PREDATORY MARKETING and the Vulnerable in Society

Submitted by Cherfleur

Courts (Barbados) Ltd aka Unicomer is offering Cash Loans at THIRTY PERCENT interest.

How are they doing it and to whom?

Courts advertises in the Classifieds section with the entreaty of waiving the payments for six months if and when the customer is made redundant. Naturally the who are the young vulnerable teen mothers, most of whom are in the Informatics Industry in the Harbour industrial Park.

It’s a wretched pipeline, like the ‘cradle to grave’ one in USA. Desperate to acquire much needed items on a subsistence wage, this group of the population in this sector is easy prey to such predatory practices and false marketing.

Crucible recently laid off a second batch of employees for this year. In June they advised the Labour Department that they lost a Contract and was forced to sever employees but that the amount was less than the 10% that would require Union/Labour Department Consultation. I would hope that Mr Mayers of the Labour Department investigate to ascertain whether Crucible lost another Contract in this half of the year or it is the same Contract they are now relieving more employees from. Working the loop holes of the Law (perhaps not).

Whatever the situation these employees are now on the bread line and some of them who had these treacherous loans from Courts approached the firm and applied to get the waiver only to be told by the floor Representatives that they do not know or never heard of such offerings. FALSE ADVERTISING.

So unemployed and cash strapped these vulnerable ladies have to cough up much needed dollars to service these illegal loans.

Courts is not licensed to lend money’ or are they? Nevertheless 30% is Usury. The Banks and Credit Unions are being had by Courts.

Attempts to reach the Director, Consumer Finance or the Marketing Manager went unanswered.

30 RASSHOLE percent!

MERRY CHRISTMAS EVERYBODY.

216 thoughts on “PREDATORY MARKETING and the Vulnerable in Society


  1. My questions as always are rhetorical.

    What If an actuary says to someone with poor math skills “it is your fault and you are stupid if you do not read and understand the fine print”

    What if i understand Arabic and I prepared a contract in that language and said to an English speaking actuary “it is your fault and you are stupid if you do not read and understand the fine print”


  2. Contracts should be written in the language of the common people so that they can be understood by the common people who have to sign them when they need a very small short term loan.

    Common sense tells us that if someone wants to borrow $1,000 to $2,000 very likely thay are in no position to hire a lawyer or an actuary to review the contract for them.

    Didn’t some lawyer charge a Barbados government entity, I think that it was Caves of Barbados $700,000 to review a contract?

    A young lady working on the Harbour Road and needing a quick $1,000 to put her children back into school, school pants and shirts and shoes and pencils, calculators, socks and book bags etc. won’t have lawyer or actuarial fees.


  3. Good point, Simple Simon! Some are bad at Maths AND the language skills that are also needed in reading and understanding the fine print.

    As Hal says, That is precisely why we need good regulation and consumer protection.

    It is the VULNERABLE who need protection.

    Should not civilized society be judged upon the level of protection offered to those who cannot protect themselves? Is the world not a jungle if only the fittest survive?

    Are we no longer trying to separate ourselves from our base animal instincts?

    Is it again accepted that we are all just predators who should be allowed to prey on each other?

    Then, what the hell are we doing here at our keyboards complaining about injustice and corruption? There is no such thing in the jungle!


  4. Some of us, not you Hal, like to pretend that everybody has enough money everyday to take care of the necessities.

    I am from a family which had 7 children in school at the same time. “Yes” my parents, had to “trust” school supplies from the ‘coolie” man, otherwise some of us would have had to leave school at age 9 when we outgrew the village school.

    Many people in Barbados still struggle. In EVERY country of the world there are poor people who struggle AND who aspire for better for their children. I think that it was PLT who mentioned a number of about 40,000 very poor in Barbados. Those poor people also want to keep their children in school, and sometimes “yes” they need credit in order to do so, What else are they supposed to do? Permit their children to withdraw from school at age 9 or 10?


  5. Smart Phones are in the possession of most in Barbados, rich and poor.

    Google loan calculator!

    No need to understand math.


  6. Let us say that I desperately need $2,000 BDS so that Little Susie can complete her last semester at university. Let’s say that I have used up all of my other resources. Little Susie IS holding down a part time job. What am I supposed to do remortgage the house for a $2,000 BDS loan? What would the legal and banking fees etc cost me? What should I do rip a few windows off the house and sell them for cash? Force Little Susie to withdraw? Too old to prostitute myself. Don’t want to borrow from a drug dealer, LOL!!!

    Of course I would go to Courts even knowing that the 30% interest rate is burdensome. Doing so doesn’t make me stupid, careless nor nuthin’ so.

    it just makes me a good parent.

    This class is REAL LIFE: 101.

    You are now dismissed.


  7. If you need credit you need credit, end of story.

    If you don’t, you don’t.

    Plug in the numbers and look at the answer.

    The richest person can be in need of credit just as the poorest person.

    Similarly, the most intelligent person can be in need of credit just as the simplest fool.

    You never know.

    Ms. Mockley may need to go to Courts if it has all this cash it is lending out.


  8. @Hal Austin December 28, 2019 2:56 PM @Simple Silly. “The products ARE designed by maths experts, actuaries. Quite often not even the CE of the banks understand the underlying maths. That is why we need good regulation and good consumer protection.”

    Agreed 100%.


  9. Poor John, you don’t understand that that wouldn’t help some people to understand. Neither do you understand that some people are desperate.


  10. Silly Woman
    December 28, 2019 3:36 PM

    Let us say that I desperately need $2,000 BDS so that Little Susie can complete her last semester at university.

    ++++++++++++++++++++++++++++++

    Ask little Suzie to use her $1,600.00 smart phone and let her tell you how much you need to pay back.


  11. What the 30% interest tells me is that Courts expects to have to deal with loan defaulters.

    … just like it has to routinely repossess items.


  12. @Donna December 28, 2019 3:24 PM “we are all just predators who should be allowed to prey on each other?”

    That is exactly what our boy Ewart whats-‘is-name seemed to be suggesting one day last week.

    I bet that Ewart could not have kept 7 children in school at the same time (we were all born before the oral contraceptive pill was invented) and long before the school meals program came to our rural village.but my parents with 16 years of formal education between the two of them did it.

    Poor people also have aspirations for their children. Poor people also have economic sense.

    But yes they need proper regulations (quoting Hal) to keep the rapacios predators offa them.


  13. West Side Story, Leonard Bernstein. I wunna be in America. Life can be great in America, if you are white in America…..Here you are free……if you stay on your own side…..


  14. Courts must figure there is a market out there for the service it offers and knows from its every day hire purchase business that there are Bajans who would rather die than default.

    The 30% over 2 years also tells me that Courts knows how many such Bajans exist.

    They will cover the losses of the others who default.

    There are actually two predators, one is Courts and the other is the defaulter.

    The prey is the conscientious Bajan who makes sure all loans are paid off.

    … like Ms. Mockley and the international creditors.

    Some Bajans don’t give a damn while others are concerned about their country’s credit.


  15. What if Little Suzie has a $49.95 BDS Nokia?

    And even so how is knowing how much will have to be repaid help the person who has run out of options?

    This class is: Tales from the 1% (the bottom 1%)

    John NEEDS to be in this class.

    We hear so much about the (top) 1%

    But wunna understand that there is also a bottom 1% right?


  16. The actuary just assesses how many predators Courts will need to fight and how much prey is there for the taking.(Quote)

    @John, are you sure you won a Barbados Scholarship? You are Bajan to the core. Stop it.


  17. And since I am much older than John, n doubt some of my taxes helped to pay for his Barbados Scholarship

    Sigh!!!

    Can I ask for a refund, with 40+ years of interest at 30%?


  18. @Hal: “All we have to do in Barbados is look at the best of those, pick what suits Barbados, and introduce new legislation.

    Hear! Hear!

    IMHO (based on some knowledge and experience), there is often a “not invented here” mentality. Not just here in Barbados but throughout the world.

    Whenever someone wants to implement something new, or simply “upgrade”, it is highly advisable to first look around to see what others have done, and what the results were. This applies as much to a country’s laws as it does an individual’s software decisions. Law is, after all, nothing more than code written to be interpreted by humans.

    I can’t go into details, but the Barbados Telecommunications Act desperately needs revision. I have strongly encouraged that activity to include a review and consideration of the Estonia approach to telecoms regulation and enforcement. Estonia seriously got it correct — and are reaping the rewards now.

    The word “enforcement” in the above paragraph is, of course, critical.


  19. @ Simple Simon

    The typical Bajan that engages in borrowing from financial Institutions understands interest rate charges. What this debate is deteriorating into is one of shifting the responsibility of making good financial decisions from the borrower onto the State.That is unreasonable. The anectdotal evidence you have provided is inadequate. Parents of our generation sent their children to school with out having to borrow. The income was fixed and one kept consumption within the parameters of ones income.


  20. Maybe your parents did not have to borrow. Maybe your mother did not give birth to 6 children in 9 years as mine did. There are many, many, Barbadoses, and perhaps my Barbados was not/is not your Barbados.

    I know parents enough who could not have kept their children in school unless they borrowed, against the sugar preference money which came in late November/December.

    But children had to be ready for school by September

    Wha’ to do???

    i have a dear friend whose parents had 1 child, she has no understanding of how it was possible to keep 7 in school AT THE SAME TIME,

    Your truth is your truth.

    My truth is my truth.

    BOTH are VALID.


    • @Simple Simon

      You are agreeing with Vincent, they borrowed against monies due to them, it was a prepayment if you will. How does that compare to what is being debated here?

      >


  21. Many parents in Barbados still struggle to make ends meet.

    Some parents everywhere struggle to make ends meet.

    And nope nobody in my home had bad habits like smoking, drinking, gambling, womanising.

    Too poor to afford bad habits. Lolll!!!


  22. @ Hal

    John is correct. The probability of default is calculated by the actuary; and the probability of “suckers”are also calculated mathematically. The same goes for those who credit furniture and domestic appliances. Using past data the credit department can work out the percentage of credit defaulters. Those who do not default pay for those who do .The interest rate is set accordingly. These things are done systematically. They are CALCULATED risks.


  23. @ Vincent
    The probability of default is calculated in to the numbers, but also the profitability, which is more important. Financial firms sell off their default books to specialist houses usually at a discount. Bailiffs and court action are handled by the third party.
    @john at 4.08 is nonsense, @John at 4.09 is right.


  24. @ Vincent.

    The problem is not that they can’t read and understand the cost, it’s that most of today’s consumers lack any form of financial discipline.

    For example they may have the cash to buy the 48 inch Tv, but instead of doing that they going into a HP or loan agreement at loan shark rates for the 70 inch, so as to impress their friends.

    The problem is we no longer buy what we need but instead buy what we want, or what our neighbour has.


  25. @Vincent Codrington December 28, 2019 4:43 PM “shifting the responsibility of making good financial decisions from the borrower onto the State.”

    States are already highly intrusive, so why not one more demand on the state which demands so much of the citizens?

    If my Little Susie gives birth tomorrow the state will demand that within 30 days she tells with whom she had sexual relations (and isn’t sex the most private and personal of acts?) But the state demands to know who is the father of the child, although truthfully some few do withhold this information from the state.

    If I die today the state demands to be informed of that fact, and of my date of birth, my gender, my place of death, my cause of death, whether I was single, married, divorced or widowed, etc–I mean what is the state going to do with all of that information—use it to raise me from the dead? Lolll!!!

    All states are intrusive.

    So we the citizens have a right to be demanding.

    My truth.


  26. @ John A

    If the majority of poor people were to save to buy anything cash they would be walking about without clothes.
    These loan sharks know their target market. It’s amazing how some of us pretend we don’t understand poverty and how easy it is to fall to these predators.
    Students can’t pay back student loans; inferior public transport forcing people to credit motor cars; the daily struggle to put food on the table. These are everyday struggles and challenges that have nothing to do with discipline , knowing how to balance a Cheque book or doing compound interest.
    Laws must be put in place to protect the vulnerable. Obviously the laws are insufficient or not present.
    It always amazes me how people who escape poverty become critics of those who are now trapped in it. It’s a very pretty picture when our children : turn on air conditioners; have eight choices of cheese; two luxury cars and a SUV to choose from; safe neighborhoods and all the comforts.
    That’s not every body’s reality.
    The poor and gullible must be protected.
    Funny thing the same poor are retrenched to meet the passing marks of the IMF. How ironic. Throwing them over Board is easy but protecting them is oh so hard to do.


  27. @William Skinner: “If the majority of poor people were to save to buy anything cash they would be walking about without clothes.

    If I may please share with you all a bit of history I happened to have with the late, but truly great, Roosevelt O. King. Some of us called him ROK, because he truly was a rock, and rocked!

    BANGO was doing a survey on Connectivity amongst the poor residents of Barbados. ROK being ROK, he of course actually walked around various different poor neighborhoods talking with people. Visiting them in their homes.

    The results were startling and very depressing.

    ROK described going into homes which he said he wouldn’t raise pigs in, and yet every single house member had a higher-end smartphone, using “Pay-as-you-go” plans — the most expensive way possible to get connectivity.

    Man, I miss ROK. He would be appalled we are still where we are.


  28. @David: “Where do we go from here ?

    I would argue, education is the only way. And I mean, real education.

    At the end of the day, we all stand alone. Every day, actually.

    Know who your friends are. Know who your adversaries are.

    Act accordingly.


  29. Hal Austin
    December 28, 2019 4:12 PM

    The actuary just assesses how many predators Courts will need to fight and how much prey is there for the taking.(Quote)
    @John, are you sure you won a Barbados Scholarship? You are Bajan to the core. Stop it.

    ++++++++++++++++++++++++++++++++++++++++

    When Lions make a kill, numerous predators arrive to wait their turn.

    Hyenas, Vultures etc etc are all predators.

    Everybody gets their piece out of the prey.

    They just got to wait their turn.


  30. @Chris.

    That is my point exactly. Let me give you this one. A few years back my bank said they had a list of repossessed cars for sale they wanted to send me. I needed no car but they insisted and sent me the list anyhow.

    That list did not have a Suzuki on it. Audi, BMWs and all high end vehicles only were there. In my maliciousness I asked what kind of repayment these cars had on them initially.

    How does $2000 to $2600 a month sound for 7 years!

    I asked the bank manger how many line marks these cars came with, as I would only of ever paid that kind of money for a land loan!

    So yes I agree with you it’s about wanting more than you can afford and investing in liabilities as opposed to assets. You borrow $140,000 for one of these and by the time the loan done, the car worth $45000 and you in the whole $140k plus interest.


  31. You borrow $140,000 for one of these and by the time the loan done, the car worth $45000 and you in the whole $140k plus interest.

    +++++++++++++++++++++++++

    Of which the GOB, another predator, gets half in duty!!


  32. @ Chris Halsall
    Is the poor living in dilapidated conditions and having high end phones any different from those living in the heights and terraces driving half million dollars that they can’t afford or building mansion as they can’t maintain or enjoying lifestyles way beyond their income?
    Don’t we give them tax breaks, contacts and free rides to ensure they enjoy their lifestyles?
    Do they get retrenched during times of austerity?

    Just asking


  33. Moral of the story:

    The cost of theft in a supermarket or any other business, lending money for example, is passed on to the final consumer.


  34. William Skinner
    December 28, 2019 7:12 PM

    @ Chris Halsall
    Is the poor living in dilapidated conditions and having high end phones any different from those living in the heights and terraces driving half million dollars that they can’t afford or building mansion as they can’t maintain or enjoying lifestyles way beyond their income?
    Don’t we give them tax breaks, contacts and free rides to ensure they enjoy their lifestyles?
    Do they get retrenched during times of austerity?
    Just asking

    +++++++++++++++++++++++++++++

    Sho’ nuff, no difference.

    But see “moral of the story” above.

    Someone always has to pay.


  35. Suddenly we have all of these disciplined gurus who will pretend they are living within their means; have never been in debt and completely ignoring the forces that entrap the poor.
    A man with a PhD in debt up to his ears living way beyond his means is given a pass.
    A lower economic class worker earning less than four hundred dollars a week is castigated for having a cell phone. Oh he needs an education but the well educated PhD is complimented .
    These bogus positions are frightening to say the lease.
    Who will guard the guardians. Stop pushing up your noses at the poor. It’s the same “educated” that are versed in entrapping the poor. They are actually worst than the scammers .


  36. @ John
    Like you correctly said : “‘somebody has to pay”.
    It’s usually the poor. They are the ones that get drenched in the retrenched.


  37. @WS: “Is the poor living in dilapidated conditions and having high end phones any different from those living in the heights and terraces…

    Very much so.

    The human body needs certain things to survive. Regularly.

    Air. Water. Nutrients. In that order.

    One does /not/ need access to Fakebook to survive.

    But, sadly, sometimes food is forgone for connectivity.

    I’m serious (and very, very saddened) when I say this with some level of certainty.


  38. You high and mighty people seem to be unaware that there are shops on Swan Street and elsewhere that sell these high end phones second hand for a few hundred dollars.

    Too besides not everyone who is poor indulges in the craziness you suggest.

    I guess poverty is always the fault of the poor. My God! How out of touch some of you are!


  39. @ Donna
    Exactly. The poor are to produce more; work harder. The Boxers on animal farm. Like you say the poor are blamed for poverty.
    Animal Farm.
    It’s good to know that some still have compassion for those of us who fall through the cracks.
    Like you said not all poor people indulge in the extravagance being highlighted here on BU. They are not out of touch just suffering from convenient amnesia.


  40. @ Chris Halsall

    I witness that the same attitude. Some low income citizens do not put the essentials at the top of their shopping lists.

    @ Donna
    A few hundred dollars can buy groceries for a family of four for a week. Is the second hand phone essential?


  41. @Donna: “How out of touch some of you are!

    With all due respect, some of us are /very/ much in touch.

    Are you familiar with the business model of “Give the razor away for free, charge for the blades.”?

    Barbados suffers from some of the highest telephony and connectivity charges in the world.

    An issue I have often brought up is why are “Prepaid” options more expensive than “Postpaid”?

    There’s no risk in the former, and yet the latter enjoy lower rates.

    Mathematically, that doesn’t make sense. Until you bring in the profit dimension…


  42. @ Vincent Codrington December 28, 2019 8:19 PM

    @ Chris Halsall

    I witness that the same attitude. Some low income citizens do not put the essentials at the top of their shopping lists.

    @ Donna
    A few hundred dollars can buy groceries for a family of four for a week. Is the second hand phone essential?

    Do the well off always have their “essentials” in order? Do you not hear of stories about the so called better off barely meeting their mortgages and car payments? Don’t you hear about empty computerized fridges? Don’t you hear about repossessions and unpaid utility bills among the better off? Don’t hear about the help being exploited and not paid?
    Let us look at this matter from a broader perspective.
    A poorly organized better off is no different from a poorly organized poor person. We have to look at our society and stop believing as if the poor are to be blamed for everything.


  43. @John A December 28, 2019 6:47 PM “How does $2000 to $2600 a month sound for 7 years!”

    I haven’t had a car since February 1999, at first it was because i couldn’t afford it, and then it was because I realized that “yes” it is still possible to get along fine in Barbados without a car. So now I know that I will never again buy a car. Sorry car dealers. Thanks dear departed dad for advising me exactly where to buy a house spot so that I ended up on not one, but two good bus routes. But yet I don’t have my “car” money 84 months x $2,000 per month + interest saved.

    I don’t drink, don’t smoke anything, don’t gamble, has NEVER EVER paid for sex.

    So who have my money den?


  44. @ Chris Halsall December 28, 2019 8:51 PM

    @WS: “We have to look at our society and stop believing as if the poor are to be blamed for everything.

    Please present evidence that that was ever the argument.

    You have put your position, I never asked for proof. You reference a survey or research which concluded that people living in homes that were not fit for “pigs “ had high end phones. I never asked you to produce evidence of these homes. I have kept pigs and I shudder to think that we have citizens living where my pigs would not have lived!
    Now read ninety percent of this thread and it’s analyzing one group : the poor.
    I am in a serious debate about socio economic issues , not gamesmanship.


    • In this forum we allow ourselves to get distracted from the substantive issues every time. All sensible people will agree that the poor should be protected. At this point some will want to define what is poor. Even in developed countries protecting the poor is an ongoing concern for the authorities. Few countries can boast about an acceptable level of poverty if it maybe so described. In the great USA a healthy % of the population live pay cheque to pay cheque.

      What all here should be able to agree to is that Barbadians like many other societies have become addicted to conspicuous consumption behaviour. In the case of Barbados a significant % of how the economy produces is based on the retail and distributive sectors, the output from the behaviour is seen in our export bill. It is there a non productive discussion to presume by way of general comment Barbadians in the low socioeconomic band would be immune from the same behaviour and resultant misplaced priorities.


  45. Please note that I have never paid more than $300 BDS for a phone. I have a sibling, sensible woman who has NEVER bought a new cell phone.

    Rarely do Facebook/Twitter/Instagram etc. I don’t like people that much that I need to be connected to the whole world all of the time. I often leave my cell phone at home when I am going out especially during the daytime. I am NOT a doctor, fire officer or police officer so why do I need constant phone connection. Nothing as sweet as working in the field, me the birds, the bees, the sun,the soil the fresh air, the monkeys. Can Facebook/Twitter/Instagram beat that? Tobesides I hear that there is a fair amount of stupidity on Facebook/Twitter/Instagram etc.


  46. @WS: “I am in a serious debate about socio economic issues , not gamesmanship.

    As am I.

    But these kinds of activities are often modeled based on games we have played in the past.

    My personal favorite is the game of Go. 3D chess is so, like, yesteryear.


  47. Don’t businesses small, big and supra-national and national economies in spite of having access to the best accountants/financial analysts not sometimes find themselves in potter.

    Hasn’t Donald Trump and or his businesses not become bankrupt, and yet wunna think that some poor working woman on the Harbour Road is greedy for 1n 84 inch TV, or a $1200 phone, or covets her neighbors goods, or foolish etc.

    Why?

    Wasn’t there talk around the town about a store that could not/would not/did not pay tens of millions in VAT? VAT collected from poor “foolish” people at the counter.

    What if I told wunna that the little loans are mostly for school supplies, and maybe a toy at Christmas?

    Wunna name Ebenezer that wunna would begrudge a lil boy a toy truck at Christmas?


  48. I don’t drink, don’t smoke anything, don’t gamble, has NEVER EVER paid for sex.

    +++++++++++++++++++++++++++++++++++++++++++++++

    Me either, but I always thought women were the ones who got paid for sex.

    I had a wonderful grandfather named Ebenezer although he was known as “The Chief” to everyone!!

    Even his children called him that as well as his eldest grandchildren.

    He started from scratch and did well for his family.

    Watched his father have to take his two eldest sons to New York looking for work in 1903, raising 7 children as a tailor was tough, guess he swore it would not happen to his.

    He had 7 children when his turn came and provided employment for 6 out of the 7.

    Generous to a tee but never spent a penny when a cent would do!!


  49. My, my, my! Do you think the phone was purchased when the family had hungry bellies? Not when the purchaser had a few dollars to play with? Situations do change. Sometimes very rapidly. The most the person may have been guilty of is not saving for a rainy day.

    Most of us have been guilty of that at some point in time. Most of us have bought something frivolous rather than save the money. The impact on somebody with less funds is just greater.

    If you guys believe that the poor, ALL OF THEM, are responsible for their lot what the hell is BU about??????/


  50. Is it only the poor that will borrow the $2000.00 at 30%?

    What makes a person poor?

    Is a smart phone a necessity?

    Is a person with a child like “little Susie” at University poor?

    Anybody borrowing that money is doing so regardless of whether he/she is rich or poor.

    It is a calculated decision and the people who do borrow are quite able to make the calculation.

    They are supposed to be adults and able to decide for themselves.

    Poverty isn’t the issue.


  51. Silly Woman
    December 28, 2019 9:02 PM

    Please note that I have never paid more than $300 BDS for a phone. I have a sibling, sensible woman who has NEVER bought a new cell phone.

    ++++++++++++++++++++++++++++++++++

    Up to 2006 I had never even bought a cell phone.

    My family laid down the law and I had to get one.

    Until 2019 I had never paid more than $89.95 for a cell phone.

    The most advanced feature on my phone used to be the flashlight.

    But button phones are now things of the past so I had to step up with huge reluctance.

    Phones do have utility but they consume too much time and can interfere with living and working.


  52. @ John

    I have never owned a mobile phone and only used one when it was provided by the Daily Mail. At the FT they tried to get me to use one and I refused. They are not compulsory. Life goes on without falling victim to such commercial nonsense.


  53. Even in developed countries protecting the poor is an ongoing concern for the authorities. Few countries can boast about an acceptable level of poverty if it maybe so described. In the great USA a healthy % of the population live pay cheque to pay cheque.

    +++++++++++++++++++++++++++++++++

    There is one huge difference between the USA and Barbados.

    More and more people in the USA are actually getting paychecks!!


  54. In the case of Barbados a significant % of how the economy produces is based on the retail and distributive sectors, the output from the behaviour is seen in our export bill.

    ++++++++++++++++++++++++++++++++++++

    You really mean IMPORT Bill, don’t you?

    That’s the problem, people see it as a bill somebody else pays and don’t get it.

    You don’t even have it clear in your mind.

    The individual borrowing $2000 from Courts at 30% is the same as the GOB borrowing to provide FOREX from foreign lenders to provide it to the retail and distributive sectors to pay the import bill.

    The foreign lender will advance credit but the strings are onerous and GOB will tax the two sectors to get the money that can then be misappropriated or spent in wages in the non productive sector, GOB!.

    Plenty jobs exist in the retail and distributive sectors that pay people who can then go and borrow money and pay it back.

    Plenty jobs exist in the GOB for the same reason.

    The problems are manifold.

    The means of earning the foreign exchange and the mentality that goes with matching that earning power to the borrowing and pay back of loans are two of them.

    The wealthy borrow mainly to earn and will often lend sometimes on favourable terms and their wealth increases..

    The poor borrow to consume.

    …. and the “rich” borrow to both consume and earn and will seldom lend.

    If they do lend, the terms are unfavourable.

    In many cases they just breakeven and their riches often dwindle with time.

    There are far larger issues than borrowing $2000 from Courts at 30% payable in 2 years!!

    That is just a symptom of our malaise.


    • @John

      Export bill is what the blogmaster means the result of a mendicant behaviour and depending on largesse.


  55. All sensible people will agree that the poor should be protected.

    +++++++++++++++++++++++++++

    Are the poor employed or are the employed poor?

    People obviously reckon they have the funds to pay back the loan and Courts obviously reckons it can make a return from lending its money.

    Who needs protection?


    • @John

      There is a reason why countries developed and underdeveloped enact and police proper consumer protection legislation.


  56. There is such a thing as the working poor, here and in all other countries. It comes from your beloved capitalists of the free market persuasion paying subsistence wages while pocketing billions.


  57. David
    December 29, 2019 8:48 AM

    @John
    There is a reason why countries developed and underdeveloped enact and police proper consumer protection legislation.

    ++++++++++++++++++++++++++++++++++

    Does that reason have anything to do with poor people?

    It is people who are not poor who have the time to agitate for their own benefit.

    The poor are swept along for the ride and benefit too.


    • @John

      If the legislative framework is in place it permits others to advocate on behalf of the vulnerable does it not?


  58. David
    December 29, 2019 10:34 AM

    @John
    If the legislative framework is in place it permits others to advocate on behalf of the vulnerable does it not?

    ++++++++++++++++++++++++++++++

    I there a difference between vulnerable and poor?

    Can a rich person be vulnerable?


  59. You should listen to Rush Limbaugh more and you would understand how you fit the classical definition of a leftist!!

    Leftists need to feel superior so they need to define people as vulnerable and then express their deep concern for them.

    Question remains …. can rich people be vulnerable?


  60. Frankly, I wish there were no poor and vulnerable. Then I would get to keep all my money. It is no fun having people and organizations make me feel guilty for having to say no sometimes. It is no fun having to balance my son’s entitlements and his future needs with my instinct to give. One more thing to think about that I could do without.

    I felt the eyes of the Salvation Army bell ringers boring into me every time I went past, even though I had already given. It was an uncomfortable feeling.

    I would gladly give up that feeling of “superiority”!

    Wuhlaus!


  61. @ John December 29, 2019 12:32 PM
    “Question remains …. can rich people be vulnerable?”
    ++++++++++++++++++++++++++++++++++++++++++++++++

    Here is the answer to your unanswerable question:

    “For we brought nothing into the world, and neither can we carry anything out of it. But if we have food and clothing, we will be content with these.…”

    Now isn’t that ‘Communism’, the great leve(l)ler at its richest ‘perfect’ best?


  62. MTA

    Nope

    Christians have an individual relationship with Christ.

    Communism kills the individual and can’t deal with faith!!


  63. @John: “Communism kills the individual and can’t deal with faith!!

    And what about Socialism?

    I note you posted here over the Internet. And you probably sometimes drive on roads.

    The list goes on…


  64. @John December 28, 2019 9:47 PM “Me either, but I always thought women were the ones who got paid for sex.”

    Alas John. Someone has told you a fairy tale.


  65. The book is available on Amazon

    Here is a review.

    Editorial Reviews
    Review
    “The second hottest book in America: Socialism Sucks…. This is a fascinating book. One of the things I like about your book is that it’s readable for the people who need to read it, like millennials. Like leftists. Like Democrats running for the President of the United States.” Mark Levin, host, The Mark Levin Show, Life, Liberty & Levin on Fox News, and #1 best selling author.

    “What a captivating idea Socialism Sucks embraces! A worldwide tour guide written in plain English by two high-end economists. An invasion of the world’s most highly regulated hot spots where they can’t even efficiently produce or distribute something as simple and lovable as beer. A down-to-earth, almost fable-like lesson showing socialism’s failures for all the world to see. And it even has some sidesplitting hilarity thrown in. I knew these guys were great; but I didn’t know this side of them. Buy this book. Give it to your children and grandchildren, and to anyone who touts the nonsense–now fashionable in some American circles–that government power somehow produces more happiness than personal liberty.” (Judge Andrew Napolitano Fox News)

    “Professors Robert Lawson and Benjamin Powell do a yeomen’s job in proving that socialism sucks, the apt title for their new book. They show why there’s no stampede into countries like Venezuela and Cuba and other socialist darlings of the U.S. leftists. What’s more, over a couple of drinks, Lawson and Powell prove that Sweden is not as socialistic as portrayed by our leftists.” (Walter E. Williams professor of economics, George Mason University)

    “What is ‘socialism’? And do countries that overindulge in it wake up with bad hangovers? You bet they do. Robert Lawson and Benjamin Powell give you the hair-of-the-dog cure. They provide a dose of political economy knowledge mixed with an understanding of the bene ts of economic freedom, add a strong dash of humor, and top it off with a cold beer. Have a Bob & Ben Eye-Opener and you’ll feel like (and live in a place where you can make) a million dollars!” (P.J. O’Rourke author of #1 New York Times bestseller Parliament of Whores)

    Read more
    About the Author
    Robert Lawson holds the Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom and is the director of the William J. O’Neil Center for Global Markets and Freedom at the Southern Methodist University (SMU) Cox School of Business. Dr. Lawson is a founding co-author of the Economic Freedom of the World (Fraser Institute) series of annual reports, which presents an economic freedom index for over 160 countries. The report is cited frequently in the international press including in The Economist. Lawson has also written or edited two books and over 90 journal articles, book chapters, and policy studies. His popular writing has appeared in the Dallas Morning News, Investors Business Daily, The Columbus Dispatch, and numerous other outlets.

    Benjamin Powell is the director of the Free Market Institute and a professor of economics in the Rawls College of Business Administration at Texas Tech University. He is the author or editor of five books and the author of more than 75 scholarly articles and policy studies. His research findings have been reported in more than 100 popular press outlets, including The Wall Street Journal and The New York Times. His popular writing has appeared in Investor’s Business Daily, The Financial Times (London), the Christian Science Monitor, and many large city newspapers. He has appeared on numerous radio and television outlets, including CNN, MSNBC, Showtime, CNBC, and he was a regular guest commentator on FOX Business Network’s Stossel and Freedom Watch.


  66. Grasshopper
    I find it amusing how you bawled when you thought others were hijacking your favorite topic.
    It appears to be dead now and here you are pulling us down your rabbit hole.
    Let me give you some help…
    It’s time for a Quaker to make his/her appearance


  67. TheOGazerts
    December 30, 2019 8:10 AM

    Grasshopper
    I find it amusing how you bawled when you thought others were hijacking your favorite topic.
    It appears to be dead now and here you are pulling us down your rabbit hole.
    Let me give you some help…
    It’s time for a Quaker to make his/her appearance

    +++++++++++++++++++++++++++++++++++++++++++++++++

    I didn’t realise you hung on every word I say!!

    Seems I have created a following, a cult if you like.

    Simply the best!!

  68. Pingback: PREDATORY MARKETING and the Vulnerable in Society II | Barbados Underground


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