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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. Simple Simon Avatar
    Simple Simon

    More here: https://scholar.google.com/citations?user=YSzFx78AAAAJ&hl=en

  2. Simple Simon Avatar
    Simple Simon

    And I don’t know Justin Robinson. Never walked through UWI’s doors.

  3. NorthernObserver Avatar
    NorthernObserver

    @Blogmaster
    It is the overall balance/surplus/deficit which counts. A good start, I’ll wait until the final overall tally.

    @SS
    what war? Nationalization is a rational extension of this administration’s policies? Many of the corporate asset sales, either in whole or part, have been driven by….do we sell when we have a choice, or do we wait and have no choice?

  4. Artax Avatar
    Artax

    angela Skeete October 3, 2017 at 2:25 PM #

    “Dr. Justin comments goes to a psychology divide between govt and International financial institutions and there purposeful intent to dismiss what other factors that are inherent in building an economy…..”
    +++++++++++++++++++

    Justin Robinson mixed “fact with fiction” and the DLP yard-fowls who do not know anything about economic policy or the operations of credit rating agencies are touting his comments as “the gospel,” because they were basically an endorsement of this inept DLP’s failed economic policies.

    Angela Skeete, (Michael Lashley or Carson C. Cadogan???) is 1,000 times more ignorant for posting the above rubbish as the person who told he/she/it to post it.

    No wonder why the Barbados economy is in a mess.

  5. Artax Avatar
    Artax

    Hal Austin October 3, 2017 at 2:37 PM #

    “………….some of the sweeping claims you get in BU I find baffling. It is like the claims of foreign reserves, a notion trapped in post-war Brettons Woods economic theory which does not take in to consideration any post 1970s developments.”

    Hal Austin never ceases to amaze me.

    He always come to BU criticizing individuals who mention “foreign reserves,” yet the experts who are employed by the international financial and rating agencies make references to them.

    Is he suggesting those experts are incorrect, while he….. who claims he’s not an economist……. is correct?

    What other suggestions can he present other than government investing in securities?

    Hal Austin, rather than being so overly critical…………..it’s about time you present a detailed explanation about the flaws of mentioning FX reserves……. otherwise, S

  6. angela skeete Avatar
    angela skeete

    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 willingness 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 programme (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. (Dr Justin Robinson is Dean of the Faculty of Social Sciences at the University of the West Indies, Cave Hill) …

  7. Tron Avatar
    Tron

    Angela, you cannot deceive us. Robinson´s speech is highly misguided.

    No private international consortium will borrow Barbados money to maintain the very luxurious lifestyle of the ministers, judges, state secretaries, pastors and other members of the local elite. C is toxic wasteland for financial institutions from the first world. Nor will the IMF. They will demand deep structural reforms to cut of the rotten pest of Goddess Bim´s flesh.

  8. David Avatar
    David

    It seems the only option left for the government to attempt to raid are the deposits of Barbadians in the banking system.

  9. Tron Avatar
    Tron

    Maybe raiding the Barbadian offshore accounts in Florida, Toronto, London and Zurich would help …

  10. Crusoe Avatar
    Crusoe

    David October 3, 2017 at 7:53 PM #

    And then what? What when the whole field is empty?

    The moment they do that, will be a huge issue. Political and economic.

    It will tell the any international lenders and creditors (note that I did not say rating agencies, I left them out deliberately, to avoid that particular football) that they have scraped the barrel and it will tell Barbadians also that they have nothing left in the tank.

    Taking peoples own money, after taxing them to the hilt?

    Must be mad.

    At that point, anything will go, I mean anything.

  11. Crusoe Avatar
    Crusoe

    Tron October 3, 2017 at 8:14 PM #

    Why not just restructure the public service and tax system as should have been done long ago?

    Simply put, the country cannot afford the albatross of an overstuffed public service.

    The CBC on strike? Well, that is one statutory board that will be on the chopping block, so they better get used to being out of that building.

  12. Crusoe Avatar
    Crusoe

    Jeff Cumberbatch October 3, 2017 at 5:35 AM #
    Some would argue that you cannot cancel a contract, but if the circumstances are suspect, of course you can.
    @ Crusoe, Of course you can, but you must also be prepared to pay appropriate compensation to the victim of your breach of contract..

    Yes Sir, but surely the contract is voidable if one can demonstrate – Coercion, undue influence, misrepresentation and fraud.

    What about lack of fair and proper consideration? Surely if it can be demonstrated that work contracted did not justify the consideration contracted, there can be an issue?

    Alternately, there could be ways to ensure that the other party has to perform extensively, moreso that they may have planned, to complete work promised in a manner satisfactory to all i.e. how far can one go in ensuring that the other party fulfills every penny of the promised payment (s)?

    Thank you

  13. Prodigal Son Avatar
    Prodigal Son

    These morons have turned Barbados into a circus…..a banana republic where the leaders lie to its people right to their faces…..

    A few weeks ago at the televised meeting of the social partnership, Toni Moore asked the lying incompetent MOF if he could provide her with certain figures……….the man got irritated and swelled up like the buffoon he is …….”I cant give you those figures….those figures would not be available until the end of the quarter”.

    Anyone notice that as soon as September ended that the mock MOF has figures to tout that the NSRL is on track to meet their expectations when a few days ago Eddie Abed said that business people had reported that all their business intakes were down…..some said 10%.

    So the country gets its 20th downgrade and miraculously the NSRL meets his expectations when the actual business men said that it is down?

    We shall wait and hear what their response to the unions will be when they ask the lying arrogant PM for their coping subsidy…………after all the NSRL has met the MOF’s expectations so there should be no problem to pay up!

  14. Prodigal Son Avatar
    Prodigal Son

    I heard Justin Robinson on radio with his dishonest mumble jumble and I chuckled………this is why people do not trust politicians…………..as that is what he is……..a political hack.

    Where is his ‘integrity”? After all, he does not have to defend a seat so why does he have to bop and weave with the truth?

    Just to keep being Chairman of the NIS and a director of the CBB, he sells his integrity?

    This DLP has turned people into lying zoombies…….how pathetic!

  15. NorthernObserver Avatar
    NorthernObserver

    “It seems the only option left for the government to attempt to raid are the deposits of Barbadians in the banking system.”

    They can always raise the limit again that Commercial banks must keep on deposit with the CBB. They can print more money. They can nationalize. They can try and sell existing GoB assets, albeit they need an Fx loaded buyer. They can seize and replace with $Bds certain Fx accounts. They can cease all dividend payments in Fx, save the registered corporations. They can try and intercept Fx monies paid offshore to tourism related activities.

    I suspect there are more. One may not approve of the administration’s financial management, but they are creative.

  16. NorthernObserver Avatar
    NorthernObserver

    @Angela
    you ever find a copy of the letter from your boy Herbert to the PM?

  17. NorthernObserver Avatar
    NorthernObserver

    Dr Justin Robinson Sept 29 2017…”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?”

    Northern Observer Oct 3 2.25 am….”So for Dr JR to use those projections as any accurate gauge, is a waste of time, and equal to professional misconduct.”

    Minister of Finance, Christopher Sinclair Oct 3 2pm”….he [MoF] told reporters that growth was more likely to be in the range of 0.5 per cent and 0.7 per cent in 2017

    Barbados Today Oct 3….”With Government’s deficit estimated at six per cent”

    Who has a clue??? The Chair of the NIS and Board member of the CBB and the MoF, within days, state profoundly different numbers of growth.

  18. David Avatar
    David

    Is there any feedback on the credit union report that Dr. Robinson was contracted to prepare by the Barbados Credit Union League?

    On a slightly different note. Not blaming him for anything by posing the question, just curious.

  19. David Avatar
    David

    If they raise the limit on commercial bank reserve requirements what good is that if the banks are probably maintaining excess balances currently? If they print more money (or should we use the fancy language quantitative easing) wouldn’t that exert greater pressure on the forex reserves reported to be at nine weeks? Sell which assets? And have you factored the time required to dump an asset especially if a regulator must be involved? Nothing prevents them from issuing an invitation to treat though. By ceasing Fx dividend payments this would help with investor confidence?

  20. Hal Austin Avatar
    Hal Austin

    Artax,

    I m not sure if this is a new maturity, but your challenge is accepted. I am quite willing to put a case for currency derivatives.
    One simple correction, I do not criticise individuals, I criticise the obsessive principle of the foreign reserves argument. Rational criticism of the prevailing orthodoxy should be encouraged.
    It is post-war economic argument, which w good in its time, but is now irrelevant in this day and age.

  21. Crusoe Avatar
    Crusoe

    Dr Justin Robinson Sept 29 2017…”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?”

    Taking that statement by itself, those figures are irrelevant to the downgrade, without examining and understanding all of the debt and foreign exchange components of the economy.

    The downgrade, as he started by writing, merely refers to the ability of the government to pay debts.

    Even if the economy is expected to grow, one still has to look at the debt repayment schedules, interest payments, increasing or decreasing, foreign exchange earnings and ability to pay etc.

    Add to that, there is also some judgment based on the confidence level that the rating agency has on the government’s ability and political will to deliver on promises.

    I am surprised that he made that statement.

  22. observing Avatar
    observing

    crusoe, you and others sound like you all cant read and comprehend, you are saying exactly what the guy said in his article. nowhere in the man article was he trying to say the downgrade was not justified or not a serious matter. this is what the guy said after he mentioned the growth figures “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. ” wunna really cant read and understand

  23. Artax Avatar
    Artax

    Hal Austin October 4, 2017 at 2:57 AM #

    “I m not sure if this is a new maturity, but your challenge is accepted. I am quite willing to put a case for currency derivatives.”

    @ Hal Austin

    Rather than explain your problem with the “foreign reserve concept”, as usual, you preferred to respond sarcastically.

    You are an ELDERLY individual………… if in your opinion using pejorative statements and sarcastic remarks to insult people is a sign of maturity…………. then I’m happy to have found “a new maturity.”

    Leave out the “shiite talk” and “put a case for currency derivatives” so those in this forum can examine the pros and cons.

  24. observing Avatar
    observing

    sorry david. this is the most informative, nonpartisan thing I ever read in the local press on credit ratings.

  25. Artax Avatar
    Artax

    observing October 4, 2017 at 6:40 AM #

    “crusoe, you and others sound like you all cant read and comprehend, you are saying exactly what the guy said in his article. nowhere in the man article was he trying to say the downgrade was not justified or not a serious matter.”

    Observing

    is not “observing” and should have chosen another pseudonym.

    Almost all the contributors acknowledged and accepted Dr. Robinson’s explanation of the rating agencies.

    Dr. Robinson also made the following comment:

    “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’m sure if you “read and comprehend” the above comment, surely you must agree “he was trying to say the downgrade was not justified.”

    I also suggest you “read and comprehend” S&P’s report as well………….

    …………… then you’ll accept that you’re the one who “really can’t read and understand.”

  26. Tron Avatar
    Tron

    @Crusoe October 3, 2017 at 8:52 PM #

    This is exactly what I and many other commentators advise for years. Reducing the numbers in the public service is the STANDARD measure in all developed countries. And it works, if you reduce the numbers not at once, but in stages during a period of, say, 10 years.

    Concerning Robinson, the king of the NIS scheme, Northern et al made it very clear that ALL the optimistic numbers are wrong. When we get the final data for 2017 next year, we will see that the economy and the budget are in the same mess as in 2015 and 2016. S & P was right during the past 10 years. All local politicians, economists, consultants, pastors and other quacks with their light-minded attitude were wrong. Obviously, you need the Northern cold climate to get a realistic opinion about the Barbadian economy whereas those working in the South had too much rum and sun for proper assessment. The international investors know very well that you cannot trust any local appraisal. They tell you the glass is 5/6 full when it is nearly empty.

  27. observing Avatar
    observing

    artax read the man thing again and stop being so damned arrogant and strong headed. read what he said right after that and if you have half a brain and some capacity to comprehend the man went on to say why the downgrade would be justified despite teh “improvements” as he said.

    let me put it back for you again, jackass.

    “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. ”

  28. observing Avatar
    observing

    people like you artax sound like the damn party hacks a seeing damned politics in everything. the man really tell the dlp that they have no choice but to go to the IMF in the article. I sorry david, crusoe, artax and the rest of you. no matter how hard i try, i cant see this as a political article trying to defend the dlp.

  29. Bush Tea Avatar
    Bush Tea

    Yawn!!

    The problem with Dr Robinson has nothing to do with his academic qualifications, or with his assessment of the role of rating agencies (which can be found in any shiite book or by googling it…)

    Like Froon, Stinkliar, Kellman, Jones, Pitbull “the shiitehound”, Sealy, Boyce X 2,…and almost EVERY one of those DLP dicks, he is a low-class, lazy, lay-about with ill-conceived illusions of grandeur.

    Quite simply…
    People with NO history of outstanding PERFORMANCE in small areas CANNOT be expected to perform outstandingly if handed BIG responsibilities.

    -Froon was a shiite teacher and shiite lawyer..
    -Stinkliar was as shiite ‘whatever’
    -One Boyce was a quisling..
    -..the other was unemployed – after being dismissed from a basic management job
    -The shiitehound pitbull runs a third rate bar…
    -Kellman sell bread and fish…
    -Robinson hangs around UWI wasting time and frustrating students…

    All these are shiite ‘birds-of-a-feather’ … and THIS is what is wrong with Barbados.

    He who can be trusted in small areas can also be trusted with big responsibilities…
    He who is unfaithful in small areas WILL be unfaithful in large areas…

    If brass bowl bajans cannot ASSESS the backgrounds of those to whom we hand our national keys and bank books, and take the sensible position;

    ” Well done, good and faithful servant. You were faithful with a few things, I will put you in charge of many things”

    ….then we FULLY deserve to be downgraded even more since we HAVE to be jackasses just like the ones we have handed our bank books and keys to….

  30. Prodigal Son Avatar
    Prodigal Son

    The MOF has this country in a downward spiral. Why is he continuing to borrow, borrow, borrow. Stop digging the damn hole.

    Any one curious of this 200 million loan?

    Any connection to the resurrection of the 200 million Hyatt at this time ?

  31. Vincent Haynes Avatar
    Vincent Haynes

    https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.barbadostoday.bb%2F2017%2F10%2F03%2Fcash-cow%2F&h=ATM_0hRvx_tTyfsXIqMShDT8ml3StQ-6NV7zQVlie4ODYgEA3tGmkgK9FW-NlhVMwgw-zX55TcrhrpbWRke-oBKKiDwnz0ccrcO67mPkVapuSD9Qf0jtOgVgJ-APkE3gle81KOQ0Z5Ykt9a5uSoMGrV9hgArvzBU_bUm2MS4EwbS2ZpF7xgPGe1dZ3R3AeoQ_CV2caFv41jr1hMsIB7cnQwAd_Ph3kjn1ClK7KievryzVjSmnxQF_2IEUBZL-aFAk1qC_V_riiEJ5P4_pDfF6gw-dau05-Mw

  32. Vincent Haynes Avatar
    Vincent Haynes

    Barbados reviewing its role in CDF
    Added by Emmanuel Joseph on October 3, 2017.
    Saved under Business, CARICOM, Local News
    1Save

    Minister of Finance Chris Sinckler has acknowledged that Barbados is $14 million in the red in terms of its contributions to the Caribbean Community (CARICOM) Development Fund (CDF).

    However, speaking to reporters here yesterday, he said this was a direct result of the island’s ongoing economic challenges, which may necessitate a full review of its participation in the CDF that was established back in 2008 to assist disadvantaged CARICOM states in making the transition to a regional single market and economy.

    https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.barbadostoday.bb%2F2017%2F10%2F03%2Fbarbados-reviewing-its-role-in-cdf%2F&h=ATPF9g03ou28pg9jcV-DF8K-sdw2UHslQu9ZTKNrmHJ0eCBMPIhhMgzD0VmVWYVZTLdN2upfZ5LMXYBYajyEEc23hbmc2L0qVo0bWnNUgFnOn8B7miWwi-G7ch6sg_Lw5qUQOnapkLB-hOV6_W-NXlTK_tuUdTsHqoOKIsLTKZTBD893uqDrG2TOIo3HROI7LOl2DRLv5Hp2Gx7wERAu-w-9amXVi-tI4qzkK4nZHBumi9WuAvf65fhxnGMF7EZGA-NW1NoJDUWAklXqjR8n0QiT2E2GFnIQbLxoAKWvKQ

  33. Vincent Haynes Avatar
    Vincent Haynes

    Sinckler concedes to growth of less than 1% this year | Barbados Today
    Sinckler concedes to growth of less than 1% this year
    Minister of Finance and Economic Affairs Chris Sinckler has conceded that the Barbados economy will not grow by two per cent this year. In fact, given the impact of Government’s “tight” fiscal…
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  34. Vincent Haynes Avatar
    Vincent Haynes

    Cash cow | Barbados Today
    Cash cow
    Despite protests by the labour movement, the private sector and Barbadians on a whole, the much-criticized National Social Responsibility Levy (NSRL) is proving to be a cash cow for the Freundel…
    barbadostoday.bb

  35. Vincent Haynes Avatar
    Vincent Haynes

    Free to borrow | Barbados Today
    Free to borrow
    Barbados now has access to over US$500 million in financing from the Latin American Development Bank (CAF) following a decision by the island to acquire more shares in the institution. This was…
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  36. Artax Avatar
    Artax

    @ observing

    One has to demonstrate arrogance when dealing with yard-fowl morons such as you.

    Once again, you have proven that you should have used a name other than “observing,”…….. you are doing an injustice to its definition.

    Perhaps you should have used your other pseudonym, “WAITING.”

    You mentioned in your previous contribution (YOUR WORDS, JACKASS…… not mine):

    “observing October 4, 2017 at 6:40 AM #: NOWHERE in the man article was he TRYING to say the DOWNGRADE was NOT JUSTIFIED or not a serious matter.”

    In other words you are implying that he DID NOT mention anything to suggest the downgrade was NOT JUSTIFIED.

    But, Dr. Robinson also made the following comment:

    “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?”

    “Let me put it back for you again, jackass,” Robinson is saying “how could S&P downgrade Barbados’ credit rating under circumstances where the economy is projected to grow by 1.75% and the deficit is expected to be 4.0% or less……… it does not make any sense.”

    You are attempting to complicate the “discussion” by introducing TWO SEPARATE issues: (1) Robinson’s opinion of S&P downgrade and (2) your opinion that he DID NOT mention anything to suggest the downgrade was not justified.

    However, you are the one who has introduced politics into the “discussion,” which is expected from a political yard-fowl.

  37. Prodigal Son Avatar
    Prodigal Son

    More borrowing, Lord have mercy…..and to think that the things the Stinkliar has stated that he plans to spend the money on are not going to generate a cent in foreign exchange.

  38. Vincent Haynes Avatar
    Vincent Haynes

    #BTEditorial – Between a rock and a hard place | Barbados Today
    Between a rock and a hard place
    So Barbados has just had its 20th credit ratings downgrade since 2009. Certainly not the kind of news which the Freundel Stuart administration would welcome with the ruling Democratic Labour Party…
    barbadostoday.bb
    https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.barbadostoday.bb%2F2017%2F10%2F03%2Fbetween-a-rock-and-a-hard-place-2%2F&h=ATNyCmI23ZdEOWjKD6Ev_AWHeIjzDmeRAravXzpiPwSEty00rx4DiPQB3dlwDZzKMi2HyZroqLaeP4yqfgNZQOgzBqESS48tCcrwoGaS3sb75o9oTo7ZheOxbu_EN8wJKZJaWsacWYbVqm7o4l5LUEFR-E51LVeumcQnsu8vD8Xh1XYiZDPJhA03hcZVPgQcwb20oZxW63tQBO8qVo7lg59A3tzUIIYx6txGCFwmyj71gxD0eVN7Xzq-adzoxViN42VQqjpvzj0l2l2wdpa5-vnUss5ulQif

  39. Prodigal Son Avatar
    Prodigal Son

    Artax

    Ignore the dlp yard fowl. Once you don’t sing from the dlp hymnal, they try to demonize you. What an idiot.

    Have you noticed that the dems thump the praises of Justin Robinson, they never mention that he is not Barbadian yet when Dr BrIan Francis was asked to be part of a panel to discuss a budget a few years ago, Donville Innis lambasted the man and told him to keep his mouth out of Barbados business.

    This dlp is the worst ever government.

  40. observing Avatar
    observing

    Artax you clearly have a limited capacity for comprehension.

  41. observing Avatar
    observing

    let me break it down for you and your bird brain. the man asked ‘ how does this make sense, and then went on to explain how it made sense? why the s&p to downgrade made sense despite the improvement. thats a little beyond your reasoning capacity, but you are too damn arrogant to pause and try to pick sense. they talk bout young people, but there are some real foolish adults,

    lord help us when people with your capacity pose as voices of reason.

  42. Hants Avatar
    Hants

    ” Cash cow
    NSRL rakes in $50 million in first three months, Sinckler says”

    https://www.barbadostoday.bb/2017/10/03/cash-cow/

    It is reasonable to conclude that Government will collect $200 million before the next election.

    As a political strategy they will have no choice but to pay the civil servants their salary increases. BWU and CBC workers wil have a good christmas.

  43. Tron Avatar
    Tron

    Barbados is now so bankrupt, the island cannot even raise 14 mio USD for CARICOM. Really, I do not believe that the F/X reserves are 300 mio USD. We cannot trust any locals reporting these numbers. Maybe the reserves are down to 100 mio USD, maybe non, WHO knows?

    More sorrow and misery is coming after next election. – Either the DLP stays in power which translates into 30% Social Plantation Tax + 20 % Foreign Slavery Exchange Fee + no economic growth for another TEN years + regular massacres committed by the crack heads of St. Michael North West. – Or the BLP comes in which means IMF and complete dismantling of all statutory corporations + sending home appointed civil laggards + lower pensions + devaluation.

    In any case, Barbados falls back behind the rest of the Caribbean and behind emerging African states. The only countries in the region which will be behind Barbados are Haiti and Venezuala.

  44. millertheanunnaki Avatar
    millertheanunnaki

    @ observing October 4, 2017 at 8:55 AM

    Does he now??? Why not look into the mirror and tell us what you observed from Dr. JR’s contribution of contradicting confusion?

    So show us where the quack J R has advised or recommended that the DLP administration go to the IMF tout suite? From which bullshit hat is he pulling those ‘expected’ growth and fiscal figures?

    We know that a similar quack called Guv. Deliar who came up with such fictitious figures and colluded with the administration to print excessive amounts of Mickey mouse money found himself having to come to grips with reality and recommended a visit to a real economic and financial health specialist in Dr. IMF.

    And you ‘observed’ what happened to him? Do you think that JR wants a similar thing to befall him?

    Maybe he ought to keep within his own academic pay-grade and try to make those audited financials available to Bajans so that they can come to some understanding of the status of the financial health of their NIS contributions.

    After all, that is why he was appointed to the Chair of the NIS; to oversee its effective ‘management’ and financial integrity.

    Until he is able to meet this commitment he gave to John Public over three 3 years ago, he will be seen always as the Ace Ventura of bullshitery in his contradictory vacuous pronouncements on economic growth and fiscal improvements in an environment where foreign reserves are falling like ninepins and transaction-based economic activities (importing and selling the main sources of the tax revenues) are contracting like a rubber-band left in the sun.

  45. David Avatar
    David

    The government has. To borrow to meet obligations whether infrastructural improvements or day to day with 9 weeks of cover.

  46. Artax Avatar
    Artax

    Observing

    Your inability to write proper English has clearly illustrated why “there are some real foolish adults,” hence the reason why I have to be arrogant when dealing with political yard-fowl dunces such as you.

    Yuh jackass yard-fowl Johnny………. YUH DUN LOST THE ARGUMENT………..

  47. Pachamama Avatar
    Pachamama

    Bushie

    ‘We don’t want any poor talk.’

    You sound like a man who has never run anything large. Large by international standards.

    The old ‘poor talk’ about small and large things is less true than when it appeared in the book

    We happen to know that the reverse is often true.

    We happen to know several people who can run large organizations but would be at a loss to run a rum shop.

  48. Artax Avatar
    Artax

    Bush Tea October 4, 2017 at 8:10 AM #

    “The problem with Dr. Robinson has nothing to do with his academic qualifications, or with his assessment of the role of rating agencies (which can be found in any shiite book or by googling it…)”

    Bushie

    I could not have written it better……..

    There isn’t anything about Dr. Robinson assessment that is not taught at CXC general level economics…………. only difference it was spewed by a UWI lecturer who has a doctorate.

    Given his propensity for engaging in economic policy issues, even Dr. David Estwick would have probably given a similar explanation…….. or the man on the “Cream of Wheat” box.

    And people behaving as though Robinson should be awarded a Nobel Peace Prize.

  49. Simple Simon Avatar
    Simple Simon

    @Tron October 4, 2017 at 9:26 AM “regular massacres committed by the crack heads of St. Michael North West. ”

    How about if we stop importing crack?

    Barbados does not grow coca, so I assume that crack is imported using foreign exchange. We save foreign exchange and we save the youth of St. Michael North West from themselves.

  50. Hants Avatar
    Hants

    “NSRL rakes in $50 million in first three months,”

    Firstly PAY the workers at CBC and BWU who will then spend it and recycle the 10%NSRL.

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