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Reproduced with permission, the full text of Dr. Delisle Worrell – former Governor of the Central Bank of Barbados – October 2019 newsletter:

One often hears the comment that there are hundreds of millions of dollars of idle funds at commercial banks that ought to be directed to investment projects to create employment and grow our economy. However, we need always to bear in mind that every investment project is going need to computers, cell phones, supplies and equipment that have to be purchased from abroad, in US dollars. A basic feature of economies as small as Barbados is that all business investment, from hairdressers to supermarkets to power plants, has to be financed mainly in foreign currency, not domestic money. That is because the domestic currency cannot be used to acquire essential inputs from abroad, such as equipment, vehicles, materials, fuels and other inputs. This is true whether the project is large or small, private or public, for domestic production or export.

It follows that all investment of necessity requires a substantial proportion of foreign finance. This means that the Barbados dollars in banks cannot be put to use in financing investment projects; for that, the banks will need to receive a larger supply of foreign exchange, from tourism, international business, manufactured exports or other sources. It also means that new investment cannot be funded with the savings of local companies or individuals. Domestic savings are in local currency; in order to do any investment the saver has to acquire foreign currency in addition to (or in exchange for) their savings, so they can pay for the imports they need.

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109 responses to “US Dollars Needed, Not Barbados Dollar Savings in Order to Invest”

  1. Wily Coyote Avatar
    Wily Coyote

    David, link to Caribbean SIGNAL not working !

  2. David Avatar
    David

    @Wily Coyote

    Thanks, should be now.

  3. Pachamama Avatar
    Pachamama

    We continue to loose any modicum of respect for Delisle Worrell.

    As this American agent shows his ‘leanings’ more and more, we are reminded of another in his ‘field’ – Arthur Lewis – who mounted a similar project as a servant for empire. A project which caused several countries in a newly ‘independent’ Africa to cede billions to their ‘former’ colonial masters.

    Everybody knows that the US dollar is under growing geo-political, geo-strategic pressures. And these will continue regardless of the apparent increase in value viz a viz other leading currencies. Yet, this man has nothing better to say but that we exchange one worthless currency for another fiat currency.

    Not even death can save us from the mindset of the slave.

    Worrell is clearly walking around with the mind of dead men!

  4. David Avatar
    David

    @Pacha

    Does it matter, Worrell is making the point we must earn foreign currency to pay our way. Local dollars is useless given our dependence on imports.

  5. Wily Coyote Avatar
    Wily Coyote

    @Pachamama

    You obviously have a partisan opinion of Dr Worrall, Willy is not a fan either, however the message carries a lot of truth. Get past the fact that FOREIGN currency is anything other than Bajan Mickey Mouse $. Dr Worrell is correct that as long as Barbados currency is pegged to US$, then local currency is irrelevant for the countries development. The fact that if Barbados has even a remote chance of gaining back a mediocre level of financial independence and progress the Barbarian $ will have to be significantly devalued or better still floated. This adjustment will have significant short and long term social and financial consequences, however it’s the only means by which Barbados recovery maybe possible.

    Present DUPLOY are talking a good game, however the SAME OLD SAME OLD continues as the downward spiral gets worse. Basic infrastructure water, power social security are now FAILING and there is no short or long term plan for recovery.

    FOREIGN DEBT REPAYMENT IS SPIRALLING OUT OF CONTROL, and present government is doing it’s ostrich act hoping issue will solve itself. Well think again, Barbados is playing a dangerous ARGENTINEAN game with the three large OFFSHORE BANKS which appear to be getting ready to pull the financial trigger on the execution gun. If these FOREIGN DEBT holders are not addressed the consequences can and will be disastrous.

    Time us quickly running out.

  6. ks Avatar
    ks

    @Pacha
    Careful my friend……. shaming a Nobel Laureate!! Suppose Dr. Worrell get a Nobel….. then you would have shamed not one, but two…..!!

  7. Miller Avatar
    Miller

    (Quote):
    It follows that all investment of necessity requires a substantial proportion of foreign finance. This means that the Barbados dollars in banks cannot be put to use in financing investment projects; for that, the banks will need to receive a larger supply of foreign exchange, from tourism, international business, manufactured exports or other sources..(Unquote).
    +++++++++++++++++++++++++++++++++++++++++++++++++++

    Isn’t what Worrell arguing as basic as ABC when it comes to any ‘informed’ analysis of the Bajan economy?

    Why did he abandon this economic commonsense and facilitated the continuing printing of Mickey mouse dollars during his time at the monetary control wheel?

    Where was the US $ to back the Mickey mouse symbols printed on paper with less ‘trading’ value than a white 2-ply sheet on a roll found in the WC.

    Worrell is telling you guys, in a roundabout way, that those imaginary projects along the hotel corridor like the Hyatt are just political pipedreams for politicians to get high on.

    Why didn’t Worrell support the Hyatt case by making it abundantly clear that the financing of this project would be by way of FDI or that the local principals would be pulling their own pockets filled with foreign money sitting in overseas accounts?

    Now there goes Hal Austin’s recommendation that the Bajan government should establish a Sovereign Wealth Fund denominated in Mickey mouse printed paper and backed by IMF draw-downs approved by Uncle Sam.

    Barbados must first earn and save forex to ‘save’ its sorry a**s soul from the pending death of its Mickey mouse monopoly currency; not borrow from other people holding foreign currencies.

    Worrell is just full of sound and fury signifying nothing that is new.

    “Out, out, brief candle! Life’s but a walking shadow, a poor player that struts and frets his hour upon the stage and is heard no more. It is a tale told by an idiot, full of sound and fury, signifying nothing.”

  8. David Avatar
    David

    The government created an unshakable objective not to send home people come what may. The aftershocks of that decision reverberates to this day.

  9. Pachamama Avatar
    Pachamama

    ks

    Alfred Nobel made his money selling dynamite to several sides in WW1.

    Do you really think such a man is worthy of the esteem you seem to attach?

    It is precisely because of the work Lewis did for global capitalism, and against African countries, that such a bloodied award was bestowed.

    Worrell is no more than another Lewis. In both cases we have raised the spectre of death!

    That, my dear fellow, is way beyond mere shame.

  10. Pachamama Avatar
    Pachamama

    David

    You are sounding more and more like a prostitute.

    Worrell is not making a mere point about earning foreign exchange. He is saying that we should shut down our CB and become a colony to the United States Treasury Department.

    If Barbados really wanted to ‘pay our way’ we would ban the importation of over 600 million dollars is shiiiite every year.

    But neither you nor any of the governments we’ve had since independence dear approach the real problems.

    Instead, you all play into the current model of empire which requires all of its colonies to have supermarkets full of shiiiite food, and other items, which is already based on an American foreign policy. A foreign policy which tells countries like Barbados that you shall not feed yourself.

    And Worrell is now the archangel of a mere shift in that said imperial American foreign policy.

    And colonial subjects like you will eat up his shiiiite right off the back.

    Wily Coyote

    We could have a discussion with you on several good points made.

  11. David Avatar
    David

    @Pacha

    Talk is cheap. How do you propose we disengaged from the global system?

    Reaching for the popcorn.

  12. Miller Avatar
    Miller

    “Worrell is not making a mere point about earning foreign exchange. He is saying that we should shut down our CB and become a colony to the United States Treasury Department.”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++

    Of course, should the greenback become the currency of Barbados there would be no need for a Central Bank.

    The government’s Statistical Department can undertake any economic data gathering functions the CB currently performs.

    The high-rise building can them be turned into high-rise flats for the many homeless people seen around Bridgetown.

    Maybe this is Worrell’s way of wreaking vengeance on an organization which made him and then turned around and destroyed him for being a version of Dr. Faustus.

  13. Walter Blackman Avatar
    Walter Blackman

    Pachamama
    October 6, 2019 8:24 AM

    “We continue to loose (sic) any modicum of respect for Delisle Worrell……..
    …this man has nothing better to say but that we exchange one worthless currency for another fiat currency.”

    Pachamamum,
    You, and those voices in your head, need to read and listen more. After going through that process, maybe you will start to develop a modicum of understanding.
    The world has undergone rapid economic and technological change over a short period of time. The analytical and predictive models used hitherto as tools to help formulate most governments’ economic policies have now proven themselves to be anachronistic and downright useless. We have to go back to the basics, and start fresh.

    The blogmaster knows that Dr. Worrell’s few paragraphs above, which form the basis of this discussion, are basic but they are as true as John 3:16.
    Rather than create an opportunity for commenters to wallow in incessant, sickening DLP/BLP back-and-forth nonsense, the article seeks to identify those among us who can apply what little knowledge or experience we have of import substitution, exportable products/ services, and foreign direct investment to help move forward a small, high-employment, open, fragile, severely damaged Barbadian economy. .
    Like a horse gone mad on racing day, you bolted out of the gates early at break-neck speed. Alas, you set a record running in the wrong direction!

  14. Walter Blackman Avatar
    Walter Blackman

    *high-unemployment..

  15. Pachamama Avatar
    Pachamama

    Walter blackman, the infants a boy.

    It was only a few years ago when you were exercising your lack of knowledge on these matters.

    At that time you were an adherent to those very outdated models.

    What a genuine asshole you have always been.

  16. David Avatar
    David

    @Pacha

    Your last comment suggest that to err is not human?

  17. Hal Austin Avatar
    Hal Austin

    Now there goes Hal Austin’s recommendation that the Bajan government should establish a Sovereign Wealth Fund denominated in Mickey mouse printed paper and backed by IMF draw-downs approved by Uncle Sam.(Quote)

    Oh insanity. If it is not true, then make it up. It is true Hal Austin did say we should create a SWF, the rest is the result of a demented mind.

  18. David Avatar
    David

    Why you cant critique the comment without attacking the anonymous person?

  19. Walter Blackman Avatar
    Walter Blackman

    Miller
    October 6, 2019 9:49 AM

    “…the financing of this project would be by way of FDI….
    the local principals would be pulling their own pockets filled with foreign money sitting in overseas accounts…
    Hal Austin’s recommendation that the Bajan government should establish a Sovereign Wealth Fund denominated in Mickey mouse printed paper and backed by IMF draw-downs approved by Uncle Sam.
    Barbados must first earn and save forex…. not borrow from other people holding foreign currencies…..”

    Miller,
    You are wandering around in the correct intellectual ball park. You touched on direct foreign investment, exportable products/services, and import substitution. Can you put some of these concepts together and package them as a proposal, idea, or project to move Barbados forward?

  20. David Avatar
    David

    @Walter

    Are you satisfied we have been attracting the kind of fdi to transform the Barbados economic landscape?

  21. Walter Blackman Avatar
    Walter Blackman

    Miller
    October 6, 2019 10:53 AM

    “Of course, should the greenback become the currency of Barbados there would be no need for a Central Bank.”

    Miller,
    Name one Barbadian Prime Minister, or Minister of Finance who ever proposed making the US dollar the actual official currency of Barbados.
    You were never taught to construct straw men in your youth. Don’t start now that you are approaching the “3 score” mark.

  22. Pachamama Avatar
    Pachamama

    David
    To err is one thing, but to mislead the blog, like that cunt walter blackman has done, is another.

    When we were telling blackman that he was a cunt, and you should well remember the many times, his madness prevented vision.

    There is nobody here who has been talking about a financialized economy more than this writer, for nearly a decade.

    Now this fucking Columbus has discovered that the shiiite in his mad head is too far dated.

    Now that idiot wants to tell us about his recent discovery. Maybe he reads too many books.

    What a cunt.

  23. David Avatar
    David

    @Pacha

    Succinctly put to the topic?

    Traditional models will not work for us, the BU intelligentsia agrees on this point.

    The fact we have ian investment pipeline the greater percentage going to tourism says it all. We are transforming the economy in the same space. In other words two steps forward and three backward.

  24. Walter Blackman Avatar
    Walter Blackman

    Pachamama
    October 6, 2019 11:13 AM

    “Walter Blackman…What a genuine asshole you have always been.”

    Pachamamum,
    Call me whatever you like, but rest assured that I am the only one on BU that consistently provide an opportunity for you to display the only talent (cussing) you have been blessed with.
    Am I surprised to discover that the development of that talent is accelerated by staying far from books and reading?
    No.

  25. Walter Blackman Avatar
    Walter Blackman

    David
    October 6, 2019 11:27 AM

    @Walter
    Are you satisfied we have been attracting the kind of fdi to transform the Barbados economic landscape?

    David,
    No.
    I hold the personal view that there is an extremely close link between “successful” (defined differently by different people) FDI and a well-crafted foreign policy.
    Can you tell me what the main pillars of our economic and financial foreign policy are? Please don’t tell me friends of all and satellite of none.
    Can you name one minister of foreign affairs who used his/her ministry to systematically and energetically seek out foreign markets for the sale of Barbadian goods and services? Or to generate a sustainably high level of Fdi?

    Let us all hope that Dr. Jerome Walcott, the present Minister of Foreign Affairs, is able to at least start the transformation process.

  26. Pachamama Avatar
    Pachamama

    walter blackman, the cunt

    the type of information needed to understand present phenomena, far less the future, is never contained in books, yuh cunthole!

    for us books are purely historically bound.

    we well prefer discussion groups and unpublished materials.

    by the time it takes to publish a book, for us, the information is nearly useless for our purposes.

    maybe someday you will read that in a book

    since you have some time today, why not go and suck Charles Herbert’s dick

  27. Miller Avatar
    Miller

    @ David October 6, 2019 11:23 AM

    That’s Hal’s way of communicating with members of the BU Anonymous.
    He just can’t help but to look past the relevance in front of the mask in order to attack the person behind.

    Just a simple question to Hal:
    In what currency would your proposed SWF be capitalized?

    Even Grantley Adams had to borrow from overseas to make his great infrastructural leap forward in the 1950’s.

    Artax, where are you when we need you most to protect us from this ‘blackened’ mad Englishman?

    He is suffering from what Samuel Selvon would have described as the Psychosis of the Black ‘Bajan’ West Indian; just pretending to be what he will never be.

  28. Miller Avatar
    Miller

    @ Walter Blackman October 6, 2019 11:33 AM

    Which Bajan de facto dictator would want to shoot himself (and now herself) in the politically powerful foot?

    The use of the US$ as the currency of the Bajan economic realm would remove the power of the PM and his shadow MOF to go on spending sprees to underwrite their electoral campaigns.

    Such a currency replacement would have to be imposed by exogenous economic realities.

    What’s the sense of holding onto a currency merely out of jingoistic feelings if that currency has to be put into the same wheelbarrow as the Zimbabwean dollar?

  29. Ping Pong Avatar
    Ping Pong

    At UWI, Mona the tuition fees for a number of programs are quoted ONLY in US dollars. In Jamaica US dollars are freely bought at commercial banks. Ordinary Jamaicans can hold US dollar accounts. In fact even some Bajan students at UWI, Mona have US dollar bank accounts.

  30. Miller Avatar
    Miller

    @ Walter Blackman October 6, 2019 11:23 AM

    “The longest journey begins with the first step.”~ Laozi

    Let’s start with the simple building blocks of economic restructuring and transformation.

    How about getting Barbadians to start living with their forex earning means?

    Why do Bajans need to import high-powered luxury vehicles to engage in road rage exercises along the make-over cart roads crisscrossing a 2×3 flat island?

    Why do Barbadians have to import stale water in plastic bottles and coconut bilge and artificially-sweetened juices in tetra packs and aluminum cans all the way from S.E. China?

  31. Walter Blackman Avatar
    Walter Blackman

    Miller
    October 6, 2019 12:27 PM

    “Such a currency replacement would have to be imposed by exogenous economic realities.”

    Miller,
    Until then, Barbadian dollars will continue to be spent. Earn as much as you can.

    PS:
    Would you like me to “read up” Stanton Gittens, cane and all, to settle things between you and Hal?

  32. David Avatar
    David

    @Miller

    How would your approach mesh with obligations Barbados is party as a member of the global community?

  33. Hal Austin Avatar
    Hal Austin

    @ Walter

    Stanton Gittens was despicable. The problem is when people stretch and fabricate things to make a point. What is more, some people on BU believe them.

  34. Walter Blackman Avatar
    Walter Blackman

    Miller
    October 6, 2019 12:42 PM

    @ Walter Blackman October 6, 2019 11:23 AM
    “The longest journey begins with the first step.”~ Laozi
    Let’s start with the simple building blocks of economic restructuring and transformation.
    How about getting Barbadians to start living with their forex earning means?
    Why do Bajans need to import high-powered luxury vehicles to engage in road rage exercises along the make-over cart roads crisscrossing a 2×3 flat island?
    Why do Barbadians have to import stale water in plastic bottles and coconut bilge and artificially-sweetened juices in tetra packs and aluminum cans all the way from S.E. China? taken

    Miller,
    So we are starting the discussion with import substitution.
    Your point is well taken. We really do not need to import those things you mentioned, plus a lot more articles we see on the supermarket shelves. We also do not have to import cannabis from St. Vincent, Jamaica, Arizona and Canada. Hopefully, the day will soon come when we have developed our green energy sector to the point where we don’t have to import petroleum (a product that uses most of our foreign exchange?) . However, because of the paucity of natural resources, there is still some minimum level of imports we will have to purchase as a country. Some minimum level of foreign currency would still have to be earned and reserved.

    To effectively implement import substitution, the government would have to come up with some creative strategies so as to “punish” or create a disincentive for those who insist on purchasing “luxury” goods. This is not a trivial matter. because, in third world countries, almost everybody is trying to show the world that they are somebody through conspicuous consumption.

  35. Gabriel Avatar
    Gabriel

    Between Worrell,Sinckler,Stuart and David Cameron crapau smoke Barbados pipe.Brexit is the sow under the counter hence lack of foreign currency flows into Bim.

  36. Miller Avatar
    Miller

    @ Walter Blackman October 6, 2019 1:18 PM

    You would have to first ask Major Nook to chastise the cocky boy Hal for being downright rude obnoxious and obstreperously arrogant towards the Blogmaster David.

    But then again your old school buddy Bush tea had already informed the BU members about this black Billy Bunter-looking blithering fool.

  37. Walter Blackman Avatar
    Walter Blackman

    Hal Austin
    October 6, 2019 1:31 PM

    “@ Walter
    Stanton Gittens was despicable.”

    Hal,
    Every single time I felt so about Stanton, I realized that he had just inflicted 3 or 6 warm lashes with his cane on my backside. Other than on those occasions (too numerous to mention), I found him to be fine.

    For those on BU who don’t know, Stanton Gittens was a former headmaster of Combermere.

  38. Miller Avatar
    Miller

    @ David October 6, 2019 1:20 PM
    “How would your approach mesh with obligations Barbados is party as a member of the global community?”
    +++++++++++++++++++++++++++++++++++++++++++++++++++

    Easy as Hal Austin’s Babel -like creation of a Sovereign Wealth Fund by a country effectively broke as far as foreign currency holdings are concerned.

    This will happen when a forex trade-off must be made between meeting the renegotiated foreign debt obligations, buying garbage trucks and buses against the ‘luxury’ of importing fancy cars and bottled water when the local BWA could easily open a profit centre to cater for this demand of water on convenience.

  39. Walter Blackman Avatar
    Walter Blackman

    Miller
    October 6, 2019 1:49 PM

    “@ Walter Blackman October 6, 2019 1:18 PM
    You would have to first ask Major Nook to chastise the cocky boy Hal…..”

    Miller,
    We have known each other for a very long time. I would bet my last dollar that , left unhindered, you will be lumping “Major Nooksie” with “Hal Cocky” before the day is o’er.
    As a pre-emptive strike, may I ask if the gentleman’s name was actually Major Noot?

    LOL

  40. Hal Austin Avatar
    Hal Austin

    @ Walter

    Exactly my point. If Bush Tea was at school with you then he could not be at school with me. But since I do (did) not know who he was it is difficult to say. He could fabricate anything. Another regular on BU also claimed he was a friend and we were at school together. He was at Waterford in the 1970s. I wish.

  41. Donna Avatar
    Donna

    Pachamama cussing sweeter than my fisherman grandfather! Don’t know when last I enjoy a cussing so!

    But when you remove the spice he is saying that you guys are now straining to reach where he reached a long time ago.

    But Pacha, better late than never!

    I am now going to remove myself and allow you bright guys to pontificate on economic matters. Some of what you will say will point to a need for a paradigm shift that needs to occur in the minds of Barbadians.

    Import substitution, reducing imports etc etc etc will occur only when we manage to redefine ourselves and stop judging ourselves by the cultural norms of other peoples.

    This discussion should help to point out that need and so it is good.

  42. Miller Avatar
    Miller

    @ Walter Blackman October 6, 2019 2:07 PM

    Of course you got the pun at first go. Major “Noot” would be a rather disappointed man if he were to read some of the dream-like stuff Hal proposes on BU.

    Here is an intellectual eunuch who strongly argues that Barbados does not need to maintain foreign reserves and instead be playing a game of Russian roulette in the international finance casinos.

    Even Hal’s contemporary Glynne Murray would not be impressed by his failure to even raise at least one question in the presence of his PM MAM while he had the golden opportunity to question her about BERT, White Oak and even SWF when the country is practically living on a shoestring forex budget.

    The PM would have welcomed his support of the copied proposal of a Bridgetown Regeneration Housing programme which has been part of the National Development Plan for donkey (y)ears probably stretching back as far as when you were a budding senior man under the Tom Adams administration.

  43. Walter Blackman Avatar
    Walter Blackman

    Donna
    October 6, 2019 2:17 PM

    “Pachamama cussing sweeter than my fisherman grandfather! Don’t know when last I enjoy a cussing so!
    But when you remove the spice he is saying that you guys are now straining to reach where he reached a long time ago.”

    Donna,
    I have openly admitted that sometimes (sparingly) I use BU for entertainment. Pachamamum is my favourite target and I have observed that no one, except me, can get the cuss words to flow from his lips with such ease. As a means of relaxation, I giggle uncontrollably for a while after and then remind myself not to trouble the modern day Rasputin again until a few months have passed. This pattern has been woven and repeated for quite some time now.

    On a more serious note, I have been reading BU for more than 10 years, and if you were to ask me if I remember Pacha cutting and pasting and answering questions on the financialization of any economy, anywhere in the world, I would honestly say no. Pasting and cutting stuff to demonstrate his love and admiration for Vladimir Putin? I would have to say yes.

    Any human being trying to reach where Pacha reached a long time ago is simply searching for trouble.

    Enough jocularity on my part. We have serious and important national issues to discuss on BU.

  44. Donna Avatar
    Donna

    But Walter, I have more lately come to BU and I have experienced the opposite. Perhaps his colourful mode of expression diverted your attention from his main point which has been, as far as I can tell, that the economic and financial system set up by the colonizers is performing as it was intended to do. Hence we need to wipe the wool from our eyes and stop tinkering with a system designed to keep us under. We cannot change them and so we need to change ourselves. We need to have our own system within the system that works for us.

  45. Walter Blackman Avatar
    Walter Blackman

    Donna
    October 6, 2019 4:30 PM

    “But Walter, I have more lately come to BU and I have experienced the opposite. Perhaps his colourful mode of expression diverted your attention from his main point which has been, as far as I can tell, that the economic and financial system set up by the colonizers is performing as it was intended to do. Hence we need to wipe the wool from our eyes and stop tinkering with a system designed to keep us under. We cannot change them and so we need to change ourselves. We need to have our own system within the system that works for us.”

    Donna,
    I understand and appreciate the fact that my experience reading Pachamamum over 10 years will differ from yours which started relatively recently. What you have written above has been articulated clearly and I can respond to that. Pachamamum does not write that clearly so you must forgive me if I fail to grasp most of the points he has been trying to make during the last decade.

    Let us put the discussion into historical context.

    Our European colonizers went through the evolutionary processes of feudalism, slavery, and capitalism. We (the betrayed and sold Africans) came on the radar to feed the institution of slavery. As Dr. Eric Williams pointed out in his book “Capitalism and Slavery”, slavery was extremely critical to the development of capitalism. However, contradictions eventually emerged, and the development of early industrial capitalism spelt the beginning of the end of the slave trade. The Europeans went on to fully develop capitalism and to produce multi-national corporations. They formed the G7 (now the G20) and its agenda. They manufactured WTO and trading regulations which wiped out our regional banana and sugar industries. Finally, they brought financial regulations to ensure that small developing nations remain mired in the marshes of perpetual poverty.

    Contrastingly, most of the small islands of the English speaking Caribbean were eventually cut loose by the mother country, and their leaders were flung into a world of capitalism which they had no influence or control over. Today, the region shows no signs of being able to produce multi-national corporations, and any creative attempts made at attracting or generating foreign exchange are viewed with suspicion by the developed countries. Trying to attract foreign currency by utilizing low tax rates resulted in the punitive label of “tax haven “. Trying to establish a medicinal marijuana industry, without having a national bank, has led to foreign banks informing us that they will not be accepting any cash from the industry.

    The point I am making is that it is not an easy task for a small country to achieve sustainable development in the current global set up. The blogmaster has been reminding us consistently that, when all is said and done, we have to recognize that we are now part of a global network and are constrained and must act accordingly.

    As for.changing ourselves, good luck with that. We have become extremely envious, bitter, and selfish towards each other.
    Our roads are overcrowded with vehicles. Are you bold enough to tell your neighbor not to go to the dealer tomorrow to purchase his BMW? Are you going to tell your 3rd cousin to be proud of her African heritage and not to buy imported hair? Barbados is almost saturated with garbage. Do you think that you can stop the individual who took bags of garbage from his home this afternoon and is driving around right now looking for somewhere to dump it?

  46. fortyacresandamule Avatar
    fortyacresandamule

    @PINGPONG. No wonder foreign currency deposit in jamaica commercial banking system is close to 50% of total deposit. The consequences of that is a volatile unstable currency. The Jamaica dollar($) has deprciated on average at least 6% per year since the 1980s. The time has come for Jamaica to formally dollarize its economy. It’s long overdue.

  47. David Avatar
    David

    A scary but pragmatic synopsis of the state of things Walter. There is a draconian recalibration required in policy if we are to sustain a. quality life for our children. Will the real leaders please stand up!

  48. fortyacresandamule Avatar
    fortyacresandamule

    Dr Worrel is on point. The obsevation though is nothing new. Pacha is living in a parallel universe. Blackman observation about third world countries conspicuous consumption behaviour is very profound.

  49. Donna Avatar
    Donna

    fortyacres,

    I guess you too do not understand Pachamama.

    Walter, you and I agree. You ask me though if I would tell my neighbour not to buy his BMW. No. Would I tell my cousin to be proud of her African heritage and not to buy false hair? No. That would be a futile approach bound to make me an enemy. The conversation would have started a while back and would not have been personalized. This is not a short-term fix. We are damaged, Walter. Our psyche’s are damaged. Do I think I can stop the illegal dumper from dumping? No.

    But here’s the thing, my mechanic did stop me from trading in my old dependable, fuel efficient car for a more costly vehicle several years ago. He did that by appealing to the good sense he knew was there. He explained his position to me. I knew it was not because he was looking for work on the old car. I knew that because whenever he fixed my car he said I would not be back for ages. And he was always right. I have since had that conversation with many others who I’m sure will stop and think. They know I am not bad-minded because they know me.

    I recently butt in on a conversation between two young ladies, one of whom was wishing she had “good hair” like the other one. I asked her what was wrong with her hair and told her that it and she looked quite beautiful to me. She smiled and thanked me. I started a thinking process, I’m sure.

    And finally, I have recently stopped two young men from tossing garbage around by asking them just one question. In a pleasant way, Walter. People do not like to be ordered around.

    It will never be perfect, Walter, and it will not be immediate. It is a process.

  50. Hants Avatar
    Hants

    The vehicle, which comes in hatchback or saloon version, retails around $160,000.

    Sales Manager at Simpson Motors Penny Johnson said she was delighted to work with Scotiabank on the sale of the new Mercedes-Benz A200 sedan,

    https://barbadostoday.bb/2019/10/04/scotiabank-shifting-to-customer-demand/

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