est. 2007

Barbados Underground

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Who is Dr. Justin Robinson Trying to Convince?

Dr. Justin Robinson weeks after issuing a vacuous statement about the state of the NIS Fund is at it again. This time with an even more muddled and muddied message under the title CLOSER LOOK AT DOWNGRADES. The BU household tried- in vain- to understand the objective of Robinson’s exercise to explain what the credit…

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Dr. Justin Robinson weeks after issuing a vacuous statement about the state of the NIS Fund is at it again. This time with an even more muddled and muddied message under the title CLOSER LOOK AT DOWNGRADES. The BU household tried- in vain- to understand the objective of Robinson’s exercise to explain what the credit rating downgrades mean for Barbados.

  1. Did the Barbados based company Sagicor have to redomicile to Bermuda because our tanking credit rating weighed heavy like an albatross around the necks of the shareholders?
  2. Is it a fact the international commercial banks cannot extend credit to a sovereign country with a risk weighting of C?
  3. Is it a fact the bond market will ignore Barbados as an investment option because respectable pension and mutual funds have exclusions in the terms which prevent fund managers from investing in junk?
  4. Is it true that Barbados has to borrow on the capital market to shore up reserves to cover maturing debt and this translates to higher cost to the borrower (Barbados)?
  5. Last but not least, how do 20 downgrades affect the confidence of a once proud nation?
  6. Please update Barbadians on the status of the project to have ALL of NIS Financials audited and presented to the PEOPLE!
  7. The people deserve to read the most recent NIS Actuarial Study for themselves. It is our damn fund and the management of it should be transparent!

Have a read of Robinson’s article and explain for 10 marks. Marks will be deducted if there is no working presented!

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159 responses to “Who is Dr. Justin Robinson Trying to Convince?”

  1. NorthernObserver Avatar
    NorthernObserver

    @angela skeete
    “So why would govt be interested in any thing that clown says”
    I agree 100%, as I did with Fractured. CH is wasting his time. The GoB has been very consistent. If they chose not to alter course before, why alter it now? This is just a lil ‘sweet talk and apparent consideration’ before elections.

  2. Tron Avatar
    Tron

    Guessing? Facts? So what! Our predictions come true. Anyway.

    We talked about the horrible status of the local economy, bloated public chickens, excessive taxation. We got the former Governor of Central Bank to confirm our view in return.

    We talked about the misery of the Supreme Court. We got many judgements from the CCJ in return stating that the local judiciary is a mess.

    We talked about the NIS scheme. Now the Mo&F and S&P are considering a haircut.

    We talked about devaluation and we got 2 % external devaluation and 20 % international devaluation last summer in return.

    We talked about crime and we got the Crop Over Massacre which made Bim famous in the whole Caribbean in return.

    We talked about corruption and the plantation mode and we got Cahill and Don Maestro in return.

    We talk about money laundering and we got that white Brit who dealt with cars without a licence. At least these are facts.

    Barbados is not the same island as ten years ago. In 2017/18 we live on a degraded rock full of ammo, drugs, despair, poverty, highest debts and emigration. A place so typical for all the retarded thinking and the lack of visions in most of the so-called developing countries. What a sham. Developing. Nothing develops at all! We are told since many years that “new projects” come along. Republic, Cahill, Four Seasons, Hyatt and all the other shattered dreams, they never came. The difference between the plantation class in parliament and at the Supreme Court and the rest of the population has never been bigger during the last 200 years. We all know what Saint Bussa would do today.

  3. NorthernObserver Avatar
    NorthernObserver

    @Tron

    I fear you are being overly negative and not considering the social benefits. We now have young people who are druggists, and trading in a form of community enterprise. We have citizens who are no longer sitting back, but arming themselves and taking matters into their own hands. Sustainable is merely a term foreigners use to prevent us from moving forward. Debt is just money. Citizens in Bim have never been better off, they have now access to most luxuries the world can offer. There have never been more luxury vehicles on our roads, never. Our public officials have likewise been aggressively pursuing all opportunities, the fact the fruits only accrue to some, is life. And you didn’t see the Latin Amercian group has confidence, and will lend us nuff money. What 20% international devaluation?

  4. Pachamama Avatar
    Pachamama

    Northern

    Have you ever considered a public bank.

    Of course newly created money would have to be extracted from supply and provisions will have to be made to exempt imported consumption and the avoidance of the consolidation of this new money from the hands of the traditional merchant classes etc

  5. NorthernObserver Avatar
    NorthernObserver

    @Pacha
    you need to be more specific with me, I don’t speak intuitively.
    What is your definition of a “public bank”? A state owned bank? How does that differ from the former BNB. What is “new money”? You wish a ‘public bank’ to be exclusionary.

  6. Pachamama Avatar
    Pachamama

    Northern

    A public bank could be owned by the people but not controlled by government. A consortium of cooperatives, for example.

    It would be a mechanism to fund local projects at zero or near-zero interest rates.

    It would operate under a charter issued by the local authorities. As money is largely created by banks, fractional reserving and so on

    A public bank will create money in the same way but it will also withdraw this newly created money from circulation once it is repaid.

    There is nothing wrong with creating another economy, a parallel economy, for there are several economies currently operating in Barbados.

    This economy funded by a public bank could be aimed at developing indigenous projects with very high local content, high export or import substitution potential.

    As you know it is not debt per se that cripples development but compounding interest

    You may want to investigate how public banks work in North Dakota and several other US states.

  7. Tron Avatar
    Tron

    @NorthernObserver October 5, 2017 at 6:05 PM #

    Ups, meant INTERNAL devaluation. Just shop in Barbados. Prices up from June to September 20 %.

  8. Tron Avatar
    Tron

    Thank you for your sarcasm. I need a dose of that to survive in the South!

  9. Stuart, Sinckler and Robinson Not on the Same Page | Barbados Underground

    […] …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?… Barbados Underground blog […]

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