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

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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.

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227 responses to “Barbadians Wake Up, Time to Take Back Our Country from Ourselves”

  1. john2 Avatar
    john2

    MARIPOSA

    You accused the government as lying about the hyatt.

    Name the person in the blp government that said the hotel will be finished by 2020?

  2. john2 Avatar
    john2

    You tongue tied with that name? You cant call it?
    what are you scared of? All the government mininisters names are easy to spell!

  3. Simple Simon Avatar
    Simple Simon

    If the Saudi monarchy–notice i did not say state, because a Saudi State does not exist–indeed committed murder, then I must say that they are the worst liars in the world. Their lying is like that of a four year old. If you plan to do bad stuff, up to and including murder, you get your story straight FIRST, and you do NOT take 15 people on an aircraft with you to do the dirty deed.

    And as for their consul, it seems as though Arab culture does not have this saying “cockroach have no business at fowl cock dance”

    I doubt that he will live to see Christmas.

  4. Simple Simon Avatar
    Simple Simon

    @T.Inniss October 18, 2018 5:09 AM

    You want to tell us a little bit about the former VOB moderators Tony Marshall, subsequently a DLP appointed diplomat, and Maxine McClean, subsequently a DLP Cabinet Minister.

    Seems to me that the BLP is not the only party with their “panties exposed.”

  5. Simple Simon Avatar
    Simple Simon

    Did nor Dennis Kellman last week or the week before on the same VOB admitted that the public service should have been cut years ago?

    Was Dennis not a DLP Cabinet Minister?

  6. Simple Simon Avatar
    Simple Simon

    @David October 18, 2018 7:53 AM “Doesn’t it say something about the Governor and the Board in the seat during the period public debt held by the Central Bank spiked?”

    Yes.

    We should ALL remember that we are not the creatures of any political or of anybody.

    Remember we are children of GOD.

    If anybody, including a politician ask you to do something that cannot answer for before God.

    Don’t do it.

    There are worse things that being unemployed.

    Obeying stupid instructions, is one of them.

  7. Simple Simon Avatar
    Simple Simon

    @David October 18, 2018 8:23 AM “Finally, what does it say about Barbadians who stood silent why the government through the central marketed the guiltedge nature of government securities”

    Dear David: When I was a little thing at elementary school, every morning the teacher would write words of wisdom on the blackboard. Words we had to learn and never forget. Words such as:

    “All That Glitters Is NOT Gold.”

  8. Simple Simon Avatar
    Simple Simon

    Too many people let the glittery 7% or 8% interest blind them to the truth, which was “where is the government going to get the money to pay interest from,, when the economy is stagnant or declining?”

    People like they really foolish enough to believe that governments can print money forever.

    You need to tell people that if government does that one of these days, we the people will need to take a pancart of money to the shop in order to buy a six pack of saltbread.

    And we won’t have enough money to buy a six pack of beer.

  9. Simple Simon Avatar
    Simple Simon

    @T.Inniss October 18, 2018 8:42 AM “That is why Albert Brandford…”

    He is a “D” sympathiser right?

  10. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    This Stoopid Cartoon is accredited to Brother in Arms Bush Tea.

    To be truthful, de grandson has already created about 50 Stoopid Cartoons based on the stupid comments of these illiterates but after a while one has to pause and say “which one to post?”

    Which one of the ignorant plans and pronouncements do you highlight to show how absolutely unprepared these effers were and are?

    Which one to show that Mia, bless her soul, is fighting with (i) the economic mess that the DLP left, (ii) the incompetencies of the horde of unskilled Ministers in the Ministry and Senators and SoE heads that she is managing AND (iii) HER OWN despotism devils that rears their heads and directs her steps, on an hourly basis.

    https://i.imgur.com/PHp1SME.png

  11. Dishonest Bajans Avatar
    Dishonest Bajans

    @ Lexicon

    If the local masses are still blinded in their ignorance based on false promises of DLP and now BLP there is nothing to teach.

    I will repeat 🇧🇧 is not a place to live if you are black and have ambition to do well for yourself and family unless one is part of the corruption and coverup.

    There are way way more real opportunities for personal and professional growth outside of 🇧🇧.

    Unless one likes being screwed daily and constantly being told that one must suffer for love of 🇧🇧 which is a bunch of BULLSHIT.

  12. Hants Avatar
    Hants

    @ Simple Simon October who wrote ” Too many people let the glittery 7% or 8% interest blind them to the truth,”

    Why are you blaming the victims ?

    The pensioners in Barbados are victims of dishonest politicians.

    Why should an 82 year old pensioner be now asked to make sacrifices for his children and grand children because BLP CARES and DLP didn’t ?

    Young people can go and find a job and work. An 82 year old is unlikely to work again.

  13. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @SS

    You comment are a bit one sided as it related to pensioners investing in GoB paper. GOB paper was proclamimed pillar to post as a safe investment. I have not heard the current administration say otherwise yet.

    But that brings out another more pressing question.

    Basically there are almost no safe places for pensioners or those that will be laid-off to invest any of their separation packages.
    Putting the money on the commercial bank is a waste of time. The CUs are probably going to adjust their rates downwards soon probably in line with the commercial bank rate

    So you got some money with basically no where to put it(invest) for some type of ROI. Also I just dawned on me that with the additional tax bracket with the higher rate will some of the poor that are laid-off fall into this higher bracket because of the sums being paid in the Jan -Dec financial year? Kinda like insult to injury?

    I guess the increase sale of mattresses can be anticipated as very few modern houses have cellars like before.

    We live i hope.

  14. Talking Loud Saying Nothing Avatar
    Talking Loud Saying Nothing

    Very interesting news coming out from The Maldives. There is a serious on-going debate as to how the ex-president and his cohorts can be brought to justice. Apparently, he is trying to flee the country. Sounds familiar? This is in sharp contrast to our government’s luke-warm reaction into investigating the crimes of the recently defeated DLP.

    Mia’s must be made to understand that she will never have any moral standing in Barbados unless she is prepared to exorcise the ghost of corruption that is haunting our country. We know that the IMF do not appear to be concerned but the people are, and they expect better from their Prime MInister,

    https://www.aljazeera.com/news/2018/10/maldives-opposition-seeks-bar-president-leaving-country-181017170357035.html

  15. WARU Avatar
    WARU

    As I keep saying..the one thing that would make Mia look good to the people of Barbados in the majority population and to the world outside watching what is going on with this corruption and stealing estates of the elderly by ministers of government, is the one thing she cannot do….you do not live with a haunting and it is unfair of her to ask the people who elected her to live with a corruption haunting.

    She better wake the hell up.

    https://www.facebook.com/jackie.stewart.965/videos/899854810224059/?t=357

  16. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @ Talking Loud Saying Nothing October 18, 2018 4:04 PM

    MAM issue with going hard against the previous admin is that “by in large” we operate in a Duopoly. They will lost power some time in the future and the hounds will be on their trail then. “We don’t elect saints to the HOA bout hay”. They don’t want to set a precedent on “locking up the other” as at some time they maybe be the “other” as it becomes par for the course to do such.

  17. WARU Avatar
    WARU

    Seriously, well it is either that or next election this government will also get unceremoniously kicked out of parliament, the electorate don’t have to care about Mia’s et al problems re fright to lock up each other, the electorate has the final say….this is where the come to jesus part comes in..

  18. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Talking Loud Saying Nothing.

    That Aljazeera article is indeed a very pertinent article since it points clearly to the way how a civilized government would act in these circumstances but that does not apply in a “turd world” (compliments of Wily Coyote) country such as Barbados

    I wonder if you were to understand what this would mean to Mugabe if she was to prosecute any of these fellows who stole $2 Billion?

    well let de ole man explain….

    I want dat fellow Dr. Greenidge who with de IMF who running the Public Relations activites of the GoB ministry of Finance to come to the news medai again AND BREK IMF RULES per offical announcements regarding IMF loans

    I want he to come to de TV and radio and itemize dem bullet loans to Bajans

    Would he be able to say dat of de bullet loans dat de GoB got to mek is de Hilton Hotel loan dat dem dynamite down and den build up again?

    Or would he be able to mention dat US$700 million loan dat de Attorney General Dale Marshall approve when he was AG for de Doods Prison is part of dem same loans

    Would he then go on to say dat if Mia do like de Maldives dat, when he lost he pick as MP in 10 years dat HE GOING GET LOCK UP FOR DAT SCAM TOO??

    So dis is why Mugabe and Dale talking bout “it is going to take years to prosecute people…” cause dem hoping dat bajans going forget but, some uh we cant forget, Talking Loud Saying Nothing

  19. T.Inniss Avatar
    T.Inniss

    As far as I know neither Tony Marshall or Maxine Mcclean were or are journalists – so your point is again?

    Just in case you missed the salient point – the issue is journalists operating as paid political public relations spokesperson for the BLP – while operatinng under the guise of journalist,

  20. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @ WARU October 18, 2018 4:32 PM

    Come to Jesus and then immediately back-slide? Cant put anything past a (Fill in the blanks)Labour Party politician. LOL

  21. WARU Avatar
    WARU

    lol…they all wanting locking up though, they all need to be just like Donville, they deserve nothing less.

  22. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    The (fill in the blanks) Labour Party politician’s corruption pledge to those who elected him/her to office.

    “I (Full Given Names) do solemnly pledge and swore on this Holy Bible to fight corruption in all forms, but and I emphasize but will first serve my parliamentary term(s).” So help me God.

  23. Artax Avatar
    Artax

    “As far as I know neither Corey Layne or Lisa Gale were or are journalists either.”

  24. watchman Avatar
    watchman

    @ T.Inniss

    you are operating here on BU as a stranded DLP yardfowl

  25. David Avatar
    David

    Psalm 121 King James Version (KJV)

    121 I will lift up mine eyes unto the hills, from whence cometh my help…

  26. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    Micah 3:4 ” (Intl Standard Version)

    “Then they will cry to the LORD, but he will not listen to them. In fact, he will hide his face from them at that time, because they were so wicked in what they were doing.”

  27. William Skinner Avatar
    William Skinner

    Let’s be fair and cut out the rubbish: Would any of you be happy to part with your life savings just because an inept administration mismanaged the economy and you are told by the new administration to consider at 82 years old, your life savings going up in smoke, a contribution to correcting both the problem and the solution?
    It’s a disgrace to read the crap that some , who have suddenly become financial advisors, shamelessly berating people whose investments are being held hostage in the name of the national good while others , millionaires in and out of parliament, continue to enjoy their lavish lifestyles.

  28. watchman Avatar
    watchman

    Psalm 133″ KJV

    Behold, how good and how pleasant it is for brethren to dwell together in unity

  29. Dishonest Bajans Avatar
    Dishonest Bajans

    @ William Skinner

    🇧🇧 is a failed island.

  30. David Avatar
    David

    If it is a failed island leave those of us who want to keep trying to save it.

    #getouttadodge

  31. Lexicon Avatar
    Lexicon

    Sirfuzzy
    Michal was before the dispensation of Grace … however, the New Testament speaks of a reprobate mind but that just if you curse the Holy Ghost … then there is no hope of eternal life… but in this new dispensation of Grace … salvation is made available for every and and woman who seek after it…

  32. Mariposa Avatar
    Mariposa

    Not only has it failed but look who the people put in charge
    Drum roll please!
    The devil in White

  33. Mariposa Avatar
    Mariposa

    Is this the new Barbados where govt can seize people money and then declare the people approved
    But look what barbados has come to nuh
    The guardians of the gate are muzzled
    The Unions are muzzled
    The govt sieze the pensioners money( watch muh now)
    There is no opposition party
    But look Wuh barbados come to nuh

  34. watchman Avatar
    watchman

    Mariposa

    The failing of Barbados started 2008 when the voters elected a DLP government with people of limited ability in charge. From 2010 -18 failed

  35. john2 Avatar
    john2

    Mariposa

    Why is there no opposition party?

    Of course you will blame the government

    The former government had the financial means brains and strong holds

    Why is it they could win one seat?

  36. john2 Avatar
    john2

    could not

  37. Dishonest Bajans Avatar
    Dishonest Bajans

    @ David
    If it is a failed island leave those of us who want to keep trying to save it.
    xxxxxxxxxxxxxxxxxxxxxxxx

    Who gives you the right to be an authority on whether someone goes or stays?

    Your opinion on the BU is of no greater significance than anyone else with your ignorance and arrogance.

    You didn’t create one rock or grain of sand on the island of 🇧🇧.

    #Jackass

  38. watchman Avatar
    watchman

    Mariposa

    You really come from under a grave, and know how to dig-up from the bottom and bringing it to BU, but even if you did try pawing around at the top of this blog where the blog-master place graphs, you would still miss them

  39. Lexicon Avatar
    Lexicon

    BU and blogs of this nature are the quintessential marketplace for the free exercise of ideas, so therefore, it would be to no avail to force the readership into a trajectory that is not of they making. In any even, people must be allow the latitude to exercise they intellectual freedom.

  40. Dishonest Bajans Avatar
    Dishonest Bajans

    @ Lexicon

    He would like to silence people like me who are independent and not sheeple.

    I have ran big business in 🇧🇧 and Lectured developing many others.

    I have been there and done it.

    In 🇧🇧 once you have half a brain they seek to silence if it doesn’t fit their narrative and agenda.

    I am no B or D free to speak the reality and truth.

    I see light where others see darkness.

  41. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    Gentlemen, you are wrestling with one of the younger BU BORG who is not like the Original David of Old.

    Note that this article is really a “Borderline” anti BLP article since, while it would seek to place the issue of Bajan’s caviar taste and mauby pocket in the spotlght, it throws some lashes at the 120 day administration.

    That is distinctly uncharacteristic of the newly incarnated BU Blog but wunna have to notice this tenet intermingled with the article

    Now this could be one of two things

    Either it is a genuine realization by one of the BU BORG that things are not progressing like He would have anticipated and therefore he is throttling back on the accelerator OR

    It is a clever ploy to give bloggers the impression that there is dissent in the ranks of the coolaid drinkers and the Mottleyian standard bearer.

    Now it is going into the weekend and the roster for the weekend has been set out, but generally Sundays, when the new articles are posted will bring the Original David of BU out to manage the new topics.

    As we go towards the weekend, Thursday night etd one of the other 2/3 rds will be on duty and with the young man at the helm wunna liable to get treat rough and get call names OR like de ole man, get you submission left in suspense until De Old David come back on duty later in the morning.

    Observe the style of writing and the noted ability of the Old David to pull on “institutional history” OR ADEPTLY SIDE STEP some of wunna ingrunt bloggers of which de ole man numbereth highly heheheheheheheh

    THis is a younger person at the Blog tonight so tek it easy and just write about the issues of how the BLP PR clearly is just air up the exterior cause dem ent really dont know what to do with the items in their possession heheheheheheheh.

  42. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    And true to form there you have what the ole man said

    @ the Honourable Blogmaster your assistance please with an item to the bloggers who are complaining bout you heheheheheheh

  43. Simple Simon Avatar
    Simple Simon

    @T.Inniss October 18, 2018 4:34 PM “As far as I know neither Tony Marshall or Maxine Mcclean were or are journalists – so your point is again? Just in case you missed the salient point – the issue is journalists operating as paid political public relations spokesperson for the BLP – while operatinng under the guise of journalist.”

    You mentioned Corey Layne as a VOB moderator.

    I know Corey. A very fine young man.

    I know Maxine too. A fine woman.

    Corey has never claimed to be a journalist.

    He like Maxine McLean, and Tony Marshall, has moderated programs on VOB.

    If there is any difference between Tony, Maxine and Corey I would like if you can please explain it to me. Thanks.

  44. Simple Simon Avatar
    Simple Simon

    @Mariposa October 18, 2018 9:12 PM “There is no opposition party.”

    There is no opposition party, because your DLP phucked-up good and proper. We the people would like to see a viable DLP again. What are you doing to help Verla rebuild Errol Barrow’s great party?

    Stupssseee!!!

  45. Hants Avatar
    Hants

    ” Today is expected to be an emotional one as hundreds of workers spend their last day on the job – casualties of an International Monetary Fund (IMF) programme.”

    http://www.nationnews.com/nationnews/news/205809/bracing-fallout

  46. Simple Simon Avatar
    Simple Simon

    @sirfuzzy (i was a sheep some years ago; not a sheep anymore) October 18, 2018 3:43 PM “GOB paper was proclamimed pillar to post as a safe investment.”

    I wonder if those who were proclaiming pillar to post that GOB paper was a safe investment; I wonder how much GOB paper they themselves bought?

    If you can explain make it real, real simple, because I haven’t passed a math exam since 2nd form.

    No I did not buy any GOB paper, not a single cent’s worth.

    I however know a friend who went out and bought $50,000 worth. I wondered at the time. But in this life there are some people whom you cannot advise. They don’t want to hear. Especially if the know that you haven’t passed a math exam since you were ten years old.

    So I kept my mouth shut.

  47. Northern Observer Avatar
    Northern Observer

    Sadly “casualties of an IMF programme” was a headline forseen by several a few years ago.

  48. Northern Observer Avatar
    Northern Observer

    10 in the second form, a prodigy.

  49. Northern Observer Avatar
    Northern Observer

    @PUDYR
    Remember the bank run to stop the increased holdings at the CBB?

  50. Hal Austin Avatar
    Hal Austin

    T. Inniss,

    You are right. It is unethical for journalists or broadcasters to use their ‘professions’ as levers to get political appointments. Are we the readers and listeners to assume that all they have written or said on air was political propaganda? Sometimes when we are offered jobs we must say no.

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