National Meeting Turn

Submitted by Heather Cole

This is one of 3 initiatives es that is being planned to assist the island in the short, medium and long term. Combined with the other 2 initiatives, we will be well on our way to the much-needed economic revolution in Barbados.

The idea of the meeting turn is not new but putting it under a nationwide umbrella and online is. In reality, the meeting turn is a short-term loan without restrictions. While contemplating a possible solution that broaden the base thereby assisting more persons in the short and medium turn to have a source of financial assistance, the idea of utilizing the meeting term came to mind not in the old traditional way but combined with technology and placed on an online platform utilizing crowd funding with circular base of clusters.

The benefits are that crowd funding is that it will broaden the base of the source of funds. It is not meant to accelerate the pace by which funding is received. It will still maintain an analog format as some persons can physically take their contribution to the pool however it source of growth may most likely be through an online system where each person in the meeting turn is contributing to their own turn as well as contributing to specified number of other people’s meeting turn.

For generation the meeting turn has been the source of financing for working class Barbadians. They too are still in need of some short term or medium-term financial assistance. The benefits of this idea will be far reaching if the people support this initiative.

To protect the integrity of the system, I am in discussion with a financial institution in Barbados. To control the risks associated with this system several controls will be put in place.

I thought it best to reach out to Barbados to obtain their feedback through the SURVEY below as to the development of this initiative.

https://www.survio.com/survey/d/M9X2J2O3L4U6Y9B8N

65 comments

  • lol Some days your just glad you got up. and who’s turn would it be first?

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  • ALL the crooks are now in office, I see its best to talk after elections! waste of time keep running from the truth of all matters, crook ministers and lawyers seems to be your best friends.

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  • MURDAH!
    WHAT A LOAD OF BULL SHIT!
    DIS IS REALLY TRYING TO SCRAPE THE BOTTOM OF THE POT
    SHE LIKE SHE TRYING FE SCRAPE UP BUN BUN FROM DE POT BOTTOM
    WUNNAH CANT UNDERSTAND THAT DE WRITING IS PUN DE WALL

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  • HEATHER YOU MUST, HOWEVER, BE COMMENDED FOR TRYING
    “Without the need to be prolix to diagnose his emotional lethargy OF THE BLOGMASTER BY SEEKING TO SOLVE THE COUNTRIES WOES WITH RESPECT TO IMF, Crime, Political Class, DEBT, Yardfowls, Bigots, Education, NCDs, Potholes, Corruption, Cricket, Independence, Children and Ring a Ring o’ Roses.

    WILL YOU GET THE HIGHLY CREDENTIALED BU COMMENTERS TO ASSIST YOU IN THE MEETING TURN OR IN TURNING UP FOR A MEETING?

    Without the need to be prolix to diagnose his emotional lethargy OF THE BLOGMASTER I AM TRYING TO HELP BY HOPEFULLY TALKING ENOUGH SHIT AS I MOCK TO STOP HE AND OTHERS FROM GOING MAD AS HELL DOWN THERE UNDER THE PROLONGED BITING OF MIA MUGABE MUTTLEY, THE CARD CARRYING PUSSY BITER OF RENOWN!

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  • We are all talkers. We can talk until the cows come home. How about trying to implement something that can work for the good of the people. For those who have a problem with the above, complete the survey. You can also offer a critical assessment here.

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  • I got some responses from younger persons born in the ’90’s and they had not a clue what a meeting turn is. We are letting our traditions die.

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  • Where is this SHIT going to go, OUT TO SEA WITH THE REST OF THE SOUTH COAST SEWAGE EFFLUENT.

    Author is a true example of what’s wrong with Barbados, lots of TALK WITH NO SUBSTANCE and technical terms galore which are meaningless.

    Liked by 1 person

  • Really like scrapping the bottom of the barrell
    Wuhloss when all else fails try foolishness

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  • @ Wily Coyote, Take the Survey. I am taking action not just talking.

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  • de pedantic Dribbler

    @Heather, initially I thought this was a cynical essay about national financing from the headline but after reading I could only laff again and, say what a ting!

    First up, a meeting is unknown to millenials in its traditional form but frankly in all other ways they know it well: 1)a variant called crowd funding and 2) the more sophisticated variant called startup investing.

    Simply stated they all operate on the basis of a)person one getting funds from persons 2, 3, 4 or 5 for an initiative or project; b) persons 2 – 5 awaiting their turn to profit from the original sum of money ‘loaned/invested’.

    And of course more broadly we can call it a ‘credit union’! 😎

    So Madame you should really jazz up the old term ‘meeting’ for our modern thinking 🤣.

    But from a practical point tho, can you tell the blog how your controls will indeed control an unwieldy mix of peeps to ensure that each person meets their payment obligation AFTER they have been granted their group savings?

    What are you actually trying to achieve with this? A forced savings funding for a group of folks, a publicity stunt or just a morning lark?? What is the point??

    Like the other bloggers I think you are having one over on us but heh life is short so why not indulge your strange and seemingly crazy idea with this brief “assessment”.

    Liked by 1 person

  • de pedantic Dribbler

    Oh I forgot the other query, or are you harvesting email/names with the survey thingy….

    Why not place your survey questions right here on the blog and get the feedback of this crew that way.

    I avoid surveys like the plague when I think they are associated to mindless ideas and simply want to ping me or my PC…NOT SAYING THAT’S YOUR INTENT ….but just c’est la vie in this modern world.

    Liked by 1 person

  • @Heather

    Limited SURVEY questions are meaningless and more looks like an attempt to gather personal email addresses as one cannot submitt results without entering an email address.

    SURVEY Looks like a MINING operation.

    Liked by 1 person

  • You are all forgetting that this scheme despite its name is vast untapped source of short term lending that comes with out interest payments.

    If it comes into existence controls will be put in place.

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  • Heather Cole you need to put that pyramid Scam in a garbage bag and throw it in the sewer system
    The world does not operate as it did fifty years ago
    In this age of technology the thieves lay in wait to confiscate

    Liked by 1 person

  • Garbage. Surely the author could have put her time to better use?

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  • As the writer pointed out, this means of saving has been in existence before time was, many years ago this method was employed mostly by the women in this region.. Why is everyone talking and saying rassh hole shit to the writer? Many persons awaited their ”Turn” to do meaningful things about their homes and with their family. Many men were bailed out by their women collecting a ” Turn” to affect repairs to the old wooden house. All said, why can’t you stupid ass schmucks examine what is presented and stop getting personal and emotional.

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  • mariposa
    so you is one of those that throw plastic bacg in the sewer system and choked it?

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  • Whitehall if u understood the mindset of people today a mindset that is triggered by greed and self interest you would rather put your savings in a tin can and hid them under the bed bthan to easily served them up to unknown sources

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  • It doesn’t matter how much you really have: If you’re looking for an elevated income– for any reason–then come check us out. This method is the maximum income supplement of all time. WE NEED NEW TIEFING METHODOLOGIES IN BIM–THE FAILED STATE

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  • I will be sticking with my credit union, thank you.

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  • Georgie is bang out of order like Donald Trump.
    He cannot take any criticism on his big ugly double chin.
    Go away you hypocrite
    Since I’ve seen the light you don’t know what it has done to me
    and it’s such a light only who’s got eyes to see can see
    give the youths a chance I hope you elders understand

    Quit trying

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  • Ammmmmmmmm, ole man be kind in your perspectives and in your speech

    Ms. Cole

    Some questions that come to mind all of which were posed by others here

    1.Why do you believe that this is NOT a pyramid scheme?
    2.How does your Su-Su differ from 10 people putting $10 in per month insofar as the lump sum is concerned?
    3.so if 10,000 Bajans put in $10 a month when will the 100,000 bajan get their turn (100,000 divided by ??? months Please express your answer in years,
    4.does the amount of years needed for the 100’reth subscriber exceed the number of years that Mugabe plans to pay back the 85 year old pensioners their discounted bond principle?

    It is a reasonable set of questions which, given the voodoo economics that are all over Barbados today, need to get answers, IN THE CLEAR LIGHT OF DAY

    PS the word is initiatives and not initiates – John King is a Mugabe Initiate while ammmmm aviable programme would be called an initiative – no insult intended

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  • micro-financing / micro-credit may be the way to go for the poor

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  • (( ►)) Global Sound Healing Practice: Transforming Fear To Love
    Mingtong Gu

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  • Heather instead of a meeting turn… open a sperm bank and you will have no shortage of deposits

    Years ago when people had integrity and were trustworthy , it was a disgrace to owe money or go bankrupt a persons word was their bond ., but today bankruptcy is just part of business and this generation I dont believe has the values that their grandparents notice .I didnt say parents because in my time I have seen a shift in the culture towards debt.

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  • Heather
    Press on with your idea. The mouttas on BU should read about the Sou Sou Lands Project in Trinidad.

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  • Mariposa, I have never heard any of the older generation refer to a meeting turn is a scam.

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  • I have no doubt that there are several options that lead to the building an entrepreneurial society.
    With that in mind, this method pools resources and may very well be one of those options that Barbados needs.

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  • Thanks Enuff.

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  • @Donna, I may have news for you!

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  • Heather

    Mariposa, I have never heard any of the older generation refer to a meeting turn is a scam.

    No Heather ! because there were no scam artist better known as faceless internet crooks back then
    Furthermore nobody was treated as a number
    Also everbody knew physcially were everybody lived
    Most importantly character and integrity rule the Day a process by which all adhered and wore like a badge of honour for due respect

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  • HC
    I agree with Enuff.
    Those that has no need for it, like donna, do not have to use it. If there is a need for it, those who need it will use it. If there is no need for it then you will find out. At least you would have tried to do something positive and to make a difference for others.

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  • Some post are above my head. Some posts I understand and some posts that I just don’t understand… Cannot begin to grasp how this meeting thing will work……

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  • It would appear that, as usual, everything here is a secret.

    People come and ask the author simple questions or seek clarification and here is what they are told

    And i will enumerate the answers to the questions and then I shall demit this article cause it has taken 2,000 grains of sand

    1.Why do you believe that this is NOT a pyramid scheme?

    Answer” “…I THE AUTHOR OF THIS SCHEME, have never heard any of the older generation refer to a meeting turn as a scam AND THEREFORE SINCE I HAVE NOT HEARD IT, even though a few of you in that generation have so intimatd it to be one, SINCE IT IS NOT IN MY KEN, IT IS NOT A SCAM

    2.How does your Su-Su differ from 10 people putting $10 in per month insofar as the lump sum is concerned?

    Answer: “…I WILL NOT ANSWER THIS QUESTION BECAUSE I AM THE AUTHOR OF THE SCHEME/SCAM AND I HAVE SPOKEN and that being the case god has spoken.

    You do not need any clarification as to the innards of my SCHEME/SCAM

    In fact, I have no doubt that there are several options that lead to the building an entrepreneurial society.

    With that in mind, this method WHICH DOES NOT GIVE ANY IDEA AS TO THE TERMS AND CONDITIONS OF ITS CONSTRUCT, pools resources and may very well be one of those options that Barbados needs (ON THE OTHER HAND IT MAY VERY WELL BE ONE OF THE SCAMS LIKE THE ONE AT THE CASA GRANDE but you are not to question my ideas.

    So says the party who was to rewrite the constitution of Barbados for THe Luminary Jeff Cumberbatch

    3.so if 10,000 Bajans put in $10 a month when will the 100,000 bajan get their turn (100,000 divided by ??? months Please express your answer in years.

    ANSWER: Please refer to the answers for 2 and one above because, like all of the existing nameless scams of this BLP regime, my party is in power now and we can change the laws and the COnstitution of the land to make any QuickSand Sandpit and box work to Bit(t)e your unsuspectinng ass#$ or pudendas

    4.does the amount of years needed for the 100’reth subscriber exceed the number of years that Mugabe plans to pay back the 85 year old pensioners their discounted bond principle?

    DITTO ANSWERS 1 – 3 because I HEATHER WILL MANUFACTURE THE RULES OF A NATIONAL SU-SU that will meet the parameters that i set up to serve those who have “…a need for it, (for they would be) those who need it will use it.

    If there is no need for it then you will find out and UNTIL YOU FIND OUT THE SU-SU THAT YOU HAVE CONCOCTED IS YOURS TO DO AS YOU WILL WITH IT.

    THis is the idiocy that Mugabe has bred because when we come to the minutiae of implementation there is nothing there but air blown up our collective pouches.

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  • @ Theophillus

    THe thing is that of the commenters here on Barbados you are a bonafide financier of serious renown

    It is just that you are a loyal Bajan and does toy with us here but ….

    You is a man who does not curse and that is the man that you were and given your age that is the man that you will be until you demit this life cycle.

    Look how easily you came here and said to all of us pretend grameen bank experts, ‘this is crap and it cannot work”

    “…Above your head?…” man de only thing that is above your head is ***

    THe problem here is that people REFUSE TO CALL SHY$# what it is but instead they love to tell people “gu long wid it, go long, we behind you” and the idiots feel emboldened by the encouragement and 10 years later here we are in the jaws of despair.

    I wonder if these effers realise that AFTER THIS EFFORT BY MUGABE, if it does not work, Barbados’ As.s is grass?

    But carry on smartly

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  • You are too nice… at times a few cuss words is the best sermon I can deliver but I stopped “cussing’

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  • If you can can conceptualize and believe it, you can achieve it.

    Heather, you mention “clusters”, are you suggesting that it, (clusters) would have a specific number of subscribers from a parish/ constituency, even multiple clusters within a constituency?

    Also, the accounting would be mammoth, are you thinking blockchain?

    Also, delinquency of subscribers will occur at times, what plans are in place to meet meeting turn payments? Is this one of the reasons in incorporating the banks?

    Will payments be made after x contrbutions or by the membership size of a cluster?

    Is the plan scalable?

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  • Heather it is noted that those who dismiss your idea are all male. Only whitehill was honest enough to speak the truth, that often a female led and run meeting turn was used to help the family, including those male members who may not even have deserved help, but who were never the less helped

    Heather go ahead and run your meeting turn. BUT, keep the men out of it. it is none of their business. Keep it as an all female thing.

    lawson asked about who gets their turn first, and the pedantic dribbler asks how will you ensure that people pay up once they have received their turn.

    Neither of them has any experience with meeting turns, otherwise they would know that those questions have already been answered in traditional meeting turns.

    These were the same questions asked of me by “foreign” coworkers when we successfully ran a meeting turn in the office for decades. I was never robbed. I never robbed anybody. I was not aware of any robbery taking place. But the foreigners were always afraid.

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  • INTEGRITY and TRUST.

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  • The foreigners felt that meeting turns could not work. yet the EVIDENCE is that meeting turns do work, and have worked for hundreds of years. Meeting turns preceded the rabid capitalism that fuelled the slave trade. And long after slavery was abolished meting turns continue.

    None of the fellas on this blog question capitalism with its booms and busts, its suicides and bankruptcies, its thieving and criminality.

    These fellas think that it is normal to trust foreign banks which demand that we pay them to keep out money, and yet they are willing to laugh you off the blog for daring to suggest a local indigenous solution to local people’s economic woes.

    Does anybody question capitalism because it has FAILED to make some of us or most of us rich?

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  • @Donna November 14, 20182:50 PM “I will be sticking with my credit union, thank you.”

    But Donna, nobody is asking you to divorce your credit union.

    It is possible to be part of a credit union, part of a meeting turn, do business with banks, and buy shares in Microsoft. Why do you feel that in order to participate in a meeting turn you must withdraw from other means of managing and growing your money?

    Do parents throw away the first child because a second or third or 20th is born?

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  • I NOW KNOW WHERE TO GET THE MONEY TO PAY THE CIVIL SERVANTS AND THE IMF

    GO TO CASHNETUSA.COM AND ASK CASHNETUSA.COM..MAN!

    TRUE TRUE MUH TRUTE

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  • Let per chance say.. the objective is to reward/pay twenty persons per week so that persons will not have to wait x weeks or months or endure waiting until your turn comes around in a cluster of 500 subscribers.

    Each subscriber pays $50 per week.
    Pooling $25 000.Per wk.
    $100 000 per mth

    Plan1, Duration 6 mths
    Pool $600 000
    Paying 20 subscribers $1200 per wk
    Or 500 subscribers $1200 in 6 mths

    Let’s say per chance that the wait time for payments is 3 mths
    $300 000/500
    Each subscriber receives $600, the initial sum of investment

    What are the risks??

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  • When banks lend us money how do they know that we are going to pay it back?

    When we deposit our money in banks or credit unions how do we know that they are not going to shut up shop and run away with our money?

    When we hide our money under our beds how do we know that a thief is not going to break in and take it all away?

    When we sell our labour to an employer how do we know that we are going to get paid at the end of the job, the end of the week? the end of the month?

    TRUST.

    INTEGRITY.

    CONFIDENCE.

    How does the IMF know that we Bajans will repay the money borrowed from that institution/.

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  • @ Nine of Nine

    If you had not entered the fray I din going come back here

    One notes that it too you, a non author of the idea to work through a precticuum to show how the Su-Su mechanics will work.

    While you are at it Nine of Nine, since you have answered a few of the questions asked by others of the author, questions which SHE COULD NOT ANSWER, I would appreciate if you gave the airy fairy proposal some meat.

    The first part of one critical query is multiparted

    how would these funds be accounted for? who keeps the money? who are the signatories? where are the records published? how frequently? who verifies them to be such as they are declared to be? how do we know that John Doe exists? and he is not a figment of Rawdone’s digital imagination EUPHEMISM for Miss cole has imagined a Kay equivalnt for Rawdone’s subscriber who is to get the 10th draw.

    And my seond question is this

    It is a vey simple one.

    You asked what are the risks, I ask you what are the benefits?

    Su Su is an enforced savings with zero interest payment to the subscriber.

    Why would you seek to employ a zero return piggy bank in an age with inflation in the low double digits?

    Let us get real now why is a Su Su being relied on as opposed to a Grameen model?

    Byt the way you do realise that as with every one of these hairbrained ideas that have ne effing meat on them, that idiots like the tow of us come and work out the concept for the class idiots who only come and piss pun the front step and eave?

    Not one of the effers ent give 1/100 of an idea as to how de damn ingrunt ting going wuk BUT SHE GET TOLD TO CARRY ON SMARTLY.

    I going bet you dat she WILL NOT RETURN HERE TO SHARE ONE SYHT# with you as to what she is thinking about BECAUSE SHE WAS NOT THINKING.

    You are too young to know that she dun run a trick like dis pun the Luminary Jeff with rewriting the constitution a year ago AND NOT ONE LINE ENT GET PREPARED AS YET.

    I sorry but de ole man does remember dese tings dem and I only recall them to active memory because the consistent pattern annoys the badword out of me.

    ALl you does sometimes ask dese class idiots is to bring some thing to the table EVEN IF IT IS WATER.

    Every time dem comes dem does appear with a Carmetta Frazier Book and dem hands empty and dem mouf dry as Roger’s Quarry

    Steupseeeee

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  • @ Dribbler, I did not have enough time today to respond but now I can. After making two valid points about crown funding and start up investment, why can a home grown solution not work. We already have the blueprints to make Barbados successful but we have not utilized them to the fullest extent or we wait until some foreign person picks our brains, repackages the information and changes the name and presents it back to us. Is it the name that bothers you? You mean to tell me that you have not even bothered to click on the link to see the survey question and is keeping so much noise?

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  • Look here Simple Simon, please do not ever take any of my material to bash men, not Bajan men, I’ll will deal with Bajan men and their bull shit myself. I don’t know what the hell is wrong with you angry black women. Even to this day you black women are still going around picking up scum ass men trying to make something of them, then what; you end up old bitter, angry and full of shit. Stop making yourselves victims, recognized that most of you contributed to your present situation. By the way, do you still want my home made apple pie and ice cream, what flavor? I prefer vanilla, if you can bring whipped cream it may come in handy.

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  • @ Wily Coyote, I promise that I will not call. To everyone, why is there is fear of taking a simple survey? I just want to know your responses to the questions asked. It is all part of research that should be conducted before I wholly decide to embark on what I see as a tool that will assist the working class to collectively pool their resources to help one another on a national basis. The PM’s plan to loan funds for a person to become an entrepreneur will only help a limited amount of persons. What the about the thousands of others who do not have the requirements to get a loan from any financial institution?

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  • @ Piece, was the meeting term a pyramid scheme. The answer is no. I wrote a circular base. Along the base there will be clusters or groups of people. There may be ten bases for all I know but there will be no persons at the bottom contributing the turn of persons at a higher level. I want the working class people to prosper not anyone to get rich off their backs. We have had enough of. Time for change. Did you take the survey?
    Piesc, if Theophilus is into to banking or the traditional financing he may be afraid that this will work because soon he may be dealing with a reduced client There may not be a need for his services.

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  • @Nineofnine, I will do a write up on the workings of the system and try to publish it by Sunday. Someone did suggest that I use blockchain. I t is not a matter of it not working. If I am having so much difficulty selling this idea here on BU how can I sell the working class blockchain. Perhaps a dual system? I I may have to discuss with Mr. Adams. I said financial institution not specifically a bank. The financial institution already have the capability to accept funds and they are already trusted to accept funds. I must maintain the integrity of such a system.

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  • Thank you for your input Simple Simon. much appreciated!

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  • @ Piece, this initiative is but one part of a three fold project. I will post some of it on Sunday. So far I have about 18 benefits. The above i not the document. It is get feedback as part of the research as well as create awareness.

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  • 3 guys rent a room that cost 30 dollars each paid 10….later on the manager realized the room was only 25 dollars so he sent the bell hop back to the room to give the guys the 5 dollars back. The bell hop didn’t know how to split five dollars 3 ways so he gave them each a dollar and kept two

    so each guy paid 9 dollars
    the bell hop kept 2 dollars
    where did the other dollar go… heather???

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  • de pedantic Dribbler

    @HCole, my responses..1) the name is irrelevant that was a mild joke. 2) I explained my concerns about the survey …so respectfully I say again: publish the queries here or if too many the top 5 or 6 queries. 3) It is regretable that you speak only of the valid advantages of a sou sou and completely gloss over the multiple scams that have been perpetuated overtime using the concept…that too is reality. Thus it’s VALID to ask you about fleshing the idea.

    Generally, as @Pieces and others have alluded to: there are various forms of financial management and as I noted in my first comment the sou sou basics are fundamentally at the core of all personal finance/investing…so the question is NOT whether it works but HOW will YOURS be controlled in the ‘vast’ way you are projecting…looka I’ll wait your further detailed announcements on Sunday.

    (Would I be rude and outta place to say that Sunday should have always been before yesterday!)

    @Simple, please get real! And you KNOW my experience with sou sous HOW? If Madame Cole was Mr Cole and had offered this same simplistic thought (that SS again 🤣) then it would have been described the same. What does her gender have to do with ANYTHING….do you have some form of ‘turgidity’ distress!

    ENUFF, can you explain what in blazing contradictions does the Sou Sou Lands project in TnT have to do with Ms Cole quite off the cuff stuff?

    Because I say I want to start a populist movement to retake my country (as a wild example) does that mean I actually have something validly comparable to other actual populist politicians. SMH!

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  • peterlawrencethompson

    @nineofnine November 14, 2018 11:21 PM
    “Each subscriber pays $50 per week.
    Pooling $25 000.Per wk.
    $100 000 per mth

    Plan1, Duration 6 mths
    Pool $600 000
    Paying 20 subscribers $1200 per wk
    Or 500 subscribers $1200 in 6 mths”
    +++++++++++++++
    What happens if instead of subscribing I put $50 per week under my mattress. After 6 months I have how many portraits of Errol Barrow? 4 x 6 = 24. So how much money is that? 24 x $50 = $1,200. Exactly the same… hmmmm… so should I subscribe and have to trust at least 499 other people who I don’t know to be honest and fulfill their commitments??? or should I just trust myself and reap exactly the same reward???

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  • @ PLT

    It was stated that the return would be the initial investment.

    What you have posited is true, but it also carries the a risk of having to touch/ use it.

    Another raise the issue of interest, custodianship, store of value, accounting, signatories, transparency, fraud and legality..

    Let’s await further disclosure before futher imput is offered.

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  • dpDribbler
    Do you know of the Sou Sou Land project in Tdad?

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  • It must be embarrassing to someone that only 466 shares were traded on the BSE today.

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  • @ Piece… November 14, 2018 11:49 PM

    Allow these offerings to suffice not cast in stone, as they are rattled off the realms of the forehead.

    You asked: How would these funds be accounted for?
    First, a legal entity has to be established. Whether they go the route of hiring an accounting firm, or to undertake their own accounting systems will be a matter of choice. Either or, periodic audits and reports must be forthcoming.

    Who keeps the money?
    Any local banking institution can facilitate store. Because of the large amounts constantly deposited, dual records will be accessible for audits, which also averts any form of tampering. IT WOULD BE UNWISE for the entity to store the funds.

    Who are the signatories?
    If you mean signatories to the legal entity, then those who register the entity must hold responsibility for its decisions and operations.
    If you mean signatories as it refers to the signing of cheques, that option is left to the discretion of its Directors.

    Where are the records published?
    As a National “endeavor”, the print media may be the best option, other than that would be via a news letter to all its membership. The published records must be the findings of the audits of an independent body. IT WOULD BE WISE that the enterprise be part and parcel and subjected to the Auditor General Office and Public Accounts Committee should it be granted any tax waivers or benefits.

    How frequently?
    Within a minimum of two weeks and not more than a month of a meeting turn cycle.

    Who verifies them to be such as they are declared to be?
    The AUDITOR GENERAL OFFICE after audit of independent body.

    How do we know that John Doe exists? and he is not a figment of….. imagination/fraud.
    BLOCKCHAIN. The beauty of accounting via Blockchain Technology is that all accounting is done by independent “accountants” that monitors and verify every entry independently, If they are 5 agents that are recording entries and payments, collectively ALL MUST AGREE before any legitimate transaction is logged in the accounting system.

    ……………………

    And my second question is this. It is a vey simple one. You asked what are the risks, I ask you what are the benefits?

    Allow this “dribble” as a probable cause…
    Benefits:
    Promotes DISIPLINE and PLANNING.
    Offers a GUARANTEE of extra funds (though its your funds).
    Can build a/add to credit score status/report.
    Can act as a contributor to personal/family/infrastructural development.
    Can be a cushion for emergencies.
    etc. etc. etc……..

    Why would you seek to employ a zero return piggy bank in an age with inflation in the low double digits?
    Good question. Difficult question to answer….. nevertheless…

    The “turn” will not (in its current form) return any interest on the investment BUT, if we are working with the above equation, the benefit will be that of TIME.
    If there is a necessity/emergency, surely an application can be made to facilitate the request EVEN if one or few subscription payments are made and that one will continue to honor their commitments. This facility offered must be declared in its agreement forms.

    This would be opportune time to devise a structure to create monetary “interest” on investment, to create interest and participation in the program. HOW? ….
    Constructing tier upon tier…with rotation, but in order to achieve this, agreements must be forthright.
    Using the equation above.. 500subscribers/6mths/20turns per wk./subscription $50.
    TIER 1. First initial meeting turn payment $1200.
    TIER 2. 500 contribute a further $2.40 per wk x 6 months gains another $1200.per ONE MEMBER ONLY
    That is, 500 members contributing $2.40 to benefit ONE member an additional $1200. ON A ROTATION BASIS. (this will extend beyond the 6 months cycle… NOT GOOD.
    To grant 500 members within the SECOND 6 month cycle, they will need to further contribute $48 per wk in order to receive the benefit of $1200. plus their initial investment. (SUBJECT TO SCALE)

    MAKES SENSE?…..Ya got to have compassion for the hungry …….

    Like

  • No mention of OPERATIONAL COSTS …..HOW WILL THAT BE ADDRESSED?

    Like

  • de pedantic Dribbler

    @Enuff…my awareness of the project was zero before your post…I was intrigued and sought info.

    Limited tho my review I saw only a name as a common thread with that project and Ms Cole’s thoughts.

    If you have a link with solid project details pls provide.

    Gracias.

    Like

  • PLT
    hmmmm… so should I subscribe and have to trust at least 499 other people who I don’t know to be honest and fulfill their commitments??? or should I just trust myself and reap exactly the same reward???

    TRUST is very important, likewise your input helps 499, that’s compassion.

    Like

  • pieceuhderockyeahright

    @ Nineofnine

    You can watch Sunday’s submission and see how much of your answer is in that.

    With regard to your remark earlier “…TRUST is very important, likewise your input helps 499, that’s compassion…” de ole man will respectfully draw your attention to the fact that a similar “Trust scenario” was experienced when, INSTEAD OF YOUR 499, 250,000 bajans got fleeced by Justin Robjnson and his crew at The NIS scheme AND PENSIONERS AT THE CENTRAL BANK OF BARBADOS, got fleeced at the MIA MUGABE BARBER SHOP!

    Like

  • Piece.
    We know that any organization with wholesome intent can be fruitful, once competency and “righteousness” prevail and not agents of dark energy who see to steal, kill and destroy.

    That trust scenario could only take flight via agreement by those who held the binding contracts otherwise it would have been a breach of contract. There might have been a fear for an otherwise lengthy, drawn out process.
    Its like a script… other countries fettered their pensioners also.

    Trust was alluded by PTL, in “hoarding” de/he Dinero….lol

    Like

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