Downgrades … 16,17,18 –Time to Ring the Bell


Beleaguered Minister of Finance Chris Sinckler

The credit rating downgrade to CCC+/C by S&P Global of Barbados has come as no surprise to sensible Barbadians. When former Governor of the Central Bank DeLisle Worrell distanced himself recently from government policy of printing money, it confirmed that the rats were jumping ship.

The government has been unable to jumpstart the economy since it was entrusted to them in 2008. It is time for the private sector to turn its back on the government.

Read the S&P Global Report:

Barbados Downgraded To ‘CCC+/C’ On Limited Financing Alternatives And Low International Reserves; Outlook Is Negative

150 thoughts on “Downgrades … 16,17,18 –Time to Ring the Bell

  1. Is Esther Byer Suckoo for real?

    The woman said tonight on DLPTV with a straight face at that………”the government is nearly finished repaying the NIS……with government bonds.”

    I had to laugh out hard…….Esther, the NIS needs cash not government junk bonds. If the NIS carry a load of them to the CBB to cash them in…….if you are honest you darn know the NIS cannot get cold hard cash………… much longer do you morons think that you can continue to fool the electorate?

  2. Bush Tea

    Did OSA not tell the House that Darcy Boyce was responsible for organising the finance for the prison and that he OSA took full responsibility for it?

  3. @ Prodigal
    Did OSA not tell the House that Darcy Boyce was responsible for organising the finance for the prison and that he OSA took full responsibility for it?
    ..and you said that to say what?
    So who do you think organised the finance for CAHILL?
    Who do you think have our national finances up shit street?
    …certainly not Stinkliar….. that poor fella don’t know his ass from his fractions.

    If Mia and Owen back then allowed a HC headboy to bamboozle them …wuh that CAN’T be bushes bizness.
    Point is that SHE was in charge when Glendairy burnt down …and when the contract with VECO was signed….and when the mandible assault occurred…

    …just like Froon signed the one from CAHILL… engineered by the Quisling too…
    Only difference was that David(BU) was not advanced enough then, to save our donkeys from the VECO scam…. (LOL …although we put some good licks in their back sides… ha ha ha )

    Face it Prodigal, judging by the way Mia sank her teeth into the job of Party leadership …and her treatment of the rebel Maria Agard, your donkey may be lined up for the next bite – unless you toe the party line…. Bushie respects that …. but expect to be whacked here on BU – just like Alvin gets his DLP shiite whacking, …when you bring your Mia propaganda…

    What are you saying to Bushie then….
    That we CANNOT find a dozen UNTAINTED, competent, dedicated Bajans – with at least one who understands decimals? …That we are LIMITED to a choice between shiite and jobby?

    Are we that far gone Prodigal?

  4. On another note Prodigal, one good thing about Byer-Suckoo and the Shiitehound is that they have been able to rubbish the traditional image of the ‘Doctor’ as some kinda genius. All Barbados must now be on their P&Qs when they feel ill …and to have to go to a doctor…. if these two are any indication of what it takes to become one….
    No wonder so many people dying like shiite… 🙂

    Even GP, who seemed to have flashes of coherence, mostly displayed a level of irrationality that would scare a discerning patient like Bushie who do not accept shiite diagnoses…. 🙂
    WAIT – Trump like he got GP’s pooch in detention with Chad yuh!!!
    ha ha ha ha

    Shiite man!!!
    Esther is DENSE!!!

    Don’t you think that the DLP politicians should take their 10% increase and half their pensions in Government bonds…. since they are spending OUR pension monies ..and replacing them with the toilet paper..?

  5. Bushie
    You know when I realized Esther did dense noass.At her father’s funeral she pretend she breaking down crying real bad,nuff theatrics,foto op cant done,using her dad’s funeral to try to upstage Dwight next year.First thing the lady supposed to be a medical doctor.Death is something they deal with all the time.Secondly,her dad was 92.Thirdly,her dad was suffering alzis.What was all the theatrics about.Dont tell me Bajans will not come to grips with death as a fact of life especially when you live long enough to be a nonagenarian.Pure theatre for votes.Not only dense but a common ordinary neffinarian.

  6. Bushy,
    you forgot to mention that she was in charge of the Inspector of Insurance when the CLICO fiasco began to fall apart. She was the boss, responsible for that department. Why has no account been demanded from CL Financial?

    • Did you listen to Minister Donville Inniss yesterday on the talk show? His predictable defense of government policy is that Barbados is still a better place to live than Jamaica, Trinidad and thhe other islands. These guys just don’t get it. We will have to deteriorate to the point where it is undeniable as to our state. While it is obvious to the majority of Barbadians that our policies are failing the government continues along their merry way. Let us the government is right and all others are wrong.

  7. @ David
    If it is not yet clear to everyone that our politicians (and many others it would seem) have been infected with ‘whatever-the-hell-it-is’ that ails Trump….. then we are even denser than Alvin.

    Donville never came across as particularly sharp, but of late, he seems to have lost it completely.
    Nothing compares however, to Froon’s analysis of the latest downgrade ….or to Stinkliar’s (and AC’s) explanation as to why printing money is the ‘only sensible thing for us to do’ (to cheers from the DLP faithful.

    The bottom line is this Boss…
    Bushie challenges you (or anyone else) to do an analysis of ANY shiite in Barbados BEFORE, and AFTER the monument….
    ….Road accidents /fatalities
    ….Crime – especially shootings
    ….Sick leave

    It is clear…
    Reason has left us……

  8. @ Bush Tea,

    If “reason has left us” would it not be the smart option for us to jetison the devil’s fork and to attempt to find at least one adult country who would be prepared to adopt us. There is no other valid option left on the table.

  9. Bushie

    OSA, in a speech around the 50th anniversary of ‘interdependence’, said that he offered the credit unions the opportunity to take over the BNB, and they rejected that offer.

    He is making these comments in the context of privatization of state assets. His argument has been that there is an enlightened methodology for privatization. That it is unavoidable for government.

    What is your reading of these events?

    For if what OSA is saying correct, it would cast a completely different settled interpretation of the behavious of cooperatives and separate the Sandiford regime from that of OSA in these matters.

    We seek your guidance.

    • @Pacha

      Did the credit unions have the capacity to purchase BNB read access to forex? You know that the government was chasing forex don’t you?

      Did Arthur address that fact credit unions do not offer deposit insurance?

      Also curious the status of the decision by the BCCUL to establish a bank.

  10. @ Exclaimer
    …would it not be the option for us to jetison the devil’s fork and to attempt to find at least one adult country who would be prepared to adopt us.
    There is no question that reason has left us… the question is why…?

    Can you name the ‘adult country’ by whom we should be adopted?
    – The UK? …who can’t seem to decide their Brexit from their now broken inner cities?
    – USA??? shiite man, reason trumped them ever harder than it did us…
    – Trinidad? Boss…you would have to be there to understand….
    – Venezuela? 🙁
    – Canada ? …are they not the current adoptive parents of record? responsible for our dependence on offshore scams and prost …oops … tourism focus?

    The issue is MUCH bigger than Barbados. Reason has departed this world.
    In fact, we actually had the opportunity to be the exception that proves the rule, but that would have required some actual BALLS, and some inspired leadership…. Instead, we exemplified brass bowlery.

    Bottom line Exclaimer!!!
    There is only one kind of ‘adoption’ that can be of any value for Barbados now, …and that would require “Sackcloth and Ashes” – (confession, repentance, and a national recommitment to righteousness and justice)….

    We all know that would NEVER happen……

    Oh… and you can tell those ‘prayer warriors’ to save their breaths….
    It does NOT work that way. Righteousness must proceed supplication.
    BBE DOES hear prayers,
    …but it is the FERVENT prayers of a RIGHTEOUS man that availeth much..
    …not a lotta shiite noises from a bunch of brass bowls.

  11. David,

    Deposit insurance is a regulatory requirement, not one for the deposit takers. What most jurisdictions do is to impose a levy on the industry so as to ‘smooth’ any liabilities. But, to return to a discussion we had a few weeks ago, ultimately, the state (government) underwrites retail savings.
    For the historical record, Arthur told Londoners about the sale of BNB before the staff were told, and they heard from CBC 7pm news. What a way to run a business. I attended the meeting on the Monday night at Lambeth town hall, and on the Wednesday I was in the Barbados and raised the issue with a manager and she told me she heard it on the news.

    • @Hal

      OSA never intended to sell to credit unions.

      Why after all these years successive governments have not acted to implement deposit insurance? This is useful no that the government removed the tax break.

  12. @ Pacha
    Owen is talking shiite with reference the the Credit Unions and BNB. Sometimes these ‘Economists’ take us all for jackasses….
    The BNB did not belong to Owen…. it belonged to BARBADIANS …and his government were mere custodians…

    Can you imagine the directors of Apple making an offer to their shareholders to buy the company – from themselves?

    Arthur was asking the ordinary Bajans who already purchased and built the BNB via their TAXES, to now take up their SAVINGS and purchase the entity (which they already owned) from themselves ….. because his government wanted money to make their reserves look good….

    Wuh the Credit Union leaders may be a bit slow….. but they are not TOTAL jackasses…. as Arthur must have thought …..

    …or perhaps the proposal DID make sense to him…. (Oh Shiite!!!! 🙁 )

    Say it ain’t so…..

  13. If (as Arthur suggested) he sold the BNB because he could not get it to operate profitably, then what he SHOULD have done is recluse himself (having admitted his incompetence) and invite competent persons to run the place profitably.

    This position where, once the elected clowns and jackasses find themselves incapable of managing a NATIONAL RESOURCE, then the ‘solution’ is to give that resource away – preferably to someone who has foreign currency (to strangers).

    The CORRECT action (of course) is to get rid of the incompetent parasites, and offer the responsibility to competent, proven, management….

    Arthur should have sold BNB to the Credit Unions for $1.

  14. Owen wanted cash. But there is no good economic or financial reason for selling BNB(or ICBL).
    I am sure that the manager at the time, Mr Greenidge, a seasoned bank manager, had a number of tools up his sleeve, from securitisation, to SPVs to SIVs.
    A good example of this, nearly a decade down the line, iss the printing of the Bds$50m a month to pay public sector salaries. With the BNB, that could have been paid through an overdraft facility.
    That decision to sell the BNB alone set back the financialisation of the Barbados economy by decades. It pushed back all our post-independence developments.
    We now have to depend on foreign-owned banks who do not dance to the Barbados regulators, but to the Trinidadians and Canadians.
    Worrell was quite prepared to defer to the Canadians, one of his major problems, even though the Canadians banks were up to their necks in the sub-prime scandal.
    Remember the row over the claim by CIBC that they had an expose of US$330m to sub-prime, while others claimed it was nearer $2bn.
    As a US-listed corporation that raised a number of questions, since the banks wrote down $1.7bn – more than twice the entire exposure. Smoke and mirrors.

    • @Hal

      Agree with the point that in the current environment a national Bank would have been useful to intervene if we have to restructure government debt etc.

      OSA point is that by selling BNB it increased profit, employed more people and the bank was not hampered by government bureaucracy.

  15. Arthur sold BNB to fund the rebuilt Hilton hotel.Cave Hill,the BCCI,ICAB, should step up to the plate and teach Bajans how to become independent by risk taking in IPO’s and help to push the creation of an active and vibrant Stock Exchange.Laws would need to be introduce to control the sharks and protect the innocent investor.

  16. David

    If this is in fact what Arthur said, it shows the kind of waffle he can get away with. Who increased profits, BNB? Who created more jobs, BNB? Why was the bank not hampered by government bureaucracy, afterall he was prime minister. He was in pole position to remove red tape. Jobs and profits are management issues, not ownership ones.


    If Arthur sold (swapped) BNB for the new Hilton, it was a strange barter. Government already owned the land the Hilton was on, so we are just talking about the re-building. What an exchange?
    It is true Arthur is not a financial economist, which may explain it.

  17. Bushie

    These are matters in which we hold more than a little competence.

    In the first place when an insurance company or a bank (let’s say deposit taking institutions) are taken over the SELLER has to transfer assets, including money, to the BUYER.

    For the uninitiated this may seem paradoxical, at first, but think about it for a minute and you’ll come to agree.

    This is experience talking not theory, not guess work.

    Yes, in the case of the BNB there might have been certain exigencies which may have been required – losses, bad debts etc. But OSA seemed to be saying that his government was prepared to, and did, assume or write-off bad debts etc.

    Bushie, we are not convinced by your argumentation at all, we are afraid. For you understand better than most the fractional reverse system. That system would have allowed the credit unions to multiply funds managed 10 times.

    People who do what this writer does see these kinds of acquisitions as the sweetest of all. That credit unions in Barbados would refuse this opportunity boggles the mind.

    Bushie, the bank was sold anyhow so we do not recognize your defense about buying something from one’s self. People have been known to buy their freedom – from slavery.

    What are you talking about?

    Given what we have said above the deal could have been for less than your $1 price. Meaning $1 dollar could have been far, far, too high a price. We hope you understand.

    David’s question about Forex – you should cease to see this as a problem in these circumstances. In the early 1990’s it was not a problem then, and we were at the centre then, even now it would take no more than a few days find the forex to do something like this. If anybody with a little bit of sense is involved – on the side of the credit unions.

    David, we know under the present regime Forex represents difficulty but the world is still a place where money moves across borders easily, and there are ways to firewall Forex from the general administration.

    More generally David, the GOB may have problems with Forex but Bajans across borders hardly do.

    We have opted to ignore, leave unread, the interventions from Whitehall.

    • Getting forex is always top of mind with sale of public assets. You should add selling to TnT fitted Arthur’s CSME bent.

  18. @ Bush TeaMarch 6, 2017 at 9:44 AM
    “Owen is talking shiite with reference the the Credit Unions and BNB. Sometimes these ‘Economists’ take us all for jackasses….
    The BNB did not belong to Owen…. it belonged to BARBADIANS …and his government were mere custodians…”

    Oh how long a week on BU can feel!

    Bushie, to be brutally frank with you, why don’t change your pseudonym to Brutus that disloyal backstabbing sob?

    We can’t believe you were here on BU singing the praises of OSA to high heavens invoking your BBE to forgive him and bless the same OSA and take him into the inner foal to sit at the right hand of his only adopted son the eponymous Bush man.

    In extolling OSA’s virtues you even outperformed, in true Mark Antony style, Froon in his showering of accolades on that estimable gentleman who proved himself to be one of the most successfully outstanding business men in Barbados and the wider region.

    Come off the flipping fence and make up your mind, man! Are you ‘for’ or ‘against’ Moses Arthur?

    You are always referring to your BBE’s abridged version of man-invented myths and legends; so here is a piece of advice from your ‘adopted’ brother you ought to take seriously unlike your twin jackass friends in brass-bowl lying Froon & Stinkliar.

    “Anyone who isn’t with me opposes me, and anyone who isn’t working with me is actually working against me.”

  19. Miller

    There are no inconsistencies in Bushie’s arguments about OSA.

    You need to increase your political sophistication.

    Bushie and Pacha both disagree with OSA on several points

    But that does not mean we have to disagree with him because his name is OSA.

    What’s wrong with that?

    It’s worst kind of bondage when Bushie cannot have his own mind. Would you prefer if he were a political pimp. No siree!

    Or is he to agree with OSA on every point?

    Pacha certainly has been a fierce critic of OSA and still am

  20. @ GabrielMarch 6, 2017 at 10:41 AM

    After the dismissively dismal treatment meted out to your bosom buddy Arthur over the weekend by Froon and the other dlp wild boys do you still agree he should continue with his ass-licking boy-in-the-yard behaviour?

    Can’t you see they are still blaming OSA after 8 long years for the economic shit that is hitting the political fan?

    If that bunch of goons really gave two farthings about Barbados and genuinely respected OSA’s expertise in economic management then they ought to be urgently considering a form of bipartisan government with your man in the driver’s seat instead of the two jackasses who can’t tell their politically partisan arses from the broken economic elbows.

  21. Miller

    We were the first to call for a national unity government, on the night of the last election.

    People who seek to blame OSA alone should not be able to guide this debate, regardless to where they are located.

    The whole system, over 50 years, is to be blamed.

    We however must make sure that nobody can be again elected wanting to give us more of same.

  22. @ PachamamaMarch 6, 2017 at 11:38 AM

    If you wish to conflate Bushie’s political analysis with hypocrisy, so be it.

    You just cannot extol the man’s economic managerial excellence in breath and then turn around and use the same sword of adulation to damn the man as the author of wrecking of the Bajan economy and the dashing of dreams of the black majority through his selling off of the black family silver to albino-centric foreigners.

    When Bushie is ‘man’ enough to see MAM in similar political light to OSA then he would gain the intellectual respect on such political matters.

    But lest we forget, MAM is a wicker and OSA is a lying drunkard, so six is half-dozen.

  23. Miller

    Why not?

    Why do we have to accept the legacy of OSA uncritically

    Or anybody else.

    Those notions will leave us in distinct political tribes.

  24. @ PachamamaMarch 6, 2017 at 12:03 PM

    What legacy has OSA left to emulate?

    what is the status of agriculture and light industry?

    A dream of two Japanese-made cars at each mortgaged household in a two bit country not much bigger than Bermuda with a broken public transportation system on makeover donkey cart roads with Trickidadians and other foreigners owning and controlling the wasted inheritance of the black brass-bowl majority, according to the preaching of Bush Tea?

  25. Miller

    Chuckle…..ah almost fall out the chair brekkin down with laugh after reading what the BU foremost misogynist had to say about OSA just now……….as the saying goes….”with friends like you who needs enemies”….hahahaha

  26. Bushie would never fit into any of wunna brass bowl moulds….

    When Owen is right, he is right
    When he is wrong, he is wrong…
    Just like everyone else in Bushie’s opinion.

    It is the matter being discussed …not the person or the damn party.
    The whacker is no respecter of persons… It respects IDEAS and concepts though…

    @ Pacha
    …we do not recognize your defense about buying something from one’s self.
    You want it simpler?
    A family puts its resources together and sets up a business. They foolishly ask Alvin to manage the business because he went over and away to study, write two books, and uses a lotta big words.

    As time goes by, the business is losing money, doing shiite, draining the family savings….
    So then Pacha, the Family head honcho, decides to ‘sell’ the business to Vincent & Miller????
    WAIT … are these not already part owners?
    So Vincent and Miller should now take their savings (the little left after being taxed to set up and maintain the damn Alvin business) from the bank …to buy the business FROM THEIR OWN FAMILY? …so that Head Honcho Pacha and Alvin the clown has cash to flaunt about???

    Which other race do you see doing that shiite?
    Which Indian would expect their children to compete with outsiders to ‘buy’ the family Swan Street business? …or would EVEN consider selling such a family resource?

    After YEARS of Bushie’s taxes having gone into creating National assets, the Bushman now hearing shiite about selling these at firehouse prices – to strangers, because some Alvin-like JAs have been doing shiite.
    These assets were sacrificed for ….TO BE PASSED DOWN FOR FUTURE GENERATIONS TO USE AS BUILDING BLOCKS FOR AN ADVANCED SOCIETY…. not for Parros to waste on shiite.

    As Chief Family Honcho, your REAL DUTY is to develop talent (through education), select (through merit), guide (through good governance structures), and appoint the VERY BEST resources to take care of the family business….not pawn off every shiite until we are all bearers…
    The Parable of talents explains this in the clearest possible way.

  27. Bushie

    Yours are highly sophisticated philosophies.

    But we are talking about markets where things were sold and would be sold to the highest bidder, we are afraid.

    This is a fundamental issue with capitalism. The product of slave labour is still traded to this day, in these same markets.

    And as much as we agree with you, in principle, the practical realities dictate how transactions work.

    The sale process for financial firms, as we above described, may moreso than other ‘public’ assets, provide for the transfer of property including what you may think of as ‘social capital’ to the real owners’ control.

    A lot has been written about the differences between ownership and control. The separation of ownership and control has provided massive opportunities for elites to accumulate wealth.

    The BNB sale provided an excellent opportunity for the credit unions to dis-intermediate this nexus – ownership/control.

    And whereas the people of Barbados may have been the owners of BNB, they were never the controllers of anything there.

    And for all intents and purposes no government of Barbados has even seen itself as the same as the people. Government is in all circumstances separate and distinct by its operations.

    Sometimes to achieve a worthy goal, especially in commercial transactions, useless paper has to be given up for things that are more worthy.

    In the case of the BNB however, because assets being held for the same ‘family’ cited were to be passed from hand to hand there was an opportunity for the ‘right’ hands to be the recipients, no?

    It was a mistake not to have taken that opportunity. Complaining about the financial colonialism of the Trinidadians cannot now compensate for this historical failure by local credit unions.

  28. @ Pacha
    Boss, you must have Money B and Lawson ‘deading’ with laugh at we …all like now so…

    Here we have the legendary BU revolutionary, Pachamama himself, calling on Black people to acquire businesses by attempting to pay TWICE for same, ….. then for us to compete with these fellows like Money B, whose parents HANDED THEM the family businesses …and then stayed on as free consultants to the business after their retirement.

    Mind you (to quote Caswell…)… these White-owned businesses were ALSO paid for by Black labour – generations ago, and happily handed down to their successive White generations to enable their increasingly luxurious lifestyles, but now that our immediate fore parents managed to purchase some assets for THEMSELVES (for a change) we are talking about arrangements to BUY these businesses from OURSELVES ….and then expect them to be competitive against other businesses that were FREELY acquired, and FREELY transferred to current owners…..

    …and admittedly this is not even as bad as what we are ACTUALLY doing – which is to sell these wealth-generating assets BACK TO THE SAME people who robbed us of our labour ‘viet armis’, ….for 4 centuries. They are buying up our future with the proceeds of our ancestor’s labour….AND WE ACTUALLY HAVE BLACK PEOPLE SUPPORTING THIS SHIITE.

    Black people -ESPECIALLY BAJANS, are undoubtedly the most self-deprecating brass bowls ever invented.

    We hate ourselves.
    We hate true success.
    We have been bred to serve the albino-centric god of materialism and greed….
    We have lost our way – and are now so lost, that down is up, right is wrong, and Shiite makes sense.

  29. What nonsense the Bush man talking….. The mighty Barbados which often compare itself to the US are ‘ complaining about the financial colonialism of the Trinidadians’.

  30. @ Pacha
    Perhaps you are seeing now why the Cooperative is the philosophy that is TAILOR-MADE for black enfranchisement.
    Cooperatives empower groups of small, otherwise powerless individuals to pool their collective resources, to VOLUNTEER their services and skills, and CREATE jointly owned assets that can insulate them from the whims and fancies of the Money B’s and Lawson’s of our world, ….while building the kind of asset base that can provide future security.

    There is NO WAY that any black-owned business will be allowed to succeed in the local environment beyond token ‘success’ levels. No such ordinary business can suddenly appear on the scene and compete against hundred-year-old establishments that have been set up precisely to disenfranchise blacks….with unlimited resources at their disposal.

    The examples are endless… Husbands Wrought Iron, Solar Die Namics, Leacock…., Rayside, Brankers, They are (were) allowed “so far, …and no further”, ….while the COWs, Baloney’s, Jerkham’s and Bizzy’s clearly have no limits…

    @ David
    Why focus on a co-op owned bank?
    If you still need to ask that question, then you are just being provocative…

    A coop Bank (A NORMAL BANK, owned by the cooperative movement) would be in a position now, …for example, to offer 3% interests on members deposits, while matching the market rates on loans. The funds accumulated then becomes available for meaningful PRODUCTIVE cooperative ventures (which minimises the chances of some greedy idiots behaving like our pissy politicians do with the funds).

    You only need to look at Cooperators General’s impact in the general insurance business to see the possibilities.

    This is about having VISION…. the ability to conceptualise a successful future, given the existing weaknesses, barriers and opportunities…. and to actualise it…

    Unfortunately, there are FAR too many of us who have inherited the typical SLAVE mentality that has been meticulously bred into the Barbadian psyche over the centuries…. that we are MEANT to be nothing, …to have nothing, ….. to go nowhere, ….and must be forever grateful to the powers-that-be for allowing us the privilege to serve them, and to occasionally have a rum and a good wuk-up….

    BUT NOT STINKING BUSHIE DOH….. not after adoption…
    Mek Bushie LAUGH!!!

  31. Neither me Bushie.gaul bline dem blax dat believe albino is deer save yuh.The day that veil drop,It gine be cat piss and peppa fuhndem deer albinos.

  32. Was listening to Morning Barbados with guest Maureen Holder speaking about the economy and whilst looking at various economic gurus who Government can lean on – like Moore and Howard and the bombshell announcement, the inclusion of Dr. David Estwick. She was passionate regarding her plea for his inclusion. Let it be known that he will not be singing in the choir during the estimates and budget presentation. Maybe, he will be the one that break the camel back.

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