Sinckler’s Spiel

Minister of Finance Chris Sinckler

Minister of Finance Chris Sinckler

In the wake of the unusual event of the former Governor of the Central Bank DeLisle Worrell resorting to the Courts of Barbados to prevent Minister of Finance (MoF) Chris Sinckler from sacking him, the BU household eagerly looked forward to the MoF’s press conference. High on the agenda for Sinckler should have been to quell understandable concerns at home and abroad given the imbroglio between Worrell and Sinckler. Instead we were treated with a regurgitation of economic spiel heavily laced with political rhetoric.

It has become obvious to the BU household that minister of finance Chris Sinckler lacks the ability to infuse confidence in the market with his monotonous interventions. How many times have we had to listen to the finance minister raise expectations of Barbadians concerning projects in the pipeline only to be disappointed? As a Barbadian we continue to kindle the hope that Sinckler will deliver at this eleventh hour.

BU would have wanted to hear Sinckler explain why forex reserves have been trending down in recent years. Especially against the background of a rebound in tourism performance by arrivals. It is obvious there is a systemic issue to explain about the quality of sector spend and foreign direct investment contribution. And the bigger issue of the robustness of the fundamentals which support the local economy. To quote BU commenter Bernard Codrington,  “Unless the success of an industrial sector translates to the success of the nation it is dysfunctional/ counterproductive”. After listening to Sinckler there is no brimming confidence felt by Barbadians that receipts from projects promised is a sustainable approach even IF they should eventually materialize.

The MoF cursorily addressed the problem of the nagging fiscal deficit. The junior pool of reporters present let slip the opportunity to press the MoF on the plan to rationalise state enterprises. The MoF promised Barbadians many moons ago that statutory corporations will be rationalized. Wasn’t a committee headed by Dr. Justin Robinson established to chart a roadmap to execute the Sinckler Plan. A year from the next general elections and the government continues to dither on its implementation. Clearly the project to rationalize statutory corporations is integral to reducing the fiscal deficit. At this late stage in its second term It is difficult to see how this DLP government will aggressively pursue rationalization if it plans to win the general election.

Minister Sinckler is no Janet Yellen. Stating in his most deliberate voice that there will be no devaluation of the Barbados dollar will not make onlookers believers. Barbadians and foreign investors alike will evaluate how effective government policy has been to support conclusions. They will study documents created by the Caribbean Development Bank, International Monetary Fund and take note of the mouthings of government’s own minister of agriculture David Estwick. All have been uncomplimentary about government’s economic performance to date.

Another opportunity missed by the junior reporting pool was to quiz the MoF about Barbados’ waste management strategy post-Cahill. The island’s inability to efficiently treat its sewage and garbage has the potential to undermine the favourable forecast of the MoF.  Surely it was not the time to quiz the MoF about late tax returns?

Why was the MOF flanked by the MoC at the press conference?

155 comments

  • Angela,

    Spot on. Arthur’s growth story is a myth. But intelligent people bought in to it.

    Like

  • Chuckle….intelligent people bought into CLICO…….it would seem that intelligence can be trumped…..

    Like

  • The strain of OSA economic policies is now what is shaking the economic foundations . Past policies built on voodoo economics which help a few but in the long term of fiscal prudence was unsustainable and now rubs against the grain and culture of a people steeped within a political apparatus of division
    For what it is worth Mia Mottley played a big role in helping to shape those policies and she should not now or ever be rewarded

    Like

  • Vincent,

    Insurance companies fail. The real problem is a regulatory one. In Barbados, as we do, the answer was to legalise the problem. We know nothing about regulation. Intelligent people buy insurance, but depend on the state to regulate these bodies. Clico shows we are not as mature as we think we are..

    Like

  • And yet you welcome him as an independent when he sits in parliament to frustrate the BLP.

    #JA #yardfowl

    Like

  • Well Well & Consequences Observing Blogger

    ACs…ya should stop Fruendel from having Arthur as an advisor on things economic, what happen, dont yall have any power.

    Like

  • There is not one fiscal policy under the OSA administration that anyone can point as assurance that was left in place sound and strong enough that could have helped Barbados withstand the agressiveness of an overheated global economy during the 2008 melt down
    In essence barbados was left to fend for itself having to face enormous debt and very little financial security to pay off external and internal debt
    The first casualty being the public service which during the OSA administration had expanded leaving present govt hands tied to a decision making of hurting families in order to pay Barbados debt

    Like

  • And to improve on the idiocy of padding the public service it continued under this administration.

    Like

  • @ David,

    Successive parties has used the “army of occupation” for political gain and to reduce unemployment.

    Like

  • @Hants

    This is why when you spot anybody proffering that argument you can label them yardfowl right away.

    Like

  • Again i reiterate the importance of strong and sustainable fiscal policy which rather than hurt is sustainable in the forward movement and progress of a country
    For that only OSA is a failure.Proof can be found in the 2008 global meltdown when barbados was caught like a deer staring in the headlights and the one economic basket left behind after OSA years of goverance was unable to produce .
    A country tied to one economic nest egg is doomed for failure.
    OSA had fourteen years of fortune when he could have taken Barbados away from a heavy reliance on a one nest egg policy but he did not and that too is proof of one of his many failings
    Barbados has now become trapped in debt and asking or expecting OSA to have an answer is living in a fools paradise

    Like

  • Angela,

    You are the only Barbadian commentator who calls it as it is as far as Arthur is concerned. His decision to sell off the BNB – and the ICBL – inflicted the biggest blow to financial intermediation in the island’s modern history.
    He left the new DLP government with a heavy burden, although they cannot claim that after eight years. I see the suckers are going back for more.
    Arthurs’ great contribution to Barbados economic history is to go away and write a book about his 14 years. He has nothing to contribute to the present debate.

    Like

  • Yes Barbados needs good goverance but not the goverance that set the stage for economic self destruction.
    The kind of goverance which was acceptable and lead by the OSA administration

    Like

  • Hal and Angela;

    The statistics and even the visual evidence of growth during his years tell a diametrically different story to your rewriting above. But that story is for another day.

    For today, I think OSA should take the proffered chairmanship but exact his pound of flesh from Freundel. I think he cannot, in good faith, refuse the call to do this duty for his country.

    However, he should extract written conditions from the MoF if he does take it up, including the right to publish his reports if actions are taken that are contrary to the recommendations of the council.

    There should also be a recognition by BU posters and the Government and OSA himself, that OSA is not a magician and that the current conditions we are in leave very little wiggle room for innovative thought.

    Liked by 1 person

  • Sir growth on what scale! Growth on what level! Growth driven on ridder of unsustanabily is that what you call growth.
    Real growth produces longlasting results not sandwich within a mountain of debt which is the crux of this contention

    Like

  • Well Well & Consequences Observing Blogger

    http://www.nationnews.com/nationnews/news/94034/howard-worrell-quit

    Same thing I was saying this morning about central bank governors being mere political tools in these forever developing small islands. The onus is now on the fly by night governments to relegate the central bank to the independent entity it should be….what a shame, disgrace and abject failure these politicians have turned out to be after 50 years.

    Howard: Worrell should have quit
    TIM SLINGER, timslinger@nationnews.com
    Added 28 February 2017

    Redacted merger application of BNTCL and BNTCL Holdings Ltd Read More AS I SEE THINGS: Developing Barbados Read More Badminton finals thrilling Read More No to rule change Read More

    DESCRIBING CENTRAL BANK governors as being seen as “puppets” and “creatures” of the Minister of Finance, economist Professor Michael Howard says dismissed Governor Dr DeLisle Worrell (below) should have resigned and not allowed himself to be fired.

    Howard, professor emeritus at the Cave Hill Campus of the University of the West Indies, said Worrell must “blame himself fully for his ignominious firing by the Minister of Finance”.

    He told the DAILY NATION yesterday: “Dr Worrell failed to realise, or forgot that central banks in developing countries are not autonomous or independent financial institutions. Moreover, central bank governors in these countries are usually seen as creatures or puppets of the Minister of Finance and are treated as such.”

    Like

  • @ Vincent
    Chuckle….intelligent people bought into CLICO…
    ++++++++++++++++++++++++++++++++++++++++
    Name one…!!

    Like

  • The worms who are lining up to castigate Dr.Worelll should be mindful of the fact that Dr. Worell guidance was much appreciated during the early years of economic stress.
    His biggest problem was of late when he unsuspectingly played into a narrative led by the opposing party which could have played a role in his dissmisal
    The tears shed for Dr.Worell by the opposition are coming from glass eyes

    Like

  • Bush,

    Intelligent people buy insurance…..if you do not then you are stupid. The problem with insurance in Barbados is poor regulation. Even the former regulator has been captured by the industry – after a few weeks out of the job. What is going on?

    Like

  • millertheanunnaki

    @ angela Skeete February 28, 2017 at 2:29 PM

    Ac we all know you have exhausted all your wasteful energy in being a common-class yard fowl but by changing your initials from “ac” to “as” you are still cackling to the world you are still a blue as(s) fly tainted with yellow paint and buzzing around the cesspool on George Street.

    Don’t you see how out of touch with reality you really are?

    Here you, an accredited clone of a yard-fowl find yourself on BU cussing OSA ad nauseam while (behind the mask of another as(s) condemning absurdum ad infinitum his 14 years of squandermania and mismanagement of the Bajan economy leading completely to all the social and financial problems now facing your dear loving party administration.

    But behind the scenes and hiding in the bunker from the fallout of economic shit which is hitting the political fan are the top-brass members of your administration secretly making deals with the same General OSA the field marshal in the war that destroyed the Bajan economy.

    Ac, now transmogrified into a truncated ass for an “as” the time has come to stop criticizing your administration in naively inadvertent underhand ways.

    How can you in all honesty be a diehard blowfly supporter of your dying but still lying administration while at the same time want to prevent the undertaker from the OSA funeral home from making early arrangements for its inevitable internment?

    In other words old ac, under the disguise of the new found as(s), stop your cackling criticisms in your carping attacks against the only man whom you administration wish to now hail as Chief Moses.

    You are making the DLP look totally desperate, listless and pathetically lost at sea.

    Why not start singing OSA praises in his acceptance of the invitation to sit at the table reserved for deceivers, liars and pimps at the banquet put on by Lord Evil of the Stinkliar & Fumbles underworld with voodoo entertainment chanted by the choir of anti-MAM protestors?

    Like

  • Well Well & Consequences Observing Blogger

    Yeah…name one…lol

    Like

  • @Bush Tea

    The CLICO list reads like a who is who of Barbados. It is a list the PM hinder that he has possession?

    Enough said about Barbadians given what the dragnet pulled in.

    Like

  • Violet Beckles CUP

    The problem with Bajans that they dealing in long talking , and helping to cover up from the people , To many crook minded people on BU must be on the printing press of the CB,
    New money must be coming their way to cover up and CON-fuse the people looking for answers, Basic police work not so Royal BarbadosPolice Force waiting for Money,

    “What is important but hasn’t emerged in the discussion though is that money creation mostly occurs when those funds get into the financial system, where commercial banks can start using those funds to lend. But, most commercial banks haven’t been using the funds to lend, they have just been accumulating additional liquid assets at the Central Bank because of the uncertainty of the economy. So, the amount of money creation taking place is not as much as we would have expected if the Central Bank was doing that kind of activity in normal situations. –
    See more at: http://www.nationnews.com/nationnews/news/94023/professor-tells-printing-money-means#sthash.gCBFQSsE.dpuf

    All you smart ones and you call yourself Adults looking to make things better in Bim base on lies, This is the Key Stop the long talk ,,, if you see and know post or step off,

    Like

  • millertheanunnaki

    @ Bush Tea February 28, 2017 at 3:41 PM
    “Name one…!!”

    Didn’t Lord Fumble confess he also has some skin still left in the CLICO ponzi game?

    When a man like Greenverbs can convince a political smart-ass like FJS there had to be more in the mortar than an exchange of cash for policy.

    Some other form of ‘ whitish liquidity’ had to pass between the two con men of chalk and cheese to make up that all-male sandwich.

    Like

  • Poor dems……..turning to OSA has to be a move of pure desperation.

    After Dr Worrell would not allowed himself to be used anymore and with the economy now at death’s door………..they are now going to turn to man who lambasted MAM and told her he does not want to be part of any eminent persons group as the dems would turn around and blame the Bees……………what a thing.

    Like

  • @ Hal and Angela Skeete
    Why should we be surprised that Arthur
    could find or be given role in the DLP.
    Dr. Mascoll criticized Arthur’s policies
    and ended up in his Cabinet.
    These two parties are identical twins. Six of
    one and half dozen of the other.

    Like

  • William and the NDP was what? 33% of one 1/3 of the other?

    Like

  • Isnt OSA tied indirectly to one of those third parties which he has denied
    Such a story should give govt guidance and recourse as to whose ox OSA is available to hitch his wagon

    Like

  • millertheanunnaki

    @ Prodigal Son February 28, 2017 at 4:29 PM

    This move by OSA has nothing to do with any last streak of patriotism in him but a disguised attempt to drive another nail in the BLP’s electoral coffin under MAM’s leadership.

    OSA is not a man to take orders from idiots like Stinkliar. If he is not in charge then there is no bat and ball game.

    What else can OSA tell that complete fool other than what he has been saying over the last 3 years? Privatize to reduce the debt and go to the IMF for low-interest financing to restructure the remaining public service sector and the wider economy.

    The lying simpleton has promised a restructuring of the SOE’s since December 2013.
    What does he have to show for his grand efforts over the last 3 years other than the distressed sale of the BNTCL the lowest hanging fruit to pick for the ripe cherry basket?

    At this stage, what OSA could only be looking to do is to fulfil his only retributively ambitious goal and become the PM holding the MoF reins again.

    He can do a reverse Clyde Mascoll defection not by crossing the floor but by shifting his position on the same side to be recognized as the most senior primus inter pares refashioned in the Churchillian mould.

    OSA used that minion Mascoll as a pawn and destroyed his political career in his chess game against Thompson.

    A comeback for his St. Peter riding on a DLP/UPP ticket would be the last insult to both GHA and his son Tom who made that ‘red’ traitor what he is today.

    He needs to be written up in Burton Hinds newspaper by speaking the ‘Truth’ about his real motive to report sycophantically to such an idiot of a lying jackass called Stinkliar.

    Like

  • @millertheanunnaki February 27, 2017 at 9:12 PM #

    …….”It was most strategic, propaganda-wise, for the MoF to have as his sidekick that overly talkative dummy Dumbville instead of the other jester Jepter Physical Deficit Inches who prematurely spilled the beans about the fate of the worthless Bajan dollar.”
    …………………………………………

    Excellent post, my brother!

    I know one man who would never be sitting at Stinkliar’s side while he spewed so many lies was David Estwick………….he may not have even listened to him as he was at a funeral I attended yesterday looking happy enough as he greeted folk after the service.

    It was dumb and dumber yesterday………we know it but not them.

    Does the Stinkliar not get tired lying…..this project is coming, this project is on my desk for approval, this project will be approved in a few weeks, people are lining up outside my office every morning waiting to see me and people are stumbling over each other to get approvals for projects…………and after 8 years look where we are……..not one shyte!

    Liked by 1 person

  • miller,

    After David Thompson announced his cabinet in 2008 with darcy Boyce in it, OSA went into a rage and depression……….he could not believe that Darcy had deceived him. The Stinkliar will use him just the same.

    And I thought OSA was smart…..a man I held in high esteem.

    He cannot do anything to derail MAM, the people’s minds are made up and everybody knows that OSA is a spiteful man wh wants to destroy MAM. People dont like that kind of thing, they like fairness!

    Like

  • @ enuff

    My dear friend, you can do the math, in
    relation to the NDP.

    Like

  • Has OSA accepted the role or are we reacting to rumour.

    Like

  • millertheanunnaki

    @ David February 28, 2017 at 5:39 PM

    Before OSA can officially reveal his acceptance of the head of that talk shop for academics and elders he must reconcile the bifurcation between his publicly stated position on the need for Barbados to undertake an urgent and rapid comprehensive programme of Privatization involving the loss of thousands of unproductive politically-secured jobs at those fiscally draining SOE’s some of which were of his creation and the MoF’s (with the backing of the PM) promise to the workers that any restructuring would not involved any significant job losses with the undertaking that unemployment is down and anyone losing their job like the NCC workers can be easily absorbed in the fast growing tourism sector.

    He OSA also has to reconcile his openly-stated proposal for the reduction of the national debt by going to the IMF to borrow money under obvious special measures with the MoF’s recent announcement that there will be no stopping of the printing of Bajan monopoly money and there will be no visits to the banker of last resort for financial assistance in any form other than advisory support for his own home-designed restructuring programme which has been in place for the last 5 years and is still working fine but just requires a bit of tweaking or even ‘twerting’ for public show by the great OSA himself.

    Unless OSA has done a volt-face in true quisling fashion we would hate to think he would supervise the continuing printing of money to support a public sector badly in need of immediate shots of privatization medicine or the announcement of their imminent closure and burial.

    Like

  • David

    A win-win for Mia, whatever the outcome. The woman was asking for such a group, with Arthur as a member, since 2013!

    Like

  • @enuff

    And Arthur vehemently issued a refusal. Interesting times.

    Like

  • He should be ashamed of himself after cussing Mia saying he did not want to be part of any list eminent persons. He later wrote to the then General Secretary of the party and of course the letter was leaked to the Nation.

    Now he would go to be an advisor? Where is the honour?

    Like

  • Did Fumble not say he had his own eminent persons like the Stinkliar and Sealy……..?

    Like

  • The possibility of OSA in the role of economic adviser has clearly enraged William,Hal and Angela.Hal,remember in addition to tourism,FDI was in full bloom under the Bees and it was destroyed by inaction and cavalier approach of the Dees.

    Like

  • @millertheanunnaki, February 28, 2017 at 12:01 PM, on D-Day

    It takes an entire community to raise a child and vice versa a single man suffices to destroy the work of generations.

    Some folks will be very rich soon when they pay of local loans using foreign currency. Imagine this: First capital flight to the USD, then crash of the BBD, then the same persons reinvest their USD here and get lots of value for it. Money can work like a weapon.

    Like

  • Another sign for D-Day, look at Barbados Today: IMF issues new fiscal warning.

    D-Day is coming closer and closer. Will the IMF-stormtroopers land at Sandy Lane or Brighton Beach?

    However, the IMF provides NO solution to our local problems. Look at Greece: The whole Hellenic nation now “carnage” and “inner city” in a Trumpian sense due to austerity and bloated civil service.

    Like

  • men have to learn to tek a horn.

    there is a lot of biting insects.

    Like

  • millertheanunnaki

    @ Gabriel February 28, 2017 at 8:14 PM

    But how is it possible to advise an idiot reporting to a cabinet of dummies?

    It’s like Stinkliar trying to explain to Fumble the reason why he had to fire Deliar for not knowing the difference between the printing of $7 million and $7o million in Bush man’s bounce cheques.

    There is only one man in Bim capable of pulling the puppet strings of any those organ grinders in the monkey cabinet.

    OSA might be full of vindictive baloney but he certainly ain’t got the clout of the money baron maloney to make those monkeys in black business suits dance to his music.

    Like

  • @Hal Austin February 28, 2017 at 7:15 AM “I think you are confused about the objective of printing money. Dr Worrell has been printing Bds$50m a month to pay salaries. The POINT is not the printing of money in principle, but what that money is used for. If it is simply to pay civil servants salaries, then it is a waste. If it is for infrastructural development, then that is a very positive use.”

    So why is it a waste to pay my son, a doctor in public practice and who immunizes children and very positive to pay my daughter the engineer who builds bridges?

    I asked a noted economist once why is it “work” when i mind his children, and “not work” when I mind my own, especially when the tasks, the work, the job which i perform is identical?

    Like

  • MoF stated” THE INTERNATIONAL MONETARY FUND (IMF) will not be directing what happens in the Barbados economy.” But why the trip to NYC then, which is so close to IMF in Washington/DC? And why the clause in the Credit Suisse loan to subject to IMF? Haven´t we already austerity made by IMF?

    Like

  • Arthur ready and willing to work with Dem

    https://www.barbadostoday.bb/2017/03/01/yes-to-chris/

    Like

  • Well Well & Consequences Observing Blogger

    http://www.nationnews.com/nationnews/news/94079/bcd-waiting-road-traffic-act-change

    An act as simple as protecting disabled person’s welfare and wellbeing and Fruendel, as prime minister, finds that difficult to deliver, he should never be reelected, since it’s so difficult to do his job. He obviously does not know what his commitments and job description entails to the people whose votes he now needs to be reelected.

    “BCD still waiting on Road Traffic Act change
    ALEX DOWNES, alexdownes@nationnews.com
    Added 01 March 2017

    ONE YEAR AGO members of the island’s disabled community submitted a petition with nearly 12 500 signatures to Prime Minister Freundel Stuart.
    Related articles

    To date, that community is still awaiting word on amendments to the Road Traffic Act which would make it illegal to park in spaces assigned to disabled drivers.”

    Like

  • Well Well & Consequences Observing Blogger

    http://www.nationnews.com/nationnews/news/94082/costly-lawyers-cut

    I am sure the lawyers will love this one today..lol, you really should not need a lawyer to incorporate any company, it is just a matter of filling out and filing forms with Corporate Affairs…etc, that should not cost thousands of dollars.

    .,,…so why did Dumbville not do this in the last 4 years and where is legislation to take client’s money out of the hands and client’s accounts of lawyers who use that money to accumulate interest for their own personal use, depriving clients of their own money for years or permanently.

    “Costly lawyers may be cut out
    SHAWN CUMBERBATCH, shawncumberbatch@nationnews.com
    Added 01 March 2017

    GOVERNMENT IS “CONSIDERING” changing the law that now requires lawyers to incorporate companies.

    Minister of Commerce and Small Business Development Donville Inniss said this provision under the Companies Act had the small business sector “under siege”.
    Inniss made it clear he was prepared to face the backlash likely from “some members of the legal profession”, who were paid thousands of dollars for incorporation services.”

    Like

  • Simple Simon,

    The printing of money to pay public servants will be a waste because salaries can easily be paid by an overdraft.
    Quantitative easing is the printing of money for big projects: in the US, mainly to keep the car industry alive; in the UK, mainly to buy debt from banks and insurance companies; in Japan, mainly to stimulate consumer consumption.
    In case you do not understand: public servants MUST be paid.

    Like

  • However the money paid to the public sector can be a source of taxes for govt and spend for the economy. So to say their is not a return of revenue on the wages paid to the public sector is quite not true
    Then when one looks at the alternative of people fired ir laud off an inheriant problems occurs which becomes magnified whereby govt have to increase necessary funding for the socioeconomic basket to aid the burden of increase unemployment.

    Like

  • Which is worse?

    AC – the bane of BU and the font of all idiocy…?

    …or ASS (angela (shiite) Skeete who thinks that we should take money we don’t have – to pay people -who don’t work, …. so that they may pay taxes back to the government…

    Like

  • …..which DEM are barely able to collect.. now using a brassiere…
    and then most of the meagre amounts assembled
    …..are then turned in to baloney.

    The ultimate in brass bowlery
    …only possible in Barbados….

    Like

  • @angela Skeete

    If your socialist theory was true, Venezuela would be no. 1 in all Americas, the
    Soviet Union would be well and alive and Manduro, the bus driver, would receive the nobel prize for economics.

    Have you ever seen a public servant running up and down in a A/C-cooled office? Not me. Liming is priority no. 1 to 10.

    There is no successful business model for the socialist welfare state. They all fail, some after 40 other after 50 years.

    Like

  • Tron you are comparing apples to oranges . Go read the history of venezuela .You would find that corruption was one of the many major players in the downfall of Venezula.

    Like

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