A recent contribution in the Senate by Senator Rawdon Adams continues to resonate with the blogmaster – Senator Rawdon Adams Sobering Intervention in the Debt Restructure Debate. What was responsible for the Barbados brand? A brand that was the envy of the Caribbean and wider afield?
A key element that contributed to brand Barbados was the respect locals and those afar held for key institutions. The blogmaster points to the Central Bank of Barbados as one of those institutions.
Under the leadership of the former Governor the reputation of the Central Bank slipped to a level that was embarrassing. From performing a statistical analysis which challenged the Barbados Statistical Service (BSS) the agency recognized in law to supply statistical analysis on the economy, to banning media personnel from press briefings, to authoring gimmicky PR campaigns to sell government guilt edge paper to list a few non redeeming activities.
The blogmaster recently read a speech by the Governor of the Bank of Uganda, Professor Emmanuel Tumusiime-Mutebile on the subject – The importance of central bank independence while ensuring public accountability. It hammered the point that we need to ring fence the Central Bank from political interference by making the governance and oversight structure more robust. Given the reports of interference of the NIS fund by politicians the same argument can be made –Government MUST Clear the Air on the State of the NIS Fund, it is Our RH Lifeline.
Given the lack of confident the Central Bank of Barbados has suffered, particularly in the last 10 years- what Professor Tumusiime-Mutebile had to say at the hosting of the parliament of Ghana Finance Committee Members meeting the blogmaster found instructive.
It is a short speech, here are a few salient points:
- In 1995 the Constitution was changed to confer independence on the Bank of Uganda i.e.“In performing its functions, the Bank of Uganda shall conform to this Constitution but shall not be subject to the direction or control of any person or authority.”
- Key bodies within parliament provides oversight 1. Committee on Commissions, Statutory Authorities, and State Enterprises AND the Public Accounts Committee. The annual report and audited accounts are submitted by the Auditor General to the Speaker of Parliament who may exercise discretion by recommending them to a special committee of parliament.
- Staff of the Central Bank, including the Governor, are asked to routinely appear before the special committees of parliament to answer questions about bank operations or elucidate on economic and financial issues
Read the speech for yourself.
Why are we treating Rawdon Adams as an expert on financial economics? I know it is the BU culture to genuflect to their better-offs, but this is ridiculous. Rawdon Adams the new messiah, Dr DeLisle Worrell, the dunce. Nonsense.
All the RULES AND REGULATIONS are presently inplace to “RING FENCE” THE CENTRAL BANK. This is not the PROBLEM, THE PROBLEM IS THAT BARBADOS HAS A RULE FOR EVERYTHING AND ENFORCEMENT OF NOTHING. Until this societal attitude is obliterated nothing will change, as has/is being demonstrated by the present government together and recent past government’s.
Barbados is a FAILED STATE and there appears to be little evidence that it can upgrade itself, time will tell.
@Wily
An example how the indiscipline has affected the central bank is the printing of money.
Rawdon Adams has some professional competence in finance, but none to speak of in economics. Finance is not equal to economics.
@Peter
Where in the BU blog was reference made to Rawdon’s expertise in economics or finance?
Hal wants to know.
@ David
It is about time (at least on BU) that we get past this predisposition to give credence to words from people who are placed in positions of authority by circumstances that are often more questionable than transparent.
This include politicians who manage to convince a majority of certified brass bowls to place an ‘X’ next to their names on a particular date.
Take the chap who is one of the ministers in the Ministry of Finance who was on Brass Tacks on Sunday.
Have you EVER heard such bullshit?
The man went on and on with meaningless rhetoric that CLEARLY told Bushie that he had no idea what he was talking about.
This is the man with a big say in our future financial prospects…?
The Adams fella is another case in point…. what has he done beyond exploiting his privileged status as Adams, son?
Is this not reminiscent of how David exploited HIS legacy as ‘”Tom’s son”
Case in point…
Did this minister not go to the press just a few weeks ago with the question of how the lottery owes government MILLIONS of dollars in outstanding taxes?
What happened…? Did the albino centric get to him …? were the taxes paid?
Why is this money not being RECOVERED with national urgency?
…or is it more important to put watchmen and porters on the breadline to avoid their pittance pay?
WRT the Central Bank..
What is the point of ring-fencing it when you have trojan horses ALREADY inside?
The Idiot who they eventually fired was more dangerous that the decimal-challenged moron on the outside.
Our problem relates to the QUALITY of the people that we select to take control of our affairs.
Until INTEGRITY, TRANSPARENCY and especially MERIT drive these selections, no kinda fence will make a difference.
@Bush Tea
You know that there is no perfect man. The blog deals with words Adams spoke that resonated. Do not overthink it!
Barbados needs to stop with the idea of developing the country to the envy of others.
@ Bush Tea at 8 :40 AM
“Until Integrity ,Transparency, and especially Merit,drive these selections no kind of fence will make a difference.”
Well written and I concur. As Dr. Simple Simon is wont to say;” we need their university transcripts” and the accreditation certificates of their universities.
Then as you correctly noted we need to listen to them critically.
@PLT
Have you ever heard of financial economics? Are you sure you are who you say you are?
@ David BU at 10 :31 AM
What are the words that resonated? And with whom did they resonate?
@Vincent
Listen to Senator Adam’s presentation in the link embedded in the blog. The part of the speech where he refered to the Barbados brand. Nothing to do with economics or finance.
Here is the link.
https://barbadosunderground.net/2018/10/19/senator-rawdon-adams-sobering-intervention-in-the-debt-restructure-debate/
@Hal Austin
Yes I know what financial economics is. I was trying to out that neither Rawdon Adams nor DeLisle Worrell are experts in financial economics. Rawdon Adams’ experience is in cost control, inventory management, and stock market hedging.
@PLT,
Stop playing games with the future of Barbados. Rawdon is not only out of his league, he should not be in the Senate on merit. It was a bad decision by the prime minister.
As to Dr Worrell (and the army of economists in Barbados), if you train a mechanic on a Lada, it would be unfair to expect him or her to be an expert on BMW or other high performance cars. Dr Worrell and his peers graduated in the 1960s(Frank Alleyne) and 70s Prof Downes et al) in classical economics; the more adventurous went on to develop knowledge of neo-Keynesian economics.
The whole tower came tumbling down in 2008 and in their arrogance, our great universities continue to teach the same nonsense that they taught prior to the crisis.
In policy terms, governments, guided by these conservative thinkers, continue to apply the same remedies – austerity, or stimulus – while expecting different outcomes each time. They are all wrong.
@PLT, since 2008, we have had a number of new paradigms in monetary economics, none of which is ever discussed in Barbados. We are the poorer for it. All it takes is for our newspaper editors and broadcast producers to commission international policy analysts and economists to comment on the situation in Barbados. To add to the mix. What are they afraid of? New ideas cannot hurt them.
What gets me is that Barbadians are scared even of a frank and open debate, our badly managed media keep running to the same people looking for great ideas – in many instances these are young men and women taught by the same intellectual ancients with nothing new to add – only to hear more of the same.
On BU, we have a certain attraction for a bright, but ordinary woman, now undertaking further post-graduate work and meddling in cryptocurrencies, and treating her as a new messiah. She says nothing new or out of the ordinary. I am not criticising all this. All I am suggesting is that we must recognise that we have a small talent pool and seek to expand it. Not pretend we are punching above our weight.
As to Rawdon, if he was as talented as the Nation and David BU think he is, he would not retreat in to a little island where he would pretend to bee king; he would compete ou8t in the big bad world.
In my trade you want to compete with the biggest and best. Rawdon, with his so-called MA in Political Sociology, cannot compete in his own home.
@Hal Austin
I’m not playing games with the future of Barbados… I have returned here and thrown my lot in with those Bajans who never had the opportunity to leave.
I have made absolutely no representations about Rawdon’s talent… just pointed out factually what his expertise and experience is and is not.
Barbados is becoming increasingly a failed state
We have govt using old people money to pay govt bills
Now a minister has the mitigated gall to express that hardworking barbadians pool their money together to pull the transport board out of its financial bind
Rawdom Adams and all the consultants can not pull barbados out if the economic quadmire
That is why more and more everyday govt is asking all barbadians to empty their pockets to help save the capsized ship
The story of Humpty Dumpty gives meaning to how barbados has ended
There is nothing dynamic or new about anything in the Rawdon Adams speech. Pity he had a national platform on which to make it. Dale Marshall once talked about a Barbados development model. Can we get him to repeat?
@ David BU
A very interesting debate. Enlightening to me.You must forgive me for cherry picking. But I prefer to avoid discussing religion ,party politics, and personalities.
@ Vincent
But I prefer to avoid discussing religion ,party politics, and personalities.
++++++++++++++++++++++++++++++++++++++++++++++++++++++
LOL
…but not stinking Bushie…
Those are among the bushman’s favourite topics…
LOL
ha ha ha
Whuloss….only last night de ole man was observing how Rawdone being “tagged” all bout Barbados Underground with an agggressive SEO strategy which is promoing him as the true saviour of the Barbados Economy.
And now, not even 12 hours later, here we are with the high praises of the said Rawdone
“…A recent contribution in the Senate by Senator Rawdon Adams CONTINUES TO RESONATE with the blogmaster…”
Is this to secure his expansion of the MOUs across the Caribbbean region? heheheheheh
A fellow asked you specifically what continues to “resonate” but you have conveniently not responded though previously on the other article you did say “…or words to that effect…”
Slowly but surely it is becoming apparent that your genuflection (another blogger’s words not mine) to Rawdone is disturbingly evident.
But as for me and my perspective of Rawdone, I can only echo the foregoing comments of wiser contributors than de ole man will ever be to repeat that (a) the constitution was changed for this person (b) they are as a result now a senator in the Upper House and simultaneously and unethically (c) their company, which they have not quit from, has been endorsed and is now providing services to the same GoB that re-imported his backside against all WTO Fair Competition Practices
https://i.imgur.com/J5PluEC.png
@Wily
Coming at you again, where did the phrase the governor is a creature of the minister come from and why?
@ pieceuhderockyeahright,
conflict of interest does not exist in Barbados politics.
@Bush Tea
Did this minister not go to the press just a few weeks ago with the question of how the lottery owes government MILLIONS of dollars in outstanding taxes?
++++++++++++
I was dozing off and this jolted me awake, the lottery owes the Gov’t money? Wuh de France this world coming to? Lotteries are in the business of making money after the suckers (sorry customers) part with their money hoping to win the “big” one , yuh mean after they make the payout it is short of cash? How about they put de fix in and no one wins but they turn over the money to the Gov’t to help settle the outstanding bill?
Memo to self- Do not buy a lottery ticket in Barbados the cheques might bounce.
I was looking at the Central Bank site with its sandbox initiative.
Pros.
This is an effort that shows that these people are beginning to think in the right direction as it relates to what is a critical element of a national diversification strategy by the new Mottley administration
It also shows that the critical synergies between critical departments have been bridged
Cons
I am going to err on the side of caution and state that there must be some additional documentation that will be shared with a RRP provisioner because this site is incredibly paltry with regard to a bilateral Non Disclosure Agreement
Further to this glaring shortcoming, a careful read of the so called confidentiality agreement shows that there has been no consultation with any legal party.
I mean they could at least go to the UWI and speak to Eddie Ventose and have him provide an IP template for them.
There are Two parties that are participating in the RRP with the potential provisioner and commensurately there should be a document which explicitly mentions both parties for the protection of the provisioner.
Finally i have a question that is for the inexperience drafters of the so called document and the NATURE OF REFERENCES
Under “Character Reference” the document states
–
the referee should have known the applicant for a period of no less than five (5) years and the nature of that relationship should be disclosed.
The referee should address the applicant’s honesty, integrity and reputation.
So my 19 year old Bill Gates-esque relative with his revolutionary ideas is going to know someone who can vouchsafe his integrity AT 14?
Business Reference
–
this should address the competence and capability of the applicant in fulfilling the proposed role.
The relationship must have been in existence for at least three (3) years.
AGAIN I GIVE YOU THAT 19 year old relative
And as it relatees to this last category Financial Reference I need not repeat the obvious puerility of this absolutum.
–
this should be provided by a financial institution licensed to conduct business in Barbados or in another jurisdiction. The relationship must have been in existence for at least three (3) years
So what it does is to show that the clowns are stuggling to bypass the pointers that have been shown up here on BU by Niel Harper
And that they would not meet those stringent requirements so what they do instead is to create a SANDBOX with a series of so called criteria that are to be examined afar off from the prying eyes of the average man.
Where fellows like Niel Ent will never be allow to say nuffing and one Director of Finance who does not know the difference between the northbound end of a southbound cow IS GOING TO BE RELIED ON TO GIVE A PASSING GRADE.
And with that all Bajans can Welcome in MMoney as in Mia Mugabe Money in 2019
The Governor of the Central Bank Of Ghana spoke to the “independence” of the bank knowing full well that the bank is privately owned, likewise the Barbados Central Bank is also listed as “privately owned”.
“Embarrassing performances” by CBB against legal protocol is expected, understanding its structured framework.
To have sold the only nationally owned bank (Barbados National Bank), the political class have forfeited CONTROL and accountability of HUGE FINANCIAL ACCOUNTS deposited for the betterment of this society to the control of T&T.
Similarly, CIBC which also was entrusted with HUGE FINANCIAL ACCOUNT under name of the same account holder, merge with Barclays to form First Caribbean.
The third entrusted institution is the CDB.
What is missing here?
It is wise to capitalize in Cryptos future, via regulations, noting privatized central banks will self destruct eventually for their rolls in global affairs.
https://steemit.com/rothschilds/@scribebot/list-of-rothschild-owned-central-banks
@ piece,
Everyone will not and cannot comprehend strategic strategy. Outside influence is a major roll player.
.
The following was highlighted last year as a sign the government was in deep financial problems. So far we have not had a response from the new government.
The OECS arrangement for a Central Bank gives it protection to state political interference.While most understood Barrow’s intention to move away from the ECCA at the time there were those who disagreed and rightly saw the implications of one upmanship at play.
Of all the GoCB here,Dr Worrell turned out to be his own worst enemy.Anxious to show his political colours he allowed his professional integrity to be compromised by a pack of wild boys out of control and when he realized driving a Mini Cooper to work instead of the official company ride,it was too late to close the stable door.His soul was sold for a mess of pottage and the door struck him on the way out.
I hope it doesn’t happen but the ECCA and the ECCB are possibilities for a bajan solution to the current crisis if BERT is allowed to fail by those who do not have the country’s interest at heart including Hal Austin and his sidekick William Skinner both admirers and supporters of Delisle Worrell and who harp and holler about Barbados being a failed state,only because their opinions do not resonate with the man in the street.30 love is not an easy mountain to scale like a walk in the park.Mia Mottley and her crew including Rawdon Adams have good intentions for Barbados.It will take some time with some pain.Confidence is returning to Bim.
Do not care how many “good intentions “one have those intentions must evolve from a place of productivity for more than fifty years barbados has not been able to produce any thing of significant value except rum
The long short must be that of an educational system which teaches its students how to produce products that are markable and beneficial to building an economy
The only thing of value an economist knows to produce are numbers most of which serves self value and interest unto themselves
All that money Mia used for consultants could have been advanced into building an educational system which would be beneficial to building an economy
Shuffling numbers and nuff long talk not going do it
@ Sergeant
FYI
https://barbadostoday.bb/2018/08/14/govts-gamble/
What about the VAT uncollectibles?Was there not a quoted figure of about 400 million owed to the treasury?
“All that money Mia used for consultants could have been advanced into building an educational system which would be beneficial to building an economy….”
As well as…..
…….. all the millions of dollars in exorbitant legal fees paid to DLP goons such as Guyson Mayers, Richard Byer, Hal Gollop, Michael Carrington and Michael Yearwood……….
………..the million dollar contracts given to Mark Maloney.
………..ministers taking a 10% reduction in salary……then secretly making the restoration of the 10% retroactive over the period……..which yard-fowls like you and the other idiot defended.
Then yard-fowls like you and the other idiot come to this forum with your “one sided” criticisms, trying to convince others that members of the former inept DLP administrations are “saints” and the BLP are “demons,”
……….when in actuality BOTH the BLP & DLP are guilty of committing the SIMILAR SINS.
It’s obvious that your concerns are not genuine.
@ Gabriel
I have never stated that our country is a failed state. I have to date disagreed with Hal on his position that it is one.
These days I end my contributions with: “ Nit a failed state yet but……..”
I don’t know why you want to involve me in your diatribe . I spend most of my time for the last twenty six years or so, happily in the knowledge, that I bluntly refused to join the BLPDLP.
Nothing it does surprises me. However I thank you for referring to me as Hal’s sidekick. If I were yours I would ask for death instead.
Also Artax that which can be added is the millions of dollars that was paid to Barrack because the blp govt refused to commit to the debt they had owed him
This video was posted to YouTube 15 June 2017.
Charles Skeete has since passed away. He has predicted Barbados a devaluation of the currency.
He correctly opined that a government/political party will not campaign on an austerity budget although cutting spend is a must.
@Gabriel,
I know it is part of the Bajan condition not to understand basic arguments. I have never said that I agreed with the economic policies or suggestions of Dr Worrell, nor do I. This is not the first time, nor are you the first one, to misrepresent my arguments.
I won’t go in to detail, because you still won’t understand.
First, I respect Dr Worrell, but I have criticised him for working under Chris Sinckler as minister. I have said, and still mean it, that once the semi-literate Sinckler started to challenge him he should have walked out of his job. Eventually he suffered the humiliation of being sacked by Sinckler. We are getting a repeat of this self-flagellation with some ministers in the Mottley government.
My more fundamental argument is about economic theory and the dominant consensus in Barbados, which you won’t understand since even your professionals do not. Only yesterday I posted a criticism of neo-classical economic theory to @PLT. I made the point that since 2008 there have been a number of new paradigms in monetary economics, which seem to pass Barbados by..
You also come with the political nonsense that if some one opposes the ruling Mafia then they must be opposed to Barbados – the party is the nation and the nation is the party. Idiocy.
I oppose them because they are wrong, arguments which I have spelt out over the years. Barbados is not unique nor are the policies they are trying unique. BERT is Washington Consensus stuffed with cou-cou. It is bad policy and worse economics. Somehow, because it is being tried by the authoritarian Mia Mottley ad her team it must be different. No, it is not.
I| have also said Barbados is a failed state because the institutions of democracy have failed, thus, ipso facto, the state has failed. A free and fair vote every four or five years is NOT democracy, it is the minimum requirement of democracy.
Again, I say: Barbados is a failed state.
@ David October 24, 2018 2:44 PM
“Coming at you again, where did the phrase the governor is a creature of the minister come from and why?”
Wily does not know where this expression came from, Wily knows however if the REGULATIONS & RULES presently in place for the CBB and GOB were followed then this statement would be FALSE. Knowing Barbados and its TRACK RECORD of GOB interference into all aspects of FINANCE, then you get UNSTABLE environment that exists today.
RULES & REGULATIONS are formulated for a reason, however this reason escapes most/all Barbados Ministers and their underlings.
One of our worlds leaders is now using “governance by chaos” theory, no doubt he’s picked it up from Barbados.
Do not agree Wily. The minister calls the shots. This government has to change , or planning to, to prevent central bank running an overdraft at the whim of the politicians.
@ Hal Austin at 7:23 AM
I concur with the views expressed in this particular submission. There is no serious attempt to deal with the fundamental problems affecting Public finance and the Barbados economy. The objective seems to be putting in place a program that would encourage IMF to lend money to Barbados. Except that we do not need money . We need proper financial management, which you and I can see we do not have.
David you are playing Devil’s advocate. The Devil needs no advocate. He does a good job all by himself. If you are a creature of the MoF, you try to second guess him. If you are a Governor of the Central Bank you behave like one and advise him. Your allegiance is to your profession.
@Vincent
Let the blogmaster do his thing!
At the end of the day integrity must be present how we engage as individuals and professionals.
@Vincent,
We need a modern and radical Central Bank Act, giving the Bank total independence, reporting annually to parliament. But, the authoritarian Mottley and her technocrats will not tolerate such freedom. So, any other discussion is a waste of time.
Gabriel October 24, 2018 6:41 PM
“…Dr Worrell turned out to be his own worst enemy.Anxious to show his political colours he……
…. if BERT is allowed to fail by those who do not have the country’s interest at heart including Hal Austin and his sidekick William Skinner both admirers and supporters of Delisle Worrell….
Mia Mottley and her crew including Rawdon Adams have good intentions for Barbados…….”
The classic, unmistakable signs of a human brain turning to putty.
@ David BU
I think we are on the same page in the same book. Professional and personal integrity are the missing ingredients.
@ Hal Austin
In my opinion there is enough room within the CBB Act for an adequate level of independence for the CBB’s BoD and Management. There must be checks and balances.
There is a possibility of choosing a “wild boy” Governor of the Central Bank as well.
(David, the “wild boy ” concept came from the same source as the “creature” concept) .
So we still have to give the Minister a residual piece of the power. The Minister was elected and appointed to the post.
Finally I will repeat. Central banks were established to ensure adequate liquidity in the economy. Printing money ,however defined, is a legitimate function of Central Banks. It is the misuse of this temporary contrivance that leads to total collapse of the financial and economic systems. This is supported by both the Milton Friedman and Milton Keynes schools of thought. We have already reached and exceeded the limit.
David Bu please forgive the academics. LOL
@Vincent
Not at all, the BU household appreciates the ‘leadership’ you bring to the blog.
@Vincent,
Is the Milton Keynes school of thought the Open University?
I meant to write “Maynard Keynes” not “Milton Keynes.”
Hal Austin
Stop playing Cornell. CropOver finish.
Can’t make assumptions. Must clarify.
@David
Agree the Minister of Finance is DIRECTLY CALLING THE SHOTS, however most democracies say Central Bank should operate at arms length from the government and in particular m
Minister of Finance. When RULES AND REGULATIONS are disregarded, whatever the rational, the country is operating as a DICTATORSHIP. MOF should/must be guided by a democratic procedure, however present BLP and past DLP were not listening to or following democratic procedures.
Hal Austin and William Skinner both come across as very negative correspondents.Nothing the two major parties do,good or bad,can pass their red ink pen.Its that way most of the time.Its tiring to see Hal write of Barbados being a failed state and his sidekick taking cover under the pretext that …well it’s not yet a failed state but it’s heading there.Why don’t you two guys offer your talents and unique insights into the remedial monetary and fiscal policy you would wish to visit upon the good people of Barbados within your political party of choice.Set up wunna soapbox in Queens Park a Sunday afternoon if wunna is man!
Wiley Coyote at 1 :23 PM
I agree. We need to follow the accepted and agreed rules,procedures and conventions. It engenders trust and credibility. A society cannot operate without these.
peterlawrencethompson October 24, 2018 7:25 AM
“Finance is not equal to economics.”
peterlawrencethompson,
This is a simple, but very powerful statement. Finance is an exact science. Economics is not.
I discern a lot of confusion in some bloggers’ minds because they have not yet made the distinction.
Let us deal with economics, one of the social (inexact) sciences, first.
Before independence, Barbados was a small, weak, vulnerable, open economy exposed to good and bad external forces (exogenous shocks). Fifty years later, the economy displays the same exact characteristics. Yet, we have bestowed knighthoods upon economists and UWI has honoured and highlighted them as being some of the most important and influential of their graduates. Strangely, the positive effects of their handiwork are nowhere to be seen by the naked eye, or by a sharp intellect.
Years after independence, and showing signs of becoming unsettled over the mounting pile of debt, Barbadians were coaxed by politicians and economists (Dr. Clyde Mascoll included) into believing that although our debt was large, it was manageable because the bulk of the debt was local debt.
An average financial mind, if called upon to assess the same situation, would have truthfully told Barbadians that the government had no serious strategy in place to earn foreign exchange (besides begging and borrowing), and hence all future payments in foreign currency were at risk. Additionally, the “dunciest” of the village idiots in Barbados, would have seen that Barbadians were already grossly overtaxed and that the taxing power of government had become stretched to the limit. Therefore, timely and adequate repayment of the mounting local debt was also not guaranteed.
When the government of Barbados decided to unilaterally stop making payments on its foreign debt, and also decided to use a “hollow ground razor” approach to deal with local investors, an average financial mind focusing on the importance of cash flows (domestic and foreign currencies) and constantly assessing the probability of ruin, would not have been surprised.
When the Chairman of the NIS, with no training in finance, and with no actuarial review published since December 31, 2014 (and this report said that if the government doesn’t repay the NIS its money, the scheme could become insolvent by 2033) could come before Barbadians in October 2018 and parrot and spout the same nonsense of his predecessors and former ministers that the NIS is sound, then an average financial mind ought to warn Barbadians that they have to seriously start looking at alternative sources of retirement income.
To Barbadians who would listen, I am telling them to do not depend on NIS. Do not depend on a government pension. These are not guaranteed payments and they are all wrapped up in the fortunes and misfortunes of government.
Wily
This interference in monetary policy by the politicians is not available in the OECS.The IMF warned Barbados under the last administration to cut it out.The result was Dr Worrell’s downfall and as he was an acolyte of the said administration nobody came to his rescue.A Federal form of government is going to be the way forward for all these Caricom States.It works in the OECS.It must work in Caricom.People,Capital and Services must move freely to stop the ups and downs and the accompanying chaos for households since we cannot guarantee wild boys won’t rise again.Canada would be the preferred big brother but Monroe might force the issue on our tinpot dictators soon enough.Driving on the right side and electrification complimentary to that on the continent will come eventually.
@Gabriel,
Sit down and concentrate.: I do not support the economic or social policies of either the DLP or BLP. They both subscribe to a neoliberal economic ideology which I think will not rescue Barbados from its current problems. As to putting myself forward, I am not a politician and do not want to be a politician.
What I am prepared to do is to debate, in print, live or broadcast, with any of the people who say I am wrong – even with minister of economic affairs and prime minister Mottley.
@WB
your valid comments begs me to ask….is actuarial science, an exact or inexact science?
Wuh Loss!!
Where ignorance is bliss ,it is folly to be wise.
@ Walter Blackman
I commend you on your earlier post, for the most part, the part that i understood
You said and I quote
“…An average financial mind, if called upon to assess the same situation, would have truthfully told Barbadians that the government had no serious strategy in place to earn foreign exchange (besides begging and borrowing), and hence all future payments in foreign currency were at risk…”
This specific part that i do understand, about the paucity of strategy to earn foreign exchange, is something that my illiterate self has been shouting bout from the housetops.
I recently have been doing so as a poor trumpet bearer for the big Gun, Bush Tea (and others)
Let me ask you a question kind sir.
While I would not want you to give out any trade secrets here, which of course form the basis on which persons like yourself work as consultants, could you just give a slight insight and to just ONE EXAMPLE of a strategy to earn foreign exchange OUTSIDE OF OUR CUSTOMARY BEGGING ACTIVITIES?
@ Gabriel
I have stated, written and am intellectually honest enough to always state that the parties have done equally well and equally badly.
Unlike you, I do not find comfort in either of them. It is obvious to any reasonably intelligent person, that the duopoly can claim some achievements. However , it has run its course as you can now see , if you find a split second to take off your partisan hat and see Barbados and not opposite Lionel C Hill supermarket. The duopoly had sixty three unbroken years to come up with policies to effect basic things such as: proper public transportation, housing, health care and garbage collection. It has failed. On the economy : three trips to the international loan shark known as the IMF. Your problem is that the masses are going to get savage by the policies that we now have to live with. The plight of the country is the results of the socio economic policies of the duopoly since the mid seventies.
Apparently when you lift your partisan pen to write and criticise you are being positive. When Hal and I write we are considered by you to be negative.
Rather than tell me what to do you need to find work for the 2000 plus that the duopoly will send home.
Go and comfort the school meal workers, security guards, stenographers, clerical officers and all the rest of poor black people that getting kicked to the curb once more by your BLPDLP political hooligans.
Not a failed state yet but………..
NorthernObserver October 25, 2018 3:41 PM
“@WB
your valid comments begs me to ask….is actuarial science, an exact or inexact science?”
NorthernObserver,
I am sure by now that you have realized and observed that most human beings like to run their mouths on any topic that does not require logic, reasoning, or any deep technical knowledge. Under such circumstances, they can eloquently and loosely talk about mundane nothings ranging from “flannel to fuzz” and they can tell the whole world how “game cock bring game hen”.
However, ask them to multiply 12 by 13, or to find the length of the hypotenuse of a right angle triangle, or ask them what is the universal significance of the mathematical constant Pi, and 95% of them will “cut their eye”, look at you “stink”, and flee from your presence, telling you about your mother and her “quickly manufactured indiscretions” as they slither out of sight.
Human beings love to wallow and thrive in inexactitude. That is their nature.
An actuary is one of the world’s scarcest “white collar” human resource.
At this point, deductive reasoning will provide the answer to your question above.
PS: I got a question in an actuarial professional exam wrong because I rounded down my answer at the sixth decimal point, instead of rounding up. Go figure.
@ Walter
Three points;
1 – Finance is an exact science. …… you are guilty of tautology.
2 – “Economics is not “…. absolutely correct there boss… It is NOT worth shiite…
3 -Let us deal with economics, one of the social (inexact) sciences, ….. see 1 above
By definition, science is exact,
“Inexact science” is an oxymoron.
Everything else is sound..
Can you PLEASE explain how it is that in Barbados we ALWAYS seem to end up with people in charge of things that they know NOTHING about….?
Are all subsequent leaders trying to outdo Owen’s ‘Chicken Feed man’ as Supervisor of Insurance …and CLICO facilitator…?
pieceuhdecockyeahtight October 25, 2018 5:39 PM
“@ Walter Blackman
While I would not want you to give out any trade secrets here, which of course form the basis on which persons like yourself work as consultants………”
pieceuhdecockyeahtight,
I present myself to BU and the world as an actuary. I recall that, at the end of a blogging exchange which we had recently, you rushed “hot and sweaty” to portray me in one of your “stoopid” cartoons as a fraud. I never studied law so I do not know if the false statement you published, which was intended to harm my professional reputation, amounted to defamation of character. I am not even interested in finding out, simply because making you 1 cent poorer makes no sense to me.
As an actuary, I am always on the lookout for inconsistencies and contradictions. That type of behaviour is a natural consequence of my training. So that begs the question: How come I was a fraud a few months ago, but now I am a consultant with trade secrets? What transformed me?
As a Barbadian, I have come to recognize the major character flaws which my compatriots possess in limitless abundance: envy, malice, hypocrisy, and deceit. I am always on the lookout for those too!
@Hal
“Why are we treating Rawdon Adams as an expert on financial economics? I know it is the BU culture to genuflect to their better-offs, but this is ridiculous. Rawdon Adams the new messiah, Dr DeLisle Worrell, the dunce. Nonsense.”
I am beginning to believe that you are not a Bajan. The above is equivalent asking if the pope is Catholic.
Look at the man last name, his genealogy (or pedigree as some say) ….;
Piece just got hit with a shot from a Walther PPK Blackman
” If I were yours I would ask for death instead.”
Ouch…
🙂 Jesus, I aint a lawyer, but that must be libel or some kind of defamation. It just aint right:-)
@Walter
You are one of the guys that I like.
By now you should know the modus operandi of a few here….
Piece is one of the guys I like as well.
pieceuhdecockyeahtight October 25, 2018 5:39 PM
“@ Walter Blackman
…. could you just give a slight insight and to just ONE EXAMPLE of a strategy to earn foreign exchange OUTSIDE OF OUR CUSTOMARY BEGGING ACTIVITIES?”
pieceuhdecockyeahtight,
In 2016, Australia gave patients legal access to medicinal cannabis. In 2018, Australia started to legally export medicinal cannabis, and from the moment exportation was allowed, the government boldly declared that it intends to become the world’s number 1 supplier of medicinal cannabis. The government also said that exportation meant that the local medicinal cannabis growing market will be developed to its full potential.
Canada legalized medicinal marijuana in 2001, and recreational marijuana in 2018.
Israel has been dubbed the medicinal cannabis research capital of the world and started selling medicinal marijuana in pharmacies in 2018.
The USA has legalized medicinal cannabis in 31 states. Use of recreational marijuana is a federal crime in the USA. Yet 9 states have legalized it, and no federal arrests have been made.
Closer to home, Jamaica has been the largest Caricom supplier of illegal cannabis to the USA, and has now decided to cash in on the international medicinal cannabis market. Police in Jamaica are no longer allowed to arrest persons carrying less than 2 ounces of marijuana.
The world is changing but Barbados appears to be stuck in a comatose state, metaphorically speaking. There is a reason for this.
Barbados has a high quality cannabis product, but existing arrangements keep forcing Barbadian consumers to buy cannabis which is grown and exported from Jamaica, SVG, USA, and Canada to name a few countries. Policemen are enforcing the law by destroying Barbadian cannabis trees and charging, fining, and incarcerating the farmers who are producing a high quality product. This causes a severe leakage of foreign exchange. The Central Bank Governor once said that $300 million of foreign exchange inexplicably disappeared. I always thought that the foreign currency which Barbados pays for cannabis and guns played a role in that disappearance. Either that, or Barbadian businessmen exported their money.
As far as capitalizing on this emerging market is concerned, Barbados with a 99.9% literacy rate seems to be adopting a “100% ignorance” policy position. With the international medicinal marijuana market expected to reach $50 billion within the next 10 years, Barbados is lining itself up to become a mere consumer, rather than an exporter. Why?
I would like to see the clause in Adam’s will that prevents Barbados from participating in the division of the global medicinal marijuana market.
Before I go, I will give you a financial insight into the nature of Barbados’ problem.
Cannabis retails in Barbados at roughly $5000 per pound.
Let us assume that each constituency in Barbados consumes 1 lb of cannabis per hour. Because of “universal access” to cannabis on the island, i view this estimate to be quite conservative.
Yet, this relatively low rate of consumption produces $1.3 billion in revenue.
Therefore, cannabis in Barbados is a multi-billion dollar industry. All the money is creamed off at the top by a select group of parasitic individuals who pay no taxes to the consolidated fund, and based on the fact that these “big fish” are unknown to the law, the politicians (YOU can say “yeah, right”. I can’t), the courts, and Dodds, their activity is virtually risk-free. This risk-free activity has been going on for more than 30 years in Barbados so it stands to reason that there are extremely wealthy Barbadians who cannot withstand the slightest scrutiny into their financial affairs by the government. They need not worry. The government, parliamentarians, and police of Barbados have not the slightest clue that we have extremely rich cannabis retailers in the country.
Not so, when it comes to the foot soldiers selling $5 and $10 bags, and the consumers. Suddenly, whereas 100 lb bags of cannabis could enter the island undetected, herb smokers are hauled before the courts for having “a roach” or a “spliff” and foot soldiers are charged and convicted for having small quantities with intent to sell. Struggling to make ends meet on an island riddled with corruption and little or no opportunities, these youths from the block have to pay fines to the courts and lawyers for being the “bottom hustlers and feeders” of an illegal multi-billion dollar industry.
Although this system is counter-productive and unjust, every ounce of energy will be exerted to ensure that it remains untouched. As long as a few people at the top in Barbados benefit from a scheme, no interest is ever paid to the damage done to country. Vintage high-level Barbadian thinking at work.
Bush Tea October 25, 2018 8:28 PM
@ Walter
Three points;
1 – Finance is an exact science. …… you are guilty of tautology.
2 – “Economics is not “…. absolutely correct there boss… It is NOT worth shiite…
3 -Let us deal with economics, one of the social (inexact) sciences, ….. see 1 above
By definition, science is exact,
“Inexact science” is an oxymoron.
Bush Tea,
Agreed.
I had to commit the tautological and oxymoronic sin to get the point across as best as I could. As I read your words, I kept thinking about the faculty of natural sciences and the faculty of social sciences at Cave Hill. Then about obeah, voodoo, and fortune telling – the pseudo sciences.
Sciences, sciences wherever you turn.
That said, as you would say: Boss, you were very rough on the economics part though. I spent many hours studying economics at Cave Hill, and I had a minor in economics at the University of Nebraska. I am not sure that it is my best interests to join forces with you on this one. I don’t mind knocking economics a little, but it seems that you want to annihilate it.
Right now, you have me feeling that I would have been better off studying and writing poetry instead.
I got an A in Macroeconomics
And I thought that I was bright,
Now you Bush Tea want to tell me
That my effort was “not worth shiite”?
As you can clearly see, I just don’t have the poetic touch. I think that I am going to hold on to my economics a little longer.
LOL.
watchman October 25, 2018 9:33 PM
“Piece just got hit with a shot from a Walther PPK Blackman”
watchman,
You would do very well to remember that I have always viewed you as his deputy. The first mistake you make will earn you a blast in your wicked backside from the PPK.
I shot the Sheriff,
And I getting ready to shoot his deputy.
LOL
TheOGazerts October 25, 2018 9:44 PM
@Walter
“By now you should know the modus operandi of a few here….”
TheOGazerts,
I believe that I do, and because I do, a little boredom has set in.
To get some entertainment, I have simply decided that it is about time that a few here get to know the modus operandi of me.
@ Walter Blackman
How are you Walter ? good seeing you on BU, no need to keep that shot for a black-man, who maybe family
Hmmmm. Now let me see. Gabriel, pieceuhdecockyeahtight, watchman. Only Enuff is missing from the vile and villainous quartet. Should he raise his head slightly above the proverbial parapet, the PPK is already poised and ready to show him what God he is serving.
Then again, I couldn’t help but notice how hastily he fled after almost everyone on BU told him what a gaily-coloured, magnificent yardfowl he had morphed into.
LOL @ Walter
Having studied Economics (whatever the Hell THAT is…) …AND having (rebel that you are) demonstrated that you are able to see above the brass bowl din, ….Bushie does NOT have to explain to you the uselessness of a field of study whose very basis and grounding is limited to a VERY specific period in history after the second World War…..
Boss, POETRY is much more relevant in this Twenty First Century.
Understandably, having rubbed shoulders with the hoards of BBBs who still walk around claiming that obsolete expertise, you will be less disposed to being as frank as Bushie can be – The whacker remains relevant to all forms of grass and shiite from all times….
LOL
ha ha ha
BTW…
Still awaiting your take on why clueless morons always seem to find themselves in charge of major issues in Barbados….
Heheheheheh
@ Walter Blackman
Walter,
Some months ago the Honourable Blogmaster begged for you and the ole man took his intercession on your behalf AND STOPPED ATTACKING YOU OR YOUR CHARACTER OR YOUR QUALIFICATIONS
IN FACT I WOULD OBSERVE ANYTHING YOU WOULD SAY PERIODICALLY and while some were way out there, I left them alone.
In this article you made a specific statement which I thought merited a genuine query but all BU noted that you prefer to revert to the old way we discoursed here before.
You even remember 4 of the 6 tag team members but forgot 2 whom you would…. and I leave my sentence there
I WOULD ASK THE HONOURABLE BLOGMASTER THIS QUESTION
What do you kind sir, the arbitrator of these verbal matters recommend?
Did I not observe your requested truce and leave your friend Walter Blackmsn alone?
My battle with you Walter is done.
Donna told you the reason that i would have been so savage on your then because you were seen to be part of the skullduggery and for that sin HAD TO BE STOPPED.
THAT BATTLE IS WON AND YOU ARE NO LONGER AN ISSUE.
Your value however as a person who speaks inexact sciences, still remains, so my current engagement is made with that in mind and harbours no grudge against you like bajans do, for life.
You made the wrong decision and you learnt that it was not the wisest of choices
Just Move On and show yourself to be a man and not a 60 something year old boy seeking one upmanship on an ANONYMOUS blogger
You can do the my bat my ball cricket done thing or we can speak to the substantive issues or you may choose to continue to fight.
But you are not a threat to the country i love any more, for now, so we can coexist.
The real threat is the Rawdone Dog & his Bit(t)e so it is to ghost enemy of the State de ole man fixes my attention as you will see for the coming 12 weeks
Facts about the Bitt Dog’s Bite. Below are some facts about the Rawdone Bitt Dog and its bit(t)e pressure measured in PSI – not pounds per square inch but “people- suffering- incessantly” as being encouraged by Mia Mugabe Mottley every week in the news. The series of Stoopid Cartoon that are going to follow over the coming 4 months, or for the 12 weeks time the Rawdone Dog is scheduled to be in the “Central Prank shitbox” will highlight the wickedness that is planned against unsuspecting bajan sheeple.
The campaign will warn all Bajans to stay clear of the vicious Rawdone Dog who its owners fondly call “YourMoneyisMyMONEY” or “MyMoney” for short
The campaign will also explain the effect of its dangerous Bit(t)e.
Bajans can expect Upcoming Stoopid Cartoon Data to indicate how this specific animal will seek to “bit(t)e its users and why the Rawdone dog must be viewed seriously.
Ignore at your financial peril.
A wonderful Sunday morning to all.
Hoping PUDRYR have a great day..
You gave me a good laugh with “Central Prank” and “myMoney”
Wasn’t it “mMoney”. Lately I have seen it as “MMoney”. A subtle change.
interesting contributions.
Indonesia has made an unusually bold move in its battle to stem foreign exchange outflows. In late October, state-owned oil company Pertamina asked its suppliers of diesel and crude to stop charging in dollars and instead choose the rupiah, or go for the euro, Chinese yuan, Japanese yen or Saudi riyal.(Quote)
Here is a solution to our dollar-denominated debt. I mentioned this in the discussion on BERT, our foreign debt depends on the competence of our negotiators. Power to the Indonesians.
@Hal
Getting in above my head, but I am a Bajan
Surely the fact that we are tied to the US dollar negates everything that you said above. Charging or buying in BDS $ is the same as buying in US $.
pieceuhdecockyeahtight October 28, 2018 6:50 AM
“Walter,
Some months ago the Honourable Blogmaster begged for you and the ole man took his intercession on your behalf AND STOPPED ATTACKING YOU OR YOUR CHARACTER OR YOUR QUALIFICATIONS
You even remember 4 of the 6 tag team members……
My battle with you Walter is done.
THAT BATTLE IS WON AND YOU ARE NO LONGER AN ISSUE.
Your value however as a person who speaks inexact sciences…….
You made the wrong decision and you learnt that it was not the wisest of choices
But you are not a threat to the country i love any more….”
pieceuhdecockyeahtight,
You have been heard.
Next!.
@ TheoG
Surely the fact that we are tied to the US dollar negates everything that you said above. Charging or buying in BDS $ is the same as buying in US $.
+++++++++++++++++++++
NOTHING could be further from the truth.
The VERY EXISTENCE of the US dollar is currently predicated on the FACT that these dollars are MANDATORY for all international purchases of oil.
If we could get Barbados dollars to be accepted as the sole currency for the purchase of even sugar…we could allow the Central Bank Printery to launch into full swing again…. Just like the USA has been doing now for decades..
When that sweetness is finally ended …the collapse will be spectacular….
All those who even dared to SUGGEST such ‘treason’ in the past have died trying…. and had their countries decimated …
Oh dear me,
Was not de ole man magnanimous in victory and offered a certain man the branch of peace?
DOES IT NOT SEEM THAT SAID VANQUISHED CHARACTER RETURNS TO HIS OWN VOMIT FROM TIMES AFORETIMES AND THAT HE BELLIGERENTLY CONTINUES TO BRING THESE FORGOTTEN THINGS TO THE FORE?
IS IT NOT REASONABLE TO DECLARE “OPEN SEASON” so that the ole man can go hunting again and this time kill the deer?
“Stay thine hand, mighty rhino killer, for to unleash thine onslaught on this single animal with thine Gatlin is like using a chainsaw to cut down a cus cus grass blade”
“Ignore the misguided and mistreated political wannabee for this week is be kind to animals week”
“Why bring blood and tears to this animal when you can bring it milk and the warmth of a stable for the jackass?”
“Did you not slay 30 of its parents why slay the offspring too”
“Remember that thou livest in a dispensation of grace and not in times when thou shalt not suffer any Male, or female, or child, or ox or ass (of which he beith about 10) to live”
And so, while listening to the wise words of the Honourable Blogmaster (or the imagined words of he who leads the BU rumshop) de ole man shall pass this creature by, for it too has its story
Heheheheh
pieceuhdecockyeahtight October 31, 2018 11:12 PM
“………to unleash thine onslaught on this single animal with thine Gatlin is like using a chainsaw to cut down a cus cus grass blade”
Ignore the misguided and mistreated political wannabee for this week is be kind to animals week
Why bring blood and tears to this animal when you can bring it milk and the warmth of a stable for the jackass?
Did you not slay 30 of its parents why slay the offspring too
…….thou shalt not suffer any Male, or female, or child, or ox or ass (of which he beith about 10) to live
de ole man shall pass this creature by, for it too has its story”
pieceuhdecockyeahtight,
Son, you have submitted another composition for me to grade, and for the millionth time, I must inform you that your effort has not met the minimum standards required for grading.
Contempt, scorn, and hatred are oozing out of your composition. Nothing else. It has no value.
Already, you have become a serial defamer and a serial slanderer. You will get what you deserve via Karma.
Class is dismissed.
Run along.
@BT
I fully get your point.
I was dealing more with a conversion rate than with the economic side of things.
You give me US $1..00 I give you BDS 2:00 (if you would accept them)
@Piece and Walter
Chill guys…
Here’s an idea …..
ignore each other
Don’t worry about forgive and forget
just ignore
——————————————————–Question time ———————————————
Imagine I have to hustle to work. I want to quit but I always believe that I don’t have enough.
What would I need to
(1) Build a house. I don’t want a house at Coverly.
(2) Live comfortably in Barbados (monthly expenditure (food entertainment medical – assuming I am not running around to catch anything 🙂 ).
(3) I am not planning to work
How much is enough….
TheOgazerts November 2, 2018 7:08 AM
“@Piece and Walter
Chill guys…”
TheOgazerts,
I love you like a brother.
I have said it many times on BU, and I am going to say it again. Public education is not for the faint-hearted.
The IMF, the IDB, the CDB, the World Bank, the Arabs, and the Chinese could lend us as much money as they want, but Barbados will not get any better. What is keeping us back as a nation? Our nasty, destructive attitudes towards each other. These attitudes have to be exposed and understood. They exist in the population, so they must also be lurking in the minds of bloggers on BU.
I have to use all of the tools (e.g. self-defense, provocation, counter-attack, taunting, and teasing) at my disposal to bring these negative attitudes into the open in their raw, natural, naked state.
I can afford to chill at this point. I have already clinically extracted what I wanted to know from the human subject under observation.