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Trapped in Freundel’s World

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Prime Minister Stuart with Richard Sealy who acted in the position this week.

Barbados suffered ANOTHER downgrade from S&P Global credit rating agency – long-Term local currency rating to ‘CCC’; ‘CCC+’ Foreign; Outlook Negative. Follow the link to understand the definitions of the S&P credit ratings.   The CCC credit rating is defined as:

An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.(p.5)

Barbados Underground was criticised by a few because we did not post a blog to share the news of the downgrade on Wednesday (27 September 2017). Barbadians are experiencing ‘economic fatigue’ after 7 years of a protracted anaemic economic performance.  Even if blame is ascribed to BOTH political parties for the island’s poor economic performance, it does not change the reality for the majority of Barbadians. Perception is reality and the reality (perception) is that we have become trapped in the economic headlights like the deer.

Confirmation of the degree to which the leadership of the country is locked in old thinking was confirmed yesterday by acting Prime Minister Richard Sealy. During an address to DLP faithful at party headquarters he lauded the increase in tourism arrivals year over year. He shared the news that a few local tourism players will be renovating or adding rooms to the plant.  He also shared that the Hyatt hotel developers will start construction in a couple weeks. The BU household is of the view the Hyatt matter is the subject of a court action. Isn’t the construction of the Hyatt before the court because citizen advocate David Comissiong has filed for a judicial review? Did acting Prime Minister Richard Sealy disrespect Barbadians and the Barbados courts with his glib announcement that the Hyatt will break ground in two weeks?

Listen to acting Prime Minister Richard Sealy with 8min:34sec to go on the video. Did he mention that the Pure Beach property is still in play? Really acting Prime Minister Sealy?

Did Sealy also demonstrate ignorance with his reference to increase tourist arrivals as a measure of success in the sector? Has the  more accurate measure shifted to dollars spent (ave$spend) by the tourist as the best performance indicator to measure success in the hospitality sector? Why have we not seen significant positive movement in foreign currency inflow net of FDI? Was Sealy’s measure of success debunked by former minister of tourism Vincent Vanderpool. Also, if Sealy is a student of the marketplace he should have taken note of an address former Prime Minister Owen Arthur delivered a few years ago at the Errol Barrow Creative Centre, UWI, Cave Hill. Arthur was clear to point out that tourism as a single sector CANNOT generate the economic growth Barbados needs to pay its bills.

What is obvious is that this government will continue to make political decisions. Let us send up the prayers that we are are able to limp along until the Prime Minister gives the people the opportunity to exercise the right under the Constitution to select the political party of our choice.

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190 responses to “Trapped in Freundel’s World”

  1. Pachamama Avatar
    Pachamama

    David

    Is it possible that government has made a private decision to ditch the rating agencies

  2. Pachamama Avatar
    Pachamama

    David
    You mean select the BLP right

  3. David Avatar
    David

    @Pacha

    You read Justin Robinson? In essence he is saying the role of the credit rating agency is to pronounce on the sovereign’s capacity to service its debt and not the management of the overall health of the economy. The government’s narrative through Robinson is forced by circumstance.

    Go figure:

    What’s up with all the downgrades? Dr Justin Robinson explains
    Added by Barbados Today on September 30, 2017.
    Saved under Economy, Local News
    Pin It
    Senior Lecturer in Management & Dean of the Faculty of Social Sciences at the Cave Hill campus of the University of the West Indies, Dr Justin Robinson, has sought to explain credit ratings to the Barbadian public, in light of the latest downgrade by international ratings agency Standard & Poor’s (S&P).

    Robinson said part of the confusion around credit ratings is that “we have made them into something they are not”.

    He notes that credit rating is extremely important because it can affect the ability of the Government to borrow and the terms and conditions it can borrow under

    But he said the rating focuses on the issue of the ability of the government to service its debts when they fall due, as a way to provide guidance to investors in government bonds, not to pronounce on the overall health or well-being of the economy, or the nature of government’s economic policies.

    Here is the full text of Dr Robinson’s paper:

    As I move around Barbados I get a lot of questions and queries about credit rating downgrades, what they mean, when will they end, are there lower grades, do they mean the government is doing the wrong things and so on? I think part of the confusion surrounding credit ratings comes from the fact that as a society we have made credit ratings something they are not. I thought I would write down a few clarifying points, and hope I don’t succeed in confusing people even more.

    A sovereign credit rating is an opinion (issued by a rating agency) on the likelihood a country will default on its debt. Banks, Insurance companies and other investors who lend money to governments, find these credit ratings useful in deciding whether or not to lend to the government, what interest rate to charge, and so on. The credit rating focuses on the ability of the government to service its debts when they fall due, as a way to provide guidance to investors in government bonds, not to pronounce on the overall health or well-being of the economy, or act as a sort of referendum on government’s economic policies.

    According to S&P Global Ratings “An obligation rated ‘AAA’ has the highest rating assigned by S&P Global Ratings.” “The obligor’s capacity to meet its financial commitments on the obligation is extremely strong.” I want to suggest that this rating can be interpreted as the agency saying to investors that they cannot envisage a reasonable scenario, in any reasonable time frame, where the borrower (the government) would be unable to meet its obligations.

    Barbados’ current rating is CCC. According to S&P Global Ratings “An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.” “In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.” I want to suggest that this rating can be interpreted as the agency saying to investors that there are a number of reasonable scenarios under which the Government of Barbados may be unable to meet its obligations to bond holders.

    The last time we had an investment grade credit rating was in 2012. In 2012, the fiscal deficit was 8.5% of GDP and the economy grew by a meagre 0.3%. Today, with the economy projected to grow by around 1.75% and the deficit expected to be 4.0% or less, we have yet another downgrade. How does this make any sense? I want to suggest that despite these improvements and the aggressive budget, there is still a high level of uncertainty about the government’s ability to pay its debts because of the lack of financing options for the government, and especially the issue of “Rollover Risk,” hence the continuing downgrades and negative outlook.

    One of the major reasons governments fail to pay their debts is what is called “Rollover Risk.” For most normal humans, if you borrow $500,000 for 30 years, each payment you make will include interest payments and a repayment of part of the principal. Therefore, at the end of the thirty years, the loan is fully paid off and you are fine. In the case of most government bonds, the scenario is somewhat different. If a government borrows $50 million for 30 years, over the next 29 years the government will only pay interest on the $50 million. However, in year 30, the government has to make the final interest payment and pay the full amount of the principal. In the majority of cases, the government will not repay the $50 million out of its own funds, it will seek to borrow a new $50 million by selling new bonds and use that money to pay off the old loan and restart the loan cycle. That is called “Rolling Over” the bond.

    In reality, there are very few governments, if any, that could repay the principal on their bonds when they fall due out of their own funds. If governments are unable to rollover their bonds consistently, they will be unable to make their principal payments. For example, if the US congress does not periodically raise the debt ceiling to allow their government to borrow more money, the USA will likely default on its debts. In fact in August 2011, Standard and Poors lowered the credit rating of the United States from AAA to AA, after it took a last minute deal to raise the debt ceiling.

    The major buyers of government of Barbados bonds are Commercial banks, Insurance Companies and the National Insurance Scheme. For a variety of reasons, over the last few years in Barbados, there is great uncertainty over whether or not Commercial Banks and Insurance Companies will roll over their existing Government of Barbados bonds, and even greater uncertainty over whether they will provide any new long term financing to the Government of Barbados through the purchase of Bonds. The National Insurance Fund’s surpluses are largely reduced, hence, while the NIS will likely rollover existing bonds, the amount of new financing it will be able to provide by buying Government of Barbados Bonds is likely to be very limited.

    In Barbados, bonds valuing hundreds of millions dollars likely mature each year. These bonds were issued 1, 5, 10, 15, 20, 25, or 30 years ago by many different administrations. The uncertainty about the rolling over of existing bonds and the ability of the government to borrow new money is at the heart of the credit rating challenge for Barbados, along with the high level of debt and low reserves. Until the Government of Barbados can again reliably borrow money, either as a result of funding though an IMF program, Commercial Banks and Insurance Companies’ again exhibiting a willing to consistently roll over debt and provide new financing, or there is access to some other reliable consistent source of funds, the financing challenges will remain, and with it a high level of uncertainty about the government’s ability to pay its debts, which is what the credit rating measures.

    The government’s ability to borrow is key to the functioning of a modern economy. At present, that artery is now blocked in Barbados and needs to be unclogged, either through the financing and credibility that comes with an IMF program (with the bitter conditionalities of course), a policy mix and/or dialogue that brings the Commercial Banks back on board (the recent attempt to balance the budget does seem to have moved the banks), or through government finding some new source of reliable financing. In fact, the major cause of the decline in the foreign reserves is the fact that we have not been able to roll over foreign debts when they have matured and we have been unable to attract new foreign financing.

    I want to repeat that I think part of the confusion around credit ratings is that we have made them into something they are not. The credit rating is extremely important because it can affect the ability of the government to borrow and the terms and conditions it can borrow under. However, the rating focuses on the issue of the ability of the government to service its debts when they fall due, as a way to provide guidance to investors in government bonds, not to pronounce on the overall health or well-being of the economy, or the nature of government’s economic policies.

  4. Pachamama Avatar
    Pachamama

    This was justin,s view 10 years ago. If that is policy there should have been a public debate

  5. David Avatar
    David

    @Pacha

    Where were you? There was a debate but when has it made a difference in the type of democracy practiced in Barbados?

    Moody’s downgrade is like garbage, Barbados PM says

    Monday, June 09, 2014 30 Comments

    Barbados Prime Minister Freundel Stuart

    BRIDGETOWN, Barbados (CMC) — Prime Minister Freundel Stuart has likened to thrash, Moody’s recent lowering of the island’s credit rating because the island administration will not engage in uncontrolled borrowing from the international market.

    Against the backdrop of last week’s downgrade from Ba3 to B3, Stuart said “what they say is only relevant if we want to embark on an orgy of foreign borrowing in which people should know how much we should have to borrow, how much our money should cost".

    "But if we are not intending in the short or medium term to go to the capital markets to borrow money, what they say has as much value as what you would see in any garbage dump collected by the Sanitation Services Authority (the island’s thrash collection agency)."

    Stuart’s statement contrasts with actions of his government that currently has an amendment bill before parliament seeking to raise his administration’s borrowing limit from BDS$1.5 billion to $2.5 billion (one BDS dollar = 50 cents US).

    That amendment was expected to be debated in parliament last Tuesday, but the Moody’s downgrade was announced on that day and before the meeting of the House began, and there was no discussion on the bill.

    This opened the door for speculation that the downgrade announcement upset the administration’s plans for the additional one billion dollars it was seeking to acquire for borrowing through the bill.

    The government has also indicated that it has no intention of devaluing the local currency in the wake of the US-based rating agency’s report

    Finance Minister Chris Sinckler in a statement said that devaluation is not even being considered by the Freundel Stuart administration as it grappled with efforts to turn around an ailing economy.

    Moody’s Investors Service said the three-notch downgrade reflects the reinforcement of negative fiscal trends given the increasing size of the country’s fiscal deficit, which exceeded 11% of GDP in fiscal year 2013/14, and “our expectation of continued challenges to fiscal consolidation”.

    Moody’s, which had previously downgraded the bond rating to Ba3 from Ba1 last December, also highlighted the increasing government debt ratios, projected at above 100% of GDP by fiscal year 2014/15, coupled with elevated short-term debt issuance and gross financing needs in excess of 30% of GDP in 2014 and 2015.

    Last week, the International Monetary Fund (IMF) said that the local economy was continuing to “face major challenges, including low growth, a very large fiscal deficit and a high debt burden.” .

  6. Tron Avatar
    Tron

    The rating makes it very clear that the government of Barbados already defaults or tries to default on NIS obligations. However, such legal default does not contain as technical default for the rating agency, since the rating is just about the ability to service public debts to private entities (like clueless Barbadian citizens who bought government bonds, insurances or banksters).

    It is crystal clear that some small increase in tourist numbers won´t save Barbados. The nation has a large structural deficit running the many thousand needy civil servants, workers and statutory corporations. The structural deficit is around 4-5 % of GDP. Since the local economy will never grow to such an extent, the absolute deficit will grow and grow every year.

    There is no way out where you can maintain the status quo. You cannot keep the army of public laggards and eliminate the budget deficit. Either Barbados goes the way of nearly all other non-developed countries, namely into the abyss, or drastic measures must be implemented.

    There is much room to restructure the public service:
    – privatize the most valuable and indispensable statutory corporations
    – dump the rest, send former employees abroad to Panama, Guyana, Cuba or Liberia
    – send 10 % of civil servants home as a warning for the rest
    – do not hire new servants for the next decade
    – limit salary increases to 1% even if growth of GDP is higher
    – abolish all allowances; we do not need any entertainment allowance, but HARD work
    – cut pensions of judges and civil servants
    – extend working hours to 48 from Monday to Saturday

    It is also very clear that NOTHING will happen before election day. Big Sinck has decided to sabotage the future of this country as much as he can. In the meantime, guns and the machete will rule the island. The Crop Over massacre will not be the last mass slaughter in the name of the drug soldiers of St. Michael and their influential supporters.

  7. David Avatar
    David

    The other point worthy of discussion is the short period left before the next general election to mobilize the many projects in the pipeline. By the way, how is Sam Lords coming along?

  8. Fractured BLP Avatar
    Fractured BLP

    Great & true response , Dr. Robinson .

    Mr. Richard Sealy is doing a great job in tourism as well

    Downgrade mi arse !!!

  9. racehrse Avatar
    racehrse

    Bond ratings, are just like an individuals credit report, and credit score. The lower the score the more you pay for credit, if you can get it. So what does one have to do? Well borrow from family, and friends, or loan sharks. To say that these ratings don’t matter one has to be a fool. So the government has place it’s borrowing on it’s citizens in the form of increased taxation, fees, etc.

  10. peterlawrencethompson Avatar
    peterlawrencethompson

    @Fractured BLP September 30, 2017 at 10:50 PM #
    “Great & true response , Dr. Robinson .”

    You have no idea what Dr. Robinson is saying do you… I will put it in plain language: Dr. Robinson says that because of past government policies, we now have absolutely no choice but to go to the IMF in order to rollover our debt and they will impose very harsh conditions.

    He is completely correct, unfortunately.

  11. Bush Tea Avatar
    Bush Tea

    Dr. Robinson says that because of past government policies, we now have absolutely no choice but to go to the IMF in order to rollover our debt and they will impose very harsh conditions.
    ++++++++++++++++++++++++++++++
    You have no idea how much shiite Dr Robinson is able to talk …do you PLT?

    Assuming that these ‘past policies’ were BLP in colour…
    When did the Doc recognise the danger of such ‘past government policies’?

    How did he advise his DLP pals to act – in order to COUNTER the inevitable consequences he now predicts?

    Where the hell was he, when we on BU were cussing the BLP for such flawed policies – and electing the DLP (and people like him who advise them) ….all the while discussing the SAME consequences of continuing with the shiite?

    This man pisses Bushie off…
    …coming with a much flaunted doctorate …to tell us what even Hal can see all the way from London ….and what we have been seeing from back when Arthur was doing shiite under the guise of CSME…
    All this, when HE played a major role in the last decade of MULTIPLYING the lotta shiite added by the DLP… to the brass bowl place.

    Steupsss….

  12. David Avatar
    David

    @Peter

    If this is Robinson’s view why doesn’t he resign as chair of NIS and board member of the NIS to protest government’s unwillingness to make the hard decision?

  13. peterlawrencethompson Avatar
    peterlawrencethompson

    @ Bush Tea

    I was just putting the following quote of Dr. Robinson’s into plain language: “… either through the financing and credibility that comes with an IMF program (with the bitter conditionalities of course), a policy mix and/or dialogue that brings the Commercial Banks back on board (the recent attempt to balance the budget does seem to have moved the banks), or through government finding some new source of reliable financing…” because the Fractured BLP seemed to misconstrue what he said as good news for the DLP.

    Robinson is basically saying that we’re f*#ked. He’s right. I understand that he is one of the culprits in getting us into this mess, but I was trying to keep things simple for Fractured BLP.

  14. peterlawrencethompson Avatar
    peterlawrencethompson

    @David,
    That is something that Dr. Robinson will have to answer when he looks in the mirror each morning.

  15. Chad99999 Avatar
    Chad99999

    As usual, the folks on BU ate all in a panic.

    We do not have to go to the IMF.

    Three ideas:

    Expanded Citizen-by-Investment Program.
    Sale of big infrastructure assets
    Financing from Middle Eastern financial institutions. All the Gulf states have willing lenders.

  16. Chad99999 Avatar
    Chad99999

    Another idea:

    Hire foreign consulting firm to ovrrhaul the tax collection system. Crack down on wealthy deadbeats.

  17. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    “Expanded Citizen-by-Investment Program”……translation, brong in more criminals, drug and gun traffickers and car thieves into the islanf..

    Sale of big infrastructure assets…translation…give away taxpayer entities to crooks at the people’s expense….

    Financing from Middle Eastern financial institutions. All the Gulf states have willing lenders……translation…borrow money from Arab slave traders..

    Hire foreign consulting firm to ovrrhaul the tax collection system. ….translation….waste more taxpayer’s money on useless foreign consultants when local consultants will do just as well and cost half as much…

    Chadster…as we all know ya are as dumb as a door and pretending to be a genius.

  18. Chad99999 Avatar
    Chad99999

    And what are your ideas?

    Put the Barbados government under the financial control of foreign ladies from India and the United States who graduated from university a few years ago and now work for the IMF and the World Bank?

    What is your IQ again?

  19. David Avatar
    David

    Actually Peter it is something the citizens will have to answer. We tend to locate our conversations to the politicians. We have to focus on the advisors and significant others who play a role as well. Why should Robinson who collects Director fees from so many agencies be let off the hook, others we can name who Chair the governing bodies of schools etc.

  20. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    My IQ….a hell of a lot higher than yours..

    My ideas…stop the corruption, bribery and government minister’s greed and criminal activities, it is all entwined with their inability to effectively manage the country..

    Find another income besides the useless tourism brand that never paid all the island’s bills and never will..

    Utilize the marijuana plant for its money generating byproducts, export the plant for it’s medicinal properties…the companies now producing it’s extracts…cannot get enough.

    Decriminalize the plant so that small amounts for personal use will draw even more tourists to the island..

    I have 10 more ideas even better than those, but since you have none, I will not post them just to see you copy and post them a couple months from now….being a trumpturd, ya will also plagarize.

  21. David Avatar
    David

    With the economy at its lowest in the post Independence period can anyone guess what was the campaign message of DLP yesterday?

    Don’t vote BLP because they will legalize same sex marriage.

    It is fair to assume this message delivered by the canvasses in St.George South yester has the endorsement of the Prime Minister.

  22. Chad99999 Avatar
    Chad99999

    The IMF is the final authority for the major financial decisions of the Jamaican government.

    That means Jamaican leaders are effectively under the tutelage of Uma Ramakrishnan, a girl from India with an economics degree from George Washington University in the United States.

    Is that what political “Independence” eventually boils down to? How disappointing!

    Will Barbadians submit to the same ignominious fate?

  23. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    That is the very reason this government should not get one seat come election, their brainpower is limited and goes no further than the activities they now engage in….

    .,,,..they will never have the level of intellect needed to get the island out of the pit they spent the last 10 years digging themselves.

    Bajans are well aware that Fiendel and his dummies….cannot be reelected…..no one is that self-destructive to reelect a government that has proven itself over and over to be incompetent, uncaring of the majority population and selfish.

  24. Chad99999 Avatar
    Chad99999

    David

    If you are an agnostic (or an atheist and a Marxist), you place little importance on the idea that heterosexual marriage is sacred, and that so-called same-sex marriage is an abomination.

    But to those of us who believe in an afterlife and a Christian God, avoiding the evils of paganism is far more important than fussing over some effing temporary downturn in the economy.

    Our priorities are not your priorities, and we are the Barbadian majority.

  25. David Avatar
    David

    Here is a link to the latest on the Hyatt Hotel case to determine if Comissiong has standing to bring the judicial review matter. On what basis did Sealy based his comment the Hyatt will break ground in a couple Weeks? Has Justice Sonia Richards indicated to government and parties a timeline for her decision?

    https://www.barbadostoday.bb/2017/08/17/judge-reserves-decision-in-hyatt-case/

  26. David Avatar
    David

    @chad9999

    Actually none of the above. We place more importance on the fact the campaign is based on a highly speculative position and designed to attack Mia. She will have to defend herself of course and party but don’t you think as a people we deserve and should be calling for a better campaign message given the state of the country?

  27. Chad99999 Avatar
    Chad99999

    No we don’t.

    It is bad enough that the attacks on Mia have to be coded.

    The vast majority of Barbadians should be able to agree that a lesbian is unacceptable as PM. Too bad times have changed.

  28. David Avatar
    David

    Respect your opinion chad99999 we will wait to see how the message resonates.

  29. Bush Tea Avatar
    Bush Tea

    @ PLT
    I was just putting the following quote of Dr. Robinson’s into plain language:
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    Granted.
    Indeed the bushman owes you a debt of gratitude – since of late, Bushie has developed the bad habit of ignoring shiite talk from known shiite-hounds, and, as a result would have missed yet another example of hypocrisy from one of those jokers on the Hill – who are meant to represent the cream of our educational investments over the years.

    Unless he can show where he waged epic battles within DLP circles, and at the Central Bank and NIS where he was ensconced – in support of his dire warnings, the damn man should hang his head in shame and in professional disgrace.

    @ Chad
    Sometimes Bushie is tempted to think that you are related to Dr Robinson. Your ability to present shiite ideas with a serious face (pen) is now becoming legendary…

    You suggest:-
    Expanded Citizen-by-Investment Program.
    Sale of big infrastructure assets
    Financing from Middle Eastern financial institutions. All the Gulf states have willing lenders.
    ++++++++++++++++++++++++++++++++++
    Sell off our last unique birthrights as a unique people on this earth… for a ‘fare’.
    Dispose of our last assets for a bowl of soup – and become beggars (people who own NOTHING become beggars)
    Then …look to low-life albino-centric loan sharks for lunch money on a day to day basis…
    This is the kind of advice that one would ONLY give to their worse enemy….

    What is the solution?
    The ACTUAL solution is dead simple. Unfortunately, it requires an appreciation of the REAL UNDERLYING rules of success and of failure – and these basic, underlying rules are SPIRITUAL in nature. Bushie (for example) is rich as shiite ONLY because he understands these spiritual laws (and the bushman only understands them – thanks to a kind step father.)

    Simply put, (so that PLT would not have to explain to everyone something that is out of his agnostic realm) the albino-centric ways of selfishness, greed and spitefulness ALWAYS lead to poverty, despair and death. (Don’t try to understand it – like gravity, it just is…) …just review the empirical evidence.

    Conversely, the community-centric way of life – defined by LOVE, selflessness, patience and forgiveness …. INEVITABLY results in contentment, success, growth, synergy and prosperity.

    Neither Chad, Artax, PLT, Ping Pong, Pacha nor any of the other ‘bright boys’ will be able to explain this …using their economic theories or academic postulations.

    GP knows the answer, but he is unable to share it – because HE TOO seeks to do so by conventional academic means such as ‘exegeses’ and Bible quotes…

    Here is Bushie’s take…
    Just like we know from empirical evidence that “what goes up always comes down” due to gravity..
    It is equally true that …
    If you cast your bread upon the waters, it will come back to you after many days – OVER AND OVER (in Bushie’s personal empirical experience)

    If we were to HUMBLE ourselves, and seek RIGHTEOUSNESS (truth, justice, fairness, honesty…) it would be simply AMAZING what the results are GUARANTEED to be ‘after many days….’

    Wunna think that the concept of ‘sackcloth and ashes’ is beneath wunna…
    But not stinking Bushie…. he KNOWS better.

  30. Enuff Avatar
    Enuff

    Chad999
    Why should we? Stupse!

  31. Chad99999 Avatar
    Chad99999

    How did the Government get over its head with foreign (and domestic) debt?

    By financing major infrastructure projects, setting up new state enterprises and expanding welfare programs.

    How does the Government reduce its debt?

    By selling off major infrastructure projects, dissolving or phasing down state enterprises and reducing the scope of the welfare state.

  32. Chad99999 Avatar
    Chad99999

    Bush Tea

    Che Guevara and Fidel Castro tried to create a “New Man” in Cuba and the Americas.

    Che ended up on the wrong side of a firing squad.

    Fidel died a failure.

    Others preceded them, with little success. Read the biographies of Lenin and Trotsky. Human nature is a bitch.

  33. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    Chadster is an even bigger failure, anyone adopting his idiot plan is doomed to fail…like him.

  34. FearPlay Avatar
    FearPlay

    Re the campaign message of the DLP – as far as I am concerned any party would be better for this country at this time than the farty (not a typo) that is currently ruining it. If a party promised to legalize marriage between man and dog I would still vote for them over the abomination that is currently masquerading as a government. Same sex marriage my eye! What’s the big difference between same sex marriage and same sex live-with? He’s not a leper, he’s my friend.

  35. Bush Tea Avatar
    Bush Tea

    Don’t be simplistic.
    It is much more complex than that Chad.

    What if many of the major infrastructural projects were just vehicles for thieves to fleece the treasury? …think CAHILL.
    What if some were genuine attempts to invest long term for the security and independence of future generations? ..think electricity, food etc

    Do you just get up and sell all assets?
    What would you get for a useless asset where the bribe money has ALREADY been lost to the country? …so you are making the situation even worse, by gifting it to a STRANGER.

    A Solution…. ENFORCED righteousness.
    Establish a truth commission for 4 weeks.
    Everyone with any knowledge of these crimes are offered full immunity in exchange for FULL disclosure of all details.
    After this time, anyone found guilty at any level – to be executed within three months.

    Every year afterwards, a one-month immunity period is offered, after which the hammer falls with confiscation of all family assets of those found guilty…. and imprisonment.

    After about three years, and perhaps six executions and maybe 12 imprisonments you will be hard pressed to find a fella even stealing a pen from the office.

    SUDDENLY, you will see MAJOR changes in productivity, reduced ‘losses and wastage’ in these state enterprises – and even an expansion in state ownership – as we establish our own bank, our own local Solar PV systems to households and businesses, agriculture that is free of predial larceny, and increasingly profitable to enterprising young people….

    Boss..
    In 7 years time, you could not find a fellow to execute ..even if you lowered the bar and decided to introduce the death penalty for speeding…

    There is a way that SEEMS right to brass bowls, but the ends thereof is the way of death and destruction…

    Conversely,
    Righteousness (even if ENFORCED) exalteth a nation: but shiite is a reproach to any people.

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

    “What if many of the major infrastructural projects were just vehicles for thieves to fleece the treasury? …think CAHILL..”

    And the NIS pension fund…

    As they damn well were and are….just look at all the thieves, including the ministers who are wealthy while everyone else struggles, some people had not been paid in months….until last week….

    ….the minority thieves and government ministers have no such problems.

    Execution to send a life long message….has its merits.

  37. Talking Loud Saying Nothing Avatar
    Talking Loud Saying Nothing

    @ Bush Tea,

    It seems that you have caught the Grenville Phillips virus for quoting numbers. Apart from that i believe that you have raised some positive and realistic suggestions for bringing real change to Barbados.

  38. Talking Loud Saying Nothing Avatar
    Talking Loud Saying Nothing

    Sorry wrong video clip.

  39. peterlawrencethompson Avatar
    peterlawrencethompson

    @Chad99999 October 1, 2017 at 1:01 AM #
    “Expanded Citizen-by-Investment Program.
    Sale of big infrastructure assets
    Financing from Middle Eastern financial institutions. All the Gulf states have willing lenders.”

    An Expanded Citizen-by-Investment Program will yield only peanuts… not enough to make a difference by an order of magnitude even if it is very successful.

    Nobody wants to buy our big infrastructure assets. Furthermore that is one of revenue that will not fix our structural deficit.

    If you think that financing from the Middle East will be concessionary then you are smoking really good stuff. Even if we promised to vote at the UN to destroy Israel and promised Sharia Law in Bim the financing would simply be profitable for the Middle East.

  40. David Avatar
    David

    @Chad99999

    Your suggestion is not holistic- will not be as harsh as Bush Tea- because at the root is the behaviour of the individuals in the economy. As an economist or someone who positions himself as one you should know that an economy is the sum of the goods and services produced. Even if you were able to command a good price for your prized possessions which are few (can you name 5 such asset?)or implement a CBI program, at the root of the problem is the inability of the country to live within its means. In other words you are kicking the can down the road.

  41. Bush Tea Avatar
    Bush Tea

    @ Talking Loud
    Bush Tea….It seems that you have caught the Grenville Phillips virus for quoting numbers.
    ++++++++++++++++++++++++++++++++++
    Is that numbers as in ‘1234 …’ or as in the book of Numbers?

    Bushie also tends to quote Bob Marley, Big Youth, Hugh Brown ..and even Gabby on occasion.
    In the final analysis, you must understand that Bushie has a whacker – given by a very special step-father…. it is an amazing instrument.

  42. Bush Tea Avatar
    Bush Tea

    @ David
    …will not be as harsh as Bush Tea
    ++++++++++++++++++++++++++++
    What do you mean by ‘harsh’?
    Serious? …genuine? …committed? …community-centric?

    Name ANY area of life where anything less than these qualities are DEMANDED as a prerequisite for success.

    The VERY people who come here talking shiite about being ‘too harsh’ on crime and EVIL are the ones who are absolutely committed, genuine, serious and single-minded in their studies, …in their businesses, ..in their family lives, …even in the ir sports – WHEN THEY WANT TO BE SUCCESSFUL.

    Then they turn around when it comes to the COMMUNITY’s success, and call for slackness, high tolerance for shiite, low empathy for victims and compassion for DEVILS.

    REAL lotta shiite!!!

    In which serious army are deserters, traitors, and mutineers not SHOT?
    Why would our COLLECTIVE SOCIETY deserve less protection than this…?

    There is a way that SEEMS right and good to brass bowls….. BUT…

  43. angela skeete Avatar
    angela skeete

    The projects that would have helped pushed barbados economy forward were all bamboozled stomped and trashed by the blp and their mealy mouth operatives it is almost laughable to hear these same morons comment about the rating agencies downgrades
    Barbadians in as much as they complain about govt home made remedies would never support or encourage govt to go on an IMF program to pay the International Lending agencies bajans know within their hearts that the pain and suffering would be greater harder and more severe than what they are feeling presently on home made remedies , so if the BLP is believing or even show an interest that they are willing to use IMF programs to solve barbados economics problems they are fooling themselves that they can win a election ad they should take a good read of the message sent by S&P regarding the 2018 election

  44. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    PLT….ah told yall Chadster aint too bright, that’s why he is back sitting in Brittons Hill.

  45. David Avatar
    David

    @Bush Tea

    The reference harsh was to your use of the word simplistic to describe Chad’s Master Plan.

  46. Watchman Avatar
    Watchman

    @Chad99999

    Why don’t you add to the list , stop paying pensions to ex-MP for the next 10 plus years. Stop paying fees to Directors of Governments Boards. Do away with parliamentary Secretaries.

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

    S&P…..clearly states the election will be close……

    ……translation 101 for dummies.

    With 4 or 5 political parties in the ling…and an aware electorate fed up of both useless 50 year old political parties read ……DBLP…..

    With an enlightened electorate deciding enough is enough and splitting their 100,000 plus votes evenly, or close between all the political parties…the prediction and word “close” by S&P….takes on a whole new meaning of reality.

    No more Angela Yardfowl on BU…..it will then be Angela Opposition Yardfowl..for another 50 years, think ya can live that long.

  48. David Avatar
    David

    Wrong!

    If you took the time to watch acting prime minister Richard Sealy you would have picked up is ‘quiet’ reference to not traveling across the globe to attract foreign investment to the Barbados tourism plant but instead there he patted himself on the back about securing a healthy domestic pipeline. Cahill had to be scrapped because of the failure of the plant in England, Hyatt is being funded by a local developer and until information is shared to the contrary BU will assume that funding is local. Note Comissiong has exercised his right under the Barbados Constitution to ask for a judicial review. You should also note the delayhas been caused by the prime minister who has challenged his standing to do so and not Comissiong’s motion. Added to which Hyatt will burn forex. Of the 100 million a fraction will be net forex earning for BB after building cost, fees etc. Who has delayed BNTCL Jeff and the team at the FTC? Who delayed the start of Sam Lords?

  49. Bush Tea Avatar
    Bush Tea

    Apologies David… thought it related to ‘executed within three months…’ 🙂
    After Chad wakes up properly and give it some thought, …he will review his position….
    Bushie has confidence…

  50. David Avatar
    David

    @Chad9999

    If the so-called 3rd parties were savvy enough in response to a political campaign based on morality they should encourage pensioners John Griffiths of Michael Carrington fame and the lady from the BDMC who several years later has not received her pension.

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