est. 2007

Barbados Underground

Bringing News and Opinions to the People

, ,

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

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. balance Avatar
    balance

    Mr Abed is not responding to the competition. He is selling at the same or higher prices than his competitors and if he were getting the imported products cheaper then he should be selling at lower prices I am always amazed at how the WORD of some people is accepted without any thought or checking. Maybe you you should check out the market yourself

    A speculator is free to sell his products at whatever price he chooses irrespective of how much he paid for them; a buyer has the right not to buy . Pure and simple.

  2. David Avatar
    David

    [Barbados Underground] Comment: “So What if it is Budget Day Next Week – President of the BCCI Eddy Abed Accused of Being Unpatriotic” Bin David to comment+zra06rg-y0ki_3dyzjauvzp9ilw@comment.wordpress.com 1 minute ago Details @balance

    Is this the point being made? Use some cognition man! Of course a Businessman can sell at a price the market is willing to bear Marketing 101.

    What many are saying in this forum and elsewhere is the right of the citizenry to advocate our concerns to initiate change based on environmental concern. It is what an engaged citizenry does. On Wednesday, 10 August 2016, Barbados Underground wrote:

    >

  3. Gabriel Avatar
    Gabriel

    Artax
    I read your opinion to which you are entitled.There are some senators who are in fact independent senators representing certain areas of expertise and John Watson,I believe would speak on behalf of local manufacturers.In my opinion,I wouldn’t classify his membership in the senate as political like say Tony ‘Bowels’ Marshall was or Verla Depeiza or Jerome Walcott or Wilfred Abrahams.
    Btw I note MP James Paul is keeping up the pressure on fellow parliamentarians Inniss and Sinckler on the matter of permitting importation of chicken wings and bypassing entry permit requirements.It is rumored that Freundel has turned a blind eye as usual.

  4. lawson Avatar
    lawson

    this is the first time I can remember in thirty odd years of people wanting to buy American money from me before I purchased something. something must be going on economy wise

  5. curious Avatar
    curious

    Most of the Indian and Syrian businesses in Barbados are unpatriotic fullstop.

    Peltdownwoman I agree with your poverty statement. This new school term the poor children will be travelling to school with the latest brand name bags which are all over three hundred dollars and don’t talk about shoes.
    Artax always telling people they talking shite because they strike a nerve in his hidden personality. How come you don’t like politicians but only attack DLP politicians. Just check all your posts since you started writing because I read this blog from the time it started long ago.

  6. Bush Tea Avatar
    Bush Tea

    @ Curious
    Most of the Indian and Syrian businesses in Barbados are unpatriotic fullstop
    +++++++++++++++++++++++++++++++++++++++++++++++++++
    Are you SURE that they are unpatriotic? …. or are they really Indian and Syrian?

    Artax is just hot-headed…. always was … but he cool.
    And he has good reason to hate all politicians …especially Dees…
    LOL

  7. Artaxerxes Avatar
    Artaxerxes

    curious August 10, 2016 at 7:46 PM #

    “Artax always telling people they talking shite because they strike a nerve in his hidden personality. How come you don’t like politicians but only attack DLP politicians. Just check all your posts since you started writing because I read this blog from the time it started long ago.”

    @ curious

    My friend, that your opinion to which you are entitled, and I can safely say you only attack BLP politicians. But I’ll let you figure out for yourself (if it’s possible) that your contribution is shiite as well. And you did not “strike a nerve in (my) hidden personality” for me to acknowledge this fact. LOL!!!

    However, the last time I checked the DLP FORMED the GOVERNMENT….. NOT the BLP.

  8. Artaxerxes Avatar
    Artaxerxes

    curious August 10, 2016 at 7:46 PM #

    And the reason why I would continue to “only attack DLP politicians” is simple…….. your party promised much but delivered very little.

    Perhaps you did not read the DLP’s 2008 election 2008 election manifesto…… so, let me remind you of a their promises. The DLP dedicated three pages (46, 47, and 48) to “Good Governance.”

    “There is therefore a need to clean up politics in Barbados. The Democratic Labour Party has selected a team of CLEAN, CARING, COMPETENT and COMMITTED politicians who have SIGNED on to a CODE of CONDUCT, that promises Good Governance.” [page 46]

    Let me give a few examples. How come the DEMS “selected a team of CLEAN, CARING, COMPETENT and COMMITTED politicians who have SIGNED on to a CODE of CONDUCT,” and:

    1) Michael Carrington ALLOWED to REMAIN as Speaker of the House, after the court ruled in favour of his former client, whose funds he deliberately with-held.
    2) Denis Lowe REMAINS as Environment Minister after Stuart admitted there were “procedural mis-steps” in the NCC retrenchment process, whereby the agreed “last-in, first out” protocol was ignored and the ERT subsequently ruled in favour of the retrenched former NCC employees, while RECENTLY HIRED NCC EMPLOYEES from LOWE’S CONSTITUENCY REMAIN EMPLOYED.
    3) Michael Lashley allowed to remain as Transport Minister, after causing Transport Board employees to stage industrial action when he attempted to employ his niece “through the back door.”
    4) Both Lowe and Lashley engaging in clear conflict of interest activities by driving vehicles owned by a company that repairs SSA trucks and TB buses.
    5) Denis Kellman is still Housing Minister after admitting to employing his nephew’s wife at NHC ahead of a lady who was acting in the position for over a year, when at first he was adamant her name being “Kellman” did not mean she was connected to him in any way.
    6) Should David Estwick not take responsibility for the financial infelicities at the BWA new headquarters, as revealed by the 2015-2016 Auditor General’s Report?

    Would you conclude the above activities were perpetrated by “a team of CLEAN, CARING, COMPETENT and COMMITTED politicians who have SIGNED on to a CODE of CONDUCT?”

  9. Artaxerxes Avatar
    Artaxerxes

    @ curious

    “Good Governance ASSURES that CORRUPTION is MINIMIZED, the views of the people are taken into account and that the voices of the most vulnerable members of society are heard in decision-making.” [Page 46, DLP 2008 manifesto]

    Corruption at the BWA Headquarters; the SSA renting a tractor for $25,000 per week; the selling of PSV permits; PSVs owned by Michael Lashley being serviced and repaired in TB workshop; Lowe and Kellman stood by and allowed fellow DEM, Richard Byer, to charge Caves of Barbados over $700,000 in legal fees for services which were similarly rendered by another lawyer for $17,000 are just a few examples of corruption.

    What “views of the people are taken into account and that the voices of the most vulnerable members of society are heard in decision-making,” what!!!!
    Anytime anyone one gives an alternative view to that of the DLP, they are labeled members of the BLP (and you proved that in your contribution).

  10. Artaxerxes Avatar
    Artaxerxes

    @ curious

    To make a long story short, I suggest you read the DLP’s 2008 manifesto, especially pages 46, 47 and 48, compare to what has been happening in Barbados and tell me, honestly, if the DLP politicians en want cussing.

    However, I won’t expect you to do that, because “honesty” is not an active trait in yard-fowls.

  11. Prodigal Son Avatar
    Prodigal Son

    You go, Artax….tell “curious” like it is! I have your back.

    The truth hurts these dems. The country is going to hell and they still think that they are doing good.

    The recession finished in 2009 yet Barbados is still in recession.

    I am bracing myself for the wave of new taxes come Tuesday.

  12. Well Well & Consequences Avatar
    Well Well & Consequences

    http://www.nationnews.com/nationnews/news/84372/budget-plea

    Why dont Eddie Abed get lost, just months ago he was begging the government to tax bsjans more because he dont think they paid enough taxes over the years, despite him and his famiky nit paying any taxes on the hundreds of millions of illegal money they made fir decades, now that he feels he is paying too much in taxes he wants parents to start paying for primary school meals for their small children.

    Time to get this drug dealing family off the landscape from making decisions for the majority population on the island.

  13. David Avatar
    David

    John A Watson

    7 hrs ·

    Sometimes it is not who leads but it matters who backs the leader or the subject.

    It is Sen Irene Sandiford-Garner and David King (BU) that gave the issue with Abed’s the legs and the attention. Thank you both.

    I look forward to the continued discussion to assist in bringing about the necessary change

    Like

    Comment

    Share

    2You and Gail-Selina S. Hewitt-Clarke

    Comments

    Cathy Jessamy-Babb

    Cathy Jessamy-Babb The Abeds have ben questionable for a long time and no one does anything about it.

    Like · Reply · 6 hrs

    David King

    David King Senator there is a need to crack the racket at Thani’s and elsewhere as far as selling duty free.

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

    Bush Tea August 10, 2016 at 6:33 PM #
    @ Frustrated Businessman aka ‘Nation of Laws’ my ass. August 10, 2016 at 3:42 PM

    Since GP is on pre-retirement leave, and Bushie’s whacker get tek way, …the Bushman will take this opportunity to correct your classification of Peltdownman’s comments as ‘Gospel’.
    It is NOT GOSPEL ….. or even ‘Gospel Truth’

    It is certainly ‘TRUTH’…. but definitely NOT ‘Good News’ (which is what ‘Gospel’ means…

    I stand corrected sir. And yes, truth is always good news in these days of mis- and dis-information.

  15. ac Avatar
    ac

    I will bet that the same people who are complaining about how these businesses operate have no problem going to Miami to buy products at a cheaper price all of which accounts to tax loss and additional revenue for govt and business.
    In as much as i would thumb my nose at unsavoury business practices by owners.some here would prefer to lay blame than accept that some of the responsibility should be levied on their shoulders

  16. Artax Avatar
    Artax

    I agree with David BU’s comments that the duty free racket at Thani’s Shoe Shop (Shoe Master Ltd.) needs to be addressed. This situation has been allowed to continue far too long.

    Too MANY Guyanese and Jamaicans are in Barbados EXPLOITING the loop holes in our lax laws. They are SQUATTING, BOLDLY VENDING ILLEGALLY in Bridgetown alleys and in front the Cheapside Market and they continue to BUILD ILLEGAL BARS on the compound of the old Fairchild Street Market, where they engage in the ILLEGAL SALE of alcohol.

    These Syrian, Lebanese, Indian and Pakistani store owners have little respect for black Barbadians. They scare their employees into not joining the union. The Abeds, for example, have a history of exploiting their employees. They do not have stools in their stores as sales clerks are expected to stand for 8 hours, even when if they are pregnant.

    The Arab owners of Flame Shop, which is located on Marhill Street, manipulate the 40 hour week to get employees to work as many hours as is possible.

    For example, a clerk would be scheduled to work 8 hours on Monday, Tuesday and Wednesday @ 8 hours each day = 24 hrs. On Fridays they are required to work for 10 hours and 6 hours (8am – 2pm) on Saturday, which adds up to 40 hours. However, they ignore the fact that an employee is entitled to over-time after working 8 hours.

  17. David Avatar
    David

    Many of the Syrians and Lebanese retailers in Bridgetown peddle.

  18. Well Well & Consequences Avatar
    Well Well & Consequences

    Both black governments have allowed the minority communities of Syrian, Lebanese, Indian and Pakistani store owners to exploit the black majority and gave them free rein to deal drugs and guns fir decades…..all of them.

  19. David Avatar
    David

    The concern by Economist Winston Moore shared on the front page of the Nation Newspaper says it all. Falling foreign reserves. Expect more taxes in the budget to dampen demand and given our economy is a consumption spend how can there be recovery?

    Many of the Syrians and Lebanese retailers in Bridgetown peddle. > > >

  20. Well Well & Consequences Avatar
    Well Well & Consequences

    Of course their store fronts are money laundering facilities….of which both governments, the DPP and police are well aware.

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

    David August 11, 2016 at 8:16 AM #
    The concern by Economist Winston Moore shared on the front page of the Nation Newspaper says it all. Falling foreign reserves. Expect more taxes in the budget to dampen demand and given our economy is a consumption spend how can there be recovery?

    I have been typing this on BU for 7 years.

    We cannot grow the economy without threatening ForEx reserves unless we facilitate foreign investment. Extorting bribes from foreigners chases them away.

    There will be no economic recovery under Fumble’s Fools.

  22. Gabriel Avatar
    Gabriel

    There’s a whole lot of truth being told here.We were around for the famous calypso Coke in a Bed,by a JMGM government weighing and coming down heavily on a Syrian,on a Syrian who went to a funeral in Trinidad and took 2 years to get back to Barbados and who was represented by Tull in the extradition matter before the court in Trinidad.Uncle Sam still waiting for that notorious criminal who living in Barbados still protected by loopholes and certain people in this ‘turn a blind eye’ society.These ethnic groups named are a bane to this society and this DLP is embracing them to the extent that they are now flexing some political muscle.

  23. Old Baje Avatar
    Old Baje

    @ David

    When you say peddling, I assume you mean selling drugs. Have you been reliably informed of such?

    WW&C accuses them of money laundering. I have also heard this and it sounds more realistic than drug pushing.

    Overprosecuting the case reduces credibility.

  24. Bush Tea Avatar
    Bush Tea

    @ Artax
    If you have no vision, self-value, or overriding national strategic focus, then you will be swayed by all and sundry – including the riff raff of this world, whose failed home countries are testimonies of the fruits of they ways.

    A ‘brass bowl’ is a resilient vessel – with massive potential and usefulness, but by and large, it ends up in somebody’s yard harbouring mosquitoes or at best in some corner being pissed into.
    What such bowls need is a good clean up – best done with some ashes and a sackcloth; a series of polishing exercises; and a mirror that helps them to see their new self-image…..

    Boss, you would be shocked at how such a brass bowl would shine….

    As it is, we have a country of brass bowls being led by a pack of jackasses, and where, even the natural leaders (those person who enjoy the respect of society even when not in elected or appointed leadership positions) are misguided with the ingrained albino-centric thinking.

    Even political independents are consumed with the idiocy of FDI – while ignoring the ROOT question of ownership of land, shares, contracts, franchises….

    The religious leaders are even more asinine than the political ones… Here are the persons that should be leading the clean-up with sackcloth and ashes, and applying the polish, …but who are some of the biggest brass bowls themselves.

    The sports leaders are mostly all parasites…. seeking albino-centric personal gains.

    Shiite man…
    Even David(BU) is misguided in his belief that he should allow clear idiots to come and infiltrate his righteous blog with cold-war era shiite …in their effort to disrupt his great work.

    GOOD LEADERSHIP IS ABOUT CLEAR, FIRM, RIGHTEOUS VISION AND DECISIVE ACTION IN THE FACE OF BRASSBOWLERY and albino-centricity…….
    The enemy (Satan) is not a dumb donkey….. and can only be defeated with righteous, firm, unrelenting and uncompromising action against his obvious agents such as Jack Boreman and AC’s cousin FC.

    The only reason to keep the ACs on the blog is that they present such a clear and vivid picture to the world of EXACTLY how idiotic and retarded our leadership has become…. that NO ONE could possible paint a better picture for Bajans……

  25. Bush Tea Avatar
    Bush Tea

    @ Frustrated B
    We cannot grow the economy without threatening ForEx reserves unless we facilitate foreign investment. Extorting bribes from foreigners chases them away.
    ++++++++++++++++++++++++++++++++++++++++++++++++++
    What you mean to say is that ….YOU CANNOT SEE HOW we can grow the economy without…… etc

  26. Well Well & Consequences Avatar
    Well Well & Consequences

    Old Baje….back it up. How do you think they get the money, selling old cloth and useless trinkets does not make millions unless you mass produce like China and have a population in the millions/billions.

    The money to launder has to come from somewhere.

    Ya sell millions of dollars in drugs ya have to launder the money….there has to be an explanation.

    If the money was legal they would not need to launder it, they have a storefront….all legal.

    Old Baje…tell me you were not schooled in Barbados.

    Dont start sounding like Alvin.

  27. Well Well & Consequences Avatar
    Well Well & Consequences

    Will people please google words like money laundering BEFORE commenting on them, ya sitting in front of a computer.

    And for those who want more information about the Abed’s cocaine peddling…ask the police and Tony Abed…who who is afraid to speak to those blacks who bought cicaine from him in the 70s and 80s.

  28. ac Avatar
    ac

    There was plenty economic recovery under the blp reign yet the country was left drowning in high debt.Am i now to believe that after years of creating high debt that six years is a reasonable amount of time by which any govt should be able to bring down the debt to a reasonable level Especially in an highly volatile economic enviroment that was unable to produce a sustainable forex and growth mostly dependable on the tourism a sector for about six years due to many burdensome factors beyond govt control
    In any case how is it that a blp govt which controlled plenty forex did not have the vision to construct pillars of productivity that would have support a viabale and sustainable economy for the country that would have produce long term growth and forex

  29. Donna Avatar
    Donna

    Ha, ha! They sure do paint vivid word portraits, and illustrate magnificently why we are in deep chicken shit! No abstract confusion for the artistically illiterate here. Just yardfowls in their element scratching for grain on the ground and excreting EVERYWHERE. Boy, when you read them you can almost smell the filth.

  30. Well Well & Consequences Avatar
    Well Well & Consequences

    Lol…

  31. Old Baje Avatar
    Old Baje

    @ WW&C

    People do not only launder their own money. As I understand it there is a lot of money to be made laundering other people’s money.

    Anyway, not much of a moral distinction.

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

    ac August 11, 2016 at 9:12 AM #
    There was plenty economic recovery under the blp reign yet the country was left drowning in high debt.Am i now to believe that after years of creating high debt that six years is a reasonable amount of time by which any govt should be able to bring down the debt to a reasonable level

    You idiot, your flock of jackasses have increased the debt (I am told we are now the third most indebted country in the world per capita) with not a single tangible improvement in Bajan quality of life to show for it. Not a road, not a hospital, not a school, not a building. One clinic in St. John after seven years and countless wasted billions is a legacy?

    Climb back into your den of vipers fool, there is no place for teefin fools like you in Bim.

    There will be no economic recovery under Fumble’s Fools.

  33. Well Well & Consequences Avatar
    Well Well & Consequences

    Old Baje…ya might find a local bajan laundering other people’s money for a small percentage. …ya will never find Abed, Adam, Harris, Parris et al laundering other people’s money for a small fee or selling other people’s drugs and guns for a small fee, it will have to be their own.

    Selling old cloth to a small population and laundering other people’s money for a small fee does not give you a spread like the Abed’s in Club Morgan. ..try not to delude yourself…denial has the island in a very sad state, only facing reality can see the necessary changes made.

  34. Well Well & Consequences Avatar
    Well Well & Consequences

    Although I understand Peter Harris is laundering Leroy Parris’ money as well, but it’s not for a small fee, they are partners….so ya see, it really makes no difference, as you said.

  35. Artax Avatar
    Artax

    Bush Tea August 11, 2016 at 8:43 AM

    “The only reason to keep the ACs on the blog is that they present such a clear and vivid picture to the world of EXACTLY how idiotic and retarded our leadership has become…. that NO ONE could possible paint a better picture for Bajans……”

    Once again (and in true form) Bushie is correct.

    +++++++++++++++++++++++++++++++++

    Frustrated Businessman aka ‘Nation of Laws’ my ass. August 11, 2016 at 10:27 AM #

    “You idiot, your flock of jackasses have increased the debt (I am told we are now the third most indebted country in the world per capita) with not a single tangible improvement in Bajan quality of life to show for it. Not a road, not a hospital, not a school, not a building. One clinic in St. John after seven years and countless wasted billions is a legacy?”

    @ Frustrated Businessman

    These idiots write statements, include certain statements and phrases to sound “politically intelligent,” attempting to convince the gullible into believing they (ACs) have knowledge of the issue.

    Apparently the consortium of yard-fowls believes Barbados had zero debt balance prior to September 6, 1994. As such, they will argue that the increase in debt was due to this inept DLP administration borrowing to repay debt incurred by the former BLP administration.

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

    Artax August 11, 2016 at 11:09 AM #
    Bush Tea August 11, 2016 at 8:43 AM

    These idiots write statements, include certain statements and phrases to sound “politically intelligent,” attempting to convince the gullible into believing they (ACs) have knowledge of the issue.

    Apparently the consortium of yard-fowls believes Barbados had zero debt balance prior to September 6, 1994. As such, they will argue that the increase in debt was due to this inept DLP administration borrowing to repay debt incurred by the former BLP administration.

    https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi-_46R07nOAhUDkh4KHf59AFwQjRwIBw&url=http%3A%2F%2Fen.actualitix.com%2Fcountry%2Fbrb%2Fstatistics-economy-barbados.php&psig=AFQjCNEGoK5O6USIM84sQOskdWv_Gx4kHg&ust=1471014713967503

  37. ac Avatar
    ac

    Yes the debt was raised but one would rather not include the factors that necessitated the high debt and solutions necessary that would enable to keep govt running. Many here would want all to belive that the govt policies were debt initated by wild spending.
    The truth being that given all of the past blp policies which included unaccounted debt.The slowing down of a global economy.There were very little options available by which govt could have prevented accumulating further debt and stabilizing the country.
    Options which would have been very severe and burdensome to the country
    Fortunately what were are now experiencing is a cooling down of a hostile economy initiated by a drop in oil prices and a boomingtourism sector placing barbados for further growth going forward
    However my question to FBM what are the blp solutions to create growth which is the bottom line of all econmies

  38. Well Well & Consequences Avatar
    Well Well & Consequences

    When will the AC pimps get it in their empty heads that it’s the government ministers currently sitting on their lazy do nothing, bribe seeking asses are the ones being paid a monthly salary by the taxpayers and have been for nearly 10 years……”to create growth which is the bottom line of all econmies”….

    …..not BLP or anyone else.

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

    AC you fool. You lot couldn’t run a tap, far less an economy; it’s always someone else’s fault.

    Some Bajans are paying bribes, some Bajans have figured out how to work around you rather than through you, most Bajans are holding their money tight until you and the rest of the Fools are gone.

    You have not only destroyed business in the country, you have destroyed the way we do business.

    There will be no growth going forward until the day after your day of reckoning.

  40. Artax Avatar
    Artax

    Your explanation of the economy is not based on “truth,” but the political rhetorical generalized spewed by your political masters. It’s just a lot of political hog-wash that you cannot substantiate.

    What you should attempt to answer is what does this administrative have to show for the substantial increase in debt under their tenure.

    It is ironic that after 8 years of asking critics for solutions, this inept DLP administration has been unable to develop solutions of their own. The Governor of the Central Bank is on record admitting the much touted Medium Term Development and Medium Term Fiscal strategies failed to achieve the required objectives. And recently, the Central Bank report is at odds with Sinckler’s view on the economy.

  41. Gabriel Avatar
    Gabriel

    It is a possible that both FBM and the BLP have mutually inclusive solutions to growth creation.It is probable that the DLP has ideas towards growth creation.The difficulty is that there is such a lack of confidence in that party,based on their performance in government that no investor is willing to risk his money unless the conditions are sherlockesque.

  42. Artax Avatar
    Artax

    You refer to a decline in oil prices, which I believe is something you heard, but do not understood.

    “The loss of foreign reserves was about half as large as in the first six months of 2015. Fuel imports declined 33% mainly because of a continuing decline in oil prices.” [Page 2, Central Bank Quarterly Report, June 2016]

    Another interesting development in the economy was reported on page 3 of the report (excerpt below). I noticed that, so far, no one, including Walter, has commented on the issue:

    “When the Central Bank removed the minimum deposit interest rate stipulation in April 2015 an attempt was made to narrow this gap and reduce the Barbados risk premium, through intervention at the Treasury bill auction. However, because of Government’s cash flow needs, the minor rate reductions achieved could not be sustained. Since April 2015, commercial banks have lowered their deposit rates more substantially than their loan rates.”

    As a “snake oil salesman” (according to Bushie….lol), I explained in a previous contribution the rationale behind the CB relinquishing control of interest rates, also mentioning we would have seen, as a consequence, an offering of bonds on the market.

    Perhaps the ACs would care to explain, without the usually political rhetoric, the above excerpt, since they see themselves as economic gurus.

  43. George C. Brathwaite Avatar
    George C. Brathwaite

    Rt. Hon. J. M. G. M. ADAMS (March, 1982): The facts of life are that Barbados as a small open economy, imports by value an amount equal to over 70% of our Gross Domestic Product — which is the annual value of the output of all goods and services in our economy. Therefore, in order to sustain imports of all kinds – food, fuel, intermediate and capital goods – on which our standard of living depends, we must acquire foreign exchange by exporting goods and services. While foreign exchange reserves can and have been augmented by judicious borrowing, this must be kept within strictly manageable limits and used for investment, not consumption purposes.
    In the face, therefore of declining foreign exchange earnings and reserve levels, there is no viable option other than adjusting domestic demand to our temporarily reduced capacity to import. To put it bluntly, in an economy which is not growing, there is no increased output available to enhance standards of living. If we try to improve our position by paying ourselves more than we are producing in extra output, some may gain at the expense of others, but as a country we will be worse off in real terms – that is in the amount of goods and services we acquire and consume.

    The above ought to be heeded by the current Minister of Finance.

  44. Well Well & Consequences Avatar
    Well Well & Consequences

    An economy cannot grow if it’s perpetually debt ridden…economics101 for dummies..

  45. David Avatar
    David

    > > The message of the late prime minister comes back to haunt us. >

  46. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    one will expect George C Brathwaite to rely on a policy of a long time dead BLP ite who himself lived in a time of a one horse economy

    Neither he not George nor Fumbles can see any other route that reduce imports until, like Britain in the WWII, the island dies from seige.

    Indeed brilliant Economic Vision as is expected from a researcher and political strategist of his ilk.

    Steupseeee

  47. David Avatar
    David

    @PUDRYR

    The timbre of the statement is no less haunting.

    >

  48. Bush Tea Avatar
    Bush Tea

    @ David
    “….In the face, therefore of declining foreign exchange earnings and reserve levels, there is no viable option other than adjusting domestic demand to our temporarily reduced capacity to import.”
    ++++++++++++++++++
    Boss … PLEASE!!!

    This is just a lotta shiite talk – used by politicians when forced to make formal speeches ..and usually written by some civil servant ( which means it was likely copied from some other shiite speech ..and modified just enough to avoid charges of plagiarism)

    There is NOTHING original …or even creative about what Tom said…. shiite man, practically EVERY house wife in Barbados understands that BASIC rule …that one needs to cut one’s coat to suit one’s cloth.

    People like George (with his high degrees) should REALLY be thinking (and researching) at a much higher level … such as looking into the relationships between ‘ownership’ and ‘national development’…and the need for radical and revolutionary reform of land ownership in Barbados… instead of writing obvious shiite and allowing himself to be used to do political PR….

  49. ac Avatar
    ac

    Yeah FB you can holler and shout all you can not going to change the fact that the economic foundation of the economy was weakened long before this govt took office and as they say the horse once bolted nothing much can be done to reign it in.

  50. Donna Avatar
    Donna

    Correct. Housewife economics otherwise known as Home Economics.

Older Comments
1 2 3
Newer Comments

The blogmaster invites you to join the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading