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Who is Dr. Justin Robinson Trying to Convince?

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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. Hal Austin Avatar
    Hal Austin

    Hal Austin – “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.”

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

    Sarcasm? Are you reading correctly? You made a challenge and it was accepted. My only concern is the vehicle for the article.

  2. angela Skeete Avatar
    angela Skeete

    The blp and their operatives would never understand the high level of intellect and style of Dr. Robinson comments. There are too busy rubbing shoulders and linking within the ranks of self serving opportunist whose onky ideas and solutions is to organize marches to destroy Barbados social enviroment

  3. Artax Avatar
    Artax

    angela Skeete October 4, 2017 at 11:55 AM #

    “There (they) are too busy rubbing shoulders and linking within the ranks of self serving opportunist whose onky (only) ideas and solutions is to organize marches to destroy Barbados (Barbados’) social enviroment (environment).”

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

    And this inept DLP administration’s “ideas and solutions” have resulted in an unprecedented achievement of TWENTY (20) consecutive credit rating downgrades, while over taxing Barbadians……….

    ……….. which has significantly contributed to “destroying Barbados’ social environment,” more so than what any march could do to this island.

    I’m sure if you read the S&P report, you would discover how this administration has displayed remarkable ineptitude…………….

    …………….. but judging from the shiite you and the other DLP operatives contribute to this forum, it is clear you “would never understand the high level of intellect and style of” the S&P economists.

  4. Artax Avatar
    Artax

    Hal Austin

    “Reading correctly,” shiite!!!

    “I’m not sure if this is new maturity” is sarcasm…………. and that’s what you do best in this forum……… you are sarcastically critical of everyone.

    However, mentioning your “only concern is the vehicle for the article,” is a convenient “COWARDLY COP OUT.”

    You do not need a town hall meeting, press conference, lecture or group discussion at the Central Bank’s Grand Salle to share your views.

    Similarly to Caswell Franklyn and Jeff Cumberbatch, you can express your opinions in a contribution to this forum, thereby giving contributors the opportunity to “cross examine” your “evidence.”

    Are you suggesting the level of your discourse is beyond anyone in this forum……. or is it that you are afraid your “economics inadequacies” would be exposed?

    Rather than using BU to be sarcastically abusive and critical of other contributors and their opinions………..

    …………..you should be mature enough to post your “article” to forum for public scrutiny.

  5. Tron Avatar
    Tron

    @Simple Simon October 4, 2017 at 10:26 AM #

    So true! However, they use illegal dollars for these activities, not registered at central bank to count as official reserves. The money is never on the official radar.

    I wonder how high the reserves really are. Far lower (numbers made up) or far higher (if we include the “black” market and all Barbadian offshore accounts). I am very sure that there are billions of USD, EUR, CH and GBP flying around in cash in Bim itself and overseas in these accounts.

  6. Roverp Avatar
    Roverp

    One can hide the truth from oneself by being bias and narrowminded. A drunkard would never admit he is a drunkard and has a problem until he hits rock bottom!!! I guess we may have to reach ROCK BOTTOM as a country to see the TRUTH!!

  7. Hal Austin Avatar
    Hal Austin

    Artax,
    You are silly. You made a challenge and I accepted twice, without condition. This somehow is still not acceptable so I now withdraw from the conversation.
    Once more you make assumptions and set about knocking them down as if they were fact.

  8. Artax Avatar
    Artax

    Hal Austin

    You wrote your “only concern is the vehicle for the article.”

    If I am silly for SUGGESTING you USE Barbados Underground as “the VEHICLE for the ARTICLE,” then you should definitely “withdraw from the discussion.”

    Everyone in this forum thinks you’re a jackass……. and you always make an extra effort not to disappoint them.

  9. angela skeete Avatar
    angela skeete

    Artax you can attack all you want but the BLP aint one shit to convince barbadians they can do a better job, so far after in nine years years all public can witness coming from the blp is midday marches and rubbing shoulders stuespse

  10. Alien Avatar
    Alien

    “Hal Austin October 4, 2017 at 2:57 AM # – … I am quite willing to put a case for currency derivatives…”

    Hal, notwithstanding your subsequent exchanges, if you do not mind, provide a short overview at least – I am interested.

  11. Artax Avatar
    Artax

    Alien October 4, 2017 at 7:01 PM #

    “Hal, notwithstanding your subsequent exchanges, if you do not mind, provide a short overview at least – I am interested.”

    @ Alien

    And I’m interested as well…………..

    But Hal Austin wrote his “only CONCERN is the VEHICLE for the ARTICLE.”

    All I am suggesting is, similarly to how Jeff Cumberbatch and Caswell Franklyn present articles to BU for “public discussion,” Hal Austin could use this forum as the “vehicle” to “provide a short overview.”

    Please tell me what is so wrong with that suggestion?

  12. Artax Avatar
    Artax

    The following excerpts were taken from the latest S&P report perfectly describes this inept DLP Administration:

    “However, a WEAK TRACK RECORD of EXECUTION, the introduction of the measures half way into the fiscal year, the likely OVERESTIMATION of ONE-OFF REVENUES, and POLITICAL CONSIDERATIONS while moving to an election year in 2018 leads us to assume that the measures will fall short of balancing Barbados’ budget this year and next.”

    “Barbados has not tapped international capital markets since 2010. Financing from bilateral and multilateral lenders has slowed, in part, as Barbados has been SLOW to SATISFY conditions for disbursement and advance projects associated with borrowing.”

    “Finally, in our view, data on Barbados’ international investment position have INCONSISTENCIES and ARE NOT
    TIMELY.”

    “Slow actions have weighed on our policy assessment compared with when Barbados was higher-rated. TRANSPARENCY and TIMELINESS of DATA PUBLICATION are also WEAKER than higher-rated sovereigns.”

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

    Angela Skeete, when you read the above excerpts you will realize it’s not ME who is attacking…… it is S&P.

    you should be aware that the international rating agencies and financial institutions policy assessments are not BASED on IF the BLP has “solutions for the economy,” nor are they interested in if the if the BLP engages in “rubbing shoulders or mid-day marches.”

    They are concerned with the policies of this inept DLP administration…………… which, for the past 9 years, have FAILED to ACHIEVE the desired objectives and are RESPONSIBLE for the 20 consecutive credit rating downgrades.

    And with S&P’s using terms such as “over-estimation,” “inconsistencies,” “weak policy track record,” “weak track record of execution” and “transparency,” will definitely RAISE CONCERNS AMONG SENSIBLE THINKING Barbadians about the CREDIBILITY of the DLP’s economic data.

  13. Fractured BLP Avatar
    Fractured BLP

    Attack

    You long bowl of hogwash above is designed to do what ?

    We don’t care about S&P or P&S !

    We have country to manage and we will institute what measures we have to when we want to .

    And next year this time it will be Dems Again !

    At least the BLP current leader won’t be able to return to Parliament having being charged for FRAUD !!!!

    It is more than an ECONOMY .. it is about the SOCIETY…..as well !

    Sit back and watch the tape roll ……JOKERS !!!

  14. NorthernObserver Avatar
    NorthernObserver

    “we will institute what measures we have to when we want to “….you are 100% correct.

    Why the MoF only wasting people time meeting with the social partnership yesterday….that is only to pretend he has some interest in what they think….and produce some useless paper to placate the bunch. He has done, and will do exactly what he wants, when he wants. You see he even mek Donville sit in the audience?

  15. Artax Avatar
    Artax

    You mean this time next year you would have already changed your pseudonym to “Fcuktured DLP.”

  16. angela Skeete Avatar
    angela Skeete

    Artax after seven years the blp still eating crow and will be for another eight years reason being you have nothing to offer and rather be so inclined to drive the Privatisation bus which was rejected and climb on board with the IMF unrealistic punishing policies for small islands economies in the name of defecit reduction.

  17. angela Skeete Avatar
    angela Skeete

    Did you and other blp operatives heard how much the NSRL garnered a step forward that is in the interest of barbados and barbadians.
    It was only a couple weeks ago that the blp joined handsvwith a misfit called Charles Herbert along with the Unions to fight against barbados interest all in the name if self interest. Hey dude here goes is another bowl of crow for all blp misfits to chew

  18. angela Skeete Avatar
    angela Skeete

    Artax you can read all you want and interpret what the financial rating agencies living outside barbados say or think but the fact remains with all the downgrades and political posturing by the blp and their operatives the social enviroment of tiny bim has not collapsed.

  19. Observing Avatar
    Observing

    Remember, BU is now mainly a forum where a few who have set themselves up as some paragons of virtue hurl insults at everyone who does not meet some never defined standard that they in their arrogance have set, and of course they regularly hurl insults at each other. BU has so much potential but right now it is such a waste of journalistic space. Who do we hold accountable for the crappy, shitey, irrelevant forum BU has become, after all the promise it showed?

  20. Hal Austin Avatar
    Hal Austin

    Well observed, @Observing. BU could do a lot better as a market for ideas.

  21. millertheanunnaki Avatar
    millertheanunnaki

    @ Artax October 4, 2017 at 3:49 PM
    “Hal Austin
    You wrote your “only concern is the vehicle for the article.”
    If I am silly for SUGGESTING you USE Barbados Underground as “the VEHICLE for the ARTICLE,” then you should definitely “withdraw from the discussion.”
    Everyone in this forum thinks you’re a jackass……. and you always make an extra effort not to disappoint them”

    Give shallow Hal some time to bridle himself to prepare for the load of codswallop he will be hauling in his brother ass’s cart marked “Notes ‘manufactured’ by a Native Son”.

    The fool just doesn’t possess the commonsense or intellectual gravitas to appreciate the vital role foreign reserves play in the umbilical connection to the Bajan economy based primarily on the importation, distribution and retailing of finished consumer items including a wide range of food items.

    How in the financial world of tarnation can a hand-to-mouth-forex-earning country like Barbados ever be in the position to gamble with the little savings in foreign money necessary in its inevitable time of need to pay for food, medicine and oil?

    What is US$ 300 million (with much of it denominated in SDR’s) to ever appeal to any international investment house or trader?

    What would be in it for them as far as fees and commissions go in the grand scheme of financial things?

    Like the move by the local banks, who would want to saddle their books with such unprofitable nuisance accounts?

    Who would lend Barbados foreign money to feed its habit of playing roulette in the big-boys casino called international financial trading markets?

    But then again Hal can always offer his services based on his 40 years in financial journalism to advise the Bajan C B which international crooks and swindlers to avoid.

  22. observing Avatar
    observing

    his whole article is useless david, you like you have a personal problem and just want to pull down and attack somebody. to whom much is given, much is expected.

    The comments by the arrogant mumbling Miller in this thread is a classic example of why this forum has become so damn useless. Miller, I hearing bout ratings all the time, but none of the news media ever really tell you what the different letter grades mean.

    I never hear bout rollover risk. I never know that with government bonds the government pay only the interest and then have to pay the principal in one shot.

    So miller, you might know all them thing already, then good for you, i and plenty people did not and i glad to have it write out for me in simple english. if it don’t add to your knowledge don’t mean it don’t add to nobody else knowledge. it don’t help you fine. who the hell is you to say what is useful for the rest of we.

    it seem like anything that don’t come from overseas, accusing somebody of teefing and cursing the government cant meet the standard set by the arrogant jackasses who rule this now largely useless and irrelevant blog.

  23. observing Avatar
    observing

    reading miller i remember the old saying that a little knowledge is a bad thing. even ignorant me know that local pension funds and insurance companies have money invested over and away. i know they dont have no 300 million yet foreign money managers take them on as clients. usual semi informed tripe from miller.

  24. millertheanunnaki Avatar
    millertheanunnaki

    @ observing October 5, 2017 at 9:55 AM

    Voilà! There goes your solution to Barbados’s foreign exchange crisis.

    Why not ‘force’ these under-the-radar Bajan domiciled companies to ‘repatriate’ those foreign millions to be bought by the Central Bank in exchange for the good sound government paper making up some 75 of the NIS investment?

    After all it was hard-earned Bajan forex which was initially used to invest overseas.

    No foreign money manager would have accepted in the first instance the Mickey mouse or monopoly money called the Bajan dollar paid over to the local pension funds and insurance companies in the form of contributions and premiums.

  25. Hal Austin Avatar
    Hal Austin

    Jethro Miller, PGCE(FE)

    I am glad others are seeing through your vulgar, semi-literate mutterings. Is there anything that you are not an expert on?

  26. David Avatar
    David

    @observing

    Your comments are noted. Do not underestimate the BU household, time longer than twine. Carry on smartly with your JOB. Can you have some one email the latest actuarial report to BU?

  27. millertheanunnaki Avatar
    millertheanunnaki

    @ Hal Austin October 5, 2017 at 10:41 AM

    We are still awaiting your ‘paper ‘on the better management Bajan foreign reserves, as promised.

    All gas and no substance , you are!

    Just produce it and you would be in a position to call Jethro “Brother Jackass”.

  28. observing Avatar
    observing

    now we move to threats and assumptions about the identity of bloggers. go to love this!

  29. observing Avatar
    observing

    totally typical of bullies.

  30. observing Avatar
    observing

    the last post by the blog master confirms all that I said about this blog. bullies come in all kinda shape, size and technology. them must cuss everybody, call people whatever they like, but try and hold them to account. hell no!

  31. millertheanunnaki Avatar
    millertheanunnaki

    @ observing October 5, 2017 at 9:51 AM
    “it seem like anything that don’t come from overseas, accusing somebody of teefing and cursing the government cant meet the standard set by the arrogant jackasses who rule this now largely useless and irrelevant blog.”

    We think your remarks ought to be directed to members in your cabinet like Pitbull Estwick who puts the current economic predicament squarely on the shoulders of the MoF already burdened with his chips of an educational inferiority complex. An UAE bailout would have done nicely, thank you!

    So you (along with Hal Austin) see the BU blog as “useless and irrelevant”?

    So why disrespect your intellect by even reading or even making contributions?

    Don’t both of you see it as a rather sad reflection of yourselves?

    But what can we expect from flies when shite is around?
    Continue to feed from the BU outhouse.

  32. millertheanunnaki Avatar
    millertheanunnaki

    @ observing October 5, 2017 at 11:23 AM #
    “now we move to threats and assumptions about the identity of bloggers. go to love this!”

    Now that is where you and Hal Austin must part company!

    Hal, please tell “observing” to remove the mask of the anonymice and reveal his identity as you are always demanding from others who dare to show you up as a genuine jackass dressed as a certified clown.

  33. observing Avatar
    observing

    beacuse the blog was, could and should be so much more, miller and david. You all want to piss on everybody but nobody must say anything bout you all.

  34. observing Avatar
    observing

    wunna enjoy wunna pissing fest.

  35. Hal Austin Avatar
    Hal Austin

    Jethro Miller PGCE(FE),
    You are not only a bully, but a semi-literate coward. Tell me where I can send book on basic English grammar to you. It may help in the classroom.

  36. millertheanunnaki Avatar
    millertheanunnaki

    @ Hal Austin October 5, 2017 at 11:51 AM

    Send it to the same place you will be delivering your paper on the “Effective Management of the Fast disappearing Bajan Foreign Reserves”.

    Jethro Mueller (Polymath)
    Flat 69
    Know-it-All Cul-de-Sac
    Willesden Green
    NW2, P45.

  37. David Avatar
    David

    Here is a promise from BU, given Robinson’s important role as a member of important Boards and leading commentator on finacial matters his public utterances will be closely followed and critiqued. Especially so with the recent actuarial report not made a widely public document AND the lag in audited NIS statements.

  38. observing Avatar
    observing

    since you and crew know everything about everything, i expect you fellas would know that any report like that would have to be laid in parliament before it can be made public by the organization. steupse steupse steupse! arrogance + ignorance = lethal cocktail.

  39. millertheanunnaki Avatar
    millertheanunnaki

    @ observing October 5, 2017 at 12:50 PM
    “i expect you fellas would know that any report like that would have to be laid in parliament before it can be made public by the organization.”

    And you are right!

    So too should the annual financials of statutory corporations and possibly those of the NIS.
    So let Justin put his academic talent where his yard-fowl apologetic mouth is and produce the financials as he has been promising to deliver since his ascension to the Chair.

    That is all we expect from Dr. JR. Action, no bullshit!

  40. Prodigal Son Avatar
    Prodigal Son

    What does it say about a person who comes on BU, post whatever they want and if anyone dares to post a different opinion, the person goes on a tirade belittling the same blog that he cannot keep off…………..some people think that they are so smart that they do not see how ignorant they are.

    BU and David are the worse thing because we criticise the government for its mis management of this country………so we must keep quiet whilst the dlp systematically destroy this country brick by brick.

    Look. keep to hell off BU…….if it is so insignificant, why the hell wunnah cant help posting wunnah shiiite on it………I am tired of the foolishness.

    Morons!

  41. NorthernObserver Avatar
    NorthernObserver

    @observing
    “I never know that with government bonds the government pay only the interest and then have to pay the principal in one shot.”…..just so you know, that is the case with ALL bonds, not just government bonds. Not like a mortgage or loan where payments include some minor amount of principle sum and interest.

    Now you might appreciate all the yelling about the lack of NIS annual reports. The NIS hands over $10 million to the GoB, and they are supposed to get monthly interest and then the principle (the $10 million) when the bond matures. The rollover relates to the principle (the $10 million), and you accept another bond at the maturity of the first, extending the term (5 years etc), if you will.

    We know, because the MoF said so, they are arrears in paying the interest. We also know because he said so, the GoB could seek “an ease” (which he called re-profiling I believe), meaning asking the bondholder (NIS etc) to accept a reduced rate of interest. (it is also called a haircut, debt re-financing etc etc etc) It means instead of paying 5% you pay 3% or whatever is negotiated.

    So you also understand, when the credit rating drops, you get hit in BOTH sides. Meaning potential lenders want a higher rate of interest on any monies lent to you, PLUS you have to offer investors a higher rate on your investments (bonds, debentures etc).

  42. Prodigal Son Avatar
    Prodigal Son

    The jackasses have been on BU cussing Charles Herbert morning noon and night.

    Who would believe that their masters are still sitting in meetings with the same man they maligned daily begging him to come up with a plan to save Barbados………..the same Barbados that according to to them is on a growth path…………..

    These morons are also deaf, dumb and ignorant.

  43. David Avatar
    David

    And why was the traditional media allowed to post pages from the review or were those mock ups? Why was a press conference held to discuss the fund/review if it cannot be distributed? Parliament has met 3 times since the press conference and the Chairman has written in traditional media to address points raised the report. Would it not have made since to time a press conference with the laying of the report in parliament? You lot are taking people for granted.

  44. angela Skeete Avatar
    angela Skeete

    Any thing u Prodigal says is a figment of your imagination. Even Charles Herbert openly stated that is most ridiculous plan to save barbados by way of marching a couple weeks ago was a failure. So why would govt be interested in any thing that clown says
    Yes the govt might listen since he is a part if the Social Partnership but he has proven he has no sway or ability to make any changes or formulate solutions fir the economy

  45. Artax Avatar
    Artax

    angela Skeete October 5, 2017 at 8:40 AM #

    “Did you and other blp operatives heard how much the NSRL garnered a step forward that is in the interest of barbados and barbadians.”

    @ Angela Skeete

    The following excerpt from S&P adequately answers your question:

    “However, a WEAK TRACK RECORD of EXECUTION, the introduction of the measures half way into the fiscal year, the likely OVERESTIMATION of ONE-OFF REVENUES, and POLITICAL CONSIDERATIONS while moving to an election year in 2018 leads us to assume that the measures will fall short of balancing Barbados’ budget this year and next.”

  46. Observing Avatar
    Observing

    why bu don’t check and see if the review been laid in parliament. if the review is laid then complain bout nis not pubishing it. if it not laid then quarrel with the minister for not laying it. it easy to check these things and see before implying all kinda shite.

  47. vincent haynesw Avatar
    vincent haynesw

    The NSRL has failed according to expectations put forward.

  48. Crusoe Avatar
    Crusoe

    angela skeete October 4, 2017 at 6:04 PM #
    Artax you can attack all you want but the BLP aint one shit to convince barbadians they can do a better job, so far after in nine years years all public can witness coming from the blp is midday marches and rubbing shoulders stuespse>

    The BLP does not have to present what they can or cannot do, sad to say.

    When the incumbents are making such a mess, the voters will have to try something else, regardless.

    In fact, as the incumbents cannot improve the situation, after eight years, they should resign forthwith, but would never do that.

    What is it about power that people just HAVE TO hold on to?

    Peter will not say at the ‘Gates’, ‘ooohhhh, a Barbados MP, this is good’.

    Go find something that you can do until that time comes, rather than clogging up space.

  49. angela Skeete Avatar
    angela Skeete

    Crusoe yes they do.( blp) The days of buying a pig in a bag is long over. Glad to say

  50. NorthernObserver Avatar
    NorthernObserver

    @observing
    my apologies I made an omission….it should have been all standard bonds. There are other types with slightly different provisions.

    You are also correct, Dr JR’s piece was instructional. I noted initially…..
    NorthernObserver October 3, 2017 at 2:25 AM #……..He didn’t lie. He told us we are on the edge.

    The greater point being borne out is one of frustration. And it does matter to us all, regardless of the party we support or whom we vote for, even if we do not support parties or vote, but pay taxes or in retirement rely on certain public benefits.

    One frequent partisan contributor asks, and correctly so, what does the opposing party offer, what are their solutions? Yet when one after another public body fails to issue annual reports in a timely manner, one is just guessing as to the true state of affairs.

    Whether one wishes to label focus as social, environmental, agricultural, health etc etc, the one constraining factor to all, is MONEY.

    How can anybody offer up solutions for consideration without valid information?

    So further to your point of ‘instructional’, we also learned the NIS has no more money to offer, “they are at the baller”. And if any other large bondholder refuses to rollover, they “may” trigger default, at least, new sources of financing must be located to pay the exiting bondholder.

The blogmaster invites you to join the discussion.

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