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Did We Listen to Mia?

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Submitted by Kemar J. Stuart, Banking and Finance Student, University of the West Indies

My fascination with finance and budgetary analysis started started at secondary school because of the late PM David Thompson and with my persistence, I annoyed a UWI student at the time to tell me everything he could about finance.

In 2018 I am a benefactor of a Banking and finance education where conversations surrounded the policies of last MOF Chris Sinckler and his perceived financial mismanagement. The highlight being then opposition leader Mia Mottley going as far as no confidence motions, marches and even offering a sound economic point in which I will address.

Most notably in the 2016-2017 Official Budgetary Reply delivered by then opposition leader Mia Mottley on August 17 2016, where she offered a stellar point to then MOF Chris Sinckler. I quote “there is something called a Government Sinking Fund for foreign debt” ‘established under the External loans Act’ “which makes it absolutely clear that proceeds of the Government sinking fund for foreign debt can only be used to service foreign debt”. She highlighted this figure for this facility to be $322 million. She went on to say “the reason why this parliament passed a sinking fund for foreign debt is to make sure that when foreign debt becomes due and payable that the Government of Barbados is in a position to be able to pay because every year it puts aside 2 1/2% of whatever the foreign debt is.”

After such a beautifully orated economic and fact based solution Barbados received it’s first credit default on foreign debt courtesy of ‘I am not sure who’ since there are 3 Finance Ministers and 2 special economic advisors.

For clarity and to give the financial community some sense of stability, can any of the five economic wizards provide a financial analysis of the default with an explanation if the above recommended advice by then opposition leader Mia Mottley was considered before default, the gain/loss on the country’s international debt portfolio and derived benefits from defaulting ,lastly the financial projection of the debt portfolio given that we did not default and gain/loss Associated. Given the butchered approach to financing our interactional debt obligations what if the international community does not take any debt restructuring offers ? Is our special drawing rights going to be sold under the IMF condition to provide balance of payments support if the BERT plan fails?

Through the five of you one of you need to be man/woman enough to face the many possibilities that our financial fortune faces and gives us the raw deal surrounding our international capital market capacity

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122 responses to “Did We Listen to Mia?”

  1. Pachamama Avatar
    Pachamama

    Mottley’s newly announced tax policy is only about the further consolidation of wealth into fewer and fewer hands. It is in keeping with this tread globally, to please capitalists and merchant classes at any cost.

    Of course, such a policy, like many before it, will neither benefit the country nor the masses as would be fashionable for the BLP lackeys here would want us to believe.

    In fact, in an era of austerity, Mottley will only succeed in further pressurizing the population she so oft pretends to be the protector of.

    What is left is for the big business people to start charging the population for the pleasure of their presence amongst us, for the air we breathe, etc. All this is the work of the leading globalist the OECD. This is a Mottley, the darling of the international organizations, taking care of her minders.

    We wonder when the days will return where corporations and HNWI were charged up to 90% tax? Answer, never

  2. Georgie Porgie Avatar
    Georgie Porgie

    There is a thin line between over-confidence and arrogance.
    TRUE
    BUT WHAT IS THE QUANTUM OF THE SPACE BETWEEN THESE TWO AND IGNORANCE?

  3. Hal Austin Avatar
    Hal Austin

    @GP,

    The quantum is the space between narrow specialised training and an appalling ignorance about the rest of human experience.

  4. Enuff Avatar
    Enuff

    Hahaaaaaaaaaaaaaaaa!! Stupse.

  5. WARU Avatar
    WARU

    Ya are going to make yaself sick, ya shoulda take notes about what happened to the last set of yardfowls..

  6. Lorenzo Avatar
    Lorenzo

    Pacha where you or as you say we now come back from.Prior to May 24th you were on here everyday lambasting Ms Mottley .I guess the 30 to 0 had you lick up and too ashamed to show your face well crawl back under the rock you now emerged from as fee want to hear anything from you As for T Inniss i see you have noy mrntioned Ms McClean name again sincr i pointed out your hyprocracy i will add some further names from VOB prior 2008 for you Mr Marshall Dr Marshall Mr Ellis Ms Hinds Layne Mr Husbands Mr Farley Ms Munroe Knight and MrJemmott plus later on Ms Holder and Ms Watson you remember any of these hyprocrite?

  7. Pachamama Avatar
    Pachamama

    Lorenzo
    Where were you when 4 years before the election we were the only people bold enough to predict the 30-0 blp win.
    We know it is hard for you but try to understand that we give not a fuck about either party, and genuinely so.

  8. John Avatar
    John

    You do realise that 30-0 is not a viable outcome of our system of parliamentary democracy which requires an opposition!!

    What we have in Barbados is a collifoxing of the system!!!

    It exists because it exists … for the moment!!

  9. nineofnine Avatar
    nineofnine

    One wonders if any of you dear ones were to take the reigns of leadership, should any of you be accused of being cut from the same cloth.

    @GP…November 22, 2018 2:06 PM
    Now she has joined the gang of clueless visionless leaders TO WHICH SHE REALLY INATELY BELONGS………….SINCE SHE HAS ALWAYS BEEN A clueless visionless leader I.E AN INFERIOR SUPERIOR

    How can you be INATELY BELONG to a linear construct or be visionless when inate?.. it does not compute, not mathematically verifiable nor hold any substance. In fact there is no such word..inate

    INATE. (.Acronym Definition ) …International Network in Advanced Theological Education

    The word is INNATE, its definition is also linear and does not truthfully reflect an accurate definition or description.

    QUANTUM as defined linearly, means measurement, particle… which is totally devoid of understanding the true meaning of what Quantum truly is… no cohesion nor association is found in combining Quantum with space or the term, “Quantum space”

    It would interesting to know your answers to the questions you posited. Thank you.

  10. Georgie Porgie Avatar
    Georgie Porgie

    nineofnine November 22, 2018 8:49 PM
    I WILL ANSWER YOU WHEN YOU ARE ABLE TO PROPERLY ARTICULATE THE CONCEPT OF THE RAPTURE INSTEAD OF THE RUBBISH YOU POSTED LAST CHRISTMAS DAY

  11. Gabriel Avatar
    Gabriel

    I am eagerly awaiting Grenville Phillips contribution on this blog.He has ideas of taxing gross revenue as opposed to OECD imposition of taxation of a specific rate on net income.I would expect the OECD rules apply to the Channel Islands,the Virgins,the Caymans and the Bermudas.

  12. nineofnine Avatar
    nineofnine

    GP
    Hopefully, someday you will understand truth,..
    It (rapture) is not a concept..so articulation is a nonstarter …also when it comes to the Trinity we still await your answer.
    Thanks again.

  13. Artax Avatar
    Artax

    “All these govt measures would eventually lead to a lowering of barbados lifestyle which would lead to rise in poverty….”

    Ms Mariposa

    I believe we should exercise some level of fairness in our criticisms.

    Did not your former DLP administration signed Barbados as one of the countries taking steps toward lower standard corporate tax rates during 2016, in conformity with OECD tax policy reforms stipulations?

    As a result, was Barbados not one of those countries OBLIGATED to implementing internationally agreed measures to protect their corporate tax bases against international tax avoidance……irrespective of which political party became the ruling administration?

  14. Artax Avatar
    Artax

    But yuh know when yuh point out these t’ings to wunnuh….. wunnuh duz accuse yuh of being a BLP yard-fowl.

  15. Mariposa Avatar
    Mariposa

    David where is the link i have posted i already tried three times i have not seen it
    So here i will try again

    https://barbadostoday.bb/2018/11/23/biz-tax-cut-will-hike-taxes-on-people-upp/

  16. Mariposa Avatar
    Mariposa

    Mia is practicing ole school economics as in trickled down a policy which was pushed under the Regean era
    A policy of transferring wealth to the 1% while the 99% eat salt
    It never worked in favour of the poor

  17. Mariposa Avatar
    Mariposa

    Mia run an election on helping “poor people
    In one hundred dsys and counting the poor have been catspraddle in more ways than one taxes upon taxes with no relief in sight
    Robin Hood in reverse is what i have to say

  18. Mariposa Avatar
    Mariposa

    trickled down economics

  19. Mariposa Avatar
    Mariposa

    These policies are a collection of right wing conservative ideologies who are determined to keep the wealth amongst themselves and throw the crumbs to ground for the poor to fight amongst themselves
    Mia run a campagain of putting money in the hands of people
    What we are witnessing is a woman turning her head far away from the poor and laying in bed with wicked selfserving people
    The bible speaks of people like her warning all
    By their FRUITS you should know them

  20. WARU Avatar
    WARU

    Read an article by Ronald Saunders, dude based in Antigua, who said the Fruendel government made the OECD agreement to cut both foreign and local corporate taxes….it is Mia who ended up with the deadline because she so desperately wanted to become PM.

    More Black businesses need to be created, the island should be 95% BLACK OWNED BUSINESSES. ..to widen the tax net.

  21. WARU Avatar
    WARU

    Both black governments made the same mistake for 53 years, disenfranchising, marginalizing and sidelining black owned businessess in exchange FOR BRIBES AND PERSONAL GAIN…..let’s see how well and for how long that works out for the Mia Borrow government.

    You can COUNT ON black led governments and black led organizations with control over the lives of their own people to constantly and consistently walk around with their heads filled with delusional SHIT instead of REALITY.

  22. Mariposa Avatar
    Mariposa

    Ronald Saunders is a blp supporter nothing he says if of interest
    Did she have to agree with a plan the dlp had agreeded( how come as far as her mouthings stated nothing the past govt did was right)
    Could she not have had further discussions before implementation
    It seems most likely she had knew of the plan prior to signing the agreement and her mind was already made up
    Hence the quick space at which she signed
    Barbados is not a member of OECD they can only give suggestions but no govt has to agree
    Mia has. all but thrown out all of the blp manifesto built on promises for the people and has feed the country to a pack of international raging wolves who does not understand small economies and the way their policies hurt the country while raising the level of
    poverty to an all time high
    It seems that nobody wants to talk about the socioeconomic perils that these international economist rained down on small economies
    Economies that generate revenue from a one nest basket and the pain and suffering of the people that these organizations all but remove out of their mindset in order to satisfy their own agendas of pleasing the rich

  23. Hal Austin Avatar
    Hal Austin

    @Mariposa,

    You are not just technically right, you are absolutely right. OECD can only threaten that if Barbados does not introduce certain policies they will stop trading, cut aid, etc.
    It also raises the question of sovereignty, which we raise occasionally on this blog but never debate in full. Tax cuts for businesses is another way of our governments (DLP and BLP) transferring wealth from the poor to the rich.
    I used to think it is for atavistic reasons, a cultural memory from slavery, but I now believe it is a basic lack of ideas. It is cultural, but inherited from an educational system of learning by rote.
    What our young university students can do as a project is review every economic policy by governments since independence and the arguments used to justify their introduction.

  24. David Avatar
    David

    What if the OECD black list Barbados? What does it do to the offshore sector?

  25. TheOgazerts Avatar
    TheOgazerts

    “Ronald Saunders is a blp supporter nothing he says if of interest”. This is the worse form of argument there is. It suggests that B’s should only listen to Bs and I suppose that D should only listen to Ds.

    It is a perfect reflection of what we have ongoing in the island.. Mariposa in stout defense of the DLPs ignorance and the ‘Enuff types’ attacking everything. Now we have the “Enuff types” in full defense whilst the “Mariposa types” are in full attack mode.

    If a Nation ignores the brains of one half of its people for five to ten years and then for the next five to ten years pivots towards the ignored half, then it is difficult to envision forward progress, Zigzagging is the only outcome..

    How can we go forward or even have a discussion when nothing the “opposition” says is of interest. When we cannot escape the quagmire that we find ourselves in if we do not change our thoughts, behaviors and actions. Let me remind you ” is doing the same thing over and over again and expecting a different result”.

  26. TheOgazerts Avatar
    TheOgazerts

    *We cannot we cannot escape the quagmire that we find ourselves ….

  27. TheOgazerts Avatar
    TheOgazerts

    *We cannot we cannot escape the quagmire that we find ourselves ….
    * “Insanity is doing the same thing over and over again and expecting a different result”

    Seem likes it is going to be a beautiful Friday that is full of typos..

  28. WARU Avatar
    WARU

    “Economies that generate revenue from a one nest basket and the pain and suffering of the people .”

    That only happened because both DBLP from inception have been BANKRUPT of any original ideas to UPLIFT and ENRICH their own people outside of the bribery corruption to enrich themselves….ya can’t blame OECD nations for that…ya cant bkame them if ya black leaders are TOO DUMB to know the difference. …too dumb to know they should NEVER rely on a one basket economy or on minority parasites to consistently RIPP OFF that economy.

    .
    Blame ya own black governments even 53 years later for not seeing THAT IT IS THEIR OWN PEOPLE they should have enriched instead of taking BRIBES to enrich a minority of goddamn parasites…it is their own people that THEY SHOULD NOT HAVE TAKEN BRIBES to marginalize and disenfranchise, taking bribes from the same OPPRESSORS of your people to keep them OPPRESSED…ya cannot blame OECD countries because YOUR GOVERNMENTS have no vision, they are petty, greedy, trifling and corrupt.

    When these OECD countries SEE black governments finally CARING for their OWN people, like intelligent leaders ARE SUPPOSED TO….then they will show respect.

  29. Enuff Avatar
    Enuff

    I repeat, painful.

  30. Mariposa Avatar
    Mariposa

    Small nations need to stop bowing to these right wing economist
    Using black listing as a suttle form of economic terrorism in effort to make these small nations reform and conform to idealogies and theories that only serve these right wing economist
    If these small nations continue to bow at every turn to these organizations they will continue to use the bully whip at every turn to fast pace their agendas

  31. Hants Avatar
    Hants

    2020 To Be Bajan Diaspora “Homecoming” Year

    ​2020 has been designated by Prime Minister Mia Mottley as “the year for the Barbadian diaspora to be recognised and for them to be invited to return to their ancestral home.”

    The concept, named “Homecoming 2020 – Year Of The Barbadian Diaspora “will be a Bajan family gathering that will provide Bajans everywhere on the globe the opportunity to celebrate our roots, while generating much needed foreign exchange for the island.

    The “Homecoming “will be a full year of celebrations, with each parish being assigned a month. Expatriate Barbadians are invited to return to Barbados to participate in the celebrations, including Independence celebrations in November and a Bajan Christmas.

    Click HERE to read the details of the initiative outlined in the memorandum from the Prime Minister’s Office to the Ministry of Foreign Affairs. This memorandum has been shared with all Barbadian organizations in Toronto by the Barbados Consulate at Toronto.

  32. WARU Avatar
    WARU

    And as for the free yardfowl…ah can’t wait for Mia Borrows to ship ya ass off to the middle east.

  33. Mariposa Avatar
    Mariposa

    There goes all the free education
    Mia hire a barrage of consultants
    Hires another set of economic experts that put themselves first
    Nothing brought to table that would benefit the loyal barbadian who worked a.ss off to help build the country
    Now all the spoils( what left) are being handed over to a band of outside foreign influence
    None that we don’t know
    How fking fair can that be?
    When will we learned

  34. WARU Avatar
    WARU

    Just don’t walk with ya money.

  35. Hal Austin Avatar
    Hal Austin

    @Mariposa,

    Your political and economic understanding are very perceptive. Ignore the empty vessels that try to abuse you for your party loyalty. Although I have no party loyalty, your arguments are strong.
    The OECD is a club for bullies; they try to force smaller nations in to introducing policies that support their carpetbagging companies; if they do not there are threats, at first words, then trade, if that fails they resort to the military.
    In the Caribbean, just look at the way the RSS is flexing its muscle, supported by the weak-kneed Canadians. It is clear the big nations have allocated the Caribbean Basin to Canada, the same way the Pacific Islands have been allocated to Australia. The US is too global to deal with small fry.
    But the Chinese are upsetting the applecart, which is terrifying the Australians. At some point those nations using the Chinese for cash flow must make a choice – we are on the precipice of a third world war.
    In the Caribbean only unity can save us, but they will pick us off singly – as they are doing. Our modern politicians lack balls.

  36. WARU Avatar
    WARU

    Don’t mind Mia Borrows, she got the resources to chase down Bajans in the Diaspora to bullshit them with patriotic talk…….but she cant engage outside agencies to chase down the money that was stolen by DLP former ministers, lawyers and business people…the people’s MONEY..sitting in multiple offshore accounts…money that I am told…the THIEVES are AFRAID to touch.so it’s just sitting there waiting to be repatriated to Bajand…..money that should be RETURNED to the treasury and NIS Pension Fund…where it was STOLEN from…

    Bajans in the diaspora need to leave THEIR MONEY right where it is…whenever they are traveling and going around Mia Borrows and her thugs/goons/thieves.

  37. Lexicon Avatar
    Lexicon

    WARU

    “Can’t wait to Mia ship yall ass of to the middle east”

    That statement seems so far out there … why would the prime minister ship anyone to the middle east…? The middle east can be considered a war theater…

  38. WARU Avatar
    WARU

    Glad that one got ya attention..ya better start securing ya properties and dont tell anyone from the Mia Borrows government ya business or what ya own when ya gone done there wukking up at Q in the Community, you will probably be the FIRST to get robbed..lol

  39. WARU Avatar
    WARU

    “WARU November 23, 2018 10:02 AM

    And as for the free yardfowl…ah can’t wait for Mia Borrows to ship ya ass off to the middle east.”

    And that is what I said, dont know what you gone changing up shit to suit yaself for.

  40. nineofnine Avatar
    nineofnine

    @ Hants November 23, 2018 10:02 AM

    Wow… what a rewrite and rebrand… PADRYU was right, certainly taking the “Cavalcades” to another level. Why Nazinga?

  41. Lexicon Avatar
    Lexicon

    WARU

    “You probably be the first to get rob”

    If anybody got the necessary balls to rob a town man from the Bush Hall area …

  42. Lexicon Avatar
    Lexicon

    WARU

    Though I walk through the valley of the shadow of death …I will fear no evil … for I am one of the baddest men in the valley …

    I fear no Bajan man … I lived among the badest here … so no little Bajan boy nah hold no fear for me …

  43. William Skinner Avatar
    William Skinner

    The only lesson being learnt by those who are not close to St. Cyprians Church or Lionel C Hill Supermarket, is that the we have a one party state:BLPDLP.
    Those who fail to recognize this should be allowed the mercy of being left alone to quietly evaporate into the political nothingness , where they belong.

  44. Lexicon Avatar
    Lexicon

    William Skinner

    I knew Lionel C Hill as a child attending to school at Roebuck Boys Primary in the early 70s … the old supermarket was on the other side closest to the Metropolitan and Harrison College …then it moved next to our school …

  45. Mariposa Avatar
    Mariposa

    If any one has been following the stock market in recent weeks
    These sharks (Coporate) who rely on these organizations for suport would be out in full force as the voiatile nature of the stock market in recent weeks would send the sharks looking for safer ground in the form of Capital
    Govt should not be coreced to sit at table with a bunch if sharks having nothing which serves the interest of country
    Govt handed them a Xmas gift having very little benefits for country

  46. WARU Avatar
    WARU

    Lexicon …with the likes of PAIN and TEETS in the government…ya won’t even know ya got robbed..

    Enuff in Wonderland…ya see why no one in their right minds would OR should TRUST Mia Borrows..

    “Earlier this month, the private entity representing thousands of former CLICO policyholders had requested an urgent meeting with Prime Minister Mia Mottley to address fears that many more of its members may die without receiving “one red cent” of their savings if Government’s recent bond exchange offer is applied to their investment.

    President of the Barbados Investors and Policyholders Alliance (BIPA) June Fowler said then,

    “Our concern is that more of our members will pass away, adding to the 300 people who have not survived the CLICO debacle [over the past 10 years] to see their hard-earned savings being returned. These issues need to be addressed as a matter of urgency,” Fowler said.

  47. Mariposa Avatar
    Mariposa

    I implore all to watch the stock market and it would give all an idea of who will benefit from these tax cuts
    If govt was doing there homework instead of cow tonguing to this elite group govt would have look towards global markets for performance before signing the bottom line
    All i can say these elite corporations and organisations know what time it is govt does not have a clue

  48. WARU Avatar
    WARU

    Since yesterday I have been seeing this one all over Facebook..lol

    “NEED A JOB? WANT TO STEAL MONEY GET RICH QUICK, DONT PAY TAXES,AND TALK NUFF SHIT.PLEASE APPLY TO THE BLP OR DLP ADMINISTRATION.”

  49. David Avatar
    David

    Do you know the companies listed on the BSE?

  50. Mariposa Avatar
    Mariposa

    Not only do i know. I shop around different markets looking for value

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