Is Prime Minister Stuart Competent to Lead Barbados at this Time?

Prime Minister Freundel Stuart

The tax haven Barbados is dying just now. The escape clauses in the offshore contracts are activated e.g. in the case of a downgrade to C, financial breakdown or revolution. No foreign investor will come to Barbados now to do any fresh offshore business, since a tax haven must offer financial security. There are multiple other island around with better rating, better policies, better prospect and a more motivated population.” – Tron

In response to the recent umpteenth credit rating downgrade by Moody’s that quickly followed S&P Global Prime Minister Freundel Stuart was quick to break his accustomed silence to issue the following comment:-

We seem now to be working ourselves back into a frame of mind where once again we want to sit exams for people outside of Barbados and wait on them to grade us and if they tell us we have passed we are supposed to feel good that we have passed, and when they tell us we have failed we are supposed to hold our heads in shame and think that we are failures

One understands with a general election on the horizon the prime minister wearing his other as leader of the Democratic Labour Party (DLP) had to spin the bad news of the recent downgrades to some benefit. Bear in mind this is the leader of a country where our foreign reserves have dipped to ten weeks of imports cover and the government is forced to sell national assets to shore up the international reserves. This is a prime minister who heads a country where the foreign commercial banks have demonstrated little appetite for government securities. The point to be made is that the structure of our economy is dependent on the assessment of external players to perform. Does the prime minister not understand that the commercial banks in Barbados will implement credit and risk polices based on the ratings of the credit agencies? Does he not understand that the plummeting credit rating will make borrowing of foreign currency expensive IF we are even able to procure it? Why would he slam that door given our current economic state. Did the prime minister not observe how holders of Barbados bonds in the international market have reacted based on the Bloomberg report?

More important for BU and should be for the prime minster. What message is he sending at a time when the country should be in a serious mode of planning and productivity to ensure we  work together to make Barbados great again? Why should a country whose economy is in such a perilous state where a Governor of a Central Bank whose second contract was renewed in 2014 resign days before the downgrades? How does prime minster Stuart feel so emboldened to disrespect foreign financial players who access the reports of the rating agencies as a routine pre condition for lending or investing in a country? Are we to assume the government is confident all of our foreign currency borrowing will be satisfied by concessionary lending from the Chinas of this world?

BU took note how quickly minister of Commerce Donville Inniss added that the recent downgrades would be upsetting to foreign investors. Is the prime minister an economic illiterate not to have realised that we are a country very dependent on foreign direct investment whose principals would want to be assured that there is manageable risk if they decide to do business in Barbados? The bottomline Mr. Prime Minister is that investors will avoid doing business with any country that have been assigned junk status by the big 3 credit rating agencies read Moody’s, S&P and Fitch.

We look forward to the outcome of the deliberations by the two committees of the social partnership who should be submitting recommendations soon to the prime minister. We now live in very uncertain times.

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144 Comments on “Is Prime Minister Stuart Competent to Lead Barbados at this Time?”

  1. Pachamama March 13, 2017 at 12:16 PM #


    We have no party

    Only idiots do

    Our information comes not from either party but the records of the giver.


  2. David March 13, 2017 at 12:23 PM #

    Why would she not sell it if there is a buyer?

    The transaction if it remerges will still have to undergo the rigour of EIA and public scrutiny.


  3. Carson C. Cadogan March 13, 2017 at 12:27 PM #


    You may not have listened to the Finance Minister when he said about ten days ago that our dollar is safe. There is no intention by this Govt. to unpeg the Barbados Dollar from its present two to one moorings.

    Please listen more carefully when the Hon. Christopher Sinckler speaks.


  4. Vincent Haynes March 13, 2017 at 12:28 PM #


    I have no problem with her selling it….that was never the point other than suprise it was not the issue I am dealing with so stop belabouring this non point.

    We should know who the new investor is,where it is being constructed,what is required from Bim and the type of plant…..if you are saying that you are happy to await the EIA….which may never come as the Hyatt argument will be used….so be it.


  5. Pachamama March 13, 2017 at 12:32 PM #


    Nobody in Barbados will decide the value of the dollar

    The MOF is an idiot, a liar


  6. David March 13, 2017 at 12:37 PM #

    You are obviously missing the point.


  7. Hal Austin March 13, 2017 at 12:37 PM #

    If Carson Cadogan is really the pseudonym for a politician, it shows the unethical nature of Barbadian politics. S/he is either ashamed of his/her political party, or is too politically illiterate to stand up in public for his/her beliefs.


  8. Vincent Haynes March 13, 2017 at 12:40 PM #

    Chuckle….The Don of Bim has distanced himself from his party by saying that the march was significant and further reiterated the point that the rating agencies are respected international institutions whose warnings must heeded which is in direct variance to his PM……….I wonder what he and MoA will say during the estimates?


  9. Carson C. Cadogan March 13, 2017 at 12:46 PM #


    “The MOF is an idiot, a liar”

    thats a matter of your opinion.


  10. Pachamama March 13, 2017 at 12:47 PM #

    What the MOF and his lackey, Carson C Cadogan, should give us is a list of countries, on the same trajectory as Barbados, with a series of credit rating downgrades, persistent foreign exchange problems over several years, rising balance of payments difficulties, that have escaped a statistical revaluation. To put it charitably.

    Instead of asking us to believe as though we should walk by faith and not by sight.

    This Cadogan does not possess the capacity to properly engage us here on BU.


  11. David March 13, 2017 at 12:49 PM #


    Ignore CCC, he is a JA released on the blog to do a job.


  12. Pachamama March 13, 2017 at 12:55 PM #

    Carson C Cadogan

    You attacked us for saying opposition parties in Barbados have no money.

    If the DLP were to demit office tomorrow, next month there would be problems paying the light bill too.


  13. Carson C. Cadogan March 13, 2017 at 12:57 PM #

    Vincent Haynes

    “rating agencies are respected international institutions”

    Rating agencies are corrupt entities.

    “MOODY’S ANALYST BREAKS SILENCE: Says Ratings Agency Rotten To Core With Conflicts”

    “Justice Department and State Partners Secure $1.375 Billion Settlement with S&P for Defrauding Investors in the Lead Up to the Financial Crisis”

    Vincent Haynes if you say that they are “respected” it is not saying much about you at all.


  14. Pachamama March 13, 2017 at 12:57 PM #


    We know

    Just playing with him a little bit.


  15. Well Well & Consequences Observing Blogger March 13, 2017 at 12:57 PM #

    Carson….whatever happened to the Cahill scam that lying Fruendel claimed that he had not yet given approval despite already contracting with the crazy Canadian woman, Clare Cowan…. lying to the people… is she these days, ah forgot to ask Alvin.


  16. Carson C. Cadogan March 13, 2017 at 1:00 PM #

    Well Well

    you ought to be telling me.

    She is up in Canada with you.


  17. angela Skeete March 13, 2017 at 1:02 PM #

    Earn what way and how.Didn’t Trump tell the whole world that the american system is rigged. Small island nations job is to be service providers of american debt and buyers of their products which means that earning our way means having to flip the script and which would never happen under americas watch
    What small islands nations need to do in order to be less dependale and be used as consumer machines by america is to build a system of governance that enables these small nations combined to be service providers for themselves within the Carribbean region with an agenda in mind to be finacially self sufficient with an end game of not having to depend on america for any thing


  18. Carson C. Cadogan March 13, 2017 at 1:04 PM #

    According to DAVID

    No investors want to do business in Barbados.

    Yet only a few days ago one of our Rum refineries were purchased by Foreign investors.

    Go figure.


  19. Well Well & Consequences Observing Blogger March 13, 2017 at 1:07 PM #

    Carson…ah still want to know what happened to the Cahill scam.


  20. fortyacresandamule March 13, 2017 at 1:14 PM #

    @ David. You are correct about Panama offshore model. But even then, Barbados offshore financial sector is mature and resilient. Remember, these flows are not FDI or portfolio investment in the local economy. Therefore, a credit downgrade has no material effect on the industry.


  21. Vincent Haynes March 13, 2017 at 1:16 PM #

    David March 13, 2017 at 12:37 PM #

    You are obviously missing the point.

    Granted…….so help the old man to get the point.


  22. Well Well & Consequences Observing Blogger March 13, 2017 at 1:17 PM #

    That’s why government ministers should never be trusted, you keep secrets from the people and it’s the people’s business to know what you are doing with their land and money, what did you do with the Cahill scam Carson………, that is why yall will be thrown out of parliament…., with all ya wicked secrets.


  23. Pachamama March 13, 2017 at 1:18 PM #


    Have you heard of moral elements of risks?

    Why would Sagicor leave if the nearness to a failed economy does not impact them?


  24. Carson C. Cadogan March 13, 2017 at 1:19 PM #


    “This Cadogan does not possess the capacity to properly engage us here on BU.”

    thats not nice. How can you say that?

    This blog is owned by DAVID, I am assuming from your perspective that he has “………the capacity to properly engage us here on BU” Ok!!!!

    Yet in 2012 in the run up to the last General Elections he in his “capacity to properly engage” jokers like you predicted that the Barbados Labour Party would win 28 seats in the 2013 elections.

    But foolish me told him that the Democratic Labour Party would be returned to office. Can you tell me whose intellectual “capacity” was correct?


  25. Pachamama March 13, 2017 at 1:19 PM #

    reputational risks


  26. fortyacresandamule March 13, 2017 at 1:24 PM #

    If Barbados reserve is so dangerously low, why is it we are not hearing about the black market rate? Any currency that comes under such pressure, is vulnerable to hoarding and speculation. Eg. Venezuela , Nigeria, Trinidad, Egypt etc.


  27. Pachamama March 13, 2017 at 1:26 PM #

    Carson C Cadogan

    Yes we agree a DLP ‘victory’ was unexpected.

    It was a minor miracle that the DLP was able to stay.

    We then called for a national unity government because we knew what was coming

    But still you charged us with being BLPites. That was not nice either.

    We cuss them too much.

    In fact, we have called, many times, for both parties to be declared as proscribed organizations.


  28. Vincent Haynes March 13, 2017 at 1:29 PM #

    Bim is being kept alive by the alternate economy i.e….guns&drugs…….


  29. Carson C. Cadogan March 13, 2017 at 1:32 PM #


    “Yes we agree a DLP ‘victory’ was unexpected.”

    You wrong again. We expected a DLP victory it was only those on BU who expected a BLP victory.

    They were not busy on the ground as I was. There were writing from Cananda, America, England, from their wheel chairs in Barbados and so on , totally disconnected just as they are right now.. They had no idea what was really going on.

    And just like now they were getting all information from the Barbados Labour Party. Which is a very dangerous thing to do.


  30. Pachamama March 13, 2017 at 1:34 PM #


    You really find confidence in a 1 or 2 seat majority.

    Only a party loyalist would seek to govern based on such.


  31. fortyacresandamule March 13, 2017 at 1:37 PM #

    @ Pacha. Sagicor core business is insurance. Not offshore incorporation. Plus, Sagicor is part of the domestic financial landscape unlike the offshore financial sectore. Therefore, a downgrade will affect them, especially, given their international bond liabilities portfolio.


  32. Pachamama March 13, 2017 at 1:39 PM #


    Sagicor has headquartered to TNT since last year as a result of the economic climate.


  33. David March 13, 2017 at 1:41 PM #


    You are suggesting people risk is not considered by iBcs.


  34. Pachamama March 13, 2017 at 1:44 PM #

    Carson C

    This DLP government is poor rakey…….ney ney

    Even with Owen on your side. LOL


  35. Carson C. Cadogan March 13, 2017 at 1:52 PM #

    Unlike you all here on BU we have our strategies. But we keep a close eye on the Barbados Labour Party.

    You see that little sponsored walk which took place on Sat. that was so revealing. You all see all that electronic equipment which were set up in Jubilee Gardens, that dont come cheap. The phone banks which were set up to call people’s homes that dont come cheap. the ads in the Nation newspaper those dont come cheap. The flyers which were distributed those dont come cheap. The sound trucks which were used to to go into the villages those dont come cheap.

    So if the Barbados Labour Party was willing to spend $100,000 to promote that sponsored walk which attracted only 9,000 people for the money which was spent. And we must not forget that only about 3,000 of those people would probably vote for the BLP, as the rest were only out for the evening entertainment and the wuk up music and the free food and drinks and the school children with no vote, we know how many millions of dollars they will be spending in the up coming elections. They will attempt to flood Barbados with money in the vain hope that they will buy their way into the halls of Govt.


  36. Pachamama March 13, 2017 at 1:53 PM #

    Sagicor to Bermuda, sorry


  37. Pachamama March 13, 2017 at 1:59 PM #

    Carson C

    Continue to entertain those pipe-dreams until you find yourself in the opposition, at best.

    Because there maybe a constitutional crisis. Not one DLP member and therefore, no leader of the official opposition

    With all this economic disorder, you really think it would take the spending of money to get this DLP out of office. To get 10,000 on the streets in protest.

    Well, we wish you well with that.


  38. David March 13, 2017 at 2:00 PM #


    The idiocy is exposed every day. We have the trolls on BU braying like the proverbial jackass and then you listen to Minister Donville Inniss on the midday newscast admitting he has taken note of the large crowd that marched on the weekend and the message it sent to government.


  39. Pachamama March 13, 2017 at 2:06 PM #



    Anytime you see 10K Bajans on the streets it could read 50K or 60K in real terms, yuh know how cagey Bajans are.


  40. London Morris March 13, 2017 at 2:08 PM #

    In 2013 the DLP bought a miracle with money from a private developer, doubt that doubt you living. In 2017/18 the connection between the buying votes, the movement of that money and the award of that/those contract(s) will be revealed. ‘Mia told wunna Mark Her Words’

    The Minister of Finance is in a Parliament today talking a roll of garbage. With this ‘imposter’ in charge of matters economic and financial no wonder Barbados is in the position it is in. This ‘joker’ should be in Holly/Bollywood deserving of an Oscar for Leading Male Performance (kinda) even tho the movie, ……………………………………DLP – The Suffocation of Barbados has been a complete flop.


  41. London Morris March 13, 2017 at 2:12 PM #

    I hope the good people of Barbados are watching the Minister of Finance carefully to see how even in dire economic straits he is smirking and acting like the 100% politician that he is. I say without reservation the CHRISTOPHER SINCKLER is the worth thing to have even visited upon Barbados. Total destruction of the economy and a don’t-care-ish attitude to go with it.


  42. fortyacresandamule March 13, 2017 at 2:41 PM #

    @ David. Of course they do, like any business per se. But Barbados is no Somalia, Syria, Haiti etc. A country going through a fiscal challenge couple with balance of payment issue is just a minor nuisance for IBCs.


  43. fortyacresandamule March 13, 2017 at 2:53 PM #

    @Pacha. Sagicor is a participant in the international bond market, so, it’s probably more prudent for them to domicile in a territory whose sovereign boast a top notch credit rating. And not not mention all type of sophisticated tax avoidance scheme.


  44. GreenMonkey March 13, 2017 at 2:58 PM #

    Pachamama March 13, 2017 at 11:10 AM wrote:
    No country is really earning its way.
    Everybody lives on debt. The system is based on debt.
    And sensible people have long realized that
    And are ridding the system to its inevitable end.
    When all debt will have to be cancelled.
    Do you hear any body ever talking about paying back the national debt of Barbados or anywhere else.
    Only interest.

    David Replied:

    Of course, in much the same way householders have to prudently manage debt. However, earnings and debt accumulation must be intelligently managed.

    So just which countries are intelligently managing debt (assuming that finance ministers and central banks kicking cans down the road does not qualify as intelligent management)?

    $21,714 For Every Man, Woman And Child In The World – This Global Debt Bomb Is Ready To Explode

    By Michael Snyder
    According to the International Monetary Fund, global debt has grown to a staggering grand total of 152 trillion dollars.  Other estimates put that figure closer to 200 trillion dollars, but for the purposes of this article let’s use the more conservative number.  If you take 152 trillion dollars and divide it by the seven billion people living on the planet, you get $21,714, which would be the share of that debt for every man, woman and child in the world if it was divided up equally.

    So if you have a family of four, your family’s share of the global debt load would be $86,856.
    Very few families could write a check for that amount today, and we also must remember that we live in some of the wealthiest areas on the globe.  Considering the fact that more than 3 billion people around the world live on two dollars a day or less, the truth is that about half the planet would not be capable of contributing toward the repayment of our 152 trillion dollar debt at all.  So they should probably be excluded from these calculations entirely, and that would mean that your family’s share of the debt would ultimately be far, far higher.

    Of course global debt repayment will never actually be apportioned by family.  The reason why I am sharing this example is to show you that it is literally impossible for all of this debt to ever be repaid.

    We are living during the greatest debt bubble in the history of the world, and our financial engineers have got to keep figuring out ways to keep it growing much faster than global GDP because if it ever stops growing it will burst and destroy the entire global financial system.



  45. GreenMonkey March 13, 2017 at 3:01 PM #

    Note in my post above, 2nd paragraph after David’s response @Pacha was my own comment/question, not David’s.


  46. enuff March 13, 2017 at 3:16 PM #

    How long Sinckler plans to speak? Just rambling!


  47. David March 13, 2017 at 3:19 PM #


    Correct, let the debate on the numbers begin.

    The time for campaigning will come.


  48. Bush Tea March 13, 2017 at 3:57 PM #

    @ Pacha
    We could only borrow as much as the bankers would lend…. not what our greed and imagination can conceive…. Only the USA have been able to do that so far – thanks to their petro dollar …and to a vast military complex that they have been more than ready to deploy…

    We have reached the max that we could extract from the system, and are about to experience the free-fall back to reality.

    The USA, thanks to their special petrodollar advantage, will get their free-fall from a much higher place than ours…. and soon too. It won’t be pleasant.

    We are all in for a lotta free falling shortly…..


  49. angela Skeete March 13, 2017 at 4:09 PM #

    So large crowds mean nothing if nothing of substance is extracted. The long and short being that people are asking solutions
    The blp took one hundred thousand dollars to organize a march
    The bold question remaining how does a march overturn the misfortunes of the economy burden with debt


  50. Pachamama March 13, 2017 at 4:11 PM #


    Only if there are no Bajan bankers with a nationalist intent operating within international markets


  51. Pachamama March 13, 2017 at 4:24 PM #


    Of course, but that is only one aspect of debt.

    If we are to consider derivatives (debt) we’ll have to add another 600 trillion.

    The national debt of the is around 20 trillion, however when unfunded liabilities are added we get to a figure of over 200 trillion.

    None of this is payable, repayable.

    So why would a country, Barbados, not try to fully utilize a bad system. And opt instead to play by nebulous rules.


  52. Pachamama March 13, 2017 at 4:27 PM #


    You talk about the US and the petro-dollar.

    But the people responsible is not the government per se, but individuals.

    You already know that the system, like the FED, is all private.


  53. Vincent Haynes March 13, 2017 at 4:51 PM #


    For the rest of the day as he balances the political speak of swiping at all the opposition members and at the same time begging them,the private sector et al to tell them what to do.

    I hope the opposition members do not follow him into making the chamber a circus and that the LoO takes the high road to his low road.


  54. Prodigal Son March 13, 2017 at 5:43 PM #

    It is hard to listen to Stinkliar for a sustained period………….he has basically admitted he has failed as nothing has worked and all he is saying we have to do this, we have to that……….

    Listening to him reinforces why we are where we are today.



  55. Colonel Buggy March 13, 2017 at 5:45 PM #

    Carson C Cadogan is Carson C Cadogan. I am positive that one of his last contributions to BU, before this present rebirth, was to bitch about politicans ,who during the election campaign, promised those leading supporters who help to get them elected, the world, but when they get into office, they turn their backs on the same supporters. Its now obvious, on the approach of a general election, that Steve Blackett has come through for Carson.


  56. Well Well & Consequences Observing Blogger March 13, 2017 at 5:53 PM #

    Lol…, ah glad they are jammed up, the ministers wont stop telling lies, they are all lied out.

    Carson has not answered not one question he was challenging us to ask him……he is a fraud.

    Steve Blackett should never be returned to parliament, another failure to the people, they still think it’s a game, these politicians.


  57. vincent haynes March 13, 2017 at 5:57 PM #

    MAM is presently speaking and exposing the ignorance of the MoF for all to see.


  58. Wily Coyote March 13, 2017 at 6:04 PM #

    “fortyacresandamule March 13, 2017 at 1:24 PM #

    If Barbados reserve is so dangerously low, why is it we are not hearing about the black market rate?”

    What makes you think there is no BLACK MARKET RATE, in the last month I’ve gotten 2:1 for Canadian $ and 2.5:1 for US$.

    People everywhere offering premium for the YANKEE $.

    The BLACK MARKET just getting started, the question is what will this underground market go to, maybe we’ll find out what the real exchange(devalued) rate is.


  59. Carson C. Cadogan March 13, 2017 at 6:14 PM #


    “Continue to entertain those pipe-dreams until you find yourself in the opposition, at best.”

    DAVID said something similar in the run up to the last general elections.

    And as they say the rest is history.


  60. Prodigal Son March 13, 2017 at 6:21 PM #

    I was trying to do some research on the way this DLP has been managing this economy since they came to office……….I have only been able to extract figures up to 2013 so far.

    It is clear that this minister of finance does not know what he is doing. He has been over spending every year and it is clearly this is unsustainable. This is nobody’s fault but Chris Sinckler.

    2008/9 overspend $ 189 million
    2009/10 overspend $ 486 million
    2010/11 overspend $ 641 million
    2011/12 overspend $ 266 million
    2012/13 overspend $ 553 million
    2013/14 Apr-Dec overspend $505 million

    Now tell me, whose fault is this……….Sinckler you are the problem.


  61. sungoddess March 13, 2017 at 6:25 PM #

    The question of Stuart’s competency was asked and asked prior to the last election. And here we are.

    Liked by 1 person

  62. abajanhowe March 13, 2017 at 6:52 PM #

    Carson C. Cadogan is the Hon. M. Lashley. This is for the information of the bloggers here. Check his FB page.


  63. David March 13, 2017 at 7:11 PM #

    Inniss not dismissing March of Disgust


  64. Well Well & Consequences Observing Blogger March 13, 2017 at 7:35 PM #

    Beware the Ides of March.

    Their mismanagement of the economy from 2008 to present is upon them.


  65. Willing To March More March 13, 2017 at 9:29 PM #

    Freundel Stuart is a selfish jackass who will not demit office or call elections under any situation other than by the ballot. I will march until Stuart is forced out of office.


  66. Tron March 13, 2017 at 10:15 PM #

    No, fortyacresandamule, I strongly disagree. Barbados is affected by the mess.

    The “light” side of offshore havens covers institutional investments by international companies = legal

    The “dark” side covers hiding money and tax evasion = illegal

    Let us take international captive insurances as an example for the “light” side.

    Look at the ranking at wikipedia:
    Bermuda: 19.3%
    Cayman Islands: 15.4%
    Vermont: 11.4%
    Guernsey: 7.4%
    Luxembourg: 5.3%
    Barbados: 5.2%

    Now look at the rating:
    Bermuda: A+ (S&P)
    Cayman Islands: Aa3 (Moody´s)
    Vermont: Aa1 (Moody´s)
    Guernsey: AA- (S&P)
    Luxembourg: Aaa (Moody´s)
    Barbados: known

    No international company can afford to setup a new captive in Barbados due to internal compliance and other regulations.


  67. mitchlans March 13, 2017 at 11:51 PM #


    No. Nor was he ever.


  68. Well Well & Consequences Observing Blogger March 14, 2017 at 5:22 AM #

    Carson fizzled out like yesterday’s old news, still has nothing worthwhile to offer, he is believed just about as much as Sinckler, Fruendel, the ACs and Alvins….none have credibilty…lol


  69. Hal Austin May 26, 2017 at 12:15 PM #

    Is there a Carson C. Cadogan in the electoral register, or the telephone directory, the land tax register, motor insurance, or on any credit reference agency?


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