The following was posted to FB Senate Page by Economist Charles Skeete
Central Bank of Barbados
- The monetary authorities can fix the nominal/official rate of exchange, but not the real rate (reer).
- When the nominal rate is fixed, over time there is a tendency for it to become over-valued. This is so especially in small open economies. There is evidence that the official rate of exchange is over-valued (is higher than the reer).
- A persistent bop current account deficit suggests we have a competitiveness problem and that national consumption exceeds national production.
- A persistent bop current account deficit can be sustained only as long as capital inflows (e.g., FDI and foreign borrowing) are at least equal to the current account deficit.
- High debt eventually limits the ability to borrow foreign exchange – except from the IMF.
What can we do?
Option 1: Draw on FX reserves. Unless replenished by a current account surplus, FDI, or foreign borrowing, reserves will be exhausted in short order. Sharply declining reserves will eventually make devaluation and borrowing unavoidable.
Option 2: Reduce the fiscal deficit. Alas recent experience suggests that our heart is not in it. We try to raise taxes we cannot collect and we resist cuts in spending with all our might. Reducing the fiscal deficit is necessary to restore a balance between national consumption and national production. Without credible steps to restore this balance, we will continue to be rated a poor credit risk.
Option 3: We have never been fond of high interest rates, except as a reward for saving. The fact that high interest rates are an alternative/supplement to devaluation as a way to lower consumption is conveniently overlooked.
Option 4: Adopt policies that make the relative price of imports and exports more favorable to earners of export revenues and less favorable to consumers (e.g., devaluation, tax holidays, or other subsidies). We have been willing to use tax holidays and other subsidies to encourage investment in our leading export sector (tourism). This is necessary because we are not price competitive without such subsidies and we have rejected devaluation or a cut in the nominal wage (the standard remedies). As noted above, rejection of these remedies is viable only as long as reserves last.
Concluding Remarks: Restructuring of the agriculture and manufacturing sectors sufficient to restore current account balance are necessary, but are achievable only in the medium and long term. Fiscal and bop imbalance require remedies that will show immediate results. The ability to borrow foreign exchange would give us breathing room. On the whole, I must conclude that an IMF Program is very much in the cards.
Here endeth the final lesson.
The SUNDAY SUN has been informed by highly placed officials that the board of directors of the Central Bank is seething with Governor and board chairman Dr DeLisle Worrell over the way he was running the institution; and some of them have gone as far as to call for his head, or they are prepared to quit.
http://www.nationnews.com/nationnews/news/93220/bank-board-fed-worrell#sthash.IkvFTGMK.dpuf
So they want to get rid of Worrell those directors, have they gotten rid of Bjerkham yet.
The policy option not included in this article is the option most frequently discussed on this blog: expanding the Citizenship by Investment program to raise sufficient foreign exchange to cover current needs (even without forcing an end to those foolish middle class shopping trips to London, New York and Miami, and those ridiculous trips to DisneyWorld and Vegas), and even reduce the government debt.
Again I ask…..
http://www.nationnews.com/nationnews/news/93162/dollar-safe
If foreign reserves were at 2.6 months in December 2016, and should be 3 months, with things deteriorating as told by bloomberg, devaluation cannot be that far off…and if Worrel is also saying there will be no currency substitution and government is saying there will be no devaluation….do any of these taxpayer paid clowns have a plan B….do any of them know where any of this is going.
“And, in an unprecedented move, some members of the board, so incensed by Worrell’s unyielding management style, which they said is carried over into the boardroom, met in his absence with Minister of Finance Chris Sinckler last Friday and made a case for his removal as Governor.”
@ Hants
Although I do not like Dr. Worrell’s methods of communicating Barbados’ economic data and his exclusion of certain sections of the media in the process, to be fair to him, I have noticed blatant differences between his and Sinckler’s explanations of our economic circumstances.
If you read Dr. Worrell’s articles, publications and recent pronouncements, for example, on the foreign reserves situation; bonds, risk premium and interest rates; devaluation and this inept DLP administration’s current economic strategies, he is essentially criticizing their economic policies. As I have mentioned on BU on numerous occasions, Dr. Worrell publically admitted the Medium Term Fiscal and Medium Term Development Strategies 2010-2014 have both failed to achieve the desired objectives.
Perhaps the reason why the Board is “so incensed by Worrell’s unyielding management style” is because he no longer conforms to the status quo.
@Artax
There is an old time saying when one makes up their bed they have to …?
In recent times as the economy has deteriorated the Governor has been more forthright in his explanations on the state of the economy. One cannot infuse confidence in the market/people with just talk. And to your point, if there is disagreement between the Governor and the MoF he has the option to resign. Once he remains in the chair he has to accept some responsibility. There is Dr. Justin Robinson who Chairs the powerful NIS and sits on the Central Bank Boars as well, we need to hear from him. The fact he has not resigned means he is onside with central bank policy as well.
@Chad
You need to reread what the author wrote in his piece. Did he offer economic initiatives or did he focus on the macro. You always seem to criticize for doing so sake.
A word of caution the more criticism that are levelled against the govt the more a ground swell of favourtism is escalated for present govt.
This ongoing tirade of criticism with only one interest in mind serves little purpose for a winning strategy.
Unless a persuasive argument which gives the electorate and convincing enough that a better way forward is a viable option the silent majority like those in the america election would make their voices heard at the polls.
Criticisms without answers equals zero.
The persuasive argument will be the level of foreign reserves as they keep falling. Let us hope also the revolt unfolding at the central bank board level does not add to the problem. At this stage Barbadians are satisfied this pothole patching approach to leading Barbados has been a failure.
Good Article.
I always hear lots of critics of the Barbados economic situation, yours truly included,however I have not heard any/few real proposed solutions. Article identifies the various issues, now what I’d like to see is a comprehensive short, medium and long term plan as to corrective action. Such a plan would outline to the populace, government ministers, crown entities, business etc. as to what is being attempted and a time line giving measurable results.
I believe Barbados has now got themselves litterly between a ROCK and HARD PLACE and any corrective action is going to be LONG TERM and EXTREMELY painful from an economic and social viewpoint.
The BIG question is can the situation ever be corrected.
There must be a recognition that we need to dismantle an irrelevant policy approach.
The words of the governor during the Thursday night economic forum should be enough to make for sleepless nights by all Barbadians. Excluding the blindly political partisans of course.
Do not fool yourselves the average barbadian in general interest as to economic matters is guided by a prospect of having a job
The other issues of downgrades and defecit are very low on their economic planning list
Presently unemployment levels are falling and the govt has tabled a wage bill which will increased take home pay
Another word of caution one that those opposing govt should take note that in past election the country was in dire straits with all the economic predictions giving barbados a doom and gloom path forwards
Remeber the downgrades the defecit in levels much worse and unemployment at record high
The electorate made a decision that inspite of all the negative the govt would remain the same
Saying all this as a word of caution.A caution which should not be undermind or dismiss .Barbadians understand how we got here and they would not forget or forgive
2018 would soon be here .The country would be looking fir answers not criticisms.
Donald Trump has proven that a game plan of crticisms can end up to many a plan of bull sh.it
Donald Trump has reinforced that idiots can fool the electorate and be given the keys.
just keeping it simple
David,
I did not see the television discussion with Dr Worrell. Who was on the panel? Is there gong to be a transcript?
@Hal
We will assume that in the year of our Lord 2017 a recording will be posted online sooner rather than later.
The participants can be gleaned from this link.
http://www.centralbank.org.bb/news/article/9164/local-discussion-forum-it-matters-fiscally
>
What a load of “rhetorical political diatribe shiite.” Under the present circumstances, criticisms of this inept DLP administration are justified.
The reality of the situation is that, during the past 9 years, this inept DLP administration has been struggling with addressing the socio-economic issues of Barbados. As a result, the island’s education, health, housing, transport, water, environmental systems are in a mess, and so too are the police, fire and prison services under an ineffective, incompetent Attorney General, Adriel Brathwaite.
These myriad of problems are indicative of ministers who have been “abject failures.” But, I recall Stuart referring to himself as the “sleeping giant,” so for obvious reasons, these observations seem to have eluded his sight.
Additionally, the island is currently experiencing a consistently high level of debt, cost of living, inflation and fiscal deficit; failed economic policies; consecutive credit rating downgrades; unexplained depletion of foreign reserves; loss of investor confidence and pursuing monetary policies that would essentially affect the value of the BD$. Even your own Dr. David Estwick admitted your administration’s economic policies are responsible for Barbados’ dire economic situation.
Estwick, in addition to local and regional economists, special interest groups, the Opposition’s spokespersons on economic issues, private sector organizations and the international financial institutions, have all responded to the DLP’s mantra of “bring solutions,” by offering advice and alternative economic policies to DEMS, which, unfortunately, they criticized and refused to accept.
This is evidenced by the bombastic Chris Sinckler, who always uses “parliamentary immunity” to cuss individuals who present alternative recommendations, such as Jeremy Stephen and RBC regional economist, Marla Dukharan.
“This ongoing tirade of criticism with only one interest in mind serves little purpose for a winning strategy.”
Hence, this inept DLP Administration’s “criticisms without answers equals zero.” Therefore, under the present circumstances, criticisms of these DLP idiots are justified.
“Unless (the DLP can present) a persuasive argument which gives the electorate and convincing enough that (they have) a better way forward is a viable option, the silent majority like those in the America election would make their voices heard at the polls.”
What would make sleepless nites for the average barbadian is not having a job., The average barbadian relies on a govt that can perform with a high priority of governance to an economic interest that would provide a social and economic environment to their well being
The other economic interest even of major concern as far as many households are concern does not impact daily on their preferences for the running their household
Simply speaking there are two differing cycles here at work one which govt has to acknowledge that the impact can be fast and furious to every household and the second which is heavily dependable on economic performances which impacts the ability to pay govt debt
The first cycle is very problematic as its impact is devastating in so much as it affect peoples lives
the second cycle although troubling can be controlled with in a economic frame without having to do substantial harm to every household,
The electorate in general are most likely to speak to and understand issues that would affect their lives negatively rather than get bogged down in an issue of deficit which in their mind is a problem solely left for govt to figure out
@ chad99999February 5, 2017 at 4:38 AM#
“The policy option not included in this article is the option most frequently discussed on this blog: expanding the Citizenship by Investment program to raise sufficient foreign exchange to cover current needs (even without forcing an end to those foolish middle class shopping trips to London, New York and Miami, and those ridiculous trips to DisneyWorld and Vegas), and even reduce the government debt..”
Chad, the perennial 5 to 9 schizophrenic valet to the trumpeting madman, you ‘doth’ speak rather often with a bifurcated tongue coated in a layer of contradiction.
Barbados already has its own version of a “Citizenship by Investment program”.
What do you want this current administration to do now?
Sell citizenships to the Muslims banned by your boss man the trumpeting megalomaniac?
Which decent law-abiding ‘capitalist’ from America or other areas of the North Atlantic or Western European sphere of democracy would want to buy citizenship in Barbados when they can come and go as they please as if it is their second home?
The only ‘rich’ people who are looking for a place of refuge outside Europe and your ‘welcoming-with-open-arms’ America now renamed Trumpland are not Muslims born again into the Christian faith but a whole set of criminals, potential criminals and terrorists looking for a vulnerable location to attack easy targets or wage jihad against morally corrupt Westerners considered the children of Saytan.
But we take your point regarding the opulently garish display of crass conspicuous consumption of Bajans who have champagne taste in their capacity to earn Bajan dollars but clearly in abject poverty when it comes to filling their mauby pockets soon empty of foreign exchange.
Barbados does have an economic problem but it is primarily caused by its own political problem. As long as there is a massive lack of confidence in the economy brought about by that raging political problem there will be no solution to the economic problem.
Just look at what is unraveling at Central Bank with its BoD up in arms against a man who has sold his professional soul to the political devil now calling in the chips.
As the Frustrated Business man has been saying on this blog for the longest time:
‘There will be no economic recovery under Fumble and his band of incompetent lying fools’.
The Guv is getting his long-overdue professional comeuppance.
When you tell a lie in public you must be prepared to lie consistently to the bitter end until you are faced to swallow the sugar-coated Truth of numbers.
There is no way a genuine James Bond 0.007 could ever be turned into 0.7 owed to a stinking liar when the true decimal is 0.03 with a recurring missing whole number of $300 million in foreign reserves still not brought into account or written off for the past 3 going 4 fiscal years .
IF the Opposition Leader wants to drain the swamp and bring down the deficit she owes it to the electorate to say what plans are in order
More political diatribe.
There have been no major investments, projects or construction activity in Barbados to suggest: “Presently unemployment levels are falling.” Where is the evidence to support this propaganda?
Large scale corporations such as Emera, Massy, BHL, Republic Bank, Scotia Bank, RBC, for example, have been retrenching employees, while smaller businesses are closing.
The resident yard-fowls will probably refer to construction activity at the Sandals project as an example. However, JADA has been at the forefront of construction over the past few years. What the yard-fowls may want NOT us to focus on is the fact that MANY of the artisans on these projects are nationals of St. Vincent and Guyana that were brought in by the company.
Under the present circumstances, “Barbadians understand how we got here and they would not forget or forgive. “The country would be looking for answers,” to which the DLP has clearly indicated they do not have solutions..
“2018 would soon be here” and Barbadians are fully aware that “there will be no economic recovery under Froon and his fools.”
@Artax
The Governor made an observation during Thursday night orchestrated economic forum that was very interesting. He stated in summary that Barbados has struggled to mobilize capital projects because of bureaucracy. Which projects do you think he meant and the obstacles caused by bureaucracy?
Wily Coyote,
You must broaden your reading. I have said on a number of occasions in my newsletter, Notes From a Native Son, how government should have approached the management of the economy post-2008. I know that David Thompson was having serious discussions about how to proceed.
Apart from his private initiatives, the ruling DLP has never had a sustainable development strategy. They fail to understand that our stagnating economy is not the result of cyclical hiccups, but deep structural problems.
The most urgent policy absence is the centrality of jobs for the crucial 16-25 yr old cohort; there is enormous evidence, economic and psychological, that if young school leavers do not get in to the habit of regular work then it follows them for the rest of their lives.
This can be done through a number of fiscal initiatives, such as incentivising the private sector to take on young job hunters as trainees; making all new basic entry level jobs in the civil service job-shares; increasing the school leaving age to 18 and expanding the community college and establishing a technology college focusing on maths, new technology and engineering (the STEM) for talented A-grade young people.
The medium term initiative would be a massive infrastructural programme, including bulldozing the slum houses in the City and rebuilding a comprehensive new urban landscape with architecturally-designed houses, recreational space and office and shops; that would be at the heart of the new night time economy. This will be paid for across generations.
Grantley Adams did the same with Grazettes, the Pine, Deacons and other housing estates to clear the City, which became over-crowded in the second half of the 19th century.
The long-term investment strategy will be in education, not at the top end of an every-expanding university sector producing more mediocre lawyers and accountants, but starting at the entry level – nursery and infants – teaching bi-lingually, and focusing on maths and new technology.
By the time those children reach the age of 18, after 13 years in state education, they should be among the best educated of their age in the world.
The basis of such educational reforms will be preparing the nation to be a knowledge-based economy, and not being just waiters and waitresses in the tourism sector.
But there is also a reality, which policy-makers continue to ignore. Since the mid-1980s, the world has had a number of major epochal changes: the fall of the Berlin Wall and the collapse of Communism, the re-integration of China in the global economy along with its export-oriented growth strategy, the growth of global value chains; this was the situation up until the turn of the 21stcentury, when we had the Dot Com collapse.
Then, within eight years, we had the global financial crisis; despite all these shocks and more, Barbadian politicians and business people continued to bask in a land of make-believe.
Since 2009/10, global trade has been tapering off, with exports from emerging markets falling by 13.5 per cent up until March 2015.
Chinese imports fell by 17 per cent in dollar terms from the first quarter of 2014 to first quarter of 2015.
It was a period when both developed and emerging markets had experienced tough times; compared with the 27-fold increase in global trade between 1950 and 2008.
This was the period when Barbados seriously under-performed both the regional and global economies, and we have been playing catch-up ever since.
We largely remain in ignorance because we do not get a glance at the official figures: what is Barbados’ trade to GDP ratio since November 30, 1966 and November 30, 2016?
These proposals are at the heart of the endogenous growth strategy that I first proposed about ten years ago and, at present, they still remain plausible.
But with the growing dangers of the new protectionism, led by President Trump, there are tough times ahead.
Nothing tells us that this government is prepared for any of this, not even a semi-public row between the governor of the central bank and the ministry of finance.
What we have are politicians, the central bank, academic economists and members of the in-house clique, all behaving like drunk men, who lost their money in the bushes, but are searching for it under the nearest street light (foreign reserves, devaluation, growth in tourism, etc).
There is a new normal, but it has not reached Barbados yet.
@Hal
To be fair Sir Frank Alleyne has been heard to say early in the term of this government and in his capacity as head of the economic advisory committee that policy needed to address the structural flaws in the economy i.e, education, health, energy etc. Recently he alluded to the fact that the MTFS was working. That comment bamboozled many though.
David,
I have huge respect for Winston Moore, but he is a former central bank researcher and a co-author with Dr Worrell or a recent paper with not a single reference of a post-2008 study. This must be some kind of record.
@ ac
What would make sleepless nites for the average barbadian is not having a job.,
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Are you saying then that this DLP has so far f***ed-up the ‘nites’ of more than 6000 Bajans by their ineptness? ….and seem destined to keep another 10,000 in a state of insomnia?
What an inditement of Froon and Stinkie coming from a yard fowl who is being paid to represent them…
(*** = rigg)
@ David
The governor has just reached the stage where he can see the light at the end of the tunnel well enough …to recognise that it is a train….
That he needed to wait until you can actually HEAR the engine, tells us that the man is a moron. However, to his credit, he is working with such abject jackasses and dunces, that even with the engine noises in the background Froon and Stinkliar are still mostly focused on working out how .07 differs from 0.7, ….while the other Demonic Lackies and Pimps are sitting on the tracks counting their pension loot….
Meanwhile…
Mia and her Bunch of Licorish Parros are hiding at the back of the pack hoping to reassemble the booty after the wreckage….
@ Artaxerxes
You asked for Frustrated’s Memorable Quote and here it is
http://imgur.com/I3NDob2
Obviously, these comments were not written by BU’s resident DLP yard-fowl.
The DLP is always boasting of enhancing the education of Barbadians by mentioning “free secondary education” and Barbados Community College.
However, you writing: “The electorate in general is most likely to speak to and understand issues that would affect their lives negatively rather than get bogged down in an issue of deficit which in their mind is a problem solely left for govt to figure out,” and the overall general context of your overall contribution, is a CLEAR & DEFINITE INDICATION that YOU, DLP and BLP are PERHAPS CONTINUING, in ignorance, to TAKE BARBADIANS for GRANTED.
And it gives insight to why your strategy seems to be thinking all you have to do is create “artificial short-term employment,” hold a few fetes, mention Errol Barrow and how the BLP was opposed to independence, is ENOUGH to convince people to vote for the DLP.
What is your vision for the youth, outside of holding football tournaments and night cricket near election time, while employing Lil Rick and the other “bashment” DJs to play shiite music to attract the “yutes” and for your own “self aggrandizement,” as you believe it’s the sure method of soliciting their votes? Yet, you continue to run away from dealing with providing solutions to their problems, for example, their concerns relative to leaving BCC or UWI and unable to gain employment.
You must realize Bajans are currently much more EDUCATED, LESS TOLERANT and ACCOMMODATING of politicians than their fore-parents were, and are unwilling to be used by them. This is evidenced by the fact that many individuals have been expressing an indication that they want to move away from the BLP and DLP, and are hoping for the emergence of new political parties, PRESENTING NEW and DIFFERENT PHILOSOPHICAL IDEOLOGIES. We are cognizant that under both BLP and DLP, the underlying status quo remains the same.
Productivity is important characteristic in the development of any society. The unavailability of Transport Board buses and water outages cause people to arrive at work late or not at all; schools closing early as a result of not having water and parents having to leave work to collect their children; or the road in terrible states of disrepair; the slow pace of conducting business; and a generally unproductive civil service, all affect the level of a country’s productivity and its ability to be competitive regionally and internationally.
Many Barbadians are still awaiting income tax refunds and reverse tax credits from 2011; people are experiencing difficulties in receiving sickness, unemployment and maternity benefits from the NIS. I know of a lady who has not received a sickness benefit from NIS since April 2016 and each time she makes an enquiry, according to who answers, she is told the computers are not working, the benefit is in the mail, it is awaiting calculation or they “press out” the phone.
And what has this inept DLP administration done or what successful policies they have implemented during the past 9 years to effect real change in the lives of Barbadians?
Rather than REMAIN in SOLIDARITY with public sector employees who have not received increases in salaries/wages for the past 8 years and had to endure with an increase in inflation and cost of living caused by government’s policies and increased taxation, these crooked, heartless DLP politicians went to Parliament to restitute 10% of their salaries.
This selfish act can be justifiably described as “performing with a high priority of governance to an economic interest that would provide a social and economic environment to THEIR WELL BEING.”
@ Mr Hal Austin
You said ” The long-term investment strategy will be in education…”
“…not at the top end of an ever-expanding university sector producing more mediocre lawyers and accountants, but starting at the entry level – nursery and infants…”
“… teaching bi-lingually, and focusing on maths and new technology….”
“…By the time those children reach the age of 18, after 13 years in state education, they should be among the best educated of their age in the world…”
I broke up your statement for emphasis, so please forgive my unauthorized act, but this has been de ole man chant for eons.
What you are speaking to is a carefully crafted purpose built national strategy whose emphasis in on Barbados’ largest resource – its people.
You have missed one integral thing though that will be critical to that vision – a sense of national pride – beyond the mock stick pretense of the National Pledge and the sing song national anthem.
Men like We-Jonesing cannot do that, neither could Boyce, nor Atherley, Nor Mottley nor Billie Miller
Did i preface that sentence with the nouns “men”? oh dear me I had already typed the sentence and was not able to backspace it and delete it.
Io now i will append that to say “with 4 male and 1 female Ministers of Education” all of whom were incapable of making the critical changes of which you speak, I would like you to tell me from whence will come this visionary change manager?
@ Bush Tea.
I see that you noticed it too
“…Mia and her Bunch of Licorish Parros are hiding at the back of the pack hoping to reassemble the booty after the wreckage….”
It is painfully obvious what she has commanded them to do.
To keep a low profile, stay out the news, hunker down, do not do anything on the internet….
She is aware that the backlash that they face with her Impotent Covenant of Hope is that they are the same Kerrie Symmonds, Jerome Walcott, Dale Shark Teets Marshall and all of the effing same politicians WHO DID NOT HAVE ANY EFFING VISION to make any changes years ago WHEN THEY WERE IN OFFICE!!
Her strategy is quite simple and that is let the DLP “draw the shots and ire of the electorate and then the BLP will come forward as the saviours of the Nation in their flood of pretty red clothing and bunting all over the lamp posts to sweep away the scum that is the DLP and win the votes.
But then again you are a “High Science” man who is able to see these things from far
@ David
I am not sure to which projects Dr. Worrell was referring, but this administration has been constantly mentioning Sandals Casuarina expansion, Hyatt Centric, Sam Lord’s Castle Redevelopment and Four Seasons.
Sandals was given 40 years concessions, therefore, they would not be hampered with “obstacles caused by bureaucracy.”
As I have mentioned in two previous contributions, based on information received, apparently there was a proposal under the previous BLP administration, for the construction of a hotel on or near the proposed Hyatt site. The EIA and other necessary studies were undertaken at that time. However, since there isn’t any indication or information to verify that a new EIA was undertaken, I’m not sure if the government used the old assessments.
The PM also indicated that the “file” has been passed to him for the granting of permission to commence construction. If this is indeed the case, and Sinckler has been repeatedly mentioning, for the past few years, Hyatt is an important “cog in the wheel” of economic growth, I do not understand what bureaucratic obstacles are inhibiting commencement of the project.
As you know, Sinckler and Sealy have been mentioning the Four Season project for a number of years. This project was faced with controversy and “unscrupulous financial activity.”
In 2015, the Inter-American Development Bank (IDB) cancelled $160 million in loans it committed to the Four Seasons.
During his presentation of the Financial Statement and Budgetary Proposals on August 16, 2016, Sinckler mentioned that “he recently signed an agreement for the sale of the beachfront property and he expected part of the payment within two weeks’ time,” but he did not reveal the name of the buyer. Two weeks have expired almost 7 months ago and Barbadians are yet to hear about the progress of this “deal.”
Additionally, recall government guaranteeing a loan of $120M to the Four Seasons project in 2010. In his 2014 report, the Auditor General queried the debt that was called by the bankers during the 2013-2014 financial year, forcing government to pay $124,329,766 which entailed principal plus interest, but was subsequently recorded by the Treasury as an accounts receivable, of which no payments have been received to date.
The other project government have been constantly mentioning is the Sam Lord’s Castle Redevelopment and there isn’t any information why the project has not yet commenced.
David,
I respect Sir Frank, but he has very little to contribute to the contemporary debate.
The decision makers appear to be getting side tracked with internal bickering whilst the vehicle is careening down the road out of control heading for the precipice….the crash is inevitable and the rest will be history.
@ Hal AustinFebruary 5, 2017 at 11:11 AM
“I have huge respect for Winston Moore, but he is a former central bank researcher and a co-author with Dr Worrell or a recent paper with not a single reference of a post-2008 study. This must be some kind of record.”
What kind of respect are you talking about? Is it respect of his academic achievements or respect resulting from your personal and cordial association with the guy?
You are insinuating the man is of the old school of economics discourse with his tools of analysis belonging to the stone age of Neanderthal economics à la Keynes and Laski.
Economists like lawyers are a dime dozen in Barbados; too many on sale to both political parties in return for a promise for a pick.
If you really “hugely” respect Dr. Moore you should be the first here to recommend him as the perfect immediate replacement to his discredited mentor as Guv of the Central Bank.
Barbados does not require any more lawyers or economists but people who are prepared to get off their butts and earn forex and not cheap talking bullshitting ass-licking academics driving fancy imported cars and attending conferences and seminars to ‘embellish’ their cvs.
@ ArtaxFebruary 5, 2017 at 12:50 PM
“During his presentation of the Financial Statement and Budgetary Proposals on August 16, 2016, Sinckler mentioned that “he recently signed an agreement for the sale of the beachfront property and he expected part of the payment within two weeks’ time,” but he did not reveal the name of the buyer. Two weeks have expired almost 7 months ago and Barbadians are yet to hear about the progress of this “deal.”
A well written synopsis on the decision-making inertia of this current comatose political administration.
What it does is to confirm Stinkliar to be a pathological liar and his boss the Houdini of escaping from promises made to people.
The only bureaucratic hurdle these imaginary projects are facing is the pile of actively hiding files ‘lying’ on the desk of the boss man who likes to be called the primate into untouchable parris.
Didn’t the same primate thief of time aka procrastination, proclaiming himself productivity champion for 2017, promise in public to reach a decision on the Hyatt erection within 7 days?
Have you heard if the champion of reverse productivity has met his agreed timetabled target and delivered on his promised commitment to make Hyatt flaccid project rise to its fully erect potential within 7 days of decision-enhancing Viagra?
What you are witnessing in Barbados is the inexorable destruction of the future dreams and opportunities of many young talented Bajans by an arrogant selfish and immorally ugly administration.
The idea that Barbados can improve its education system and accelerate economic growth by focusing on Maths and science needs to bring carefully evaluated.
First, most students are not academically gifted and cannot excel at Maths and science as these subjects are currently taught. If we are going to produce world class STEM graduates who can compete with the Asians, we have to radically change the textbooks and teaching methods used in our schools. And then hope that the new pedagogy works much better than the status quo.
Second, even if we have well-trained graduates, it’s a difficult job organizing these resources into profitable, world class firms. We have to get away from thinking that all it takes is the provision of financial incentives by the government.
Incentives are not enough. Young graduates have to be taken by the hand and shown how to be successful businessmen one step at a time. Not easy.
They gotta make someone the scapegoat for the pending arrival of Barbados and the IMF and the possible devaluation. This is what Worrell staked his reputation and efforts on?
Let the people see right through this political gimmick and know that Worrell is not the one who is to blame, we must hold those elected accountable……….STINKLIAR AND FUMBLES.
When they took AWAY the Penny/ Cent , We knew than things were moving deep , If you feel it now you are years later,
Most people never wake up until after election jumping ,
Over TAXing and Over VATing did most of the Devaluing, when TRI shut some doors that also was signs of the time , Land Fraud goes along way ,
None of you have added land fraud to the equation,nor the Ministers, What ever is taken from the Public ends up in there Pocket, Mia and Owen have a run on the people like it was a BANK for it was for them
Now the DLP running the BANK deep under ground in to the out House, With no water to clean up , for the Tourist is more important than the People,
I hope Worrell gets spiteful and gives the nation chapter and verse on this incompetent lots of vagabonds.
@ Hal Austin
I read your rebuttal, however I see NO SOLUTIONS to the present economic situation. The actions you were suggesting in 2008 would not have resulted in few if any positive results. Infrastructure spending and education will not solve the underlying productivity issues. The world economy has and is rapidly changing, unfortunately Barbados and it’s political leaders are still living in the 1960’s. Barbados and all SMALL, non resource, states are fighting a losing independance battle. The small Caribbean states must present a unified front to have any chance of economic survival, this however has proved elusive as each country has it’s own egotistical leader(s) that seem to know best. This has resulted in numerous economic Caribbean FAILURES, Jamaica, St Kitts & Nevis, Grenada & Grenadines, Antigua etc. etc.
My question still exists, what is the present real time solution. I can see the inevitable consequences however not hearing any mid to long term solutions.
Wily Coyote,
I think you are getting a bit mixed up. The productivity conundrum simply means per capita output. The obvious place for vast improvements is by introducing technology right across the entire public sector; this much is clear. I think the private sector can look after itself.
If our political leaders are still in the 1960s, many of them were not even born then, blame the electorate. Barbados as a nation suffers from group think, the result of an educational system which teaches children what to think about rather than how to think about events.
In a small talent pool, an epidemic of group think and treating new ideas as if they were an invading army, our steady decline is the outcome. That is why we still teach the same things in the same way as they were taught in the 1950s.
Just ask the trade unions.
Agree with you Hal. Barbados cannot boast of deep Internet penetration and modern communication infrastructure yet be maintaining archaic policy and procedural practices. Actually what is playing out belies our enormous investment in education.
Wily Coyote February 5, 2017 at 5:36 PM #
“The small Caribbean states must present a unified front to have any chance of economic survival, this however has proved elusive as each country has its own egotistical leader(s) that seem to know best. This has resulted in numerous economic Caribbean FAILURES, Jamaica, St Kitts & Nevis, Grenada & Grenadines, Antigua etc. etc…”
@ Wily Coyote
Very interesting comments, and I agree with them 100%.
Unfortunately, unification will continue to be elusive unless new leader emerge with new vision and common philosophical ideologies.
Successive Antiguan governments, for example, have offered the WICB generous tax concessions in an effort to keep the cricket entity in that island.
The present Gaston Browne administration has been fighting to acquire majority shares in LIAT and for its headquarters to remain in Antigua, without presenting plans to enhance operational efficiency or financial viability. They have recently concluded a deal with the WICB to purchase Allan Stanford’s cricket ground, The Sticky Wicket. The following excerpt was taken from the December 31, 2016 edition of “The Gleaner:”
West Indies Cricket Board (WICB) president Whycliffe “Dave” Cameron says Antigua and Barbuda will be the PERMANENT HOME of CRICKET in the CARIBBEAN. West Indies cricket teams, at all levels, will meet there for training ahead of competitions. The WICB says that this makes sense since the body is already headquartered on the island. WICB marketing & communications manager, Carole Beckford, says that the new arrangement was made possible because of the relationship between the board and the Antiguan government.”
With the Antiguan Recreation Ground, Sir Vivian Richards Stadium and the Coolidge Cricket Ground (formerly the Sticky Wicket) in their possession, It is clear Antigua wants to control West Indies cricket without sharing with the other Caribbean stakeholders.
Browne has been telling Antiguans he wants to negotiate with the USA to have the Embassy relocated from Barbados to Antigua and for the UWI to build a university there was well.
This type of selfish thinking will always contribute to the region’s economic failures.
Lawd wide scale urban regeneration and STEM, sound fancy and progressive but context I am not so sure.
I will preface my remarks by pointing out that my expertise is in business, not economics. Economics is not a science, despite the widespread use of mathematical tools in the discipline, it is at best a trade, at worst a superstition.
Barbados has macroeconomic challenges, fiscal challenges, and currency stability challenges. These are all inter-related, but they each require specific solutions.
Hal Austin pointed out some rational approaches to tackling the macroeconomic issues: investments in infrastructure and education are most desperately needed. Chad99999 added that investments in education take a long time to deliver returns and that it is difficult to translate education into economic growth, “even if we have well-trained graduates, it’s a difficult job organizing these resources into profitable, world class firms.”
The problem is that the government of Barbados cannot afford to invest in either infrastructure or education or business development because it is too far in debt; there is no fiscal room.
We must deal with our fiscal issues in order to gain the capacity to address our macroeconomic issues. As long as the government runs a deficit each year and gets further and further into debt any sensible macroeconomic policy will be out of reach. The global environment has changed to the point that it is impossible for a small open economy to grow fast enough to justify deficit spending to spur growth. This means that the government has to reduce the size of the public service significantly. This will cause significant pain to those individuals as well as widespread pain across the island as their purchasing power disappears from the economy. There is no other area of government expenditure large enough for a reduction to have a meaningful impact on the deficit.
The currency stability challenge is what most people have their eye on, but it is intertwined with the other two issues. Charles Skeete’s article outlines the options cogently: Bajans will simply have to reduce their consumption of foreign goods and services. A devaluation would accomplish this by making these goods more expensive. Protectionist trade measures that increased import duties would also reduce imports, but we could target this more carefully than an across the board devaluation. We could use other protectionist measure like a three year moratorium on vehicle imports. This would cost the fewest jobs, who needs car salesmen anyway ;-). It would also raise employment in vehicle servicing and repair while saving hundreds of millions of foreign exchange. It would, however, damage the government’s fiscal position because they would no longer be collecting all those import duties.
There is no single policy remedy for the dilemma that Barbados finds itself in. Neither political party has proposed anything which will be of the slightest help in the short term, and what they have suggested for the long term, while not without merit, will damage the economy in the short term.
Bajans need to understand that there are no quick fixes; sacrifice will be necessary whatever happens. Sacrifice will be thrust upon us if we continue on our current trajectory, but sacrifice is required in order to change our trajectory. The only choices we have are about how to apportion these sacrifices across society so that they are as fair as possible.
About 3 weeks ago the Leader of the Opposition hinted that the IMF was at the door and the Barbados dollar was in peril of the big D.The JA dizhonourable member for St Michael SW said the dollar was not in peril and he would resign before it got neutered.Well big deal!Who the hell would miss this fool and liar other than his coterie of the lumpen proletariat.
The one factor which escapes the local capitalist class is this.Unless you get off your rear ends and do something very drastic to hasten the demise of this administration’s notorious wildcat borrowing,spending and thiefing, by matching their wide armory of tricks and subterfuge by with holding your contributions to said funding of the deficit,there will be no recovery under fumbles fools and CONFIDENCE in country Barbados might disappear sooner than you think.
On one hand: “Economics is not a science, despite the widespread use of mathematical tools in the discipline, it is at best a TRADE, at worst a SUPERSTITION.”
Yet, on the other hand: “Barbados has MACROECONOMIC challenges, fiscal challenges, and currency stability challenges. These are all inter-related, but they each require specific solutions.”
If we were to take your definition that economics “at worst is a superstition” to a logical conclusion, how could macroeconomic, fiscal and currency stability challenges, which are all ECONOMIC issues, be INTER-RELATED, when “superstition” is characterized by the belief that one event causes another WITHOUT any natural process LINKING the two events?
Any suggestion on what “trade” we could use to formulate these specific solutions?
Then you go on to use “economic jargon” to articulate your points.
I know that I’m not as intelligent or educated as you big name guys are, so please bear with me, because I am confused.
@Artax
Superstition, noun: a widely held but irrational belief in supernatural influences. Like Adam Smith’s “invisible hand” for example.
Trade, noun: a practical job requiring specialized training in the use of particular tools and disciplines. Like when to adjust interest rates and how and by how much for example.
@All
Do we agree that we have too enter an IMF arrangement? That it is unavoidable?
http://www3.ambest.com/ratings/cr/reports/barbados.pdf
Two weeks short on reservers should not be a call for The IMF right now when considering the depth of economic depressioin 2008 which the naysayers conviently chooses to forget and which was far worst in comparison to a more stable economic and social enviroment at which the economy has arrived
Where we are presently most barbadians would prefer not but rather pursue a path of slow and steady than an IMF program of deficit reduction which will favour international lending agencies while gutting the social and economic fabric to the bones which in long term would be more devasting and harder to recover as have been shown in jamaica
David,
Charlie Skeete has been preaching devaluation and an IMF program from the Sanford Era. There is NO benefit to Barbados by an IMF program or Devaluation. If the only reaSON WE WOULD GO TO THE IMF IS TO GET FOREIGN EXCHANGE THAT WOULD BE USED TO PAY OFF DEBt then we MIGHT AS WELL TIGHTEN OUR BELTS EVEN MORE NOtCHES AND LEAVE THE IMF MONEY WHERE IT IS. IMPOSE IMPORT RESTRICTIONS, MAKE THE PEOPLE LIVE WIHIN THEIR MEANS AND LIVE ON WHAT FOREIGN EXCHANGE WE EARN. REDUCE GOVERNMENT EXPENDITURE ON WAGES AND TRANSFERS, by not filling posts when persons retire, and reduce the number of civil servants that way. Throwing persons out of work in an effort to cut expenditure is counter productive. People have to be employed so that they can provide for their families. Import substitution should be pursued as much as possible, and greater marketing of our products must be undertaken to cut our import bill and boost our exports.
Alvin
You mean like Estwick suggested since 2009?
Economics is a science.
It uses deductive and inductive processes to collect and organize empirical knowledge, which is then used to make predictions that can be tested against actual events.
That is what science is.
Since ya cant have it both ways and win, adopting the US currency would prevent so called ” big ups” and msny others from hoarding US……because it will be the currency of the land, no need to hoard, it would just like have bds dollars, but will be US………
…….neither would Trinidad be holding unto Barbados’ foreign exchange, depleting the central bank’s reserves and filling it up with local currency, because US will be the common currency…….ya cannot have it both ways and win……
……OR…..since there is only one poison, you do not have two….go to IMF, they been insisting on devaluation fpr years, so forget the hope, ya might get market confidence, but with incompetent, lazy, corrupt government ministers….good luck.
“To be serious, you could be right about the debt being 160 per cent of GDP if you consider all the relevant factors, off-balance sheet items and unpaid debts of Government obligations. I disagree with the concept of making the US dollar the currency of Barbados. The hoarding may not be found with the man in the street, but with the big-ups.”
People are complaining that foreign exchange remittances sent to the Trinidad banks in Barbados are not being kept here for supporting our imports, but are sent to Trinidad that is repatriating Barbados dollars in exchange. This could mean that Trinidad has a surplus of Barbados dollars, probably as payment for oil, food, loans or even dividends. It also signals that our Central Bank has lost control of the foreign exchange destined for Barbados and above all, the overseeing of the foreign banks, their exorbitant commissions and miserly interest rates. If that is happening, crapaud smoke we pipe.”
Charlie Skeete on the always present issue of FX scarcity.
Good luck, they dont want the negativity of devaluation, understandable, they dont want currency substitution, mysterious and self-defeating….they have no options left…self-destructive.
Good luck I say, maybe they can pull a rabbit out of a hat and stop waiting for a miracle, inertia will not help.
Now that the Governor of the Central Bank has broken ranks with the Minister of Fine Pants and the Prime Spinster and approached the IMF directly, they want to make him the scapegoat and fire him? This is what happen when you stake your reputation on bums and novices.
What happened to Stinkliar’s Home Grown Fiscal Plan, did Sen. Jeptor ‘Clown’ Ince get a hold of it and substitute for Home Blown Physical Plan? Is Stinkliar a Home Grown Fiscal Terrorist?
There is no place other than in Barbados and in politics that Stinkliar, the colossal failure, could refuse to resign and would not be fired.
@ Alvin CumminsFebruary 5, 2017 at 10:08 PM
“People have to be employed so that they can provide for their families. Import substitution should be pursued as much as possible, and greater marketing of our products must be undertaken to cut our import bill and boost our exports.”
Alvin, the time has come for both you and your deceitful lying party to meet your Waterloo and face the music and dance to the ‘Devaluation’ song.
All the deceit and lies about the economy and projects in the pipeline to Mars have now coalesced and in true Vulcan fashion will soon erupt like a time bomb in your face; unless you walk away earlier than ‘timed’.
You arrogantly refused to take advice from both political and non-partisan people whose only skin in the game at that stage was a horse named “Patriotism”.
What you are proposing at this stage of economic collapse is nothing new and nothing but previously disregarded cold soup and well documented even in your dangerous lying party’s compendium of false promises and lies called their 2008 & 2013 manifestoes.
Why don’t you advise your administration (for a start) to ban w.e.f. April 2013 the importation of all vehicles for private use along with canned and boxed juices from all over the world and the garishly expensive false hair worn by black women who appear to hate themselves and the image in which your god created them?
Let them start with those unnecessary luxuries and tithes to the god of vanity to kick start the process of import substitution and provide work for the many unemployed youth including those attending the SJPP.
The vehicle junkyard at the MTW premises would make the ideal pilot project to ‘resuscitate’ some of those sick vehicles just in need of a bit of mechanical and electrical TLC.
While on the topic of ‘Import Restriction & Substitution you ought to be aware the ‘undercover’ importation of marijuana represents a massive drain on your country’s forex.
The habit of using mary jane is deeply embedded in the psyche and bodies of the youth and like the problems with alcohol and cigarettes (a major addiction of people of your generation) will not be going away any time soon because of any law or hypocritical doublespeak warnings about the dangers she (MJ) poses.
So why not decriminalize its use and local production to not only save a large slice of leaking forex but also offer the opportunities to earn forex through the above-board export of high added value products from cosmetics and apparel and accessories to medicine and health food for both human and ‘domesticated’ animals.
You might be surprised to know that cows fed on the ‘breasted’ goodness of mary jane grass produce twice as much milk as those fed on imported molasses-based pellets from Brasil or elsewhere.
You might even find that when mary jane is well prepared and mixed with processed canine food the calming effects on the genetically mixed-up mad mauling dogs stalking Barbados at night might just be miraculously impactful.
@ millertheanunnakiFebruary 6, 2017 at 9:13 AM
“Why don’t you advise your administration (for a start) to ban w.e.f. April 2013 the importation of all vehicles for private use along with canned and boxed juices from all over the world and the garishly expensive false hair worn by black women who appear to hate themselves and the image in which your god created them?”
Alvin, please make that 2017 (and Not retroactively to 2013 as in the case of salaries for those selfish self-centred unpatriotic dishonourable members).
And you can add to the list. ‘Goldie’ (Gabriel’s friend Goalie) Taitt can be consulted via a séance for ‘workable’ advice.
I see Henry Fraser is now an economic expert.
Another pie in the sky???
Luxury med plan
ONE OF THE Caribbean’s largest health tourism projects – a multimillion-dollar facility – is about to be unveiled in Barbados. And the spin-offs from the $500 million…
nationnews.com|By Nation News author
http://www.nationnews.com/nationnews/news/93260/luxury-med-plan
Miller
In the late ’90s the then govt came up with a plan to make the Scotland District the bread basket of Bim,I think this idea can be revamped and the hemp thrown in as well.
This area is 1/7th of Bims land mass and has been neglected for the last 15 years,I would suggest getting an NGO to take over the concept which was rooted in agro-eco-tourism and seek through crowd sourcing or international agencies the necesary funding for this macro-project that will provide decades of employment through the rehabilitation of the land,planting of the crops,reaping,processing,etc,etc this offers opportunities for entrepreneurs to establish many niche areas with various products.
It will not cost the country anything,provides educational opportunities in many area,will reduce food imports and bring in forex through its niche products and tourist attractions.
Here’s the fundamental problem with revitalising the agriculture and manufacturing industries: THE SAME DAMNED CIVIL SERVICE THAT WE HAVE BANKRUPTED OUR COUNTRY TO KEEP EMPLOYED.
I dare anyone reading this to contact BIDC today and state your case for opening an ‘Approved Undertaking’ manufacturing business and ask them how much time and money you should budget to complete the process. The answer will be 50% optimistic and send you straight to another Caribbean country with your idea.
Then call the ministry of agriculture, tell them you are leasing land from a bankrupt farmer for BDS$200 per acre per year (bargain by any measure) and tell them you want a farmers’ registration card and duty-free concessions for a tractor and some farm implements. You will end up buying imported vegetables like the rest of us.
We are not serious about facilitating business in this country, business people have been saying so for eight years. It has never been as difficult as the last eight years. This gov’t never took charge of the snivel service and never will, their election was a contract with the snivel service. Now they have been proven to be liars the civil service co-operation is less than zero.
Frustrated Businessman aka ‘Nation of Laws’ my ass. February 6, 2017 at 9:48
Quite true which is why in the scenario I painted above the NGO must have govts backing with full approval from the various ministries for concessions and waivers for the project……it cannot be busines as usual going forward,a paradigm shift has to occur.
Pieceuhderock wrote “let the DLP “draw the shots and ire of the electorate and then the BLP will come forward as the saviours of the Nation”
5 years from now………let the BLP “draw the shots and ire of the electorate and then the DLP will come forward as the saviours of the Nation.
BLP and DLP play donkey.( real ( old ? )Bajans remember the game we played with a ball )
millertheanunnaki February 6, 2017 at 9:13 AM #
Exactly.
DBLP are a tag team. ..the people have to cut them loose both of them, it’s the only way of stopping the cycle of corruption, disenfranchisement, stupidity and sending a message to other wannabes that the people and country cannot and will not take anymore.
@ Well Well & Consequences
No truer words spoken “we need to cut them loose, BOTH OF THEM…”
They need to understand that we WILL NOT TAKE THEIR LIES ANY MORE.
And that we will cut them loose as easily as they have been cutting our throats for the last 30 years with this teifedness
@PUDRYR
Cut the BLP & DLP lose and replace with who? The PDC?
Integrity cannot be found on a Bajan political platform, the scummery that passes for politicking in this country is disgraceful.
The only way to bring integrity to governance of this country again is by depoliticising the senate so national institution appointees serve as independent, educated watchdogs for legislation (as was originally intended) and civil service / statutory corporation panel of judges.
That requires a 2/3 majority vote in favour by the very people we need to reel in.
The only way to make it happen is by voting block pressure: unions.
Who guards the guards?
miller,
Like you, it gives me no joy to sit and watch what is going on in this country. Artax and you took pains weekly to intelligently point out the dangerous road this government was taking this country down and all we got was blistering from the ac consortium. Carson Cadogan at least ran away.
What unfolded on our front page yesterday was no surprise as I was being told of the under currents for months at the CBB…….. but it is a sad situation.
Now that the governor has seemingly ran out of options, a dose of reality now seems to have hit him. I am sad. During last year when I mentioned that people were having difficulty accessing foreign exchange, some BU people thought that I was scaring people. I knew this from business friends and from a store assistant when I went to purchase an item in a store…the sales assistant asked me …..are you sure you want to use your US……do you know US dollars are scarce?
I have no respect for those directors…..they sat down in their lofty boardroom and ate their fancy catered lunches and allowed the Governor to do whatever the Stinkliar who is not an economist, told him to do. They knew that the kind of economics the governor was practicing was wrong. I was at a do when I heard a driector said that some mornings he is afraid to open the email from the CBB with the daily briefing………and they now get a conscience?
If the governor had told the minister after the IMF had told him to stop………that I can no longer continue printing money every month …………we would never be where we are today.
But dont forget……..”we aint want to hear anything from wunnah, any ideas wunnah got, keep to wunnah self, wunnah had 14 years, now is we time, we gine do things we way”……….the words of Donville Inniss in 2009!
@AlvinC
“we MIGHT AS WELL TIGHTEN OUR BELTS EVEN MORE NOtCHES AND LEAVE THE IMF MONEY WHERE IT IS. IMPOSE IMPORT RESTRICTIONS, MAKE THE PEOPLE LIVE WIHIN THEIR MEANS AND LIVE ON WHAT FOREIGN EXCHANGE WE EARN. REDUCE GOVERNMENT EXPENDITURE ON WAGES AND TRANSFERS, by not filling posts when persons retire, and reduce the number of civil servants that way.”
Occasionally you amaze me. Can you imagine where B’dos might be today had these policies been implemented?
I also note a targeted reduction on certain imports, could also be very beneficial to the garbage situation.
David February 6, 2017 at 3:31 PM #
@PUDRYR
Cut the BLP & DLP lose and replace with who? The PDC?
If the revamped senate with powers of prosecution calls a few hearings to review past contract awards and forms tenders sub-committees to open all tenders over BDS$100K publicly on Parliament TV, you will see how quickly the scum will crawl back into their holes.
To get rid of the rats all you have to do is put away the cheese.
@Frustrated Businessman
Why do you think the winning President never moves to champion change to the Electoral System with its flaws?
Who will bell the cat?
The only ones who can put away the cheese are the same rats…….so why would they do it?
The above question has been asked a thousand and one times on BU in different ways with no answer…….only the said same politicos can change the rules/laws/conventions/constitution………so why would they do it to their disadvantage????
@ THe Honourable Blogmaster
Here is de ole man’s suggestion
It is time for change and a new Revolution of sorts.
Find a mid-point with a new political party, IT DOES NOT MATTER WHO.
and while it may seem to be a naive suggestion have that political party contractually sign off to specific things.
I know that people might say that the contract with the said Party might not be binding on the newly elected government BUT my suggestion is that W HAVE TO DISBAND THESE BAND OF THIEVES.
the lesson MUST BE SHOWN THAT WE WILL NOT GO DOWN THE ROAD WITH ITHER OF THEM ANYMORE!!
FULLSTOP.
That is the covenant of hope that any bajan knowing that both BLO & DLP are the same shyte needs to sign on to
anything else is just spinning tot in mud.
WE HAVE TO CHANGE THIS OR in five years time the replacement Barbados Labour Party, under Mugabe Mottley is going to be mekking us snort
I for one am tired of the two of them
AND SO ARE YOU David.
Give me one name among them that is Honourable just one name, Toppin, Kerrie Symmonds, Dale marshall, Payne?? call one
SHIP THEM ALL OUT OF TOWN and let them all realise that we ARE NOT TO BE EFFED WITH.
THere will never be another chance in our lives
Robert Skidelsky: “Let’s be honest: no one knows what is happening in the world economy today.”
Is economics education failing?
Robert Skidelsky explores the limitations of educating economists, and the consequences.
weforum.org
http://wef.ch/2k3JMon
Their most recent Economic Review was presented Tuesday 24th which listed Foreign Reserves at only 10 weeks, and in financial circles it is said the IMF says if reserves go below 12 weeks then a country may have to look at devaluation of its currency…
Ian D. Bourne feeling shocked with Thomas Sankara and 14 others at Tom Adams Financial Centre (Central Bank Of Barbados).
7 hrs · Bridgetown
How long is Dr Worrell allowed to run amok? He is past age of retirement yet it’s BIDC workers Gov’t asks to leave at age of 60?
The Bajan Reporter | Central Bank alters its website – Dates Missing and Youtube Videos removed | The Bajan Reporter
bajanreporter.com|By Bajan Reporter
https://www.bajanreporter.com/2017/02/central-bank-alters-its-website-dates-missing-and-youtube-videos-removed/
what i see at play here is the blp reading from the same 2013 election play book which goes like this
Privatization a means to an end
IMF program a means to an end
Devaluation a means to an end
All of which cost the blp the last election
carry on smartly lol
@ Vincent at 5:24 PM
Economists of my generation were trained in the rounded manner outlined in the article. We had electives and I made sure I included Accounting, Demography and Economic History as well as the compulsory economic and politics courses.
They all were useful in my work career. Economics is about man and like all organisms
individual and social psychology plays an important part in how he responds to external and internal stimuli. More importantly he is for ever learning therefore he learns from past experience. So economics is more than a series of simultaneous equations. That will do in Chemistry and Physics but not in the biological and social sciences. It is not even tenable in aeronautical physics. That is why Physicists made redundant from NASA went to wall Street. Hoping the Mathematics used in the Space program would work in the Financial World. And you saw the results with derivatives and Hedging.
@ Vincent
I omitted to thank you for the paste.
I hope Bushie will now cease to proclaim his ignorance of what an economist is. The elements with which we deal are unstable. They are not made of the amalgam of which his Brass Bowls are made.
Bernard
My early training was in meteorology not dissimilar to economics……..many many variables attempting predictions.
@Bernard Codrington. February 6, 2017 at 7:17 PM “economics is more than a series of simultaneous equations. That will do in Chemistry and Physics but not in the biological and social sciences. It is not even tenable in aeronautical physics. That is why Physicists made redundant from NASA went to wall Street. Hoping the Mathematics used in the Space program would work in the Financial World. And you saw the results>”
True.
A good part of economics is about human behaviour, and human behaviour is hugely unpredictable, can any of us predict what we ourselves will do in 3 years time?
This is the same reason that military governments are so bad. The militarily trained boys with the guns and boots believe [foolishly] that other people will behave as they do. When people don’t, the military boys [or wanna be military boys] then have to crack some heads and shoot some people, and shed some more blood.
Economics lesson 101: People unruly.
@ acFebruary 6, 2017 at 6:20 PM
Ac, the resident blow fly of BU, mark these words:
‘One day coming very soon you will be made to eat those same words you just regurgitated’.
In your nightmare of dreams the DLP will soon be returned to office and you will soon be, in true blow fly fashion, the biggest feeder on what’s left of the carcass of the Bajan economy ‘wracked’ by the same privatization, devaluation and deeply embedded in the bowels of a rigor mortis type IMF grip of fiscal heavy manners.
We are witnessing the original “Peter Principle” in action when it comes to your dangerous lying party pretending, in true monkey fashion, to be managing the people’s business.
As the Prodigal Son so timely recalled the ‘powful-foolish’ outburst of that two-bit porno pimp promoted to his highest level of vacuous bullshit and ‘excellent’ incompetence where his morning words don’t add up to his evening performance.
“But dont forget……..”we aint want to hear anything from wunnah, any ideas wunnah got, keep to wunnah self, wunnah had 14 years, now is we time, we gine do things we way”……….the words of Donville Inniss in 2009!”
Those famous hubristic words of shortsighted arrogant stupidity have come back like karma the bitch to bite the naked butt of the exposed porn king and to haunt the living daylight out of this moribund ghost of an administration not fit for the purpose of managing Barbados.
Come on, there must be some little bone of decency and concern for the country still remaining in the burnt-out cadaver now referred to as the John Dow found dead in George Street. Cause of Electoral Death: Deceit brought on by a 10 year life of lies.
Just ring the bell to start the exorcism of the demon that possesses the body politic called Barbados.
Miller
Have you noticed that we have not heard a word from the “moutha” or as Stetson Babb always refers to him …….the “out spoken” minister.
The Central Bank is imploding and not a word from Mr Inniss, something is strange in Denmark!
And “what I see at play here is the DLP reading from the same 2013 election play book which goes like this”:
“Privatization (NOT) a means to an end.” After elections they will admit to civil servants the country is in economic turmoil before retrenching 8,000 more of them; they will secretly negotiate the sale of other public entities as they did with BNOCL; the mysterious appearance and disappearance of the garbage trucks that were parked in the port may reappear again as they prepare to privatize the SSA.
And how would the numerous PSV permits that were recently issued by the Transport Authority affect operations of the Transport Board, especially under circumstances where there is a deliberate attempt to maintain an inadequate number of operational units per day? Privatization of the Transport Board?
Also recall that on Monday, January 6, 2014, (which was AFTER the 2013 general elections) during a press conference to discuss this island’s economy, Sinckler said government was in the process of reviewing the functions of 19 statutory corporations with a view to consolidating their operations.
“He added that, of those 19 institutions, “Some will go out of business, others will merge with each other and perhaps where it is feasible and makes sense for PRIVATE INVOLVEMENT (privatization) in the operations of any of those institutions that will be undertaken as well.” [BGIS: January 9, 2014]
“IMF program (NOT) a means to an end”….. These stupid, “economic illiterate” political yard-fowls known as the ACs, are of the mistaken belief that an IMF program means “austerity measures” and “currency devaluation.” Yard-fowls, the IMF offers a number of programs, such as the:
• Stand By Arrangement, which provides short-term assistance for countries experiencing short-term balance of payments difficulties;
• Extended Fund Facility, which provides longer-term assistance to support members’ structural reforms to address balance of payments difficulties of a long-term character;
• Structural Adjustment Facility (SAF) to provide balance of payments support on concessional terms to low-income developing countries and provide loans to support the medium-term macroeconomic and structural adjustment;
• Poverty Reduction and Growth facility (PRGF), which aims at sustained poverty reducing growth;
The most ignorant individual to be ever appointed as Barbados’ Minister of Finance, Chris Sinckler, ADMITTED that government REQUESTED technical assistance from the IMF. In other words, Barbados entered into an IMF stabilization program/arrangement, contractionary in nature, consisting of financial measures aimed at reducing the public sector employees and government spending, reforming the tax system and introducing measures to stimulate private sector investment.
“Devaluation (NOT) a means to an end.” However, the Governor of the Central Bank, private sector organizations, special interest groups, local, regional and international economists, IMF, Standard & Poors, World Bank, Caribbean Development Bank and other financial institutions, have all ADVISED government that continuing on its current economic path will result in the DEVALUATION of the BS$.
“All of which (WILL) cost the DLP the next election……”
“Carry on smartly lol…..”
DEMS now, DEMS, never, ever again!!!!
https://www.barbadostoday.bb/2017/02/07/boycott-them/
What kind of jackass is James Paul, how can you boycott a business if Paul refuses to name the business that needs boycotting, he is another dumb minister or whatever who wants throwing out on his ass.
Same thing Paul did with the illegally imported chicken, both him and Dumbville knew who imported the inferior quality chicken illegally from the UK and both refused to name the crook, playing the same stinking game against the people of hiding and protecting the names of the business people destroying the economy, when those names should be made public…real life coons the 2 of them..
Kick both of them out of parliament, they are both useless to the people.
Look my message is a simple refection of what happened in 2013 with the same messengers touting a flag of doom and gloom
The imaginery downward spiralling effect of the economy which was to topple the govt and give the blp an imaginery win of biblical propotions did not happened
Soon the nation would have to endured the marches once again as proof that the blp is serious about change
Change without having solutions is an imagination gone wild.
ChangeChange without having solutions is an imagination gone wild.
Chuckle……..status quo without having solutions is a……….what????
These “strategies” you to which you refer are not specific to the BLP, but has been used by both BLP and DLP.
Prior to the 2008 general elections, the DLP engaged in similar activities. Similar to BLP marches, during their 14 years in opposition, the “nation had to endure” the DLP walking out of parliament on numerous occasions, a strategy they are now condemning the BLP for doing. In those days the DLP did not remember they were representing people who voted for them, it was all about “an imaginary win of biblical proportions.”
If you were to be honest, (which is an impossible task for political yard-fowls), you would concede that, during the past 9 years, the DLP has not made any significant developmental, social or economical changes to Barbados. The status quo remains the same. Corruption, wealth remains in the hands of a few white individuals whose names change according to which “party is in power,” ministers displaying a blatant lack of transparency and accountability. Actually, in some situations, things have gone from bad to worst.
While in opposition, David Estwick was the DLP’s chief spokesman on economic matters. He wrote articles in the Sunday Sun and used VOB’s “Brass Tacks” program to be a “messenger touting a flag of doom and gloom.” Estwick said Barbados was in “debt trap” and also expressed an “imaginary downward spiraling effect of the economy.”
And the economy DID NOT collapsed as the DLP predicted.
Ironically, the same David Estwick publicly admitted the DLP’s economic policies are responsible for current “downward spiraling effect of the economy.”
Under this inept DLP administration, the Barbados economy has experienced numerous consecutive credit rating downgrades; lack of investor confidence; unexplained depletion of foreign reserves; manipulation of economic data (as identified by the IMF); failed economic policies and now the talk of devaluation has once again surfaced, NOT by the BLP but by other sources.
During the 2008 election campaign, the DLP’s mantra was “TIME FOR CHANGE.” But was the DLP” serious about change?” Under the present circumstances, it is clear to Barbadians that the DEMS were not serious.
Taking into consideration all that has occurred in Barbados under this administration, certainly proves “Change without having solutions is an imagination gone wild.”
There are not any fundamental differences between the BLP and DLP, as you would want Barbadians to believe.
CHASING RAINBOWS
Defenseless kids with weak parents
Can find themselves in predicaments
Being bombarded with crap on TV
Of lucrative sports in high society
And instead chose the end of a rope
A real shame when they can’t cope
Politicians are the experts on this
On the pulpit they’re never amiss
More than the world they will promise you
Seeing through their hypocrisy nothing new
Come time to pay up they can’t fulfill
As they try to cover up with a sour pill
Some women swallow this wholesale
Watching ads saying you cannot fail
In getting trim to look sexy for today
Even becoming anorexia on the way
But all these dreams fall by the wayside
As the chased rainbows always go to hide
In every walk of life we find
Folks who have this in mind
Even in some schools this some do teach
Trying for rainbows you can never reach
Maybe it’s good to hope and aspire
Better doing that before you expire
I am not advocating being a pessimist
But I prefer being an honest pragmatist
Why not treat everyone with truth and honesty
Than to hoodwink them with slippery casuistry
The world would be a better place for us all
When we treat the other person as a real a pal
WW&C
You notice how often the said James Paul is on the DLPTV.Something is in the air and some people are feeling the wrath early.
Tripping all over one self is not a solution. Those who have crticisms must also be aware that there is a high level of responsibility attached to give those solutions that are for betterment instead of dipping from a poisonous well of glandular deceptions to trick and entice
Gabriel…it says a lot that government ministers cannot call the names of the business people destroying the economy,,,, that happens nowhere else in the world except for banana republics where government leaders are silenced by business people….tells us a lot.
I wasn’t aware it was illegal to import coconut water? Or that it required a special permit. Do you recall the outcry when imported ice creams became the thing? Or when multiple beers invaded what was Banks domain? Neither do I.
Could this be a ‘protectionist policy’?
The gentleman Paul has already said too much.
I’ve seen coconut water on the shelves for years now. I didn’t know that the Barbados Agricultural Society was unaware. I did not buy it because it was about 3 times as expensive as local coconut water, and I never buy foreign if local is cheaper and fresher.
I heard someone complaining on Brass Tacks this morning that a particular coconut vendor smelled sweaty. I wanted to ask her how she would smell if she was working outdoors in 30 degree heat, and 90 percent humidity. I put it to her that even if she had carefully bathed and deodorized herself, that after two hours in the heat and humidity she too would smell sweaty. I know that I too smell very sweaty after a couple of hours of hard outdoor labour.
https://www.loblaws.ca/Food/Drinks/Water/Coconut-Water/plp/LSL001006009002
Some people have also been raised in a steralized bubble. Some people are unaware that once a coconut is cut, that the white part of the shell leaves a brown fruit stain on the clothing, so that even if a vendor wears a brand new cotton t-shirt in the morning, after a day of cutting coconuts the shirt will be full of brown stains which only become evident once the shirt is laundered. Like the stains from ackees (guinep) and from green bananas these stains are impossible to remove. I’ve tried chlorine bleach and other more sophisticated modern stain removers and I’ve yet found a stain remover which works for these fruit stains.
So a coconut vendor who smells sweary, and looks dirty may in fact be a man who left home two hours ago, freshly bathed, and with a freshly laundered but fruit stained shirt.
My old man used to say that modern people are so foolish that they seemed to think that food grows in plastic bags in the supermarket refrigerators. They are so wrong. Virtually all food grows in the dirt.
@Hants
plenty brands and most taste like pup. They are all from concentrate, coming from Taiwan or a similar locale. And they tend to lace them with sugar.
It is not presently illegal to import coconut water or coconuts,we have imported from T&T in years past where the method for spoilage control in a bottle was perfected by a son of the soil,this bottled water is being imported from Guyana a fellow Caricom territory.
We should have increased our coconut production,taken advantage of the pasteurisation process perfected by one of our own and established a processing plant long ago which could have been an fx earner as well employing all the youngsters to work the coconut stands.
ac February 7, 2017 at 12:40 PM #
“Tripping all over one self is not a solution. Those who have criticisms must also be aware that there is a high level of responsibility attached to give those solutions that are for betterment instead of dipping from a poisonous well of glandular deceptions to trick and entice.”
@ ac
Congratulations!!!!!
Your above comments clearly indicate that you finally came to the realization that there AREN’T ANY FUNDAMENTAL DIFFERENCES between the BLP and DLP.
The DLP, while in opposition, constantly CRITICIZED the former BLP administration. “They had criticisms, but were unaware that there is a high level of responsibility attached to give those solutions that are for betterment instead of dipping from a poisonous well of glandular deceptions to trick and entice.”
An example of “dipping from a poisonous well of glandular deceptions to trick and entice,” is your 2008 election manifesto. After campaigning the length and breadth of this island telling Barbadians about corruption, cost over-runs, auditor general’s reports, lack of accountability and transparency, the DLP said they would make a CHANGE, after 9 years at the helm of government, there has NOT been any ATTEMPTS to CHANGE the STATUS QUO, as PROMISED.
And if you were to analyze the modus operandi of this inept DLP administration, you would immediately know the reasons why. There are SIMILAR CASES of corruption, cost over-runs, lack of transparency and accountability under this DLP administration, thereby indicating this lot is SIMILARLY as CROOKED as the former BLP they criticized.
How does the DLP expect to face the electorate with Michael Carrington, a crooked lawyer who shamelessly with-held (stole) money from a disabled senior citizen?
In reference to carrington.
Question how is it that Mia has been repeatedly returned to Parliament as a representative of her constituency after the many illegalties brought against her with the most recent docked in the courts of barbados.
How is it Attorney General Adriel Brathwaite promised on the floor of parliament to investigate the matter of Mia’s practicing certificate and report to Barbadians yet months later we wait?
#JA&Yardfowl
If Mottley wins, she’ll turn out to be one of the best. Watch out!!
I took a taste of the coconut water at Loblaws, pure crap from Asia. Jamaica now exports coconut water to Canada.
Simple…….it’s very difficult teaching foolish people common sense, I am reaching the stage of thinking they are best left to their own sordid fates.
Ammm all things done in their right time
.
You are always alluding to some case between her and George Payne. However, if the case is YET to be heard in Court, then in the ABSENCE of a TRIAL and a RULING by Magistrate or Judge, according to the law and the Universal Declaration of Human Rights, article 11, Mottley is entitled to a “presumption of innocence.” In other words she is PRESUMED to be INNOCENT until proven guilty.
Conversely, the records clearly show that Carrington illegally with-held his former client’s, Mr. Griffiths, property and refused to acknowledge requests for payment. Griffiths subsequently sought redress through the Court. The evidence he presented was enough to move Justice Cornelius to RULE in his FAVOUR and ORDER the crooked lawyer to return such property in addition to accrued interest.
For the benefit of BU contributors and to “BRING BALANCE” to this issue” perhaps you would care to LIST “the MANY ILLEGALITIES brought against” Mottley and how many times she was ordered by the Court to repay money she illegally with-held from clients.
Remember, no amount of political rhetoric and irrelevant generalized statements will detract from this issue of lawyer ethics.
Who the hell is Philip Hunte
well Carrington”s case was brought before a judge and the final judgement found no guilt on carrington”s part of having stolen anyone monies and that is a fact ,
Yet you insist and persist of turning the outcome of the judges judgement into alternative facts
However my reference to scrupulous allegations against MIa in the barbados court is a fact which you are willing to overlook