est. 2007

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So What if it is Budget Day Next Week – President of the BCCI Eddy Abed Accused of Being Unpatriotic

The Minister of Finance has announced that Budget Day in Barbados will be on the 16 August 2016. It is evident to sensible observers that Minister Chris Sinckler’s policies have failed Barbados as we observe the country’s infrastructure crumble and the confidence of a proud Bajan dissipate. His PR effort this week on the talk…

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President, Mr. Edward Abed
Senator John Watson

The Minister of Finance has announced that Budget Day in Barbados will be on the 16 August 2016. It is evident to sensible observers that Minister Chris Sinckler’s policies have failed Barbados as we observe the country’s infrastructure crumble and the confidence of a proud Bajan dissipate. His PR effort this week on the talk show is duly noted.

The following Facebook entry by Senator John Watson caught the attention of BU for many reasons. At the top of our concerns is the challenge Barbados faces to generate forex to pay for imports. It is no secret Barbadians have developed an unhealthy consumption appetite post Independence and we will live or die based on our (in)ability to generate foreign exchange.

The concern raised by Senator Watson strikes at the core of what is wrong with Barbados today. Despite a huge investment in educating our people we have been unable to fan the entrepreneurial flame. There is no Pride and Industry to float the boat of national productivity, to purchase local. Our policymakers have gambled and placed all the chips on the tourism sector.

Senator Watson makes the strong point that if items are being manufactured in Barbados, Abed a leading retailer and president of the Barbados Chamber of Commerce, should purchase local.  It is what a good corporate citizen AND Barbadians should do. The additional concern the BU household has is a retailer (Eddy Abed) heading the Barbados Chamber of Commerce at a time the priority need of the country is to generate foreign exchange. Does this make sense? We should not blame Abed because he was elected by the members. It is an indictment on all the members of the Barbados Chamber of Commerce.   In fact we go further and suggest it is an indictment on all Barbadians.

Middlecalss and not so middleclass Barbadians are travelling to Miami or buying online anyway so who cares.

It is Budget Day next week Tuesday and the feeling with many is – so what.

John A Watson

The Trade Association leaders need to set higher standards . Mr. Abed, President of the Chamber of Commerce, has chosen to import large quantities of school accessories, Bands and epaulets, which can be made locally. In fact, he may have used to the local products from which to give his Far East Supplier samples to copy.

I have to conclude that there is no regard for the welfare of Barbadian workers nor for preservation of foreign exchange. He has chosen to support the very poorly paid workers of the Far East over Bajans.

I hope that Barbadians understand that they should not buy these products because they are taking away Barbadian JOBS. Unfortunately, Barbados Industries Ltd (Uniform Factory Outlet UFO) at Wildey, and Hooper Garments at Pelican , both MANUFACTURERS, are selling those products as well.

The locally made products are being sold at Cave Shepherd, Woolworth Marmax and Wally’s. BUY FROM THESE.

Read the comments posted to Senator John Watson’s Facebook timeline HERE.

115 responses to “So What if it is Budget Day Next Week – President of the BCCI Eddy Abed Accused of Being Unpatriotic”

  1. ac Avatar
    ac

    i do not have to retract anything i said in my previous comment ,the complexities of this economy is tied to high debt levels which started under the blp administration tied to running away spending a govt payroll to civil servants which was unsustainable combined with a very low income tax rate , adding to recipe for disaster
    Very little was done to tackled any of the above as the past administration acted as if the good economic times were going to last forever
    well unfortunately when the high tide of a global melt down hit our sandy shores only thing left was a uncontrolled debt which was to be paid and govt hanging fiscally by a thread finding means to keep the country from falling off the fiscal cliff
    in 2008 when govt took office the debt had already reached an unacceptable level of over 93% Yes folks that was debt left over by the blp which had to be serviced and would not have simply disappeared forcing govt to take fiscal responsibilities by stringent methods towards payment of the debt
    The BLP has been living in denial for the past seven years propagating a bold face lie of “the great “economic under there watch yet unable to provide the fiscal evidence which would have shown that the country was structurally strong to withstand global economic shocks //shocks which help to further weakened the Barbados economy

    CENTRAL GOVERNMENT DEBT; TOTAL (% OF GDP) IN BARBADOS WAS REPORTED AT 92.73 IN 2008, ACCORDING TO THE WORLD BANK. DEBT IS THE ENTIRE STOCK OF DIRECT GOVERNMENT FIXED-TERM CONTRACTUAL OBLIGATIONS TO OTHERS OUTSTANDING ON A PARTICULAR DATE. IT INCLUDES DOMESTIC AND FOREIGN LIABILITIES SUCH AS CURRENCY AND MONEY DEPOSITS, SECURITIES OTHER THAN SHARES, AND LOANS. IT IS THE GROSS AMOUNT OF GOVERNMENT LIABILITIES REDUCED BY THE AMOUNT OF EQUITY AND FINANCIAL DERIVATIVES HELD BY THE GOVERNMENT. BECAUSE DEBT IS A STOCK RATHER THAN A FLOW, IT IS MEASURED AS OF A GIVEN DATE

  2. Artaxerxes Avatar
    Artaxerxes

    Your ignorance is boundless. I don’t know why I does bother wid you, becausen you en learning nuttun atall, atall. But an organization is reflective of its membership, so there are not any significant differences between you and government ministers.

    I suspect that by using words like “global economic shocks” and metaphors such as “fiscal cliff” would make it seem as though you have knowledge of what you wrote, when in actuality, it is just a spewing of political shiite in an attempt to convince the “political gullible.”

    You are attempting to imply that this inept DLP administration’s of over 100% of GDP is as a result of them borrowing to repay the debt incurred under the BLP. Your argument would “hold water” if the DEMS separated the BLP’s debt and “paid it off in full”

    However, and to the contrary, the evidence you presented does not substantiate your argument. Debt is a long-term liability and, unlike income statement accounts, the balances are carried forward to each accounting period. Hence, debt would have ACCUMULATED over a PERIOD of TIME and not END with the administration under which it was incurred.

    Since debt would have accumulated, the measurement of debt at 93.73% would have been based on a CUMULATIVE TOTAL of DEBT BROUGHT FORWARD from previous BLP and DLP administrations. Therefore, to imply that the previous BLP administration incurred debt of over 93% is ignorance and political rhetoric, unless Barbados DID NOT HAVE ANY DEBT prior to September 5, 1994.

    To ACCURATELY measure the debt incurred under the BLP, you would have to know the debt total as at September 5, 1994 and January 14, 2008, which are the days before the 1994 and 2008 general elections respectively.

    Therefore, the political shiite argument you are advancing, (ask “curious”), could be SIMILARLY APPLIED to the DEBT INCURRED under the Barrow, Tom Adams and Barrow/Sandiford administrations, “which had to be serviced (by successive administrations) and would not have simply disappeared forcing govt to take fiscal responsibilities by stringent methods towards payment of the debt.”

  3. David Avatar
    David

    Also one has to examine the reason for the debt. Was it borrowed to build capacity in the economy or for consumption.

  4. Donna Avatar
    Donna

    Artaxerxes,

    Don’t worry about ac! Her intentions are clear. Answer her so that others who read will not be fooled by her nonsense. Dismantle it methodically and calmly. That’s why we do this. Because others may not comment but they are here and they are reading. And they need to know.

  5. Frustrated Businessman aka 'Nation of Laws' my ass. Avatar
    Frustrated Businessman aka ‘Nation of Laws’ my ass.

    David August 12, 2016 at 6:33 AM #
    Also one has to examine the reason for the debt. Was it borrowed to build capacity in the economy or for consumption.

    The gov’t’s main reason for borrowing is to keep the civil servants who voted them into office employed.

  6. Artaxerxes Avatar
    Artaxerxes

    Seriously, ACs, the use of so many metaphors in your contributions takes away any seriousness to be implied therein, and they often come across as though one is reading a novel (i.e. fiction). But then again, you spew political rhetoric, which could be categorized as fiction.

    Over the years, HIGH DEBT LEVELS were ACCUMULATED under BOTH BLP and DLP administrations, as well as the practice of increasing government’s payroll by giving government jobs to constituents in return for votes (or sex). It is also interesting to note the yard-fowls’ mentioning: “with a very low income tax rate, adding to recipe for disaster.”

    Unlike you, my reading is not confined to the DLP’s web-site or Kellman’s, Irene’s or any other DLP member’s face-book page.
    The following excerpt was taken from the U.S. Department of State – Barbados: 1994 Country Report On Economic Policy And Trade Practices, Bureau Of Economic And Business Affairs:

    “The 1992 and 1993 reform of the direct tax system broadened the tax base while lowering maximum rates — a change which RESULTED in an OVERALL LOWER LEVEL of GOVERNMENT REVENUES in the first half of 1994.”

    “The overall deficit on central government operations widened slightly during the first half of 1994, from about 1% at the end of 1993 to between 1 & 2% of Gross Domestic Product (GDP) at the end of June 1994. The INCREASED DEFICIT was due to a DECLINE in revenues — a RESULT of the 1993 TAX REFORM which reduced direct levies.”

    Wunnuh waan guess who did in power back den?

  7. ac Avatar
    ac

    One has to question the reason for the govt borrowing exactly the point which when examined and analysis will show clearly and a one of stabilizing the high debt brought about by the accumulation of interest over the years
    Also govt having to struggle to pay civil servants and keep the country afloat when forex was declining
    Not to mention internal debt like the Barrack debt and other debts similar in nature brought about by law suits.
    The blp would like to wash their hands of any negatives they played in the fiscal downturn of the country but many bajans are astute and understand that a weakened foundation on a house would eventually collapse the house to the ground if not properly secured as in the case of the barbados economy which has struggle over the past seven years
    Fortunately the economy has started to show glimmers of recovery although the prophets of doom and gloom remain defiant in their recitations that govt is doing nothinga chorus that have not resonated with the vast majority of citizens

  8. David Avatar
    David

    The economy is NOT recovering we continue to benefit from a bounce in tourist arrivals in the Caribbean.

    >

  9. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    The DLP and BLP governments will have been primarily responsible for Barbados becoming a failed governmental system in the not too distant future.

    This country had a fairly good start – socially, politically, materially and financially – at independence in 1966 – and, in about 25 years time – by the early 90s, it was clear that it was bound to become such a very failed governmental system in the long term, owing to the hordes of adverse and negative policies and programs that have been implemented by the relevant principals of these intellectually and politically backward, bankrupt and discredited factions called the DLP and BLP.

    The truth is that it is the TAXATION, Interest Rate, Cost of Use of Money and other adverse and negative implemented policies and programs of these very inept and incompetent DLP and BLP governments that have over the years been among the fundamental causes why this once fairly well organized country will -‘ from here onwards – but in fewer than 4 and a half and no more than 9 and a half years – become a starkly failed governmental system on this current political economic financial trajectory.

    More Barbadians must therefore join the PDC and thousands more people in this country in this great thrust to remove both these jack o lantern factions – and each with the worst leaders so far in the post-independent governmental and parliamentary opposition politics of Barbados – from the political governmental landscape of this country.

    Down with the Damned DLP and the Blasted BLP!!

  10. Artaxerxes Avatar
    Artaxerxes

    There are significant differences between FACT and POLITICAL RHETORIC.

    “High debt brought about by the accumulation of interest over the years,” is an INDICATION government has DEFAULTED in repayments. And since you mentioned “over the years,” the loan facilitators would have taken action against Barbados by this time.

    The debt owed to Barrack had no SIGNIFICANT IMPACT on the island’s ECONOMIC STATUS and is only a political red-herring raised by you and DLP yard-fowls. Both BLP and DLP administrations are responsible for him not being paid. The BLP in the first instance by not paying him at the due time; and the DLP who had options of paying him in installments, but chose to politicize the issue to accumulate cheap political points.

    As it relates “to debts similar in nature brought about by law suits,” are you IMPLYING that law suits were ONLY brought against the government during the period between September 1994 and January 2008?

    People and businesses sue government on a daily basis and, due to our “snail paced” court system, those cases sometimes take years to be heard. As a result, due payments would have spanned successive administrations.

    Your political masters would have us believe “fortunately the economy has started to show glimmers of recovery,” because it is politically expedient for them to say so. However, an analysis of the recent Central Bank report says otherwise.

    Think rationally and not yard-fowlery.

  11. William Skinner Avatar
    William Skinner

    We need more John Watsons. He exposed Abeds.

  12. Gabriel Avatar
    Gabriel

    John Watson spoke out and identified Abed’s and 2 local manufacturers selling the imported uniforms.He also identified 4 stores selling the locally made items and advised his fellow Bajans to buy from those stores.
    Senator Irene Sandiford-Garner is credited in the Saturday Sun ‘Pudding and Souse’ column as writing “So we sweat to get airlift,brand name hotels,international sailing meets etc to garner foreign exchange and create jobs in this country and the people who lambast us daily as a ‘do nothing government’ ship that money off to the Far East sweat shops?Deprive Bajans of work?Really?”
    “Thanks for sharing,”she continues,”I know where I will not be buying the god-children’s school things ”
    Score 1 for Irene Sandiford-Garner and John Watson.Hopefully James Paul would get the balls to identify Pornville and Chris in the chicken wing scandal.

  13. Gabriel Avatar
    Gabriel

    Errata et addenda……Sat Sun Column is ‘Flying Fish and Coucou’

  14. Enuff Avatar
    Enuff

    What makes Abed’s decision to import epaulettes and other school items from the Far East anymore egregious than the importation and establishment of Rock Hard cement? The government Senator threatening to buy school things elsewhere should explain especially given the alleged special treatment granted! Would be interesting to know Senator Watson’s position.

  15. Gabriel Avatar
    Gabriel

    Enuff
    Watson went public as a manufacturer and Arawak went public as a manufacturer each with their special interests at stake.

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