The government has announced its decision to lead the country into an IMF program. Soon the citizenry will brace for the roll out of phase two, three and the several others that will be required – given the stasis state of recent – to kick start the economy and the social benefits that must be be sustained and improved.
The blogmaster shares the following video to support the job of continuing to create awareness about our current state, the plan and …
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Dontcha just lurve a good fairy tale?
From 70% to 175% in just 10 years of Dem’s thievery and they hope to turn that around in 10 more. Yeah, right, not until the nettle of the great public sector Albatros is grasped, and it ain’t gonna happen. You heard it here first. Cold turkey is not palatable to Bajans.
Cold turkey is not palatable to Bajans.
Unless it is warmed up in some good soup?
Is cold turkey palatable to anyone?
@ David
I wonder if the post will start going in the direction of recipes. Will u say no more recipes allowed? lol
Using metaphorical language to explain the issue is not quite the same.
Cold turkey is the treatment, we need to understand more about the pathway to the patient accepting the benefit of a detox (replacing turkey) to avoid questions about what are we serving.
Best GOVERNMENT FAIRY TALE so far this year. Only real bloodletting action will possibly save the country. 40% of all civil servants and 90% of the SOE MUST BE FIRED. UNIONS BANNED, ALL FORGIEN IMPORTS BE REDUCED BY 60%. The mickey mouse Barbadian dollar devalued to its real worth, ie: 6cents to US$ or floated.
Those who have guns, stock up on your ammunition, those that have forgien passports leave, The rest of Barbadians, huncker down, a financial hurricane is coming and forecast to stay at least 15 years.
@Wily
When the government does as you suggest which would dismantle government revenues and disrupt the social landscape what then?
David,
For whom is the video clip? For the local politicians, for their voters? How much was the clip to make?
The clip will hardly convince the other side.
@Tron
Clearly it is part of a communications plan of the government?
When are we going to have a serious ECONOMIC debate about BERT?
I would feel a little better if it was Bertina was to the rescue.
Because the last set of foolBERTS really and truly phucked we up.
I have lost faith in the BERTS of this world.
Growth Needed To Turn Around Economy
SHARON AUSTIN AUGUST 31, 2018 TOP STORIES
http://gisbarbados.gov.bb/wp-content/uploads/2018/08/Avinash-Persuad.jpg
Special Advisor, Professor Avinash Persaud, speaking during a media briefing at Government Headquarters on Thursday. (GP)
If Barbados’ economy is to recover from where it is today, no “nice tasting medicine” can be given!
That is the message from Special Advisor, Professor Avinash Persaud, who said the island’s economic predicament was unlike any it had seen in our lifetime.
Professor Persaud expressed this view on Thursday during a media briefing at Government Headquarters, where five members of Government’s economic team made a presentation on the Barbados Economic Recovery and Transformation Programme.
Describing the programme as a tough one, he stressed that it had to be developed to match the country’s tough situation. He continued: “For anything to work, we need growth and there is no growth under the shadow of towering deficits and debt, so we have to deal with our deficits and debt. We have for the last 10 years spent $12 for every $10 that we have earned and every Barbadian knows that cannot work.”
Acknowledging that some were of the view that Government should sack 4,000 workers, the Special Advisor disclosed that the team’s view was that decision might solve one problem, but only by creating many others.
“The economic variables of inflation and deficit and debt – they are actually just symptoms of broken societies and if we were to send home 4,000 workers we would break our society and we cannot get to the road of success by breaking the society. That is the road to strife, it is not the road to success and so the Barbadian part of this Barbadian Economic Recovery and Transformation is to share this burden evenly.
Remember the Prime Minister’s mantra – many hands make light work….
“We share the burden almost 50/50 between creditors and borrowers; we share the burden almost 50/50 between taxpayers and workers; we share the burden almost 50/50 between overseas taxpayers and domestic taxpayers. That is a unique formulation. We will, if we are able to execute this recommended programme, once more reassert Barbados’ position as a standard in Social Partnership and a standard of solidarity,” he stressed.
Professor Persaud said Government would do a number of things to invest in those workers who might be displaced. He added that a $30 million training budget would be established, as well as a programme to digitise Government.
He pointed out that workers would be offered facilities to consider an alternative career in agriculture and they would also have the opportunity to bid for a special part of the $400 million Government procurement budget. He stressed that investment in people would allow them to be retooled, empowered, retrained and enfranchised.
WILL ERNIE BE PRESENT ALONGSIDE BERT?
What Happens When a Country Declares Bankruptcy?
by Shane Hall – Updated September 26, 2017
https://img-aws.ehowcdn.com/877x500p/photos.demandstudios.com/getty/article/94/163/124948203.jpgThe fallout from the economic crisis of 2008 was not limited to troubled homeowners, mortgage lenders, and major financial institutions. The crisis spread further, leaving entire nations facing financial ruin. A national insolvency is not a simple matter of a country going to court and filing for bankruptcy. Rather, a nation going bankrupt triggers serious economic consequences at home and abroad, often requiring rescue from foreign investors or global institutions such as the International Monetary Fund.
https://bizfluent.com/about-7512012-happens-country-declares-bankruptcy.html
https://www.facebook.com/gisbarbados/videos/1812789615441835/
https://www.facebook.com/gisbarbados/videos/2311616315732590/
https://www.facebook.com/gisbarbados/videos/237154103616099/
https://www.facebook.com/gisbarbados/videos/463093584184827/
https://www.facebook.com/gisbarbados/videos/235745300442133/
https://www.facebook.com/gisbarbados/videos/313696079404445/
https://www.facebook.com/gisbarbados/videos/296050591002121/
From Persauds speech
“We share the burden almost 50/50 between creditors and borrowers; we share the burden almost 50/50 between taxpayers and workers; we share the burden almost 50/50 between overseas taxpayers and domestic taxpayers. That is a unique formulation. ”
What does this nonsense mean?
If I were a young man, or a middle-aged family man I would pack my bags and migrate to another country. The burden of paying higher taxes, an increase in the cost of living and a reduction in the quality and availability of public services will make living in Barbados untenable. The burden of this will fall on the majority population.
If you have property, or land, or both, then try to hold onto it. But do not play any effort in trying to rebuild Barbados as your government is using you as a mule and a cash cow. Take your chances in a foreign country you will improve your lot – greatly.
@Talking Loud Saying Nothing
I would pack my bags and migrate to another country.
No you won’t. This is not the 50s, 60’s, maybe 70’s. It is extremely difficult to just get up and migrate to the developed countries these days.
It is also unpatriotic.
Wily Coyote September 1, 2018 2:59 PM
Arent you just want we need to read first thing on a morning. And so are the days of our lives?
Hal Austin September 1, 2018 3:21 PM
Probably the day or week after the writing is on a wall on the IMF Hq In W-DC?
Simple Simon September 1, 2018 3:28 PM
I think you also missed out on herBERT?
Who is BERT?
We are big on PR, jargon, graphics, cartoons and statistical hi-jinks but questions still loom.
How do we increase or earn foreign exchange in a sustainable way?
Which capital inflows are we willing to bend or beg for to generate investment?
How are the expenses going to be cut? Will 1000 workers really be enough?
What is the real impact on the general public? Lots of macro talk but no micro realities being discussed (guess when there is no opposition voice this what happens)
How do we remain sustainable after phase 3 in a small open economy that is now doing what should have been done since the 90’s when there were resources? Are we in phase three yet or is this still phase one?
If BERT doesn’t meet targets then what? Ernie?
I note well a plank of BERT is to expand employment and wages at some point (2:50 in the video). I suspect that the political left hand isn’t always in sync with the economic right foot.
What does economic growth really mean? Is it any more important than societal growth? educational growth? spiritual growth?
I wish them well, time will tell.
Just observing
@sirFuzzy
The BU intelligentsia has foretold all of what we are witnessing at the moment. It comes as no surprise.
call me saddistic or maybe insane.
But mankind for the majority of our existence always contrived of a way to destroy what he has built and to take along a huge piece of the human population in the process.
This process is called “warfare”, where men fight men for all sorts of reasons then stop fighting to agree to fight again at another place and/or time.
Take a got look at history we tend to have a major war about every 50 of so years. In Europe it has been about 70+ years without a major conflict. The pressures are building, all of these financial and population pressures have to be vented. otherwise expected some real disruption to normal life.
@ David
it is not unpatriotic. Barbados needs more people in the Diaspora to ” send back money and barrels “.
Emigration can be positive.
Unpatriotic! It is the Barbados DLP/BLP that are unpatriotic and you can also throw in those minority groups mentioned in another post by Waru.
@ A. Dullard,
It is not easy to migrate to a developed country however their are still a number of openings in both developed and developing countries. Some of our young people would benefit greatly by trying to make a go of it within the African continent as the vast majority of their economies are growing fast.
The thought that anybody would stick it out in Barbados especially if they are a humble working/middle class black is a sick joke. There is more to gain and learn outside of Barbados for this group of people.
Barbados Economic Recovery and Transformation Programme
+++++++++++++++++++++++++++++
Why don’t they just keep it short and call it Barbados Economic Recovery Programme, …… BERP for short.
@Talking Loud To Say Nothing
Some of our young people would benefit greatly by trying to make a go of it within the African continent as the vast majority of their economies are growing fast.
Yes they would. But does the average Bajan youngster have the ”hustle” to make it there? Some would but most would get eaten alive.
The thought that anybody would stick it out in Barbados especially if they are a humble working/middle class black is a sick joke. There is more to gain and learn outside of Barbados for this group of people.
Agreed. As in Jamaica and Guyana, the most capable being a ‘select’ group will probably find a way to escape the rock. It really says it all that most sensible way forward for bright Bajans is to hatch an exit plan.
Maybe Hal Austin is right after all!
BERT talks about recovery and transformation.. when we reach the end cause we can always count on time ticking by; what will Barbados be? what will be our transformation? if we looked in the mirror will we recognise ourselves? or will be some distorted unrecognisable person that used to be our former selves?
BURP….Barbados Unrealistic Recovery Plan.
@sirfussssy
Yes it’s exactly what you need to read first thing in the morning, Bajans have to WAKEUP TO REALITY. The begging lifestyle has come to and END. Take a careful look at Haitai, Venezuela, Greece to see reality and it’s dire consequences.
@David
Unpatriotic, YES BUT INDIVIDUAL IF IMMIGRATION TO UK, USA, CANADA will be assured of stability and if prepared to work vs lime will be successful.
GOB has put off any genuine attempt to solve the financial problems facing the country for the last 30 years, now the wolf is at the front door and your no code dwelling is about to be blown away by a little sneeze.
Barbados as a country is a FAILURE and the future prospects of any improvement is about the same odds as winning the lottery. Country maybe better off to let the drug lords/cartels take over and run the country. Barbados has had one uprising in the past, is it not time for another against your CORRUPT BLACK LEADERS and JUSTICE SYSTEM. Maybe you could ask President Trump to invade Barbados to help with hour precious dollar peg and MAKE BARBADOS GREAT AGAIN.
In second thought the Trump idea may not be a good idea, it will bring responsibility, work ethic, pride in country, all whivh are sorely lacking in the Barbadian culture.
@David
You’ve got to stop wineing about society, the Barbadian Society has encouraged these dysfunctional leaders, now they will get to know what the consequence are, Lean bellies, donkey carts, uneducated, poor, walking, real begging etc etc.
This past election Barbadians had a chance to MAKE CHANGE, they could have elected several of the a third Party candidates to show DLP/BLP they were dissatisfied with the status quo. Instead they went for a whitewash or is it backwash. You get what you sow, ha, ha.
Describing the programme as a tough one, he stressed that it had to be developed to match the country’s tough situation. He continued: “For anything to work, we need growth and there is no growth under the shadow of towering deficits and debt, so we have to deal with our deficits and debt. We have for the last 10 years spent $12 for every $10 that we have earned and every Barbadian knows that cannot work.”
The part that we spent 12 for each 10 we earned caught my eye. Does anyone know how much we were spending against what we were earning year for year for the past 25 years.
I want o see if Barbados was statistically getting worse year after year or there was a plateau or decline or acceleration i the 15 year prior to 2008?
Fuzzy
You are getting warm .Keep asking these questions like the last sentence.
Don’t forget that there was a lot of debt that the BLP kept hidden and did not bring it to books.It was only when the govt changed in 2008 and changed the accounting system that we then realise what the true position of the debt was.
So don’t fall for that propaganda that when they lost the govt in 2008,the debt was 70 cents to the dollar.These people are bull shitters and down is up and east is west when they speak.
Seems to me that there are some wild animals our there waiting for a weakened prey to fall for a feeding.
Why are we quibbling about which one party is responsible for the portion of the debt? We are all in the deep hole right this minute. Deal with it!
@ T.Inniss September 1, 2018 7:13 PM
What made me ask was because i was watching a news report of a Trump supporter that was adamant that you cannot believe the stats presented by the media. However he was in turn quoting “stats” he heard from the Trump rally. I am sure he had no way of verifying his stats but they must be accurate(truthful). However, the media presented stats were “fake” again he had no way of proving them false.
,
This is the state of art of “PR” in the US i am sure it will find its way to our shores. It may be approaching or we have reached a time where no one is interested in the “truth” unless it suits their narrative. If that is now part of good governance; our ass is grass; we beak brek etc
@ David September 1, 2018 7:36 PM
Because to each his own. Ur come to jesus moment took u as long as it did. Mine took me as long as it did. We both came to Jesus but we took different paths to reach the same destination. There are some things each one may want to find out because we are curious about the same thing but go about our curiosity in different ways. I hope u see my position?
Wait I can believe I reading what David/BU just wrote.You were a constant on this site continually telling us how the DLP blew up the debt and now an argument is being brought to show that the figures of 175 % debt to GDP HAS TO BE LOOKED AT – IN TERMS OF THE BLP’S contribution and you are saying don’t quibble about the portion of debt.Really Now !
Most of the same players in that last BLP govt are here now and the person who was the deputy prime minister and had responsibility for economic affairs is now leading the country.We need to ask if it will be the same ole same.
Chris Sinckler needs to come out of hibernation and speak to this issue of debt for the sake of the country and what is his take on what he left and then we need to get an OBJECTIVE,KNOWLEDGEABLE ECONOMIST TO SPEAK ON THIS.The only person I can think of right now that fits the bill is Professor Michael Howard – who is in nobody’s camp.
We have people throwing around figures to suit their argument and we the people don’t know who to believe.
Winter is coming, Bajans are either unaware or unprepared and the plan presented is to use the wood the cabin is made of for a fire because we have used up all the fire wood
Redguard September 1, 2018 8:25 PM
Maybe that is what it is like sitting on death row? U have plenty of time to think about what u should not have done?
If only i knew, etc
Are the two bullet loans we have to repay in 2020 and 2021 have any bearing on the relative haste in this government attempts to find solutions to our economic issues? Can the economic gurus on this blog including David of Bu answer this question? The mumble jumble coming from the so-called economic guru who failed to get Four Seasons hotel going again and who rush back home because his so-called economic expertise was challenged has Barbadians confuse because we cannot understand the foolishness he is talking.Average public servants in Barbados do not fully understand what is investment and being hand to mouth are unlikely to take the chance to invest money if they receive separation packages. That aspect of the recovery plan is flawed because those factors along with other factors I believe were not seriously considered when the nonsensical economic revival package was announced. No wonder the PM allowed her economic advisors as well as her junior ministers to disclosed the nonsense.
@ T.Inniss September 1, 2018 7:13 PM
“So don’t fall for that propaganda that when they lost the govt in 2008,the debt was 70 cents to the dollar.These people are bull shitters and down is up and east is west when they speak.”
Isn’t what you are saying propaganda too?
Based on your argument, can it also be concluded that when the DLP was kicked out of office in May 2018 the debt was 175 cents to the dollar?
Didn’t your previous Minister of the Fine Art of Lying lied through his teeth consistently to the people for at least 5 years?
How can you forget the US$ 270 million secured from the Japanese (and was ready for drawdown since 2012) to construct a brand new sugar factory at Andrews to produce 25 megawatts of electricity daily?
There is no difference between the two lots of bullshitters and statistical gymnasts called Tweedle-Bee and Tweedle-Dem.
You, T.I, would make a more informed contribution if you were to raise the matter concerning the state of the Hyatt Hotel project and the sale of the Four Seasons concrete wasteland which -according to your former MoF Stinkliar- was concluded many moons ago.
Didn’t the same Stinkliar try to convince the same stupid Bajans (in order to win back the government) that the construction of the Hyatt along with the sale of the Hilton would be the economic game-changers now rechristened “BERT”?
@sirFuzzy
Sure, understand your position. Those who do not understand will be soon overtaken by events. This is a characteristic of being in an IMF program, you have to hit the targets to get the money.
How can we borrow at 9 and 10% to repay foreign debt in a situation where because of junk status rating the country is unable to borrow on the capital markets?
Why do we have political Yardfowls who refuse to appreciate the grave position we are in?
@ Negroman September 1, 2018 8:48 PM
Maybe this is a conspiracy?
As part of BERT offer for sale certain SOEs as part of the privatisation of Govt. assets etc. As part of the sales they will give civil servants their separation packages; the average “hand-to-mout” civil servant will not be interested in investing any portion of the lump sum in the newly privatised entity.
Now as their are shares on the market without buyers(the civil servants allotment); economic sense says sell them to whoever has the money etc.
This round-about concentration of share ownership will allow the new directors to steer the new private entity in any direction without having to bother too much with a shareholder intervention, as they control the majority of shares.
This exercise will have the appearance as all being above the board as the civil servants allotment was under-subscribed?
If you play by another person rules u are often destined not to win, because u don’t get to write the rules of engagement etc.
Just thinking aloud?
Have we heard feedback from the NGOs Independent and Opposition parties commentators to BERT as yet?
The blogmaster invites you to join the discussion.