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Senator Rawdon Adams Sobering Intervention in the Debt Restructure Debate

The blogmaster followed with interest the debate in the Upper House on the Debt Holder (Approval of Debt Restructuring Bill, 2018) on the 17 October 2018. The contributions of Senators Caswell Franklyn, Crystal Drakes and Crystal Haynes were instructive and generally accorded with the view of the blogmaster. The blogmaster however was impressed with several…

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The blogmaster followed with interest the debate in the Upper House on the Debt Holder (Approval of Debt Restructuring Bill, 2018) on the 17 October 2018. The contributions of Senators Caswell Franklyn, Crystal Drakes and Crystal Haynes were instructive and generally accorded with the view of the blogmaster.

The blogmaster however was impressed with several of the points made by Senator Rawdon Adams. Of note is when he referred to what the Barbados brand use to be, how it has been dismantled in recent years and how we appear not to know what kind of Barbados we want to replace it.

Here is the video of the presentations of the four Senators mentioned with Senator Adam’s presentation found at 2hrs and 9 minutes into the video.

 

238 responses to “Senator Rawdon Adams Sobering Intervention in the Debt Restructure Debate”

  1. T.Inniss Avatar
    T.Inniss

    Hal

    It is so sad what you have posted above but regrettably I think you are on to something.

    It gives me no pleasure to see my country being taken in a completely different road to all other prime ministers.

    For example
    :

    The invitation to the opening of parliament for 5 known drug lords – and now we see how they become more and more emboldened every day – with scenes of open shoot out in busy public places at the height of day

    The defaulting on our debt

    The result of the default on one of the safest known investment in the country’s history – that is government bonds,debentures etc

    The complete dis regard for the people – by creating the largest cabinet in history and the employment of consultants and advisors,and campaign social media people – all while Mia got her hands aound the neck of the little man at the bottom and the pensioners and retirees and squeezing them for dear life.

    So much to say – but sadly Barbadians ain’t see nuttin yet.

  2. Hal Austin Avatar
    Hal Austin

    What is this hocus pocus called a Regulatory Sandbox? Why is this not discussed in the media? This government is operating like the Mafia. And it seems as if Bittcoin is part of the so-called Regulatory Sandbox. Will turkeys vote for Xmas. Have you noticed that the three king pins of this government – prime minister Motley, Prof Avinash Persaud and Senator Rawdon Adams – are at the head of this public announcement.
    Is Bittcoin mMoney) now underwritten by the government? Have you noticed that the announcement was made against a mMoney backdrop? Since there is consumer protection, we are told, does this mean the cryptocurrency debt will now be on the central bank balance sheet? Where is our dynamic media? Why are our young ministers tolerating this dictatorship? Where is the voice of protest?
    This is all going to end in tears. Barbados is a failed state.

  3. Peter Lawrence Thompson Avatar
    Peter Lawrence Thompson

    @Hal Austin,
    mMoney is NOT Bittcoin! The Regulatory Sandbox is for ALL new financial technologies.

  4. Hal Austin Avatar
    Hal Austin

    @PLT

    But what is the Regulatory Sandbox? Which legislation created it? What are its regulatory powers? What is its structure? Finally, what is the association, if any, between Bittcoin and mMoney?

  5. Hants Avatar
    Hants

    PM fully supports digital money

    http://www.nationnews.com/nationnews/news/208156/pm-supports-digital-money

  6. Backooful Jack Avatar
    Backooful Jack

    @ Hal A regulatory sand box is actually a way to protect the rest of the fin financial system. It is defined as “a framework set up by a regulator that allows FinTech startups and other innovators to conduct live experiments in a controlled environment under a regulator’s supervision” Bitt as unregulated now they will bve ntighly regulated under this regulatory sandbox, same goes for other fintech startups. The UK has had a regulatory sandbox since 2016, i’m surprised that you don’t know this. ” UK’s Financial Conduct Authority (FCA) launched its regulatory sandbox in 2016, 89 companies have been accepted to test their products and services.”

  7. Hal Austin Avatar
    Hal Austin

    @Backooful,

    Forget the UK. Barbados is an independent jurisdiction. What legislation created the Regulatory Sandbox, its statutory authority? What is its mandate? Who are the members of this new regulatory body? How wee they appointed?

  8. Backooful Jack Avatar
    Backooful Jack

    “they will bve ntighly regulated”

    That should read “They will be tightly regulated”.

  9. Backooful Jack Avatar
    Backooful Jack

    @Hal have you been following? The regulatory authorities are the Central Bank of Barbados and the FSC, who are responsible for regulating banks and financial services companies in Barbados.

  10. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin
    What Backooful Jack said.
    Plus the regulators in the Barbados case are the Central Bank and FSC acting together.

    Finally, there is no association of substance between Bitcoin and mMoney. When the company Bitt was started it said that it would be a bitcoin exchange. That has never happened… it was a stupid business plan. After the investment by Overstock, the company recruited some grownups to run things. There are now two major thrusts to it’s operations: mMoney is a mobile money product, and they also want to digitize Caribbean fiat currencies in collaboration with regional central banks. The company is a long, long way from profitability.

  11. Backooful Jack Avatar
    Backooful Jack

    @Hal New Regulations Coming for Fintech Firms in Barbados

    Read more: http://www.caribbean360.com/business/new-regulations-coming-for-fintech-firms-in-barbados#ixzz5V4pi1iDN

  12. Hal Austin Avatar
    Hal Austin

    @PLT,
    Yu are being clever with words. What primary legislation created the Regulatory Sandbox? What is its mandate? Does the new regulatory body have members, if so who are they and how were they appointed? You say there is no association of ‘substance’ what exactly do you mean by that? Is there an association of any kind between Bittcoin and mMoney, I am not talking about the business plan?,

  13. peterlawrencethompson Avatar
    peterlawrencethompson

    @ Hal Austin
    The primary legislation that is used to create the regulatory sandbox is the legislation which gives the Central Bank and the FSC the power to make regulations in Barbados or the FCA in Britain. There was no new legislation required either in Britain or Barbados.

    There is no association between Bitt and bitcoin. You can still go on their website and buy bitcoin, but that does not constitute an association… anyone can set up a website and ask people to send money to buy bitcoin.

  14. Hal Austin Avatar
    Hal Austin

    @PLT

    You can do better than this. When was this issue discussed in parliament? Which Act of parliament was the Regulatory Sandbox created under, its statutory authority? Who are its members?

  15. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin
    http://www.centralbank.org.bb/regulatory-sandbox

  16. Hal Austin Avatar
    Hal Austin

    @PLT

    I ask again: under what PRIMARY legislation was this regulatory body created? When was this matter discussed in parliament? Who are the members of the Regulatory Sandbox?
    Barbadian democracy has been undermined in a way unimaginable by the DLP. Why are young members of parliament, which their futures before them, tolerating this authoritarianism? Barbados is a failed state.

  17. Mariposa Avatar
    Mariposa

    Yeap. Mia did it again .another broken promise
    Increase debt . more borrowing

  18. Hal Austin Avatar
    Hal Austin

    Local hoteliers can now breathe a sigh of relief as they seek to access concessions under the Tourism Development Act.
    Prime Minister Mia Mottley announced on Friday that her administration would be creating a “level playing field” across the industry, allowing hoteliers to access the concessions the same way in which Sandals was accessing them.(Quote)

    All snouts in the trough. Further transfer of wealth from the poor to the wealthy. At least prime minister Mottley is transparent – she is clear whose side she is on.
    What about an inheritance tax?

  19. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Hal Austin

    Hal

    Some years ago there was a fellow here on BU called Dompey or Fenty.

    He was of The Class Idiot and Sheeple and brimler and brass bowl and Salemite DNA that was so palpable that BU banned him.

    I am noticing a pattern of that type of idiocy Hal that is surfacing with these so called pundits that is honestly frightening.

    You are asking about the obvious insertion of this Regulatory framework and Sandbox because it is obvious to us chess players that Mia Mugabe and her team have said that the forcing of the MMONEY scam is not going to work

    So they refashioned that OFFERING into a remote mechanism that would just bring a stamp of approval for anything that they want to force down a fellows guts and the sheeple and class idiots and brimlers and brass bowls and Salemites GOT TO TAKE IT.

    Fellows like Peter Lawrence Thompson and Booful Jack who are going to get paid by MMoney come to the blog and repeat the definition for the Sandbox over and over and over again with the hope that other readers will think that you are a simpleton like Dompey was a simpleton

    And that is because the strategy of this pernicious government is that either you will sing in their yes choir or they will effectively ban your a.ss

  20. Mariposa Avatar
    Mariposa

    How us Mottley borrowing more money when she says the country is in debt
    Not underdtanding that type if economic madness
    Question What plans does Mia have in mind as she unilaterally borrow more money
    Doesn’t Mia not understand the pain and suffering which would be handed down to generations because of long term debt
    What are these economic gurus thinking those which Mia hired to stem the flow of barbados economic debt

  21. Hal Austin Avatar
    Hal Austin

    @Piece,

    That is fine, I have broad shoulders. What I want to know is if the central bank is going to underwrite cryptocurrency debt, if that will show on its balance sheet?
    My other question, for the technocrats and consultants and central bank officials, is that since the Greenback has appreciated by nearly 25 per cent since 2014, and since the Bajan is pegged to the Greenback at 2:1, does that mean that the Bajan has appreciated by nearly 25 per cent too? Or, if not, has the Bajan been devalued by nearly 25 per cent since 2014? Our local economists, academics and policy-makers, all seem to want to avoid this question.
    Also, since their creation in 2008, the whole idea of payment by cryptocurrencies is that they avoid central bank control; our Regulatory Sandbox is now regulated jointly by the central bank and FSC. @Piece, they think we are all stupid.
    Note also the regulatory group can call in ‘experts’ when reviewing cases; who are these local ‘experts’? Obviously they must be people associated with mMoney. So, Mr Adams and associates will be regulating themselves and acting as experts in their own cases.
    Doubt me, how many cryptocurrency companies have applied to be regulated by the Regulatory Sandbox? Remember, mMoney is headed by Rawdon Adams, the same person the prime minister felt so connected to that she amended the Barbados constitution so he could sit in the Senate – when all she had to do was to allow him to live in the country for a year to become eligible for the position.
    What really concerns me is that the Cabinet is made up of some highly educated and intelligent men and woman; why are they allowing the prime minister to humiliate them almost every day in this way? Is it just the status and prestige? They can resign from the Cabinet and remain MPs.
    I hope I am wrong, but it is all going to end in tears. Barbados is a failed state.

  22. WhatAThing Avatar
    WhatAThing

    I cannot pinpoint the reason… but why do I feel as if the majority population is being sold out – that BBIB is the same as BBIA under Trump? This should not be in 2018. Have we ventured into a time warp?

  23. WhatAThing Avatar
    WhatAThing

    Are we being packaged and sold?

  24. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Hal Austin

    Hal, I shall answer part of the question that you asked at 6.43 am

    It was

    “…What I want to know is if the central bank is going to underwrite cryptocurrency debt, if that will show on its balance sheet?…”

    Yes!!

    In fact that was two questions actually

    “… is if the central bank is going to underwrite cryptocurrency debt?…”

    And

    “…if that will show on its balance sheet?”

    Yes to both.

    Here is the trick that they are employing which you have pointed out.

    Cryptocurrencies are usually designed not to be subject to the pervading government s currency rules.

    This is rogue currency.

    To create a sandbox to supposedly monitor a currency which claims not to conform to the same monitoring IS SIMPLY HOGWASH.

    THIS SANDBOX IS SOLELY TO RUBBERSTAMP MMONEY AND to ensure that all other competitor’s systems are examined for the benefit of MMoney AND THEY WILL SUBSEQUENTLY BE FAILED!

    But back go your question yes, for if they claim to have approved the MMoney mechanism AND THEY ARE THE CENTRAL BANK, the are saying that they underwrite the deposits under the MMoney system which potentially can be incredible given so called digital valuations.

    This is pre wisely the reason that Mottley AND THE CENTRAL BANK SHOULD HSVE KEPT OUT OF THIS!

    Their a.ss is grass when this scheme goes belly up!

    But not a fellow INCLUDING CLEVISTON HAYNES IS NOT SAYING S THING.

    As WhataThing queries this confirms that WE HAVE BEEN SOLD TO THE DRUG DEALERS WHO WANT TO LAUNDER THEIR DRUG TRADE PROFITS

    BUT DONT FORGET, MIA CARES!

  25. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ the Honourable Blogmaster your assistance please with an item here for Mr Hal Austin thank you

  26. Bush Tea Avatar
    Bush Tea

    Are we being packaged and sold?
    ++++++++++++++++++++++++++
    …packaged and sold…??!!
    Boss..
    This is what Arthur started in 2000… and what Stinkliar and Froon had been doing for ten LONG years.

    We have just been handed over to the slaughterhouse for processing….

  27. Talking Loud Saying Nothing Avatar
    Talking Loud Saying Nothing

    @ Hal,
    Level playing field! Yeah right.
    The day before they were talking about making home insurance mandatory!
    Tomorrow you can expect a raid on credit unions.
    Skippa it’s time to abandon ship….
    Before it’s too late!

  28. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Hal Austin

    Hal,

    Earlier I tried to answer part of the question that you asked at 6.43 am

    It was

    “…What I want to know is if the central bank is going to underwrite cryptocurrency debt, if that will show on its balance sheet?…”

    Yes!! It will.

    In fact that was two questions actually

    “… is if the central bank is going to underwrite cryptocurrency debt?…”

    And

    “…if that will show on its balance sheet?”

    Yes to both.

    Here is the trick that they are employing which you have pointed out.

    Cryptocurrencies are usually designed NOT TO BE subject to the pervading government s currency rules.

    This is rogue currency.

    To create a sandbox to supposedly monitor a currency which IN ITS OWN ADVERTISING BY ITS CEO, claims not to conform to the same monitoring, IS SIMPLY HOGWASH.

    THIS SANDBOX EXERCISE IS SOLELY TO RUBBERSTAMP MMONEY AND, AT THE SAME TIME, to ensure that all other competitor’s systems are “examined”, for the benefit of MMoney, AND THEREAFTER THEY WILL MYSTERIOUSLY FAIL under some techno babble excuse!

    But back go your question yes, for if they, the Central Bank, claim to have approved the MMoney mechanism AND THEY ARE THE CENTRAL BANK, they are saying that “they underwrite the deposits under the MMoney system” which potentially can be an incredible amount, given so called indeoendent, digital valuations, by themselves, or paid for by their parent company

    This is precisely the reason that Mottley AND THE CENTRAL BANK OF BARBADOS, SHOULD HAVE KEPT OUT OF THIS!

    Their a.ss is grass WHEN this scheme goes belly up!

    But not a fellow INCLUDING CLEVISTON HAYNES IS NOT SAYING A THING.

    As WhataThing queries if this confirms that WE HAVE BEEN SOLD – TO THE DRUG DEALERS WHO WANT TO LAUNDER THEIR DRUG TRADE PROFITS

    Yes to their question too.

    BUT DONT FORGET, MIA CARES!

  29. Bush Tea Avatar
    Bush Tea

    @ Talking Loud
    Tomorrow…???
    Where do you think they have FORCED credit unions to keep a large chunk of their reserves?

    Those political charlatans restricted the credit unions options for investing reserve funds – and forced them to buy government bonds….
    Bushie is just waiting to hear exactly how much of an impact that will have…..

  30. Guest Avatar
    Guest

    It is clear that the laws of equilibrium would not allow us to live in contentment. Failure to maintain and to continually develop the means to increase our reach in the face of opposing forces have caused us to yield ground to others that aim to take everything for themselves. If we are to survive, we too must set our objective on 100%. Only then would our progress be maintained. To do otherwise, would be to decline into nonexistence.

  31. Karma Does NOT Sleep | Political Class Devoid of Ideas | Barbados Underground

    […] following comment posted by Bush Tea to the Senator Rawdon Adams Sobering Intervention in the Debt […]

  32. TheOGazerts Avatar
    TheOGazerts

    Sobering? Was he drunk?

    Joke was taken from the Lawson playbook.

  33. TheOGazerts Avatar
    TheOGazerts

    Good morning to all.

    Apologies at the lame joke. The attempt to turn his contribution into the ‘delivery of the Ten Commandments got to me .

    I see that some bloggers including ‘piece and Hal’ are really providing food for thought. Continue on.

  34. Sargeant Avatar
    Sargeant

    @PUDYR
    Some years ago there was a fellow here on BU called Dompey or Fenty
    ++++++++++++++
    You must be slow, he is back and posting too. Some people go back to familiar themes and I spotted it when he referred to one of his favourite things (no not from the Sound of Music).

    If you promise to give me a reward I will point him out next time and I don’t want it in Bittcoin.

  35. TheOGazerts Avatar
    TheOGazerts

    Simpson motors has nothing to do with Suzuki. Anyone can open up a car dealership and sell Suzukis.

    Might not be an exact parallel. But we cannot completely divorce RA and bitcoin.

    We talking about Barbados, pedigree, blessing by PM, sobering by BU and acclaim by BU yard residents. The link is there and it is strong.

  36. Hal Austin Avatar
    Hal Austin

    UK government plans to abolish private finance initiatives. It has always been a scam, a rip off of the public sector and ordinary taxpayers. Now even the Tories agree.
    Prime minister Mottley are you listening?

  37. Hal Austin Avatar
    Hal Austin

    Question: Has the UWI ever ran a workshop/seminar/conference on cryptocurrencies? Or the central bank? Or the stock exchange?

  38. Hal Austin Avatar
    Hal Austin

    Oh dear…….

    Bitt announced that Senator the Honourable Rawdon Adams has moved on from his role as Chief Executive Officer of the Barbados-based group of financial technology companies, effective February 17, 2020.

    Senator Adams joined Bitt in October 2017, and since then has successfully steered the company towards greater stability and global prominence. Under his leadership, Bitt has become an international leader in Central Bank Digital Currencies (CBDCs). Most notably, Bitt secured a landmark contract to create a digital Eastern Caribbean dollar (DXCD) for the Eastern Caribbean Central Bank (ECCB). The highly anticipated DXCD pilot will launch within a few months.
    In Barbados, Bitt successfully completed the Regulatory Sandbox governed by the Central Bank of Barbados and the Financial Services Commission, under Senator Adams’s leadership. The company has also developed strategic partnerships with over a thousand businesses to constitute the mMoney Merchant network, including Surepay, ICBL, Sol, A1 Supermarkets, Coffee Bean, and Automotive Art.
    The Board of Directors and staff at Bitt are sincerely grateful to Senator Adams for his leadership and service and wish him well in his future endeavours. President of Bitt, Brian Popelka, who served alongside Senator Adams since 2018, will continue to provide operational and strategic leadership for the group in his current capacity.(Quote)

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