Future Generation of Barbadians Will Have to Repay Billions in DEBT

Minister of Finance Chris Sinckler

Minister of Finance Chris Sinckler

In piloting the amendment to the Local Loans Act in Parliament this week, Minister of Finance Chris Sinckler said it was a reality of governing small countries with resource constraints that Government would at times be unable to meet commitments for demands, provision of goods and services and the orderly management of the country based on the resources it brings in from taxes and impositions. “So it is a necessary requirement that facilities be put in place to allow for borrowing for various purposes, – “In this case, this is entirely domestic”Barbados Today

It is an old public relations ploy –use the noise in the market to minimize the impact of a negative message.

BU will leave the deep dive analysis and the implications of government raising the debt ceiling under the Domestic Loans Act by $1 billion to $7.5 billion to the economists. However, it is fair to conclude if government sees the need to increase its capacity in 2016 to carry MORE debt a fair conclusion to make is that we have a problem.  Do you need a reminder that Barbados is already ‘sinking’ under the weight of existing debt, one our children will have to repay? Also worrying is the fact Barbadians have not seen value for the debt accumulated in a relatively short period. No wonder the private sector is alarmed.

In the United States and other developed countries the public feels comfortable knowing there are independent sources with a commitment to critique public policy. Whether it comes from university academics, think thanks, journalists et al, there is no shortage of alternative analyses from where the citizenry is able to be adequately informed in those countries. In Barbados critical and independent analysis on financial issues is sorely lacking. The problem exist although the country has benefited from a heavy investment in education under successive governments.

We accept the discussion about Barbados debt profile must be contextualized under domestic and foreign. Some pundits have shared the view that the raising of the domestic debt ceiling is a response to the IMF thumbs down to government borrowing from the central bank read printing of money. We should not forget the ‘’deal’’ the central bank made with commercial banks to reduce the minimum interest rate to be able to manipulate demand for Government Savings Bonds. This sleight of  hand move has largely gone unreported by the media and local pundits – Wild Coot the exception. It has been reported the move has yielded 100 million in bond sales so far.

Barbadians must become more active in discussions about the state of the economy. How can we leverage the free education we have received to distil the issues devoid of political claptrap? Why do we feel comfortable hearing the government’s position followed by the counter by the Opposition and vice versa? Are we not capable of generating alternative views to help to inform a dispassionate assessment and conclusion?

The two questions Barbadians have to ask and answer:-

  1. Are government policies helping to grow our foreign exchange revenue?
  2. Are government policies helping to strengthen our local infrastructure and the ability to meet financial commitments in a timely manner?

Barbadians should keep a wary eye on a soaring US dollar and the price of a barrel of oil. Savings from low oil price has been a lifeline for the Barbados economy by reflecting positively on forex reserves. A strong US dollar might negatively impact tourist demand in key tourist markets like the UK and Canada. A recent Bloomberg report  – Barbados Leads Bond Rout as Dollar Peg Means Pricier Sunbathing highlights how exogenous factors will continue to impact our small open economy. How will Barbados respond to the new normal? Enlightening leadership is required.

91 comments

  • Although I do not like anonymous contributions, there is a lot of truth in this. Where is the Opposition? Where are the media? Where are the useless academics all looking for appointments to government bodies?
    Barbadians are badly served, and sadly they contribute to their own shortage of information.
    We have a media all looking for all-expenses-paid trips to foreign countries, a form of corruption that should be covered by anti-bribery legislation. W|hat price do they pay for these trips, since there is no free lunch in this town?
    We have the police and military all being ‘trained’ by Canadian and US military in exchange for doing their dirty work.
    We have a government that is falling apart with infighting by ministers, a silent prime minister and a crippled press.
    We have teachers that fight like dustmen over pay increases but remain silent about the falling standard of education.
    We have bullies for magistrates that are warehousing delinquents as a form of savage brutality, rather than seeing sentencing as a form of rehabilitation.
    We have motorists that drive around like they are from the wild west, with insurance companies just taking money for nothing, while ordinary people pay the hospital bills and for the pot holes in the roads.
    All these are things that impact on the economy, an economy that is clearly managed by a minister that is out of his depth and a central bank governor that has been promoted beyond his capabilities.
    Even the people who suffer most, the lumpen proletariat, are so brainwashed that they believe in the authenticity of the system even when they live in squalor or are unemployed.
    In the meantime, we have religious and ethnic groups, mostly foreigners, plotting to take over the country.

    Like

  • The bottom-line is the ordinary Barbadian lacks the testicular fortitude to stand up and fight for what he or she rightfully deserve, and an intelligent-class lacking the know it how and can do will to rally the misguided masses to a better enlightenment.

    If we truly care about country and we know that we do not have the intellectual-resources to guide the nation to a better standard of live, we ought to step aside, and allow those who are much capable of this endeavour do the job.
    If we care about country and know deep within that we have what it takes to move the country forward and refuse to make and effort to do so, we are no more difference than the man or woman who knows that he or she is incapable of this task, but yet continues to drag the country down with his or her incompetence.

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  • One has to question the hypothesis that Barbadians are amongst the well education in the region, but would nonetheless, stand nonchalantly by and tolerate such level corruption and incompetence, in the face of clear and convincing evidence. I refuse to accept the propisition that Barbadians are a cowardly people lacking the collective moral compass to act when the evidence is conspicuous.

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  • The answer to the two questions asked in the article is – unfortunately a resounding NO – we can see the results of the last 8 years mismanagement around us, back to standpipes in rural areas, potholes rather than roads, transport woes, sewage problems etc. These are the results of poor management & lack of proper maintenance. This Govt has failed us.

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  • Barbadians are a tolerant people.

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  • John,
    There is a thin line between being tolerant and being foolish. Tolerant, yes, but do not let people poke you in the eye.

    Like

  • Well Well & Consequences

    Bajans are a dumb people, allowing politicians to sell them out abd ride roughshod over them fir 50 years.

    The evil minded in their midst like Alvin would tell you that there is nothing wrong with leaving billions of dollars in debt for future generations to struggle with unnecessarily, while the future politicians remain corrupt, continue to sell out their oeople and the country continues to rapidly regress.

    They better shake off that dumbness and really shake up the corrupt ministers and politician’s unfair practices to the people, expose them, name and shame them…..break the cycle before it drives into another 50 years of destruction., bring a sense of balance to the island.

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  • Barbados has “bought a middle class” and a standard of living beyond its financial capacity. We continue to spend way more each year than we collect in revenue. The Bloomberg article is sweet, can you hear the responses? It en we fault we have to devalue, the problem is all dem other countries money is too cheap, making it cheaper fah de tourisses to go there. And then add a tablespoonful Trump to taste. A grand cocktail.
    That is what we truly love, the opportunity to blame others.
    #3 should be policies aimed at reducing our forex use.

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  • With all these “checks and balances” the US has, their debt is in the trillions!!!! Please do not use the US as any model of any thing as their economic policies have been disastrous for years!!!

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  • Well Well & Consequences

    The smaller islands are easier to manage are not on the grand scale of military spending, funding countries etc, population in the tens or hundreds of millions like the US etc, it should not be used as an example period….

    …..the island is small and despite that the leaders are still unequipped to manage it, they do not know what it means to prioritize…fullstop.

    The leaders are fools with titles and money grabbing opportunities they did not expect…fullstop.

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  • Bajans are brass bowls.
    Brass bowls are amenable to being pissed on.

    Far from committing this country to another billion dollars of debt that can never be repaid, Stinkliar should be charged and convicted for the monies already wasted and stolen in Four Seasons; the Andrews fiasco; Bizzy’s various schemes, – (including office rentals to a government with EXCESS building capacity); Coverley and other building wastage; Sandals give-aways; and the other myriad of wasted and stolen funds under his lack-of-stewardship.
    Now the ‘public servant’ REFUSES to account to the PAC, but seeks to borrow another billion to waste…

    What juck in what eye what??!!
    This government removed our eyes with CLICO.. and ever since has been jucking us in the donkey without vaseline…..
    …but it seems that the Bajan brass bowls like um so…..

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  • To be fair, Wild Coot was not the only individual who made comments on the Central Bank’s decision to relinquish control of determining interest rates. Dr. Mascoll also gave an interesting perspective on the issue in his weekly column “What Matters Most,” under the caption: “The Interest Rate Gap,” as published in the Thursday, October 20, 2016 edition of the Daily Nation. Unfortunately, the crux of his message will be dismissed, because he will be accused of politicizing the issue.

    However, what surprised me is that, except Mascoll, no other economist dealt with an issued raised by Dr. Worrell on page 3 of the Central Bank’s June 2016 press release, as follows:

    “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.” [Page 3, CBB Press Release, June 2016]

    I believe the Governor was referring to the “bond risk premium.” Bonds are long-term investments and long-term interest rates may include a premium that compensates investors for their greater risk relative to short-term rates.
    Unlike Treasury Bills, bonds are more responsive to changes in interest rates, making them riskier than Bills.

    Additionally, information suggests that, although the bonds were purchased by Barbadians in the initial stages, the NIS bought a significant amount of bonds as well. When we hear government is borrowing from the NIS, it does not necessarily mean cash is involved in all cases. Recently also, rather than repay NIS with cash, government has been making payments with debentures.

    Perhaps there is a reason or ulterior motive why the NI Department has been tardy in preparing financial statements.

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  • Hal Austin;
    You said:”…We have the police and military all being ‘trained’ by Canadian and US military in exchange for doing their dirty work.”
    High sounding phrase. What is the dirty work we are doing for them? Explain IN DETAIL
    DOMPEY; YOU SAID”… intellectual-resources to guide the nation to a better standard of live,[living, I presume] we ought to step aside, and allow those who are much capable of this endeavour do the job.”
    Are you saying that Barbadians do not presently have a high standard of living? I KNOW we do. What more do you want?
    Well Well;
    You said”…the evil minded in their midst like Alvin would tell you that there is nothing wrong with leaving billions of dollars in debt for future generations to struggle with unnecessarily,”
    Why unnecessarily? They will be living in their own world and will have to solve their own problems. Why are you afraid to leave debt for your children? That would at least teach them how to handle it. The Mercedes and Beemers, big house, and all the appliances etc, will be to their benefit so why can’t they assist in paying for them.So stop getting on as if everyone like you; in looks, is an idiot. You have to exempt me though, because all of you have confirmed that I am an idiot, and I will not quarrel with you about that.
    Northern;
    You said”…Barbados has “bought a middle class” and a standard of living beyond its financial capacity.”
    How much and What is our “financial capacity?” You have been so conditioned by the past that you are afraid to go into debt. There is nothing wrong with debt; it is how you manage it. All countries have debt. You should know that you cannot live in the North, without going into debt. You cannot exist without a credit rating, and that comes about through going into debt. All banks have debt. It is the expectation of debt that is the lifeblood of Investment Banks, and even richer countries. It is by going into debt that we have reached the level of advancement that is the hallmark of this country. Compare what it is today with what it was sixty years ago.We can manage, and are managing our debt. We have enough liquidity in this country that we do not need to go to the IMF or devalue out currency. There is nothing wrong with borrowing from the NIS, they have to lend in order to grow their funds. If the funds are put in a tin under the bed there will be no growth. Our leaders long ago embarked on a social programme that demanded expenditure on education, health, and looking after the welfare of the poor. This requires money. Should these be abandoned?

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  • peterlawrencethompson

    Policies which reduce Bajans’ forex use are going to be very unpopular.

    On one hand the government can raise import duties on imported goods as far as allowed within the trade agreements that we have signed. This will raise inflation and reduce the standard of living of most Bajans, but if the import duty increases are carefully targeted (eg. vehicles, appliances, luxury goods, etc.) the burden can be tailored to fall more on the wealthy and upper middle classes than the lower middle classes and poor.

    The only other option I can see is devaluation. This will also raise the price of imported goods, but without the beneficial side effect of raising public revenue. Furthermore, devaluation is a blunt instrument, so the impact on reducing the standard of living will be felt across the board. It will hit the middle classes hardest— the wealthy already keep many of their assets overseas and so will escape the worst effects, and the poor cannot afford imported goods in the first place, so will not be as heavily impacted.

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  • Buying bonds as a retail investment vehicle is financial lunacy. Retail investors should not be lending money to the government.
    For the NIS, investing in govt bonds could be a good strategy, but it must be guided by long-term actuarial obligations.
    In terms of intergenerational debt, that is fine, it is the way the debt is incurred. As I have been saying for nearly decade in my Notes….govt should have spent money on structural investments, education, a balance sheet bank, digital infrastructure and technology across the entire public sector.
    Debt to pay civil servants salaries is obscene. We also need pensions reforms, both occupational and state retirement pensions; we need to get rid of the costly defence force and use the money to recruit and t rain more police; we need to develop the coastguard,; professionalise teaching by making it a post-graduate profession; create a stand-alone traffic police; give customs and immigration the right to arrest and charge people so that all drug and other other contraband would be investigated by customs and all illegal immigrants dealt with by immigration; hypothecate all government revenue; improve the health service, with a concentration on service in the community; private sections of the state-owned enterprise such as the Transport Board, also mo ve it to Four Roads and build a new town in St John, or at Six Roads, or Boscobel; get rid of the portfolio of hotels; use Weymouth as a new development site with apartments, shops, offices, recreational facilities.
    Re-activate the dry docks and use it to maintain small and medium size yachts; spend money on food research and development; re-fresh the City, including Broad Street.
    There is a lot to do, the problem is that all politicians from the two parties see social issues through the same prism and they are afraid of new ideas.
    Since future generations will benefit from improvements in the standard of living, they should also pay some of the costs.

    Liked by 1 person

  • Dompey,
    The dirty work is by adopting their policing philosophies: treating citizens as hostile enemies, rather than as co-citizens; routinely being armed, adopting militaristic strategies ie SWAT teams, transferring the tactics used in Vietnam (when they were first applied) on the streets of New York, California, Toronto, London, Paris.
    Putting police in schools and treating school kids as future criminals; setting the defence force to police Crop Over, a civic event; putting armed defence force officers to jointly police with uniformed officers; do you want me to go on about the many other anti-democratic policies we have quietly adopted.
    Now we have the nutcases in the RSS calling to play a greater role in policing.
    It is this soft influence, like sending people on training courses at the National Defense University, which is so dangerous. Ban our military, police and senior civil servants from attending parties and receptions at foreign embassies.
    That is when casual conversation can be used to milk information from officials. It is done in a jigsaw way: one person asks about the prime minister’s person habits, another asks about his future plans; and so on; when they get back to the office they put their heads together.
    Many years ago, when I worked as a Daily Mail crime reporter, the DEA office in London offered me an all-expenses paid trip to the US. I was greatly offended.
    It is a principle to pay for your own trips or just say no.
    That is the dirty work, Dompey. Soft influence and accepting their way of doing things as the best and most advanced.

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  • Alvin Cummins,
    I may be conditioned by the past, but I am not afraid to go in to debt. If you have ever read anything I have written on macro-economics (and over the years I have written over one million words in my Notes alone…) I have called for an economic stimulus, including widespread infrastructural investments. That is debt – economics 101.
    I do not expect you to attend any of my lectures or seminars I have taken part in, but the message is the same. Stop erecting straw men.

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  • Quoting from some of the comments

    We have poor governance
    We lacked the intellectual capacity to direct the country towards progress

    ……
    Yet barbados has been recognized as one of the few developing small island states which have made significant steps towards progress both in education and development of the country
    Most of the time i am always flabbergasted by the neocons of self righteous crticism solely borne out of political diatribe who rarely have the intellectual capacity to check their views against the realities of other countries economic influences and the impact on small developing nations

    Like

  • millertheanunnaki

    @ Hal Austin December 20, 2016 at 8:51 AM
    “Re-activate the dry docks and use it to maintain small and medium size yachts; spend money on food research and development; re-fresh the City, including Broad Street.”

    What about your previous project to the upgrade Nelson Street and its environs to help regenerate the city?

    With cruise tourism representing an increasing segment of the travel and hospitality market what does Bridgetown have to offer other than slum dwellings, abandoned government buildings and the expanding ‘ghettoization’ of its capital.

    Investment in a cycle path and further expansion of the boardwalk along the island coastline would go a long way in improving the portfolio of recreational facilities available to both locals and visitors alike.

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  • @Alvin
    you seem to think I have an issue with borrowing money? The issue is how much and under what terms.
    “We can manage, and are managing our debt. We have enough liquidity in this country that we do not need to go to the IMF or devalue out currency.”
    Covert all your Canadian dollars to Bajan and buy GoB bonds. In fact, go borrow from your bank to the max, and use these funds to buy GoB financial paper.
    I converted all my Bajan dollars to $US, and bought shares in BNS,
    Check back in a year and see which one of us is further ahead.
    Until I see an audited report from the NIS, I cannot concur with your comments on managing; and it would appear the financial managers of the world are skeptical too. But what do we know?
    My uneducated grandfather taught me if it looks like a carrot, smells like a carrot and tastes like a carrot, it is probably a carrot. It maybe a parsnip, but I’m betting it is a carrot.

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  • Well Well & Consequences

    So Alvin…,…..where is the 60 million US “borrowed” from NIS fubpnd for 4 seasons scam…how much has it grown to since it was “borrowed”..you have no clue of what you speak.

    Who do yuu think DEBT SLAVERY benefits.

    Why do you think Bolivia kicked out all foreign banks and the IMF out if their country.

    Your brainwash is total..

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  • @Peter

    In your comment have you factored that government policies support an internal devaluation?

    @Artax

    You are correct about Dr. Mascoll who has a very good brain. Unfortunately because of his foray in politics his positions are unfairly labeled. It is the reason why BU used Wild Coot to represent an independent reference.

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  • millertheanunnaki

    @ ac December 20, 2016 at 9:12 AM
    “Yet barbados has been recognized as one of the few developing small island states which have made significant steps towards progress both in education and development of the country”

    Does that also cover the period when OSA and his band were at the helm of the ship of state?

    Clearly, not if we are to go by the ranting and raving about the bad old OSA day from you and the other idiot of a yard-fowl called Alvin Cummins.

    Bajans might have short memories of what was told to them prior to 2008 by the Dead King David and his band of wild boys but the pages of BU is indelibly littered with your keen assessment of that same period of dystopia in Bim under the dictator OSA and his then sidekick MIA.

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  • None of this debt is repayable

    Maybe they are estimating that the whole monetary system will collapse, like it must.

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  • @Bush Tea

    It is your view therefore Barbadians do not have the capacity to understand this issue of debt accumulation and implication given our high level of investment in education?

    The Caribbean Development Bank (CDB) has written voluminously about the threat the huge debt burden carried by Caribbean countries to sustain development and quality of life. This does not have to be a politically partisan matter. The CDB is one of the few respectable independent ‘vices’ left in the region.

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

    Smoke and mirrors.

    Barbados ‘rum shop’ economics doesn’t need to be explained to Bajans over 50; when you can’t pay your bills you cut costs.

    Young Bajans have access to credit that older ones never did: car loans, credit cards, credit unions etc. They do not have the personal fiscal responsibility that the older citizens do.

    Further, this credit limit raise does not reflect the BDS Gov’t’s actual indebtedness which is also made up of ‘ambush financing’ (outstanding debts to local businesses) and the monthly ‘debt servicing’ commitments to leases and BOLT agreements on buildings, vehicles and equipment.

    Essentially, some of our citizens are shocked by the little bit they understand and most don’t care.

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  • @ Alvin Cummins December 20, 2016 at 8:33 AM
    “..there is nothing wrong with debt; it is how you manage it. All countries have debt. You should know that you cannot live in the North, without going into debt. You cannot exist without a credit rating, and that comes about through going into debt.’’

    Jackass Alvin, why don’t you dismount from your idiotic high-horse and walk on the ground of reason and commonsense?

    Who is arguing that debt per se is a bad thing? If that were the case the people of Barbados would not listen to you and your lot who constantly blame the BLP for incurring debt which you guys now have to repay.

    The problem is that there must be something to show for the debt. Whether, in the case of an individual, it is a house, car or an education or some other form of training to improve the human capital.

    Or in the case of the State, some infrastructural project to add capacity to economic development of improve the quality and delivery of social services especially in the area of public health and education.

    Now what does your deceitful lying pretentious administration which has supervised the downgrade of the country’s credit rating from investment grade to junk status has to show for the doubling of debt that took place from 2007 up to this very day?

    As you quite rightly pointed out it, is the management of the debt that is the criterion to use to determine good debt from bad debt.

    So would you say your administration has been a good steward in that regard?

    We keep telling you that the problem does not lie with the quantity of Bajan dollars in circulation or deposited in the various financial institutions. The problem is one of earning sufficient foreign exchange to support or back the printing of Bajan Mickey Mouse money.

    Do you think a Chinese or even a Canadian supplier would accept payment in Bajan dollars for goods or services delivered to a Bajan-based business house?
    Do you think the millions of dollars remitted to the HQs of foreign owned companies operating in Barbados (e.g. Emera) in respect of management fees and dividends are made with Bajan dollars?

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  • Anyone having the capacity to understand economic performace would associate debt levels to the country economic progress or lack therfore
    Where there is significant progress the possibly for small developing nations where the dependance is on one economic basket and low taxation the debt levels would be high because of internal factions involved
    The question of lowering the debt would come with a high cost a cost which both govt and society would find challenging and burdensome
    The question which must be asked going forward as a society are we willing to accept the challenges and burdens of taking on high debt which can dampened and slow progress or are we willing to accommodate and apply and adjust to those measures necessary to lower the debt level that would not impact harshly on future generations

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  • ac December 20, 2016 at 10:34 AM #

    “Anyone having the capacity to understand economic performance would associate debt levels to the country economic progress or lack therefore. Where there is significant progress the possibly for small developing nations where the dependence is on one economic basket and low taxation the debt levels would be high because of internal factions involved.”

    @ ac

    Okay, point taken.

    So, by your above comments, you blaming the BLP for the debt can be interpreted as political rhetoric?

    Like

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

    millertheanunnaki December 20, 2016 at 10:21 AM #

    Who is arguing that debt per se is a bad thing?

    The problem is that there must be something to show for the debt. Whether, in the case of an individual, it is a house, car or an education or some other form of training to improve the human capital.

    And that is the crux of the problem right there, as I’ve been typing here for 6 years.

    “Never in the annals of Human history has so little been done, with so much, by the so stupid”.

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

    Like

  • @ David
    Frustrated B has said it all….

    Like

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

    ac December 20, 2016 at 10:34 AM #
    Anyone having the capacity to understand economic performace would associate debt levels to the country economic progress or lack therfore
    Where there is significant progress the possibly for small developing nations where the dependance is on one economic basket and low taxation the debt levels would be high because of internal factions involved
    The question of lowering the debt would come with a high cost a cost which both govt and society would find challenging and burdensome
    The question which must be asked going forward as a society are we willing to accept the challenges and burdens of taking on high debt which can dampened and slow progress or are we willing to accommodate and apply and adjust to those measures necessary to lower the debt level that would not impact harshly on future generations

    You double-Dutch retard, speak plain English.

    You have bankrupted this country to keep inept civil servants employed while sabotaging any form of private sector led national progress or facilitation in order to line your pockets from the feed troughs of the few bribe-payers.

    Barbados was not built by the gov’t and civil service, it was built DESPITE the gov’t and civil service.

    If small adjustments had been made in 2008 when the rest of the world did, we would already have recovered from it like most of the rest of the Caribbean.

    You assholes live in a fantasy world where there are no consequences for inaction and piss-poor decision making.

    I got news for you: the end is coming. Yours will be a legacy of apocalypse.

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

    Like

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

    Bush Tea December 20, 2016 at 10:50 AM #
    @ David
    Frustrated B has said it all….

    And I apologise to the great Winston Churchill.

    Like

  • Hear the Guv!

    Worrell: No one size fits all

    SHAWN CUMBERBATCH, shawncumberbatch@nationnews.com

    central-bank-talk

    Central Bank Governor Dr DeLisle Worrell (FILE)

      MORE ARTICLES

    CENTRAL BANK GOVERNOR Dr DeLisle Worrell dislikes the “policy prescriptions” the International Monetary Fund (IMF) and World Bank have for small very open economies (SVOEs) like Barbados.

    Related articles

    While asserting that foreign exchange is the lifeblood of the Barbados economy and all recent efforts to sustain it, including austerity measures, were merited, the veteran economist said agencies like the IMF and World Bank were not doing enough to distinguish between small and large economies.

    He made the statements in the new working paper Economic Growth, Development And Stability In Small Very Open Economies.

    “The . . . analysis of the economic circumstances and development prospects of what I call [SVOEs] must be deepened to provide useful insight about the policies that are efficacious in accelerating their growth and development, and ensuring their economic stability,” Worrell said.

    “As far as I am aware, this work has not been done, by any of the small economy groups set-up by international institutions. In fact, the IMF and World Bank have not distinguished between small countries and large in their policy prescriptions.”

    He lamented that “the same suite of policies is expected to produce similar results in Barbados and Brazil, because they are both categorised as emerging market economies, even though Brazil has a population that is over six hundred times as large as Barbados”.

    Worrell defined SVOEs as “as those economies with population and total GDP so small and limited that they must specialise in a handful of exports and services to enable them to become competitive on international markets”.

    “Small very open economies are different from large economies, in that they face a foreign exchange constraint that cannot be alleviated by depreciation of the real exchange rate or other policies. This constraint affects monetary, fiscal, and exchange rate policy including fiscal sustainability, debt management, and patterns of economic growth.”

    “With respect to monetary, fiscal, and exchange rate policies, the most accessible framework for such economies is an exchange rate anchor, where the foreign currency market is balanced by managing aggregate demand, using fiscal policy.

    “The most sensitive indicator of fiscal sustainability derives from the fiscal impact on the balance of external payments and receipts. It has also argued that expansion in the small very open economy is sustainable only if led by the sectors that earn or save foreign exchange.”

    Worrell also said SVOEs “have negligible scope for import substitution, and an open financial account” and noted that such structural characteristics “define the policies that are effective in SVOE’s”.

    He added: “Growth is always led by expansion of foreign exchange sectors, which fuel the imports needed for consumption and production; an exchange rate anchor is the most effective stabilisation tool, and it may be sustained with the use of fiscal policy; and the maintenance of an adequate level of foreign reserves defines the limit of fiscal sustainability.” (SC)

    – See more at: http://www.nationnews.com/nationnews/news/91288/worrell-size-fits#sthash.Yb8VDurm.dpuf

    Like

  • “Advice for PM”

    If a Minister PUBLICLY criticises the PM and the government he could be fired.

    Like

  • LOL @ David
    look at that face…. reminds you of Froon..?
    Their VERY LOOK bears witness against them…

    Isaiah 3; 8-10
    Jerusalem has stumbled, Judah has fallen;
    for their speech and deeds affront the Lord,
    a provocation in the sight of his majesty.
    Their very look bears witness against them;
    they boast of their sin like Sodom,
    They do not hide it.
    Woe to them!
    They deal out evil to themselves.
    Happy the just, for it will go well with them,
    the fruit of their works they will eat.

    Like

  • @ Hants December 20, 2016 at 11:03 AM

    What are you insinuating here, Hants? That the government is imploding? That is being hoisted on its own petard of lies and shit?

    Fumble dare not fire the Don! The millionaire Don is accustomed to cussing the joker to his very ugly face.

    The don with his garrulous mouth could be transferred to another (but ‘quieter and more problem-plagued’) ministry alright, like Housing, but only if the Don wants it.

    And that is very unlikely. He is not a hand-to-mouth politician like Blackie, Boycie, Lashes or Lowedown.

    Now that both Stinkliar and the Sealy fella have been discredited and written off as ‘PM (pre-Mia)’ material the Don fancies his chances of becoming the next LOTO more so than a very short-term PM.

    The $300 million missing question is: Who will take Bim to the IMF door with begging bowl in hand?

    Like

  • Perpetually bad economic policies will breed perpetually bad results. Sinkler, Arthur, Mottley cannot save us from economic ruin. Our economy has been in ruins for at least three decades. That’s what no vision does. Most socio-economic policies take at least a generation to bear real fruit. We have missed the boat and it would take a very radical approach to governace to turnaround our fortunes. Were is not for tourism our GDP would be insignificant; by now we would have been a barren land. So, no amount of grandstanding our pie in the sky solutions will work.
    First order of business must be a radical education reform
    A accurate measure in real terms of our human resource
    Where do want the country to be in fifty years
    In the mean time: Cut the wage bill by instituting a four day week in the public service
    make all high schools economic entities by developing small businesses with profits to run schools
    Invest in fishing industry to compliment agricultural in order to cut down food bill
    Hand over the Sanitation and transport boards to the best workers and let them pay for facilities and trucks etc
    Restructure the university as a college of innovation and product development
    Get rid of all statutory bodies by running them into progressive entities managed and owned by citizen cooperative groups
    Have a Republic form of government and introduce term limits on MPs. Two terms max
    All non productive agricultural land must become cooperatives producing crops or should be seized by government and owners repaid as they make a profit.

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  • I note, with interest, how a blog troll (probably one of the ACs) is giving multiple “thumbs up” to ACs’ contributions and “thumbs down” to all other contributions.

    Do they really believe this will change people’s mind about this inept DLP administration?

    Like

  • Well Well & Consequences

    You know the ACs are idiots… they believe thumbs down will deter determined people, they are too shallow to know that type of idiocy builds up the resolve of those super determined to expose the government…and it is working, just look at the shitty mess with ministers not sure anymore which lie to tell and which day the lie will work..lol

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  • Well Well & Consequences

    Ya know Frustrated is really pissed when he is cussing..lol

    The end is near for the government, a good sign that they know, they are walking back their lies re raw sewage leak and Donville is ready to throw Fruendel and all the other government ministers under the bus for his own survival..

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  • Miller

    Writing for Barbadians can be a challenge. I said infrastructural developments, that includes regenerating the City. That is what an economic stimulus should be for. In debating you makes certain assumptions, including the basic knowledge of your fellow debaters. You do not have to spell out everything.
    It is the same thing about the nonsense of foreign exchange. We do not need $1bn dollars in foreign exchange; it is like putting all your money in a saving account while borrowing to make ends meet.
    We can play the futures market and we can hedge, both outside the Bajan monetary experience.

    Like

  • @ millertheanunnaki December 20, 2016 at 11:35 AM #
    @ Hants December 20, 2016 at 11:03 AM

    What are you insinuating here, Hants?

    I am not insinuating anything. I am just giving my opinion. You are free to spin it how you want.

    Like

  • Very progressive, William.

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  • They might be sufficient blame placed on govts failure to pre-plan
    However the significant progress to produce from the debt far outweighs any negative financial difficulties associated to high debt level
    It would be very disingenuous to state that this nation has mothing to show of progress in regards to our debt levels but most who choose to make such statements are tge very ones who have had free acess to institutions of health and education which are great contributors to barbados debt level
    First and foremost their must be a high level of honest engagement if barbadians are honest in seeking resolution for the nations debt

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  • FREE MONEY ?

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  • Young people arent worried about debt because they are planning on inheriting the money we saved, and hopefully anything they buy now will be paid for in inflated dollars.

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  • Lol frustrated u can squeal like a pig and bray like a jack a.ss all u want but the roots of an economy are muscular and intertwined and dependable on many factors for easement.
    Next u must show where there are other areas in this economy that can absorb any employment that govt is force to handle

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  • Lawson

    “The young people are worrying about the debt”
    Keep on telling wunna selves so! All the young of today are worrying bout is how to get they next high or fix Lawson.

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  • William
    Have you been listening again to Worrel your buddy?Our economy has been in ruin past 30 years?1986-2016?I can agree that Erskine Sandiford has been a colossal failure and Freundel Stuart has outdone Sandy’s dismal performance.Post ’94 economic data points to significant growth in the results to ’07 with a hiccup at the turn of the century.Quantify your assessment.

    Like

  • Barbados blacks generated more than enough income for the capitalist class since the 17th century that every house in Bdos should be on 10k sqft of land and a nice 3 bedroom bungalow with all indoor conveniences on it..These black politicians are no better than the old capitalist class.They spend more than they earn resulting in high debt and have nothing to show for it other than the Hammy-La crossover,the BWA misplaced-priorities-building on Mount Friendship Hill and the sanctuary to satan just unveiled at the Garrison Savannah.Bajan blacks still living in sub standard housing and still voting for these poor rakey guys who are looking out for the I-man.Ask lowdown.

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  • Here is some food for thought. Take a look at the series below called: Innovate Africa on Al Jazeera.

    Barbados will always struggle to develop as a nation. Her population refuses to embrace science, lacks the creativity to seek solutions for her domestic problems and has generally lacked the savoir- faire to manufacture.

    We have developed a nation of retarded idiots.

    Click on the video at 12.40 for information on a tree which is well known in Barbados and is located in Warrens. You will be in for a surprise.

    Like

  • Welcome to the world of the Black Corruptions Masters of the Caribbean, Do you all now have a clue? of what long talking was being done in the dark to get us all to this point?

    Keep voting for well know crooks, lawyers liars and scumbags of the DBLP Government and cast members. A Full AUDIT will skin them up just now,,,,,,, Basel 3 Banking on laundering fraud on a Massive Level ,PONZI.
    Only In Barbados can this type of madness go on,, where is my VAT? Where are my taxes?
    Check COW, Cheltenham family and friends,

    All the shit we dealing with have to be from the tourist and the government run Hilton Hotel?
    We are taking more and more of other people shit and its overloading the shitty system, no up grades to match supply and DE- Man ;

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  • @ Gabriel
    You are obviously forgetting the oil crisis; Sandiford reduced civil servants salaries by 8% etc. The period 86-2016 did not only suffer under Sandiford. The great Owen Arthur also had to lay of civil servants; there was a serious decline in tourist arrivals. Under Arthur land prices sky rocketed; there was scarcely any public housing and the economy was already in deep straits when he left . The Arthurites forget that while there were claiming the fridge was full the children had no keys to it. Manufacturing, agriculture etc never showed any significant growth under Arthur. All the structural problems remained and are still there.
    So dont try no argument to make this a BLP/DLP thing they are both out to sea.
    Look at what I have proposed and these are just the beginning. I am long past Sandiford Arthur Mia Sinkler. All jokers.
    @ Hal
    Thanks for the compliment. I am certain that all progressive minds know we must now make a radical step forward to save our young people otherwise the 100th Independence celebrations will be held in sand with all the major sectors having collapsed.

    Like

  • millertheanunnaki

    @ Hants December 20, 2016 at 12:29 PM
    “I am not insinuating anything. I am just giving my opinion. You are free to spin it how you want.”

    Well come out and state your opinion clearly and forcefully like a true patriot. You are downright disappointed in the performance of your beloved party. The miller too is totally disappointingly flabbergasted in the transformation of the mirror image EWB painted for that party and the dream held for the country.

    I just can’t understand how such a once beloved and respected political party could be so easily hijacked to bring shame and scandal to not only the memory of EWB and the other founding members and stalwarts but to turn their country into a land of disgrace and piss-poor standards through sheer managerial incompetence.

    My grandmother must be crying buckets of tears in her grave just by looking on to see how that dear loving party of formerly progressive thinking people and which she worked so diligently to see it succeed in the 50’s and 60’s could be so transmogrified by a bunch of devilish yahoos (worse than those of Gulliver’s Travels) into a destructive lying pariah of an organization.

    They even refuse to listen to you, Hants, like the boy on the burning deck telling them to pay attention to Agriculture and do not let it go to ruins and they clearly intend to do to tourism.

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  • Will the Eager 11 re-muster before 2018,under Donville Inniss, who is jockeying for the position of Prime Minister.

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  • @ millertheanunnaki,

    I don’t have to state my opinion clearly and forcefully.

    I have you and Bushie doing it for me. lol

    Like

  • William
    It must be a BLP/DLP thing.These are the only players in the business of governing Barbados.GDP stumbled 4 times and peaked 4 times in your time frame.Both stumbled twice and one peaked three times….just happens to be the BLP.Manufacturing took a hit on account of the infelicities of some major players and a Caricom partner.No recovery.Tourism, took a hit in ’03 on account of loss of the Concorde twice weekly service….3 weekly in the Season.If land prices skyrocketed there must have been demand outstripping supply,unlike what’s taking place nowadays.No confidence in anything named DLP.The APD and Brexit have both proved your theory faulty as neither had a gestation of a generation.The effect was/ is immediate.Tourism dollars would likely be impacted this winter season.And what is the magic associated with Republicanism.I am not convinced of that as a panacea for our current woes.Who will bell the cat of state and introduce new ways of doing things more efficiently and effectively.Dream on.The world is in turmoil east,west,north and south.Barbados is simply being carried by the crowd,dependent on it,lock,stock and barrel.

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  • @ Gabriel
    It must be a BLP/DLP thing.These are the only players in the business of governing Barbados.
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    But boss, this is William’s point exactly. we currently have two packs of JA’s of slightly different breed. If our only option continues to be Jackass B, or Jackass D, we may as well select our grave and start working on a nice eulogy.

    So is William not saying that IF WE WANT OUR CHILDREN TO LIVE, then we need to make some RADICAL changes now….?
    BU’s 10 point plan was an almost painless option presented two years ago. it is now obsolete, but the fact remains that, unless revolutionary change comes soon, ….death – or at least a return to slavery – is certain.

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  • William Skinner talking pure piss!! Stupse.

    Like

  • @ Bush Tea

    From the time Stinkliar became MOF, I eat a little less and started preparing for hard times because I saw his CV, when he was trying to get a post at where I used to work, today he is MOF and Barbados is fuck up, Froon ugliest can be seen and felt, the GOCB is a lot worse

    Like

  • Sorry David I slip with that f

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  • We all know what it will take to reign in debt. 1) Public servants salaries is the largest component of government spending, and if this government ever seeks to do another round of cuts like they did at the NHC, Transport Board, NCC etc, you all will be singing a different song. It wouldnt be about grandchildren paying for todays debt, it will be about people’s rights, hardships, the poor black man etc etc etc….. The NUPW is looking for a 23% increase in salaries. Yes, our grandkids will be paying for that when or if it occurs. 2) We all want free health, free garbage disposal, free education in which government through taxpayers have to fund. Where are the ideas to reign in those costs.

    It is Law that government cant cut salaries. So, 1) government must seek to reign in debt through more job cuts and cuts in public services. 2) Government must try to raise even more revenue. Be more aggressive in going after tax defaulters etc. 3) Improve on the ease of doing business, especially in the offshore sector.

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  • Bush Tea
    Agree current leadership and the doubtful bona fides and patriotism of many candidates of either party point towards Hobson’s.Not a good position to be in.That is the crux of our dilemma.

    Like

  • Trinidadian employers are telling Sandals don’t come to that Republic because the employees have all the rights and employers have none.Furthermore the 70’s solution to the up-with-this-down-with-that Industrial Court rules in favour of the employee.For this revelation the business representatives are now facing the wrath of the judge of the IC.

    Like

  • millertheanunnaki

    @ Colonel Buggy December 20, 2016 at 5:13 PM

    The Don of Pornville would make a must better top dog than the fumbling indecisive sesquipedalian misfit from the suspect King James House of Stuart.

    At least the don would have to put his competence where his loquacious mouth is; instead of remaining in the closet of constant criticism and bland boring indecisiveness of the yattering pass the buck game of ‘we need to do this and we need to do that, ad nauseam’.

    He certainly would find some support among the business community and despite remaining in the closet he would have the ideal opportunity to relieve Greenverbs of some of his stolen millions parked in a vault at the CBB (and earning 6% instead of less than 1%) when it comes to law enforcement and the cutting down of tax evasion.

    Both he, the prima donna, and MAM would make a great pair of two of the ‘same’ kind attracting the admiration of the LGBT community whose members would find themselves in a quandary as for whom to vote.

    Instead of Twiddle the Bee and Twiddle the Dem the androgynous choice would be one of Twiddle the She & She and Twiddle the Bi and Bi.

    What a Rainbow nation Barbados would become, much to the hypocritical chagrin of Bushie the macho queen, Chaddie the secret 9 pm to 5 am girl and the closeted Lemuel the BU homophobic mule.

    Those who seek justice in the court of morality must not only come with clean hands but also a glove that fits the hand of the accused.

    Like

  • Good points Kevin Barbadians don’t seem to understand the cost associated for all this (freeness) but of course we are talk about the island of Barbados though.

    The average American contributes towards his or her own healthcare and this depends on the plan his or her employer chooses. The average American pays for his or her own garbage removal and it cost a pretty penny.The average American pays for his or her own college education, and it puts many of them in the poor house for years trying to pay it off.

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  • @Hal
    Weymouth is NOT suitable for residential development!!

    Like

  • Who dictates policy and what are the catalysts of policy?

    They are structured from external influences and domestic challenges. Our predicaments are requiring us to revisit these root causes and make the necessary house cleaning as well as identifying non productive administrators and systems and replace them with “service to others” individuals and bodies that services the need for betterment across the board.
    Current narratives lead us to believe that we are debt is inevitable, a requirement and a generational burden and also creates the mentality that we are all debt slaves to the system.

    What is debt?

    Debt is the obligation to repay that which was created out of thin air or computer generated figures $$$$$$. Your “interest and Principle” is merely free profit, enriching the lender. To add insult to injury, any breach/default of “contract” (fictitious and fraudulent in nature) forfeits assets of the debtor.

    Your Birth Certificate.

    Your birth certificate acts as leverage in the bond to contract a loan by Government as this document dictates that you are a corporation and subject to taxation by which you are an asset and is liable for that repayment of the “loan”.

    Your Signature

    Your signature determines what you are BY THE WAY YOU SIGN YOUR NAME, whether you are a CORPORATION or a living human being or FACT,
    EXAMPLE: YOU are a FACT or living human being when you sign your name
    :Joe-David: Brown
    signing any other way you will be determine as a CORPORATION.

    ALL CONTRACTS not written in fact which is written in the correct parse syntax grammar is considered as fiction and fraudulent, hence the brevity of fraud worldwide is enormous and empowers YOU TO NULIFY whatever Debt you are in.

    THE FRAUD STOPS HERE , ECONOMIC SLAVERY ENDS NOW.

    Take this fraud to the Lender and you will see that everything disappears including your debt.

    Like

  • Enuff, why? Because of the problems with Combermere. God civil engineering can sort that out. It is prime land and is being underused. We reclaimed land between Pelican island and Brandon and it is holding up Hong Kong has built a massive airport on reclaimed land.

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  • “The average American contributes towards his or her own healthcare and this depends on the plan his or her employer chooses. The average American pays for his or her own garbage removal and it cost a pretty penny.The average American pays for his or her own college education, and it puts many of them in the poor house for years trying to pay it off.”

    So does the average Barbadian. Freeness me eye.

    Like

  • Hal–regeneration of the city is a good idea. Housing at Weymouth no! Think about the quality of life we ought to be aiming for going forward, the air quality and noise conditions at Weymouth can’t be good for housing.

    Like

  • EU to Barbados, Eastern Caribbean States, the OECS, Caricom & Cariforum

    The EU’s Regional Trade Affairs Manager Adam Wisniewski visited Trinidad and Tobago recently in an effort to boost trade relations between that country and the EU. In one of his meetings he met with Minister of Trade, Paula Gopee-Scoon along with five EU Member State Ambassadors based in Trinidad and Tobago. Minister Gopee-Scoon outlined the priority areas targeted for diversification of the economy, including maritime, ICTs, tourism, financial services, creative industries and agriculture, specifically cocoa.

    Like

  • Combermere School at Weymouth collapsed, because it was built on former swamp land. Any housing scheme there will also see a collapse. It is serving the best use now; a playing field. Combermere,at the reset t University of Waterford grounds only need to have a proper survey of the space needed for the number of students it now caries, proper sanitary engineering works, and the installation of the infrastructure to accommodate these, the proper training of all science students about the proper disposal of ALL chemical reagents, and provision for their removal;separate and distinct from disposal down the sinks-where they will travel along the same pipes as all other liquid waste, and septic tanks that are big enough; are orioerky monitored and managed, and can accommodate THE NUMBER OF STUDENTSFAR ABOVE WHAT PRESENTLY ARE ACCOMMODATED.Even when it is re-oppenedit still needs constant monitoring and frequent maintenance..

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  • @Alvin

    Isn’t Valery Housing Estate in Brittons Hill constructed on former swamp land?

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  • But wuh Alvin talking? So why other buildings on the “swamp land” are not collapsing?

    Like

  • Wunna hear dat Alvin is an idiot..?!!
    According to his logic, since a truck once ran off the road in Lancaster and caused some casualties, all trucks should subsequently be banned from using that road.

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  • @ David,
    They say New York is built on a river.
    @ Hal
    It is almost impossible to think outside the box with some people. The Chinese build scaffolding by using the bamboo. We prefer to believe that we are being the best we can be.
    We grew up flying kites made of thrash bone and coconut sticks………..that’s when we used to think now all we do is declare ourselves experts and pseudo intellectuals.
    We used to use the sea for recreation and food. For example : A good diver with a piece of iron with a sharp point used to go “spearfishing” and put his catch on a piece of wire and eat fresh fish almost daily………………

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  • It is nonsense to say that housing and commercial properties cannot be built on Weymouth. That is poppy cock.
    Since 1956, when the Combermere building cracked and students were moved to the Drill Hall, good civil and structural engineers could have rebuilt on the site.
    So what are we do do: allow prime land in the centre of town to be a dump for old public service vehicles?
    The only noise pollution we will get at Weymouth will be during the construction. What we badly need in Barbados, if this is what is implied, is a one-car policy – restricting homes to having a single car. But to do this means improving public transport.
    This mindset says a lot about why Barbados fails to develop, apart from in the minds of people who know no better.

    Like

  • Hal – Commercial yes, residential no. I am not in the Alvin camp. Prime land? Context papa context. You’re not in Engulund. lol

    Like

  • @ Hal
    ” What we badly need in Barbados, if this is what is implied, is a one-car policy – restricting homes to having a single car. ”
    I think that cars for non-commercial use should not exceed 1400 cc. Anything above that should be excessively taxed as a deterrent.
    No need to have SUVs and big pick up trucks as status symbols. But then we would be told “its a democracy” and people can spend their earnings as they choose.
    Inferior roads and a very poor public transportation system are major contributors to non productivity. Also contributing to stress and inertia at the work place.
    The corporate bosses riding in their luxury cars and begging the government for “subsidies” morning , noon and night are non productive. Quite frankly those working for under $500. per week are propping up everybody else and are perhaps the most productive right now.

    Like

  • millertheanunnaki

    @ Hal Austin December 22, 2016 at 4:48 AM

    There is some merit to your argument. A project of involving modern ‘environmentally sound’ housing development is necessary for the regeneration of the City.

    You cannot have economic and social regeneration without people living in the city of very near to the city.

    There is a crying need for proper housing in that area to relieve the congestion in the Greenfields and its surroundings.

    The only problem with your proposed site is that those ‘hallowed halls’ of Harrison College would either have to be relocated or be transformed (as will happen eventually) into a ‘convenient’ secondary learning institution catering to those living within its catchment area.

    Like

  • Miller…
    That’s not true about Kolij.In any case, it is an over-rated institution. I prefer Parkinson.

    Like

  • What constitutes a good residential development? I repeat, regeneration is a good idea but housing at Weymouth not so good. Nelson Street, however, yes!! Do you know that the majority of the land in the Nelson Street area is owned by expats (long dead) and in arrears to the Land Tax Department for over 30 years?

    Like

  • William Skinner – Who were the ones laughing at Wilfred Abrahams idea to cycle more?

    Like

  • @ enuff
    I don’t know who were laughing. However the idea of cycling by politicians or those high up is nothing new. Peter Morgan used to cycle around back in the 70’s and Glenroy Straughn used to cycle to work when he was involved in the management of the transport board .
    In terms of professionals our postmen and women always “graduated” from bicycles to motorcycles and government messengers used to pedal far and wide .
    I am surprised that we don’t use more fuel economy scooters but the bad roads and inconsiderate drivers may be the problem.

    Like

  • If you want people to cycle then remove the licensing tax. The health benefits will outweigh any revenue from taxing bicycles. In fact, 50cc motor cycles should also be tax free.

    Like

  • I see the like has replace thumbs-up and thumbs -down. Shedding my cloak of anonymity on July 1, 2017

    Like

  • Well Well & Consequences

    http://www.nationnews.com/nationnews/news/91762/-sewage-critical

    Look ACs, see the whales here, lol…those are the huge ones to get you pitchfork buryers out of the people’s parliament, yall can get new jobs burying pitchforks in the UK.

    .http://www.nationnews.com/nationnews/news/91763/respite-bus-woes

    No one wants Fruendel’s blighted blessings, let him keep them for himself, he will need them.

    Like

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