est. 2007

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NIS Government Paper for Trash

The blogmaster thought it timely to highlight one of several NIS blogs in a COVID environment for obvious reasons. After many years of calling for certified audited financials spanning different governments we are none the wiser – David, blogmaster Is it irrational for citizens of Barbados to lend their accumulated savings , gratuities and separation…

The blogmaster thought it timely to highlight one of several NIS blogs in a COVID environment for obvious reasons. After many years of calling for certified audited financials spanning different governments we are none the wiser – David, blogmaster

Is it irrational for citizens of Barbados to lend their accumulated savings , gratuities and separation packages to the GoB? Based on GoB track record is it unreasonable to expect repayments of those loans? Would you prefer the citizens to buy imported luxury consumption goods with all their income?

The citizens now senior were making provisions for their old age. The interests payments were intended to augment their income /pensions and to educate their children.

Interest rates on GoB papers rarely exceed 7.5 % and they were down to 6% in the last 5 years,. It is a serious breach of contract for GoB to squander its reputation as a country which honours its debt obligations. It is going to be difficult to gain the confidence of lenders in the future. A very short sighted decision.it was to default.

– Vincent Codrington

The blogmaster was reminded that the National Insurance Scheme is the holder of over 2.5 billion in government paper based on their website.

What does the restructure of government debt restructure for NIS and Central Bank of Barbados government holdings?

How will the reduction in investment income impact the fund’s capacity to deliver pensions to senior citizens?

Of greater concern is how will retirees negotiate the economic hurdles posed by the debt restructure because of what they thought was astutely investing in government paper to supplement retirement income. The reality however is that any investment carries risk, government paper is no exception.

Investments

256 responses to “NIS Government Paper for Trash”

  1. T.Inniss Avatar
    T.Inniss

    David/BU

    How many times you will ask me the same thing over and over about the sale of assets,and how many times do I have to tell you that I was against the sale of the Hilton – just as I was against the sale of the BNB and ICBL.

  2. Wily Coyote Avatar
    Wily Coyote

    “dumping state assets” assumes that there is a BUYER, not likely as most if not all Barbadian ASSETS come significant debts attached. Most Barbadian assets would be HARD TO GIVE AWAY as the benefactor would be saddled with the debt of the asset in a country that is sovereign default and a morass political structure, these are of course highly sought after investment criteria, ha, ha, ha…….

  3. David Avatar
    David

    If you disagree with the dumping of state assets what is the plan? You realize your DLP soulmate is all for selling BNTCL and Hilton? Unfortunately there will be no quick fix. What can we learn from the Greece, Jamaica and Grenada austerity experience?

    Tell us!

  4. Enuff Avatar
    Enuff

    TInniss
    A surplus of doctors and lawyers does not mean a surplus of skills. That’s what I mean by adopting an obsolescent, myopic view. You mean to tell me that doctors and lawyers can only work as doctors or lawyers? Using your previous and current arguments, why then did your government had a doctor chairing BTIi and lawyers at NCF and UDC.😂😂😂 Surely, doctors branching out into pharmaceuticals would definitely make more sense than manufacturing cell phones in Bim in a climate of more and more automation and where labour costs in Bim can’t compete. Additionally, expanding (Belleville) and creating other medical clusters providing a wide range of medical and paramedical services wouldn’t make more sense too? How do we utilise this “surplus” to extract value from Jonesing medical school, Ross or the others? Now I am being accused of washing Justin Robinson in cuss. #jesustakedewheel

  5. Truth will set you Free Avatar
    Truth will set you Free

    @ T. Inniss

    Let these jackasses know you can only speak for yourself and not what actions either the DLP or BLP do or don’t do.

    There is so much ignorance in Barbados because you may have opposite views to a Political party that you have alleged to be tied to whatever policy or action they undertake you must be tarred with the same brush and put you in a box.

    Barbados is a failed island

  6. T.Inniss Avatar
    T.Inniss

    Truth will set you free.

    You have spoken some powerful truths there.That is why I refrain from engaging too much because of the false accusations that are made against you and the speculations about your positions – of which they have no clue.

    But thanks anyway for the support.

  7. David Avatar
    David

    You received a good out from answering valid questions. Here is the bottomline, the DLP had 10 years at the helm to turn things around and they failed. If you have suggestion be prepared for others to probe wand IF you are serious you should be prepared to defend your position.

    #simple

  8. Georgie Porgie Avatar
    Georgie Porgie

    Enuff September 30, 2018 8:23 PM

    re You mean to tell me that doctors and lawyers can only work as doctors or lawyers?

    YOU MIGHT BE SURPRISED HOW MANY FOLK THINK SO
    ALTHOUGH SOME DOCTORS CAN ONLY DOCTOR

    RE Surely, doctors branching out into pharmaceuticals would definitely make …….. sense BUT SOME BARELY GOT THRU THEIR PHARM EXAMS…………AND PHARMACEUTICALS IS AN EXPENSIVE AND COMPLICATED ENDEAVOR ….MANY SPECIAL DRS CANT HANDLE THE ORGANIC CHEMISTRY NEEDED

    RE Additionally, expanding (Belleville) and creating other medical clusters providing a wide range of medical and paramedical services wouldn’t make more sense too?HOW MANY MORE CLUSTERS DO YOU NEED ? AT WHAT COST TO THE PATIENTS?

    DO WE NEED THIS OR BETTER SERVICE OR PROMPT SERVICE

    RE How do we utilise this “surplus” to extract value from Jonesing medical school, Ross or the others? DONT GO THERE AT ALL SIR! NOT AT ALL.
    THOSE STUDENTS ARE TRAINED DIFFERENTLY AND WONT FIT INTO OUR SYSTEM JUST SO

    PLUS WE HAVE OUR OWN WELL AND TRAINED DRS UNEMPLOYED OR WORKING WITHOUT PAY IN SOME CASES JUST TO GET THE FINAL ASPECTS OF THEIR TRAINING COMPLETED

  9. BA Avatar
    BA

    david, what i believe the lesson of greece is that when your debts get nose-bleed high, and you don’t devalue your currency you subject yourself to many years of poverty, asset sales, no progress and you still get left with a debt you can’t repay. the greek economic formula was for many years for politicians to promise greeks state jobs where you didn’t have to work, retirement benefits that started just after birth, and a lenient tax collection system to pay for it all. does that sound familiar? and that worked, because they gave with one hand and took through devaluation with the other. same as spain, italy, portugal. the problem came for greece when they joined the euro and couldn’t devalue any longer, and germany made them repay all of the loans that they had taken from german banks in full. again i suspect we have a similar problem developing. there is little talk about the “haircut” USD bondholders will accept. i suspect they will hold out/fight for no haircut at all. we are in for a very very long hall, with local citizens, who mostly did nothing wrong, paying a very high price and still having little to show for it except a dollar still tied to a currency that is pricing us out of the international market. we could repay all the local bonds and pay all local suppliers by printing more money. essentially thats what inflation is, borrow today and pay back with less real money in the future. but we would have to give up the peg. something that apparently is not up for debate as “no-one wants that”. i would like to hear the reasons why this path is right and devaluation is wrong. with a floating currency you can at least get a real-time idea of how the world sees your policies, what we have is a pretend land for many years and then suddenly a wake-up call that catches most people by surprise, which do we prefer?

  10. Georgie Porgie Avatar
    Georgie Porgie

    RE If you have suggestion be prepared for others to probe wand IF you are serious you should be prepared to defend your position. USUALLY BY FOLK THAT KNOW MUCH LESS THAN YOU DO ABOUT YOUR AREA OF EXPERTISE

    ON BU IT IS CALLED CHALLENGING BUT IT CAN MAKE GOOD ENTERTAINMENT

  11. David Avatar
    David

    @BA

    Are you focussed on the symptom?

    Greece economic crisis was triggered by its debt burden which was trigged by the depression of the 80s. This is well documented. What is also known is the fault lines in the economy that were not addressed. Why were the economic issues not addressed at the early stage? Is the story familiar?

  12. BA Avatar
    BA

    lets assume that we are greece waiting to happen. what should we do now having seen their path and outcomes?

  13. Mariposa Avatar
    Mariposa

    David how many times u going to repeat that govt had ten years of governance
    Yes it is a fact
    Also what is a fact that Mia and her crew along with Commissiong spent the better part of that 10 years taking govt to court for every dam policy govt plan to initiate
    Any how Mottley was giving a chance to make better and after getting the chance her first planned /policy was to threw the whole country under the bus with a default and rewarded her friends and associates with jobs along with giving tax cheaters more than a billion dollars in reward
    Afterwhich she has turned to investors of govt paper to take ownership of govt debt
    You and the other blp yardfiwls are dellusional beliving that Mia planned policies on lies and deception are going to be accepted by the people long term
    The people eyes are beginning to open and Mia transporting the whole country to the IMF under a pretense that past govt put country in debt not going to wash

  14. David Avatar
    David

    @BA

    Do you think this is a question the social partnership has considered?

    We have outsourced most of our GDP to entities that are non Bajan. The motive is always about ROI/ROE.

    What we need to pull out us out are for ALL stakeholders commit to making the ultimate sacrifice. Will the non Bajan ownership of capital cooperate?

    The blogmaster is willing to bet many of the profitable foreign companies operating in Barbados will leave tomorrow if it were possible.

    Local policy formulation is unfortunately outsourced.The future looks bleak, however the blogmaster is willing to be proved wrong.

  15. BA Avatar
    BA

    while i agree that many foreign owned companies would leave tomorrow i disagree with the word profitable. it is about roi and barbados doesn’t provide them with a risk adjusted return compared to what they can get elsewhere. and the better the rest of the world does the bigger our problem becomes. shell left, texaco left, barclays left etc. i suspect every foreign bank would like to leave. the ones that haven’t cant. first caribbean tried an ipo that failed. digicel tried an ipo that failed. far less sell to a local competitor who obviously knows better, they cant even sell to some fool in new york who has more others people money than sense. they cant get out. but on a small island (and the entire caribbean) where natural disasters are a real threat, with poor government, currencies that you cant easily trade, illiquid stock markets, why would you stay. when the region was growing and providing high roi, they put up with the shit, but now that the problems remain or are worse, but the roi is lower than those of developed markets why would anyone in their right mind move money from a hard currency thats invested in a stable economy into barbados. my question is really is devaluation not a real option?

  16. David Avatar
    David

    Let us understand your point. You are saying that with a junk rating as at today currently in SD, risk adjusted returns is not a factor for businesses operating in Barbados?

  17. bajanfreeparty Avatar
    bajanfreeparty

    bajans September 30, 2018 5:49 PMTheir first priority is to remove squatters from government land and even demolish their houses. ???—@@@
    First of all none of the land you talk about belongs to the government DLP nor BBLP. Even if to move them where will they go?
    2nd NHC don’t even own where they collect rent from government action as landlords with no land,
    3rd All so-called government land belong to Beatrice Henry to Violet Beckles to their Hier holding title deed for names of Plantations you know nothing about nor can find in any government history books,
    4th, Even where you live you need to check for Clear Title coming from us North you would then or should know the laws in buying land and house,??
    5. The last number on this listing last row ‘ Real Estate at $309,412,358 is a Fraud and proof of land fraud and Ponzi shifting numbers games, for We assure you this or any government after Nov 29,1966 can show a deed for whatever value they place on their records location show a Pure title deeds, Where none can be sold in case of emergency ,
    So whatever you wrote above is based on many years of lies planted in your head, Educate yourself when dealing anything dealing or dong with land in Barbados,
    6, Up to 300 Plantation we claim with proof of records these government erase never think they would be caught,
    7. IDB, IMF , WB will never support funding fraud and PONZI on any level, that is law, something Barbados government lack.
    8. So let your Crime Minister Mia the Crook Mottley run to Brooklyn begging for money and the UN, They can see her better than most, They know before you do they have the Numbers and reports and more to come soon,
    9, 6 billion missing and taken and laundered by the BLP and 9 Billon by the DLP and the IMF loan them only 290 million to keep foreign reserves to a hold, No money for the crook to take the Ponzi is over also with CLICO has no land holdings they can sell to give back the investors, These crooks in office shall see jail in the next elections, by Due Process and Rule of Law. They can’t run and hide in office forever they Bajans removed 30 and 30 more to go. Next just past We are NOW,

  18. BA Avatar
    BA

    the opposite. returns are very poor given the risks, well they are poor by any measure, but very poor considering the risk. i dont blame anyone not wanting to bring hard currency here. how do we get from here? or assuming we found the way fund it? or is greece for the last 10 years our future?

  19. Donna Avatar
    Donna

    Yes, Barbados is a failed country. It is part of the failed world.

  20. NorthernObserver Avatar
    NorthernObserver

    WHO is on the NIS Board? WHO replaces Carrington as head executive?

    I rarely agree with T.Innis, but what claims to Chairmanship or leadership of a body as complex and important as the NIS does Mr. G-E have? Being the BEC rep on the last Board is not a ringing endorsement. This has a very smelly political odour. This is a more important role than most Ministerial appointments. And this AP is showing up in too many significant roles, a little separation is a good thing, especially in Financial related roles.

    The last Board was a monumental failure, largely I believe, because of persistent political interference. This new one, at least the reported lead directors, is set up for a similar potential failure.

  21. NorthernObserver Avatar
    NorthernObserver

    Old Board
    Dr. Justin Robinson, Chairman
    Mr. Wismar Greaves, Deputy Chairman
    Mr. Martin DaSilva, Member
    Mr. Ian Gooding-Edghill, representative of the Barbados Employers’ Confederation
    Mr. Colin Jordan, representative of the Barbados Hotel and Tourism Association
    Mr. Victor Felix, Chief Labour Officer (Ag.)
    Ms. Avonda Carrington, nominee of the Director of Finance and Economic Affairs
    Ms. Roslyn Smith, General Secretary, National Union of Public Workers
    Ms. Toni Moore, General Secretary, Barbados Workers’ Union

    Sooooo
    The former BHT rep Jordan, is now the Minister in Charge
    The former BEC rep Gooding-Edehill, (successful BLP candidate in 2018 election) is now Chairman.
    Persaud replaces Greaves as Deputy
    Lawyer Haynes replaces DaSilva as member.
    and we await the other 6 who are nominees as shown above.

    Remind me….is this the Board of Barbados Hotel and Tourism or the NIS?

    Shows the PM is clearly NOT SERIOUS about having the NIS as anything but a continued long arm of the MoF. Pure patronage. After 12 long years of NO Annual Reports and this is the best she can do?

  22. Truth will set you Free Avatar
    Truth will set you Free

    To effectively control a nation, allow them a little hope by offering them a choice of which of your two parties they would like to submit their will to.
    Encourage debate only within the limited scope of the two party system. They will keep going around in circles, arguing between themselves while you implement your agenda regardless of which party is in power.

  23. WARU Avatar
    WARU

    Is that the same Leslie Haynes? Mia actually put Leslie Haynes to sit on the Board at NIS …really, despite the destruction he wrought on policyholders while sitting on the Board at Clico…will this assault by criminals and abusers for lawyers on the people never end..

    So what about all the CGI personal injury cases he maliciously tied up in the Supreme Court for years and years, when will that deliberately created backlog of civil cases be resolved and removed from the system,…to free up the court.

    Well…he was aiming to be a Judge, thirsty even, to further foul up and corrupt the Supreme Court Bench with his nasty unethical self…ah guess that one was a bridge too far and complicated and frightening, even for Mia…given there are those waiting to see if she was crazy enough.

    So let’s see what corruption he causes at NIS, the elderly dont stand a chance with that vile creature…particularly him, because that is all he knows.

  24. T.Inniss Avatar
    T.Inniss

    Northern Observer

    Your observation @ 2:51 a.m. is exactly what I am talking about.

    Mia is so dangerous and will wreck havoc on this country just as Owen Arthur told us,but by the time her operatives start to see the light it will be – “too late,too late shall be the cry”.

    There is the old saying – be careful what you wish for people.

    I for one am prepared to support any govt BLP or DLP – once they operate with some level of integrity – but that seems to be a scarce commodity among politicians.

  25. T.Inniss Avatar
    T.Inniss

    All in legal circles and outside legal circles know leslie Haynes is a nasty piece of work and there have been charges that he treats his staff horribly.

    Everyone also knows that the Mottley’s (parents not elombe) track record of paying their debt is extremely poor.The matter of the waiver for a million dollars that Owen Arthur spoke to before the last election is just one such example.

    Politics and law seem to be the last refuge of scoundrels so I suppose I should not hanker so much after integrity where politicians and lawyers are concerned.

    I am waiting and watching to see if Mia will clean up the situation with the Bar Association and those dishonest lawyers.Matters such as lawyers taking clients funds and putting it in their own accounts.Matters such as that involving George Payne and Dale Marshall etc.

    Like I have said so many times before,I was really hoping Mia would have decided to operate contrary to her past established practice – but the signals she has sent by the decisions she has made so far has shown me clearly that she will use this unusual electoral victory for her good and not for the good of the county.

  26. WARU Avatar
    WARU

    We need to encourage people to understand something, it is a given that if you make it past childhood, past early adulthood, past middle age …which starts at age 35…., ya may very well make it into OLD AGE…becoming one of the elderly senior citizens…..

    You have a government in place with a 52 year old HISTORY. …of ABUSING the elderly, for their own SELF ENRICHMENT, their operating methods of cruelty and criminality against the elderly are passed down from generation to generation of lawyers at the Bar Association who protect each other in these crimes…

    ….the many lawyers in their midst polluting the vipers nest for a parliament see absolutely wrong with abusing the elderly, robbing them everything they worked hard to accumulate over their lifetimes, robbing their beneficiaries their inheritances….and leaving the elderly to die in the most horrible conditions these lawyers dream up, this means as much to them only as it pertains to them being successful in these crimes against the elderly..

    It’s not like it is a secret, it is a horribly well known fact, they do it to their own yardfowls and to the surviving family members of their own deceased former MPs…fellow parliamentarians..ANYONE.

    …….no one is safe from becoming VICTIMS of the outright thievery of the lawyers in Bar Association and the lawyers in AND out of parliament AND the Judges so inclined in the Supreme Court…etc.

    So if no one is safe, it means that YOU AND FUTURE GENERATIONS of people who will eventually morph into becoming the elderly population on the island…..ARE NOT SAFE EITHER…not from this current lot of thieves in parliament, in the Bar Association, at the Supreme Court, the Judges on the Bench and their cockroach minority masters waiting for you to become elderly or die…to rip off your properties…YOU ARE NOT SAFE.

    Hence the reason come next election, it is vital and essential that the BLP political party be completely SEVERED from the parliament …..to PROTECT the current and future elderly from the theft and abuse by the lawyers sitting in Parliament. …because they will NEVER STOP abusing and robbing the elderly…it is their LARGEST SOURCE OF INCOME….and it is all they know.

    Everyone is at risk…even Enuff yardfowl..

    ….

  27. WARU Avatar
    WARU

    “All in legal circles and outside legal circles know leslie Haynes is a nasty piece of work and there have been charges that he treats his staff horribly.”

    I am told of one young one who thought himself to be a hotshot lawyer and vile abuser of injured people at the Supreme Court …coming out of Haynes’ office, learned well under Haynes..

    …he was especially horrible to the elderly who are injured, went out of his way to be vile….and specialized in tying up cases in the court indefinitely waiting for the injured to die…he just recently had to run away from it all and run to the corporate world ..

    …some are saying he met his match in an injured person whose case he maliciously tried to destroy so that CGI can avoid paying compensation…..as is their practice.

    These vile protege creature lawyers of Haynes’ must be identified AND stopped from polluting the Supreme Court whenever it is fixed.

  28. WARU Avatar
    WARU

    the many lawyers in their midst polluting the vipers nest for a parliament see absolutely NOTHING wrong with abusing the elderly

  29. Tron Avatar
    Tron

    @ BA September 30, 2018 9:30 PM

    Your analysis is 100% correct. The peg does not fit anymore. It was Barrow´s invention when he had too much rum at the beach in the 1970s. The Barbados Dollar must float.

    EITHER productivity increases (which is impossibly given the local circumstances)
    + cutting the bloated public service

    OR devaluation.

    You cannot have zero tropical work ethic, bloated public service and a strong currency at the same time.

    I mean, even the gov advisors with their limited intellectual capability must understand that. However, we all know that the gov will do everything to prolong the insane peg … and Barbados will go on sliding into the abyss … as predicted.

  30. Tron Avatar
    Tron

    The native gov advisors for the economy repeat the same categorical error every year. Bloated public service and a local currency which is too expensive.

    How long does it take these lads until they understand? I really begin to believe that they have some intellectual deficit or even more …

  31. Bush Tea Avatar
    Bush Tea

    @ Tron

    That is the choice we have …of the cliff …or the head-on crash.

    Either we crash into a wall that represents world class productivity and the associated meritocracy….
    …OR
    We continue off the devaluation cliff.

    Right now, six is half-dozen.
    The end result will still be grass.

  32. Mariposa Avatar
    Mariposa

    People have a legal right to recoup their govt paper before maturity
    If people are silly enough to buy the patriotic line of helping poor barbados
    Then they have no one else to blame when at maturity they receive nothing
    This govt has embarked the people on aggressive plans guided by one size fits all (policy) to pay international financial institutions for debt owed
    This govt has taken upon itself to push a plan before investors in a hurried way without investors having a chance to review with clear and precise understanding and legal guidance
    This govt owes debt which must be paid
    However not fair to asked those who put their life savings on hold for retirement age to wait another fifteen years to get their money at 1% interest which is the equivalent of peanuts when inflation cost is added
    This govt legacy would be one of suckerpunching the elderly to death all in the name of Patriotic duty

  33. Mariposa Avatar
    Mariposa

    For those outside investors living in the diaspora email the central bank and give them your information requesting to cash in your instruments
    Read your agreement paper and if requested by govt for further information (do so )immediately
    The Govt loss should not be a loss at owners expense
    What nerve govt expecting retirees with a short life span to pull the debt laden basket at all cost in return for nothing

  34. T.Inniss Avatar
    T.Inniss

    The new NIS Board

    Chairman – Ian Gooding Edgehill (HR Manager and MP for st Michael west central)

    Deputy Chairman – Leslie Haynes (lawyer,former member of Clico Board during these failed annuities policies etc)

    Other Board Members

    The Director of Finance – Ian Carrington – former head of the NIS under the last regime and who presided over the bad investment decisions

    Representative from the BHTA – (an organization presided over by a former BLP candidate for Christ church east central Rudy Grant ,this organisation has been openly supportive of the BLP – its former head was Noel Lynch former BLP Member of Parliament for St Michael South)

    Representative from the BWU – Toni Moore – another of Mia’s foot soldier

    Representative of the BEC – Another BLP playground frequented by the likes of Charles Herbert,Allan Fields,Bizzy etc

    The chief Labour Officer and the permanent secretary in Finance or their nominee.

    SO OUT OF A TOTAL OF 8 BOARD MEMBERS – 6 OF THEM ARE ALL SUPPORTERS OF THE BLP.SO MIA HAS THIS THING ALREADY SEWN UP.

    IT WILL ONLY BE A CASE OF YES SIR,YES SIR – HOW HIGH SIR?

  35. millertheanunnaki Avatar
    millertheanunnaki

    @ T.Inniss October 1, 2018 6:34 AM
    Politics and law seem to be the last refuge of scoundrels so I suppose I should not hanker so much after integrity where politicians and lawyers are concerned.

    I am waiting and watching to see if Mia will clean up the situation with the Bar Association and those dishonest lawyers.Matters such as lawyers taking clients funds and putting it in their own accounts.Matters such as that involving George Payne and Dale Marshall etc.”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    If only you would be a ‘bit’ more exhaustively even handed in the examples which you take great pleasure in referencing in support of your now well-established political bias!

    Why only the cases of GP & DM based merely on speculation and allegations?
    Why not also the evidentially proven crooks like Carrington and Pornville?

    How about including in your catch-all category the likes of Byer, Gollop and Yearwood who made their millions only through the craft of nepotism and not by way of any keen knowledge and expertise in the art of Law?

    BTW, the same OSA is today deeply regretting being used (for the second time) by that bunch of deceitful lying posse of DLP “wild boys”.

    After trying to sell MAM to Fumble- by way of a note of backstabbing passed under the parliamentary debating table and was subsequently ‘outed’ for his treachery and denuded on the political platform- so too would the same crooked lawyers be taking him to the cleaners for making the grave mistake of being used and abused twice in his game of political vindictiveness.

    Why do you think that MAM is not lifting a finger against the same known cabal of ‘lawyer crooks’ by attempting to at least recoup some of the millions taken by way of nepotism from the taxpayers’ pockets?

    Karma is a truly loyal bitch, and like your DLP, the now tarnished OSA legacy is more than passé.

    The fumbling king Stuart and his financial idiot savant in decimals Sinckler ought to be knighted by MAM.

    This would represent the ultimate sign of political gratitude to the Machiavellian clown prince Don Quixote and his Sancho Panza sidekick Big Sinck who- through their sheer political madness and abject incompetence- made a political Queen of Hearts out of a common sweet-talking bullshitter.

  36. Mariposa Avatar
    Mariposa

    Barbados had every opportunity during the past years between all govts to put barbados on a growth path of stability
    Rather than do (so )embarked on a path of high borrowing and out of control spending and wastage without having no growth or productive plan which is commensurate to buliding and sustaining an economy
    One will be remiss not to throw mind back to the years of plenty under the blp govt years of opportuinty tantamount to guiding and building barbados on a path for economic long term stability was left to chance
    A chance which has now materialized into leaving barbados like beggars at the front door of the. IMF and barbadians looking down a road of pain and suffering

  37. Mariposa Avatar
    Mariposa

    After drinking the koolaid for better
    Peoples lives will be slowly turn apart because of bitter policies by this govt
    Unemployment will increase
    Fees will increase while social services decrease
    Retirement age will move upward as govt figures out a plan to repay employees who have paid into thebNIS system
    Crime definitely will be hard to keep under control as drug activity becomes a place to derive monetary funding for the unemployed
    The State of barbados will quickly deteriorate under this govt
    Having no plan before election will be the result of all the mentioned above

  38. WARU Avatar
    WARU

    Maroposa…yall done know that DLP is NOT going back in that parliament to create more havoc and destruction in the lives of Bajans in the majority population right.

    … the current challenge is getting their sidekicks now squatting in the parliament OUT…to put a permanent end to the crimes committed against the majority population AND the country..over the decades.

    Don’t know if yall recognize it, but the only way that could occur was to sever DLP…..

    ….since there was no one else worth electing…AND to finally rid the island of BLP…they had to be elected last May……the only way they too could be permanently SEVERED out of the lives of the people.

  39. Wily Coyote Avatar
    Wily Coyote

    @Tron

    “How long does it take these lads until they understand?”

    Based ont PAST POLITICAL HISTORY a dose of “lead posioning” maybe the only solution, however administered. The Borg keep bringing up education, however this approach has been shown as a TOTAL FAILURE.

  40. Hal Austin Avatar
    Hal Austin

    Greece economic crisis was triggered by its debt burden which was trigged by the depression of the 80s. This is well documented. What is also known is the fault lines in the economy that were not addressed. Why were the economic issues not addressed at the early stage? Is the story familiar?(Quote)

    Where is this economic illiteracy well documented. This is another example of the Google school of learning. Where is the so-called evidence.

  41. Tron Avatar
    Tron

    @ Mariposa October 1, 2018 8:47 AM

    And? What is the problem with such outfall?

    The population, the clueless, arrogant “educated” masses wanted it so when they voted twice for the DLP in 2008 and 2013. Everybody who voted for the DLP in 2008 and/or 2013 deserves personal insolvency, a deep cut of salary/pension, devaluation and much more.

    Or should I repeat? YOUR voters deserve no better.

    Just look at the old videos when the masses applauded Big Sinck before the elections in 2013. Then you know that the (former) voters of the DLP have not reached the stage of civilization yet.

    Now it is too late to regret. The damage is done. Just wait Mariposa until the international creditors screw up Barbados. They are no light-minded local fellas …

  42. millertheanunnaki Avatar
    millertheanunnaki

    @Tron October 1, 2018 8:13 AM
    “The native gov advisors for the economy repeat the same categorical error every year. Bloated public service and a local currency which is too expensive.
    How long does it take these lads until they understand? I really begin to believe that they have some intellectual deficit or even more …”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    “These lads” are just playing for time.

    The current guv of the Central Bank who is nothing more than a polished-over version of the same old technocratic furniture which played an integral role in pushing Barbados further into its current state of financial and economic quagmire.

    Do you remember the many repeated promises of foreign reserves Salvation through the sale of state-owned assets to foreigners and the much anticipated Foreign Direct Investment in the form of Hyatt and the sale of the Four Seasons?

    Will the guv be giving a report this October on the state of the foreign reserves for the third quarter 2018?

    Now that the BNTCL and Hilton sales seem to have been swept under the carpet of foreign reserves salvation is the rebooted robot going to pin his hopes on the same Hyatt and Four Seasons?
    What hope of forex salvation would he be seeking this time around other than an expectation of a US $49 million injection from the IMF to support the country’s balance of payments in order to allow Bajans to import the usual crap for Xmas including plastic toys, bottled water, smart phones and SUV’s for the spoilt brats and Mercedes Benz for the corporate leeches and public sector top-class parasites?

    Why is there still a dark veil of dank secrecy regarding the status of the Four Seasons sale and the source of funds for the Hyatt?

    The official Devaluation of the Bajan Mickey Mouse dollar needed to inject a shot of reality in its value is the only meaningful salvation for the Bajan economy and, by extension, its society.

    The longer the decision taken to apply this mandatory injection of economic reality leading to possible recovery, the nearer the approach of the necrosis of the economy.

  43. Tron Avatar
    Tron

    Miller,

    The “Four Season” is the best example what went wrong. I used to go to the beach there many years ago. And now everything is screwed up with some ruins. Paradise destroyed.

    You also mention the account of FX. Well, I want to see a proper account which also includes all obligations to pay in forex for 2018, 2019, 2020 and so on. The IMF loan and the other new loans of forex even put more pressure on Barbados since these loans need to be repaid BESIDE the existing forex loans. In other words, the debt in forex is growing and growing …

    Or does anybody believe that the international creditors like CS Cayman will waive the obligation? All they will do is accepting a cut of interest and some discount for immediate repayment before maturity date.

  44. A. Dullard Avatar
    A. Dullard

    I have a question or two.

    Does any one care that the NIS is practically bust, more so now that the BBD Mickey mouse bonds have to be marked to haircut market?

    What is Ian Carrington’s claim to fame? Why is he an economic advisor to the government? Hasn’t he overseen the insolvency of the NIS? What can he possibly advise on?

  45. Hal Austin Avatar
    Hal Austin

    A. Dullard,

    Let us talk about pensions and not about personalities. Where are our pensions specialists? I do not mean actuaries, who are just the engineers, they do not drive the engine. In anything, Charles Herbert has other things on his mind.
    First, let us look around the world at various pensions schemes and then decide what will fit best in Barbados. The problem with government by politicians is that they do not discuss ideas because they are not trained that way. They simply impose policies.
    We need a completely new pension system, but it is not discussed because the political elite do not understand pensions. Pensions is the gap in our public knowledge – just look at the way the insurance companies are managed.
    By the way, plse ask our minister of economic affairs and investments what are her views on pensions. Or, ask her economic consultants what advice they have given on pensions policy? Put that question to Professor Persaud, as he is the deputy chairman of the NIS. He is meant to be the ‘expert’.

  46. Mariposa Avatar
    Mariposa

    Yes the dlp was thrown head and feet out of Parliament
    The people wanted change
    Don’t belive this is the kind of change they wanted
    Retirees being derived of their live savings to pay govt debt
    In the meanwhile non peforming govt assests like the Hilton are included in the govt debt which retirees must pay
    What a load of crap

  47. Hal Austin Avatar
    Hal Austin

    government by lawyers…….

  48. NorthernObserver Avatar
    NorthernObserver

    @TI 8.31am
    your info conflicts with BToday. They say IGE-Chair, APersaud-Deputy, LHaynes director….no mention is made of former lead executive IC as an appointee.

    I expect these positions to be ‘politically blessed’, as other board members are nominated by a myriad of different organizations.

    You will note that former Chair DrJR, remains on the Board of the Central Bank. Former lead executive Carrington is now Director of Finance and also on the Board of the CBB. So the two former NIS leads, Board and Executive, have been retained and in one case promoted. So how the ass did the NIS end up in the mess of pottage it finds itself, if both these persons did stellar jobs?

  49. Roverp Avatar
    Roverp

    We will have all the experts turning up now after ten years and some months of believing LIES and not wanting to challenge the former government.

  50. Roverp Avatar
    Roverp

    It is amazing how people do not want to lay down in the beds they made up. We have had some seniors in Barbados who help create the poor management and management systems that lead to where we are at the moment and do not want to accept what you sow you reap.

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