Barbadians Wake Up, Time to Take Back Our Country from Ourselves

drakes

Opposition Senator Crystal Drakes – Economist

The blogmaster listened to the contributions of Opposition Senators Caswell Franklyn and  Crystal Drakes yesterday and it caused the blogmaster to pause about the state of the country in 2018.

No surprise that Caswell’s response was pro labour and questioned why public sector workers are being sacrificed by BERT instead of pursuing other options. Caswell also made the point that the BLP made all kinds of unrealistic campaign promises despite the perilous state of the economy. Senator Caswell you negated your argument with your observation.

Senator Crystal Drakes clinically used numbers which her training as an economist influenced to question the decision to default on debt and the validity of revenue projections based on BERT extracting one billion in taxes from the economy by her calculation. Again Senator Drakes although earning points for being articulate failed in her presentation to connect some important dots. What are the underlying issues that caused Barbados to be the third highest indebted country in the world Senator? Has BERT addressed  those underlying concerns?

caswell_franklyn

Caswell Franklyn, Head of Unity Workers Union

A suggestion from the blogmaster to the Prime Minister and her Jong led Communications  Team is to go back to basics with the message. What are the key performance indices we have to turn around and the behaviours at the household and business level that must be modified to trigger real change to sustain a quality of life.

 

 

 

The blogmaster is a fan of the Financial Stability Report 2017 and lifted a few of the graphs that capture the economic performance of Barbados in recent years.

Commercial bank spreads - 2017

This graph is interesting given the accusations levelled at banks and exorbitant fees being charged. 1)Interest income on loans dipped a ‘little’ since 2012. 2)The interest spread moved UP since 2015 which coincides with central bank’s decision to not set a minimum rate on savings deposits. 3) Interest expense on deposits dropped to 0%.

 

credit card transaction - 2017

A central bank report confirmed that Barbadians racked up 347 million in debt up to 2017. This graph supports the spectacular rise in debt from 2008 which correlates with the value of credit card transactions in both the personal and business sectors.

credit cards issued - 2017

A picture is worth a thousand words who said? See the spike in credit cards issued from 2015!

currency in circulation - 2017

The upward trend of currency in circulation rose from 2005 to coincide with the cooling off of the global economic boom cycle and continued more aggressively in the post 2008 period to covers the start of the global recession in 2007/8.

International Reserves - 2017

It is worth mentioning the former government inherited 1.8 billion or 20 weeks of import cover in foreign reserves and when they were booted from office the reserves had dwindled to 6 weeks and about 400 million dollars.

net interest margin - 2017

This graph is interest for a number of reasons. Will allow the BU intelligentsia to share why this is the case.

total credit card debt % of toal loans

Another interest graph when we plunk a trendline on it. What can we say about household behaviour in Barbados from 2007?

public debt

See what happens when the printing press doesn’t switch off?

The adage a picture is worth a thousand words holds true.

227 comments

  • Barbadians have cheated the National Sports Council (NSC) out of thousands of dollars by tampering with the token-operated lights at its various facilities islandwide.

    NSC chairman Mac Fingall confirmed the situation was so widespread that the board had recalled all the tokens and was upgrading the system to ensure the council received more revenue to pay for the electricity used.

    And he warned that from next Monday, the lights would be turned off at any of NSC’s 93 facilities where tokens which were not bought from the NSC, were found being used. Similarly, the lights would be turned off at those venues where there was evidence of fiddling with the cubicles that housed the token machines.

    “There are several ‘token boxes’ which have no tokens in them, yet the lights at these facilities are regularly turned on,” said Fingall, adding the monthly electricity bills at the NSC’s facilities ranged from $32 000 to $54 000. However, the council had only collected a few hundred dollars for the use of those lights. (SP)

    http://www.nationnews.com/nationnews/news/206723/power-cheats

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  • We are a turd world country so it is to be expected that bajans going jimmy the token boxes cause dem want to try a ting

    You remember when the keys to he church had to be collected from the house of the lady next to the church and returned there if you wanted to enter the church for youth fellowship?

    THe fact is that WITH ALL THE TECHNOLOGY, few understand how the systems work to ensure accountability and that we collect the $$ due for the lights and other resources.

    Tokens, or keys, or NFCs that only permit authorized parties who have credit on their phone/accounts to access the light circuits at the facility, MacFingal can put out a RFP for the cheapest and most economical solution for managing these facilities.

    THis is what McCunny was imported from Overseas and made a senator for IS IT NOT yet here we are 120 later still in the honeymoon phase

    nd the sheeple say “baaaaaaaaa…”

    Like

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