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Governor of the Central Bank Delivers 1st Quarter Review of the Economy

The first quarter review of the local economy by Governor Haynes paints a bleak picture. After almost 10 years of belt tightening Barbadians have not been given any indication by the top central banker that there is light at the end of the tunnel.  The negative report of the economy could not have been delivered…

The first quarter review of the local economy by Governor Haynes paints a bleak picture. After almost 10 years of belt tightening Barbadians have not been given any indication by the top central banker that there is light at the end of the tunnel.  The negative report of the economy could not have been delivered at a worse time with a general election 22 days away.

The Governor’s review comes a few days after reports that the south coast sewage mess has reared its messy head once again. #sewagerush@accra.

CBB Quarterly Economic Review – Jan-March 2018.pdf (text)

127 responses to “Governor of the Central Bank Delivers 1st Quarter Review of the Economy”

  1. Prodigal Son Avatar
    Prodigal Son

    @Artaxerxes May 3, 2018 6:24 AM

    Prodigal

    Tell Mariposa “the public has been waiting ten long years for Freundel’s economic plans for the country” as well.
    ……………………………………………..

    Thanks Artax……..but you will notice that I do not respond to these dlp yardfowls.

    Had they listened to Mia’s suggestions in 2008/9, Barbados would not be in the position it is in today.

    Remember the bombastic outburst from Donville in the House…………”We aint want to hear nothing from wunnah……..wunnah had 14 years, now is we time, we gine do things we way, any ideas wunnah got keep to wunnah self”.

    And these yardfowls want to know Mia’s plans ………..hello……you dems so stupid!!!!!!

    We are still awaiting Fumble and the Stinkliar’s plan on how to get us out of this mess! Hard ears you wont hear, own way……you will feel! Sad that it is all Barbados who is feeling the pain.

    All unnecessary!

  2. Mariposa Avatar
    Mariposa

    Yuh see . it is open war season here on BU against present govt. But not so for the blp. Ok david now you know why you are called a yardfowl

    Prodigal the govt has presented plans for the economy every year. In parliament for the last ten years called a budget.
    While the opossition lead by Mia have been marching up and down broadstreet meking noise and throwing fits and temper tantrums like a spoiled child
    Her time to put has long past its expired date. Now the bell has been rung and she has said nothing

  3. Prodigal Son Avatar
    Prodigal Son

    @Gabriel May 3, 2018 2:55 PM

    “I wondered why Sanka Price gave pussy Glyne Murray full reign on Brasstacks for almost 30 minutes to talk a whole set of hogwash and drivel.As my mum would say…’he can really go and bag his head’. The fool”.
    …………………………….

    Gabriel………Glyne Murray had me so mad today….I had to move away from the radio. He was off sick for a long time and I just wished that he would stay away………he can come and spout all his innuendo against MAM on Brasstacks but David Ellis has deliberately locked out Peter from moderating.

    What surprised me most was when he told Sanka that he was never a member of the BLP…….what an ungrateful SOB. He rose to the heights that politics could offer,….becoming a High Commissioner to Canada and he was never a member….right only a yard fowl…………..but this is great…the Executive will not have to expel his sorry arse!

  4. Prodigal Son Avatar
    Prodigal Son

    Failed DLP policies have Barbados where it is today……….if they were any good, the economy would have been growing 2,3,4%………

    The DLP has blighted this country.

  5. Kevin Avatar
    Kevin

    This economy was to totally bottom out earlier last year according to some economist and a former P.M. The economy is stable. We are not in any tailspin……..yet. We will get through this

  6. David Avatar
    David

    Isnt this what we have been hearing for 9 years now Kevin? You are selling Bajan assets to shore up the foreign reserves, You are running continuous deficits to earn the position of third highest gross debt to gdp country in the world. You have poop leaking in the tourist belt. How do you think the average sensible (not yardfowls) Barbadians feel at the moment?

  7. Jonny B Good. Avatar
    Jonny B Good.

    Remember “Barbados is not only an economy”
    Economy gone thru the eddoes.
    What they got left now?
    A bankupt society.
    Vote for we cuz we aint want no same-sex marriage…we done eff up the economy , we gine give wunna the society (without an economy).
    Madness.

  8. DLP (formerly CBC) Radio & TV Avatar
    DLP (formerly CBC) Radio & TV

    Sigh ….when it comes to the DEMS yardfowls and poststarvers it is like talking to the king and the weavers in the story “The Emperors New Clothes”….it is a waste of time. It is liken to a man that walks off the highest floor of a skyscraper and midway through the fall he is saying so far so good.

  9. nineofnine Avatar
    nineofnine

    Its not only the shoring up foreign reserves via bullet sales by stealth, domestic short falls from bad decision making by design or any of the host of “economic atrocities” meted out on the general public by way of taxation, high employment, culling the workforce, the creation of economic stagnation, destabilization of the middle class. wage freezes and conditioning debt traps and high cost of living, but by THE FAILURE TO DISCLOSE THE TRUE POSITION AND PERTINENT ECONOMIC DATA OF THE BARBADIAN ECONOMY FOR MANY YEARS that would by sound and transparent management measurement practices make the most prudent decisions in carrying the economy forward BOTH by the Government and the Public Sector and by extension, Foreign Investors.

    .https://www.youtube.com/watch?v=JvTb320y_OQ

  10. Lorenzo Avatar
    Lorenzo

    Prodigal I was asking myself the same thing.Where has Mr Murray resurfaced from all of a sudden just before an Election talking a roll and being given such a long run by Sanka Price?I had to switch the channel hearing the nonsense from him about the choosing of Weymouth for the launch and the music .Mr murray does not seem to realize that the Bees have strategists in the Party today,he seems stuck in the past,and what ever his agenda is inconjunction with the Dems PRO Mr Ellis,it ain,t going to work.Apparently Mr Wickham,s slot has been carefully replaced by this People,s Parliament ,which has been poor so far,but like he did to Nefetari Caddlewho used to attack the DLP like Mr Wickham ,Mr Ellis seems to have sideline the most popular Moderator in my view while retaining Corey Lane and Sanka Price,makes no sense.I notice that for so call balance most of these Dems are given long spellsof 20 minutes plus by Mr Ellis ,Mr price and Mr lane like Arthur,Straker,s Tenantry,the blind old ,guy and Blessed day to talk absulote rubbish almost every day.I heard another Dem telling Ms Holder that Mr Sydney Symmonds was biased towards the Bees ,along with Father Hatch and while that was so they were extremely professional not like the three Dems up thre now who openly criticize the BLP while praising the DLP.On tv every night Ms Suckoo,,Mr Williams,Mr Inniss,or Mr S Lashley,therefore Mr Olu Waldrond was correct in the statement he made in the paper about CBC.I want the Trini Dem who always talking about balance at VOb to respond to that.

  11. Gabriel Avatar
    Gabriel

    I am an unrepentant critic of CBC.The only programme I watch or listen to is the evening newscast.
    I have complained about the lack of balance in the politics of CBCTV however this evening was an exception I noted that gave exposure to Lynette Eastmond and her crew,even a piece on the misinformed inexperienced Maria Agard and Mia and her crew arriving in the board and shingle bus en masse to pay their deposits.Mia had reasonable air time as did Lynette.I hope this balance continues.I don’t mean to nit pick but while the leader was addressing the nation,comrade Thorne was talking to his neighbour and that looked a tad untidy and cavalier.A QC should know better.Impressions are important.You are not paying attention to your leader as you should.

  12. Simple Simon Avatar
    Simple Simon

    @Caswell Franklyn May 2, 2018 9:23 PM “Freundel’s plan is finally coming together.”

    My old man, who did not go to school past the age of 11 used to say, if you don’t ketch ya bucket full of rain, don’t expect to ketch it full of dew.

    Freundel and the DLP had ten years of good rain.

    Only 21 days of dew left.

    Lets see if the dew will fill the DLP buckets.

  13. nineofnine Avatar
    nineofnine

  14. Prodigal Son Avatar
    Prodigal Son

    It may be true what Lynette said of Maria but I for one was not surprised that she is not running.

    Why did she ever announce during the dying days of the last Parliament that she was leader of the UPP in the House………..just to get taxpayers’ money?

    I think she realised that she had burned all her bridges with the BLP but was still hoping to come back because she never took down her BLP sign.

    I for one always had the view that Maria Agard was never going to run……….she could not go back to the people who voted for her and explain why she was expelled from the party. She would not be able to take her defeat.

  15. Artaxerxes Avatar
    Artaxerxes

    Prodigal

    One of the resident DLP yard-fowl wrote:

    “Prodigal the govt has presented plans for the economy every year. In parliament for the last ten years called a budget.”

    This type of thinking is one of the reasons Barbados received 23 credit rating downgrades.

    Prodigal…….please tell that yard-fowl that “a budget” is not actually “a plan for the economy.”

    A budget is simply an estimate of anticipated revenues and expenditure for a defined period of time. It provides an explanation of the goods, services, projects and activities government plans to provide for citizens…….and the revenue expected to be earned and expenditure incurred as a result.

  16. nineofnine Avatar
    nineofnine

    Artaxerxes May 3, 2018 10:18 PM

    Your definition is on point.

    BUGGETS also DISCLOSE the issues and practices are current, intentions, omissions, admissions and faults, violations of Constitutional rights and Law, purports to trends related the operations of the holders of Governance which is EXPOSED during the debate by references to documents, situations, difficulties and experiences contrary to prudent management

    ESTIMATES can be ballooned, hide non disclosed intents etc., BUT in governance, failure to reach targets of expected revenue initiates the hidden measure of taxation to bring it to par, termed a deficit which adds to unwanted public burdens.

  17. NorthernObserver Avatar
    NorthernObserver

    So WHO are the businesses targeted to lend, or provide access, to Fx funds? Simpson must be #1 target given his large foreign business mass; Bizzy is another likely co-operator. Sagicor and GEL played in 91. The foreign owned Banks have access to funds, willingness in another matter.

  18. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    “Yuh see . it is open war season here on BU against present govt.”

    Yardfowl must be dizzy, what government, there is no “present government”, yall are outside begging the same black people you disrespected, insulted and helped disenfranchise…for 10 years….. for a mandate to futher destroy the country.

    Try to at least see reality and tell the truth.

  19. millertheanunnaki Avatar
    millertheanunnaki

    @ A. Dullard May 3, 2018 10:18 AM
    “If this report is the work of the best and brightest at the CBB then our problems are more profound than we think.
    This report lacks credibility and appears highly intellectually dishonest.
    A quick perusal raised a major red flag:
    Why are the 2017 figures provisional at this time?
    Since they are provisional, can we be confident in any comparisons based thereon?
    Separately, it would be enlightening to know how the Q1 estimates are calculated but of course the CBB does not open their methodology to scrutiny.
    My suspicion is that the estimates and provisional figures are aggressive and the reality is likely (much) worse.”

    What a paradoxical hat you wear for a nom de plume! Only a well-trained person of deep intellect and clear vision can see through such an ‘opaque’ glass made from a wall of politically-designed bullshittery.

    A person with so much perspicacity must hide behind a veil of anonymity to avoid personal attacks from the likes of Hal Austin.

    Are the amounts of foreign reserves represented by the time-marker years (1990 to 2017) the actual amounts at the end the end of each year or the 1st Qtr of each of those years?

    How could, one for the sake of statistical integrity, include two data points for 2017; that is for year end 2017 and a “provisional” data point for Qtr. 1 for the same year 2017?

    What madness is this? An ‘Actual’ figure for year-end 2017 and also a “provisional” figure for the First Quarter of the same 2017?

    The same graph shows that the foreign reserves are expressed in ‘Millions of Barbados Dollars’ (BDS M) whereas the Bajan Media are reporting the same foreign reserves in United States Dollars,

    So what’s the ‘real’ figure for the Bajan foreign reserves?
    It is an ‘Estimated ‘ Bds $ 423 million or a ‘Provisional’ US$ 423 million?

    Does this $423 million represent an increase of $14 million, in whichever currency,
    over the ‘Provisional’ figure for March 2017 or the ‘Actual’ figure for December 2017?

    Sir A. Dullard, you are so bright maybe you are in a more enlightened position to shed some light on the following extract from the same CBB report:

    “The improvement in reserves was smaller than that for the same period last year as the gains were eroded by higher debt service. Over the first three months of 2018, the international reserves held by the Central Bank increased by $14 million to end the quarter at $423 million.”

  20. Mariposa Avatar
    Mariposa

    Miller! you good at farting all over the govt economic policies labelling all as failure
    Be just as good at calling on the blp to provide detail information for the barbados economy
    You blp morons think that talking reserves to bajans is going to make a difference at how bajans vote at the polls.
    The problem there is that bajans looking for relief in their pockets and care very little or if at all about falling reserves
    So all the shock and awe being bandied around and tossed into the air a cuzillion times over about reserves only appeals to the rich elitist and the white shadows working in favour of the blp who does no longer want to invest anymore of their finances in barbados social programs but would rather barbados go to the IMF for release
    Those people have a devoted link to the blp and is counting on Mia to do them that favour

  21. Artaxerxes Avatar
    Artaxerxes

    “So all the shock and awe being bandied around and tossed into the air a cuzillion times over about reserves only appeals to the rich elitist and the white shadows working in favour of the blp who does no longer want to invest anymore of their finances in Barbados social programs but would rather Barbados go to the IMF for release……”
    +++++++++++++++++++++

    “Your emotions driven by political angst speak for themselves….”

    “Providing a slanted version hoisted on political rhetoric is called faked information……… your political slip has a nasty stain and in dire need of a bush bath.”

    “It never cease to amaze my mind with wonderment how the so called (a )political can be so adamant in their pronouncements quick and ready to hold fast to their political banter and just as quick and ready to be tribal bearers to those they serve…”

    “Furthermore your political slip is showing and it has a nasty stain……”

  22. millertheanunnaki Avatar
    millertheanunnaki

    @ Mariposa May 4, 2018 9:08 AM
    “Miller! you good at farting all over the govt economic policies labelling all as failure”

    If that is how you see it, then the miller has been joined in his “farting” spree by the previous and current governors of your Mickey Mouse Central Bank.

    Didn’t Bulldog Estwick pissed all over the same “economic policies” of his own government?
    Weren’t these same policies even rejected by the South coast sewerage system?

    Given the fact that you swim always in a sea of xenophobia we will not mention the name Marla Dukharan who is also singing in the miller’s choir of IMF hymns.

    What about Dr. Robinson?

    Dr. IMF, there is a very sick patient called Barbados in your waiting room. Please attend as a matter of emergency!

    BTW, what’s your position now on ‘Privatization’? Are now for it or still against it?

    Now don’t be a hypocrite or else we would put Artax on your backside.

  23. Artaxerxes Avatar
    Artaxerxes

    Miller

    During the economic review of the 2018 first quarter performance, Governor of the CBB Cleviston Haynes is reported as saying:

    “The IMF remains one of the options to us. As I have said, the advantage of an IMF type program is that you are able to capitalize resources for what you get from the IMF, and you are also able to capitalize resources from other institutions and ,hopefully, enable you to get faster access to capital.”

    Haynes noted with the 2018 General Elections right around the corner, whichever party takes up the reins need to develop, with haste, a plan to close the gap of the fiscal deficit as well as bring the foreign reserve situation “back to comfortable levels”. He reiterated the option rests with the successful party in the next General Election to NEGOTIATE a program with the IMF.

    The resident yard-goat seems to be suggesting that CBG Haynes is also “working in favour of the BLP” and “would rather Barbados go to the IMF for release.”

    “Her emotions driven by political angst speak for themselves….”

    It is clear from her contributions that this idiot does not read, analyze or understand economic issues. Her responses are based primarily on political rhetoric.

    And she labels anyone that present opposing views as “BLP operatives.”

  24. Mariposa Avatar
    Mariposa

    Blp supporters can keep beating the Imf drum in theb same way they beat to deaththe privatization drum
    which barbadians have no stomach but deaf ears not to entertain
    So maybe the Blp is wise in hiding that agenda but can only do so for so long as the cries for the Blp to open their hands and show what they have plan would get louder as the election date gets closer

    bees be gone again

  25. Artaxerxes Avatar
    Artaxerxes

    “Beating the privatization drum”………Hmmmmmmm????

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

    Barbados National Terminal Co. Ltd (BNTCL); Hilton Hotel; Blue Horizon Hotel; Sam Lord’s Castle Hotel;

    Services once provided by Beautify Barbados are now being provided by a company owned by Mark Maloney.

    Porters, Hayman’s Carrington, Bulkeley factories;

    The “systematic down-sizing” of the Transport Board and a corresponding distribution of over 250 PSV permits…………. especially on the Speightstown, Wansted/Redman’s Village; Silver Sands and 3D routes.-

    Private waste haulers collecting garbage;

  26. Mariposa Avatar
    Mariposa

    Small pickings when it comes to the wholesale priivatization under the IMF program .dont forget the IMf had given advice to cut ten thousand workers

  27. Caswell Franklyn Avatar
    Caswell Franklyn

    Prodigal Son

    You asked:

    “Why did she ever announce during the dying days of the last Parliament that she was leader of the UPP in the House………..just to get taxpayers’ money?”

    Every party that is represented in the House of Assembly is entitled to $150,000 of taxpayers’ money per annum. The UPP would have been represented in the House and so would qualify for that money.

    If they have accepted that money, I would be convinced that they are in cahoots with the DLP to deny Mia the prize of the Prime Ministership.

    I can foresee a situation where those third parties could become spoilers by cutting enough of the vote to deny a victory to the BLP. You should note that most of the UPP candidates have a common bond – their dislike for Mia.

    Sent from my iPad

    >

  28. Well, Well Avatar
    Well, Well

    So the taxpayers are actually paying these political parties to be deceptive parasites, even before they become the elected and deceptive, really.

  29. Tron Avatar
    Tron

    Economic slavery is coming. The CBB numbers are a sham. The reserves will be depleted at the end of the year. Don´t they know that every forex loan in the past is N O positive foreign reserve, but just another debt??? Every USD the private sector hands over to CBB is lost to nourish the many lazy lagards in the civil service. There won´t be any repayment ever.

    Capital flight is a national duty.

  30. Tron Avatar
    Tron

    Barbados is falling apart.

    BWA bankrupt.
    Supreme Court full of filth.
    Sewage on the streets.
    Foreign reserves depleted.
    Drug soldiers in Black Rock arming.
    Tourists leaving the island.

    Hello Zimbabwe, goodbye developed world!

  31. Mariposa Avatar
    Mariposa

    Ghee whiz ‘ dont you blp miscreants ever get tired of singing the Gloom and doom chorus ten long years out in the wilderness with a repeated chorus of doom and gloom.
    Meanwhile the tourist kept comimg. Schools up and running along with many other social services
    But yet the leadership still not having a clue on resolving barbados problems

  32. Enuff Avatar
    Enuff

    Mariposa – go address Leroy McClean’s claim that there was “manipulation of the process by a small group of people” in the selection for a candidate for St.John; and stop making your self a nuisance on BU.

  33. Mariposa Avatar
    Mariposa

    Ghee whizGabriel dont be an angel of fake news shame on you
    In the meanwhile go read lodge in the court docket Payne vs Hinkson the mother of all trials ( coming to a neighbourhood. near You) where Mia is accused of voters fraud
    Now that is what you should worry about
    Afterall a PM character should be impeccable.. tailcoats free of hanging chads and suspicion.
    Dont you agree.

  34. peterlawrencethompson Avatar
    peterlawrencethompson

    No-one has yet mentioned that according to the Central Bank, the Barbados economy is almost certainly already in recession. A recession is generally identified by a fall in GDP in two successive quarters. There’s already been a fall in the GDP in the first quarter, and Haynes outlook for the year as a whole is fall in GDP. This means that it will be very surprising if the second quarter does not see further economic contraction.

  35. Tron Avatar
    Tron

    @PLC

    Indeed. The present GDP is not higher than in 2008. And this is decisive, since the relative debt load is calculated in relation to GDP. No growth of GDP, no better rating, since Barbados is unable to reduce the debt load in ABSOLUTE numbers.

  36. Artaxerxes Avatar
    Artaxerxes

    Please explain “wholesale privatization under the IMF program……. don’t forget the IMF had given advice to cut ten thousand workers,”………

    ………..but under an IMF program Sandiford was able to “dictate his own pace?” In other words, the IMF offers advice……… which government does not have to take.

    It is clear your arguments are based primarily on emotional DLP political rhetoric and propaganda…….and not based on an understanding of economical issues.

  37. TheoGazerts Avatar
    TheoGazerts

    ‘and not based on an understanding of economical issues.’

    I like that, even the damn law of gravity has been suspended in that island with shit flowing uphill and some of you still want to talk mumbo jumbo

  38. Artaxerxes Avatar
    Artaxerxes

    “I like that, even the damn law of gravity has been suspended in that island with shit flowing uphill and some of you still want to talk mumbo jumbo..”

    You above comment and some of the other shiite you have posted in this forum recently…… clearly defines “mumbo jumbo.”

  39. TheoGazerts Avatar
    TheoGazerts

    Sorry kiddo, I’ll find ya some scartch grain

  40. TheoGazerts Avatar
    TheoGazerts

    Don’t worry… scratch grain

  41. Artaxerxes Avatar
    Artaxerxes

    Hmmmmmm…….Interesting……

    So……you’ll offer to find “scratch grain” for any individual you perceive as supporting the agenda of any political party…….other than Solutions Barbados…..

    In other words, as long as you don’t “sing in Grenville’s choir”……..you need “scratch grain,” hence, there is no such term as a “Solutions Barbados yard-fowl.”

    Now that’s “mumbo jumbo” thinking.

  42. TheoGazerts Avatar
    TheoGazerts

    I’ll let you be. You tend to run when the heat gets turn on. Will let you be.

  43. millertheanunnaki Avatar
    millertheanunnaki

    @ Peterlawrencethompson May 4, 2018 11:07 PM
    “No-one has yet mentioned that according to the Central Bank, the Barbados economy is almost certainly already in recession.”

    To describe the Barbados economy as being in a “recession” is a massive understatement of reality of euphemistic proportion.

    Barbados is not in any recession but in an Economic Depression. The present administration has taxed the economy into a quagmire of steady state depression.

    The MoF- through his politically misguided and technically misinformed policies- has effectively suffocated economic activity from which most of the government’s revenues are derived.

    The country no longer produces commodities for export and its services are woefully uncompetitive in any international market.

    The buying and selling transaction-based tax regime is no longer sustainable unless new sources of foreign exchange are urgently exploited to maintain the lavish or conspicuous consumption import-based living habits of the general populace.

  44. Bush Tea Avatar
    Bush Tea

    @ PLT
    A recession is generally identified by a fall in GDP in two successive quarters.
    +++++++++++++++
    How is ‘recession’ distinguished from ‘free-fall’….?

  45. Tron Avatar
    Tron

    @Miller

    “The country no longer produces commodities for export and its services are woefully uncompetitive in any international market.”

    Indeed. Barbadian agricultural products are the most expensive in the Caribbean and cannot compete anymore with products from Guyana, Jamaica, USA or EU.

    Example: 1 l chocolate milk from EU in CARICOM member state XY is 1 USD, 1 l chocolate milk from Barbados in Barbados is 3.50 USD.

    To be continued …

    Any questions?

  46. David Avatar
    David

    Over 15,000 new jobs coming, promises AG – Barbados Today

  47. Tron Avatar
    Tron

    I also got word that Barbados will get a new hospital, called Frundel Memorial Clinic, that the Chinese will donate 10 bill. USD and that the civil service will shrink to normal size.

    And earth is flat like Barbadian GDP.

  48. Pachamama Avatar
    Pachamama

    The CBoB is an anachronism.

    It is unclear to us why it is allowed to continue this pretense of relevance.

    We would venture, that a simple cost/benefit analysis would also present us with a deficit. Another deficit!

    For certainty, Barbados cannot do any worse without an ‘institution’ run by kakistocrats and for its own sake.

    That titularly intelligent people would continue to predicate their thinking on the dated misinformation emanating from this edifice in Bridgetown beggars belief.

    We fail to see any circumstance, within the past 10 years or more, where this ‘shop’ has been able to prevent a single national economic disaster.

    We need courage more than useless information. We need to see the future, as if god, not buried, interminably, in fanciful analyses of the past.

  49. David Avatar
    David

    The Central Bank advises the political directorate on policy Pacha. If the politicians do not heed the advice there is only one course of action available to the CBoB staffers, resign.

    On another note, on the eve of the Governor’s economic review of the economy why would VoB interview Dr. Justin Robinson on what the public should have expected given his seat on the Board?

  50. Pachamama Avatar
    Pachamama

    David

    Well, if that is the case we would suggest that dysfunction is even more organic than we had estimated.

    The incongruence of which you speak can only strengthen out original point. For sure, the political masters, from both sides, have a shared history of ignoring advice.

    However, we have no way to judge whether that advice would have made any differences.

    Otherwise, we fail to recognize any real or imagined differences between these sets of elites.

    On the one hand, the political elites make claim to the power of the people. On the other, the central bankers like to pretend that advice tendered is devoid of political considerations.

    Merely theoretical in both cases, we feel.

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