Submitted by Ironside

Today is Day 08 of the latest ATM skimming in Barbados (I am counting from Monday 08 July) and unless I have missed the news, there has been no formal public apology from the Bankers Association or from any individual bank so far. Pastor Dear’s rebuke seems to have fallen on deaf ears.

I am writing this epilogue primarily because of a question asked by a commentator on the original article in response to a further comment I had made. Here is an extract of my comment:

Ironside: July 13, 2019 6:56 AM

The problems we are facing in Barbados are not unique to this neck of the woods. If we take a global view of the matter, one can clearly see now why the time is fast approaching when everyone will have to be a walking point of contact with the financial system…the time when plastics are a thing of the past and subcutaneous implants are it. And I can now see why many will welcome it!

For those not familiar with the language, “subcutaneous” means “under the skin” a reference to implantation of microchips in human and animal bodies If your first reaction to this is “pure science fiction”, it means you have been off the planet too long and it’s time to re-enter Earth’s atmosphere. As we shall show, this is all W.I.P (Work-In-Progress).

At this point, let me open myself to the charge of being a conspiracy theorist, by saying that there are two good reasons why the banks didn’t/ still don’t feel pressured to apologize or, as I argued in the original article, to up their game with respect to providing better ATM security, considering that this is the third time this has happened in recent times.

: Reading between and beyond the lines, the bank’s position is that you (the victim) are the chief suspect! When they say they need to investigate, they mean that they need to investigate “you”. Of course, that is not what they actually said! Moreover, it would be too obvious for them to ask that every “victim-suspect” be interviewed by the police…give the bank some credit for a change (puns intended)! Of course, your front line bank employee is either unaware of or not necessarily a willing party to this. So don’t shoot the messenger.

But we cannot doubt that the victims have been investigated as potential culprits or co-conspirators. Clearly the banks don’t give a phart anymore about customer loyalty or their favourite promotional phrase “valuable customer”. The charade of delaying the return of funds is all window dressing, aided and abetted by the current fraud legislation and manipulated – as always- by the bigger banking powers/owners across the globe.

From our perspective as victims, it is either that you have been skimmed or not. If you have been skimmed, the police investigation – unless they are investigating you- is irrelevant because you still have to get back your money. What we are arguing – and still angry about – is the missing upfront apology and the length of time taken to restore the funds of the victims.

#2: The banking elite across the world very well know that in order to get people accept an unpalatable measure such as skin implants, they have to create a crisis that drives the masses to that inescapable solution. Foisting it upon people without an urgent rationale will simply bring resistance.

These “bigger banking powers” know, as any biologist knows, that people are like the cold-blooded (poikilothermic) frog, which you can boil to its death simply by raising the temperature of the water in which it sits, a few degrees at a time.

So-called conspiracy theorists (e.g. David Icke) call this psycho-social process, “problem-reaction-solution”. Here is how it works: (1) create a problem (let there be a series of ATM skimmings) (2) let the public react in outrage repeatedly (as we do each time this skimming occurs) and (3) then offer the “solution” (an under-the skin chip).

While I may take issue with some of Icke’s “conspiracy excesses” you have to agree with him that this “problem-reaction-solution” psycho-social engineering formula actually works. It takes time, but it works! We have seen it with the “justified” burgeoning electronic surveillance on citizens as practised in the US and other countries and with the acceptance of the LGBT (now LGBTQ) movement. It is now work-in-progress with the “degenderization of the child” movement; if you know someone who is pregnant, get ready to welcome an unsuspecting “theyby” or two the world!

If you still have any doubt that this subcutaneous chipping is W.I.P read these two articles:
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Chip Implants: The Next Big Privacy Debate: https://www.govtech.com/blogs/lohrmann-on-cybersecurity/chip-implants-the-next-big-privacy-debate.html

The Internet of Human Things: Implants for everybody and how we get there:https://www.zdnet.com/article/the-internet-of-human-things-implants-for-everybody-and-how-we-get-there/
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
“But how about those of us black people who are very prone to keloid scarring (growing flesh)?” asked a fellow blogger. Well, I am sure they will find a solution to that because technology is just marvellous isn’t it?”

What should trouble us more, is the knowledge that an advanced form of this chipping was predicted in the Bible in the context of global commerce:
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
It [the beast or political directorate] also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name. (Rev 13:16-17)
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Perhaps we are some distance from the exact technological state predicted in the Bible; such a state would, however, be a natural progression from the chip as we know it today.

But as I said before, I am not expecting to be around when this new financial world order is unleashed. Praemonitus, praemunitus. [To be forewarned is to be forearmed!]

88 responses to “The Phartford Files: Case of the Bungling Banks – Epilogue”

  1. Vincent Codrington Avatar
    Vincent Codrington

    John A

    Do you expect a run on any of the commercial banks in Barbados? What is your evidence?

  2. Vincent Codrington Avatar
    Vincent Codrington

    John A

    In all business transactions Emptor caveat. Customer beware. That is your responsibility.


  3. Check page 38 John, the maturity of the investments will interest you.


  4. @Vincent

    Should i wait till my old house blow down to find out if my insurance company sound?

    I am saying that after Clico and the massacre on bond holders recently, we need to be made overly comfortable that the last bastion of safety for our older depositors who may have lost money in both of these issues, is not only safe but bullet proof!


  5. @david.

    Well here we go.

    Of the 71M in securities $14.3M maturing in 10-15 years and $31.5M maturing in 15-25 yrs. With no provision in place for a cash surrender value on these securities the BDIC will not have matured deposits yielding cash surrender for the next 5 years and those will represent a small portion of their total security value. Probably no more than 10% of listed assets say in the first 8 years based on their financials.

    So let us hope in the short term we have no issues with depositors money as the BDIC based on its financials will not have the cash on hand required to bail out claims in excess of $10M in the short term.

    As I said Vincent it’s not about a run on a bank being likely, but more about if one did occur would we be in a position to deal with it. I dont want ever to see another Clico or bond slaughter in my life time.

    I hereby step down from my soapbox.


  6. @John A

    One imagine the members of the BIDC have to be funders of last resort?

    You have taken note that financials terminate at 2017?


  7. @ Vincent.

    Yes I agree with you it boils down to customer beware. It’s not you or me I worry for but the older person who can’t take another hit. I know it’s their job to look out for their investments, but so few can on their own.

    I mean if you told a 70 year old bond holder 5 years ago what would happen in the debt restructuring he would of laughed at you and said ” no way that is government guaranteed”.

    I don’t know maybe as i age I feel we must help those understand the risks out there. After all it’s harder to make up losses at 70 than at 40.


  8. @ David

    Yes the 2018 should soon be published. Not sure if their year ends December or March 31st to line up with the government financial year. But yes we need to keep an eye out.

  9. Vincent Codrington Avatar
    Vincent Codrington

    @ John A at 6:41 PM

    You will never find, in this side of Eternity, any man made contrivance operated by man safe and bullet proof. It is a matter of trust and integrity. If you do not have these , financial institutions will fail.

    I understand your concerns because recently institutions we have put our trust in have failed us.

  10. Vincent Codrington Avatar
    Vincent Codrington

    @ John A

    In the likely event that liquidity becomes an issue we can always revert to the printing press. That is what the USA does. Of course you can only print BBD.

  11. Vincent Codrington Avatar
    Vincent Codrington

    @ John A
    The Financial Reports will not answer your concerns. In fact you know the answers already. It will be worse in ,2018,and 2019.


  12. @ Vincent

    I agree with you as I have no doubt they too were holding government paper and their return will suffer too as a result.

    Did sinkler you think ever stop to think the far reaching damage his Xerox spree would of done to this island?

    That is why I have so little faith when i hear the phrase ” guaranteed by the Barbados Government”

    They must really hate us for the issues we raise here! It’s all David’s fault blame him. Lol


  13. @ Vincent.

    We can’t print no more the IMF lock way the Xerox machine. Lol

  14. WURA-War-on-U Avatar

    “Do the financial institutions not have a fiduciary responsibility.”

    You don’t get a straight answer for anything, no one wants to take responsibility for anything, they all just want to take your money.

    The banks should leave, too many thieves.


  15. @ Tron July 16, 2019 4:31 PM
    “It’s only a matter of time before the Canadians dump their business.”
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    So can we expect BNS and CIBC to do what Barclays did and jettison the East Caribbean from their portfolios leaving the Trinidad-owned banks to fleece the populace?

    Commercial banks, especially the Canadian banks have made billions in profits over the halcyon years of commerce and consumerism from these poor island territories; and in the case of Barbados, stretching back to the Atlantic trade in rum and molasses in exchange for salted fish and meats and lumber.

    Is this the ‘pretty’ ugly face of the ‘banking’ whore of capitalism?

    Who next is going to pillage and run? British Airways and AA?

  16. WURA-War-on-U Avatar

    Racist Argentina need to keep their thieves in Argentina, this wicked criminal wiped out over 80,000 dollars of innocent people’s money and the idot banks are still talking shite and still unprofessional…take your money out..

    https://barbadostoday.bb/2019/07/17/argentinian-national-charged-with-theft-from-bank-and-credit-union/

  17. WURA-War-on-U Avatar

    We wait to see if the government will release these criminals when all are caught instead of allowing the courts to give them a good 20 years in Barbados’ prison….to act as a DETERRENT to the other thieves from Argentina and other places WHO ARE ALL WATCHING THIS…

    Yall ignorant, hand to mouth negros like to release white criminals…keep doing it.


  18. @Miller July 16, 2019 8:29 PM

    You obviously not very sharp at the supposed pointed end and do not keep abreast of international news. The BANK OF NOVA SCOTIA is presently underway with a program to devest itself of its Caribbean operations, ie Republic Bank and Sagicor acquiring a number of thier business’s. CIBC last year tried to offload its entire operations into a seperate identity on the stock exchange, price expected was too high and takers were fwe. This is just an example of what Tron is saying, DUMP AND RUN.


  19. @ Wily Coyote July 17, 2019 8:15 AM

    Given your more incisive knowledge and understanding of these Canadian banks’ business plans to ditch the Caribbean, shouldn’t Bajans be preparing for this eventuality?

    With the fast spread of online banking why would there be a need for so many bricks and mortar branches dotting the Bajan landscape?

    Is this ‘esoteric’ knowledge the reason behind Dr. Worrell’s call for the ‘dollarization’ of the Bajan economy and eventual digitization of its monetary system?


  20. @Miller

    You pose good questions, however Bajan mentality says “line up and wait for service” which is unavailable with ONLINE BANKING, Wily’s got feeling is not likely to be attampted by Bajans. Dr Worrell has a point in that it would force Bajans to adapt to new technologies and with it bring FINANCIAL DISCIPLINE to the country.

    It’s like trying to drag a mule to the trough to drink.


  21. Some very serious points about our financial future are being made here. The discussion makes the time and effort spent in researching and writing worth it.

    @Pachamama: July 16, 2019 4:57 PM
    You have raised a question that has been bothering me and which now needs to be addressed urgently in some depth: do banks have a “fiduciary responsibility” customers? Members of the public are going to be surprised at the answer to this!


  22. Won’t be surprised if the banks in Barbados engineered it so they have no fiduciary responsibility to the people whose money they USE ….won’t be one bit surprised…but in forward thinking, progressive jurisdictions…banks MUST EXERCISE FIDUCIARY RESPONSIBILITY TO THEIR CUSTOMERS…or pay a price..from regulators…


  23. @ Wily

    You cannot have the banks marking their own homework with a nonsense called a voluntary banking code. The banking code should be a regulatory condition.


  24. I read that an Argentinian national, Joaquin Alberto Lobo, 33, of Caseros, Buenos Aires, Argentina was arrested and charges with two counts of stealing $3,040 from BPWCCUL and $79,770 from FCIB…..

    ….. and is scheduled to appear in Court tomorrow.

    Kudos to the police.

    All they have to do now is arrest and charge the bank employees who “aided and abetted in COLLUSION with this Argentinian and some ‘fraud squad police,’ current and former,” “to steal hundreds of thousands of customers’ money,” as indicated by those individuals who, by having “first-hand practical knowledge and experience, can tell you that this activity happens.”

    Then again, all reports indicate that Lobo would be hustled out of Barbados without facing any jail time, because he is white.


  25. @Hal Austin July 17, 2019 12:10 PM

    Wily agrees SELF REGULATION NEVER WORKS.

    Lets talk Boeing 737 Max, General Motors, Ford Motors, etc etc. Banks and other financial service providers(ie CLICO) just following the NORM. Some jurisdictions however try to provide a semblance of regulations and security to provide customers with a minimal level of protection. However rules, regulations and ENFORCEMENT is very lax in THIRD(TURD) world jurisdictions.

  26. SirSimpleSimonPresidentForLife Avatar
    SirSimpleSimonPresidentForLife

    @John A July 16, 2019 7:08 PM “I mean if you told a 70 year old bond holder 5 years ago what would happen in the debt restructuring he would of laughed at you and said ” no way that is government guaranteed”.

    Not all 70 year olds are foolish.

  27. WURA-War-on-U Avatar

    Stop putting your money in any scam government devises…you already know anything they touch is blighted by a scam against U.


  28. The Nation newspaper editorial captures all the points made in this submission.

  29. Vincent Codrington Avatar
    Vincent Codrington

    @ David BU at 9 :44 AM

    And I wonder why you are surprised. Time to collect subscription fees?


  30. @Vincent

    You read the front page today?

  31. Vincent Codrington Avatar
    Vincent Codrington

    @ David BU at 1:11 PM

    No . I have not collected my news papers yet. Will comment when I return.


  32. The fact that a bank can have client funds money stolen from it’s property and some on this blog question the client’s right to be made whole immediately is disconcerting.

    In fact, as case can be made that the banks have poor operational risk controls. In more enlightened jurisdictions the regulators would jump at the opportunity to defend the consumers and the banks would grab the chance to portray themselves as good corporate citizens.

    But not in Bim, where everything in upside down.

    Why do we have free education?


  33. @ sir simple

    Not being critical of 70 year olds just making the point that our government paper had always been seen by many as one of the safest investments out there.

    The problem came in Sinkler s Xerox era when the paper became unsustainable. I recall having a conversation when his printery was first fired up with a retired person and told them this was going to be unsustainable, only to be told nonesence this is government guaranteed!


  34. You all realise it has been 2 weeks since this incident first raised its head and still not a word to date from the regulators.


  35. Moving onto commercial banks, Mottley accused the entities of not offering decent rates on savings accounts as well as not allowing ordinary Barbadians to access capital with low interest rates.

    “What we cannot have is the choking off of opportunities in Barbados for ordinary people, we believe, especially those who will be on the front line of any adjustment … government needs to have a policy of affirmative action to show that those who bear the brunt of the adjustment must be on the frontline of contracts and and supply of goods and services in this country.”

    http://www.loopnewsbarbados.com/content/mottley-lashes-government-awarding-contracts-0


  36. @David
    A refreshing post.

    We like to put people in a box and stamp a label on it. I see that the blogmaster continues to operate outside of the assigned box and label.
    A great post and reminder
    ******************=================xxx======================***

    A happy and pleasant morning to all of Barbados.
    Make certain that you enjoy the sea and sand.
    Take a long dip and think of us who can play back distant memories of sea bathing
    Take along a small snack and a bottle of water and enjoy yourself
    Have a great day Barbados


  37. This article counters some of the BS spouted here.

    HAMILTON, Bermuda – A High Court judge has sentenced two Puerto Rican nationals to 16 months in jail each after they were caught attempting to leave Bermuda with cash and equipment to make fake credit cards.
    Juan De La Cruz Carvajal, 21, and Avik Kavil Abreu Rivera, 24, admitted to charges of conspiracy to steal and attempted money laundering when they were appeared in the Supreme Court on Tuesday.
    Puisne Judge Craig Attridge said the men were caught with more than US$4 000 in cash as they tried to leave the island, but it was likely they had attempted to steal more.
    “The intent and expectation of the defendants must have been to make a significant gain. The court agrees that the increasing prevalence of offences of this nature in recent times undermines the financial integrity of the island by increasing the cost of legitimate financial activity, making victims of us all,” Justice Attridge said.
    The High Court heard that Carvajal and Rivera were stopped by US Customs as they attempted to leave the island on January 19.
    Officers searched their bags and discovered more than $4 000 in mixed currency, along with a machine designed to print fake credit and debit cards. Customs officials also searched a laptop in their possession and found a programme set up to use the card machine.
    The prosecutor, Allan Richards, said that evidence suggested the pair had attempted several unsuccessful transactions and they had tried to steal more money than they had obtained.
    Richards added that this type of theft was on the rise in Bermuda, with multiple cases before the courts this year alone. But he said both defendants admitted their culpability at the earliest reasonable opportunity and were entitled to a discount on their sentence. (CMC)
    >>>

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