Chris Sinckler, Minister of Finance
In response to Minister of Finance Chris Sinckler’s criticism about the length of time the Far Trading Commission (FTC) has taken to deliver its final decision on the application for SOl to acquire BNTCL, Chairman of the FTC Jeff Cumberbatch shared the following press statement [16 November 2017]. The final decision on the matter is to be made on November 23, 2017. It is interesting to note that the FTC held in-camera sessions as recent as 23 October 2017 pursuant to 26 (2) of the Fair Trading Act, AND, Minister Sinckler launched his criticism on the 10 November 2017.
The Barbados government is desperate to bolster its foreign exchange reserves which based on recent reports has fallen to an uncomfortable low of 9 weeks cover. It is a pity the country finds itself in a place where profitable state assets have to be dumped to support consumption spending by the country.
The ones who are most desperate and complaining the loudest are the ones who are prolonging the proceedings with delays, so very typical…it’s like a disease.
The trade unions marching. The private sector talking. The church practicing thunderous silence. The forth estate catching at the crumbs that fall from the table. All this while a totally inept administration remains in place, driven to exact every last drop of blood constitutionally due them. WHILE THE GRASS IS GROWING THE HORSE IS STARVING!
Jeff Cumberbatch is a boss. He managed to point out to the world that Sinckler is at best a liar but he did so with such elegance.
@ Hamilton Hill
The trade unions TALKING about marching; the private sector TALKING; the church SILENT; the press MUZZLED; and the people are BEWITCHED.
The administration is under the complete control of DARK, demonic forces …and will destroy the whole country in their mindless march to mayhem.
Barbados is a classic case of a country on the path to destruction.
It is like one of those YouTube videos where you KNOW disaster is imminent, and you keep watching all parts of the screen to see EXACTLY from whence it will come….
Any government that is so intent on disposing of profitable national assets like Hilton and BNTCL … just WEEKS away from a general elections …HAS to be engaged in devilish underhanded intentions.
ANY normal leadership would seek a new mandate from the people BEFORE engaging in such drastic actions…. ESPECIALLY if such a sale is so critical to national survival.
OBVIOUSLY these two deals are intended to provide the usual bribes that we have come to accept for CROOKED players who KNOW that they will NEVER EVER be returned to any kind of high office in Barbados (or the world).
The FACT that a whole country of brass bowls could sit idly by, while these demon-possessed PARROS sell off the family furniture and appliances – after already handing the kitchen and the utilities over to foreigners – tells us that ALL BAJANS are similarly bewitched.
The only hope is that Jeff’s commission still has the needed BALLS to tell these DLP low-life traitors where to get off…
What a HOPELESS place….
Oh get a life Caswell!!
Stinkliar has been ESTABLISHED as a LIAR from very early in his tenure.
The man has lied about practically EVERYTHING that he has ever spoken about.
He is obviously under the same demonic influence as is Donald Trump.
he lied about Four Seasons
he lied about CLICO
he lied about the Eager 11
he lied about the medium term recovery plan
he lied about the shiite tax
he lied about CAHILL
he lied about the 21 downgrades
Shiite man, he even lied about lying.
The vary FACT that this low-life, lying, piece-of-jobby still has control of the national purse is an inditement of the even more despicable Froon, of the pissy opposition BLP, of the shiite Unions, the damned church, and mostly, of the brass bowl people of Barbados.
If a people always get EXACTLY what they deserve, what do you think is in store for our donkeys…?
Bushie
We all know that saying Sinckler is a stranger to the truth is a gross understatement but that was not my point. I was merely praising Jeff’ finesse in further exposing Sinckler as a chronic manipulator of the truth.
Sent from my iPad
Lol…IMF.
Ah dont even like to look at LeGarde she is so ugly, but she is on point about the nasty, destructive cyclical election politics that has brought islands like Barbados to its knees.
She would not have lowered herself to mention yardfowl politics, but we got the gist.
I note the NIS website has been amended to include the members of the Board.
The NIS Chairman stated, there is no political interference regarding investment POLICY decisions. I wonder if after watching the MoF, one appreciates investment decisions and investment policy are two different things? I love the ‘volun-terry’ comments at the end.
@NorthernObsrver
These guys love the ”smoke and mirror’ stuff. Clearly if the government is having a conversation with the NIS and Central Bank about manipulating the interest rate to government to reduce debt cost will it not have an impact on the investment yield curve for the NIS as well? Will the NIS actuary be concern? A few months out from a general election should government be committed to traveling such a route unless it is desperate? The trivilaizing of the credit rating at a time when Barbados debt to gdp is 140% is also of concern.
Reading the FTC’s release and the MoF’s statement,it is clear that the two are not on the same page.Since the MoF has a penchant for being a prime purveyor of terminological inexactitudes and the FTC is led by an eminent lecturer in law,it is safe to conclude that the FTC’s version of events are both plausible and convincing.
Anyone who follows BU regularly knows that Jeff is a bit of a wordsmith so I chortled inwardly when I read the phrase “official consternation” included in the news release. Seems that Jeff was not only “clearing the air” but was acting the school master in admonishing a wayward student.
@Sargeant
Jeff is a smooth operator. It offends some of us to observe a lightweight MoF challenging a brainiac (thanks Hants) and an honourable man like Jeff in the way he did. Then again, the election cycle has started.
@ Bushie
Everything you say is correct, everything!
But ……………………. yuh missed one thing
That the BLP is to come in next cannot stem the slide into hell.
And for our Jefferson Cumberbatch to be the principal instrument for the impoverishment of Bajans through the reckless consolidation of national resources into a few hands is unworthy of him.
This entire escapade is a farce to return Kyffin’s favour of keeping this gov’t propped up with millions of dollars in fuel credits for statutory corporations and civil services and more millions in bus parts.
Not one cent of Forex will be gained.
Gov’t assets owned and operated by statutory corporations should be leased to the private sector, not sold.
Employees should be allowed to bid to take them over as well. Convert the tax spenders into tax payers.
FB
In the same way that the sale of a state owned asset can be disposed of to a private entity there is nothing to prevent the reverse from taking place at some future date.Further there is nothing to stop the inclusion of a caveat in the bill of sale that the recipient enterprise be a publicly traded entity.In my opinion that is a sine qua non in this particular transaction.
Frustrated…ya cooking with gas.
Lease is the way to go, everything is streamlined.
These entities should have IPOs.
Workers sit back and accept this ignorance about pleading for a coping subsidy from a bunch that has done precious little to hide the fact that they live high on the hog.You continue to pay a union that fell foolishly for the public spectacle of some televised social partnership meeting. Are you not coping with the ills confronting You? You seem to be, so continue to bend over and receive that Deceptively Long Prick…..up wunna wazzoos!
Pachamama:
“And for our Jefferson Cumberbatch to be the principal instrument for the impoverishment of Bajans through the reckless consolidation of national resources into a few hands is unworthy of him.”
David:
“Jeff is a smooth operator. It offends some of us to observe a lightweight MoF challenging a brainiac (thanks Hants) and an honourable man like Jeff in the way he did. Then again, the election cycle has started.”
Which Jeff does the BU family recognise
David’s :” the smooth operator ”
Pacha’s : “the principal instrument for the impoverishment of Bajans…”
William Skinner
We have had many purportedly honourable men/women who have made all kinds of ‘accommodations’ with establishments.
You may say they have found acceptable terms for the personal ‘sell-out’.
The deeper truth is that no one person is any one thing. Most people represent some amalgamation of several forces operating within and around them.
At times one motivation may have dominance over others and so on
At other times conflation makes a determination less clear.
The human condition – one may say.
However, a state should never be subject to the personal motivations or inclinations or instincts of any one individual – unless we are talking about another, or perceived, political formation.
In these circumstances, the policy of the DLP to sell-off national resources, across the board, certainly is not justifiably representative of the national interests, intent. No government of suppose to be able to so do. For it is both morally and legally bankrupt, or should be.
Jeff must know this!
Obviously, Jeff’s political affiliation has long been clear. And like the Germans who kept the trains running to Auschwitz his professional responsibilities and political affiliation have assumed mastery over his better judgement, as we percieve.
We cannot even say that the BLP has a different view for these are the people who made a cottage industry out of the selling-out of the country.
The only defense would be that it may be better to have a ‘smooth operator’ being the instrument for disempowerment. It that has any benefit.
But what a weak rejoinder!
@Pacha
It takes a few honourable men to influence change. BU will pick Jeff everytime. Continue with your potshots, your role is understood.
David
You got us wrong
We have made no effort at potshot. We are not well known for that. Have never found a need for the pot shot. We prefer the broadside.
We were simply saying what our perceived judgement has been. Not only about Jeff but all humans, including you. How the Bajan political culture works.
Jeff may have been the subject but the predicate you choice to miss. That predicate is much more important than any individual.
@ David
FYI: One definition of smart operator :
“A “smart operator” is someone who knows how to “work” people and/or the system. He/she is intelligent, but also sly, cunning, often charming. He/she gets the desired outcome by whatever means necessary, but does it with skill, speed, and through sometimes unusual channels. It’s done so well you don’t realize what he/she is doing.”
@ Pacha:
“Obviously, Jeff’s political affiliation has long been clear. And like the Germans who kept the trains running to Auschwitz his professional responsibilities and political affiliation have assumed mastery over his better judgement, as we percieve”.
Can we therefore deduce from you two erudite gentlemen that Jeff is a smart man who can drive people to their death, without them realising it ?
I think we are therefore left to side with the learned Caswell that Jeff is indeed a “boss”
Words words words…………..
You need to reread what was written if you want to quote accurately.
Hoping that the Chairman issues the Board’s final determination LONG, LONG after the meeting that is scheduled for November 23, 2017. Chairman the ball is in your court!
@ Heather November 17, 2017 at 3:00 PM #
Hoping that the Chairman issues the Board’s final determination LONG, LONG after the meeting that is scheduled for November 23, 2017. Chairman the ball is in your court!
And who will this benefit ?
Dumping a significant state asset a few months before a general election does not compute.
An inappropriate utterance always deserves an equally inappropriate response. Surely the MoF public chastisement of the FTC was unnecessary and could be interpreted as political interference in a regulatory body’s affairs.
David
We are glad that your sentient streak has re-emerged.
Are you then saying that Jeff should delay deliberations until after the elections?
Then we would ask – to what ends?
The BLP will give the oil to Kiffin the same way, under a new chairman.
Or have you deduced that the party, the DLP, would want to be seen as continuing the enrichment of Kiffin as started in the 1970’s.
@Pacha
Jeff is the Chair of Commissioners operating with a mandate supported by statute?
Jeff is showing the reality of integrity in public office. Politicians hire and fire regulatory boards, but the boards manage. Any self-respecting chairman of a regulatory board who is called out by the political boss should tell him to butt out or resign.
In this sense Jeff can give a lesson in professional ethics to his colleague Justin Robinson. It was also the failure of DeLisle Worrell.
The simple lesson is that intelligent people should not allow themselves to be pushed around by Sinckler, Stuart or anyone of that type. Tell them to bugger off.
David
We are unsure about the nature of this mandate
But would assume it requires the commission to follow the desires of the state.
Obviously the state wants to divest itself of the oil company.
We also assume that there is little or no room for any discretion by the commission or its chairman.
All that is left therefore, for the commission, is the delivery of a patina of decency to the process, right!
@Pacha
Under the Companies Act Jeff and his other commissioners likely have a fiduciary responsibility to the FTC only.
Are we interested in Barbados or
seeing it brought to its knees to
satisfy our own political ends?
Do we seriously want the entire
country to pay for the political
incompetence of the BLPDLP
micreants?
Political or otherwise, Why the haste? Is the Minister anxiously awaiting a kickback to enrich his pocket? They borrow money and it disappears. There is no back up plan for governement’s divesting of the states assets. All the money is going down the drain and no one can see any changes in Bim
@ Gabriel November 17, 2017 at 9:38 AM
“Since the MoF has a penchant for being a prime purveyor of terminological inexactitudes and the FTC is led by an eminent lecturer in law,it is safe to conclude that the FTC’s version of events are both plausible and convincing…”
Archangel, if you had read my previous contribution on the BNTCL decision to be made you would have noticed that I put poor Jeff C. on notice that he is being set up as the ‘convenient’ fall guy for what is facing Barbados as far as its foreign reserves time-bomb is concerned.
But fortunately for the country, Jeff C is neither a Deliar nor a JR of doctor boobies.
The professor’s intellectual integrity has not been placed on the auction block of political yard-fowlism.
The equitable decision to be made is one involving a joint venture ownership arrangement between the two marketing companies based on their market shares of the grounds fuels distribution and retail sectors. There is precedent for such an arrangement involving the importation and storage of finished petroleum products.
Any other decision would be leaving the door open for the ‘aggrieved’ party to seek redress at the CCJ level.
We shall see who or what will be flagellated for the failure of the Hyatt to reach erectile tumescence. Clearly not the impotent David C!
A “couple of weeks” of flaccidity in the eyes of the minister of Tourism can certainly be a very long time in the Bajan smoke and mirror politics of deceit, delay and economic despair.
@ Hal Austin November 17, 2017 at 4:09 PM #
“Jeff is showing the reality of integrity in public office. Politicians hire and fire regulatory boards, but the boards manage. Any self-respecting chairman of a regulatory board who is called out by the political boss should tell him to butt out or resign.
In this sense Jeff can give a lesson in professional ethics to his colleague Justin Robinson. It was also the failure of DeLisle Worrell.
The simple lesson is that intelligent people should not allow themselves to be pushed around by Sinckler, Stuart or anyone of that type. Tell them to bugger off.”
WOW!!!! What a ‘buggering’ outburst of pure orgasmic effect! At Last!
Never in a million years would it ever be contemplated that there would a ‘conjoint’ meeting in time when HAL and the Miller would come to see eye-to-eye and be on all-fours while wanking and waxing intellectually.
He has finally exited the closet and is dealing’ not with the anonymice in the BU pantry but with the real threats to democracy in Barbados.
Now here is a ‘real’ man in the making.
Either Bush Tea’s BBE is at work here or the Satanic monument at the Garrison is preparing to celebrate its first birthday of erection which opened the gates of hell only to let loose an unprecedented wave of demons on poor Barbados.
We keep speaking of integrity in public life in reference to politicians but (mostly) exclude the professionals selected to police/administer or otherwise act as an arbiter regarding a particular policy. I don’t know or care of Jeff’s political affiliation but he strikes me as a pragmatist who is trying to serve the country and will evaluate all the submissions before making any determination in a “no win” situation. We need people who will leave their political preferences at the door when it comes to decisions that impact the country. These types of individual are mandatory in a developing country instead of those that walk hand in glove with every Gov’t or Ministerial dictate.
Honest gatekeepers are the hallmark of a successful development country.
Chris Sinckler nor PM Stuart does not own Barbados , They are placed in authority to look out for the country’s best interest .
There is nothing absolutely wrong with the minister of Finance questioning a long process which if allowed to go on with no time line in place can negatively impact and hamper barbados economically
The only people who think Chris Sinckler is out of line with his questionable remarks are the blp yardfowls and duffus who have been wishing and hoping for years to see the economic demise of this country
Did you even read the press release? If you did- with comprehension- you would have understood that SOL, the entity bidding to acquire BNTCL requested an in-camera hearing about 3 weeks ago.
#JA
@ Sergeant at 5:56 PM
Yes indeed.”We need people who will leave their political preferences at the door when it comes to decisions that impact the country “. Luckily for Barbados there are many still around . May that state of affairs continue.
@ angela Skeete November 17, 2017 at 6:06 PM
“There is nothing absolutely wrong with the minister of Finance questioning a long process which if allowed to go on with no time line in place can negatively impact and hamper Barbados…”
We will entertain your protests when the longsuffering taxpayers received their income tax refunds which were being stuffed in 24,000 envelopes while the same Minister of Finance spoke in Parliament some two going three years ago.
First time in Bajan history has it taken so long for a BRA to be unfastened by a monster of a deceitful lying prick.
So tired of Angela Yardfow, sister to Maureen Yardfowl.
Miller…I did not want to spoil it by saying anything, am in awe.
The only reason You Jac ss David know such information is because the minister of finance had questioned the long process. Why did it even took so long for the FTC to revealed such information in the public domain.
Yes the minister was within his authority and rightfully to question the process.
You idiot did you think a minister of finance had to publicly question the FTC when he could have picked up the phone and called the minister responsible? Sinckler is a buffoon who has operated out of his league as finance minister for 7 years. History will record that he was the worst MoF of Barbados followed closely by Sandford.
How do you know he did not . Have you ever heard of the last straw.
Amen David Amen.Well said @7.01p
I’m no economist but there is a question that we need to ask Mr Sinckler. Firstly, how many of our nation’s assets does the minister propose to sell in order to bring an equilibrium or an upturn to our economy? Secondly, are our limited assets sufficient to pay off our debts and to raise our foreign exchange reserves? Thirdly, is the minister prepared and willing to admit that the government’s main objective is to hawk the nation’s family silver to the lowest bidder. Fourthly, what will become of our nation when we realise that our once beloved assets – let’s call them our lifeboats – were sold off in our hasty desire to continue our love affair for all things foreign.
Those individuals and groups, such as the IMF, are railroading the incompetent Finance Minister – Sinckler – to push aggressively for the fire sale of our assets. Such people are nouveau colonists. What we are witnessing is a subtle recolonisation of our region. The omens are not good, i sense a return of winter to the Caribbean region. The indignities that our ancestors suffered and endured will come to revisit us. Perhaps the masses will wake up;but – alas – it may be too late!
Mr Blogmaster, I can agree with your assessment that Min Sinckler will likely be accorded the ignomy as the worst MoF but the blog’s interpretation of the political show between him and the FTC chair is misdirected in my view.
This is the accepted sharpnel richochet seen in political warfare. The MoF brought public pressure to bear on this SOL issue …. as he is entitled to do. He clearly has some deliberate reason for the fulsome short ball.
In turn the very independent and erudite chairman responded with deference, clarity and also his own purposeful brush-back short ball. After all, his duty and respondibility is to Barbados not the minister.
That is actuallly the way it’s supposed to work on the public side…naturally the private avenues had been exhausted.
We have gotten so accustomed to obsequiousness by the politically appointed chairpersons to the elected superiors that this epidode seems odd… it shouldn’t.
Under the Companies Act Jeff and his other commissioners likely have a fiduciary responsibility to the FTC only.
David, is the FTC appointed by government or government actors, in the main?
Just had a brief look at the FTC Act – http://www.ftc.gov.bb/library/CAP326B.pdf
Seems like a Statuary Corporation
That means that the Minister can direct the Chairman in every way.
If this right, why would we be pretending that this Chairman has any more power than any other?
Or expecting actions inconsistent with government’s policy?
@Pacha
Of course the minister appoints the Commissioners but does it mean that their decisions are influenced by the minister? There is nothing wrong with an independent minded Board i.e. following the mandate and information available from the technocrats. Then it is up to the minister to fire the Board/Commissioners if he or she is not happy.
BU restates our position, the MoF is an idiot. From where he sits he is privy to what is happening at the FTC. By the way the government has promised all kinds of legislation etc without delivering.
The bigger question here is after Sinckler and Stuart et al what are we really looking forward to. In one breath we talk about the precarious nature of our economy and in another, we seem to just want the country to remain paralysed in the clutches of the decadent BLPDLP. So who we really trying to fool?
We talk about transparency ;so why can’t a minister express his concern about a matter taking long to resolve ? The chairman did the right thing by responding appropriately and that is exactly how a democracy should function! We daily show our political immaturity by refusing to accept the realities we face.
We talk about ditching the queen; throwing away national honours and Nelson and ridding ourselves from the clutches of external forces but we want the IMF to determine how we run things. What do we really want?
We don’t know about any country that recovered by highly educated or is it certificated or “de-greed” people writing bare faced lies and spilling nothing but BLPDLP crap.
We have been watching for decades as business people and multi millionaires exploit the workers. Do we take pictures of their houses? Do we take pictures of their yachts? Do we take pictures of their expensive rally motor cars? Do we take pictures of their expensive polo and race horses ? Do we take pictures of their luxury cars?
Do we really think that a change of government will change anything other than have new drinkers at the trough ?
First order of business in the movement forward: Dump the BLPDLP and let all those who now writing for their supper go and find somewhere else to peddle their nauseating opportunistic garbage that is not about Barbados’ well -being but their desire to join the BLPDLP gravy train.
For those of you who seem to think that there is no hope in the event of the coming change of government which will bring with it the confidence of investors that would result in growth of the GDP and concomitantly a growth in everybody’s standard of living you can do what Eric Williams told the Trinidadians in the 60’s….”If you don’t like it,get the hell out of here”.
@ Gabriel
This in NOT the 1960’s
Life was simple back then.
Even Simple Simon made sense of life back then….
Now….!!!!???
Now, even Pacha, Jeff and Ping Pong are stumped…
Your BLP leaders are so lost, that they DARE not disclose any ‘plans’ ….. for fear that these be exposed as the jobby that we (You and Bushie) know these plans to be…..
Yes Bushie
You are quite right
In the absence of ‘answers’ or ‘manifestoes’ (that could mek sense) we are left merely trying to understand the ‘newly’ created problems.
Essentially, the problems presented by a perverse, post 1980, Washington Consensus, neoliberalism – including the financialization of economy, a new impoverishment of most of the world, the consolidation of public wealth into a few hands and a more vicious militarism.
The hurdles are many. First, the entrenched interests, operating with models, and the thinking, proposed for a bygone era must be dislodged.
As the PM would say, that has proven to be more Herculean than some man, called Sisyphus, trying to role the proverbial rounded stone up a hill. LOL
While this work proceeds, on all fronts, we must avoid the attraction to magical thinking, well-worn superstitions and the criminal ideology of the Christian-fascists now in power in the seat of empire.
Sinckler is just positioning himself to blame FTC for his cockup…either way, sale or no sale..his actions are very clear.
The ministers never act like adults, they blame everyone else, except themselves, for all their numerous screw ups.
There is a saying: If at first you don’t succeed try and try again.
This Government seems to have adapted that saying for its purposes and now its guiding principles seem to be:
If at first you don’t succeed blame the failure on someone else.
Sinckler and his colleagues have failed miserably in managing the Barbados economy and now they want to place the burden of that failure on poor Jeff’s shoulders.
Sent from my iPad
@ Caswell
Not even an idiot of Stinkliar’s miserable calibre would be so foolish as to sink to the level of blaming the delay (or failure) to sell off national assets such as the Hilton and BNTCL for the failure of the Barbados economy.
Even angela Skeete would know intuitively (instinctively in her case) that it is the FAILURE of the Barbados economy – OVER MANY YEARS – that leads us to have to sell out last physical assets.
Even angela would also KNOW that when a family has sold off its last piece of jewellery, the next items on the list will be their prettiest daughters; their most feminine-looking sons; and then even their old parents donkeys….
Vincent’s old donkey looking shaky yuh…
Lol…Vincent wants a good selling, open his eyes to reality cause him and his link cannot see where this is going.
Bushie
Yes bozie….wuh yuh whan….wuh yuh callin mi nim fuh……yuh whan frens.
So far your batting is ok…..keep on hitting the ball and you will be allright…..enjoy.
ah gine back tuh sleep……wek muh up enna 6 months time.
@ Talking Loud Saying a Lot at 8: 10 Pm
I love your submission. At least you are seeing through the smoke screens and mirrors diversionary game.
I agree with you . No man/ woman who was in a position of influence in his/her country and did not solve the economic and financial problems in his/her country has legitimacy to recommend cures for mine.
In a sense we are all out to sea. We either do not recognize the sea change in the economies or we are using the wrong model.
It may very well be a case of the blind leading the blind.
@ Pacha
I think you ought to reread the sections of the Act which deal with the purpose and functions of the FTC. Concentrate on its responsibility to the consumers and its responsibility to fair trading.
The minister’s roles are also outlined in the Act. Nowhere does it state that he can give directions to the Board in the execution of their duties.
This country operates under the rule of Law. We are not a Dictatorship.
Bernard
You say rule of law. Whose rule, which law?
What kind of law rules would have us discussing how we are to sell a critical national asset to a local ‘billionaire’?
A man who has been able to compromise your government. Notwithstanding that that same government made him who he is today.
What a law! What a rulership!
As far as we are concerned a statutory corporation is a statutory corporation. They are all basically the same. Cut from the same cultural cloth.
Without pretending to read the whole act, we cannot be convinced that this particular animal is any different than all the rest.
We cannot therefore be persuaded, like you seem to be, that there is anything special about the FTC Act – some unique dispensation not subject to the will of the political masters.
What rule of law!
Maybe you should come to consider that EVERYTHING you have been taught was a lie. That you have lived a life of lie. That you merely exist within a tapestry of lies.
Miller….Sinckler cant tell another lie to undo this, he cant blame FTC either, he will just have to resign as he promised he would if there is devaluation….,.
Day can only run so far.
https://www.barbadostoday.bb/2017/11/17/imf-not-ruling-out-devaluation-of-the-barbados-currency/
“IMF not ruling out devaluation of the Barbados currency
Added by Marlon Madden on November 17, 2017.
Saved under Business, Local News
1Save
The International Monetary Fund (IMF) has refused to rule out the possibility of a devaluation of the Barbados dollar should the country enter a fiscal programme with the lending institution.
IMF Director for the Western Hemisphere Alejandro Werner told Barbados TODAY that devaluation would have to be a choice for Government to make. The Barbados dollar is currently pegged at BD$2 to US$1.
The Central Bank of Barbados and several noted economists have raised concerns about the future stability of the currency due to the country’s dwindling foreign exchange reserves.”
@Bernard, of course you are correct at 10:58. Of course too the perspective that a minister has more than persuasive power over appointed commissioners is well held…and that has nothing go do with a dictatorship.
The problem is that when it was the PUB and determinations were being made about rate increases we seemingly accepted that political direction was anathema and politicians naturally encouraged that view too gain public goodwill.
But broadly speaking in developed nations we clearly see the same type of influence manhanadling. The US pres seeks to influence the work of his FTC and the current TIme Warner deal…his problem being the CNN sale component, it seems.
And the level of politics surrounding their CFPB is grotesque.
At day’s end it’s the professional integrity and future plans of any commissioner that will drive his/her decision making on these regulatory bodies.
It would be obnoxious that a law Dean would allow himself to be pursuaged to deliver a decision that would be called into question based on the very same laws and regulations of which he preaches daily. Thus I have no fear or concerns on this matter. Bim’s regulatory matters are in great hands.
So the political prattle from this minister (or a president) is simply part of the political game…file under RH_BS_file_area_51.
“Maybe you should come to consider that EVERYTHING you have been taught was a lie. That you have lived a life of lie. That you merely exist within a tapestry of lies.”
Pacha….giving out too much information about those lies tend to scare bajans….it must be given in very small doses in order for it to digest, then there is the memory problem. ..I have learned most cannot process the information In medium to large volumes…it will take time.
Big difference..under US laws…private companies can be fored to sell, merge, all types of confusion involved……
…..but a state entity being given away in a fire sale to a private business man, without proper tender, who got his business start in the 70s from taxpayer’s dollars to begin with…..is kinda too damn much.
Big difference..under US laws…private companies can be FORCED to sell, merge, all types of confusion involved……
Not to mention that Sinckler is so desperate to sel everythinhl, just to shore up foreign reserves for a few more weeks, only to end up in the very same position….in a few more months,….lol
LOLL🤣@ Madam Well,Well.
As I can recall, Barbados in sq miles can fit into Jamaica about 26 times and into the US there would be 2 million plus lil Barbadoses…And maybe 3 mil across vast Canada.
Gee, don’t yah think that if “…EVERYTHING you have been taught was a lie” applies so aptly here in lil Bdos then it has been exponentially multiplied similarly in those places and others TOO.
Don’t you preach that we learned well our treachery from the big boys.
Will you PlezZE ease off Bajans’ backsides with your constant refrain about our bad side.
We have damn well done some awesome things too. Enough already.
Sorry lady but you speak with a forked tongue. I am Black first but also a proud Bajan. It is nonsensical to speak of what SOL has achieved historically as a function of this current sale.
That is a racist tirade which has no place in THIS sale debate.
And by the way under which US law is it true that “..under US laws…private companies can be FORCED to sell, merge, all types of confusion involved……”.
Let’s just cut go the chase. Link us please to that statue. And DO NOT cite eminent domain!
For the record, under that same US law you apparently hold so inviolable the US Fed government is planning to sell off portions of GOVERNMENT OWNED Alaskan preserves via NO BID contract … or should I say: “…a state entity being given away in a fire sale to a private business man, without proper tender…”
Corruption or govt malfeasance is NOT good whenever and wherever it is done. Thus as Bajans we have a lot to be ashamed about, but for you a non-Bajan to come here and preach to us daily about our malfeasance when your nation (Canada or US) is more grossly indicted is getting old rather fast!
We know we have major problems to be fixed. Thanks for the highlights. Good bye.
@ Bernard Codrington. November 18, 2017 at 10:58 AM #
“This country operates under the rule of Law. We are not a Dictatorship”
Which rule of law? What you really mean to say is that Barbados currently operates under the consistent failure to enforce laws.
Clearly, you judicial system does not underscore your contention.
Just look how the various statutory corporations- and even central government according to the Auditor General reports) blatantly breach the various Acts under which they are supposed to be operating without any censure or reproach of management as required under the same rule of law.
When the various government departments force those responsible to remove the Coverly deathtrap that has already claimed the life of an innocent child then we can discuss whether Barbados is a dictatorship or a rotting banana republic.
You cannot even enforce the simple anti-littering laws or remove the 30,000 uninsured and untaxed vehicles off the roads in a 2 x 4 island far less sophisticated laws like IL and FOI.
Look to Bermuda if you want to see an example of the Rule of Law in a small jurisdiction your little wild west can do well to emulate.
A review of the Auditor General reports going back a decade highlight the lack of enforcement of the financial rules by government that should be setting the example.
Miller
On point…….what is the sense of parading myriad laws and then refuse to enforce them???
Pedant….accroche-toi à ta culotte..
And give us a nice long list of all the wonderful things that occurred in Barbados for the last 50 years. ..that benefitted and empowered the majority Black population above everyone and everything else…remember you said they exist.
You mannequin….it directly ties in to why Simpson et al always gets preference over the majority population as it relates to owning large businesses in Barbados…a black majority country…
That million dollars of tax payer’s money he got for free in the 1970…some of it could have gone to your relatives and others…to start their own businesses as well….and you may not have had to flee Barbados…to endure racism in Canada…for 40 years or more..
……..ya lack critical thinking skills and want to call me racist….because ya lack critical thinking skills…
So don’t get me started….
pdP
Chuckle…..serves you right for trying to hold an intelligent discussion with an imbecile,a non Bimmer and non Caribbean person that is not aware of the nuances of the Bim society.
Carry on though…..as I have the popcorn ready.
By the way…..I would not weep for the sale of Alaska, it was sold to US by Russia in the 1800s…
…..it never belonged to any of them and the Inuit…Eskimos, the indigenous peoples…..never had a say…..
…so your example is rock dumb…both of them.
Vincent…the Curacoan…ya really got a nerve calling anyone on BU non Bajan and non Caribbean….without any proof, while you wish racism, discrimination and slavery on Black bajans, see them only as fit for working on your blighted, cursed, ragged plantation yard…
Pedant…I can understand, cause he missed a lot of info I gave about myself on BU…and he is neurotic and unbalanced anyway……
But you, the wannabe slave master from Curacao…..got some nerve deciding where you think a blogger comes from….bad enough ya trying to relabel the population.
Dont worry….the spirits of the deceased slaves, some am sure are buried on that plantation will take care of you…..can’t you feel it coming, I can actually see it.
@ David
David November 18, 2017 at 1:39 PM #
“A review of the Auditor General reports going back a decade highlight the lack of enforcement of the financial rules by government that should be setting the example.”
Certainly , you jest ! The Auditor General’s report has been negative toward both the BLP and DLP administrations for almost twenty five years or more. Stop the politicking, man. Good grief !!!!!!
The overload of information and misinformation has clearly beclouded some of our commentators’ ability to think clearly. The unfortunate thing about this is that it can get worse.
Pray, explain to me how a statement that Barbados operates under a system of” rule of law ‘can be translated to mean that all laws are enforced. Especially in a context where the law relating to a regulatory Board is clearly written setting out the limits of responsibilities of minister and Board.
Clearly the enforcement of the law depends on BOD and Minister; on these players following the rules.
These are the same people who are clamouring for integrity legislation as if the mere presence of the legislation in the law books will ensure automatic compliance and integrity.
Clearly some of us have private agenda and are not really interested in the well-being of this country; but you will not prevail.
@Bernard
To be fair the discussion has gone pass the fact laws exist to govern the boards. The critique is more about the toxic ethos which pervades the culture in the SOEs.
How can they now turn on the auditor general, the one public servant (and officer) that operates traditionally with dignity and impa.rtiality. We can all claim that people can impr.ove, because no one is perfect.
.
.Bernard Codrington. November 19, 2017 at 12:15 PM # V
#@Your arguments are relevant and timely. In fact, they go to the core of the debate. Primary legislation and .regulations . determine the parameters of the authority of politicians and appointees. What is in dispute is when politicians, wha.tever the legislation, try to enforce their own references. Appointees should tell the politicians, in those circumstances, to take a walk.
.
Hal at 12:39 PM
“Appointees should tell the politicians,in those circumstances, to take a walk”.
This is the point at which our system of governance breaks down. Failure of individuals to take responsibility. We elect the politicians to promote our interests and overnight they are permitted to believe that they are our masters. This can only happen because we turn a blind eye to their misdemeanors. So the buck stops at us the citizens.
@ David
Ethos and cultures do not create themselves they are created by a collection of individuals of sound minds or wicked intent.
@Bernard
And this is the point, this is where we find ourselves with a culture that has to be changed. It will not happen without effort. By saying amorphously is starts and ends with the people is obvious.