Subscribe to get the latest posts sent to your email.
@fortyacresandamule
Is it possible for economic activity to occur in a market where the banking system does not have the appetite to lend and at the same time there is scarcity of forex? Bear in mind there is a big% of imports required to drive commercial activity in Barbados.
Chuckle……Min.Blackette of Social care is telling the people to pray as to prevent the wicked BLP from gaining the govt. as they lead this country down an immoral road.
They seem to be taking a leaf out of Trumps book in trying to get all the bible thumpers on board their election bus.
Not dealing with the estimates but into naked electionering using the moral card…..wuhloss….they are running scared.
Is anyone listening to this jackass Steve Jacket ranting and raving in the House of Assembly?
But look what our Parliament has come to? The man wants to know where is all the suffering in Barbados….his son is now an entrepreneur…….he has his own cotume band at Crop Over…………….well, well well.
The man say he is going to put the Child Care Board on the family of the young 13 year old who spoke at the Rally. I wonder where was he when Shemar Weekes or the grandparents of the other little boy who was beaten to death by his stepfather.
We cannot wait to see the backs of these idiots.
Hal
The Minister of Finance cannot legislate confidence back in the market, neither with the FDI investors/project sponsors or with the commercial banks which are flush with cash. The crying shame here is that have given us his open 6 hour admission of failure the Minister of Finance does not feel motivated or compelled to resign. I am still shocked at the maladroit fashion in which Sinckler went about his constitutional obligation yesterday.
David
Barbados will not move one inch other than by engaging the Sherlocks of the investing class like Butch Stuart.That Sandals deal has begun to bite as Adrian was very careful to point out from the outset.
The mantra remains CONFIDENCE in the current Barbados Government.Maloney,Bjerkmann,Williams/2,Tempro,Butch…..all these guys love the current jackasses we have for ministers.Barefoot boys who never had it so good in a plantation polity.Bringing the barefoot boys from the yard into the manor house got these darkies so dazzled,they can’t believe their luck.Where Tom and Bree?Send for the financial expert Rawdon to join the BLP for the next election and see how fast the foreign investors and IBC’s beat a track to Bay St.Put Rawdon Adams pun de ‘flat form’ and see how Bajans vote in heavy numbers,even the misfit from St Lucia would lose her seat let alone the little clown from Sen Lucy.
Morris,
The system is corrupt. Sinckler should have been fired years ago. The prime minister is to blame.
Can anyone believe that Mara Thompson had the nerve criticise the march and the cost that they the dems decided to put their own propaganda price on.
Well the VOB Chatters went wild…………….they want her to tell the people about 3.3 million dollars she helped her husband and Leroy Parris laundered. She should also tell the people of the CLICO money in Families First her husband hid in that account.
What a waste of a seat!
@ fortyacresandamuleMarch 14, 2017 at 1:48 PM
“The excess liquidity in the system probably will soon start chasing foreign asset, eventually putting pressure on the peg.”
That will not happen. The excess liquidity is denominated in Bajan Mickey mouse money.
The monopoly dollars will have to be converted to some ‘hard currency’ before such an act can take place.
As it stands, forex is becoming a scarce commodity in complete inversion to the excess liquidity in local dollars.
It is more convincing to argue that local real estate and other potentially profitable assets would become more attractive to those speculators holding foreign cash as they are put more and more under the distress sale hammer.
Interesting recap of the week’s contribution by the political foes of Barbados,the Dems.
Hal
I disagree totally. Both should have or now do resign on their honour but that ain’t going to happen. Winter coming and these chipmunks have store nuts for the cold lean months.
The member for St John failed to properly look after the welfare of her down on their luck constituents as did the Social Welfare minister and the charlatan doctor booby Durant.Where were you all when this family was crying out for help?Mara with her inherited 39 million dollars from the lying king’s estate plundered of Clico with the help of the leper.Where was Mara?.Why were you not about the constuency’s business.What is the role of your constituency council?Do you live in St John?
What is the role of Steve Blackett’s ministry in this sordid example of destitution gone terribly wrong.
@ Hal AustinMarch 14, 2017 at 1:12 PM
“Arthur is saying the banking system is very liquid, which is true. But he does not propose what the regulator of MoF should do to cope with this situation. Go on, Owen, tell us how to deal with over liquidity.”
Isn’t this analogous to taking a winning hand of monopoly money to the supermarket?
The problem is not one of excess liquidity of Bajan dollars in the local banking system but one of earning and saving forex to back those ‘internationally’ worthless local dollars ‘laying’ idle in an economic bed where at least 70 % of activity is forex dependent.
However you twist and turn your argument to refute the holding of forex- either for a rainy day or to support the release of that excess liquidity in local dollars into the economy-security of forex is the sine qua non to support any trading activity in a transactional-based economy or in the financing any projects to increase infrastructural development.
Barbados is in deep shi-t. Parliament can be called Ijuts R Us.
BLP and DLP are shareholders in IRU inc.
Miller,
I do not intend getting involved in any more discussions about foreign reserves. It is a silly argument not worthy of my time.
I will leave you with a quote from a leading UK economist: “…economic theory is in essence about equilibrium. It is about how best to allocate a fixed amount of resources in a static world.
“Economics has relatively little to say about dynamic processes, about change, about disruption, evolution, innovation, about behaviour out of equilibrium.” (Paul Ormerod).
It is the one-dimensional thinking, what the French call single thought and Margaret Thatcher called Tina (There is no alternative). At the heart of the Thatcher/Reagan neo-Liberalism is the preservation of the exchange rate. This is the legitimacy of neo-classical economic thought, but it has seen its best days. Heterodox economics challenge this.
The concept of exchange dominates neo-liberal economic theory. It is the economic equivalent of religious fundamentalism.
Neo-classical theorists believe, as a matter of faith, that state intervention is a source of inefficiencies, while heterodox economists believe the state must offer a guiding hand in the development of society.
It is this basic truth that Sinckler, Stuart, Worrell, Arthur and the other leading economic spokespeople in Barbados do not fully understand.
One reason for this is that despite our supposed education, Barbados has never been at the frontier of knowledge, compared, for example, with St Lucia.
Further discussion on my art on an issue that we have long passed here in Britain does not help one to progress, it is an intellectual dead weight just repeating old arguments.
I have said this before, and I repeat it|: it took the world over 2000 years to reject Euclidean geometry. Barbadian economics is still back in the 1960s.
.
After downgrade is just before next downgrade. I am counting down the days.
Some markets like Cost-U-More already want payment in USD, if you use a credit card.
When I saw all these shiny Audi, BMW and Mercedes in front of the Talking Assembly today, I wondered: How do you manage to buy a car for 500,000 BBD if your statutory income is just 12,000 BBD net per month?
They are getting money from somewhere…follow the money trail.
Tron,
Is that envy or a genuine concern about unexplained wealth?
Hal, no envy.
I am concerned about the discrepancy between the low lifestyle of the masses and the luxury of their masters. The gap is getting bigger every day.
And so you should. We need to audit the assets of MPs and senior civil servants and those with unexplained wealth should face prosecution and the property confiscated.
It does not matter what make of car they have. Stick to the ethical side and leave out what may be interpreted as envy.
@ Hal AustinMarch 14, 2017 at 4:32 PM
“It is this basic truth that Sinckler, Stuart, Worrell, Arthur and the other leading economic spokespeople in Barbados do not fully understand.”
Why are you including “Sinckler” and “Stuart” in any intellectually ‘heady’ discussion involving basic economics far less simple finance or even primary level arithmetic?
My argument is not grounded in any theoretical or esoteric understanding of that dismal science called “Economics” but in the reality of how actual businesses function and those entrusted with the management of public finances.
Don’t you get in your hard head that without foreign reserves securely stashed in the banking system Barbados is just another economic basket case?
Barbados has no significant resources or highly desirable tradable commodities to offer the world to secure its continuation as a viable and safe place in which to live relatively comfortable or to visit without excessive concern about one’s liberty and life.
Reasonably healthy levels of foreign exchange reserves act as shock absorbers against international economic and financial vicissitudes and provide a degree of confidence in the country’s capacity to manage its financial affairs to protect it from deep-seated fears and concerns engendered from its status as a developing country especially with an emerging black political class viewed as potentially corrupt.
Why do you think Singapore is so successful in the eyes of world?
Don’t you think its high level of foreign reserves act as a stabilizing factor in attracting foreign investors to its wide range of services and industrial output?
A circus somewhere is missing it’s longstanding professional CLOWN.
Goddamn idiot.
Why does Hal think everyone envies corrupt public officials who cannot account for their source of income outside of their salaries, no one envies the corrupt, particularly when more often than not, they are stealing to live lavish lifestyles and more often than not, they are stealing from taxpayers.
These are crimes that are investgated and prosecuted in the real world…even if they are not in Barados…..what is there to envy.
Tyron
The makers of cars should complain to the WTO for unfair competition from Governments particularly governments in Barbados which artificially restrain trade by collecting enormous amounts of taxation,thereby making their cars landed CIF values increase by 300 &400 % and which inflated costs artificially increase the insurance risks of vehicles presenting a burden on the insured and on the re-insurers.A Honda car advertised in the US on the run of the mill lease cost US$199.per month for 3 years with about US$2500.00 on signing.That said car cost the purchaser in Barbados the equivalent of US$65000.00
Gabriel, I will never understand why Barbados is a member of WTO. That is a sham. Barbados never wanted free trade at all. They say it is to protect the foreign currency reserves, I say the ruling people in this island do not want the masses to drive proper cars. They need their silver Mercedes as a sign of distinction – like the master on the plantation had his privileges.
We have really lost the plot with our presentations, we no longer understand the purpose of them and the younger ones are no longer interested.
@ Vincent
We have really lost the plot with our presentations, we no longer understand the purpose of them and the younger ones are no longer interested.
++++++++++++++++++++++++++++++++++++++++++++
What is the purpose of them?
Lotta shiite boss!!!
A bunch of illiterate JAs talking shiite for a whole damn week?
What would possibly interest ‘the younger ones’? …the intellectual stimulation?
Steupssss
Up to Bushie we should ignore the whole damn exercise …and focus on some REAL issues ….such as how we will seek to survive in this little shiite island with water outages, electricity cuts, fuel shortages, food shortages and increasing crime, road collisions and shootings.
If anyone needs to listen to this set of retards yet again in order to workout that they have NO CLUE, then that person may be of similar ilk…..
While wunna watching 30 monkeys talking shiite – while playing games with wunna money, Bushie planting some ground and filling up some pet bottles with water.
An outbreak of Syphilis in Barbados was made public in Barbados on the same day we heard that VAT will be applied to a range of medicines.
Hitler suffered from syphilis, and he destroyed Germany and the most of Europe. One wonders if they are not some current leaders suffering from this same brain damaging affliction.
In 1994 when he became PM…..a younger Owen Arthur told the country he met an IMF official sitting in an office in Bay Street ……and he CHASED that IMF official away.
Ah wonder if this is the same IMF official he is inviting the government …..to BRING back ?
Wuhloss! !!!!
David I am asking you…..because at times….when you want to…you display reasonable research skills! !
Can you point me & your other BU readers to Mia Mottley’s message in celebration & support of :
International Women’s Day 2017 ?
Violence against women?
He contribution in Parliament to recent amendments to the Domestic Violence Act?
Awaiting your findings……
@David March 14, 2017 at 6:43 PM #
It was the most stupid speech I heard from parliament since Lionel Craigg’s infamous Douglas Leopold Phillips Speech. Steve went on to equate the speech of the 13 year old boy at last Saturday’s march and rally as sexual abuse or physical abuse. What an Idiot!
No wonder Miller refers to him as King Dyal
Blackett is an idiot and should never be allowed near the parliament building again.
What a mess they all created.
http://www.nationnews.com/nationnews/news/94590/arthur-job-cuts
“Arthur: Job cuts will come
WORKERS NEED TO brace themselves because job losses are inevitable at many of the country’s state-owned enterprises, Owen Arthur has said. The former prime minister said he tried to introduce a mature discussion on the topic of privatisation in the last general election but now there was no running from the issue. Arthur, who was the man behind the sale of the former state-owned Barbados National Bank and the Insurance Corporation of Barbados, told the House of Assembly yesterday during debate on the Estimates that rationalisation of the 63 state-owned enterprises had to occur and limits put on who could access services such as university education and health services free of cost.”
http://www.nationnews.com/nationnews/news/94588/changing-peg-option
They cant say it’s not staring them in the face….they cant wish it away, lieit away or pretend it dont exist, anymore.
“Changing peg an option
IT IS TIME FOR a debate on the value of the Barbados dollar, according to a former Prime Minister. Owen Arthur, who led Barbados for 14 years, told the House of Assembly yesterday that the devaluation debate taking place in the country was a “false debate”. The former Minister of Finance said the Barbados dollar peg to the United States currency had worked in the island’s favour but right now it was working against it.”
http://www.nationnews.com/nationnews/news/94594/arthur-seek-help
Not good news for incompetent leaders to be waking up to, despite all Carson’s self praise.
“BARBADOS FACES A $3 billion debt crisis, and former Prime Minister Owen Arthur is pleading with the Freundel Stuart administration to seek foreign help right away, even if it means going to the International Monetary Fund (IMF). Speaking in the House of Assembly yesterday in the pre-lunch session of debate on the Appropriation Bill 2017.”
This falls under deplorable, repugnant, deceitful and boldfacely stealing a salary from taxpayers for the last 8 years, with absolutely no remorse, while doing nothing for the people of St. John.., Mara Thompson got a nerve,.
https://www.barbadostoday.bb/2017/03/14/thompson-all-is-not-well-in-st-john/
Is Mara Thompson not the MP for St. John years now, is she horrified at her own inaction, lack of care and deceit to the people of St. John who now has to make sureshe is kicked out as their representative…never to return……..since she is so horrified, why dont she give back the salary she has been collecting for years as MP for doing no work….frauds and scamsters.
Those people in St. John been suffering under Mara and her nasty, haughty, arrogant attitude for years and she is only now horrified….now she has been exposed.
How is it she was not publicly horrified at Leroy Parris and the Thompson clico thefts.
David,
Budget reporting is a big media event in Britain. The various media organisations will usually have experts on all aspects of fiscal policy in the office or studio – accountants, pensions, housing, etc. -commenting as the various announcements are made.
As soon as the chancellor sits down from his speech the other documents are released by the Treasury, so all media will have motor cycle couriers waiting to bring them back to the office. The Budget is more than just a speech.
That is when the real analysis begins, looking at the fine print.
@Fractured BLP
“Chased away”`? LOL. The same lie the Greek PM tells his people.
I tell you how OSA and Greek PM talk: “Dear director XY, Thank you sooo much for your very wise input. I think, we are now able to implement your suggested measures. As you know, elections are coming soon, so you should possibly direct our budget from your NY office by email and telephone. We will stay in contact on a daily base. If there is any urgent matter, I will fly in no time to NY, declaring it to be a cocktail sip for the masses.”
Having heard OSA’s contribution to the debate can we assume he will vote against the Appropriations Bill?
Suspect the politics will Trump all considerations.
Is Agard attending the sitting?
Bush Tea March 14, 2017 at 9:32 PM #
Up to Bushie we should ignore the whole damn exercise …and focus on some REAL issues ….such as how we will seek to survive in this little shiite island with water outages, electricity cuts, fuel shortages, food shortages and increasing crime, road collisions and shootings.
…………………………………………………….
No disagreement with your above as that is the plot I am talking about……thats how we connect with the youth and joe public.
frightening when we agree….lol.
@WWC
The more often they talk about devaluation, the sooner we reach this point. All the talk about devaluation is just about making the masses familiar with it. And the new peg won´t be 2.2 or 2.5 as it is on the grey market now. It will be at least 1:3. If we get a bank run or another uncontrollable situation, it might be worse, something like 1:4.
Tron…it’s not looking good, I dont know why these fly by night ministers and yardfowls are still using deceit to lull the population into a false sense of security….as already explained by those in the know, I believe you are one, there has already been a partial default because of their breech of the credit suisse loan, they never read the fine print, even if they did they did not understand it and when firing Worrell took a self-imposed shotgun blast to their own feet.
As bajans are saying they all need to put their salaries back where they gpt them, give it back to the people, they have not earned a penny of it in 9 years…, they are all frauds.
And on rethinking it, that is why Owen is calling the devaluation debate a non issue, a false debate…they have already passed the point of no return…their next step is one or the other, no wiggle room or space to perpetrate more lies….no second or third option left, the government has imploded.
What got me pissed is ypthis Mara Thompson acting so removed and disconnected from the mess she created in St. John, as though she just arrived and found it, as if she has not gleefully added to the ongoing decades old abuse of the people….as their representative….that is insulting.
I remeber Manning of Trinidad being stoned by the people when they had enough of his arrogance….I believe in this case it’s appropriate.
did anyone see in all this paperwork anything about printing money? Did anyone see we need to print 50 Million$$ and the Adjustment for firing the Central Bank Governor? Did anyone see that they were going to Print an additional 105 Million Dollars$$$$?
Estimated crimes upcoming, Neither or Either their Manifesto from 2008 nor 2013 was also bad worthless estimates, The reality is that we are living in Fraud and Ponzi , We need real numbers and real outcome besides proof of Massive Fraud by the DLP and the BLP.
Garbage , potholes, When all the Holes and Pots and trash is in the House of Ass-sembly , You all have to be smarter than a PHD,
@ TronMarch 15, 2017 at 8:26 AM
“The more often they talk about devaluation, the sooner we reach this point. All the talk about devaluation is just about making the masses familiar with it. And the new peg won´t be 2.2 or 2.5 as it is on the grey market now. It will be at least 1:3. If we get a bank run or another uncontrollable situation, it might be worse, something like 1:4”
You are now talking the ‘futuristic’ language called “Reality”.
All OSA is doing is speaking in ‘guardedly’ coded language when he talks about un-pegging from the US$ and hitching the local dollar to a basket of currencies representative of those from Barbados’s major trading partners and sources of income.
This move would automatically trigger a downward adjustment of the dollar to reflect its true market value and its ability to competitively attract overseas buyers (and FDI) for the country’s goods and services.
There is no way the Bajan dollar should be so out of sync with other countries in the region which are competing for the same tourism business, int’l financial services and FDI.
Barbados is really too small, resources-poor and now disadvantageously uncompetitive to have and maintain its own currency.
Either adopt the greenback (or some other internationally acceptable medium of exchange) as the official currency of the state and close down the Central Bank or tie the local dollar to a basket of currencies which will inevitably involve a significant downward adjustment in the real purchasing power of the dollar.
Barbados has some things going for it . It’s a real relaxing place to spend some holiday time
The vibes are good when you as a tourist walk around, take a mini bus or go out to eat at a restaurant . The weather is good, the beaches are very good, and everywhere around are other people enjoying themselves . The island gets lots of tourist arrivals and a not insignificant number like myself are Bajans who like to return to the island for their holidays or retirement years . The revenues are there just not enough to match the expenditures . Expenditures have to be cut. Cutting expenditures is painful but unavoidable , borrowing is a short term solution only . Before long interest costs on unpaid debt make everything worse. Trouble is no politician who tells the people that they are going to have to reduce their standard of living even for a short term is going to get elected , so the fiscal imbalances have got worse to the point where they now may be no other choice . Cut government expenditures to match revenues so the civil service absorbs most of the pain , and/or devalue the currency giving every one on the island who has a Barbados dollar income a payout with a bonus haircut on their Bank deposits and savings. Or be forced by the IMF to do this, this way the IMF can take some of the blame . Look what they made me do.
Whatever is done to fix the imbalance it must be done fairly and humanely . No one wants to loose a job or take a pay cut and with good reason, maybe the pay cuts are the better option?
@ David March 15, 2017 at 7:44 AM #
“Is Agard attending the sitting?”
…………………………………………………………….
David
I understand that she is in Canada. She is on three months leave from Parliament.
its cheaper to print paper dollar bills than to make dollar coins, posted on CUP page yesterday.
The blogmaster invites you to join and add value to the discussion.