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clevistonhaynes
Cleviston Haynes, Acting Governor of the Central Bank

Acting Governor Cleviston Haynes is expected to share with the public this week the six month economic review of the Barbados economy. It will be his first major public outing since being elevated to the post of governor of the Central Bank of Barbados.

 

The controversial circumstances surrounding his appointment continues to be a concern for right thinking Barbadians who have always been encouraged in the perception that the Central Bank of Barbados is an independent institution -until the recent stewardship under Dr. DeLisle Worrell.

Governor Haynes’ task will be to dispassionately deliver information and interpret data on the current state of the economy and in the process help to retrieve the reputation the Central Bank has earned since it was established in 1972.

The BU household continues to be somewhat cynical when we have to refer to the Central Bank of Barbados as an independent institution stoked by the knowledge that the appointment of the Governor is made by elected politicians. In this case the minister of finance.

Governor Haynes will have to demonstrate integrity and communication skills of a high order to convince the cynics among us that he is not unduly being influenced by the political headwinds gusting across the land as a general election approaches. ย  How will he explain the routine printing of money by the central bank against the best advice from local, regional and international financial analysts? What about the concomitant effect it continues to have on theย  foreign exchange reserves? Then there is the questioning by the International Bank of the integrity of the data collection process that informs analysis and forecast. Will he be in a position to share information on the ongoing and protracted restructuring at the central bank that has dogged his predecessor?ย  Several other questions can be asked although BU anticipate he will plead the fifth and try to stick to a script for his first time in the spotlight.

Finally, it is being reported the acting governor will revert to the practice of allowing the media to participate in the session, what will be the makeup of the media players who attend the press briefing. Will the media houses see this as an important event and see their ‘heavy weights’ in attendance? The media is one of the key watchdogs in a democracy. On this occasion we wait to see if they squander the opportunity to represent the public it has a mandate to serve.


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138 responses to “Acting Governor Cleviston Haynes to Deliver 2017 Six Month Economic Review”

  1. Frustrated Businessman: enact Facilitation Martial Law! Avatar
    Frustrated Businessman: enact Facilitation Martial Law!

    According to our resident moron Fumble, the state of the economy is to be blamed on our colonial masters.

    Just when I thought Fumble the Fool couldn’t embarrass an entire nation any further; we’ll soon see if Haynes is just another liard lackie.

  2. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    He better not allow himself to be used by government as the fall guy to lie to the people, he was right there and saw how well that ended for Worrell who allowed himself to be used as a government stooge for years. …but no good deed goes unpunished, lesson for the day.

    That was really sinking to a new low though…..lol…blaming dead colonists for today’s money woes created by DBLP government ministers over the last 50 years…haha haha. …hard to beat that one, let’s see if the idiot Kellman can do better than Fruendel, we might not have to wait very long, he cant help himself….lol


  3. It would be interesting to see whose side Mr. Haynes is on

    It certainly can’t be the people of Barbados, could it?

    For this is an international struggle of bankers verses quaint notions of national sovereignty.

    The last CBoB governor had come to represent the thinking of the private international bankers, poor fellow!

    Maybe they have not yet had the opportunity to inveigle Haynes in the same way, maybe.

  4. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    They been screwing up Puerto Rico for decades, it can only get worse under trump.


  5. According to the April 27, 2017 edition of Barbados Today, Sinckler is reported as having said he failed to see how increasing cruise and airport taxes, as recommended by the Foreign Exchange Working Group of the Social Partnership, โ€œwould bolster the foreign exchange reserves.โ€

  6. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    I like that rarely used word inviegle. .lol


  7. Minister Richard Sealy is being carried on the news this morning preparing the public for what he anticipates will be info shared by Governor Haynes. According to him the Governor will address the falling unemployment number, a boost in forex and FDI. Last week the minister of finance made similar utterences.

    Is it only BU that find the statements by them (sealy/Sinckler) in poor taste BEFORE the governor delivers his review?

    Hope that it is not an attempt to influence the talking points by Haynes.


  8. David

    Mr. Haynes is not likely to say anything new.

    We already know the trajectory of the economy. Only tinkering has been employed to reverse that direction.

    What then maybe the variables that could have straight-lined, showed a marginal recovery or an unwelcome and continued downturn.

    Well, maybe better than expected tourism arrivals. That maybe seen as a bright spot – short termed as it will be.

    Even that cannot, at this stage, offset the effects of CB financing, growing debt service requirements, dwelling foreign exchange reserves, balance of payments etc.

    The report will tell us nothing not see in the economy, on the ground, during the tourism season.

  9. Vincent Haynes Avatar
    Vincent Haynes

    David

    Simple translation…..the Cabinet wrote the speech to be delivered by the acting Governor of the Central Bank.

    The BU household continues to be somewhat cynical when we have to refer to the Central Bank of Barbados as an independent institution stoked by the knowledge that the appointment of the Governor is made by elected politicians. In this case the minister of finance.

    We must continue to be cynical as this govt no longer inspires confidence in anything it says or does.


  10. I am sure Governor Haynes will have some creative new plans for rearranging the 2 or 3 deck chairs on the good ship SS Barbados as it, along with many much larger vessels, struggle to stay afloat while tossed about on today’s storm tossed economic seas.

    The Usury Based System. Towards A Worldwide Financial Disaster?
    by Richard C Cooke

    A usury-based system sucks the purchasing power out of the producing economy. This places every institution and individual within that economy under pressure to constantly generate an ever-increasing level of economic activity to stave off bankruptcy, ruin, and even starvation.
    Historically, the system took a major step toward chaos when banks were allowed, by law, to lend more than they had on reserve. โ€œFractional reserve bankingโ€ was a natural outgrowth of the practice banks were permitted to engage in under the assumption that not everyone would want to redeem their paper notes with gold and silver at the same time.

    Unfortunately, the more mature an economy becomes, the more the economic growth rate slows and the greater the stress involved in the simple act of living. Many cannot keep pace as the ranks of the poor grow. The ancient Hebrews recognized the peril of the system by mandating a periodic โ€œJubileeโ€ when debts were forgiven.

    In todayโ€™s economy, there is never a Jubilee. So in order to pay off debt, the economy must constantly grow. In order to make it grow, everything else must be sacrificed. When human values conflict, they must be pushed aside to serve growth. Ask any politicianโ€”economic growth must be constant; non-growth is disastrous.

    This is one reason โ€œconsumerismโ€ is rampant. Turnover of perishable goods is needed to keep the economic wheels turning. Planned obsolescence is employed to assure constant surplusing of property as the out-of-date stuff is carted to landfills to be added to the growing mountains of trash.

    Every person must accumulate vast amounts of disposable objects and, if possible, own a big house on a large piece of land to contain it all in order to feel complete. Yet for an individual or a family, even to miss a single paycheck or be laid off work can be catastrophic.
    Further, without regulation, companies are motivated to cut costs by wanton pollution, reducing wages, and overusing public infrastructure like highways without paying their fair share of taxes.

    This is where Western society has arrived today. People and firms must constantly increase the rate of economic activity just to pay their debts, leading to increased resource consumption, brutal competition among individuals and nations, price inflation, war, crime, and breakdowns in health and social order. The idol of Mammon is voracious in demanding its blood tribute.

    http://www.globalresearch.ca/the-usury-based-system-towards-a-worldwide-financial-disaster/5587245


  11. @ David

    Since last week Sealy was making references to the Acting CB Governorโ€™s report relative to a decrease in unemployment.

    Iโ€™m hoping he is not basing his assessment on the Sandals and Sam Lordโ€™s Castle projects, when it is known to all and sundry that at least 70% of the artisans at Sandals are non-nationals, while Chinese make up 60% of the labour force at Sam Lordโ€™s.

    Perhaps Sealy should provide the evidence to substantiate there was an increase in the employment rate.

  12. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    That system should have been upgraded at least 80 years ago, but because the wealthy families who benefited from the crimes, greed of their ancestors and whatever else came with their illgotten gains refused to let go if a centuries old system that fattened them only even centuries later, the wprld has finally arrived at this mess.

    If Caribbean governments had ever been serious and had any vision, particularly in Barbados, in the last 50 years, they would have amputated instead of copying or steadfastly and stubbornly holding on to a dead system that can never benefit the majority population…….being the copy masters that they are, they all foolishly held on to it for the useless status value and pimphood titles, given freely so they can be easily bought by the descendants of colonists using fantasy and delusions.

    ……….not one of the government ministers got any vision, outside of blaming everyone else for their incompetent actions or lack of any action at all to upgrade a dysfunctional system..


  13. @Artax

    If there is mention of a the unemployment number by Governor Haynes he is trained to validate his source, in this case the BSS.

    IF he runs with projections hopefully an alert press Corp will inquire assumptions used.


  14. The MoF hints that there is a plan to bolster the forex and the MoT claims there is a spike. Who does one believe?


  15. @Pacha

    We shall see how he wants to add to his legacy as a professional.


  16. It is also interesting to note that Sinckler said that changes will be made at the Central Bank, as โ€œGovernment plans to shortly take to Parliament a new Central Bank Act to make way for structural re-organization of the entity.โ€


  17. Today’s Nation newspaper gives insight, no doubt a planted story.

    http://www.nationnews.com/nationnews/news/96372/editorial-worse-sinckler

  18. William Skinner Avatar
    William Skinner

    If the report is negative, the GOCB would be seen as positive and an improvement on Dr. Worrell by the BLP
    If the report is positive, he would be seen as telling lies for the DLP
    So by the end of the week the GOCB will know how the BLPDLP jokers, apologists and sychophants see him.
    We can therefore look forward to a great non-discussion over the next couple of days. he can expect starvation or to become an enemy of the state. BLPDLP stupidity on full display. No wonder Ms. Mottley wants an increase in the number of Parliamentarians….it too sweet.


  19. What the central bank needs is not so much structural r-organisation, but a thorough review of its regulatory and supervisory powers. The existing central bank at is redundant.

  20. Hamilton Hill Avatar

    Who in their right mind would believe the information given by any Govenor that serves under this administration? Haughty Dick helped author the script prepared for the new lackey.

  21. millertheanunnaki Avatar
    millertheanunnaki

    @ David May 2, 2017 at 8:17 AM
    โ€œIs it only BU that find the statements by them (sealy/Sinckler) in poor taste BEFORE the Hope that it is not an attempt to influence the talking points by Haynes.โ€

    The miller is on record for preempting you guys for what is about to play out and telling you that the upcoming show will be nothing but a pantomime in sheer shenanigans and political fiasco starring as guest artist the subservient submissive Clever Cleviston duped into accepting 30 pieces of retirement silver to fool stupid black Bajans into believing in that economic saviour of Bim called the DLP.

    Cleviston is just a puppet that is about to write his name on historyโ€™s pages as the boy who took the โ€˜rapโ€™ for of his former boss โ€˜de-liarโ€™ Worrell.

    Now how can stupid black Bajans believe the things that are going to be said when only 3 months or so ago the previous guv (the โ€˜quackingโ€™ Worrell) was telling it like it really is out of pure guilt? How can there such be a miraculous 180 degrees turnaround in the economic fortunes unless Rev. Bonke has been invited back by Pastor Rolex Durant just as it was done prior to the last elections?

    Oh what a silly boy has been sent to fool you!


  22. @Miller

    We have to be sympathetic to your view -you will recall the communication that was leaked to the Nation exposing concerns of the Board and directing then Governor Worrell to document concerns to the MoF. The issues have been resolved since his departure.

  23. Frustrated Businessman: enact Facilitation Martial Law! Avatar
    Frustrated Businessman: enact Facilitation Martial Law!

    Hal Austin May 2, 2017 at 10:40 AM #
    What the central bank needs is not so much structural r-organisation, but a thorough review of its regulatory and supervisory powers. The existing central bank at is redundant.

    What it needs is shutting down following the local adoption of nearly-hard currency in common with our largest trading partner.


  24. The regional integration model requires a Central Bank that is beyond the reach of any individual state.It follows that Barbados does not need a Central Bank whilst there is a Central Bank of the OECS which it was part of at the outset.Bite the bullet and join the OECS.

  25. millertheanunnaki Avatar
    millertheanunnaki

    @ Frustrated Businessman: enact Facilitation Martial Law! May 2, 2017 at 11:08 AM
    โ€œWhat it needs is shutting down following the local adoption of nearly-hard currency in common with our largest trading partner.โ€

    A rather pertinently pointed proposal which has been posited on BU before.

    There is absolutely no need for a neantherdal-type central bank of little Barbados in today’s socio-economy.

    ICT has put paid to that.

    Who or what is it regulating anyway?

    A department under the Ministry of Finance responsible for managing the circulation of hard currency and the issuing of government investment paper should be enough to justify its existence.


  26. @Gabriel

    Why would the OECD accept an application from Barbados at this time? Do not take it r granted that it would not be a fait accompli were Barbados to apply.


  27. Dr. Delisle Worrell’s website.

    A foreboding tale.

    http://www.delisleworrell.com/


  28. David
    I understand your point.Equally I posit that a Caricom Central Bank and thus a common currency would have pre-empted the repeatedly falling exchange rates in Guyana,Trinidad and Jamaica.It is no accident that from the BVI all down to Grenada,there is never talk of devaluation nor interference by the political class in the affairs of the ECCA.A federal system is still a worthy goal for these poorly governed states where insularity and poppet figure heads rule as their personal fiefdom.There will have to be ‘interference’ by our powerful overlord to the north to enforce federalism on these backward thinking politicos.
    EWB felt there was too much foot dragging in the proposed little 8 grouping and OSA was not encouraged by the OECS when he tried at the turn of this century.
    The overlord to the north will close all revenue coming into or leaving the islands.It started with the withdrawal of complimentary banking.Soon it will be taxing remittances.The ball is rolling.The Monroe doctrine was threatened by a congressman in the 80’s.Trump is the president of the overlord.Anything can happen.

  29. Vincent Haynes Avatar
    Vincent Haynes

    David May 2, 2017 at 12:32 PM #

    Very interesting views on Worrell’s website…..worth a read.

    Begs the question as to why he allowed this poor rakey govt to suborn his views.

  30. Prodigal Son Avatar

    @ Vincent Haynes May 2, 2017 at 8:47 AM #

    Simple translationโ€ฆ..the Cabinet wrote the speech to be delivered by the acting Governor of the Central Bank.
    ……………………………………………………..

    Agreed……….how else would they know up front what the acting governor would say.

    Expect nothing but the same old, same old refrain………….foreign reserves are stable, unemployment is down and the economy is on a growth path.

    End of story.

  31. Prodigal Son Avatar

    I found it passing strange that the minister of labour had to defend the unemployment rate on DLPTV recently.

    She and her colleagues must know that people do not believe them. If things are worst than now than during the Sandi era and unemployment was 25% then, pray tell me how the rate could be 9-10%…….according to Byer Suckoo?

    We wait to hear what figure the acting governor will give this week.

  32. NorthernObserver Avatar
    NorthernObserver

    It is only foreboding, if you work in the public sector?

    The RBC guru says “cut pay”, while Worrell says “cut jobs”. The ultimate goal is the same, reducing public expenditure. It is the “increasing productivity” where there is a lot of talk but very few actions to date.

    The GoCB report should be a “non-event”. And the Worrell report literally boxes him in. Stick to the basics, and where you wish to make ‘no comment’, provide a graph/chart.

    The new ball is due soon. Like any good medium pacer, concentrate on line and length. The spinners are chomping at the bit. They will all be begging for a piece of the leather, and the Gov can go back to deep third man and keep a low profile.


  33. A good indicator of where unemployment number is plotted on the graph is to do some correlation with the unemployment payout number.


  34. This CB saga is not so much different than what is happening in Venezuela.

    The same external forces are at work

    If the losers are not the people of Barbados and their government

    Things are going to get far worse real soon

    Lose, lose

    Good thing Barbados has no natural resources

    Otherwise the shit would have hit the fan already

    We may run from devaluation, but we can’t hide – forever


  35. For capitalism is no longer collapsing

    It has already done so

    Many times in history events occur

    And are not so deemed until years after

    We are in a post capitalist environment

    White peoples’ control of the world has failed

    They are looking everywhere for resources.

    Thus the global chaos.

  36. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    “Good thing Barbados has no natural resources.”

    You mean it’s a real blessing, imagine the poverty that would rain down on the people if the island had any resources…..with the thieves of the world circling and doing end runs around dumb government ministers….

    ……….Africa is a very vivid centuries old reminder of projecting poverty on a country to steal it’s wealth and natural resources…as well as Guyana, Haiti etc.

  37. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    “The overlord to the north will close all revenue coming into or leaving the islands.It started with the withdrawal of complimentary banking.”

    It gets even worse, trump is”considering” breaking up the Wall Street banks using an antiquated 1933 Glass-Steagall law that required the separation of consumer and investment banking, but he cannpt do it unilaterally, only congress can legislate it, most things he cant touch without congressionally approval…

    ……right now civil unrest in Puert Rico will hold centre stage, the islands to the east are too small and insignificant unless he can make a grab like with remittances, but that too requires congressional approval and they just bitch slapped him on other requests just last week…….so he is sore and real pissed.

    …….that is the reason why he is threatening to shut down the government come September….he can do that, but he will be punished badly after. Lol

  38. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    With all Fruendel’s big election talk, I hope they really actually do something about revamping the centuries old dead system…..the UK is going south and if the small island governments had any intelligence, they would be making their moves to structure a better system from 2 years ago instead of sitting on their tails waiting to see what UK will do about brexit…it will be a disaster.

    And if stupid trump shuts down the government come September. …this will be some of the fallout.

    “A Shutdown will not only isolate the U.S., but kill trade, cash inflow, relations and economic prosperity for the U.S. especially with a majority of the states that depend on this and other things like vacationing foreigners. Only the rich would survive and then they too would shut down because no one would buy anything they own or sell. Not a great strategy!”

  39. NorthernObserver Avatar
    NorthernObserver

    I assume the reference is to CORRESPONDENT banking, not complimentary.

    Imagine after PR & the USVI’s got all that excise tax relief on rum exports from a former administration, or should I say Bacardi and Diageo, PR still managed to bankrupt themselves.

    Ask MB about Glass-S, that was one of his fav topics!!!

    And we are in the post capitalist period….everybody wants and expects more, and nobody wants to pay for it.


  40. Imagine the former Governor agreeing that continuing to print money will pressure the peg. The solution cut public sector jobs.

    In an election year?


  41. David

    How did you read the GoCB

    Did he say anything new?


  42. David
    I’m positive even William would be surprised at his good friend’s prescription.The stable door is now open so it is no longer a matter of looking over one’s shoulder.More to the point,I think some embarrassing truths are in the offing and he might very well incur the wrath of ‘jawbones’ Kelly and the BU Fatted calvers.

  43. Vincent Haynes Avatar
    Vincent Haynes

    The former Governor of the CB will continously undermine the monetary initiatives of this govt……quite rightly so as we only have one choice at this stage as he indicated.


  44. @Pacha

    The tenor of Governor Worrell’s narrative shifted in his last two economic reviews some will say. He obviously saw the writing on the wall based on inhouse intelligent and there was obvious turbulence at Board. He then switched to salvaging his reputation.


  45. Further, it will be interesting to analyze where Haynes’s pronouncements differ with Worrell. No doubt the launch of Worrell’s website this week is strategic.

  46. Prodigal Son Avatar

    Poor Donville on DLPTV trying to spin their incompetence!

  47. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Worrell is actually being futuristic whether he knows it or now, here is a peek into the future, into stark reality, I have family members in the younger generation who experience this, are quite happy and cannot understand why it was not done 100 years ago, the ststem would have evolved naturally if it had…..many techues already enjoy the change.

    The government ministers from the 16th century era on the island may learn something….if the act now, can make that change.

    “Free-form schedules. Cloud-based work assignments. Working from โ€œanywhere.โ€ Theyโ€™re all part of the transformational shift happening now in the workplaceโ€”and among the reasons some experts say 9-to-5 jobs will one day be a thing of the past.

    One proponent of that theory is Douglas Coupland, a Canadian novelist, essayist, visual artist, and speaker. Coupland is brutally honest in his belief that seismic changes are underway that will make traditional 9-to-5 jobs a tired and outdated holdover from the industrial age. His vision includes a future workplace that embraces work flexibility and a seamless, weekend-free workweek where โ€œevery day will be Wednesday.โ€

    Several of Couplandโ€™s books, including Generation X: Tales for an Accelerated Culture and the novel Microserfs, have been deemed ahead of their time in predicting and capitalizing on trends in the workplace and in society at large.

    In a recent profile in the U.K-based newspaper the Guardian, Coupland expounds on the future of work and what he sees as the inevitable demise of the 9-to-5 job, thanks to technology and the empowered rise of more free-spirited, tech-savvy workers who are taking control of their careers.

    Read on for more about why 9-to-5 jobs might not exist in the future:

    Some think 9-to-5 jobs are โ€œbarbaric.โ€

    Until comparatively recently in history, many office workers and other employees had little choice but to go to a workplace outside the home to access the equipment and technology necessary to do their jobs. Once there, they were expected to toil for a set number of hours.

    In many industries, though, those days are gone. Soon, Coupland says, 9-to-5 jobs will be viewed much the same way we now see the antiquated child labor era of the 19th century. โ€œThe nine to five is barbaric,โ€ Coupland says. โ€œI really believe that.โ€

    Weโ€™re all โ€œmillennials.โ€

    Thanks to technology like smartphones and Wi-Fi, our brains are undergoing profound neurological changes that are freeing us up to think differently about lots of things, including work, Coupland said. In a quote from the Guardian article, Coupland explains his belief that humans are experiencing huge โ€œbrain changes,โ€ in part because of the astounding flow of information at our fingertips, all the time.

    โ€œWe no longer need to remember long strings of phone numbers or directions from the airport. Why bother to remember anything? Our brains are liberated from these things. I think itโ€™s one of the most profound neurological changes in human history,โ€ he says. โ€œWeโ€™ve all turned into millennials.โ€

    Work schedules are more fluid than ever.

    The industrial age gave rise to the idea of weekends off to take time for down time, family, and interests outside of work. Well, no more, according to Coupland. โ€œThe future will not have the nine to five,โ€ he says in a quote from the Guardian. โ€œInstead, the whole day will be interspersed with other parts of your life. Scheduling will become freeform.โ€

    Already, flexible workers report many benefits once theyโ€™re free from the tyranny of 9-to-5 jobs, like healthier work-life balance and greater latitude in managing their day-to-day lives. In turn, organizations have become more results oriented, placing increasing value on how consistently deadliness are met, work quality, and whether productivity remains high, rather than when and where the work gets done.

    Moving from job to job is not only commonplace, but expected.

    The notion of โ€œone job for lifeโ€ has pretty much vanished, Coupland says. Workers โ€œdonโ€™t perceive [a job] as being a guarantee of long-term securityโ€”thatโ€™s the profound difference,โ€ Coupland notes. One consequence is that many employers no longer look askance at job applicants whose resumes show some degree of job hopping.

    Whatโ€™s more, employers are increasingly seeking to hire workers on a contract or freelance basis, positions that by their very nature usually require moving from job to job. Soft skills, backup skills, and other high-value qualifications will matter more and more in a future workplace free of 9-to-5 jobs.

    Job seekers who have what Coupland calls โ€œactual skillsโ€โ€”apart from the Internet and technologyโ€”will be well-positioned. Says Coupland: โ€œAlways have an actual skill as a back-up, thatโ€™s very good advice.โ€”

  48. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    It would be a crime if the islands remain in the barbaric industrail age of the 19th century while still sporting a 16th century mentality because of ministers and politicians and the world has already started to move on…..20 years ago.


  49. You all really expect the Governor of the Central Bank to say something different to Min Sealy?

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