171 comments

  • @Miller…

    Agree. Moderate devaluation should be no penalty for the population but a measure to adjust prices against our competitors in CARICOM and other tourist destinations. As you are aware, GBP is low due to BREXIT, EUR is low due to PIIGS. The perfect storm for the current situation in Bim.

    A basket of currency should include USD (imports of gas etc), GBP (tourists) and EUR (tourists), maybe also CNY and – to counter high devaluation – the strong CHF.

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  • The divide will not make a difference to the passing of the Bill BUT it would have/will make for interesting comment if we get insight from how they vote.

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  • David

    The Opposition must call for the divide so we can have a record of who on the Government and Independent benches voted for, against or abstained.

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  • @London

    For the record yes but what material difference will it make?

    If Estwick up to now prefers to hold his nose and vote with government it all becomes irrelevant.

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  • Well Well & Consequences Observing Blogger

    http://www.nationnews.com/nationnews/news/94599/power-lower-courts

    A useless attorney general who does not know how to legislate to immediately fix the backlogs in the supreme court….another fraud collecting taxpayers money and perks every month for doing nothing.

    All the ministers and their yardfowls are good at is freeloading off the generosity of the taxpayers for as many terms and years as they are allowed…they are parasites.

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  • Miller
    Maybe,given our continued dependence on the UK market for tourism and related offspins attracting the wealthy winter home investors,Barbados might return to a sterling currency peg of $4.80 to the quid and return to importing from that market again.A visit to the adjacent OECS states show their imports are still out of the U.K. Market and perishables out of the US market.OSA seem to be recommending a basket of currencies including the Canadian looney,the £ and the €.

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  • millertheanunnaki

    @ Prodigal SonMarch 15, 2017 at 9:47 AM

    Agard is the key to the unlocking of the door that leads to the path to Barbados salvation.
    Barbados just cannot go to February 2018 in its present condition with that lot in government.

    Just listen to the likes of King Dyall Blackette and you would see where Barbados is at right now.

    Agard’s (premature) resignation from Parliament due to her inability to continue to function as a people’s representative in what ever capacity ought to trigger elections.

    We would know the real state of the game to be refereed by the DLP sartorial King D and scored by Jonesing the Burst Heads and Shoot People sniper if a bye-election becomes necessary.

    “God moves in a mysterious way
    His wonders to perform;
    He plants His footsteps in the sea
    And rides upon the storm.

    Deep in unfathomable mines
    Of never failing skill
    He treasures up His bright designs
    And works His sov’reign will.

    Ye fearful saints, fresh courage take;
    The clouds ye so much dread
    Are big with mercy and shall break
    In blessings on your head.

    Judge not the Lord by feeble sense,
    But trust Him for His grace;
    Behind a frowning providence
    He hides a smiling face.

    His purposes will ripen fast,
    Unfolding every hour;
    The bud may have a bitter taste,
    But sweet will be the flow’r.

    Blind unbelief is sure to err
    And scan His work in vain;
    God is His own interpreter,
    And He will make it plain.”

    Thanks to William Cowper:

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  • We should join the OECS and change our dollar to the ECD by doing that we will achieve what OSA is seeking.

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  • Miller, Gabriel,

    We should also consider the possibility of a BAT (border adjustment tax) in the USA under the current Trump admin. The BAT would revalue USD against GBP and EUR, leading to a fundamental crisis in tourism. A peg to GBP would make sense indeed, since the Brits are our stronghold in tourism. Maybe we should also add Canadian dollars besides other currencies mentioned above.

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  • The future LoO has come out to bat,supporting his MoF accepting that we have a debt problem,he stays far from calling the name of IMF but the re-financing option must remain on the table and points out that the para-statal operations are costing a lot and that they should be reviewed/disbanded,………

    When will this poor rakey bunch stop playing politics and get on with the countrys business.

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  • Well Well & Consequences Observing Blogger

    Ya can only lie and deceive for so long before reality bites.

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  • Well Well & Consequences Observing Blogger

    Did Sinckler say he will resign if they are forced to devalue, people ought to remind him of that statement, daily.

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  • Chuckle….MoE has stated that being born barefoot and poor living in a shedroof house entitles him and the majority in the house to understand Bim and any complaints from the opposition on the poor state of Bim should be treated with scorn.

    Some how that statement would suggest the opposite as our economy has been severely mismanaged by those who understand Bim.

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  • The MOE is a confused individual, what he pretends to be in Parliament and in politics he is NOT
    in the privacy of his home.

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  • fortyacresandamule

    It’s best, for a high- income and open economy like Barbados, with a chronic current account deficit, to do away with the peg and adopt a reserve currency. Singapore use a creeping, almost peg-like basket of currency. Hong Kong currency is anchored to the dollar. These countries got the foreign reserve to defend their currency . How ? by being a net exporter to the rest of the world.

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  • And this is a conversation missing from our space read examining our economic fundamentals to lean to export. Instead we continue with the incessant partisan empty rhetoric.

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  • I listened to Transport Minister Michael Lashley’s contribution to the Estimates Debate relative to the inefficiencies of the transport system and the Transport Board.

    As was expected, he DID NOT RESPOND to Mara Thompson’s claim about the inadequate bus service to St. John or how his ministry planned to solve those problems, which has also affected the service to rural districts of Barbados.

    Additionally, what I found very interesting was the fact Lashley said he was able to significantly reduce the maintenance costs of The Transport Board, mainly by sourcing cheaper parts and outsourcing repairs/maintenance to service providers such as L&M.

    If Lashley was to be honest, he would admit that, although his claims of sourcing cheaper parts may be true, from a fleet of approximately 200 buses, the Board has been struggling in recent times to provide a working fleet of 85 units per day.

    Obviously, with more than half of buses out of operation, the cost of maintenance will be reduced.

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  • Bernard Codrington

    David@ 1:41 PM

    Well said. we need to get back to our moorings.

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  • David,

    The Fed has just raised the interest rate. The Bajan is now more expensive. When it rains, it pours.

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  • @Hal

    Interesting times!

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  • David,

    Our US dollar denominated debt has just become more expensive. Very interesting.

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  • You have to take your hat off to Freundel. His speech was very well crafted to position for when the bell is rung

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  • The PM is trying to face reality, so far he has acknowledged that we are spending more than we earn,that both parties are responsible for where we are at and that he spent last year explaining how we got here……hmmmm.

    …..he wants a debate and discussion on the economy……huh

    …..fx problem is due to importing too many things….duh

    Somebody should tell him based on all the above its his job to sort out the country instead of talking all over his face.

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  • The PM is taking credit for the fact he thinks the country is ready for a hard conversation about the hard decisions to plan for the next 50 years.

    Why has he waited until one year before a general election?

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  • Not being rude, the prime minister is stupid.

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  • Why is he allowed to speak so long?

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  • The PM has delivered his speech, no David Estwick though.

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  • The ranting of the MoF , pathetic.

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  • David Estwick voted aye.

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  • @David March 15, 2017 at 7:15 PM #
    David Estwick voted aye.

    Estwick voted as expected

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  • One has to question what he is trying to achieve. He comes out publicly and criticizes the government of which he a member of cabinet. He does not debate the Appropriation Bill. Then he votes aye for the Bill. These guys are making a mockery of the system of government. Will speak on the political platform to support reelecting the DLP? Interesting times ahead.

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  • How did Owen Arthur vote?

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  • This will go down in our history as the poor rakeyist presentation by a ruling party ,who knowing the parlous state of the economy voted 15 for with the opposition standing firm at 12 against with OSA not having the fortitude of his convictions to be present and vote against it making him the rakeyist of the lot……sad days ahead for Bim.

    The estimates have spoken….june here we come or before as Yellin just uped the rate of the USD …..crash time.

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  • Recall Estwick presented his alternative economic plan in a letter to Stuart, dated January 20, 2014. In an interview by Barbados Today on February 21, 2017, he “reiterated that an alternative economic plan which he had presented to Cabinet just over three years ago, should have been accepted INSTEAD of the policies PURSUED under Snicker’s supervision.”

    “That option called for the administration to refinance and restructure the public debt, create debt and fiscal sustainability and engender investor confidence and foreign direct investment. He had recommended at the time that Government should negotiate a $5 billion sinking fund from the United Arab Emirates (UAE) to wipe out the country’s debt.”

    Obviously, the Estimates would have been prepared before Estwick’s interview (February 21, 2017), thus, as a member of Cabinet, surely he would have been aware the policies his administration intends to pursue for the 2017-2017 financial year, would not include any of his recommendations.

    It is rather confusing that the “Honourable Doctor” VOTED IN FAVOUR of “policies pursued under Snicker’s supervision,” which he said, on numerous occasions, had failed, while saying “the Freundel Stuart administration was facing an uphill task in seeking to correct its errors.”

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  • The more and longer the puppets talk, the more time passes.

    The current government will never seek help from IMF. They already torture Barbados by an excessive regime of taxes. Hence, the only way to sacrifice something for IMF would be to restructure the civil service and to cut down welfare spending. Both would be suicidal before an election.

    Without any doubt, their inaction will accelerate the financial meltdown. Barbados one of the most expensive destinations on the globe and nothing was doen during the last 9 years to change this.

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  • Did we not all say that dems are a special breed? For them the DLP is paramount, party comes first.

    Remember this bunch of wildboys said that they learnt their lesson from the Sandi debacle.

    Estwick is like a dog who goes back to eat its vomit. No surprise here!

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  • @ Artax
    Estwick is pathetic.

    The problem with being ‘outspoken’ is the need to have clean hands.
    Otherwise you can be made to look REAL foolish when the crunch times come.

    @ Hal
    Not being rude, the prime minister is stupid
    ++++++++++++++++++++++++++++++++++++
    Good assessment.
    Far from rude, Bushie thinks that you are being diplomatic.
    The man’s whole budget speech was made from the perspective of a detached observer who ‘noted’ that expenditures were exceeding income, but now, (nine years later) wants to see a frank discussion over the next year…

    What stupid what…??!!
    This man is a bad word.

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  • Chris is being disengenious tonight in Parliament. He wanted a free hand since 2010 to unilaterally implement his economics policies and now that he recognises/acknowledges/admits his failure, he wants the Opposition and the people of Barbados help his craft the path to the IMF and the austerity that will surely come with that designation.

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  • Time we understood that we are screwed.

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  • Well Well & Consequences Observing Blogger

    “a $5 billion sinking fund from the United Arab Emirates (UAE) to wipe out the country’s debt.”

    A loan of that magnitude consolidates the debt, it does not wipe it out, instead of owing 10 entities, they will owe one, with massive interest given the situation, what could be telling Estwick the debt will be wiped out anyway…, he blows so hot, cold and inconsistent, they may want to search for another way.

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  • Its my opinion that Stuart has finally come around to thinking IMF.He was at pains to say Tom did it,Sandiford did it,the USA did it,the U.K. did it and more importantly Errol Barrow himself gave it his blessing.So IMF expect Stuart and when he comes force him to make adjustments to politicians pensions if not abolish them altogether,reduce vacation periods to 2 weeks,reduce severance payment to 1 week per year,abolish the ERT,a stupid piece of legislation that suits a more advanced society,revert to a Public Service Commission that has full and final oversight of the Public Service,privatize Transport,abolish state funded Secondary education,retain state funded primary and tertiary,abolish Co-Ed,upgrade SJPP to teach all trades,set up a school of agriculture and fisheries,take back the control of the commanding heights of this Barbados and empower the black majority people.Take back ownership of the tourism sector from the likes of Butch who is raping this sector.More.

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  • DLP (Formerly CBC) Radio and TV

    “David Estwick voted aye”….. well i should have known better….i thought he would’ve abstained…the DLP only cares even now about what is politically expedient to benefit them than what is good for Barbados…even NOW when the economy is at the precipice…IF the economy collapses i want the 16 members of this gov’t locked up with Fumble serving 1 year and the rest serving 6 months..i am so SERIOUS. NO GOVT HAS THE RIGHT TO DESTROY BARBADOS’ PROUD HISTORY AND THREATENS ITS ECONOMIC STABILITY FOR THE SAKE OF PROTECTING THEIR OWN PARTYS’ IMAGE….This is the height of ridiculousness. When Dr Belle said that Barbados’ economic problem is based on politics…this is what he was talking about.

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  • DLP (Formerly CBC) Radio and TV

    “Its my opinion that Stuart has finally come around to thinking IMF.”….It is my opinion that Fumble is living in an alternative reality. Even now he is like king in the Emperors New Clothes…he probably has a clue that the economy is nearing collapse but is hopelessly keeping up the pretense that there is some light…..we, i.e. those that are grounded in reality, are like the child in that story yelling to him..the economy is nearing collapse!!!!….stop pretending!!!!!

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  • .It is my opinion that Fumble is living in an alternative reality.
    ++++++++++++++++++++++++++++++++++++++++++++++++++
    Wunna people are either being uncharacteristically kind and generous, or blind as shiite… Wunna listen to this man speech today…?

    Boss, Freundel is CLEARLY about as dumb as a rock.
    The man has NO clue.
    George Pain was exactly correct, …the man talk bare shiite …. any intelligent assessor would keep as far away from Fumble and Barbados as is financially possible.
    Confidence in this country is about zero.
    No wonder people taking their money and running…

    What alternative reality what??!!
    Early Onset Alzheimers is the most optimistic diagnosis possible.

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  • @Bushie

    Hope you are not giving OSA a pass.

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  • Wait Boss…
    Don’t you sleep?

    What pass what??!!
    OSA is the root cause of ALL our troubles.
    He opened the door to the whole deficit-financing shiite and then the DLP jackasses, not understanding the dangers, went wild with it…

    If Henry Ford had accepted the damn job 25 years ago, he would have continued the traditional HC snobbish protocols which kept idiots like Fuendel, Stinkliar, Kellman etc in their rightful places, would have spent only what we earned – even if people still went to standpipes and used pit toilets, and out national debt would have been about $2M – mostly borrowed to refurbish the Garrison or the yacht club.

    Any time you put poor people in charge of your money you done KNOW they will give it away to all their poor friends and family …and soon you, them, and their mendicant friends will ALL be poor as shiite….

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  • After complimenting James Paul for the work he is doing to persuade Barbadians to buy local he immediately followed with -you enter a supermarket and see 12 brands of sweet biscuits and none made in Barbados.

    Oh shiiirt!!!!

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  • millertheanunnaki

    @ Bush TeaMarch 15, 2017 at 11:56 PM

    You can say what you like about Lord Fumble the sleeping giant, arisen once more in the incarnation of “Dr”. Magoo the well-read armchair economist about to embark on his first operation to fix the Bajan society and by extension the economy. But he is the magician required at this moment in Bajan time.

    The cold callous insensitive temperament of the man makes him the ideal candidate to be the supernumerary ‘officially’ in charge of the operation for the removal of the deadly cancerous growth called conspicuous consumption aptly ‘bajanized’ as having “champagne taste with mauby pockets”.

    We know the scalpel that will be used to carry out the surgical operation.

    It is of tungsten steel with the brand name Devaluation ‘fabricated’ by IMF which cuts right across (like Bushie’s whacker) the entire socio-economic body with no concern for parasitic tissue only sparing those who are vital to the earning of forex (the lifeblood of the circulatory system).

    Whether the instrument of financial reality needed to stitch up the Bajan stomach with that gargantuan appetite for foreign-made goods and services is delivered in the form of a downward adjustment of the existing peg of the local dollar to the U S greenback or wrapped in more appealing palatable paper and delivered in a multi-currency basket, the result will still be the same.

    There must be the cutting of the imported consumption cloth to ‘suit’ the amount of money available to pay the foreign tailor.

    At least there will be a massive trimming of the fat and that ever expanding bacterial army of NCDs of which Fumble is so concerned about would be steadily discharged from the body of the recovering patient called Barbados.

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  • I see the bright light at the end of the tunnel … Wait, it is the fast D-Train with train driver Lagarde coming in the tunnel.

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  • Bush Tea and Low Down can throw a curve ball like no other…even better than Sir Garry.

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  • LOL@Gabriel
    Pease don’t mislead the blog.
    You KNOW that Bushie’s throws are straight and slow….
    Um is the whacker dat yuh gotta watch out for…
    LOL
    ha ha ha

    @ Miller
    Lord Fumble is just about reaching the point of understanding that there is no more money to be had by borrowing, taxing, begging or earning….
    Somewhat like a Parro who wants a joint, and feel his pockets – only to find them empty…
    Well you DONE know that he will be looking through the family house for some shiite to sell….

    @ Hants
    Do you wanna buy the ABC Highway….? …or Browne’s Beach?
    Just pay the snivel service for a couple months and um is yours….

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  • I watched the DLP’s “Facts” video posted to BU, in which Sinckler is seen explaining cash requirements facilitated by the Central Bank, i.e. “printing of money.”

    Sinckler emphasized that “money from the Central Bank is a loan, which the government has to repay.” He further stated: “Now I gine tell you because it will soon be revealed when the Central Bank audits are laid in Parliament, the Central Bank this year will make a profit of $25M,” which drew a LOUD APPLAUSE from those in attendance.

    Clearly, Sinckler was implying the Central Bank REALIZED a PROFIT of $25M because government REPAID loans from that institution. And the gullible yard-fowls, in their ignorance, applauded that shiite.

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  • Well Well & Consequences Observing Blogger

    25 million….dont they need at least 70 million a month to pay the civil service., how much were or are they taking from central bank per month to make up the shortfall and when they cant take any more money from that entity, which is now upon them, where will they get the money to pay salaries.

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  • When does Sinckler do the good and proper thing and resign on his honour?

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  • Bush Tea March 16, 2017 at 12:25 AM #

    Chuckle……ah dat u……..skippah you really write the above about OSA……hahaha

    Ah dun teh yuh yuh duz engage han pun cunputer befaw brain…

    ….you just wanted to cuss me when I said the same thing…..yuh real hard ears.

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  • fortyacresandamule

    The central bank ‘profit’ for the most part is strictly a journal entry exercise. In most cases the government simply roll-over their due payments to the central bank.

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  • @fortyacresandamule

    Was about to make a similar point. Historically the Central Bank’s income stream would have been currency trading, for the MoF to boast about income on lending to government confirms that he is a jackass.

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  • According to the Nation, the Hyatt is about to start. Has anyone seen the permission and, as reported long list of conditions? I find it strange that 50 something conditions, some apparently linked to design, could have been addressed in less than a month.

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  • enuff

    Has it really started or is the contractor clearing the site to push the PM for the signed contract?

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  • fortyacresandamule

    @David. You are 100% correct. Nowadays most of the central bank so-called profit comes from open market operation. The difference in interest rate what they get on government notes and T-bills and what they pay investors for mopping up liquidity. And most times they are making a ‘loss’

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  • Enuff
    Andrews did start too.And what happened.A judge stop it dead in its tracks!

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  • Bitches Brew is a studio double album by American jazz musician Miles Davis,

    https://www.barbadostoday.bb/2017/03/18/oh-no-mara/

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  • David,
    You said “…examining our economic fundamentals to lean to export. ”
    Export what? At the moment our only export is sugar; whatever amount that is, our other major source of income is tourism. The only other alternative is cutting down on imports, and import substitution, for goods. What else is there? Unless the opposition will join with government to overturn (real the law; introduced by OSA, that would ALLOW THE GOVERNMENT TO CUT WAGES.

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  • @Artax March 16, 2017 at 10:12 AM

    This is a financial perpetuum mobile. Cannot work.

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  • March 18, 2017 at 1:15 am
    ” truth is dat dey got a few mules among de BLP parliamentarians ah lie?”

    Glad to see one of BU’s best is still blogging in another forum.

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  • MARA THOMPSON AND CHILDLESS WOMEN.

    “In an obvious reference to party leader Mia Mottley and Bradshaw, who is the Member of Parliament for St Michael South East, Thompson charged that the BLP was currently led “by someone who does not have children”, adding, that “she who sits beside her [meaning Bradshaw] was the same thing”.

    “I have no children but I have chosen to come to public life to be able to be an example to other young people, to be able to speak out and to represent my country. That is the choice I made. And I take real disgust to persons who speak in that way because I’ve worked hard to be here.”

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  • If pot holes save lives ,according to one of our deputy Prime Ministers,then the sale of the Barbados National Bank to Republic Bank of T&T may have saved Barbadian deposit account holders of BNB from a fate,almost as bad as the CLICO rip-off,given the propensity of this poor rakey administration to print money and dip into the resources of the National Insurance funds.

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  • ” Bradshaw, who followed in her father Delisle Bradshaw’s footsteps to become the political representative for St Michael South East, was quick to fire back at Thompson’s salvo, arguing that because a woman was childless did not mean that she did not know how to be a parent.”

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  • Why do we find it so difficult to compete with other international companies. I mean we invented rum! We have this inability to grasp the understanding of marketing. This is how it should be done.

    https://www.plantationrum.com/our-history/

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