est. 2007

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National Meeting Turn

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…

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 responses to “National Meeting Turn”

  1. Heather Cole Avatar
    Heather Cole

    @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.

  2. Heather Cole Avatar
    Heather Cole

    Thank you for your input Simple Simon. much appreciated!

  3. Heather Cole Avatar
    Heather Cole

    @ 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.

  4. lawson Avatar
    lawson

    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???

  5. de pedantic Dribbler Avatar
    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!

  6. peterlawrencethompson Avatar
    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???

  7. nineofnine Avatar
    nineofnine

    @ 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.

  8. Enuff Avatar
    Enuff

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

  9. David Avatar
    David

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

  10. nineofnine Avatar
    nineofnine

    @ 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 …….

  11. nineofnine Avatar
    nineofnine

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

  12. de pedantic Dribbler Avatar
    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.

  13. nineofnine Avatar
    nineofnine

    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.

  14. pieceuhderockyeahright Avatar
    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!

  15. nineofnine Avatar
    nineofnine

    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

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