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Barbados’ 2017 Six Months Economic Performance Labeled as ‘Uneven’

The Barbados economy registered an uneven performance during the first half of the year. Preliminary data suggest that the expansion in real economic output continued into the second quarter, primarily reflecting sustained growth in tourism activity. The fiscal deficit narrowed moderately in the first quarter of fiscal year (FY) 2017/18, partially the result of the…

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Acting Governor of the Central Bank, Cleviston Haynes

The Barbados economy registered an uneven performance during the first half of the year. Preliminary data suggest that the expansion in real economic output continued into the second quarter, primarily reflecting sustained growth in tourism activity. The fiscal deficit narrowed moderately in the first quarter of fiscal year (FY) 2017/18, partially the result of the fiscal consolidation measures implemented in the previous fiscal year. However, the stock of international reserves fell below 10 weeks of import cover, owing in part to expected external debt service obligations and the on-going delays in securing planned foreign investment inflows. The context for this outturn is that the Barbados economy has underperformed in the aftermath of the global financial crisis, as evidenced by low growth and significant fiscal and external imbalances. The Government of Barbados has, particularly since 2013, sought to contain the fiscal deficit through a range of tax and expenditure measures, but the fiscal deficit has remained stubbornly high. Over the three preceding fiscal years, the fiscal deficit has been out of line with available financing as access to financing on the domestic and international capital markets weakened, resulting in a sharp increase in accommodation from the Central Bank.

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97 responses to “Barbados’ 2017 Six Months Economic Performance Labeled as ‘Uneven’”

  1. Wily Coyote Avatar
    Wily Coyote

    Did anyone notice that Central Bank Governor had to lump 1st quarter results with 2nd quarter results to make numbers in this combined report more palatable. Obviously presenting 2nd quarter results by itself would have the numbers much more negative. What will future quarters 3 & 4 give when Barbados economy is traditionally SLOW.

    Oh by the way Wiliy just caught the Road Runner, same as Barbados now out of DEBT, ha, ha.

  2. Hants Avatar
    Hants

    @ David who wrote ” We need generate forex to pay the bills. ”

    Any suggestions ?

  3. David Avatar
    David

    @hants

    You have not been reading BU all these years?

  4. Gabriel Avatar
    Gabriel

    Owen Arthur complimented Toni Moore for her perspicacity and determination in asking the pertinent questions in getting down to the nitty gritty.In other words Toni sought answers which would make the cash register ring,not the bobbing and weaving Stuart and his gang of nothinarians are notorious for and which they laid the groundwork for with Elections around the corner.Not one damn seat for allyuh blindfolded dems.

  5. Carson C Cadogan Avatar
    Carson C Cadogan

    “Owen Arthur complimented Toni Moore for her perspicacity and determination in asking the pertinent questions in getting down to the nitty gritty”

    Where? When? How? Why?

  6. Hal Austin Avatar
    Hal Austin

    Hants,
    The BU position on foreign exchange is 1960s economics. Ignore it.

  7. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    Carson….Toni made all of you, a whole cabinet, look incompetent yesterday, she asked all the hard questions that none of you could answer…cause yall steeped and marinated in corruption…

    …but when ya finally gone, ya bribers will talk, very few of them have much more use for any of you, ya time left is short…

    we will hear.

  8. David Avatar
    David

    Hal don’t be an idiot, the Governor stated quite clearly yesterday that the deficit and the uncomfortable level of foreign reserves are the two key concerns for the managers of the economy of Barbados at this time. If we don’t earn forex how can we pay for imports? This is Barbados that operates with a soft currency and not the UK.

  9. Hal Austin Avatar
    Hal Austin

    David,
    I am used to your economic illiteracy. But trying to prevent people from even debating the issues goes right to the heart of your buffoonery. The obsession with foreign exchange was prominent in 1960s economics. @David, have you ever read a book, far less economic history. You are just using your toy to enforce the ignorance that pervades your little world. That is why what passes for public debate is the regurgitation of old ideas. If you do not know shut up, and go and learn.
    Your parasitic and deferential dependence on what the governor of the central bank has said is all the evidence we need of your economic knowledge. If you do not know just say so, or preferably keep quiet. Don’t open your ‘mouth’ and show you are a buffoon.
    How do most of the world’s leading companies settle their foreign currency obligations? How do companies in manufacturing buy products in advance ie soft drink and beer manufacturers? Do they stockpile US dollars to pay their orders or store them in a big warehouse?
    By the way, don’t call anyone an idiot. You are the classic example of one.

  10. Hants Avatar
    Hants

    @ David,

    I have been reading BU for years but my memory is not very good.

    I asked the question looking for simple answers.

    I am pessimistic about Barbados because you have no raw materials so creating products for export is extremely difficult and costly.

    You can’t export people because countries don’t want immigrants unless they are bringing cash with them.

    The Financial services industry in Barbados is dying and I have not heard of any plans to replace it.

    As you can tell I have no good ideas so that is why I asked you the question.

    I continue to believe that Barbados must become food secure and stop wasting “forex” to import food.

    Barbados cannot continue to borrow to buy luxury cars, steaks and corn curls.

  11. Bajan in NY Avatar
    Bajan in NY

    @Hal Austin August 12, 2017 at 5:49 PM #

    I am really perplexed. What is this new economic theory you know of that state the Barbados economy will do just fine if the foreign reserves are depleted?

  12. Ali Baba Avatar
    Ali Baba

    NOW S THE TIME TO PULL STUMPS…THE WRITING IS ON THE WALL FOR ALL TO SEE, BUNCH AH DESPICABLE SEWER RATS

  13. David Avatar
    David

    Interesting comment by Governor of the Central Bank Cleviston Haynes that the Hyatt project will not impact the fiscal position of the country, the two projects needed to be closed asap are the BNTCL and Hilton.

  14. Hants Avatar
    Hants

    @ David,

    Where is the $100 million to build the Hyatt coming from ?

    Everything except sand and water has to be imported.

  15. David Avatar
    David

    Good question Hants.

  16. David Avatar
    David

    Isn’t the first quarter the period when forex topsup for the rest of the year? If the BNTCL and Hilton sales are delayed what? Even if the sales go through are they not one offs and therefore leaves the country in a position where we have to intiate activities that are sustainable in generating forex?

  17. Artax Avatar
    Artax

    The reality of the situation is the that the fiscal deficit is one of the main reason why the foreign reserves are decreasing.

    We must take into consideration that Barbados basically earns continuous inflows of foreign exchange from tourism and the offshore financial sectors…….. and NOT from the divestment of state assets. Such sales/divestments are essentially “one off” transactions.”

    Therefore, the anticipated increase in foreign reserves expected from the sale/divestment of the Hilton and BNTCL will be TEMPORARY.

    The Acting Governor admitted that Barbados had a longstanding primary deficit (fiscal deficit – interest payments), which simply means government is borrowing to pay interest on existing debt. Incurring more debt will obviously increase the total debt servicing costs.

    Funds borrowed from the international market have to be repaid using foreign currency. Unfortunately, Barbados’ credit rating downgrades have significantly increased the cost of borrowing (i.e. higher interest rates).

    The obviously conclusion: the more US$ you borrow, you will need more US$ to repay.

    With depleting foreign reserve outflows and inflows, borrowing more money under these conditions may become a medium to long term problem to the economy.

    And what about the much talked about Hyatt project and anticipated inflows of foreign exchange? Assuming US$ is used to invest in the project………… the “inflow” of US$ becomes an “outflow,” because foreign exchange is required to facilitate the importation of equipment and building materials needed for the construction of the hotel.

    We can now better understand how the anticipated inflows of foreign exchange from the sale/divestment of the Hilton and BNTCL, as well as investment in the Hyatt (for example), will be temporary and not solve the long-term economic issues.

  18. Tron Avatar
    Tron

    @Artax

    Agreed that temporary measures like sales cannot remedy a structural deficit.

    However, closing the financial gap in the budget is not about preserving the financial status quo through higher taxes, since the surplus in revenue would go to the public servants, therefore, would increase demand for foreign currency again. A typical circulus vitiosus. No, closing the financial gap means to shrink the budget, means to release at least 10,000 civil servants and employees of state agencies to the labour market and to stimulate the growth of jobs in tourism and offshore business.

    If the structural deficit remains, the BBD will devalue sooner or later to a level which balances low work efficiency and high demand for foreign goods.

  19. Hal Austin Avatar
    Hal Austin

    Macroeconomics 101: “The reality of the situation is the that the fiscal deficit is one of the main reason why the foreign reserves are decreasing.”

    John Maynard Keynes got it so wrong. He should have listened to some of the genius macro-economists in Barbados.

  20. Artax Avatar
    Artax

    Macroeconomics 10: buying securities will solve all of Barbados economic problems.

    All the fathers of economic theory got it wrong. They should have listened to the economic genius and guru Hal Austin.

  21. Artax Avatar
    Artax

    Hal Austin

    Don’t make me review some of the shiite you contribute to this forum in indicate how you often you are incorrect and contradict yourself.

  22. Hal Austin Avatar
    Hal Austin

    Artax,

    If only they had listened to me they would know that the fiscal deficit was one of the main reasons why foreign reserves are decreasing.
    Sadly, this is what is considered intelligent contributions by BU regulators, and even moreso as serious public debate.
    Memo to Chris Sinckler: Please give Artax a call; he has some novel macroeconomic ideas for you.

  23. Artax Avatar
    Artax

    Hal Austin

    Thanks for the recommending me to Sinckler. At least I take comfort that people such as Marla Dukharan shares a similar OPINION, which you obviously interpreted to be “advice.” So who the hell cares if you are sarcastic…. It’s your nature.

    And you call yourself a journalist???

    But, do you consider the RSS overthrowing the RBPF and assuming police duties “intelligent contributions by BU regulators, and even moreso as serious public debate…………….

    …………… or is it to be considered paranoia of an old has been who comes to BU seeking attention by doing a terrible job of PRETENDING to be an intellectual?

    Should it be………… Memo to Acting CoP Tyrone Griffith and AG Adriel Brathwaite: Please give Hal Austin a call, he has some novel intelligence for you…….. apparently the RSS is coming!!!!!!!

    However, it is interesting to note that Hal Austin is MORE INCLINED to INSULT others RATHER than COMMENCE the SERIOUS DEBATE he so often refers to.

    And what does that say about him????

  24. Artax Avatar
    Artax

    The RBPF has a fully equipped Marine Unit, with speed boats similar to those used by the Barbados Coast Guard.

    This is what Hal Austin considers to be a serious, intelligent contribution:

    Hal Austin August 11, 2017 at 4:03 PM #:………… By bringing back the Harbour Police they will be properly equipped with modern tools – speed boats, drones, etc. Not Harbour Police 1950s style.”

    Wow, Hal……. did you consult with MI5 for that fantastic idea?

    All we have to do is wait for Hal to consult with Scotland Yard and all of RBPF’s CID problems will be solved.

  25. Hal Austin Avatar
    Hal Austin

    Artax,

    Shifting the debate once again. We were talking about the fiscal deficit being responsible for the depletion in foreign reserves, not about the structure of policing. Is Marla Dukharan the source of your wisdom? You Nobel Laureate you.
    By the way, what is the difference in changing the name of the RBPF’s well-equipped marine unit to the Harbour Police, complete with the same cutting edge equipment?
    Part of the problem is having book-keepers, however respectable, pretending to be macro-economists.

  26. David Avatar
    David

    This IMF press release is useful to the discussion because it confirms what we simpleton know read how a protracted deficit will impact an economy like Barbados given its configuration.

    https://www.imf.org/en/News/Articles/2017/06/29/pr17255-imf-staff-concludes-visit-to-barbados

  27. millertheanunnaki Avatar
    millertheanunnaki

    @ Tron August 15, 2017 at 10:52 AM
    “If the structural deficit remains, the BBD will devalue sooner or later to a level which balances low work efficiency and high demand for foreign goods.”

    That is one argument on which we have always been totally congruent.

    All the variables are in a fine matrix of coalescence to ensure such an outcome within a timeframe which can now be specified with a massive degree of accuracy and a 99% confidence level.

    Given the sustained plummeting trajectory of the foreign exchange reserves matched only by similar loss of foreign investor confidence in the Bajan economy there is no way the Bajan dollar can lose the race in its hell-bent drive to become the biggest Mickey mouse currency in the region.

    Not even a politically-contrived announcement of an imaginary find of billions of barrels of hydrocarbon reserves off Barbados can stop the Bajan Bolt economy from finishing with flying colours.

    The Bajan economy must first hit rock bottom before there can be any serious attempts of resuscitation.

    Before any attempts of recovery can be effective, like an alcoholic in need of help, the managers must first not only confess that they are in need of serious help but must also swallow the necessary medicine of making the Bajan dollar seek its true value in the financial world and the people earn their keep by the sweat of their improved productivity brow to pay for their conspicuously opulent unsustainable materialistic lifestyle.

    How in the world of financial tarnation can a Bajan dollar be worth US $0.50 and the good or service on offer to visitors for that 50 greenback cents is worth not even Jamaican $ 20.00?

    Only divine intervention by a financial spectre in the form of the invasive surgeon Dr. IMF can put a stop to the current madness passing for fiscal and monetary management of the Bajan economy.

  28. Hal Austin Avatar
    Hal Austin

    David,
    You always try to go to the ‘authorities’ to convince your self that you are right. You have a thing about seeking the approval of your betters.
    I will give the example of Euclidian geometry, which ruled mathematics for hundreds of years, until it was over-turned with new ideas. So that you understand @David, a fiscal deficit is caused when the revenue authorities spend more than they earn. Simple.
    Part of our problem is pegging to the Greenback, as I| have said before. We should decouple from the US dollar, and peg to a basket of currencies and commodities.
    For over 15 years, from July 2011 to December 2016, the Greenback (ie the Bajan) appreciated by 35 per cent and our central bank and ministry of finance remained like foxes trapped in lights. They are not the only ones; we have had a professor of economics writing in the Nation who found it difficult explain the primary role of foreign reserves. You could no make it up.
    The IMF itself has said “reducing government debt is likely to raise output, as real interest rates decline and the lighter burden of interest payments permits cuts to distortionary taxes.”
    @David, the IMF has been wrong in the recent past, don’t just follow them: The Washington Consensus, Olivier Blanchard’s mea culpa, over that shift in the intellectual paradigm.
    Have a look at the Plaza Accord and the debate leading up to it; look at post 2007/8 quantitative easing.
    Debate is about ideas: Krugman vs Reinhart/Rogoff, for example. We have just had a lost decade of economic policy because of the almost religious following of market fundamentalism, that the market is always right..
    In Barbados our public economic conversation is dominated by post-war Bretton Woods ideas that have already been rejected by their founders. This became unfashionable decades ago.
    Look at the simple historical chronology and you will see the change: Nixon abandoning the gold standard in 1971 (some of us older people will remember when the British pound was pegged at Bds$4.80 per £. Now it fluctuates); the oil crisis of 1973; the birth of currency derivatives; the 1980s and deregulation; the dot.com crisis at the turn of the century; 2007/8 – all these crises led to further shifts in the paradigm.
    When I want to go down memory lane I talk to my 90 yr old uncle, or 93 yr old mother in law. But if you want to run a modern economy (and not the nonsense about a small open economy), you reach for the cutting edge of macro-economics.

  29. millertheanunnaki Avatar
    millertheanunnaki

    @ Hal Austin August 15, 2017 at 2:22 PM
    “Part of the problem is having book-keepers, however respectable, pretending to be macro-economists”

    Cheers, mate! Good analogy there Hal!

    How about one comparing a topnotch investigative crime sleuth journalist with that of a finance-trained reporter attached to the backroom of the Daily Mail as a show of being an UK equal opportunity employer to meet multicultural targets?

    The problem with your analogy is that “book-keepers” record and report on real outcomes in the world of finance and real business whereas “macro-economists” (like you and your “no-need-for-foreign-exchange-reserves” thesis) postulate on imaginary esoteric events like astrologists.

    Maybe you should compare macro-economists to priests who pray to some great healer in the sky for the healing of the sick whereas book-keepers are more like physicians who live in the real world and use ‘science’ and ‘practical’ knowledge to ease the pain of the sick.

  30. Bush Tea Avatar
    Bush Tea

    Oh Shiite now!!!
    Hal Austin is an economic guru!!!

    Murder!!!

    Once Bushie was asked to give a lecture to some young children – something the bushman is hesitant to do —cause children don’t mek sport…

    At the VERY outset, a little fellow ask ..point blank …..
    Sir, are you rich?
    …cause otherwise we going back and play cricket….
    we really don’t want to hear any ‘poor talk’ – teacher does that all day long.

    (Wink @ Hants … this is one time the ‘ride’ came in handy… 🙂 )

    Bushie said that to say that – Hal should not be pontificating on matters of wealth or economic management…..
    Steupsss..
    Bushie going back to play cricket ……

  31. Vincent Haynes Avatar
    Vincent Haynes

    Stephen not optimistic about economic recovery | Barbados Today
    Stephen not optimistic about economic recovery
    The writing had been on the wall for the Barbados economy for some time, and Government should have taken the necessary steps to avoid the current situation, says economist Jeremy Stephen. And he is…
    barbadostoday.bb
    https://www.barbadostoday.bb/2017/08/15/stephen-not-optimistic-about-economic-recovery/

  32. chad99999 Avatar
    chad99999

    Malcolm X was the LEADING official spokesman for the Nation of Islam from about 1955 to 1966

    The official ideology of the NOI is well known. It is summarized in Wikipedia as follows:

    “The original peoples of the world were black. White people are a race of “devils” created by a scientist named Yakub (the Biblical and Qur’anic Jacob) on the Greek island of Patmos. Whites have a culture of lies and murder that Yakub instituted on the island to ensure the creation of his new people. Yakub established a secret eugenics policy among the ruling class on Patmos. This policy encouraged a general preference for light skin. This process took approximately 600 years to produce a blond-haired, blue-eyed group of people. As they migrated into the mainland, they were greeted and welcomed by the indigenous people wherever they went. This is when the ruling class of the Middle East decided to round up all the troublemakers they could find and march them out, over the hot desert sands, into the caves and hillsides of Europe. The savage ways of white people came from living in the caves and hillsides of Europe for over 2,000 years without divine revelation or knowledge of civilization.The white man is “Yacub’s grafted Devil” and “the Skunk of the planet Earth”.

  33. Vincent Haynes Avatar
    Vincent Haynes

    Chad 9 of 5

    Chuckle……yuh pon de wrong site…..carry yuh drivell where it belong.

  34. Artax Avatar
    Artax

    I wrote ONE of the contributing factors to the depletion of the foreign reserves is the fiscal deficit…. Then I went on to EXPLAIN why I mentioned it.

    Hal Austin took one point, without considering the entire contribution to be senselessly and sarcastically critical. I cannot believe that he was ever a journalist, because he lacks the basic prerequisite of a journalism, which is the ability to read and understand……. i.e. comprehension.

    The new title nowadays for INSURANCE SALESMEN is “FINANCIAL ADVISOR.” Hal Austin was probably an insurance salesman who pursued a few courses in journalism and now calls himself a “financial journalist.” After all, he won the Association of British Insurers’ Lifetime Achievement award in 2008.

    Similarly, “part of the problem is having insurance salesmen, pretending to be financial advisors and macro-economists.”

    I also read a few of Hal Austin’s articles………… and one thing for sure, he is consistently critical of others and very sarcastic. “Big Society, Small Thinking” readily comes to mind, in which he also regurgitates his trade mark: “Since the 1960s, leading economists up until now have been preaching the same thing.”

  35. Artax Avatar
    Artax

    I had enough information on Hal Austin to continue posting “hard hitting” contributions about him. He is not the type of individual you would immediately become fond of.

    However, after reading information which suggests Hal Austin left Combermere 54 years ago……… in 1963 (before I was born). Assuming he left school at 17 or 18 years old, he has to be about 71 or 72 years old now.

    Although the older folk say: “Age doesn’t make you a man,” I am appalled that a man of his age, who boasts of so many achievements, could EXHIBIT such CHILDISH and DISRESPECTFUL behavior in this forum.

    Old age comes with many fears and perhaps the thought of aging presents Hal Austin with the reality that he may become irrelevant. That’s probably the reason why he uses this forum to “authoritatively demonstrate” to us “lesser mortals” that he “still has it.”

    Read: “Hal Austin August 12, 2017 at 5:49 PM,” in which he was EXTREMELY DISRESPECTFUL to David BU.

    I decided that I should be the one to “man up.”

    My parents taught me to respect my elders………… Hence, because of Hal Austin’s age (NOT his attitude), rather than continuing in a “tit for tat,” I believe I should IGNORE his childish criticisms and endeavour to be a bit more RESPECTFUL towards him in the future.

    And I also suggest that at his age, Hal Austin should be thankful to God, and rather than being sarcastic, arrogant, sanctimonious, condescending, adversarial and exhibiting all the other characteristics symptomatic of narcissism, he should be a bit more tolerant and respectful of others and their opinions, while discussing, in a cordial manner, how they may have erred.

  36. Hal Austin Avatar
    Hal Austin

    Artax,
    I will ignore your fiction, with one exception. I have never worked for an insurance company as a salesman, driver, clerk or in any position. In manufacturing a story to give the impression you know me, plse take in to consideration those many decent people who work in insurance companies.
    I have been a consumer of insurance products.

  37. Artax Avatar
    Artax

    Hal Austin

    It is CLEAR you have a problem with COMPREHENSION.

    Could you please indicate where in my comment I made any statement that proves your statement re: “manufacturing a story to give the impression you know me?”

    Let me break it down for you Mr. Pulitzer Prize Journalist: English Language 101:

    “The new title nowadays for INSURANCE SALESMEN is “FINANCIAL ADVISOR.”

    Check with anyone in the insurance industry….. the new title for insurance salesmen is “financial advisor.” Juxtapose your mentioning being a “financial advisor” to the above statement and you would realize the PUN.

    In other words I exploited the different possible meanings of “financial advisor” to make a sarcastic joke.
    +++++++++++++++++++++++++++++++++++++++

    “Hal Austin WAS PROBABLY an insurance salesman who pursued a few courses in journalism and now calls himself a financial journalist.”

    By using the phrase “WAS PROBABLY” I was purposely being speculative……. my comment was based on CONJECTURE rather than KNOWLEDGE.
    ++++++++++++++++++++++++++++++++++++++++

    “After all, he won the Association of British Insurers’ Lifetime Achievement award in 2008.”

    I “thoughte I wolde amenden al the jape” (you may have read Chaucer’s “the Miller’s Tale)”, by including the above statement.
    ++++++++++++++++++++++++++++++++++++++++

    Hal Austin, as the older folk would say: “you can give, but you can’t take.”

    My 8 year old son behaves more maturely than you.

  38. Hal Austin Avatar
    Hal Austin

    Artax,

    I am not surprised you are operating under a nom de plume. You made a hypothetical and I clarified it. Your anger and aggression would not intimidate me. I will challenge you at every step at the risk of boring other readers.
    Just to improve your ignorance, an insurance salesman works for the company, a financial adviser works for the client. There is a legal difference, but then again you knew that. As to your knowledge of grammar I leave you to sort that out.

  39. Artax Avatar
    Artax

    Hal Austin

    There is none other in this forum who exhibits “anger and aggression more than you.” One just has to read all your contributions, which, more often than not, are filled with sarcastic and pejorative statements, rather than information we can learn from. Your responses to David BU are perfect examples.

    And that is all you bring to Barbados Underground…….. sarcasm, anger and aggression.

    Men don’t engage in “having outs” and “holding up theirs skirt to block, cuss and insult their “enemies.” Women usually engage in that activity.

    Hal Austin, based on your behaviour, which cannot be attributed to manhood, my “knowledge of grammar” does not prevent me from suspecting that you are a homosexual.

    You may have the last word.

  40. Hal Austin Avatar
    Hal Austin

    Artax,
    You are also sexist and homophobic. I am sure I am also a mugger. Next time I will claim that the fiscal deficit is a main cause of the declining foreign reserves and claim Marla Dukharan as my source. You may hide behind your mask to be offensive, but as promised, I am not going to let you get away with a single word. You are a verbal thug. Decent people must stand up to the loud mouths, the Bajan Trumps.

  41. Artax Avatar
    Artax

    See wuh I tell yuh… you can’t help it… you had to reply because you like uh “having out”… proves my point!!!

    You are a homosexual…. men don’t behave like you.

    I guess you using your “real name” to be offensive make it right.

    As I mentioned, I went on to explain why I stated it….. which you refuse to mention so as to fulfill your stupid agenda.

    You cannot intimidate me………. and I would do likewise to you.

  42. Artax Avatar
    Artax

    Hal Austin is a duncy boy (girl) who got kicked out of Combermere when he was in second form

  43. Artax Avatar
    Artax

    Only a buller would focus on another man, rather than focus on the topics presented to BU for discussion….

  44. Hal Austin Avatar
    Hal Austin

    Nice to see you are in the gutter. I am still keen on finding out how the fiscal deficit is mainly responsible for the decline in foreign reserves – or is this a male thing?

  45. Artax Avatar
    Artax

    The below contribution was written by a man (woman) who accused me of being a “verbal thug.” And I’m sure anyone would agree he went into the gutter.

    +++++++++++++++++++++++++++++

    Hal Austin August 12, 2017 at 5:49 PM #

    David,

    I am used to your economic illiteracy. But trying to prevent people from even debating the issues goes right to the heart of your buffoonery. The obsession with foreign exchange was prominent in 1960s economics.

    @David, have you ever read a book, far less economic history. You are just using your toy to enforce the ignorance that pervades your little world. That is why what passes for public debate is the regurgitation of old ideas. If you do not know shut up, and go and learn.

    Your parasitic and deferential dependence on what the governor of the central bank has said is all the evidence we need of your economic knowledge. If you do not know just say so, or preferably keep quiet. Don’t open your ‘mouth’ and show you are a buffoon.

    How do most of the world’s leading companies settle their foreign currency obligations? How do companies in manufacturing buy products in advance ie soft drink and beer manufacturers? Do they stockpile US dollars to pay their orders or store them in a big warehouse?

    By the way, don’t call anyone an idiot. You are the classic example of one.

  46. Artax Avatar
    Artax

    And I will maintain my point that ONE of the reasons for the depletion of the foreign reserves is the fiscal deficit.

  47. Artax Avatar
    Artax

    The onus is on you to prove me wrong!!!

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