX reserves (13.8 weeks of import cover for Barbados compared to approximately 22.5 and 23.5 for Belize and Jamaica respectively).
The revision of the outlook to stable suggests little probability of a further downgrade, even if policy measures and economic indicators continue on their current trajectory.
Although Moody’s rating downgrade will likely increase the government’s cost of borrowing internationally, it does not represent a material change in our view about the sovereign. The probability of a devaluation of the currency remains low as FX reserves remain adequate—and, as we have elaborated elsewhere, the external accounts have adjusted into the region of strong solvency. Moreover, external debt as a percentage of total debt is low, and the government has access to other, more favourable policy options. These include access to concessionary multilateral financing, request of funds in the context of an official IMF programme, expensive short- to medium-term financing similar to the 2013 Credit Suisse facility, and additional fiscal contraction to curtail domestic demand for imports.
Economic Trends
The Government of Barbados has made some progress in reducing its fiscal deficit and maintaining foreign exchange reserves above 12 weeks after briefly falling below that benchmark during 2013 (see Table 1).
Table 1: Recent Trends in Barbados’ Major Economic Indicators, 2008 – 2015
Further, low global crude oil prices and a boost in tourist arrivals from major source markets have significantly improved the external current account deficit. Cuts to personal emoluments, transfers, and subsidies, and the imposition of additional taxes improved the fiscal deficit from 11% of GDP in fiscal year 2013/2014 to reportedly just over 4% of GDP in fiscal year 2015/2016. FX reserves recovered to 13.8 weeks of import cover by the end of 2015, after dipping below 12 weeks during the last quarter of 2013. Additionally, fuel imports declined 31% in 2015 and tourist arrivals rebounded 14% after three consecutive years of negative or modest growth, while the external current account deficit almost halved from 9.1% of GDP in 2013 to 5.2% of GDP two years later. All these developments indicate improving sovereign creditworthiness, not deterioration.
However, major economic and funding challenges remain. Notwithstanding greater tourist arrivals, average length of stay and tourist expenditure have declined, restricting more robust growth in tourism value-added. The rest of the economy remained weak in 2015 as delays in major projects reduced construction output by 3%, while activity in the distributive sectors remained virtually flat as average unemployment remained elevated at 11.8%. Cash flow issues persist as the central bank provided most of domestic funding during the last two fiscal years, and commercial banks have substituted investments of longer-term bonds to hold short-term Treasury Bills. Gross government debt excluding NIS holdings continues to climb, rising from 100% of GDP in 2014 to 107% in 2015. Despite an improved external current account deficit, higher debt service and limited capacity to access international capital markets reduced foreign exchange reserves during 2015. Additionally, the government’s initial estimates for fiscal year 2016/2017 suggest an increase in the nominal fiscal balance to 5% of GDP, which will likely lead to further debt accumulation. Significantly reducing the fiscal deficit will require some privatization of public assets and/or additional fiscal consolidation.
Figure 1: Comparison of Barbados’ Economic Prospects with Other Caa-rated Caribbean Sovereigns
Sources: IMF October 2015 World Economic Outlook, Belize 2015 IMF Article IV Consultation Staff Report, Jamaica IMF Tenth Review Under the Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria Staff Report
External accounts continued to improve along with substantial improvement in external solvency indicators (see Figure 1, above).Foreign exchange reserves have stabilized should finish the fiscal year with a USD 46 mln. Export growth is on track to reach 6.5%, while imports continue to contract.
*This Flash was written in conjunction Shane Lowe, Chief Economist
Barbados Underground 
IMF trims global growth forecast to 3.2% in 2016
by caribbeantradelaw
Alicia Nicholls In the run up to its annual spring meetings in Washington DC this week, the International Monetary Fund (IMF) in its World Economic Outlook released today, has cut its baseline projection for global growth to 3.2% in 2016 and 3.5% in 2017, down from 3.4% and 3.6%, respectively, in its January forecast. The […]
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As said before , More pain to come, With out Clear Title land and proper registration by the Barbados Land registry , Barbados Archives and the Fraud games over at Barbados Land Tax and the AG action as the Crown , with the DPP in not charging the crook lawyers in the house and in their office , This Massive cover up PONZI and laundering of Land of the Estate Of Beatrice Henry and Violet Beckles Estate of over 200 sites Laundered by Sirs of Barbados with the Help of the AGs and the Ex CJ Simmons, What do you expect , The White People of the North are not fools for the games Blacks play with their laws and rules.
As said before Basel 3 Banking will get them All.
The C. U .P is the only Party in Barbados with the Proof and the land title deeds to to prove the fraud and Get the People in Barbados back to work building their own homes with Clear titles , Where they can get loans from the Banks , This is where the Banks make most of their money giving loans for houses , cars, home improvements, credit cards, This is why the Banks are pulling out, and down sizing,
The CUP is the only way out, American Embassy Knows the Truth and just watching these fools play the ass-sits and they look to VAT and TAX more,
The government do not own any land and the Ministers who bought their votes to win elections did not come with land title nor deeds, All need to be in Jail, their Jail will be Barbados when other Nations have WARRANTS out for them ,Let not for get the counterfeit being printed and past out in Barbados fooling some of the people.
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I trust nothing issued by the Central Bank of Barbados and certainly nothing said by its Governor.
This is what Barbados has come to, pure and utter madness all in the name of ‘few’ making money and using the thin veneer of politics to cover it over and continue the practice.
How long can this country go on like this?
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Some facts are facts others are merely opinions. Some arguments are logical starting from a wrong premise. Some opinions are merely repetitions of other peoples knee jerk conclusions. Make your choice. The bulk of the above analysis is based on half truths.
The Debt/ GDP ratio is a rule of thumb to test the ability of the country to repay debt. What is the significance if the bulk of the debt is owed to ourselves? Foreign debt as a ratio of export earnings is another rule of thumb. What is the significance if foreign direct Investments are positive? That is providing the foreign exchange to finance repayment of foreign debts. The important question is the current positions sustainable? Will this forign borrowing contribute in the long run to GDP and a growtth in the foreign reserves of the country? This is what the debate ought to be about. It should be about policies and strategies. Is the Barbados Economy made up of the Public sector alone? Where are the strategies of the private sector to create jobs and earn foreign exchange?
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So fellows( Guys and Gals) let us get serious. If you identify problems cut out the cussings ,and come with some half decent solutions.
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A Caa rating basically indicates that a country is in poor standing and subject to an exceedingly high credit risk. Given Barbados’ high debt to GDP ratio and continual incurrence of debt, especially through the issue of bonds, Moody’s is speculating the eventuality may occur where the island may default on loan repayments in the short term, ceteris paribus.
I will give a simple example as follows. On February 24, 2016, the Central Bank of Barbados advertised their 18th issue of Government savings bonds [GBSB 80/2016] for a total nominal sum of $10,000,000, for an investment period of 5 years, yielding 5.5% if the bonds are held to maturity and selling at $76.24 per $100 nominal value.
Bear in mind that investors generally rely on bond ratings to evaluate the credit quality of bonds being issued. The reason being credit rating indicates the probability that the issuer may or may not be able to pay interest when it becomes due or redeem the principal at maturity. FAILURE to HONOUR those COMMITMENTS constitute a DEFAULT.
Under the circumstance of a Caa rating, potential investors would ask themselves if the government would be:
………. able to make interest payments when they become due.
………. in a financial position to redeem the bonds at maturity.
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Potential investors also owe it to themselves to make an assessment of the risk of the taxpayers of Barbados defaulting on the loan. The assessment of risk, in the final analysis ,is subjective. After quantifying the risk the borrower still has to make a decision. You wish to tell me If the BU party wins the election your minister of finance will not pay me my 100 dollars for every 75 dollars I paid you five years ago? What kind of Barbadian are you?
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Bernard Codrington. April 14, 2016 at 10:30 AM #
“You wish to tell me If the BU party wins the election your minister of finance will not pay me my 100 dollars for every 75 dollars I paid you five years ago? What kind of Barbadian are you?”
@ Bernard Codrington
Do you care to explain your above comment?
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While I hold no brief for the current administration, I find it strange that Barbados is doing so poorly, but our standard of living seems to be still quite impressive. I think that we should ignore the whining middle class, and continue to ensure there is a safety net of social services for the poor and unemployed. As Elombe Mottley once said: We Bajans are investing in “japanese real estate” (cars) and other consumer itmes and life styles such as cruises and overseas vacations. Also there is the persistent hoarding of For-Ex(US Dollars). Against this background , I do not put a whole lot of confidence in overseas agencies since whether their reports are good(positive) or bad(negative), they do not seem to substantially affect how we live.
Rare as it may seem, I will continue to pay attention to the Governor of our Central Bank because his intellectual integrity cannot be seriously questioned. Unlike political economist who will bring no confidence motions against a government(BLP) and then end up being their main spokesman on national/economic affairs(Dr. Clyde Mascoll). This current DLP administration is perhaps the most disappointing since independence but I will never accept international agencies advice of devaluation and massive lay offs that will certainly cripple the economy. I have full confidence in Dr. Worrell’s intellectual honesty.
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@ William Skinner, you are a brave man to have confidence in the Governors intellectual honesty.
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I am consistently stunned by the intellectual pontificating on BU by obviously educated people who seem to constantly miss the most basic observations of Bajan economy drivers.
Gov’t can only spend money they earn in taxation and what they borrow in excess of that, hence our ongoing dilemma.
To provide income, gov’t can only tax success; failure takes care of itself – Law of Natural Selection.
We no longer have any agriculture, all we have is tourism and foreign banking.
Foreign banking will not survive a decade, the host nations want back the tax due to them. America is already the largest tax haven in the world and less-regulated nationally than their international standards. Obama’s FATCA should have warned everyone of the US Federal gov’t intent in this regard, Canadian lawsuit victories against their own citizens by their revenue authorities likewise.
That just leaves tourism. Tourism is driven by private enterprise, from the largest Sandals to the smallest jetski operator.
So let’s say someone invented a new jetski that was just the most amazing thing ever and that every tourist would pay twice as much to ride for twice as long and a BU consortium wanted to buy three of them to start a little tourism business.
Water sport operator licenses, business name registration, corporate registration, BRA clearances, TCP and Parks & Beaches permissions for beach kiosk, insurance, import licenses, customs inspection, import duties, jetski permit, employee rights standards, beach operators unions etc. etc. etc. are all
……………………………………………………………………………(for effect)……………………………………..
DESIGNED TO KEEP A BUNCH OF USELESS PEOPLE EMPLOYED IN A SELF-PERPETUATING, FRUSTRATING, UN-FACILITATING, CORRUPTION-BREEDING SYSTEM THAT HELPS NONE OF US BECOME SELF-DETERMINING, ENTERPRISING INDIVIDUALS WHO PAY OUR TAXES TO PROVIDE THE SOCIAL SERVICES WE WOULD ALL LIKE TO ENJOY.
All the rest of the financial pontification is just that, people trying to impress other people with numbers while not getting to the root of the problem.
The root of the problem is that we all depend on taxation of successful businesses to survive and Barbados is no longer a business-friendly place. The parasites that occupy our gov’t and civil service offices don’t understand who pays their salaries and wages or this would not be the case.
That is our financial problem explained as simply as possible.
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@William Skinner
Indeed it is your right to have confidence in whomever as it is my right to disagree with you and further,to say I have no confidence in a governor who fudges statistics to mislead an unsuspecting public and who has joined with with a numbskull PM who has no micro understanding let alone a macro level of appreciation of the use and application of human and material resources among competing objectives.
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Heather April 14, 2016 at 12:28 PM #
“@ William Skinner, you are a brave man to have confidence in the Governors intellectual honesty.”
@ Heather
I could not agree with you more.
Firstly, Skinner seems to be conveniently ignoring that, in his role as Governor of the Central Bank and a “spokesman on national/economic affairs,” Dr. Worrell must also be categorized as a “political economist” as well.
Secondly, you cannot, in all seriousness, make an evaluation of Barbados’ economic circumstances by holding a simplistic view that, based on “Bajans are investing in “Japanese real estate” (cars) and other consumer items and life styles such as cruises and overseas vacations,” “everything is good in this island.”
There have not been any significant increases in salaries and wages during the past 8 years. As a result, where would households get the money to finance consumption? From the credit unions, finance companies and banks. People are borrowing to finance their lifestyles.
Then there is the “underground economy,” whereby the exchange of goods and services are not officially calculated in GDP. The UE include activities such as tax evasion, unreported income from self employment, prostitution, drug and arms trade, smuggling, gambling, fraud, trade in stolen property or theft for personal use.
Let’s say, Bush Tea, for example, went to Bush Hill and (depending pun wuh type ah guy Bushie is) paid he/she for a particular service. The service provider subsequently uses the funds from Bushie and other clients, to maintain his/her household. This transaction goes unreported.
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@Gabriel,
You cannot substantiate any of the charges you have made against the Governor . Dr. Worrell’s standing among his peers has no equal in our country. I am not into party hacking on behalf of either the Opposition or Government. None of the negatives you have attributed to Dr. Worrell .
@Heather,
I am not brave just dont believe in people castigating a highly respected public servant , who under no conditions will knowingly mislead the public. I have followed the careers of many of our finest minds and the current Governor of the Central banks stands head and shoulders above many who have political agendas and who have literally sold their brains to the highest bidder.
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@ Skinner
Agree with your position on the intellectual honesty of Dr Worrell , therefore the accuracy of data from the CBB. I differ on the current policies of Dr Worrell
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Chaucer,
Agreed. However, anybody who has had the slightest dealings with Dr. Worrell, knows he is a an intellect of impeccable character. Like Sir Garry Sobers, he has walked with kings and queens and has never lost the common touch. He has always been humble. I think what pissed him off was the fact that certain journalists were constantly misrepresenting what he said at the press conferences. We only have to note the frequency with which the Nation had to retract articles that were inaccurate. I am not saying that refusing to have the conferences was the correct response ,after all he is paid by the taxpayers, and should have not allowed inferior party hacks, posing as journalist to make him decide on such an unpopular move. I have seen all types of bogus economists and intellectuals speak out against a party and then suddenly they are candidates for the other party. It happens on both sides ! Dr. Worrell was earmarked to be Governor long before he actually got the position. Just visit his old neighborhood and you will see the esteem in which he is held by all and sundry.
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@William
Just deal with the facts, the government has to finance a deficit of 1.8 billion and this is after 8 years of pain.
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“Like Sir Garry Sobers, he has walked with kings and queens and has never lost the common touch”
No comparison between the two. Mr Sobers like all of us has his faults but in his line of business he was never accused of dishonesty on the field of pay. In Mr Worrel’s field of play, there is evidence of such. By the way what does acclamation in his old neighbourhood have to do with his intellectual honesty or dishonesty. I am sure when you are home on holiday you are hailed in your old neighbourhood as well.
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Assuming the proof of the pudding is in the eating something is rotten in the State of Denmark.
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Rather than half truths, I prefer to see the release as an incomplete discussion.
This continued strategy of debt separation is bafflement to me, and I believe to international bodies experienced in dealing with sovereign governments.
If I borrow $10,000 from BNS, $10,000 from my brother and $10,000 from my son, how much do I owe? If I go to First Caribbean for a $10,000 loan, do I tell them I owe $10,000 or $30,000? If I make $30,000/yr, is my debt to earnings, 30/30 or 100% or is it 10/30 or 33%.
If the CBB thinks Barbados is a BB risk, why set about to compare to other Caaa rated Sovereigns, who are in addition are serial defaulters with significantly devalued currencies? If you compare, then do so to other BB rated sovereigns, without default or devaluation history?
Unless this image is wrong, it is relevant.
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Producing your own statistics of employment data,shoring up fiscal and monetary policy by last-resort-lending of a scarce resource,fostering the creation of doubt in the investment portfolio are undesirable factors extant and must be corrected post haste.
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In addition to for-ex cover, how much cover does the CBB have?
“the central bank provided most of domestic funding during the last two fiscal years”
How much more can it fund? Seems the monthly needs are growing rapidly?
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There isn’t any evidence to suggest: “the fact that certain journalists were constantly misrepresenting what he (Worrell) said at the press conferences.” And trying to correlate that former statement with the comment re: “the frequency with which the Nation had to retract articles that were inaccurate,” as the defining factor for Worrell banning that newspaper’s journalist from attending any of press conferences or other Central Bank media events, is being indigenous.
Surely, to be considered genuine, those statements should have been substantiated by a presentation of the necessary evidence. Then, the vague and generalized statements such as “inferior party hacks, posing as journalist” and “all types of bogus economists and intellectuals speak out against a party and then suddenly they are candidates for the other party,” denote a “subtle attempt” at promoting a particular agenda.
As I recall, the reason why Worrell banned Nation journalists, was based on the headline (“60 to Go”) and a story carried in the Thursday, May 8, 2014 edition of the Daily Nation, which sought to inform Barbadians that the Central Bank was in the process of retrenching 60 employees. The Governor issued a one paragraph letter as follows:
“Consequent upon the lack of professional integrity manifest in the Nation’s front page headline of Thursday, May 8, (2014) you should be aware that Nation/Sun staff will not be invited to any future press conference or media event hosted by myself as governor of the Central Bank……..”
Ironically, the allegations were confirmed by Worrell, so perhaps an explanation of “the lack of professional integrity” should be forthcoming. And two weeks later, he rescinded the ban, as journalists from the Nation were invited to the two day Regional Central Bank officials’ conference, which was held at the CBB Grande Salle.
It is IMPORTANT to NOTE that Dr. Worrell’s CHARACTER is not under SCRUTINY, but his TENURE as GCBB. Therefore, under the circumstances, it is irrelevant if he “is an intellect of impeccable character,” “walked with kings and queens and has never lost the common touch” or if his old neighbour hood holds him in “high esteem.”
Barbados has undergone a number of credit rating downgrades from regional and international rating agencies and there are myriad economic problems that, after eight years, this administration has been unable to solve. The much touted medium term fiscal and development strategies have failed to achieve the desired objectives. So too has the 19 month home grown programme, which was proven by the recent downgrade and accompanying economic analysis.
Interestingly, if we prefer to accept or not, there have not been any significant differences in the analyses of the Barbados economy, given by the international financial institutions and regional institutions, such as the Caribbean Development Bank (read the CDB economic report) or Scotia Bank’s regional economists. Similar analyses have also been given by independent international economists.
These are some of the FACTS I prefer to examine, rather than engage in aggrandizing personalities. The glowing accolades attributed to Worrell would not be the basis upon which his tenure as Governor of the Central Bank and chief economic advisor to this administration be evaluated. It would be based upon what economic gains Barbados would have achieved as a result of his policy initiatives and expertise.
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why by email………look into my iiiiiiiiiiiiiiiiiiiiii’s everything is okay
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Dr Worrell may be highly regarded in his neighbourhood, wherever that is, but the same cannot be said for how the banking. offshore and general business community regards the communication he issues. His nickname is “Denial” Worrell. To be fair, unlike central bank governors in countries such as Canada, the UK and the US, the central bank governor in Barbados is a “creature” of the Minister of Finance. He cannot veer too far from the script without jeopardising his job. In all communication, the central bank is always careful to exclude the country’s borrowings from the NIS when it comes to computing the Debt to GDP ratio. Well informed people in the banking industry estimate that, once that debt is included, the ratio is more like 150%; NOT 107%. The central bank downplays the importance of the NIS debt, because it like borrowing from “family”. The premise is that you can take as long as you like to pay it back, if you ever do. Whispers on the street are that the good doctor is actually weary of compromising his integrity by being a cheerleader and chief defender for the government when it comes to the issue of economic mismanagement. But it’s too late for him to change his tune.
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I do not even trust the report from the CBB that it made a profit of 1.3 million last year. I trust nothing that somes out of the CBB. Employees there tell you that the governor tells the staff what figures he wants to be presented in any report………the figures are always manipulated,
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comes
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@ William Skinner, Let us stick to the facts regarding his tenure with the present administration. There are no reliable statistics that are coming out of the Central Bank, he willfully sold junk bonds on the domestic market, it is illegal for a member of the public to have an account at the Central Bank. The governor is holding $5M for Leroy Parris. He hired his relative which led to a strike. The information he provides is less than credible. He inferred that there is growth when there was none. Who in their right mind would trust this man. His credibility is now at zero.
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“I have followed the careers of many of our finest minds and the current Governor of the Central banks stands head and shoulders above many who have political agendas and who have literally sold their brains to the highest bidder.”
Which makes him marginally less of a moron than the rest. Mini Mes’ days are numbered as are those of the intellectual microbe we have as a MoF.
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Some people live in denial dont care what reality confronts them…I was going to mention the Leroy Parris bank account in the Central Bank, but am sure so too were at least 20 other posters, then I decided, why bother.
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It is worthwhile to report this link to the CDB 2015 Economic Review 2016 Forecast.
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If Estwick comes back from UAE with a commitment to fund the deficit (as is hoped by the Cabinet) then CS’s days as MOF are numbered, very numbered.
The DLP and CS are not telling the truth, they should be telling Barbadians that Barbados is finding it very difficult, very difficult indeed to finance the deficit.
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IMF downgrades forecast for Canada’s economy in 2016 and 2017
http://www.cbc.ca/news/business/imf-canada-forecast-1.3531869
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Hants
Fortunately Barbados’ new best friend is still doing (relatively) well
“China was a rare bright spot, with the IMF upping its forecast for growth to 6.5 per cent this year and 6.2 per cent in 2017. Each figure is 0.2 percentage points higher compared to what the group was saying in January.”
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@Hants
Ms.Lagarde just got a new 5yr term. She needs to fire half her forecasting team and replace them, as IMF forecasts have been woefully inaccurate in recent years.
Interesting polar opposite provincial budgets today. A right wing Liberal budget on the rock, while a middle-left budget from Alberta NDP.
http://www.cbc.ca/news/canada/newfoundland-labrador/nl-budget-bad-news-1.3535718
http://www.cbc.ca/news/canada/edmonton/alberta-budget-goes-heavily-into-the-red-to-fight-economic-downturn-1.3536388
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David Estwick and CHIRP
by David on July 31, 2015 in Barbados News, Politics Edit
On June 16, 2013 BU highlighted a presentation by Minister David Estwick – Sugar Cane Production: A Race Against the Clock – in which he laid out government’s strategic plan for restructuring the sugar cane industry. Part of the plan (at the time) was to diversify the sugar cane to generate power and reduce the […]
8 Comments • Continue Reading →
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This submission generated quite a lively debate. It was tarnished a little bit by discussions on integrity of post holders. We should always stick to the issues and avoid discussion of the persons’ motive. The fundamental issue is how to manage a small open economy when there is a recession in Barbados’ major trading partners’ economies. These generally lead to unemployment and a reduction in GDP. GDP contraction leads to a reduction in the tax base and government must make up the short fall either by higher taxes, by borrowing or reducing the quantity of public goods and services. Or a combination of all three. These are hard decisions. Policy makers find themselves in positions between a rock and a hard place. So it is not easy and we all have to make political decisions. Unfortunately Governments have to depend on technocrats for advice and not all technocrats are competent.
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The above submission relates to the previous article on the downgrade of GOB debt.
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It is amazing we continue to accept the passive nature of the local media to the less than transparent way it continues to do its business as it relates to the Central Bank. There was a time even if we accept that the Governor is a creature of the MoF that the Central Bank was able to project an air of respectability across the political spectrum. All across the region it is obvious Central Banks are being hijacked by political narratives.
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@David,
I assure you that when the BLP appoints its Central Bank Governor, the DLP supporters will be just as critical. We have reached a very sorry state when journalists cannot write or research anything without an obvious BLP/DLP bias. The only thing left to be done is the Barbados Labour Party and Democratic Labour Party getting together and officially becoming one party. In that way all the senseless rumblings will cease and we can all get back to putting Barbados first.
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@William
You have dodged the question. You alluded to the middleclass being complainers and continuing to enjoy the creature comforts of life, a general statement if one accepts the commentary from analysts that there is a slowdown in borrowing by Bajans and the banking system is awash with money. Then at the macro level we have this government continuing to fund huge deficits, 1.7 billion. Address the issue please!
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@David, I’m not sure if you’re following the IMF/WB Spring Meetings but you may find this interesting: https://www.yahoo.com/news/dark-economic-cloud-over-imf-world-bank-meeting-021843315.html
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@Alicia
Yes, it is why some of us have been severely critical about how the government has allowed a global economic crisis to go to waste. What a wonderful opportunity we had to systemically restructure but preferred to go the way of political expediency.
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Do not fully understand what the above comments mean are your comments in refernce to debt or the economy?Advisably on this one your comment need to be clarified for those of us who are illiterate in the world of economics
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At least Frustrated Buzzinessman sees that HMS Barbados is crashing into the iceberg.
There will be no better rating for the next 100 years if the budget deficit surpasses GDP growth.
We live in a country and culture, where people search for 1000 excuses, where people are good in lyrics, but lack any action or will to correct wrong decisions, let alone the capability to identify very obvious risks for the nation. Whereas some commentators on BU are well aware of the abyss in front of HMS Barbados, the politicians in charge, the bureaucrats and other members of the establishment still think they live in the golden age before 2008.
The email above is simply a symptom for such irresponsibility.
If we want the “freest black country on earth”, there need to be an economic foundation where people can exercise their human rights, not a society with a shortage of medication, money and excessive prices for housing, cars and food, with rights merely written on a piece of paper. Words and rights are useless until there is an economic foundation to uphold independence and to maintain the state. Unfortunately, most of the many lawyers in Parliament lack any basic understanding for the relationship between law and economics. They think big words, courts and legislation can overtrump reality. They cannot.
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@ David,
In one breath you say that Central banks across the region are being politically hijacked. Your words. I merely said that the BLP and DLP could become one and the political hijacking might stop and their supporters would be all wrapped up and we can then move forward.
Your words:”All across the region it is obvious Central Banks are being hijacked by political narratives.”
Pray tell where the “political narratives” come from. It comes from within the political parties. Their supporters and parasitical intellectuals/academics. If that is dodging the question, you have my apologies.
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Davidx2
The main ingredient lacking here is the big contribution CONFIDENCE brings to the table.Without it the CCB and its governor liked by his village admirers is adrift in controversy,which is a toxic mix in monetary policy initiatives.
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@David, these economic debates are always interesting. I can only but assume that @Skinner is quite ‘apolitical’ or being very shrewd with his remark: “I assure you that when the BLP appoints its Central Bank Governor, the DLP supporters will be just as critical. We have reached a very sorry state when journalists cannot write or research anything without an obvious BLP/DLP bias. ”
That is the proverbial mouthful!
Further, I would ask you how different is the remark “Ms. Lagarde just got a new 5yr term. She needs to fire half her forecasting team and replace them, as IMF forecasts have been woefully inaccurate in recent years” from your comment…..
…. “All across the region it is obvious Central Banks are being hijacked by political narratives.”
Isn’t central banking and political maneuvering deeply ingrained in both instances if one really looks behind the surface? Doesn’t Chairwoman Yellin at the US Fed have to be as ‘politically’ carefully as Pres Mario Draghi of the Euro Central Bank?
Surely they are not going to perform like our Governor’s and act out that ‘creature of the PM’ role but in many way they have very similar pressures.
Additionally, you said: “… the commentary from analysts that there is a slowdown in borrowing by Bajans and the banking system is awash with money. ”
Isn’t that 1) a clear case of lack of confidence by the prospective borrowers.
Or 2) when too much money is chasing too few willing borrowers lenders generate exotic opportunities that give away the money at sweet rates…. we all should know that movie well : “Mortgages from Zero to 100 in 20 secs. Crash!” coming to a theater near you!
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Grenville stated it best yesterday, if we have to take the IMF pill we WILL have to close the deficit.
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Perhaps Caswell is right after all…
Bajans just do not DESERVE any better that we are getting… Why should we be deserving of the kind of leadership that would come from people like Caswell, Jeff C, Walter and other TRULY intelligent citizens?
Bajans hate the truth….
We have the idiot peter Wickky on brass tacks complaining that whereas the Owen Arthur debts ‘can be seen in the roads, buildings, hotels etc’, the recent DLP increases cannot be seen…
How can someone so DUMB be so persistent?
OBVIOUSLY if your predecessor incurs large debts that you cannot realistically service it will FORCE you to either default on those liabilities, OR INCUR MORE DEBT …just to stay afloat.
It is the SAME largesse that Arthur pursued… that our asses are still paying for…as Grenville CORRECTLY surmised.
What the DLP should have done was to take serious steps to REDRESS the Arthur nonsense rather than try to maintain the FALSE impression of affluence….
When Arthur took the debt above 60% of GDP in violation of best practice guidelines, the die was cast….
..the only viable option besides massive productivity improvements OR serious belt tightening, …is to sell off the country to the highest bidder – which seems to have been Arthur’s preferred choice….. Back to serfdom…..
Perhaps someone should tell Peter that, in his zeal to defend whichever political side he currently favors, he makes himself look like an ass when he makes these ridiculous statements.
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More difficult days ahead after Moody’s downgrade
http://www.nationnews.com/nationnews/news/79957/headlines-difficult-days-ahead-moody-downgrade
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The Teaboy brings morning refreshment and more shite on April 15 at 11:29 in the a.m:
“Bajans hate the truth….the only viable option besides massive productivity improvements OR serious belt tightening, …is to sell off the country to the highest bidder”.
Given that choice, I opt for the massive productivity improvements. That necessarily means, of course, serious belt tightening. Does anyone seriously doubt that if we all woke up tomorrow and 25% of the Bajan public-sector workforce had been painlessly raptured to meet the Teaboy’s imaginary pet BBE, then the other 75% couldn’t take up the slack?
Hey, slackers, I’m a taxpayer. Every second you spend during working hours on this idiot blog, I want my money back.
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The reality being barbados is caught between a rock and a hard place.back in the early seventies and eighties there were the emerging global markets with less stricter rules in formulating negotiations an agreements.. The global market need all the countrues upon which to build an emerging global Empire founded on reliance and releveance Fast foward to the last global down turn upon which many of these global financial institutions almost crush. Since then the World global Empire has changed the rules …these small nations are locked into agreements with no way out and little choices either to bite the bullet or stay the course which the latter being the better choice.
The window of opportunity which was handed to these smalll nations with favourable loan agreements has been closed.The reality being either swim with the sharks or die trying to survive alone
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This could be titled Ministry of Foreign Affairs and Foreign Trade explains (not so) recent Statistics
Go to Ministry of Foreign Affairs and Foreign Trade website
http://www.foreign.gov.bb/
Under About Barbados click Barbados Pocket Statistics 2009 for a lovely 136 page publication titled Barbados Socio-Economic Data – for 2009
It is 2016!!!!!!!!!
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@ Bush Tea
I suspect that you are a bit too hasty in embracing Grenville’s political rhetoric.
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Of those who commented here per our staggering deficit, few have proposed alternatives to offset what is staring us in our face.
A blogger who, while conversing about the state of our economy said “there is nothing of significant use that Barbados could have relied on in hard economic times” (those times I assume being 2008 to 2016)
I disagree and humbly submit my link below in response to that comment
First let me state that I am not bright at all, there are many Bajans on island here who are geniuses but who, for lack of a better term are being starved by the systems that are supposed to be assisting them.
Back to the link and its purpose. Some time ago I made an unsolicited outreach to the MoE with this “visual proposal”. I have found that visual tools are easier on the comprehension skills of viewers if “they are new to the topic” or simply can’t see the innovation.
I felt, and still feel, that while government(s) will have to spend on social services, hospitals/health care, roads, education etc., where they/we are continually missing the Oistin’s bus is not in how they spend money, (some say with carefree abandon) but in how they continually have failed to create/foster/develop additional monies through a concerted diversification program as Tron suggests.
Peter (Wickham) has said what our former prime Minister “did to re-grow and stimulate the economy” but, with all due respect to our former Prime Minister, who made it his business to keep an eye on all his ministries, this stimulation speaks to the spend side of the coin and we have yet to seriously come with proposals for the other side, the one that makes money.
Many have suggested that the 50th Anniversary of Barbados’ Independence should not be celebrated with the “tokenism and fanfare, pomp and majesty”. They state that, as it is currently constituted, it seems to have assembled some 100 committees from “teams who are to count the number of sand grains around the island” to “which of the loyal supporters of the government will be allowed to ride in the stretch limousines slated for the opening of the Garrison Gala”
Both administrations,during their tenure, spend disproportionate time in activities which (arguably) expend $$ as opposed to generating $$. We are spending $1 in our Brussels office to make how many tourism $$’s? And even while there is no empirical correlation between spend and benefit, some brilliant officer in charge of that tourism initiative, will request more money for Brussels.
My point is that “there is a dearth of pro-active programming to harvest ideas for growth” and ensuingly, a even more paltry submission of material for any “Pathway to Progress”
Here is a second link https://youtu.be/T3MfnXDXgk8
I have been doing this promotion of Barbados using indigenous resources for sooooo long but I beg my detractors not to view this submission as a David Weekes thing but a submission where its contents are analyzed on its merits i.e. for our country to create something tangible as a diversification initiative that is sustainable.
Additionally, with regards to these Independence Activities, as the video shows, it is my feeling that anything that we as a country undertake now should show our citizens (not the world) our citizenry how we, as a truly ‘independent people” have cast off the yoke of colonialism and are celebrating ACTION, not empty 50 gun salutes on the historic Garrison with figurative and literal blanks.
Some of you may see that mine was/is an attempt to share a proposal with the MoE which supports an “independence thrust based on national psyche” and included a Mobile App that incorporated our history in a meaningful way.
Imagine the Digicel Fugitive fashioned to support Census Collation Efforts? But again ammm i am sure that many, including the MoE CANNOT SO IMAGINE.
In a nutshell what I propose/d is a Full Immersion “Mobile App Programming” initiative where programmers with specific skills, would be created in 9 months
Said Initiative sought to permanently put to rest, another popular misconception in certain quarters per “animation” being the direction where GoB resources should go.
What was being proposed was to replace that “pipe dream” animation thrust, with its 5 years learning curve, with something more immediate, especially mindful that GO Animate and other SAAS tools now make such proposals “old hat and obsolete”. Indeed the world of tech is changing so fast that if you don’t check daily, you are left behind.
So I was/am proposing a Mobile App Programming thrust with solid, achievable KPI metrics.
It comprised 3 parts (i) a primary school element with “foundational programming” instruction, followed by (ii) a dual instructional element for secondary schools student and their teachers where its “instruction components” would provide older (pre-work?) students more in-depth programming skills while simultaneously creating a cadre of teachers and instructors for the rollout of a national MAP program. and (iii) create indigenous solutions for our ministries and line agencies and thereafter offer SAAS solutions for sale regionally and internationally.
Truth be told, contrary to what another commenter confidently stated about”the only industry our country has is Tourism”, Barbados needs to create a solid “diversification strategy” complete with a detailed value chain from concept to market place.
Success will once and for all dispel the erroneous perception that all we have is “the sea and the sand for tourists”
While not seeking to flog a dead horse, here, on the BBC website, is the EU’s response to, and adoption of, the cross border technology patented by your humble servant. They now see it as the tool to address the issues that plague these contiguous states with undesirables crossing into their jurisdictions and/or illegal migrants.
http://www.bbc.com/news/world-europe-36044655
“The European Parliament has approved a joint system for police and justice officials to access airline passenger data on all flights to and from the EU. The measure was passed by 461 votes to 179 against.
Counter-terrorism officials have lobbied for years for the introduction of Passenger Name Records (PNR), arguing that sharing data will help them trace suspicious itineraries.
EU countries will have two years to turn it into national law.”
I patented that in 2006 and here we are in 2016 seeing not only the US and Canada and the UK having adopted said technology but now it is across the world. But remember the Director of **** asked our company in 2004 when we started the patenting process and were seeking $$, which part of the United States did the technology come from??
Let us stop this self denigration and work together to make this diversification of our economy happen irrespective of the seeming lack of vision of our successive administrations/PIP please.
Five to ten years pass and they go home on pensions but we the people remain here unable, like a few of them, to say “I got so much money, not even GOD can brek me!”
Having worked in and among the UN family for some years, I often wondered why UNIDO, the specialized agency of the United Nations that promotes industrial development was never engaged by any GoB to develop a specific diversification program for Barbados.
The United Nations Industrial Development Organization could not have been bilaterally engaged to develop “specialized mini industrialization initiatives that “promoted and accelerated inclusive and sustainable industrial development (ISID) in our economy in transition.
What is the cost of the MAP? Deployed over 4 of the island’s best primary schools, (for the grade one year before 11+) and 2 of our island’s best secondary schools (with an existing ICT infrastructure (for the 4 th former level and training 25 teachers as trainer of trainers?
It is close to $1.5M over a year period for software, hardware, trainer of trainers, VOIP and telecommunications matrices. One wonders if the Central bank which features in this blog can be approached to underwrite said initiative?
The program proposed is based on a incredible thing for Barbados.
A Performance Validation System where, unlike topical projects like Cahill etc which are purported to have certain “contentious enablements” pre mobilization, the MAP construct would only permit drawdowns post specific deliverables e.g. parties trained and more specifically $$, Forex generated!!
This MAP, barring achieving specific agreed KPIs, would not be able to draw down any $$’s until it delivered measurable outcomes!! So one would work towards a milestone, and then get paid!!
♫♫♫♫ “Sheriff John BIM always hated me, For what, I don’t know, Every time Weekes wanna plant a seed, they say kill it before it grow, they say kill them before they grow…”♫♫♫
The above is modified from Lyrics by Bob Nesta Marley from his song I shot the Sheriff
Proverbs 29:18 King James Version (KJV) “Where there is no vision, the people perish…”
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Despite the countless millions poured into the Bajan education system over the past [pass?] five decades by what the Teaboy terms “albinos”, we’re left with this? Seriously? Several thousand words asking us [we?] to click on a YouTube link?
That’s it?
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Could Happen
………
For all of you with any money left, be aware of the next expected mergers
so that you can get in on the ground floor and make some BIG bucks.
Watch for these consolidations in 2016:
Hale Business Systems, Mary Kay Cosmetics, Fuller Brush, and
W. R. Grace Co. will merge and become: Hale, Mary, Fuller, Grace.
Polygram Records, Warner Bros., and Zesta Crackers join forces and
become: Poly, Warner Cracker.
3M will merge with Goodyear and become: MMMGood.
Zippo Manufacturing, Audi Motors, Dofasco, and Dakota Mining will merge and become: ZipAudiDoDa.
FedEx is expected to join its competitor, UPS, and become: FedUP.
Fairchild Electronics and Honeywell Computers will become: Fairwell Honeychild.
Grey Poupon and Docker Pants are expected to become: PouponPants.
Knotts Berry Farm and the National Organization of Women will become:
Knott NOW!
…and finally….
9. Victoria ‘s Secret and Smith & Wesson will merge under the new name:
TittyTittyBangBang.
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“Imagine the Digicel Fugitive fashioned to support Census Collation Efforts? But again ammm i am sure that many, including the MoE CANNOT SO IMAGINE.”
What does this actually mean? I’ve read it four times and I have no clue. Perhaps, as the writer says of himself, “I am not bright at all”. Always a possibility.
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@ Artax
I suspect that you are a bit too hasty in embracing Grenville’s political rhetoric
++++++++++++++++++++++++++++++
What embrace what Grenville rhetoric what??!!
The man made a valid point that Arthur started the shiite ball rolling… FULL STOP.
It is a simple statement of fact that Bushie has been saying from way back then….
Grenville is wrong about the nonsense of seeking ‘business operators’ to become politicians – and if he simple reflect on where we have come from with the Planter class he will see that too… JWuh…are you not wrong on some topics …..and right on others …and Bushie CERTAINLY does not embrace your rhetoric…
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Okay, I was missing information. I looked it up. Turns out, the “Digicel Fugitive” is some half-wit thing involving people who haven’t read a book since dey leff skool.
Why? Slavery, of course [exclamation and frowny face].
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bush tea
What the DLP should have done was to take serious steps to REDRESS the Arthur nonsense rather than try to maintain the FALSE impression of affluence….
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
can you explain the above comment i layman terms ,,instead of sounding like a dam politician
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Mr Ronnie WoodYear
I rest my case.
Unless I were to spell it out in black and white I could have laid a bet that it will not be understood.
I shall explain nonetheless for those who have the eyes to see In the 9 seconds 0.55 to 1.04.
To the Faction (they know who they are)
1 World Bank report, 1 dated omnibus submission, SD copies, frequency of depressions,, understanding of duality of 1st gen prototype of *** and imprints of ***
I am not the enemy, your CSes are…notwihstanding your (erstwhile reliance on USIS
Now you must contend with the Lt. Commander Edward Lins and the rest and YOU STILL DONT KNOW WHO THEY ARE because, like Ronnie, who looked at my submission 4 times, it is right there in front of you, and you cannot see.
“They have hearts with which they do not understand, they have eyes with which they do not see…” you would know where that comes from or as the KJV says “They have mouths, but they speak not; eyes have they, but they see not” Psalm 153
Back to you Ronnie
One or two people will see this incident that made BBC, and a few might wonder about this Edward Lin a Taiwanese born citizen, naturalized in 2008 and who moved from a petty sailor to Lt. Cmdr rank even in the face of DOD checks!
For most, hopefully not you, it will be an item of little importance yet, given where Edward ended up working, and what he ultimately had access to, it is a very serious matter – his Espionage.
For beyond what you might see Ronnie, this Ronnie (illuminat(ed) as you are smile) at 2016, Edward Lin has done more to retard the immigration, naturalization and the promotion opportunities and hopes of 3rd world citizens.
It has impacted us more than any of those Jamaican/Guyanese nannies seen maltreating children under their care, by the security cameras installed to view have ever done.
It has impacted those who are in the process of immigrating, those who have emigrated, those slated for promotion, those already promoted since some would say that the USofA only needs a reason to openly reintroduce the overt practice of President Roosevelt and his internment camps
Anyways Ronnie, I do hope that those 9 seconds permit you to “see” the Damascene light and if it does not well, please do not consider it to be an indication of the plague that Mr. Bush Tea ascribes to all us Bajans lol
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I agree with AC everything is always negative on how the dlp handles things on this forum, the glass is always half empty . We should look on the bright side you are well above a triple Z rating
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@ AC
can you explain the above comment i layman terms ,,instead of sounding like a dam politician
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Of course…..
…but can YOU learn to think for yourself …and stop being a damn yardfowl?
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Moody’s has downgraded the mighty oil rich Trinidad and change outlook to negative. How will it impact Barbados given their enormous holdings in Barbados.
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the prime minister thinks this is good for Barbados …doesn’t two negatives make a positive
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Here is a familiar narrative buzzing in the Trini space.
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@ David [BU]
It becomes evident what we are dealing with locally, regionally and internationally, an infestation of entrenched idiocy and brass bowlism that is taking over the world.
These men and women being voted for in successive administrations, simply cannot see and having such myopia certainly cannot be expected to spontaneously a wire the vision and agility of thought the times demand.
It however now means that our region has to develop a test and course for all politicians or politician aspirants which, much like those public interviews, deliver a series of tests through which we can evaluate the competencies and comprehension skills of a potential politician.
We can no longer afford to let the test drive the national economic car without a license and pray that they learn while on the job cause that is not working
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@ Bushie
How can I embrace contributions of an individual who thinks he is always CORRECT on ALL issues, while 95% of those contributions are “rhetorically” pessimistic, “rhetorically” critical of everyone and just plain old “rhetorical rhetoric.” Same old pessimistic, critical shiite everyday.
And as such, I CERTAINLY do not embrace your rhetoric as well.
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davidweekes is back on April 15, 2016 at 5:13 in the p.m with something from which it’s worth quoting at length:
“To the Faction (they know who they are) … I am not the enemy, your CSes are…notwihstanding your (erstwhile reliance on USIS
“Now you must contend with the Lt. Commander Edward Lins and the rest and YOU STILL DONT KNOW WHO THEY ARE because, like Ronnie, who looked at my submission 4 times, it is right there in front of you, and you cannot see.
“[A bit that seems to be about the Bible, confusingly]
“Back to you Ronnie …
“For most, hopefully not you, it will be an item of little importance yet, given where Edward ended up working, and what he ultimately had access to, it is a very serious matter – his Espionage.
“For beyond what you might see Ronnie, this Ronnie (illuminat(ed) as you are smile) at 2016, Edward Lin has done more to retard the immigration, naturalization and the promotion opportunities and hopes of 3rd world citizens.
“It has impacted us more than any of those Jamaican/Guyanese nannies seen maltreating children under their care, by the security cameras installed to view have ever done.
“It has impacted those who are in the process of immigrating, those who have emigrated, those slated for promotion, those already promoted since some would say that the USofA only needs a reason to openly reintroduce the overt practice of President Roosevelt and his internment camps
Anyways Ronnie, I do hope that those 9 seconds permit you to “see” the Damascene light and if it does not well, please do not consider it to be an indication of the plague that Mr. Bush Tea ascribes to all us Bajans lol”
Nope, David. Still not quite grasping your meaning here. Perhaps that’s my fault. Or perhaps you should cut back on the drinking before 10 a.m.
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Exclamations, smiley face, Random Use of uPper case.
If you can’t write properly, you can’t think properly. No amount of ‘lol’ is going to help. The only cure is reading actual books.
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And then we get back another half-wit in the shape of piece o’ de shite on this glorious April morn as the fledglings serenade us from their spring nests, all a-chant as they await mama with the grub she hunted to find for them. Let’s call it 12:38 in the a.m.
“@ David [BU] …
“These men and women being voted for in successive administrations, simply cannot see and having such myopia certainly cannot be expected to spontaneously a wire the vision and agility of thought the times demand.”
Does anyone want to “spontaneously a wire the vision”?
What does that mean?
If you can’t write properly, your thoughts are disfigured by your impediment.
The above quotation, for the few left wondering, means nothing at all.
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CS is Clean Skin.
Would not expect you to know that
“Acquire” was replaced by the predictive text on an smart phone. Would not expect you to see that tither
The first part of the quote is from the Qur’an and its juxtaposition from Psalms but you would not know that either.
Your taunts are feeble and as you see I did not respond as you thought I would.
I will say that I am tired of the game and it is that tiredness that would cause me to “engage” Ronnie, if only briefly, not anything else.
Ronnie, my boy, you are not in my league to contend with
Here is something else to confuse your simple self, even more
The item is so named to avoid the big data filter that will be drawn to “Clean Skins” and again you would not know that. IT will prioritize the nexus but not flag it since the images in the mp4 are not readable as text.
Since I know that you won’t understand this either I will explain even though it pains me. This is an element of what is behind (part of) my earlier submissions, those where you could “not see after viewing four times”.
I talk to two audiences here Ronnie.
Actually three, One set from my country which I love because I was born here, another set whom I identify with, because of indoctrination, and a third set who, like you, cannot understand either of the first two categories, and like you, since they cannot understand, they seek to bait.
What one has searched for was not found. You only have to ask and I would have given it to you, but as usual “old habits die hard”
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@ Artax
Don’t feel any way…
When were you ever invited to embrace ANYTHING that Bushie EVER said bozie…?
Your endorsement has ZERO meaningfulness to Bushie…
…and you CERTAINLY cannot be seriously expected to appreciate much more that about 5% of Bushie’s whacking …so your ‘numbers’ seem about right….. 🙂
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@ Bushie
Chah…..wuh you digging? ……. I man en feel nuh way… fuh right now, I man pun a different height…. I irie…..yuh site.
Your comments were probably a feeble attempt at an insult, but they have “ZERO meaningfulness to (me)…”
In actuality, however, (after rearranging a few words) you have, more or less, provided me with an overwhelming “endorsement” of a conclusive presumption.
It is true that I “CERTAINLY CANNOT BE” “EXPECTED” to take you, the Barbados Underground bully, “SERIOUSLY” or “appreciate much more than about 5% of Bushie.”
“……. so, your (comments) seem about right.”
Your comments echoed my own sentiments. Thanks for the help, I appreciated it….…
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A few weeks ago I posted an article here that, contrary to the general trend of the articles sought to promote a proactive strategy of diversification and leveraging monies that the Central bank of Barbados, or any of the MicroEnterprise Development agencies have for Innovation and Invention Incentives.
Among one of the things I am on record here as mentioning was the opportunity that “Drone Abuse” presented to Bajans who, with the prerequisite skills, could develop a solution to disable these craft OR control them.
I give you now the United States of America which, to all intents and purposes, is always light years ahead as far as “Carpe Diem” seizing the moment.
The did it with the Border crossing patent and here they are again.
US mulls tech to disable rogue drones near airports.
See http://www.bbc.com/news/technology-36100865
“US politicians are considering new legislation that would allow authorities to intercept or shut down drones that get too close to airports.
The US Senate passed the measures, part of a general aviation bill, on Tuesday in response to rising concerns about drone safety.”
And, in keeping with the opportunity that this Drone Disablement presented to a Bajan Tech Group you should read –
“Tech start-up SkySafe has recently unveiled technology that allows law enforcement agencies to hijack a drone’s controls and neutralise it.
“We fully take control of the drone from the operator, it sees us as the legitimate controller, and we can move it to a safe location and land it,” co-founder Grant Jordan told The Verge tech news website.
OR
“Meanwhile tech firm Battelle has released a radio jammer dubbed Drone Defender which also allows users to steal control of a drone from its owner. The device can currently only be used by government agencies.”
As to the following strategy in the Netherlands, per the use of trained eagles, it is a waste of time from the heads of people who do not have any idea as to the nature of “drone interventions” of the maximum load nature.
As a result we will now read
“Drones will be banned from flying in large parts of London during the visit of the US President Barack Obama from 21 April until 24 April.”
Where there is no vision, my people perish
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@ David (BU):
Has there been a report from the Governor of the Central Bank on Barbados’s economic performance for the 1st Quarter of 2016?
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@Miller
No
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A friend has sold his house in Barbados.. The funds are deposited in his account but bank has to apply to the treasury to get pounds sterling. After one month the funds are still stuck in Bados. No explanation has been given.. Central bank have approved this transfer.. Is Barbados virtually bankrupt or what causes such a situation?
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Foreign exchange is tight.
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