From the left, Jewel Brathwaite, journalist, Dr. Winston Moore,Head of the Department of Economics at the University of the West Indies, Cave Hill, Governor of the Central Bank DeLisle Worrell, Donna Wellington, President of the Barbados Bankers Association and Reginald Farley, Executive Director of the Institute of Chartered Accountants of Barbados
Central Bank of Barbados Governor, Dr. DeLisle Worrell and a panel of experts comprising Professor Winston Moore, Head of the Department of Economics at the University of the West Indies, Cave Hill; Donna Wellington, President of The Barbados Bankers’ Association; Reginald Farley, Executive Director of the Institute of Chartered Accountants of Barbados; and Jewel Brathwaite, a well respected business journalist discussed a wide range of topics related to the economy.
Throughout the evening, the panel took questions from the forum’s two moderators, Dean St. Hill and Patrick “Salt” Bellamy, as well as from the studio audience and from Facebook, where the event was being livestreamed. Over the 90 minutes, issues such as the fiscal deficit, the decline in the island’s foreign reserves, the printing of money and the effects of low productivity were debated with a great deal of candor. (Central Bank website)
Watch the entire forum below :
What really happened when Swedes tried six-hour days? – BBC News
http://www.nationnews.com/nationnews/news/93353/dying-plea
The David Thompson, Leroy Parris, CLICO, Fruendel Stuart, DBLP governments legacy to bajans.
https://www.barbadostoday.bb/2017/02/09/priority-1/
Arthur himself can be so two faced and backstabbing, now they all have to be watched.
So the reality is, if central bank prints one more Barbados dollar…by June the fireign reverse will plummet and they will be forced to devalue the dollar……..and it will be.hello Jamaica and Guyana dollar value.
“He further cautioned that if the current slide continued unchecked, by June the island’s foreign reserves could be fully depleted, putting the Barbados dollar in greater peril.
“In these matters, you have to talk the country through it and it isn’t so much when the election is called, but our leaders need to start talking to the people about what the country faces, get them to understand what is before us, and build a consensus as to how to deal with it,” Arthur told Barbados TODAY, while insisting that the matter was more pressing than elections.
He also warned both the ruling Democratic Labour Party and the Opposition Barbados Labour Party that even as the constitutional deadline for elections approaches, it was not enough for them to simply assure members of the electorate that “we will not devalue the currency” as they try to “keep the spirits of the troops high”.
In fact, he cautioned that though the required change was neither wanted nor desired, “it was about what is going to be forced upon you.”
In May 2009, it was reported by the media that then PM David Thompson was proposing to ask former Prime Ministers Sir Lloyd Sandiford and Owen Arthur, as well as Sir Richard Haynes, to partake in a series of breakfast meetings to discuss the economic crisis and its effect on the Barbadian economy.
In December 2013, Mia Mottley suggested that Owen Arthur be included in a “group of eminent persons” to deal with the economic crisis facing the island.
“In a strongly worded six page letter dated December 30 and printed in Monday’s edition of the Barbados Nation Newspaper, Arthur insisted he did not want to be part of the group and that his position had been ignored by Mottley.” [Caribbean360, January 14, 2014]
“I advised Miss Mottley that I could see absolutely no merit in proposing the formation of such a group at a time. This is because the Government has already decided on the course of action it wishes to pursue and as such the advice of any such group would, at this stage, not only be meaningless, but would serve only to transfer responsibility for the consequences of any policies from this Government, where it properly belongs.” [Caribbean360, January 14, 2014]
After refusing two requests to be included in a team of economists, where his skills could be utilized in service to Barbados, Arthur is now saying: “The time has come for a national consensus, that the Prime Minister tries to generate, as to how we are going to address the expenditure adjustments that are required,” Arthur said. [Barbados Today, February 9, 2017]
According to RPB: “politicians playing de mas.”
The state of foreign exchange reserves and the possibility of devaluation has been an obsession of Barbadian elites for the last 30 years.
How about focusing on practical strategies to increase work discipline and productivity? How about focusing on practical steps to encourage the establishment of new industries, new product lines, new ways to earn export revenues? How about a campaign to discourage wasteful spending on luxury automobiles, and foreign shopping trips and vacations?
I think I recognise these views……more plagiarising.
Chad, take off your blinkers. It is too late for that. Should have been done six years ago.
Lol…..did Worrell tell the people all of that in the economic forum.
As I said, Arthur is a two faced whatever, ah sick ah cussing them, but they all played nasty political games and yardfowl games with the electorate for 50 years, all the politicians. …since the day the british saw the economic value of th idiots for politicians allowing them to offer the islands political idependence….this is just the politician’s decades of lies and deceit to the majority coming home to full roost.
chad99999 February 9, 2017 at 8:40 AM #
[How about focusing on practical strategies to increase work discipline and productivity? How about focusing on practical steps to encourage the establishment of new industries, new product lines, new ways to earn export revenues? How about a campaign to discourage wasteful spending on luxury automobiles?]
So true Chad . The deplorable attitude to foreign investors and FDI is shocking. Every single project meets irrational resistance. It is self defeating. You cant stave off devaluation by scaring off foreign investment. . Bizzy Williams throws temper tantrums whenever an investor gets the green light to start up a project with FDI. His negrocrat ass lickers follow suit. Viola! nothing happens and we return to square one as the investors take flight.
Strange bedfellows join billionaire Bizzy in the rejection of foreign investors. The scourge of hate for foreign investment is killing hope for jobs and improvement in the economy. Devaluation cant be far off in such a situation. Devaluation will devastate the poor. Bizzy and his money bags mates will be untouched. As Sparrow chirped’ we like it so’.
This following item is only indirectly related to this topic, but it is an issue which is going to have an impact initally on the economies of Japan, the Pacific island countries, the West coast of the US and Canada and eventually the rest of us.
Basically tne news out of Japan’s Fukushima nuclear disaster zone in recent weeks has gone from bad to worse re. the search for the lost fuel in the blown apart reactors and the anouncement of a dramatic increase in the radiation readings inside the remains of the reactor buildings. Bear in mind that the nuclear geniuses and eggheads who persuaded the world that nuclear energy was a safe, viable option to produce energy for humanity now don’t have a clue how to clean up the putrid and messy diaper their baby has created (they say the technology needed has yet to be invented), including how to stop ground water flowing into the irradiated areas under the failed plants and then the contaminated results flowing right back out the other side to contaminate the waters off the coast of Japan. And unfortunately for the rest of the planet, the contamination does not stop there as the ocean currents carry radioactive plumes of water accross the Pacific past Hawaii to the west coast of the US and Canada.
The clean up team were so desperate at one point to try to stop this ground water contamination that they attempted to build an “ice wall” around the enire site by pumping a refrigerant underground in pipes all around the site to freeze the ground to a level of some 40ft down and prevent any exchange of water between the plant and the outside. In US football terms that is called a “Hail Mary pass”, and unsurprisningly, it turned out to be a failure. So it’s all back to square one and it is increasingly evident the “experts” in charge of the decomissioning project at this moment in time don’t know “whether to sh1t or go blind” as the saying goes
Aside from a few stories on Fox News in the US, the mainstream media has not been covering these recent revelations. That’s understandable, as their advertisers need them to convince us “consumers” that business as usual can and will continue ad infinitum. However, The website enenews(dot)com run by a retired nuclear engineer, Arnie Gunderson, provides up to date information from Japanes media and other sources on the unfolding disaster.
MIght also be wise to abstain from eating any more fish out of the Pacific Ocean (including canned salmon or tuna) or any food products from Japan. It’s also worthwhile to note that farming areas on the US west coast and in the midwest have already been hit by the airborne radioactive fallout (including plutonium particles) from Fukushima – maybe another reason to grow our own foodstuffs as much as possible rather than relying on imported fruit and vegetables from the US.
US states hit with “extremely large peaks” of Fukushima radioactive material – “Significant amount” of plutonium released for months – Radioactivity from plant “measured globally” and blanketed entire Northern Hemisphere
enenews(DOT)com/video-us-states-hit-with-extremely-large-peaks-of-fukushima-radioactive-material-significant-amount-of-plutonium-released-for-months-radioactivity-from-plant-measured-gl
Highest Fukushima Radioactivity since 2011 Produces ‘Unimaginable’ Consequences
Moreover, the Japanese people are eating contaminated food. But as of 2014 contaminated rice mixed in with other rice has been deemed acceptable for export and human consumption all over the world. A March 2014 US FDA update gave the green light to eating food products from Japan, claiming non-harmful levels of radiation. Of course little do authorities advertise that since Fukushima, they’ve been conveniently upping the levels of what’s considered unhealthy to maintain globalized business as usual. For instance, before the nuclear accident, the limit danger was set at 1 mS per year but now it’s 20, the equivalent to 1000 chest X-rays a year. The nuclear worker limit is now 50 mS. Meanwhile, Japanese insects and birds are largely deformed and sterile with their generational mutations acting as canaries in the coalmine to demonstrate what humans are now facing. The bottom line is Fukushima remains an apocalyptic time bomb, a nightmare just waiting sooner than later to happen to the rest of us on the planet.
http://empireexposed.blogspot.co.id/2017/02/highest-fukushima-radioactivity-since.html
Jewel Brathwaite@
at the 8:00 Min mark on this tape , He says he does not know what is responsible for the projects which have not started, They were to come from 2013.?
Its Massive land fraud, No clear title to land and the coverup of the Owen and Mia, and now its on going under the DLP and the DBLP government,
So all them wasting time as if they were not worried, because most dont know,
Jewel need to google more and do his title work of his profession posted,
On stage he seem he want someone else to bring it up
We need no more taxes,
We need no more dlp
we need no ore Blp
We need rule of law,
We need the history restored and told
White-People are not fools for Bajan whitepeople , or blackpeople,nor crook Ministers/Lawyers in Office holding crown title, Ponzi/ fraud/ laundering,
People making comments without know what was dont behind their Backs
CBC and ALL other media in Barbados is the cause to help ongoing PAIN, and We, I , Will say again More Pain to Come
on the level never seen before ,
We can not put out a fire by aiming the water hose on the smoke, SMoke SMOKE is what we will choke on Barbados.
Remember PONZI in the Caribbean did not end at Sir Allen Stanford or Madoff,
There are other limbs all in Barbados,
@Chad99999 said “How about focusing on practical strategies to increase work discipline and productivity?”
Productivity will address the long term macroeconomic problems but will do nothing to solve short term currency stability. Bajans simply need to reduce their consumption of foreign goods and services.
@Calling a spade
Foreign Direct Investment is not a sustainable solution to Barbados currency instability. In order to maintain the exchange rate Bajans either have to produce more that can be sold on the global market, reduce their consumption of foreign goods and services, or both. Increased production is necessary, but cannot be done quickly enough to solve our short term problems. Therefore we must cut consumption. FDI is just a bandaid which obscures the underlying structural nature of the problem.
Last week OSA was calling the PM a liar and for Worrell to be fired, he aslo wanted Jepter fired. This week he is calling for national consultation. HE HAS FINALLY PLAYED HIS HAND AND NOT IN A MOMENT TOO SOON AS LYNETTE EASTMOND AND MARIA AGARD LAUNCH THEIR PERPETUAL LOSERS PARTY (PLP) TONIGHT.
The problems of the Barbados economy are structural. We talk talk talk, government after government, yet we import more and product less. Our debt to GDP is now over 150%? At the end of the video the close by the Governor is instructive. We can politicize this as usual but the proof of the pudding is in the numbers -10 weeks of imports and falling.
Today’s Clyde Mascoll column is good reading.
http://www.nationnews.com/nationnews/news/93339/matters-chickens-home-roost
Agree Arthur is about to show his hand. The timing is not by accident.
Peter…..for years they have been told cut out the imports….they are not necessities, they can source food around the Caribbean. ..ground provision, that is a necessity to maintaining good health in the population. ….along with what they grow….10 years or more they have been told, they refuse to listen.
On a question of the sustainability of grow put forth by the moderator on the video, Jewel Brathwaite enounced his reply by saying: ” And as I has said earlier.” Talking about the state of education in Barbados!
@ David who wrote “-10 weeks of imports and falling.”
Time will soon come to restrict imports of everything except medicine and food.
Well Well
Do you really believe that cutting imports and producing locally would ameliorate the problem regarding the balance of trade deficit, if it is cheaper to import rather than to produce locally?
David, have you given any thought at all as to the cost and consequences of producing locally versus importing regionally, as well as internationally? And the quality of what is produced locally as well as regionally? I remember helping my mother pick the Guyana rice back in the 1970s, and the experience still haunts me today because it took hours to picked out the loads of bad grains in that rice.
Dompey….so what do you suggest instead.
David
Think about it seriously though: who really want to pay an arm and a leg for a pineapple the size of a mango produced locally, versus one produced internationally the size of a watermelon? Gone are the days to trade protectionism because we now confronted with a global economy in its modern context!
@ Chad @ 8:45 AM
Very good. Congratulations! We all know these things. The problem is the implementation deficit. Not the Foreign Reserve deficit. Not the Fiscal Deficit. It is the lack of productivity. Those the Tax Payers and Consumers pay to deliver are not delivering.
The much debated deficits are the symptoms not causes of the underlying failure to restructure the economy. It is never too late to do so. One has to start some time. Why not now.
Keep thinking straight. You should read the CFA and the FRM textbooks even if you do not have contact with the Tutors or attempt the exams.. You are old enough to do your own thinking. The objective at this stage of your life is to learn something useful.
@Bernard
Why are you allowing your former work place to print 50 million a month to support government borrowing?
Well Well
The solution to the problem would be to do as Adam Smith has stated long ago: “If you can import a commodity at a cheaper rate rather than to produce it as an exorbitant rate, then do so and vice versa.
OSA wants to win the big prize from in the middle. This is game of piggy-in-the-middle and he is hoping to make one big perfectly timed leap and grab the ultimate prize. Maria and Lynette are not quite ready so he needs to buy them more time, hence the call for putting the elections back to after addressing the economy.
By all reports the BLP is 100% ready if and when the elections are called and are spending their time (unlike OSA in 2011-2012) sharpening their political tools and picking their battles very carefully.
Some close to the BLP are already calling it Operation Avalanche as Owen’s initials.
Harold
After witnessing the general election in US a few weeks ago, it would be ill-advisable on the part of the BLP prognosticators to arrive at any conclusion before the final votes are tallied.
Dompey…ya quoting a dead man who had no clue as to what woukd transpire in these times.
And way pray tell would the Barbados government import all this cheaper and mostly unheathy food from.
@ peterlawrencethompson
Excellent contribution!!! I’m sure you realized that “Calling a spade” was spouting the usual “rhetorical political diatribe.”
As I have mentioned in previous contributions, government’s current fiscal and monetary policies are not consistent with a fixed exchange rate system. On February 12, 2014, The IMF reminded government that:
“Monetary policy has not been consistent with the fixed exchange rate framework. Monetization of the debt has made uncertainty and confusion in defining the objective of monetary policy.”
“The authorities face the challenging task of raising foreign reserves and reducing the fiscal deficit in an environment of low growth, high debt and a fixed exchange rate.”
Running persistent fiscal deficits will have a direct and indirect contribution to an increase in consumption, thereby resulting in higher imports and outflows of US$.
If Barbados’ current debt servicing capacity requires approximately 25% or 26% of total fiscal revenue, this creates some difficulty, fiscally, for government to invest in strategies/initiatives to spur economic growth.
One of government’s policies to REDUCE the DEFICIT was to retrench over 5,000 employees from an already INEFFICIENT public sector. With a reduced workforce and no significant improvements in TECHNOLOGY or EFFICIENCY, the public sector remains “inefficiently unproductive and uncompetitive.” This evidenced by the amount of time it takes to undertake simple tasks such as renewing a driver’s license, applying for a driver’s permit or police certificate of character.
I also believe government needs to implement new, innovative policies to improve PRODUCTIVITY and COMPETITIVENESS, which are important factors in generating net foreign exchange inflows and influencing economic growth.
Any feedback on the contribution by Donna Wellington who represented the banks? It is clear the banks have no problem moving to very low interest rates in response to ‘supply and demand of cash’ as she referred to it. On the flipside the Governor -having ignored the question from Dean St.Hill that the savings bonds represent borrowing by government -was happy to market the bonds on prime time viewing. A reminder this is a ‘collusion’ effort by all concerned.
Somebody should have asked Donna Wellington to explain what the banks did with the windfall profits the banks benefitted when the central bank removed the the minimum savings rate.
Hmmmm….GoCB’s swan song?
He talked about elimination, not reduction of the current account deficit, he slammed bureaucracy for the lack of construction jobs, (he formerly referred to administrative delays) and after the professor had grouped government spending into 3 categories, the Gov chose to highlight twice, public wages as the main culprit. He avoided any reference, as he has done in the past, to the measured success of government fiscal policy initiatives.
When Ms.Wellington suggested the BRA capture net possibly had in too many holes. the Gov didn’t bite. He ignored the revenue side and focused on costs/expenditures, suggesting his opinion is the revenue generating tools are maxxed out.
Govt expenditure in health and education
Terrible in need of a drastic fiscal overhaul
Do we want this advice as a region ??
Money and action.
Africa can become a global economic powerhouse. This is how
To achieve the UN’s Sustainable Development Goals, Africa must industrialize, writes Li Yong, Director General of the United Nations Industrial Development…
weforum.org
http://wef.ch/2lu9Hqq
@David
“A reminder this is a ‘collusion’ effort by all concerned.”
I disagree. While the GoCB did not make any distinction, in the past, it has been made that Savings Bonds are issued by the Central Bank, they are not called Government Savings Bonds as can be found elsewhere. Whereas Treasury Notes and Debentures are called Government Treasury Notes and Government Debentures. He did not push, nor even mention the latter, which are not bought at a discount like Savings Bonds.
So while the funds from SB end up in the CBB, and the CBB loans money to the GoB, funds from a SB sale do not automatically end up in GoB account. Hence why he was clear that HE (the GoCB) backed and was responsible for SB.
The point about collusion is that by the CBB making savings interest rate unattractive read elimination of the savings rate, it has acted as a push factor to the SB.
This was orchestrated in the view of many.
Where would all the money come from to implement these glorious strategies
First the govt needs to tackle the burdensome expenditure that is cause for recurring debt and low revenue savings
It seems that in this country people with high expectations cannot see the forest for the trees.
The following link exposes central government debt 2005 to 2013.
http://data.worldbank.org/indicator/GC.DOD.TOTL.GD.ZS
David
Have you been able to hear anything of the press conference of Lynettes new party? It was posted on fb but could not hear a thing.
@Vincent
No.
I read the thread you had on here weeks ago about that, but I do not buy that.
Banks operate on spread. If they cannot find loan takers at the currently low rates, what are they to do? Push UP the loan rates? That is the only way they can afford to pay more at the savings end?
The question to be asked, is since removing the “rate control” why is the SB Rate at 5.5%? Shouldn’t SB’s be a golden investment opportunity at 3.5%?
The answer you want to hear is 5.5% is a lot cheaper than the GoB can borrow money anywhere else?
The more pertinent question is why have the banks still been increasing fees and at the same time making greater profits.
ac February 9, 2017 at 2:01 PM #
“Where would all the money come from to implement these glorious strategies. First the govt needs to tackle the burdensome expenditure that is cause for recurring debt and low revenue savings…”
I shall provide you with four (4) examples:
1) REDUCE THE SIZE OF THE CABINET.
This administration can boast of maintaining the LARGEST Cabinet in the HISTORY of Barbados, perhaps because the DLP felt it necessary to reward their political colleagues who lost their seats or failed to win a seat.
Esther Byer-Suckoo is an abysmal failure as Minister of Labour and as the minister responsible for the NIS.
What significant contributions Irene Sandiford-Garner, Harry Husbands, “Jester” Ince and Patrick Todd have made so far to the development of Barbados other than being burdens on the Treasury?
2) AMALGAMATE the OPERATIONS of the Urban and Rural Development Commissions and ALLOCATE SERVICES to the National Assistance Board (NAB).
Prior to the establishment of the UDC and RDC, the NAB, through its Housing Welfare Program, offered the services now being rendered by both these statutory corporations. There isn’t any evidence to suggest delivery of services is more efficient than they were under the NAB.
3) CLOSE THE NONSENSE CALLED CONSTITUENCY COUNCILS. With the Welfare Department, UDC, RDC, NAB, Child Care Board, Community Development, MTW, etc, why is there a need to finance Constituency Councils to act as intermediaries between constituents and those agencies, especially when constituents can apply directly to the agencies for services required.
4) PRIVATIZE the Transport Board or allow market forces to determine bus fares. Government is continually issuing PSV permits to private concessionaires, not only saturating the market, but affecting the viability and profitability of TB. As a result, government is forced to increase transfers/subsidies to TB.
Do you believe in your wildest dreams that ac (a yardfowl) will agree with any thing you suggest?
You know they are not in business to lose money? If they aren’t making what they forecast on loans, then they shove up the user fees until people refuse to pay them? They will take your money, anyway they can get it.
Government here in my state has privatized/ outsourcing the Transit System to privately owned bus companies from different areas of the state -while maintain a small Fleet of bus drivers who are paid an hourly wage beyond those private bus drivers, however, market value does not allow for the dictates of an increase in bus -fare, the state government determine the increase as demands dictates. But the problem with privatizing the bus system present some challenges because the privately owned bus companies pay their workers poor hourly wages, in comparison to the small number of bus drivers who still work for the city government, and this causes a high turnover which results in inadequate service to the public.
Ad someone who is living the realities of a privatized bus system, which sounds good in theory, but the hard truth is, are you sure that privatization is in the best interest of the public due to the potential possibility of inadequate service due to little or no governmental oversight?
Why are Barbadians of the opinion that subsidized bus fare is a “legal entitlement?” In the other Caribbean islands where in some cases wages are much lower than what are paid in Barbados, people pay bus fare according to distance travelled.
In St. Vincent, the bus fare from Arnos Vale to Kingstown, for example, is $1.50, while fare from Kingston to Endinboro is $1. From Kingstown to Georgetown, Owia, Orange Hill or Fancy could cost as much as $7. Why should Barbados be different “just because” a few people gine talk ‘bout the “poor black man” or they have 6 children?
Similarly to free tertiary level education, subsidizing bus fare has already become unsustainable.
@ David at 12: 21 PM
You do jest! You know that if I had the power to allow I would have disallowed. In fact you know that I would not have allowed it to reach this stage. So Sorry I have no such power!!!
This stage could have been prevented by proactive intervention back in 2009. One may argue that hind sight is 20/20. But I am sure I did make some suggestions back then. Any how the past is the past. Let us advance.
@ David at 2: 11 PM
Do you notice the correlation between high income and high ratio of Debt to Income ?
Does high debt ratio translate to high income growth? Or is this a spurious correlation?
Have a look at Singapore, OECD, and North America.
@Bernard
You maybe onto something.
To much monopoly money chasing goods in an economy where importation is king.
look not looking for political answers but solutions than are long term and which can add to the positive outlook of the economy
The 4 examples are just a drop in the bucket which would barely close the debt and if any thing might add to the debt given that job losses would be included in an effort to save
Now rather than looking at the privatization of the Transport Board to generate the much needed capital as the sole alternative, why can’t we look at alternatives such as:
1) A one day bus pass
2) A week bus pass
3) A ten ride bus pass
4) A monthly etc
But this is going to require the modernation/ computerization of the Transport Board, but it will genarate addition capital.
Of course not, David.
The ac consortium of DLP yard-fowls believes the solutions to reducing the deficit lie within the walls of George Street.
However, so far the only thing coming from that venue is they telling people “it can’t be business as usual” and “to bring solutions,” while Barbados descends further into a mire of “economic poverty.”
Artax
everybody in authority is fully aware of your proposals. There is no reasonable argument against your proposals. Yet nothing is being done. Why?
Those in authority are busily preparing their “bunkers” abroad!
Dompey….those demons for ministers are probably planning a fire sale of Transport Board, they do not know any better.
How will the Transport Board be able to “generate additional capital” by issuing one day, one week, ten ride or monthly bus passes?
TB sells tokens, which is essentially similar to bus passes. Hence, a commuter could buy tokens equivalent to the days alluded to.
TB’s service is inefficient and unreliable. Commuters have to wait inordinate amounts of time for buses to service routes. Therefore, it would be ludicrous for an individual to purchase, for example, a monthly bus pass, to confine him/her to relying specifically on TB, when they could use private PSVs, without incurring an additional expense.
@Dompey
Why a private company can’t introduce the same choices? ZRs and minibuses are PRIVATE but they still charge the same fare as Transport Board. Government can sell TB and still set fares and routes. How is it ok to sell BNTCL to Sol a retailer but TB is sacrosanct?
The ac yard-fowls were highly supportive of government’s retrenchment program, which resulted in over 6,000 public sector employees being retrenched from various statutory corporations.
They were equally supportive of Sinckler’s proposal to review the operations of 19 other statutory corporations, in an attempt to streamline, amalgamate or close those entities where it is feasible.
Additionally, their contributions to the article “discussing” the sale of BNOCL to SOL, clearly indicated they were also in agreement with this transaction.
These actions would result in job losses and add to the debt, important facts they chose to conveniently overlook, while demonstrating their usual unwavering support for whatever this inept DLP administration undertakes.
So, now the Transport Board is thrown into the mix, they are now crying: “…..and if anything might add to the debt given that job losses would be included in an effort to save….”
However, if Sinckler were to announce tomorrow government will privatize TB, the ac yard-fowls will “change their mouths” and find all types of reasons to support it.
Besides taking Barbados for a wild joyride of borrowing,spending and not accounting for either,this poor rakey parliament, mainly consisting of wild boys so named by one of their own,has brought about the demise of several NCC employees all of whom should have been dealt with fairly by the LIFO method and the manner of compulsorily terminating the BIDC staff unfairly citing age factors,in itself discriminating once again.Nothing seems to be working in Barbados…..transport,road works,garbage collection,foreign excnahge earnings emasculated by giving Butch Stewart half a billion dollars in tax breaks,building maintenance,education,tourism,housing,agriculture,the economy…..it’s a sad time for Bajans and it’s time to return to the country for a mandate.
To answer you comment .There are policies which are directive to governance and there are politricks which are beneficial to self interest with a harm of destroying the foundations of a country
Word on the street is that government will shortly be entering another phase of layoff , starting with postal workers.
Yes, during the past 9 years, the foundations of Barbados are slowly being destroyed by the policies of this inept DLP administration. This fact has been substantiated by the numerous consecutive credit rating downgrades, reports by the IMF, other regional and international financial and credit rating agencies, local and regional economists.
However, and most importantly, the DLP’s own Dr. David Estwick PUBLICLY ADMITTED that his government’s economic policies FAILED to achieve the desired objectives.
“Estwick observed that the pet Democratic Labour Party (DLP) social projects – free bus rides for schoolchildren, summer camps and the CREATION of Constituency Councils – “should not be introduced when your REVENUE is DECLINING and you have no way of knowing the duration of the recession”. He REJECTED the lay-off of civil servants as a METHOD of SAVING the economy, saying: “Prime Minister, RETRENCHMENT is NOT a POLICY! It is an ACTION of LAST RESORT because of FAILED POLICIES.” [Daily Nation, February 14, 2014]
“Cheese on bread,” rather than accept or work with solutions presented by the various economists, financial institutions, special interest groups and organizations, or even Estwick, this inept DLP administration prefer to follow a failed path for the past 9 years EXPECTING DIFFERENT RESULTS.
Instead of extending the 10% reduction in their salaries to remain in SOLIDARITY with public sector employees who had to endure salaries/wages freeze, amidst an increase in taxes and the cost of living, over the past 7 years, these greedy, selfish DLP politicians went to parliament to reinstitute their 10%. Is this not a clear INDICATION of “self interest?”
Are these not CLEAR EXAMPLES of “politricks which are BENEFICIAL to SELF INTEREST with a HARM of DESTROYING the FOUNDATIONS of a country?”
What if China is funding both Parties .. they have been courting lawyers from both Parti for the past few months, any plans to develop manufacturing in Alternative Energy components will die in the water .. or more accurately in the Customs warehouse at the seaport
@ Artax February 9, 2017 at 8:27 AM #
“After refusing two requests to be included in a team of economists, where his skills could be utilized in service to Barbados, Arthur is now saying: “The time has come for a national consensus, that the Prime Minister tries to generate, as to how we are going to address the expenditure adjustments that are required,” Arthur said. [Barbados Today, February 9, 2017]”
…………………………………………………………..
As usual, excellent post…..right on point!
I only just read Barbados Today and read the article by OSA. For a man who I greatly admired, I have to shake my head.
He went on a rampage when MAM suggested that he should be a part of a national consensus and all of a sudden he wants a consensus? He said then that the dems would not listen in any case and that the dems would blame the outcome on the BLP. So why the change of heart? Back then when MAM suggested the coming together, it would have made all the differnce in the world no now. Let the dems burn in their folly and arrogance.
Is this to give his friend, the three time loser time to establish a movement? This country at the brink of the cliff and he does not want an election? I hope she has the decency to resign frm the BLP or is she baiting the BLP for a fight when they have to expel her.
The people that have us in this perpetual state of decline cannot be the ones to bring us out. They do not know what to do.
By the way, where is Donville Inniss on this mess with the CBB governor and the directors?………he puts his mouth in everything.
@ Artaxerxes
You is a man with the archiv keys.
I would ask you to research th very first time that the bajan electorate heard of Justine Robinson
It was with a so called project to harmonize the transport board buses AND MORE SPECIFICALLY he was the genie who was engaged and paid $400K de ole man wa told to organise dat free bus rides fr schoolchildren and ole peoples dem.
Dis is why de ole man always talking bout REMEMBRANCE.
Dis i de same man who was to mek de transport board system more efficient and the network of public and private buses reach every body who, after getting he money, ef up de damn system and now Lashes and panday and one Alex Linton Director of the Transit Authority doling out more licenses dan de routes dem selling can tek.
Jes Like Boyce and Johnny Tudor before he.
VOTE ALL UH DEM & DE BLP OUT
I got to change me display picture
Salutes ***
…”Arthur is now saying: “The time has come for a national consensus”.
Its’ great to hear this conclusion, sadly it came AFTER the horse has bolted the stables.
………
…”How about focusing on practical strategies to increase work discipline and productivity?”
How does this create Forex or curb its flight? Forex is IMPORTED, to be exported.
………
…”How about focusing on practical steps to encourage the establishment of new industries, new product lines, new ways to earn export revenues?”
NOW we talking.
1. Lets look at consumer goods as per the Bajan household. Fridges, stoves, washing machines, television sets, computers, furniture etc.. Produce these items locally for consumption and for export. Facilitate Industry.
2. Use what we have and work with it.
THE TOURISM PLANT. Like Bajans and the world over, when it comes to school holidays, parents seek to have their children/STUDENTS engage in activities or “babysitted”, Target that niche market. GET THEM HERE, make it irresistible.
………
…”Bajans either have to produce more that can be sold on the global market, reduce their consumption of foreign goods and services, or both”.
Why is it that a handful of persons can by the scribble of a pen burden a country and then expect the population to facilitate their encroachments and not seeing value for dollar?
Bombarding THE PSYCHE about productivity will nor produce it, empowerment will.
THE ECONOMY is not an organism that we must support, but a MECHANISM FOR CREATING WEALTH, broadly distributed and working for EVERYONE, and until we GET IT RIGHT (the perspective) there will be the adverse cuts and cutbacks, retrenchments, and failures et al…
………
…”The solution to the problem would be to do as Adam Smith has stated long ago: “If you can import a commodity at a cheaper rate rather than to produce it as an exorbitant rate, then do so and vice versa”.
ANY PRODUCTION LOCALLY should carry little or NO Forex input. Imports on the other hand is a definite bite in Forex. If Mr. Smith lives in the US, then it benefits him. The rate exchange enriches him.
………
…”One of government’s policies to REDUCE the DEFICIT was to retrench over 5,000 employees from an already INEFFICIENT public sector. With a reduced workforce and no significant improvements in TECHNOLOGY or EFFICIENCY, the public sector remains “inefficiently unproductive and uncompetitive.”…
Although true to some extent, the public sector, should not carry the blamed when expected output is reduced. The private sector numbers must also be factored in the equation.
Who creates the revenue for the Government? well, by cutting and slashing they are self imploding,
…”This evidenced by the amount of time it takes to undertake simple tasks such as renewing a driver’s license, applying for a driver’s permit or police certificate of character”.
Inefficiency yes, but does not effect Forex and that PCC is a compulsory forfeiture of ones constitutional right by employers using the system.
……….
…”I also believe government needs to implement new, innovative policies to improve PRODUCTIVITY and COMPETITIVENESS, which are important factors in generating net foreign exchange inflows and influencing economic growth”…
Again its the PERSPECTIVE. Bajans love Flying Fish and to get them they have to venture OFFSHORE.
USDs are offshore, we cant print them here, yes we can produce to sell offshore but we can work offshore to get them here. NICHE MARKETS.
……..
…”He talked about elimination, not reduction of the current account deficit, he slammed bureaucracy for the lack of construction jobs, (he formerly referred to administrative delays) and after the professor had grouped government spending into 3 categories, the Gov chose to highlight twice, public wages as the main culprit. He avoided any reference, as he has done in the past, to the measured success of government fiscal policy initiatives.
When Ms. Wellington suggested the BRA capture net possibly had in too many holes. the Gov didn’t bite. He ignored the revenue side and focused on costs/expenditures, suggesting his opinion is the revenue generating tools are maxxed out”…….
ANYONE (in the know) can see that the statements made OF elimination, bad bureaucracy, delays, public wages (too high?) fiscal policy and the mention of CONSTRUCTION JOBS letting the cat out the bag, a very good spokesperson indeed.
………
…”Govt. expenditure in health and education. Terrible in need of a drastic fiscal overhaul”….
A drastic overhaul?…. for better or worse? we talking about people standard of living.
ITS GETTING TO A STAGE WHEN PEOPLE WILL SAY “ENOUGH IS ENOUGH”.
…….
https://www.barbadostoday.bb/2017/02/09/transport-board-slams-brakes-on-napsac/
Looks like Transport Board is finally falling apart completely, it’s been a while in the making, so who is going to purchase it with CGI Insurance and Peter Harris created liabilities piled up high in the Supreme Court.
Harris might have to purchase Transport Board himself if government throws up their hands in the air and holds a fire sale, after all he is responsible for all those liabilities, with his years pf playing slick and dishonest in refusing to settle or bring closure to personal injury cases and he himself just held a fire sale of CGI Towers to Scotia Bank, word is he had to take the money that was offered for the building for a number of not surprising reasons, hence the secret sale.
All the nasty things they are doing to the people, has finally reached its limit.
I understand that many of Transport Board buses parked at Mangrove are in need of minor repairs and replacement of differentials.
However, as was the “policy” of TB for years, many buses are “cannibalized” to keep other units operational. In other words, if “Unit A” is need of “part A” and that part is not readily available, that is unit is used to source parts to repairs other units, until it is no longer in “serviceable condition.”
I also heard that Lashley has secured a number PSVs which are serviced or repaired by the TB. If these allegations are true, then I see a deliberate attempt to “sabotage” TB in an effort to provide a basis for a proposal of privatization.
The idea that in tge 21st century govt can continue to deliver free education and health care across the board to every individual is ludicrous and a luxury no govt can afford.
Somebody needs to give a straight talk of advice to this society because sooner or later there would be nothing to look forward or nothing to give
Govt need to look at models that give preference to the most vulnerable while implementing policies which would introduce plans for others to pay a certain percentage of their salary towards health care with a provision on a lower tax scale
Chuckle…….Our politicians should be more Trumplike and deliver exactly what they have said on the political platforms and in their manifestos,hopefully this will happen this time around.
https://www.barbadostoday.bb/2017/02/11/hyatt-approved/
Hyatt got approval oh well….big shit sailing on the ocean, oh what promotion…lol
Wonder if any government ministers or yardfowls went swimming in the shitbomb by the River bus terminal yet, they should,
Ya do not want small island idiots of parliament emoluting a bigger idiot and illiterate in the white house, Barbados has enough problems with its current retarded leaders as it is would would be more than happy to destroy their own people….that is what the US is fighting against with their resident illiterate leader.
Exactly how do these lawyers know an impact study is not needed for this project…….the Town Planning Act of requirement has nothing to do with public safety……are they engineers, was a study done before, if done years before, rising sea levels and beach erosion is now more dangerous than ever, are they thinking of that or are just fueled by greed and arrogance and no sense or care for safety.
Kick Fruendel out of parliament next year.
“Hyatt approved
Final decision to be announced in two weeks, say officials
Added by Neville Clarke on February 11, 2017.
Saved under Local News
0
The final decision on the controversial Hyatt hotel on Lower Bay Street, the City will be announced in two weeks, official sources have said.
The sources told Barbados TODAY that approval had been given by Prime Minister Freundel Stuart for construction of the multi-million dollar development to begin, and Town Planning officials were simply putting the finishing touches to the agreement before the announcement is made.
According the officials, lawyers have advised that an environmental impact assessment (EIA) was not required under the Town & Country Planning Act, therefore there was no reason for any further delay to the US$100 million Hyatt Centric Resort.”
vote buying year 2017, votes for jobs, vote for jobs, sell out ,,, He thinking he will keep his seat by talking jobs, He has been a crook for far too long and must be replaced, Crooks come with the same MO all the time, People need to see that, Hows many jobs must i report in the news to have suckers vote for him again? People let their ears fool them ,
https://www.barbadostoday.bb/2017/02/11/go-after-the-private-sector-govt-told/
This is a start.
The following is a response by Mark Adamson of the PDC, to Barbados Today’s article of Monday, February 13, 2017 re: “Pressure mounting on Central Bank Governor.”
Mark Adamson
February 13, 2017 at 2:32 am
The below post is a reproduction from a Facebook post that was helped done by me some weeks ago.
“Dr Delisle Worrell must be FIRED from his position as Governor of the Central Bank of Barbados.
For, et al, it is methodologically and logically improper and unsound for him to have been recommending to the government of Barbados any tightening of fiscal or monetary policy based on some failure of the country to establish the principle of balancing foreign receipts inflows with foreign receipts outflows in the relevant financial accounts of the government of Barbados.
As a matter of fact, it is egregious for him and the government to make countrymen and women believe that any political economic and financial agenda of this country could be based on such a principle of balancing foreign receipts inflows and foreign receipts outflows, when it is impossible to non-nonexistent, in the first place, for any country to establish such a principle of balancing foreign receipts inflows with foreign receipts outflows, primarily because foreign receipts inflows are one set of variables totally different and totally mutually exclusive to foreign receipts outflows – another set of variables.
Hence, it is absurd for any one to make any one else believe that there are points at which such receipts inflows and receipts outflows balance, when the truth is that there is absolutely no relationship between those two sets of variables, and when the forces driving foreign receipts flows inwards and the forces driving foreign receipts flows outwards are moving in two groups of totally different directions.
Hence, it is impossible to non-existent for any government to bring about any measures that can be used by itself and the relevant others to control those ever very diverging forces to the point of bringing about such balance.
What is needed to be done from now on, in this country, is for foreign receipts inflows and the circumstances and forces giving rise to them to be treated on their own, and foreign receipts outflows and the circumstances and forces giving rise to them to be treated on their own as well.
All the aforegoing shows why so-called exchange rate parities involving the Barbados Dollar (metaphor) are totally absurd and preposterous, and shows why economics remains the most vile and discredited of all the social studies disciplines in this world.”
+++++++++++++++++++++++++++++++++++++++++++
Mark Adamson………. UTTER NONSENSE!!!!!……….I’ve never read such rubbish in my life and what is even worst is the fact that you were brave enough to mention “a Facebook post that was helped done by me some weeks ago.”
There is a reason why Adamson’s (PDC) comments have been rubbished by the BU family.
Freundel Stuart should have given Chris Sinckler an ultimatum as well.
Barbados is perhaps the only country in the world where a Minister of Finance has continually demonstrated he and his policies are abysmal failures and he has not seen it fit to resign or the PM relieving him of his portfolio.
However, the performance of Dr. Worrell and his subsequent “attempted sacking” is an indictment on Sinckler and by extension, this inept DLP administration.
Another distraction at the worse time.
GOVERNOR OF CENTRAL BANK of Barbados Dr Delisle Worrell went to the High Court yesterday and successfully sought a temporary injunction against the Minister of Finance
In an unprecedented move, Worrell was granted a Sunday night hearing before Justice Randall Worrell in the Supreme Court, where the Governor’s lawyers were successful in their request.
Sources said Worrell was reportedly given a choice – resign or be fired.
The economist, who is in his 70s was appointed Governor in 2009 and received another five year term in 2014.
David;
What distraction, what?
Dis is de real ting!
Just think.
Why would the GoCB, after printing money for years, at the order of the MoF, suddenly make noises to suggest that he couldn’t continue to do that?
What does the whole debacle at this time suggest is the real state of the foreign reserves?
What is the only order that could have been in the purported letter from the MoF to the GoCB that could have triggered the righteous anger and reported response by the GoCB?
Looka, we en far from dere!
@AWTY
Think about it, it is a distraction at a time the economic engine of the country should be well oiled.
>
Will the teflon coating of this govt finally be pierced???
https://www.barbadostoday.bb/2017/02/13/pressure-mounting-on-central-bank-governor/
How is it that a government with a scant majority of two in parliament, can do so much shiite, for so long, in so many areas, …and no action is taken by the opposition to oust them?
Surely we should get the chance to see EXACTLY which politicians will actually vote to support this kinda shiite…
One gets the distinct impression that the opposition cares more about how best to gain the spoils of war than they do about the good of Barbados…
It seems to me that the Governor of the Central Bank is refusing to continue to print money. This refusal may be contrary to the instructions of the Minister of Finance. If money is not printed, how will public sector salaries and wages be paid? If money is printed how will the foreign reserve levels be maintained?
The words of Dante’s Divine Comedy come to mind: The inscription above the gates to Hell read “Abandon all hope, ye who enter here”!
@ Ping Pong
The words of Dante’s Divine Comedy come to mind: The inscription above the gates to Hell read “Abandon all hope, ye who enter here”
+++++++++++++++++++++++++++++++++++
…and as you know, we had the formal welcome ceremony last December 1 when we dedicated the monument to Satan on the Garrison…..
@ Bush Tea
You is a man who does say soooo much in the likkle bit that you does say bout dese tings
“…One gets the distinct impression that the opposition (THE EFFING Mugabe Lot of vipers – my addition not yours) cares more about how best to gain the spoils of war than they do about the good of Barbados…”
And as a footnote to your observation Own Area (a play on Owen Arthur?) states “GOVERNOR OF CENTRAL BANK of Barbados Dr Delisle Worrell went to the High Court yesterday and successfully sought a temporary injunction against the Minister of Finance…”
By themselves they would pass the eyes of 95% of the Bajan populace who ent give one shy*t but in concert one realises that the DLP appointee of the Central Bank and former servant to these masters did “without malice or aforethought, on the Lord’s Day and the Sabbath, find a Judge, to the wit one Justice Randall Worrell, purported avowed supporter of the BLP (for indeed did he not get said Judicial Position under the BLP) who did grant an injunction to said GoCB.
De ole man like i say and AC says and Walter PPK says, ent too bright but ……
I invite the BU maguffees to read my post in Diaspora Corner.
Central Bank governor gets injunction to stay in office – See more at: http://www.nationnews.com/nationnews/news/93510/central-bank-governor-injunction-stay-office#sthash.ne1jlz65.dpuf
Piece of de Rock
All of that is all well and good but Delisle Worrell is a creature of the Minister of Finance and the DLP, so you know things got to be real bad, injunction or no injunction, if the MOF trying to fire him and creating a fictitious divide between the Board and CoCB, no?
The Board and the Minister accusing him of not holding formal press conferences, he ain’t learn that from his masters?
and continuing on in the thread of an ole man who is an ignoramus in things dealing with economics i will repeat this sentence from Northern Observer.
Who in his submission earlier made the following observation/statement “…he ignored the revenue side and focused on costs/expenditures, suggesting his opinion is the revenue generating tools are maxxed out…”
Now let de ole man give me ingrunt take bout dis issue in me simplistic way.
from what i unnerstand bout dis economics ting as a government you does mek money by taxing tings or supporting and facilitating an environment where tings can be manufactured and sold or, as in the case of tourism, ensuring that certain enablements obtain for agrigulture, tourism, health security, transport, telecommunications etc so that industry can flourish and there can be trade (balanced)
I can only unnerstand at de shop level, like Moon Town in St Lucy.
So if i buy stock of value “x”, and employee salaries of amount “y” and other operational expenses of a cumulative of “z” for me to keep me Moon town shop open, my sales from stock “x” must at least be equal to X + Y + Z
and for me to stay in business, if X increases yearly, and de union always striking to get Y to get increase den, unlessing i want to close my business I got to get tings and increase “x” sales, mek sure that de people dat i paying “y” to is wukking and deserving of “y” and manage “z”
Now if de ole man try to translate dis to all dese big terms bout macro economics and ting it would seem that
(i),the “x” that i have invested in for 50 years, is the same ole stock, like expired condoms and not only dem past dem expiry date, people want lambskin prophylatics
(ii).management has hired and continues to hire more employees “y” than are needed to be in my shop, so much so that there are so many of them in the shop that customers cant move round in moon town and of course even a simpleton like Physical Defcit can understand what “z” parlays into.
The “revenue generating tools are maxxed out” because the successive groups of simpletons that we elected to manage the shop DO NOT EFFING KNOW HOW TO AUGMENT, APPEND ADJUST OR CULL “X” and therein lies our problems
Cause while we accept that costs and expenditures must be MUST BE culled, we have to accept that there are still employees who must be absorbed elsewhere and one would be hopeful that a skilld HR pool might be retrained to be absorbed in a planned pertinent expansion of the X portfolio.
But such is for men of vision and cannot be found among men whose national development plan is hinged on Untested Assification Plants and Del Masturbation outdated Solar Farms
Bless them all, they cant do any better, cuh dear…..
Looks as if he is refusing to print more money thereby placing govt in a bind as far as their wage bill this month is concerned and placing their 10% increase in jeopardy.
The only way out is to fire him,appoint someone else,print more money,ensure the feel good factor for the next 15 months,win the elections and then face the collapse of the country……QED
Vincent Haynes;
Seems to me you’ve got it. That is the most reasonable interpretation and likely outcomes of the going’s on from the few facts available. But is it fairly likely that the collapse could come much sooner than you envisaged above?
Call a general election now.
…… and what does the current situation suggest about the foreign reserves?
@ Vincent HaynesFebruary 13, 2017 at 10:59 AM
Vincie, it is not out of sound professional judgment the cowardly quack is jumping from the ship but because of the non-negotiable instructions from the IMF who has threatened to reveal the true state of the foreign reserves and the fudged statistics compiled over the years.
Ask the recently retired Codrington if you think I ‘lie’!
Confidence in Barbados and its managers are totally blown out of the water.
Miller and AWTY
This is going to be an interesting week…..lets see if the teflon holds,only slightly dented not torn yet……
Forget the foreign reserves, that is voodoo. The real problem is a lack of fiscal and monetary policy.
@Hal
And confidence!
Where are Alvin Cummins and the ac consortium of yard-fowls?
The day of reckoning is at hand.
Stop hiding in the pit toilet and show your dirty face crying with abject shame from what is happening between the Guv and his DLP bosses.
Don’t turn into a ‘MIA’, come out and cuss the Guv for this show of fearful disobedience to the demands of his political masters.
A spanner has been thrown into the workings of the printing press thanks to the devil that Bushie claims has risen from hell since the burying of the broken trident at the Garrison.
First the shite spilling all over the place and now the pending collapse of the economy.
“Beware the Ides of March!”
Don’t be surprised if some public sector workers are not paid at the end of March.
“Confidence thrives on honesty, on honor, on the sacredness of obligations, on faithful protection and on unselfish performance. Without them it cannot live.” ~ Franklin D. Roosevelt, First Inaugural Address (4 March 1933).
“Trust not him that hath once broken faith.” ~ William Shakespeare, Henry VI, Part III.
Another scenario is being tied up in court for 15 months which will either allow us to see an innovative govt in action or an ealry election either of which will satisfy the populace.
Board of Directors
Dr. R. DeLisle Worrell. Ph. D, Chairman
Mr. Martin Cox
Mr. Cecil McCarthy LL. B, (UWI) L.E.C.
Ms. Onika Stewart LL. B (UWI) LL. M (Lond) L.E.C.
Dr. Justin Robinson B.Sc., M.Sc., Ph. D
Mr. Bjorn Bjerkhamn M.B.A.P.E., B.Sc.
Mr. Elson A. Gaskin, LL. B. (UWI)., L.E.C.,
M.B.A., M.I.C.B.S., Secretary to the Board
WHEN ARE THEY GOING TO RESIGN?
1/3 of the board is made up of so-called lawyers, exactly what skill set do they possess to entitle them to members of the board?
And this Own Area is the crux of our problem
Job vacancies filled by names and people with so called social standing who do not have one freaking idea about what they are appointed to do.
This is the scourge that Barbados is plagued by.
A bane of Superlative Incompetents who, because dem is Sir So and So, emphasis pun so and so, get de job and proceed to ef it up royally, round pegs in square holes.
For 5 years too
It couldn’t have happened to a more ardent disciple of the Fatted Calf Brigade.He pit his credibility on the line by….1)Fudging unemployment numbers to make the FCB look efficient……2)He drove a little Mini Cooper rather than utilize the Bank’s big ride,so as to identify with the impressionist mantra of cutting expenditure… 3)He refused to entertain questions from the Fourth Estate on the State of the Economy by substituting ‘fireside chats’on TV for open press conferences style reviews….4) He allowed the commercial banks to set their own interest rates and refused to control their lending rates so as to encourage junk bond sales to an unsuspecting public at a higher interest than savings rate….5)He took tainted the tainted money of one Clico man on instructions from a non leper politician…..6)He allowed use of milllions of the Housing Credit Fund to pay for construction of the Grotto project….7)He disregarded advice from the IMF to separate the day to day management of the Bank from the Ministry’s involvement in its management and control,that is to separate the monetary from the fiscal…..8)He affected the balance of the foreign account by continually tainting the money supply.
Well the gloves are off.The Governor might have got an ex parte injunction from the High Court but his ass is grass and once again like they did to Dottin,the tax payer will pick up the tab.Christine Lagarde would have had the last laugh.Proof that it’s not what you know in life but how you play the game.
@ millertheanunnaki February 13, 2017 at 12:13 PM #
“The day of reckoning is at hand.”
…………………………………………………………..
We told them so, did we not?
What would be interesting to know is if this “resign or be fired” ultimatum was communicated to the governor after the cabnet met on Thursday.
But look how they could find a judge on a Sunday to issue a stay order when people have been complaining bitterly that the court system is in such a mess.
Well, I fully exect that all hell will break loose today as this government does not respect the law and by tomorrow who knows if they would get their selected COP to block the governor from entering the building.
Who knows? I told my spouse last Sunday after reading the story that this is shaping up like the BTA-Sandi fiasco…………………
Excellent, Gabriel.
Also remember that under his leadership the CBB consistently made losses with maybe two years exception.
Under his leadership, he decided to make up his own statistics as we know that there is no way that the unemployment rate could be 9% and he has been consistently blowing the entertainment budget with exclusively catered meals………..let the “fun” begin!
We warned them but they did not want to hear anything from us…their posture was…….. they won and were going to do things their way.
Now we can see the light at the end of the tunnel but it is a big able freight train!
It seems as if the ac “think tank” are busy preparing a response.
Interesting to see how they will spin this ball.
Owen Area,
That is the problem, not just with the central bank, but with Barbados: the lawyers have carried out a non-violent coup.
You are right, what skills set do the lawyers bring to central banking. We must purge ourselves of these people and we can start by rejecting them at the polls.
“But look how they could find a judge on a Sunday to issue a stay order when people have been complaining bitterly that the court system is in such a mess.”
This is on everyone’s tongue, Worrell gpt his namesake Worrell to open the supreme court on Sunday to issue an injunction.
BUers been suggesting night court to cut into the backlog…..ah guess the taxpayer’s dont matter.
“find out who the economist is that threaten to sue CBC if the facts of the financial raping of four seasons is ever revealed”
I just came across this online comment…the government ministers and the opposition leader Mia along with the Persaud dude know well enough about the 4 seasons rape and rip off of NIS pension funds…..
…….this is how the ministers and politicians misuse and abuse the island’s libel laws to rip off the taxpayers…none of them ever thought it would one day be exposed to the world…, DBLP members are disgusting bacteria posing has humans.
Now that they are ready to disgard Worrell like garbage…if he had an ounce of decency, he would tell all publicly.