Barbados’ Economic Performance for the Q2,2016

Dr. DeLisle Worrell, Governor of the Central Bank

Dr. DeLisle Worrell, Governor of the Central Bank

The Barbados economy grew by 1.3% over the first six months of 2016, compared to virtually no growth a year ago. This was a slight deceleration from the first quarter, mainly on account of unexpected delays in major tourism investments projects…

[youtube=https://youtu.be/yrCzHRSPJ3A

Press Release June 2016 Final.pdf (1.03 MB)

153 comments

  • Walter Blackman

    Pieceuhderockyeahright,
    I want to thank you for giving me the opportunity to double down on these words which I have written:

    “I have witnessed the published unemployment rates being used by some individuals to praise the Owen Arthur administration for its handling of the Barbadian economy………

    I have seen the similarly calculated published unemployment rates being used by the same individuals to lambaste and berate the Freundel Stuart administration…..

    Now that recently published figures have shown that, at March 31st 2016, the unemployment rate stood at 9.3%, I therefore find it disingenuous on the part of some individuals to dismiss this figure out of hand….

    If individuals want to demonstrate consistency in their arguments, they must now offer congratulations to Mr. Chris Sinckler, the Minister of Finance in particular, and to the Freundel Stuart administration in general….

    ……A cursory glance at the number of persons employed in 2015, and 2016 therefore support’s Prime Minister Freundel Stuart ‘s assertion that the lost jobs have returned to the economy. ….we need to congratulate the government and urge our ministers to keep pressing on.”

    Artaxerxes has eloquently expressed his great dislike and contempt for politicians and their supporters. At the same time, however, he has developed an enviable reputation on BU for his analytical ability and his penchant for thinking clearly and reasoning logically.
    Here is Artaxerxes’ assessment of the effort I made in my last article:
    Artaxerxes July 7, 2016 at 10:22 AM #
    “@ Walter
    Very good observations in your entire contribution; I cannot expect anything less from a man of your ability.”

    Now let us take a look at your typical approach to well-reasoned and balanced arguments:
    pieceuhderockyeahright July 21, 2016 at 3:38 PM #
    “@ PPK
    What you, in these death gasps, are failing to realize is that you were ripped to pieces in the BU arena for your obsequious worship of the current government which had manufactured those figures that you heavily relied on.”

    Not one of us is perfect. In your drive towards self-actualization, I exhort you not to forget to take a moment and reflect upon words of wisdom being offered by others.
    William Skinner has expressed his disappointment at the attempts being made to twist people’s words on this blog in order to create artificial arguments that struggle to be on par with those emanating from a high school debate.

    Mr. Skinner deserves our highest level of attention and respect for issuing this insightful warning to BU readers and all Barbadians:

    William Skinner July 10, 2016 at 8:04 AM #
    “Societies are seldom changed by cowards who cannot even take the basic step of moving beyond the high school debate mentality.”

    Like

  • Walter Blackman

    pieceuhderockyeahright July 21, 2016 at 3:38 PM
    “@ PPK
    Unless you change your name or come back as a BUPer you would be well advised to seek to blog at the Nation or Harrises Barbados Today.”

    pieceuhderockyeahright,
    David did not call this blog “Pieceuhderockyeahright Underground”. He called it BARBADOS Underground.
    Have you ever stopped, for just one second, to reflect on why he chose that name?
    Well, let me tell you why.
    On this blog, you opt to say whatever you like, whenever you like, and in whatever manner you like. But, contrary to your belief, neither you nor anyone else beside David have any monopoly over the use of BU. The way I see it, BU has been set up to be used as an instrument for Barbadians all over the world to express their views and exchange ideas related to building a better BARBADOS.
    You haven’t realized it yet, but sometimes you behave worse than the politicians you are always criticizing. We need to keep the slightest trace of power far, far, from you, a bully and wannabe dictator.

    Like

  • The Harbour Master, surprise! surprise! is back in Barbados for Crop Over, and from all reports it has been fully booked, at US $5000 an event.
    General Manager , Adrian Scoons, had this to say, ” We spoke to Leah (Marville) and she really pushed for it and got us the contact for the Government in order to get the necessary clearance and so on.”

    Perhaps we should consider making Leah Marville our Ambassador to Caricom, so that Mr Scoons can reciprocate by getting her the contact in his government to allow our fishing boats into T&T waters , to remove some 5000 BDS, flying fish.

    Like

  • pieceuhderockyeahright

    For Mr Skinner who is a man in love with Delisle Worrell s competencies and to you Walter similarly caught up in the falsified statistics I would say the following.

    How many killings have we had for this year?

    How many drive by shootings?

    How many people evicted? How many unemployed? how many 15 year olds offering you fronts for a $20 bill? How many probes? How many ministerial acts of impropriety?

    How many robberies? how many break ins?

    One needs o scholarship to see these things if, that is, if one were in tune with the common man and woman and living in Goodland instead of on Amazing Grace down in Port Ferdinand or port St Charles

    So yes Walter I accept your assessment of my high school debate mentality.

    But here is a thing for you and the learned Skinner to understand at your warp speed level of comprehension, the majority of the classroom is high school students so when a flier gets posted with a young trembling Botsie only the high school students are going to focus on such underage flesh.

    Do not do this Walter you are not any competition for me.

    This is not ego kind sir, I can see you from miles ahead.

    A friendly bit of advice sometimes you have to stoop to conquer which, while it is hard in your case, would mean wiping the slate clean and starting again.

    I’m getting tired Walter of you posturers and charlatans. It is a daunting thing to find a world, this rock, replete with so many underperformers who are so proud of the state of stasis.

    But we are encouraged not to put our trust and confidence in things of this world, how positively sad

    Like

  • Walter Blackman

    pieceuhderockyeahright July 21, 2016 at 10:30 PM #
    “I’m getting tired Walter of you posturers and charlatans.”

    pieceuhderockyeahright,
    We have grown tired of each other. Let us part forever as friends.

    Goodbye.

    Like

  • @Walter PPK Blackman

    Caswell posted 1 comment about you , that you must have swallowed a great set of vomit to rejoin the DLP, so stop regurgitating on BU, tell Barbadians how you can make a difference

    Like

  • Frustrated Businessman aka 'Nation of Laws' my ass.

    It was not that long ago in the 70s that BDS had a list of banned importation items, things like fruit and other ‘non-essentials’, under Dippa. These were subsequently freed up under Tom based on the argument that rich tourists needed to eat strawberries and cream for breakfast. I still remember exactly where I was when I saw my first pear and grape, I used to think a trip to Lakes was necessary to eat grapes 🙂

    In the 90s under Sandy there was a queue for ForEx at the Central bank. People studying abroad couldn’t commit to paying fees and drugs took priority over everything else. Bushy Park Plantation was sold to the current owner in London so local industry could buy raw materials to keep manufacturing going.

    It is a surprise that the announcement of current Forex prioritising has taken so long, it has been felt for over a year. For those who remember it is also slightly amusing. In one breath we hear that tourist spend has been the best in years but now their ForEx has seemingly vanished. Similar to how employment is up but payments to HIS are down. Simple contradictions that even the dumbest voter should understand. Lies veiled in other lies when the reality ‘one the ground’ is plain for even the smallest businessperson to see.

    So now the devaluation talk will circulate again. Someone should mention that devaluation can’t help a country with no mining or manufacturing and that prices would simply double the next day causing a crash in sales and consequent layoff of 50% of the workforce but no-one has mentioned it yet.

    Round and round we go.

    Like

  • @Frustrated Businessman

    It does noting good for building confidence in the market whether business persons or ordinary citizens. The last 8 years have been a drudge for the many.

    O

    Like

  • @Walter PPK Blackman

    Please see Frustrated Businessman, 22July 2016 at 6.51 AM posting and David/BU right after , respond to that, if you can , Mr. carpetbagger

    Like

  • This situation is not at all complex….
    There is a time for every shiite!!
    And, as spelt out in Isaiah 3, the time for the Lord’s judgement is at hand….

    For behold, the Lord God of hosts
    is taking away from Jerusalem and from Judah
    support and supply,
    all support of bread,
    and all support of water
    **BBE will be withdrawing support and supplies from EVERYONE.
    That includes both food and water.

    the mighty man and the soldier,
    the judge and the prophet,
    the diviner and the elder,
    the captain of fifty
    and the man of rank,
    the counselor and the skillful magician
    and the expert in charms.
    **BBE will remove the talented citizens and the protectors; the judges and the prophets; the wise and the experienced;

    And I will make boys their princes,
    and infants shall rule over them.
    **Immature jackasses shall become their leaders…. look across the WHOLE world….or just here at home

    And the people will oppress one another,
    every one his fellow
    and every one his neighbor;
    the youth will be insolent to the elder,
    and the despised to the honorable.
    **Brass bowls will fight constantly with each other; the youth will disrespect their elders and shiite-hounds will despise those who are honourable….(like Carl Moore hates BU)

    For the look on their faces bears witness against them;
    they proclaim their sin like Sodom;
    they do not hide it.
    Woe to them!
    For they have brought evil on themselves.
    ** Their wickedness can be seen in their ugly features; they brag of being bullers – and are not ashamed; Woe – their ass shall be grass.

    HERE IS THE ICING… verse 10..
    Tell the righteous that it shall be well with them,
    for they shall eat the fruit of their deeds.
    **Self-explanatory

    Like

  • Walter Blackman

    Frustrated Businessman aka ‘Nation of Laws’ my ass. July 22, 2016 at 6:51 AM
    “…in the 70s … BDS had a list of banned importation items, things like fruit and other ‘non-essentials’, under Dippa. These were subsequently freed up under Tom……
    ..In the 90s under Sandy there was a queue for ForEx at the Central bank.
    …It is a surprise that the announcement of current Forex prioritising has taken so long
    …So now the devaluation talk will circulate again.”

    Frustrated Businessman aka ‘Nation of Laws’ my ass,
    You are correct to raise the issues of foreign exchange earnings and the spectre of devaluation under this discussion of Barbados’ economic performance.

    As you know, our economy has always been small, fragile, and open. We rely on the availability of Forex to pay for almost everything we do and consume. However, since the death of King Sugar, successive Barbadian governments have sought out different avenues- tourism, financial services, attracting offshore companies e.g. to earn this precious commodity

    Tourism is fickle and it appears that we now have to grapple with the phenomenon of witnessing tourists visit our shores in large numbers without seeing the expected increase in our forex reserves.

    Developed countries, starved of revenue, are now trying to label Barbados and other developing countries as “tax havens” in an attempt to force their corporations to report and keep their profits at home. We have already witnessed a significant reduction in the forex from offshore companies as a result of this policy.

    In addition to servicing the needs of legitimate businesses, our forex is also being depleted by the influx of illegal drugs from sources such as Jamaica, St. Vincent, Arizona, and Canada.

    Furthermore, our current forex levels are being eroded by the annual payments which we must now make to service our external debt.

    It is evident that, in this dog-eat-dog world, every move we make to sustain ourselves is being systematically blocked.

    What can we do?
    We need to harness the collective ingenuity and creativity of our people and channel our efforts in the direction of earning forex for Barbados. That is a required private sector effort. The Government has repeatedly declared its policy of being ready and available to assist businesses which have the ability to earn foreign exchange. Recently, PM Freundel Stuart gave Senator Darcy Boyce the responsibility of creating a healthy environment for business facilitation. We have to wish Senator Boyce good luck with this extremely important assignment.

    We have to realize and understand that we must develop high-quality products and services which the world requires. We are literally fighting for survival in a hostile world, so we cannot afford the luxury of being squeamish and fastidious at this point. In fact, historically, we have never been.
    Since 1627, Barbados was able to produce two major crops which the world demanded – tobacco and sugar. Both of these products are hazardous to the health of humans.

    In 2016, can you think of a cash crop which the world is demanding, and which Barbados is in an excellent position to provide?

    By the way, devaluation is not an option for a country like Barbados.

    Like

  • @Walter

    Cost U Less was allowed a washpan of concessions with the expectation that competition in the wholesale and retail sectors would have the effect of deflating consumer prices. Has it worked?

    >

    Liked by 1 person

  • See why I take regular sabbaticals away from this blog?

    So little substance here. Instead of discussing issues, the anonymice discuss people.

    Notice that those who have the courage to sign their real names refrain from wallowing in the sewer. Why? Because their names are there. They have to behave themselves.

    I wrote a letter this week—not here—to the newspapers and VoB talk radio and someone posted it on this blog and all hell broke loose; the foolishness began all over again. What a waste!

    Georgie Porgie, I hope you are not impersonating the Louis Wiltshire I remember at school. The tosh in CAPITAL LETTERS you’ve been writing could not have come from the mind of any of the Wiltshire brothers I remember from the 50s.

    Now, you’ve got into a row with de pedantic Dribbler, whose commonsense and self-respect have kicked in and he finds it necessary to rebuke you.

    So listen, folks, here’s some relief: I’m off again. Try and improve this forum by the time I get back. Try hard—I know it isn’t easy—to stay with the issues and avoid comment on the human foibles that afflict all of us.

    The next time you put me in a Gestapo suit I would prefer one that the big boys like Goering and Himmler wore—replete with all my medals.

    And try signing your names. Defend your ideas. Ideas have value. They are your intellectual property. Don’t throw your worthy ideas out into the ether and forget about them—like the several children I abandoned in Sugar Hill.

    Don’t try to inhabit more than one identity. You need only one. You will get exposed: like Bush Tea and Anti-American.

    I’m not too sure about Georgie Porgie, though. Something tells me he has stolen Dr. Louis Wiltshire’s good name; although, on second thought, there’s more than one dog named Bob!

    Let’s have a little more substance between now and November 30.

    Be careful on the roads—driving, walking or wukkin’-up.

    Like

  • Don’t let the door hit you on the ass on your way out Carl.

    Like

  • Frustrated Businessman aka 'Nation of Laws' my ass.

    Walter, your analysis is bureaucratic and expected of any politician or career civil servant, but here is the problem you all have and the reason we will not deviate from the path to disaster.

    There can be no facilitation of the creativity or foreign investment that BDS needs until the civil service is systematically destroyed and rebuilt. Until civil servants understand that they work for taxpayers to serve taxpayers, foreign or domestic, it will still take:

    Six months for foreign companies to get licenses to import cars and other goods tax free as provided for by law.
    three months for foreign nationals to get their boat operators licenses to enjoy our West Coast.
    6 years for tourism construction projects to get planning approval.
    3 years for foreign nationals to have their residency approved.
    etc. etc. etc.

    In the eyes of the developed world, we are a joke. Even in real Third world countries it is easier to get things done. We have somehow become stuck in limbo between the two with institutions that aspire to First-world organisation but the mechanics of Third-world failures.

    Until people with practical experience in operating and managing businesses in this country are conscripted with authority to deal with these issues, you and the rest of the new political class will accomplish nothing except adeptness at excuses. The talent we need to run this country must be hired or otherwise co-opted, the right people will never engage in elective politics.

    Tell me how you plan to reform the Senate into an a-political system of high authority with administrative committees and you will have my attention. When you can tell me that you are willing to delete section .36 (2) and (3) from this document, I and hundreds more will work with you.

    Click to access The_Constitution_of_Barbados.pdf

    Liked by 1 person

  • David G. Brooks

    I am amazed at the cross-fire and loads of flack here that in fact has NOTHING much to do with the DIRE situation that Barbados has found itself in – save a few comments.

    Do any of you realise that recently reported ForEx level has NOT been that low since the late 1990’s – that is more than 26 years ago, a whole generation – and with the cumulative inflation since then should have us worried as hell – I nor many others of higher reputation than I are still wondering how come this figure still miraculously hovers around the 14 weeks of imports while steadily falling for the last few years.

    Yet all I see here is loads of defection and deviation from the most serious problem this is. Alas, I suppose that how we Bajans do thinks and love to do it – continue shot ourselves in the feet – jumping around like a bunch of asses when we should uniting and demanding change and better governance, etc. Really disappointed!

    Like

  • David G. Brooks

    @Frustrated Businessman aka ‘Nation of Laws’ my ass

    As to your last comment about the Senate and its make-up I have proposed the following and is open for discussion but may be not here under ‘Central Bank report’ …

    “Partial voting of the members of the Senate, leaving the 7 Independents that tend to represent specific interest that would normally run for office (religious, medical, social, union, etc.), but have 4 Senators for voted for in St. Michael – City, St. Michael East, North & South – and the other 10 seats for each of the other Parishes.

    These 14 Senators will have 2-3 year terms, or not later than half way through the normal 5 year term of the House MP’s (i.e. every two and a half years), this will ensure ‘some’ balance should the Govt start drifting off course;”

    I would also like to section 55 be modified so that the Senate can debate and vote on Money Bills and Budget proposals, etc., so that such is not just left to lower House and by extension Cabinet/MoF.

    Like

  • David G. Brooks July 22, 2016 at 11:25 AM #
    Dear Mr Brooks, some have their Silly Seasons, we have our Crop over Season. If Christ were to reappear on this earth, tomorrow, the majority of Bajans would compliment him on his Crop Over Costume.
    As they say Bajans only bother themselves with the “C” subjects. Cane (when we had some) Crop over, Cows, Cuckoo ,Cock Spur, Cricket , especially for men , and Rihanna’s other C word.

    Like

  • Walter Blackman

    Frustrated Businessman aka ‘Nation of Laws’ my ass. July 22, 2016 at 6:51 AM
    “…in the 70s … BDS had a list of banned importation items, things like fruit and other ‘non-essentials’, under Dippa. These were subsequently freed up under Tom……
    ..In the 90s under Sandy there was a queue for ForEx at the Central bank.
    …It is a surprise that the announcement of current Forex prioritising has taken so long
    …So now the devaluation talk will circulate again.”

    Frustrated Businessman aka ‘Nation of Laws’ my ass. July 22, 2016 at 10:06 AM #
    “Walter, your analysis is bureaucratic and expected of any politician or career civil servant….”

    Frustrated Businessman aka ‘Nation of Laws’ my ass,
    Given the manner in which you initially presented your thoughts, I simply tried to give BU readers a basic understanding of the challenges that successive administrations have faced in trying to create policies aimed at generating sustainable levels of forex for Barbados. In addition to highlighting the challenges faced, I also tried to give a brief outline of how the reserves are eroded. Finally, I tried to stimulate your mind into thinking about how we can continue to earn forex in a hostile and drastically changed world.

    You have brought very important points to the table for discussion (prioritizing the use of forex, devaluation etc) and it is quite possible that neither you nor I will do justice to the subject matter. Thus, there is an opportunity for other “commenters” to guide the discussion towards a higher level of understanding that will benefit us all, as a nation.

    However, there is one point that I need to emphasize: these issues are too important to be viewed through partisan political lenses.

    THIS IS NOT ABOUT DIPPER, TOM, OR SANDY. THIS IS ABOUT THE SURVIVAL OF BARBADOS, US, OUR CHILDREN, AND OUR GRANDCHILDREN IN THE FIRST HALF OF THE 21ST CENTURY!!

    Like

  • Walter Blackman

    Frustrated Businessman aka ‘Nation of Laws’ my ass. July 22, 2016 at 6:51 AM #
    ” In one breath we hear that tourist spend has been the best in years but now their ForEx has seemingly vanished.”

    Frustrated Businessman aka ‘Nation of Laws’ my ass,
    When it comes to tourism, we hear a lot of things.

    Using the metric “Number of tourist arrivals” as a guide, many persons have praised the efforts made by Noel “Barney” Lynch under the Owen Arthur administration to bring tourists to Barbados. Barbadians tend to be an ungrateful lot, so you can bet your last dollar that the praise heaped upon Barney would have been grudgingly bestowed despite his hard work and dedication. Well done, Barney Lynch.

    Using the same metric that was used to praise Barney Lynch, we have heard that the efforts of Minister of Tourism Richard Sealy have succeeded in delivering one of the highest level of tourist arrivals in Barbados in recent years. From the standpoint of consistency, those persons who praised Barney Lynch should now be shouting from the roof tops in Barbados “Well done, Minister Richard Sealy”.

    Whilst I am at it, let me take this opportunity to congratulate William “Billy” Griffith on his recent appointment as head of Barbados Tourism Marketing Inc.
    Billy Griffith is a bright, quiet, unassuming tourism professional who doesn’t crave the spotlight, so I am delighted to know that he has decided to put all of his knowledge and expertise at the disposal of the Government of Barbados and its people at this stage of our national development. I am confident that Billy will make an invaluable contribution to the expansion of our tourism industry.

    Having provided enough political fat for my detractors to chew on, let us get down to brass tacks.

    In my view, using the metric “Number of tourist arrivals” as a guide to determine how well we are doing in tourism simply does not cut it. This metric is outmoded.

    Imagine this scenario. 1000 residents in the state of Colorado, USA decide to visit Barbados for a week as a group. They go online and sign up to stay at an “all inclusive” hotel in Barbados belonging to a major hotel chain. The total bill for the one-week stay amounts to US$1.4 million. The hotel chain has a bank account in New York, and it is to this account that the US$1.4 million goes. The 1000 tourists come to Barbados and don’t spend a cent.
    Does this scenario reflect reality? If it does, to what extent does it help our forex position?
    The Central Bank has alerted us that we have not benefited substantially, forex wise, from the recent spike in tourist arrivals.

    A new approach is needed.

    Like

  • There is a lot of long talk about barbados economic performance , Yet nothing said pertaining to high cost of running a country on limited resources and a given that the world is now governed under stringent rules and contained in a smaller global hemisphere where competition is fierce.
    For obvious reasons the opposition BLP tends to remove itself from such realities and rather give an outlook derived on doom and gloom and a subliminal concept that barbados has more to offer. Looking forward unless Barbadians are willing to use the benefits derived from their education in helping to build a nation barbados economy would continue to rely on the outflows of a global economy which has many highs and lows as evident now by the Brexit vote and in the past with global financial meltdowns

    Like

  • millertheanunnaki

    @ Walter Blackman July 22, 2016 at 9:06 AM
    “What can we do?
    We need to harness the collective ingenuity and creativity of our people and channel our efforts in the direction of earning forex for Barbados. That is a required private sector effort. The Government has repeatedly declared its policy of being ready and available to assist businesses which have the ability to earn foreign exchange. Recently, PM Freundel Stuart gave Senator Darcy Boyce the responsibility of creating a healthy environment for business facilitation. We have to wish Senator Boyce good luck with this extremely important assignment.”

    “We have to realize and understand that we must develop high-quality products and services which the world requires. We are literally fighting for survival in a hostile world, so we cannot afford the luxury of being squeamish and fastidious at this point. In fact, historically, we have never been.
    Snce 1627, Barbados was able to produce two major crops which the world demanded – tobacco and sugar. Both of these products are hazardous to the health of humans.

    In 2016, can you think of a cash crop which the world is demanding, and which Barbados is in an excellent position to provide?”

    Rather insightfully and frighteningly warning observations coming from you, Walter!
    Although rather late in the game and after the forex horse has bolted from the stable thereby letting in the looming spectre of devaluation.

    What is so sacrosanct about the Bajan dollar anyway? Bajans have devalued all other aspects of their once proud heritage like cleanliness, the high value of education, fiscal prudence and the competent administration of their national affairs.
    Bajans are not earning their way in the world so beggars cannot be choosers.

    So why not follow the others in the region and do the inevitable before the IMF is forced to publicly humiliate the Guv of the CBB and the MoF and administer the much needed dose of financial castor oil before applying the enema of fiscal constraint.

    But here is a suggestion to see if you are prepared to stick your political head above the party’s parapet and put your intellectual money on the table instead of just ruminating on a lot of ole talk while puffing on a $5 bag of weed.

    What about ‘Saving’ forex? There is a saying that “a dollar saved is a dollar earned”.
    Why not embark on an easily implementable programme of import substitution by allowing Bajans to grow the weed now imported from St. Vincent Jamaica and other places? You will be killing two wood doves with one sparrow stone. Why not brand it like you brand rum made of molasses imported from Brasil and other places still growing sugar?

    Bajans would be gainfully employed while those fields once rolling in the trade winds and mellifluous to the ears and taste of dead King Sugar (but now overgrown with bush and overpopulated with vermin) are put back into productive use in the growing of hemp for industrial purposes and an input into the animal feeds and as a cottage industry for medical marijuana and experimentation. Can you imagine if some of that 77,000 odd voluntarily idle can be self-employed so that the devil will not find work for idle hands to do as a stark reminder of the 1930’s.

    Not only would there be savings in forex but also earnings of forex to feed that gargantuan beast called the Bajan Conspicuous Consumer of imported processed food, plastic junk and Japanese steel donkeys.

    What say you, Walter! Remember many of the people from whom you will soon be asking of a vote will be keen to hear your position on this most important topic.

    PS: The Dutch created industry in Bim why not go back to them for guidance.
    Why not use Amsterdam as a model or an adapted template for the future of Bim in order to live in this brave new very competitive world called international trade in which only the smartest would survive?

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  • Where in the central bank report does the governor say exchange controls will be increased? I always understood that any tax increases or expenditure cuts were introduced in the budget to reduce the fiscal deficit that they would also reduce the demand for forex. It’s one thing to dislike a government or CB governor, it’s another thing to distort the entire public debate.

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  • A member of the corporate sector interpreted the statement in the report as saying there will be exchange controls. The view has gone viral. In the new world we live in any attempts tomclarify will be rubbished. Small wonder people like trump can rise innthis new environment.

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  • Miller how for starters changing the mindset of a people who believes that govt has all the answers. The barrow model was built on a foundation to be self sufficient and productive people.So how come after fifty years of education where billions have been pumped annually we as a society collectively is still harnessed to outside influence for a way of live
    Why is it that a nation of over two hundred thousand people no one has had the vision or direction drawn from a wholesale conviction to motivate a nation into believing and understanding that our education is the building blocks on which we can build a great nation
    Sooner or later when the source from where we derived our existence runs dry we will be caught like deer in the headlights having to fend for ourselves
    I for one would like to see organic farming becomes a reality as the global demand is growing

    Like

  • millertheanunnaki

    @ Carl Moore July 22, 2016 at 9:36 AM #
    “See why I take regular sabbaticals away from this blog?”
    “So little substance here. Instead of discussing issues, the anonymice discuss people.”
    “Notice that those who have the courage to sign their real names refrain from wallowing in the sewer. Why? Because their names are there. They have to behave themselves.”

    “Let’s have a little more substance between now and November 30.”

    So Sir Carl, why are you still on this seemingly intractable witch hunt of in exorable proportions to unveil the identities of bloggers?
    Haven’t you realized that some of the same BU ‘anonymice” have done more in saving Barbados from international disgrace than any stunted letter of objection appearing in the ‘regular’ Press’ the so-called Fourth Estate and watchdog for the People’s Rights & Interests. Do you remember the Cahill Scam?

    There is a saying that if you can’t beat them, then you should join them and try to change them from within.
    Why not be a Trojan horse and take on the blogger’s name (not that of Bush Tea the Second Brew or Ms Pro-America aka BAFFY the Anonymice Slayer) but that of the Don Quixote of BU who- in a previous incarnation- tilted at windmills of noise pollution for over 30 years.
    When we see and ‘hear’ the fruits of your 30 year quest for a quieter Barbados we will join you in thunderous applause in shouts of Hallelujah.

    So Don Quixote of BU, here is a piece of advice from your buddy Sancho, aka Jethro Miller 11.

    Poverty or ‘hard-times’ is no excuse for untidiness and dirtiness. As a boy you knew what it was to be poor but still to be proud of your appearance especially when bedecked in your ‘Sunday-go-to-meeting’ apparel.

    Join us in a quest to have Bim in a spit and span condition for her 50th birthday bash.
    Many loyal sons and daughters are expected to return home for this special event, full of great memories of a clean and ‘classy’ Barbados of yore.
    A little country not well endowed with nature’s gifts of tradable commodities but once industrially proud of its human capital.

    What would it take to clean up and spruce up Barbados? A final visit from Her Majesty to Her former brightest jewel in the Royal family Crown when Sugar was indeed King and the natives (Her subjects) were ‘genuine’ loyal sons and daughters of a faded empire?

    Wouldn’t you Alonso Quijano, aka Carl the “Moor’ the don of quintessential Barbados, like to see Bim cut the final knot of political and economic imperialism from her Mother country to become a fully fledged republic by using not the bent prongs of a badly broken trident but with one of your verbal swords of incision not to extract the BU anonymice from their hiding places but to urge Bajans in their thousands to pay heed to the words contained in their anthem:

    “ In plenty and in time of need
    When this fair land was young
    Our brave forefathers sowed the seed
    From which our pride is sprung
    A pride that makes no wanton boast
    Of what it has withstood
    That binds our hearts from coast to coast
    The pride of nationhood.
    We loyal sons and daughters all
    Do hereby make it known
    These fields and hills beyond recall
    Are now our very own
    We write our names on history’s page
    With expectations great
    Strict guardians of our heritage
    Firm craftsmen of our fate
    The Lord has been the people’s guide
    For past three hundred years
    With him still on the people’s side
    We have no doubts or fears
    Upward and onward we shall go
    Inspired, exulting, free
    And greater will our nation grow
    In strength and unity.”

    Like

  • Walter Blackman

    millertheanunnaki July 23, 2016 at 11:11 AM #
    ” puffing on a $5 bag of weed.”

    millertheanunnaki,
    My friend, have you just emerged from a 40-year hibernation in the Animal Flower Cave? Bag?

    Welcome to 2016 prices:
    $10 per gramme

    Do you understand, given the widespread use of marijuana in Barbados, how much disposable income is being stripped away from Barbadian households by the minute? A privileged group of people must be making a “killing” on this product.

    Like

  • millertheanunnaki

    @ Observer July 23, 2016 at 1:02 PM

    When the same Guv can give a “proper accounting” for that missing ‘$3oo million’ in foreign reserves in after February 2013 we will show a measure of respect (both intellectual and personal) for both the Guv and his sympathizers.

    Like

  • We need a radical or what PUDRYR describes as ‘out of the box’ policymaking approach. It is obvious that in a digital and brave new world old and redundant approaches will not reposition Barbados in a very competitive global market. There is also a symbiosis between economic properity and the social wellbeing of the society

    Like

  • Walter Blackman

    millertheanunnaki July 23, 2016 at 11:11 AM #
    “@ Walter Blackman July 22, 2016 at 9:06 AM
    Why not embark on an easily implementable programme of import substitution by allowing Bajans to grow the weed now imported from St. Vincent Jamaica and other places? You will be killing two wood doves with one sparrow stone. Why not brand it like you brand rum made of molasses imported from Brasil and other places still growing sugar?

    Bajans would be gainfully employed while those fields once rolling in the trade winds and mellifluous to the ears and taste of dead King Sugar (but now overgrown with bush and overpopulated with vermin) are put back into productive use in the growing of hemp for industrial purposes and an input into the animal feeds and as a cottage industry for medical marijuana and experimentation. Can you imagine if some of that 77,000 odd voluntarily idle can be self-employed so that the devil will not find work for idle hands to do as a stark reminder of the 1930’s.

    Not only would there be savings in forex but also earnings of forex to feed that gargantuan beast called the Bajan Conspicuous Consumer of imported processed food, plastic junk and Japanese steel donkeys.”

    millertheanunnaki,
    To augment your argument, we can also get into the cannabis medicinal and research markets. The legal cannabis market is the fastest growing industry in the USA. Additionally, we can release every single person who is being held in Dodds on drug-related charges and send them home to their families. We can free up the time that the RBPF is wasting as they chase down our youngsters on the block for having a spliff.

    The Hon. Ronald Jones, Minister of Education, has reportedly put the cannabis issue into the public domain for discussion. The Hon. Adriel Brathwaite, our country’s AG, has already said that he is prepared to approach the legalization of cannabis with an open mind.
    In the final analysis, it will be up to the people of Barbados to settle this issue. They have to guide the politicians.

    Let the cannabis debate begin.

    Like

  • @ millertheanunnaki wrote “What would it take to clean up and spruce up Barbados?”

    Could start by re employing the NCC workers.

    Like

  • Walter Blackman

    millertheanunnaki July 23, 2016 at 11:11 AM #
    @ Walter Blackman July 22, 2016 at 9:06 AM
    ” Remember many of the people from whom you will soon be asking of a vote will be keen to hear your position on this most important topic.”

    millertheanunnaki,
    I look at it from a slightly different angle. I need to understand how constituents feel about this matter and respect, represent, and air their views. My position is irrelevant, in the grand scheme of things.

    Like

  • Walter Blackman

    millertheanunnaki July 23, 2016 at 1:10 PM #
    “There is a saying that if you can’t beat them, then you should join them and try to change them from within.”

    Very interesting. Miller, is that really you?

    Like

  • millertheanunnaki

    @ Walter Blackman July 23, 2016 at 1:38 PM

    Welcome back to the modern world of economic realities and political sanity.

    I am impressed you have not been afraid to push your head above the political parapet.
    Your chances of achieving your lifelong dream of climbing the stairs of that august Chamber and sitting next to the seat occupied by the primate inter pares in Cabinet have been greatly multiplied. The old people have already made up their minds. It’s the youth in the Ivy and surrounding areas you have to confront, influence and serve.
    Now stay focus and be truthful to yourself.

    The time for poppycock politics in Bim is over. It’s a matter of sinking or swimming in order to survive. Sugar is dead and both tourism and international business (aka sophisticated tax avoidance) are on their last legs for Barbados given what is about to take off in Cuba and the widening threat of ISIS to attack ‘soft’ targets.

    Don’t expect any further support from your most recent fair-weather friend Alvin Cummins. He is not a true ‘cawmerian”; just an old ass ‘pimp-hole’ of massive proportions.

    One or two of the ‘acs’ might still plug for you but be careful which one.

    PS: Of course I know the $5 bag scenario is dated. Just like the $64,000.00 question which is worth probably $6 million today but which you have still answered.

    Up and On, young fella (provided you stay on the right track of the Light!

    “Foes in plenty we shall meet
    Hearts courageous scorn defeat
    So we press with eager feet
    Up and on, up and on.
    Ever upward to the fight
    Ever upward to the light
    Ever true to God and Right
    Up and on, up and on.”

    Like

  • @Miller
    PS: The Dutch created industry in Bim why not go back to them for guidance.
    Why not use Amsterdam as a model or an adapted template for the future of Bim in order to live in this brave new very competitive world called international trade in which only the smartest would survive?
    ……………………………………………………………………………………………………….
    And to complete the setting of Amsterdam , we could transform the recently discovered tunnels at the Garrison into a Canal. The windows of the many buildings around the Garrison could be easily adapted to show case the goods of the Amsterdam type cottage industry.

    Like

  • Walter Blackman

    millertheanunnaki July 23, 2016 at 1:18 PM #
    “@ Observer July 23, 2016 at 1:02 PM
    When the same Guv can give a “proper accounting” for that missing ‘$3oo million’ in foreign reserves in after February 2013 we will show a measure of respect (both intellectual and personal) for both the Guv and his sympathizers.”

    millertheanunnaki,
    As you would expect, when a country is accounting for its international trade and balance of payments position, it looks at the activities taking place through two windows. One window handles all of the transactions related to goods and services entering the country (imports). The other window looks at goods and services leaving (exports).

    For a very long time now, the IMF has recognized that they could not reconcile some countries’ trading operations by analyzing the two “legal” windows alone. Some monies, or lack thereof, could not be officially accounted for. Thus, the IMF coined the term “Third Window”.

    In the case of Barbados, could it be that the “missing $300 million” went through the third window?

    Like

  • Walter Blackman

    millertheanunnaki July 23, 2016 at 2:05 PM #
    “@ Walter Blackman July 23, 2016 at 1:38 PM
    Welcome back to the modern world of economic realities and political sanity.
    I am impressed you have not been afraid to push your head above the political parapet”

    millertheanunnaki,
    You give me warm lashes, and words of encouragement, with balanced vigour. I admire and laud you for that.
    As for me, I accept your “licks” and your “likes” with equanimity.
    Respect due.
    Up and on, my friend.

    Like

  • Miller
    In my time on the Weymouth campus the big boys like Brandford ‘Goalie’Taitt,Vic Callender,Milly White,Dean Walcott,John Kellman,Freddie Greene,Edwin Stroude et al would sing….Fools in plenty we shall meet…..

    Like

  • Walter Blackman

    Frustrated Businessman aka ‘Nation of Laws’ my ass. July 22, 2016 at 6:51 AM #
    “Similar to how employment is up but payments to NIS are down. Simple contradictions that even the dumbest voter should understand.”

    Frustrated Businessman aka ‘Nation of Laws’ my ass,
    Let me see if I can get over a point to you by way of a simple example.

    Assume that in 2015, only 1,000 people are employed in Barbados and they contribute $1 million to NIS.

    In 2016, all of these people lose their jobs. NIS contributions = 0.

    In 2016 also, the Barbados Statistical Services decided to treat 1000 shopkeepers, and 500 food vendors (the ones with the vans you see at lunchtime around the various work sites) as self employed persons. These self employed persons pay neither taxes nor NIS contributions (This is one of the biggest headaches for BRA and NIS. It also causes other workers to bear a higher tax burden unfairly).

    So, when we compare 2016 with 2015 in this simple example, we see that employment went up (from 1,000 to 1500), but NIS payments went down (from $1 million to $0)

    This issue has nothing to with politics.

    Like

  • Walter Blackman

    Gabriel July 23, 2016 at 2:58 PM #
    “In my time on the Weymouth campus the big boys like Brandford ‘Goalie’Taitt”

    Gabriel,
    All along, I thought Branford’s nickname was “Goldie”. Thanks for clearing that up.

    Like

  • millertheanunnaki

    @ Walter Blackman July 23, 2016 at 3:04 PM
    “In 2016 also, the Barbados Statistical Services decided to treat 1000 shopkeepers, and 500 food vendors (the ones with the vans you see at lunchtime around the various work sites) as self employed persons. These self employed persons pay neither taxes nor NIS contributions (This is one of the biggest headaches for BRA and NIS. It also causes other workers to bear a higher tax burden unfairly).”

    Headache my ass! In a 2×3 piece of rock where the Sun shines as bright as the full moon on a ‘go back he here’ night?

    The inspectors in the BRA and NIS are just a bunch of lazy-ass bastards who are encouraged to sit at their desk hoping to receive calls from the public regarding breaches of the revenue and NIS collection regulations on enforcement.

    Why not tour Barbados and seek out those openly trading on the streets and at the various work sites to see if these people are copacetic or in sync with the various health, safety and revenue laws and regulations that are supposed to govern Barbados?

    But what can you expect from the BRA when they are unable to collect the VAT, corporation or personal income tax associated with well publicized transaction between Thompson Associates and Greenverbs Parris in respect of the millions ‘washed’ lily Mara as gratuity payments for outstanding services rendered by a most estimable businessman who has been deemed by that primate into parris, certainly, as more trustworthy than the LOO.

    Like

  • Walter
    Yes he kept goal for the school from third form as I recall.He wore a red jersey when he kept goal and he was nicknamed Goalie Taitt.The political brethren believed him when in his ministerial days he hinted to those who knew not,that he was a golden boy from school days.Not so.I did dey.

    Like

  • @ Walter Blackman, aka PPK

    Do you know that the few hundred Shopkeepers in Barbados, were given a body slam and a kick in the ass, right by the back pocket, with very high license fees by David Thompson in an unnecessary tax grab, that son of a ??? said he was cutting out the middle-man for a cost U less,” AS YOU SAID IT HAS NOTHING TO DO WITH POLITICS”

    Like

  • Walter Blackman

    Watchman July 23, 2016 at 8:27 PM #
    “a body slam and a kick in the ass….”

    Watchman,
    If you ever watched wrestling, you would know that such moves are followed up with a “submission”. Why did you leave that out?

    Like

  • Walter Blackman

    David July 22, 2016 at 9:14 AM #
    @Walter
    Cost U Less was allowed a washpan of concessions with the expectation that competition in the wholesale and retail sectors would have the effect of deflating consumer prices. Has it worked?

    David,
    Please forgive me if my reply to your question is a bit long. I want to make sure everyone is on the same page.

    Cost U Less was allowed duty free concessions on building materials and vehicles, and a 15-year tax holiday in 2011. These concessions became public knowledge by 2012. The electorate returned the Freundel Stuart administration to government in 2013.

    About 6 months ago, Caswell Franklyn informed Barbadians that whereas the concessions might have been given in 2011, the legal authority for such concessions was not issued until December 2015. So far, Barbadians have had 5 years to determine whether or not the concessions have had “the effect of deflating consumer prices”.

    Maybe Caswell’s revelation and Barbadians’ assessment of the situation will become issues for the 2018 General Election. We will have to wait and see.

    Now that we have gotten the politics out of the way, let us deal with the economics and finance.

    If you want to create effective competition, you have to create a level playing field for all of the players. However, competition is viewed by businessmen in Barbados as a nasty word, and so they spend a lot of hours and money breaking down the doors of government ministers trying to secure a “monopoly”.

    The pockets of competition we have created on the island have been done so, for example, by issuing “5000 licenses to taximen to chase after 500 tourists” and by issuing excessive minibus and ZR licenses to ply routes at fixed prices.

    In our changed world, retailers are rapidly becoming dinosaurs. Abed of the Barbados Chamber of Commerce recently gave us insights as to why. Consumers are trying as best as they could to cut out any middleman.

    Let us start thinking outside of the box.

    Suppose Senator Maxine McClean, through our embassies and consulates all over the world, sought out Barbadian investors and informed them that she wanted them to supply all of our country’s needs. Under this approach, goods reaching Barbados would have already been paid for by Barbadians living in the diaspora, so our forex reserves would be unaffected.

    These overseas Barbadian investors would be encouraged to set up “special” companies and bank accounts in Barbados and would be allowed a 25% markup (for example) on the landed price (CIF) of their products. These wholesale goods would then be fed through to Carlton AI, Goddards, and other Barbadian retail outlets for distribution. The retail outlets will use Barbadian currency to purchase these goods.

    The overseas Barbadian investors could then be given further incentives and concessions in Barbados to purchase property, build homes, guest houses, operate media houses, and develop industries in line with government policy. In short, overseas Barbadians, instead of foreigners, would be given first choice to stake a claim in assisting with the development of the country of their birth. Just a raw idea.

    This is how Errol Barrow would have wanted us to treat, and deal with, each other.

    Like

  • @ Walter Blackman, aka PPK

    You just like picking out, why don’t you pick out “unnecessary tax grab,” to comment on,we in Barbados watch wrestling on TV, after 2008 we do the wrestling with the every day hardship of staying alive because of an inept DLP Government, Don’t worry Walter, some stupid people like a carpetbagger, be careful with your picking,

    Like

  • Walter Blackman

    Watchman July 23, 2016 at 11:47 PM #
    “@ Walter Blackman, aka PPK
    …after 2008 we do the wrestling with the every day hardship of staying alive”

    Watchman,
    “And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy.” Desiderata.

    Like

  • There you go again, picking out , what with the part “because of an inept DLP Government ” you soon pick one with the pin pull, them there goes the carpetbagger dreams

    Like

  • Frustrated Businessman aka 'Nation of Laws' my ass.

    Walter, let me make a simpler suggestion.

    Increase VAT to 25% and remove all other taxes.

    Disband all the civil services employed to collect all those other taxes.

    Make all goods purchased in ForEx VAT free, whether locally supplied or exported.

    There you go, BDS financial problems solved overnight.

    I dare you.

    Like

  • AFTER EIGHT YEARS in the pipeline, the first step has been taken to make the multimillion-dollar Hyatt Hotel a reality on the Bridgetown landscape.

    http://www.nationnews.com/nationnews/news/83677/hyatt-construction-set-begin#sthash.1JO3ESTa.dpuf

    Like

  • As usual we can expect the warmed over soup of that Diaspora mining idea being regurgitated by the PPK.

    Why do I say that it is regurgitated?

    Ask Neville Rowe, the man who brought Elasta Care to Barbados and broke the monopoly that Cave Shepherd had on Hair Care products as the first black man to buy things in bulk, cheap and then resell them with little markup to black bajan consumers.

    Until a set of money was paid to Black Comptrollers of Customs and Neville was said to be reinvoicing and the Excise Department reassessed the CIF arbitrarily, assigned the costs that Cave Shepherd supplied them with and broke that indigenous movement AS WOULD THEY DO years later with Julie N and now seek to do with Popular.

    I would actually provide the templates for Diaspora Marketing that were provided to the BIDC 25 years ago and then again 10 years ago and provide the email responses to all of these.

    But such documents are not the first to have been submitted to the Government in Power and will not be the last.

    The problem is that when the idea is proposed, the ingrunt Minister, be they BLP or DLP see it to be their personal gravvy train to prosperity and they take the document, photocopy the shit (like Peter Harris did with *** or Mugabe Mottley did with *** or John Boyce did with *** or *** Nurse did with *** or Sandra *** did with *** or Francine *** did with ***) and then they, the north bound ends of south bound cows, try to execute what they could never do in a week of Sundays.

    Let me break down the Profile of a “Diaspora Dweller”

    These are men and women who work and live and have their respectable livelihoods in 1st world countries where they are grudgefully respected.

    I purposefully did not say liked and certainly not loved.

    For 20 to 30 years these Diasporians have eaten shite to get to where they are and have, as former West indians, I say former because we are not west indians any longer, but we are not citizens of those adopted lands either. we are they who can “Never Come Home again”.

    We come in the body but the minds never returns.

    We done seen every effing game the minister of Agriculture or finance or housing and lands going try to run on our scvunts and while we love our country real bad, WE ARE NOT PREPARED TO EF UP OUR STANDING with our bosses and jobs in our adopted homelands

    And we dun seen the minister s BS from a mile off.

    So we going come and shoot the breeze with wunna fellows and left wunna hank cause “homey doan play that”

    THis is why I simply do not trust you Walter because you have lived there for 21 years and claim to have been a high flier yet your lack of understanding of these nuances or if informed, your constant secrecy as to the Real State of Affairs and Mindspace of the Diasporians is seriously in deficit.

    You are trading in jobby everywhere that you seek to peddle an idea here on BU and wherever you or any of the rest of you go to peddle your BS, I going appear to be your “Bane”

    Bring us things that will work. PPK. or kind sir, sit your scvunt in the jousting wings and leave the weapons of real knights to serious men and women.

    Oh and just in case you get some spunk and want to claim originality and ting axe your clowns Maxine and David Pitbull Gunslinger about the Investment Proposal sent to all of them scvunt in 2007 BEFORE THEM GET IN IN 2008 and sent again in 2009 to them scvunts and 2011.

    Steupseeeeee, waste foops deserving of the Sin of Onan.

    Like

  • @ PPK

    This is an adaptation of a recent post to George C Brathwaite, another so called expert on thing social/economic in Barbados who is as lost as you are with these fanciful ideas.

    He is a BLPite and you PPK, a DLPite and since you both utter the same useless spiel about jumpstarting the economy, through different sides of your mouth, I’ll try to explain what for you would seem contentious in my post of yesterday.

    I dont know if you read the George submission. If you are like me, there are some authors here I do not read e.g. The Sand Nigger or Freedom Crier because, well let me say “I am too much of a dullard to understand these socialist and capitalist concepts she espouses”

    I presented a story based on a friend who returned from the USA, where you have lived for 21 years, she brought me some Indian Girl Corn meal because it was “dirt cheap up there” and gave me some bags. I love coo coo but I CANNOT COOK COO COO IF MY LIFE DEPENDED ON IT!!

    I then sought to tie this story into the context of next week’s function by Microsoft and sought to show how this is another wasted opportunity since braniacs (like you?) in coordinating that premiere opportunity would, like you?, irrespective of the time it took to secure Microsoft’s participation, have been incapable of connecting the dots, leveraging the opportunity and much like you? would have proposed a parallel “puerile merchant merchandising concept” as the Nirvana solution.

    I sought then to like this to and abuse of great ingredients scenario PPK with your weak diaspora mining concept with LEVERAGING THE INGREDIENTS OF CHANGE, meaningful change.

    I actually said that this Microsoft experience at Sherbourne would be A FAILURE because the people coordinating it on our end, with their various allegiances, were incapable of conceptualizing the optimal outcome of such a “collaboration”

    I then gave a simple example of what that outcome should have been and IS NOT and referred to an Computer Weekly article where it was reported that “Countries and companies must act quickly to address the cyber security skills shortage through improvements in education, workforce diversity, training opportunities, security technology and data collection…”

    The problem PPK is not really a lack of opportunities but moreso that your pedestrian outlook on the panorama of opportunities is much like my inability to cook COO COO in that cyber frontier that national development for Barbados necessitates.

    In my inimical style I ask questions so that you and other posturers? like you will, when you are grilled to answer, show the paucity of your vision and its disconnectedness with the realities of what our country is faced with.

    Many of your detractors here allude to what your expertise is, post those 21 years, I have not asked anyone yet to check your bonafides per that NASD designation etc, but what I am doing is querying the schoolboy ideas that you are proposing here on BU.

    And to be truthful PPK “you have been weighed in the balance and found severely wanting”

    Like

  • PIece
    Man we pun de same page yuh.Solutions,Walter,George brainacs so called but at pre school stage of political acuity.Dullnoass.Freedom,Zoe,Nigger all get an eye pass from the angel.

    Like

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