Zero Hour: Our Region in the Face of the Pandemic

Submitted by Alicia Bárcena Ibarra – Executive Secretary of ECLAC (United Nations’ Economic Commission for Latin America and the Caribbean)

Everything seems to be one gigantic mistake. We console ourselves by saying that everything has happened as it should not have happened. But it is we who are mistaken, not history. We must learn to look reality in the face; if necessary, we must invent new words and new ideas for these new realities that are challenging us. Thinking is the first obligation of the intelligentsia, and in certain cases it is the only one.

It is true that history recounts the devastating impact of past pandemics, but none of them broke out in such a populated world (with more than 7.7 billion people) or such an interconnected one, and with a planet that is ailing environmentally. This is the biggest human and health crisis we have ever faced. That assertion must serve as our guiding principle if we are to approach it effectively. It has, of course, profound economic implications, but the center of attention, the focus of public policy decisions, must be on safeguarding one of the most valuable global public goods in existence: people’s health and well-being.

With this in mind, it is fitting to mention that Latin America and the Caribbean will be impacted via five main external channels: the decline of economic activity in our principal trading partners, especially China; the fall in prices for our commodities; the interruption of global and regional value chains; the steep drop in demand for tourism services, which primarily affects the Caribbean; and an increase in risk aversion and the worsening of global financial conditions and capital outflows from the region, with the consequent devaluation of our currencies.

The onslaught of COVID-19 came at a bad time. Worldwide, 2019 marked the worst performance in the last decade (2.5% growth in GDP). In the case of Latin America and the Caribbean, this performance was even more dramatic. To find worse growth levels than what the region recorded in the last seven years, one must look back as far as seven decades.

Just a few months ago, and after ending 2019 with poor regional growth of just 0.1%, ECLAC estimated that 2020 would witness a modest rebound and the growth rate would reach 1.3% of GDP. Today, a conservative estimate – based on data that is still in the process of stabilizing – tells us that Latin America and the Caribbean will record negative growth of -1.8% this year, with a probable downward bias.

The effects of this crisis on our main trading partners portend a decline in the value of our region’s exports that could reach a magnitude of -10.7%. This scenario entails a significant increase in unemployment along with heightened labor market informality.

The consequent effects of negative growth and higher unemployment translate into an increase in poverty and extreme poverty. If the base data is confirmed, in 2020 the number of poor people would rise from 186 million currently to 220 million, and the quantity of Latin American and Caribbean inhabitants who live in conditions of extreme poverty would rise from 67.5 million to 90.8 million.

This crisis finds us with fragmented health care systems and without universal coverage, where more than 47% of the population currently has no access to social security. A crisis that is particularly vicious for the 58 million people over 65 years of age in our region.

The challenge is enormous, and it demands that we renew our toolbox. Each country will have to creatively explore and expand the framework of its possible responses, recognizing that there are no known formulas, while also recognizing that there are some imperative steps to be taken.

In the current situation, it cannot be overlooked that massive fiscal stimulus is needed to bolster health services and protect income and jobs, among the numerous challenges at hand. The provision of essential goods (medication, food, energy) cannot be disrupted today, and universal access to testing for COVID-19 must be guaranteed along with medical care for all those who need it. Providing our health care systems with the necessary funds is an unavoidable imperative.

When we talk about massive fiscal stimulus, we are also talking about financing the social protection systems that care for the most vulnerable sectors. We are talking about rolling out non-contributory programs such as direct cash transfers, financing for unemployment insurance, and benefits for the underemployed and self-employed.

Likewise, central banks have to ensure liquidity so the production apparatus can guarantee its continued functioning. These efforts must translate into support for companies with zero-interest loans for paying wages. In addition, companies and households must be aided by the postponement of loan, mortgage and rent payments. Many interventions will be needed to ensure that the chain of payments is not interrupted. Development banks should play a significant role in this.

And, certainly, multilateral financing bodies will have to consider new policies on low-interest loans and offer relief and deferments on current debt servicing to create fiscal space.

It is also urgent that unilateral sanctions and blockades, imposed in the world and in our region, be lifted, because they hamper entire populations’ access to goods and services that are indispensable for fighting this sanitary challenge. Today, humanitarian considerations come before any political differences. Health cannot be held hostage to geopolitical quarrels.

This is a complex time, and it comes as our planet is ailing. It is experiencing one of its worst phases in environmental terms, with polluted oceans and rivers, devastated forests, eroded soil, mass extinction of species, and altered climatic cycles. This must be the time to reflect on the unsustainability of the extractivist and unequal development model.

This new health crisis has exposed the fragility of this globalization and of the development model on which it was based. The breaking of supply chains, the decline in global growth, and the performance of financial markets have exposed the global vulnerability of our economies. In light of the evidence of this crisis, the global community will have to face the fact that globalization did not work as promised and it must be reformed.

The decoupling between financial markets and the real economy’s flows must be contained and regulated. International trade is not an inevitable driver of long-term growth without policies for diversifying and transforming production. Inequalities, between countries and within them, aggravate the fragility of the global system and must be rolled back.

This pandemic has the potential to transform the geopolitics of globalization, but it is also an opportunity to survey the benefits of multilateral action and make room for needed debate on a new, sustainable and egalitarian development model. Because, “if necessary, we must invent new words and new ideas for these new realities that are challenging us.”

98 comments

  • GRENADA: Cost Of Electricity Reduced By 30% For March, April And May

    PRESS RELEASE

    For the next 3 months, April through June 2020 in the first instance, the Government of Grenada will take the following actions:

    1. Work tirelessly to avoid staff layoffs and the loss of livelihood in the tourism sector by providing $20 million worth of payroll support to the hoteliers, restaurants, bars, small travel agents, and income support to public buses, taxi drivers, tourist vendors, and other such identified hospitality-based businesses
    2. Adjust the small hoteliers’ facility at Grenada Development Bank to support all hoteliers by injecting an additional $7 million to this facility
    3. Work with the National Insurance Scheme (NIS) to provide unemployment benefits support due to the fallout of this pandemic initially estimated at $10 million
    4. Suspend the 2% increase in NIS payments for the period
    5. Encourage the trade union movement to work with the business community to support the use of vacation leave as a first option in the event of the businesses having to resort to skeleton staff
    6. Expand the public sector investment programmes in an effort to boost employment at the community level
    7. Suspend the monthly advance payment on Corporate Income Tax for the period
    8. Suspend the instalment payments on the Annual Stamp Tax for the period
    9. Expand the small business soft lending facility at the Grenada Development Bank by an additional $5 million
    10. Place on the price control list certain cleaning items to prevent price gouging at this time. This will include but is not limited to hand sanitisers, bleach, hydrogen peroxide and hand soap
    11. Follow all necessary exemption protocols to provide incentives to private labs and medical facilities procuring items to support the fight against Covid-19
    12. Increase farm labour support to immediately boost agricultural production islandwide. Government is also giving consideration to the support for farmers and fish exporters who have recently been affected as a result of international travel restrictions

    Additionally, now that the International Centre for Settlement of Investment Disputes Tribunal has delivered its ruling in the arbitration between the Government of Grenada and WRB, Government commits to ensuring that the cost of electricity will be reduced by 30% for the months of March, April and May in the first instance, to all consumers.

    This will not apply to a few companies that have special concessionary arrangements. While it will not be reflected on the bill in the immediate period, future billing cycles will highlight this reduction as the administrative process is finalised.

    Our financial institutions have also agreed, in principle, to provide a moratorium on principal and interest payments to their clients on condition, for the 3-month period in question, in the first instance.

    Friends, the measures outlined are intended to be preliminary, as we continue to work toward longer-term actions, as this crisis unfolds.

    Like

  • Vincent Codrington

    @ David BU

    Survival is important and urgent. Economic growth and employment are not urgent nor important. Those can be dealt with later.

    Like

  • “This is the biggest human and health crisis we have ever faced. That assertion must serve as our guiding principle if we are to approach it effectively”

    It is not the biggest as yet.1918 was the biggest. Hopefully, the world should use this episode to re-order the financial development. There should be no bail out for the banks. As for the airlines governments should only bail them out under strict conditions that protect the workers. The bail out of 2008 did not correct any thing. It resulted in the rich getting richer and poor getting poorer off of tax payers money. The crooks were not given jail time (only in Iceland) and were allowed to keep the riches plundered from the poor. Free markets should be allowed to prevail, whether or not companies are so-called too big to fail. The world needs to get back to actually producing tangible things not fake things like over valued stocks on the financial markets. Banks should get back to the habit of banking not being gamblers on the stock exchange.

    “that globalization did not work as promised and it must be reformed.” “It is also urgent that unilateral sanctions and blockades, imposed in the world and in our region, be lifted, because they hamper entire populations’ access to goods and services ‘

    How true.. After this episode it is going be difficult to see countries backing globalization. A country’s national agendum is going to be center stage.

    Like

  • Excellent article by the Secretary, her description of the PROBLEM is spot on and her evaluation of the consequences are believable. Her idea of countries spending their way to survival though is highly optimistic for most of the associated countries POOR FISCAL POSITION and forecast future underperformance. This philosophy is more realistic for countries that are well financed and have the ability to borrow on the market. Even oil rich countries of the area are going to be in financial distress owing to the price and demand for oil collapsing, ie Brazil, Guyana, Venezuela etc.

    The ECLAC area is in for a ROUGH RIDE and future existance is not guaranteed , some of the associated countries will survive but the future survival of many is doubtful. These are unknown times and the past does not offer much in the way of guidance.

    Like

  • fortyacresandamule

    I would not hold my breath. As night follow day, we will be back to business as usual when this is over: just another ”nine day” wonder.

    Liked by 1 person

  • fortyacresandamule

    Most governments will have to use their central banks to keep the whole system from crashing. Central banks will have to pump liquidity into the financial system to keep it from freezing up due to panic, while at the same time monetising governments shortfall in revenue.

    Liked by 1 person

  • @fortyacres

    What does your view mean for Barbados?

    Like

  • One of the more intellectually stimulating articles read in a very long time.

    A wakeup call to the nations in the Caribbean especially those excessively reliant on tourism and other international-based services.

    The world has been playing a game of Russian roulette for some time now in its relationship with the environment and Mother earth’s limited resources while carrying its economic capacity to the very edge of the Pareto optimality curve.

    We were expecting a global war initiated by the plant in the WH; but never suspected it to come in such a microscopic form to throw a monkey spanner in works leaving the whole world like a deer stricken with fear of the future and facing the headlights of an oncoming vehicle overloaded with economic dislocation and social unrest.

    It’s time mankind ‘relearns’ to live within the Earth’s means and the limited resources She offers reluctantly for survival and end the current love affair with blatant conspicuous consumption and wastage especially that of potable water.

    Greta Thunberg is the future, not the Donald yankee doodle dandy.

    Karma is indeed a bitch that works like a ‘guardian-dog’ for the Earth Goddess in many mysterious (and unseen) ways!

    Liked by 1 person

  • fortyacresandamule

    In times of economic uncertainly, the US$ automatically becomes a safe-haven currency. This can take the form of currency substitution or capital flight. Capital flight is no good. To curtail capital flight and its consequence on the exchange rate, countries with weak floating currencies, example, Jamaica, Haiti, or Guyana, might have to resort to temporary capital controls. Iceland and Cyprus had to use capital controls over an extended period of time during their financial meltdown.

    Like

  • In the case of Barbados printing money we the effect it will have on reserves right?

    >

    Like

  • @ Fortyacresandamule March 25, 2020 9:27 PM

    Watch out also for the price of gold as it skyrockets as the preferred store of capitalist wealth (not health) when the coming recession deepens into a depression!

    This rampaging virus needs to be stopped ‘dead’ in its tracks before the start of the summer in the Northern hemisphere or else it could send the world into another 1930’s style Great Depression.

    Liked by 2 people

  • fortyacresandamule

    @David. Not looking good. The shock is both a supply side and demand side shock. Depends on how long this thing persist and the slow down in economic activity, foreign loans alone will not be enough. This is where the central bank will have to pick up the slack.

    The government will have to act on three fronts: monetary, broad fiscal, and health. Monetary, to keep the financial sector liquid, fiscal, to help out households and SMEs, and health, to contain the virus. However, the above interventions doesn’t come cheap. We are already on shaking financial ground, therefore the central bank will have to step to provide both monetary and fiscal support. In the end it will increase the central government debt to the central bank.

    Like

  • @ David.

    I said on the 21st March at 10.26 am that we would end up with growth of between 0 and -2% this year based on whats happening. Some doubted this and thought i was being negative. This article now confirms the same figures based on a regional survey of financial reality.

    What we have to now start discussing is with a deficit pre corona of $200M, with the central bank then predicting growth of 1.5%, what would our deficit end up being with growth now of -2%?

    Well you looking at a deficit of between $400M and $500M unless major efforts are made to cut back on state expenses. We also know we can’t cut back on health and we may need to prop up the NIS as well over the next few months with a couple million well.

    The above therefore is the discussion we have to have next. The fact is even if we can hold our infections to where they are and we move out of the medical threat, the financial virus will only then be starting.

    Like

  • fortyacresandamule

    @ Miller. You are absolutely correct on all points. Gold is the ultimate defacto safe-haven commodity for sure.

    @David. Monetisation and the reserve. Tight capital controls along with an already reduction in demand (especially, for non-essential imports) will neutralise the effect on the reserve holding in my opinion.

    Like

  • @fortyacres

    How will this affect households and business activity given the decimation of tourism sector?

    @John A

    After 10 years plus of austerity and economic fatigue what are you saying?

    Like

  • @ John A March 25, 2020 10:18 PM

    We have had zero growth from 2008 until now and thus a loss of wealth of at least 30 percent in real terms. The current shock will once again lead to a deep recession with a prolonged period of stagnation. I don’t see any real growth on the island until 2028, which will complete the 20 years of misery.

    For that we need a scapegoat: Barrow, the father of the DLP and architect of disaster. The experiment of the arrogant and intellectually highly mediocre Barrow to lead Barbados into independence has failed. Neither education nor independence will bring us prosperity, only despair and death. Therefore, everyone should start using the $50 bill as toilet paper.

    Compare Barbados with the Dutch Antilles. We are falling further and further behind and are now on a par with the holes in South America, Africa and South-East Asia.

    Like

  • @Tron

    If you cannot add value to the discussion why bother?

    Liked by 1 person

  • fortyacresandamule

    In times of economic uncertainly financial institutions, even those with strong balance sheet, become overly cautious and very risk averse.This behavior over time freezes up the credit market and thus have a dire consequence on the rest of the economy.This is where the central bank comes in, as a lender of last resot, to unfreeze the credit market.

    Like

  • Given our need to earn/forex to settle import bill, how can Barbados survive in the short term given our reliance on tourism and services? We cannot survive on a domestic economy.

    >

    Like

  • David,

    There’s always some beating around the bush here. The situation is like this: Barbados had to declare national bankruptcy in 2018 because the previous government was unable or unwilling to restructure the state budget. We have no reserves whatsoever, except for foreign currency debts.

    That is why I have long been preaching the devaluation of the Barbados dollar to strengthen the local economy. Even if the many naive patriots on BU do not want to hear it, but the far too expensive, artificially respirated Barbados dollar is the main reason for our misery, not tourism or anything else.

    Hence my prediction: as long as the government sticks to the 2:1 exchange rate, Barbados will not recover economically. If the exchange rate remains unchanged, Barbados will fall to the economic level of the Fourth World by 2030.

    Let me give you an example: Around the turn of the millennium, we had a lot of tourists in the centre of Bridgetown at Christmas in the high season. Now at Christmas, only the raggedy, impoverished locals. Or take a look around the island and see who is building a house: It’s either the super-rich like Bizzy or the NHC building dog kennels for the poor. The middle class has not been able to afford a new house for a long time.

    So far, no one has been able to refute the effectiveness of a currency devaluation on BU. All economic recipes since 2008 have failed. We must finally attempt something new.

    Liked by 1 person

  • You can blame the last administration all you want but it was evident to independent commentators that the economic model inherited from Barrow and tweaked by Tom Adams had outlived its relevance.

    Liked by 1 person

  • GRENADA: Cost Of Electricity Reduced By 30% For March, April And May
    March 21, 2020 News784 Caribbean 0

    PRESS RELEASE

    For the next 3 months, April through June 2020 in the first instance, the Government of Grenada will take the following actions:

    Work tirelessly to avoid staff layoffs and the loss of livelihood in the tourism sector by providing $20 million worth of payroll support to the hoteliers, restaurants, bars, small travel agents, and income support to public buses, taxi drivers, tourist vendors, and other such identified hospitality-based businesses
    Adjust the small hoteliers’ facility at Grenada Development Bank to support all hoteliers by injecting an additional $7 million to this facility
    Work with the National Insurance Scheme (NIS) to provide unemployment benefits support due to the fallout of this pandemic initially estimated at $10 million
    Suspend the 2% increase in NIS payments for the period
    Encourage the trade union movement to work with the business community to support the use of vacation leave as a first option in the event of the businesses having to resort to skeleton staff
    Expand the public sector investment programmes in an effort to boost employment at the community level
    Suspend the monthly advance payment on Corporate Income Tax for the period
    Suspend the instalment payments on the Annual Stamp Tax for the period
    Expand the small business soft lending facility at the Grenada Development Bank by an additional $5 million
    Place on the price control list certain cleaning items to prevent price gouging at this time. This will include but is not limited to hand sanitisers, bleach, hydrogen peroxide and hand soap
    Follow all necessary exemption protocols to provide incentives to private labs and medical facilities procuring items to support the fight against Covid-19
    Increase farm labour support to immediately boost agricultural production islandwide. Government is also giving consideration to the support for farmers and fish exporters who have recently been affected as a result of international travel restrictions

    Additionally, now that the International Centre for Settlement of Investment Disputes Tribunal has delivered its ruling in the arbitration between the Government of Grenada and WRB, Government commits to ensuring that the cost of electricity will be reduced by 30% for the months of March, April and May in the first instance, to all consumers.

    This will not apply to a few companies that have special concessionary arrangements. While it will not be reflected on the bill in the immediate period, future billing cycles will highlight this reduction as the administrative process is finalised.

    Our financial institutions have also agreed, in principle, to provide a moratorium on principal and interest payments to their clients on condition, for the 3-month period in question, in the first instance.

    Friends, the measures outlined are intended to be preliminary, as we continue to work toward longer-term actions, as this crisis unfolds.

    Like

  • fortyacresandamule

    @David. Time is of essence. The faster this epidemic is curtailed globally the better for us all. However, the longer it takes, given our tourism dependency, the more severe pain for us. This situation is unprecedented. Even if we get a hold on curtailing the epidemic in BIM, and our source markets are in a lockdown, that is not going to help us. Also, discretionary spending, like holiday vacation, isn’t a priority for many during times like these.

    So, if this thing drags out, we are going to see massive unemployment coming from almost all sectors. The cascading effect on housholds and small businesses will be of seismic proportion.

    Liked by 1 person

  • @ John A@ Hal @ Robert Lucas
    Note what Dr. Mascoll wrote back in 2016 about the IMF and growth

    WHAT MATTERS MOST: Why no stimulus yet?
    DR CLYDE MASCOLL,
    15 September 2016

    whatmattersmost-new

    A MAJOR WEAKNESS of the International Monetary Fund’s (IMF) Standby Arrangement programme is its lack of focus on economic growth. It is the most common adjustment programme available to middle-income countries.
    It is used to stabilise the economy over a period of 12 to 24 months. An essential feature of this type of arrangement is performance clauses and phased disbursements of financial resources.
    The performance clauses are designed mainly to control the printing of money by the Central Bank as a way of protecting the foreign reserves. The focus of which is to reduce the fiscal deficit. For the last eight years, the Barbados Government has been trying to reduce the deficit to an acceptable level. This has not yet happened.
    If the Government decided that it was implementing a home-grown fiscal adjustment instead of going to the IMF, then to make a real difference, it was expected that greater emphasis would have been placed on growing the economy. This did not happen. The emphasis was on the fiscal numbers. Yet Barbadians now have to repay double the national debt at the start of 2009.

    It is important to take a step back to put Barbados’ present economic situation in context. Since Independence, there have been five economic recessions (greater than one per cent decline in real annual GDP) in Barbados – 1974-75, 1981-83, 1990-93, 2001 and 2009. The third and the last have been the most challenging. What made the 1990-93 crisis challenging was the very poor state of the foreign reserves. This was never the case in 2009 and beyond.
    In fact, it is argued that the lack of foreign reserves forced the then Government to go to the IMF in 1992. In similar vein, the adequacy of foreign reserves in 2009 gave the Government the comfort of not going to the IMF for assistance.
    As a consequence of its decision, the most recent crisis has been plagued by the persistently poor fiscal condition of the Government. The ongoing effort to tax its way out of the problem is the major reason for the failure of the economy to adequately recover. This must be demonstrated by looking at: (1) how long it took the economy to come out of recession in the past, and (2) the time it took to get the economy back to its size at the start of the recession.
    Over the last 45 years, the evidence shows that the time needed for the economy to return to growth ranged from one to three years. In the two earliest recessions, the economy returned to growth in two years. In the third recession in the early 1990s, it took three years. In the weakest of the recessions in 2001, the return to growth took one year. It may be surprising to some, but the Barbados economy grew, though marginally, in 2010 after going into recession in 2009.
    The equally important issue of how long it took for the economy to get back to its size at the start of the recession is overlooked in the recent analysis. In the second recession that lasted from 1981 to 1983, it took until 1985 for the economy to get back to its 1981 size. While in the third recession, the 1990 economy size was reached in 1996. Seven years after the last recession in 2009, the Barbados economy has not yet reached its size of 2009.
    The first two economic recessions were accompanied by high inflation, resulting from the first and second international oil shocks in 1973 and 1979, respectively. Unlike the first oil shock, the second triggered double-digit inflation rates between 1979 and 1982, which coincided with high interest rates in both the local and international markets. All the recessions were characterised by fiscal and foreign reserve problems.
    The failure of the Government to target economic growth in the aftermath of the 2009 recession remains a mystery. It was suggested at the time that there was a need for an economic stimulus, which was rejected. A mere $90 million stimulus was rejected. A few months later, the Government economic spokesmen were advocating a stimulus of $600 million that has not yet come to pass.
    On reflection, the egos of the economic advisers might have got in the way with respect to the notion that they can control the desires of politicians. Recently, Minister of Finance Chris Sinckler made his position on printing money and protecting the foreign reserves quite clear to his chief adviser. The spat will continue.

    Like

  • @fortyacres

    What must be evident even to the political partisans and the ignorant that we have entered a period that requires a new dispensation. In other words the old narratives mean nothing.

    Liked by 1 person

  • fortyacresandamule

    @David. We too also need a well coordinated ( Government, businesses, and unions) three-month strategy. Most pandemics in history last for at most three months.

    I am not worried about the reserve right now. We have enough reserve (3 months of import) on hand to last for this period. And if the need arise, we can borrow more from the IMF.

    Like

  • All yuh still heh???????

    Wuhnuh need a break!

    It’s a good time to sleep and a good time to dream!

    Good night to all! Sweet dreams!

    Goodnight Eddy!

    Liked by 1 person

  • fortyacresandamule

    @David. ” We have entered a period that requires a new dispensation”
    Truer words have never been uttered.

    Like

  • As long as the world leaders and corporate business show disrespect for the environment these catastrophic events would continue to occur
    A new model along with new thinking must first take the environment into consideration if not we are all doomed
    The failure of globalization was built on a fault line where greed came first
    Small island nations must now make a concerted effort of making decisions of creating models that would strengthen their economies
    Thus forcing them to work together as a united force
    An interesting point being that the voice of Caricom a voice which should have spoken with unification was no where to be heard during this time of catastrophy
    Caricom leadership was missing as ever country look out for self

    Liked by 1 person

  • @ fortyacresandamule March 26, 2020 12:26 AM

    The IMF quota limits the maximum loan amount for some IMF loan types. Even if lending beyond this limit is permitted, the IMF may not grant loans that are obviously not repayable.

    Remember that our total foreign exchange reserves (with the exception of our deposits with the IMF) consist only of loans and government bonds. So we do not have a reserve of more than a billion, but a foreign exchange deficit equal to the cost of loan financing plus credits already consumed without any equivalent (to maintain the illusion of prosperity for the naive local masses).

    It is therefore absolutely necessary to lower the living standards of the indigenous masses in order to improve debt sustainability and other financial parameters. We don’t need SUVs, a donkey cart or a bicycle is sufficient. Even with food, 90 percent of the costs can be saved if you look at the heavily overweight public servants at the counters and in the ministries. A year of starvation would be very beneficial for them. Bush Tea once said that we would one day call the Stuart years the Silver Age. How right he was.

    Like

  • The reserves in time of crisis would take a back seat to the nations health
    However when the crisis slows down the daunting question of repayment in timely fashion would be knocking at the front door
    Given that govt had not find ways or methods to create a growth path barbadians would be called upon to foot the bill of bringing the reservers up to reasonable level
    If hindsight was 20/20 instead of govt using millions of dollars to blow up buildings that money could be used to improve the health care system like buying ventilators or much needed beds
    However we are here where we are Corona has made its presence known on the island because of bad policies directed to save the hotel industry
    Was the pay off necessary only time will tell however the writing on the wall says not good

    Like

  • @ Miller March 25, 2020 9:14 PM

    Your contempt for Trump know bounds. Try to be impartial in your analysis without sniping at those you dislike..

    Like

  • @ Miller March 25, 2020 9:49 PM

    “This rampaging virus needs to be stopped ‘dead’ in its tracks before the start of the summer in the Northern hemisphere or else it could send the world into another 1930’s style Great Depression.”

    As I have before a depression is what is needed to get people to understand that the real economy is not one based on gambling on the stock markets. There is a need to get back to basics . Economist have made a mess of things.

    Like

  • The earth is finite in size. This concept of growth as projected by economists is total BS. How can one constantly talk about yearly increase in growth whilst living on a planet of finite size? There is a limit to growth. There is a limit to amount of raw materials and land on earth that can yield factors of production. This insane talk about growth shows how out of touch economists are with reality.

    Liked by 2 people

  • @ David March 25, 2020 10:48 PM
    Why dismiss what Tron has to say as nonsense?( @ Tron March 25, 2020 10:46 PM).

    There are some sage observations in what he said.

    Like

  • @ Fortyacresandamule March 25, 2020 11:59 PM

    “So, if this thing drags out, we are going to see massive unemployment coming from almost all sectors. The cascading effect on housholds and small businesses will be of seismic proportion.”

    This country could do with a complete revamping. The turmoil hopefully results in a better distribution of wealth. Also a removal of the strangle hold the lawyers have on this country. If the latter happens the turmoil ( riots and mayhem) would not have been in vain.

    Like

  • @ Mariposa March 26, 2020 12:44 AM

    “The failure of globalization was built on a fault line where greed came first”

    A very apt statement.

    Liked by 1 person

  • @ Tron March 26, 2020 1:02 AM

    “It is therefore absolutely necessary to lower the living standards of the indigenous masses in order to improve debt sustainability and other financial parameters. We don’t need SUVs, a donkey cart or a bicycle is sufficient. Even with food, 90 percent of the costs can be saved if you look at the heavily overweight public servants at the counters and in the ministries. A year of starvation would be very beneficial for”

    Barbados has been living above it means since independence. The illusion was fostered by the subsidy paid by the UK for the exported sugar.. Now that that has been halted, the country is left floundering around for a blue print of how to proceed depending on a fickle tourism industry. The chickens have come home to roost..

    Like

  • You can blame the last administration all you want but it was evident to independent commentators that the economic model inherited from Barrow and tweaked by Tom Adams had outlived its relevance.(Quote)

    Plse explain, with evidence, why the Bajan model was flawed as claimed. Details.

    Like

  • My hope for the Carribbean is one of survival
    One built around a foundation of unification
    One built on standard of ethical moorings
    One built on a wholesome desire to trade amongst each other
    One built with a goal that can make the Caribbean basin as strong as the great America and a coming together of leadership that have put their country and people first
    Nothing will nothing work in these small island nations if they continue to be separate and apart

    Like

  • But G20 leaders are meeting today to work out a global response to this crisis. Experts are asking them to offer debt relief to the world’s poorest countries, allowing that precious money to save lives. That’s exactly what is needed right now, and it’s on us to ensure our leaders make it happen!

    Liked by 1 person

  • One built on the setting aside of partisan politics in the national and regional interest.

    Liked by 1 person

  • Just don;t give DBLP crooks in parliament who robbed the people and island blind over the last 40 plus years any excuse to use about the now total destruction of any growth in the economy, they will try to use Covid-19 to theiri advantage when they are the ones who sunk the island into poverty with their greed, their sell out nature and their minority tiefing friends.

    Covid did none of that and should not be a readily available excuse and whipping boy to blame for everything criminal and corrupt the government(s) did against their people.

    “Nothing will nothing work in these small island nations if they continue to be separate and apart”

    you mean nothing will work on the island(s) if the ministers and lawyers continue to steal, collude and sell out the people….keep the narrative real…up till now nearly the middle of hte year, other islands are making sure that THE PEOPLE who elected them benefit from the marijuana trade, but Ms. Fighting Imperailism is fighting every which way to make sure her OWN PEOPLE DON’T…because she has always had it earmarked before she was elected to make sure it is others benefitted and that no one who looks just like her does…..as long as she can’t turn it into her people the lowly paid slaves and minorities she believes she is equal to, the slave masters over them…something like volunteering to send her own people to UK to work for 8 pounds an hour instead of allowing them to control the marijuana trade.

    Like

  • “That’s exactly what is needed right now, and it’s on us to ensure our leaders make it happen!”

    It is up to YOU/US to make sure that money is not STOLEN TOO and instead used AS INTENDED WHEN GIVEN…and not just regulated so that only the few can survive in lavish wealth and benefit as has been the norm for 80 years..

    from information received recently these crooks have no intention of changing their wicked ways toward their own people, so they must be watched and exposed each and every time.

    Like

  • ” Now that that has been halted, the country is left floundering around for a blue print of how to proceed depending on a fickle tourism industry.”

    it just serves to COMPOUND and HIGHLIGHT the lack of BASIC INTELLIGENCE in both DBLP leaders, it’s been years that Europe had warned that they were moving away from the sugar, years later not one nuisance in Barbados’ parliament with their fast, slick talk and overblown scams can come up with a viable alternative to benefit the people, the degraded, rotten infrastructure. Even worse they are still trying to export sugar AT A MASSIVE LOSS.

    the dependency tourism now that covid has showed it up for the facade that they have continued to perpetrate is even too painful to talk about…maybe later.

    just watch what the fools did, millions can die from the virus, including Barbados’ very vulnerable and dependent population BECAUSE OF THEM and the best they could do is place a huge notice with the government logo on Facebook of all places, highlighting that Barbados can benefit from the crisis, that is seeing thousands of deaths to date…now what kind of leaders would do that, the 2 billion facebook members were rightfully HORRIFIED…to see something so callous, savage and unfeeling in the 21st century…

    …..but it actually served to highlight the brutal way they treat their own people, WHILE UNFEELINGLY ROBBING THEM…of course they are the ones who thankfully exposed themselves this time, no one had to lift a finger to put to keyboard to do it….much better than we ever could.

    so who is still saying there is no KARMA>

    and don’t forget, they all boast about being millionaires while the people suffer.

    The international community needs to ask them…HOW IN HELL DID ANY OF THEM BECOME MILLIONAIRES…and let them show the proof, where did some get tens of millions of dollars in their bank accounts and to leave in Estates when they die.

    Like

  • Is it possible for some of us to advance the debate instead of rehashing the same old same old?

    We are are now, with the world.

    Let us use our collective wisdom to move the country forward.

    Like

  • @Robert Lucas

    Re- Tron, the court jester used to make stark observations too until the monarch grew tired and offed his head

    Like

  • March 26, 2020 3:46 AM

    You can blame the last administration all you want but it was evident to independent commentators that the economic model inherited from Barrow and tweaked by Tom Adams had outlived its relevance.(Quote)

    Again: Plse explain, with evidence, why the Bajan model was flawed as claimed. Details.

    Like

  • DavidMarch 26, 2020 6:03 AM

    One built on the setting aside of partisan politics in the national and regional interest.

    xxxxc_xxxcxxxxxxccccccccccccc
    Also i must add a region absent of an abnormal competitive spirit built on jealousy and corruption
    But having a directive absent of small minded politics serving on a dish of empty promises
    Absent of leaders who have failed miserably in providing social or economic paths for the people
    Absent of leaders void of ideas but prefer to make glaring mistakes when crisis arises
    Most of all and most importantly absent of leaders whose goal is moulded to hold on long and steadfast to prominence in high places in positions which they are not capable of handling
    Note worthy are dictators like Ralph Gonsalves who has created a net worth in the millions and tin horned dictator like Gaston Browne
    All poor examples to be ever recognized as leaders
    All eyes are on Mia as she has shown intent to take pages from both Browne and Gonsalves to formulate a plan towards good leadership

    Like

  • But first…ZERO HOUR…is really here….enjoy how it all plays out re the wannabe millionaires tiefing and living off the vulnerable people’s back on the island….they can rest assured that the poor whom they have ROBBED FOR DECADES…..will welcome them into poverty with open arms…

    the poor already know how to survive in the midst of poverty, they have been forced to by the greedy for decades, let’s see how Barbados’ greedy survive…don’t forget to take photos and record for prosperity.

    https://finance.yahoo.com/news/us-loses-500-000-millionaires-152034654.html

    “The number of millionaires in the U.S. has plummeted from a record-high as the dual financial and health crises from the coronavirus pandemic slowly destroy the fortunes of the richest Americans.

    At the end of 2019, there were an unprecedented 11 million American millionaires, evidence of the historic 11-year economic expansion and the tax cuts and ultra-low interest rates that accompanied it, according to a new study published by research firm Spectrem Group.

    But the number of households in the U.S. above that threshold has dropped by at least 500,000 as of Friday. Wealthy Americans are more likely to feel the effects of a stock-market free-fall because they own more equity than the overall population. According to recent Federal Reserve data, the top 1 percent of households owned 53.5 percent of equities and mutual fund shares.”

    Like

  • @ robert lucas March 26, 2020 2:51 AM
    “@ Miller March 25, 2020 9:14 PM
    Your contempt for Trump know bounds. Try to be impartial in your analysis without sniping at those you dislike..”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    You ought to first look into the mirror before you launch your tirades against Muslims and other immigrants not satisfying your criteria of human.

    We are just giving the man a dose of his own medicine.

    Yes, the same man who referred to those economically-exploited nation states as “Shi**th*le countries” (including your beloved Barbados).

    Is China now his No.1 Sh**ty country or is it Italy or Spain?

    Now how would you refer to your beloved Trumpland if not as a ‘death hole’ country along with those afflicted with the dreaded virus called Covid the ‘black’ trump card of diseases?

    The man was spoiling for a war (whether economic or military) and he has one on his hands, albeit on a global scale.

    Let him now build a wall to keep out the Covid and its jihadists about to wreak financial and economic mayhem on the American dream of reckless consumerism as if the resources of the planet Earth are boundless.

    Liked by 1 person

  • In meanwhile a poll released says 53% of americans agree with the way Trump has handled the Corona virus
    Which brings truth to the saying money talks bull s..hit walks

    Like

  • “Is it possible for some of us to advance the debate instead of rehashing the same old same old?”

    @ David BU

    When, for example, out of 100 contributions to an article, you see 45 from the SAME INDIVIDUAL, repeatedly spewing the SAME empty rhetoric AD NAUSEAM and applying it to different situations………. or copy and pasting information from “Facebook” irrespective of its authenticity or credibility of the source………. EVERYDAY……..

    …………… not only becomes MONOTONOUS, but BORING as well.

    It does not add any meaningful value to the forum.

    But, as the blogmaster, you have three choices:

    (1). read and complain;

    (2). do similarly to what I and perhaps other contributors do…… that is, use the ↓ arrow key and ‘scroll on by;’

    (3). say ‘enough is enough’ and censor some of the monotonous contributions in the interest of BU.

    Liked by 3 people

  • @ robert lucas March 26, 2020 3:07 AM
    “The earth is finite in size. This concept of growth as projected by economists is total BS. How can one constantly talk about yearly increase in growth whilst living on a planet of finite size? There is a limit to growth. There is a limit to amount of raw materials and land on earth that can yield factors of production. This insane talk about growth shows how out of touch economists are with reality.”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    It’s amazingly paradoxical how you could make such an objectively analytical statement of Buddhist dimension like the above but still lower the value of your intellectual soul by backing a man who is diametrically opposed to such of philosophy of ‘controlled greed’ and the need to live in balance with the natural resources which Mother Earth offers up to support human life.

    Isn’t your philosophy, in the realm of dialectic materialism, at complete odds to that preached by the high priest of environmental destruction in the pursuit of making ‘America Great’ (again)?

    Who is looking like a fool now? Greta or Donald?

    Whom do you think your friend sweet Jesus would welcome into his kingdom?

    Why not make the World a more environmentally healthier place and limit the exploitation of the fragile planet by reducing the greed of humans; especially the
    overly materialistic Americans?

    We are the temporary custodians of the earth; not its abusive masters.

    Like

  • de pedantic Dribbler

    David, you created a lovely moot that is built on the same foundation of life which seeded our current angst …so how Mr Blogmaster can you really expect the debate to separately move to a soaring place of “Is it possible for some of us to advance the debate instead of rehashing the same old same old?”

    It is IMPOSSIBLE to debate this or any world issue without fundamentally being drawn into same old, same old… and that sir is NOT being pedantic …it is just reality!

    Isn’t EVERY G7 or G20 summit plagued with the same angry protests from progressives… those continuous issues are deep seated (same old, same old)!

    When you so off handedly noted that “You can blame the last administration all you want but it was evident to independent commentators that the economic model inherited from Barrow and tweaked by Tom Adams had outlived its relevance.”… that opened up all types of same old, same old

    Which aspects of the model was that…or was it the entire thing ?

    Of necessity things outlive their effectiveness and we refit and retool! Are you and others suggesting there have been NO attempts of meaningful change in Barbados?

    Why continue these inane Barrow bashing when so many other PMs were responsible for our MODERN economic woes!

    And on the issue of economic models has the mighty UK not just shown that their economic model had apparently outlived its relevance with their upending Brexit decision. … that’s certainly one simple interpretation.

    My point…the Barrow-Adams comment was just as simplistic !

    The utopian palaver above is pure BS…no where in life can we divorce the base emotions of mankind from political leadership … at the moment the G7 (G8 – 1) CANNOT agree on a meeting communique because the US demands that the virus be labelled the Wuhan Virus…. base level emotive angst and ‘spite’!

    Yet we trade in soaring rhetoric of *”One built on the setting aside of partisan politics in the national and regional interspite!

    Good luck, guys. I’ll reenter the chatter when we leave the soaring, impractical rhetoric at the door!🤔

    As the Secretary did say: “This is a complex time, and it comes as our planet is ailing. It is experiencing one of its worst phases in environmental terms, with polluted oceans and rivers, devastated forests, eroded soil, mass extinction of species, and altered climatic cycles. This must be the time to reflect on the unsustainability of the extractivist and unequal development model.”… all squarely centered in envy, back biting, spiteful political reality!

    I gone.

    Like

  • When ya ROB ya own people and country as governments the people elected and trusted, when ya did it for self gain, when ya have NO VISION and even less intelligence as governments….this is what happens in such crisis….THE INEVITABLE…..

    as i have been saying all along the international community needs to take a long hard look at you common class thieves and ya sidekick fellow criminals….and what ya have done to destroy the economy and mental health/ welfare of the people in the last 40 YEARS.

    “The Caribbean Development Bank’s top economist appeared to signal an impending depression is likely for the region as the global health crisis drags on…

    From an increase in poverty and unemployment, to high national debt levels and low productivity are some of the far-reaching impacts from the COVID-19 pandemic facing Barbados and its neighbours, said the CDB’s director of economics Justin Ram.

    In his assessment of the pandemic, Ram said it would have sweeping economic implications for individuals, businesses and countries as various industries grind to a halt or slow down and people lose jobs and governments spend more.

    Calling on international financial institutions – including his own – to act to defend regional economies, the CDB official said the multilateral financial institutions such as the International Monetary Fund, the World Bank and the Inter-American Development Bank and Caribbean Development Bank must play “a coordinated and significant role”.

    “Bilateral partnerships will also be necessary,” he said.

    He explained that with social distancing taking place globally, Caribbean goods and services supply chains will be affected significantly.”

    Like

  • @ David,

    Agriculture for survival and FOOD SECURITY.

    I am rehashing the same old same old. That’s all I got.

    Liked by 1 person

  • Of course the halfassed economsts on the island …whatever those are…will try to twist this into something that does not equal to or in anyway resembling REALITY..

    Check facebook and FOREIGN NEWSPAPERS for infomation regarding what will transpire going forward…do not allow the shitehounds for leaders and their imps and pimps on the blog to change the narrative….or CONTINUE TO LIE TO U..

    Like

  • @Hants

    The comment was not at you.

    Liked by 1 person

  • @Dee Word

    At the mention of Barrow your slip is sure to show.

    Liked by 1 person

  • @ David

    The last ten years of economic dormancy has placed businesses in an extremely week position to weather the down turn. Many will not survive this period or be around in December 2020. Others who are stronger financially who do survive, will be restructuring. For example a business with 3 outlets will go forward with 2 .

    Our reality is that our government does not have billions to throw at the economy like other countries. We are in fact dependant on the other countries to get back on their feet and start travelling, so we can get a few dollars. Our recovery will for this reason run months behind our tourist markets.

    These are going to be our realities going forward. It will therefore be a while before we can speak of economic growth again. Our immediate concern should now turn to economic survival.

    Liked by 1 person

  • @John A

    Decisions taken at the G20 will be of interest to your point.

    Like

  • @ David

    Yes I am waiting to see what the G20 does as this is critical to recovery.

    Unfortunately we went into this virus extremely weak financially after 10 years of no real growth. For us economic recovery is going to be tough.

    Like

  • “Many will not survive this period or be around in December 2020.”

    You do not want most of them “weathering any storm or surviving”…they have done more than Enuff damage to people and island with their GREED…ya want them figuratvely DYING OFF…and if that dont work, literally will do just just as well….they are toxic and dangerous and even more deadly than Covid-19….at least we can see what the virus is capable of ….these hid their destructive ways from the people for decades while padding their bank accounts at the peopke’s expense.,,..,from the trash in the parliament to the trash in the business community all were involved..

    This is the RESET….let it take them all out, no one should shed a tear, of course only the uneducated and petty would..the slave mentality still exists and is still very harmful to the more enlightened in the community.

    “Our reality is that our government does not have billions to throw at the economy like other countries.”

    They dont have because it is lying in their offshore accounts….make no mistake about that..and forensic audits WILL BE THE REVEAL….

    Like

  • @John A

    Was there growth in the last years of the BLP prior to the DLP?

    Like

  • Dis one fuh you, WURA. Be sure to listen and watch!

    I got to tell ya that you’re doing fine
    walking on sunshine!

    Liked by 1 person

  • Barbados Medical Association never wanted Cuban educated doctors working in Barbados before without making them jump through hoops and social ostracizing, but am sure if they ask nicely and if required, Cuba will be willing to send help via their doctors..

    “Cuba’s health authorities announced that new brigades of doctors and nurses with experience in handling critical situations are heading to Belize, Antigua and Barbuda, Saint Vincent and the Grenadines, and Dominica on Wednesday and Thursday.

    However we look at it, the island is not in the best position, especially with leaders who are really not leaders, only opportunists.

    I am all for debt forgiveness for the island but not without a FORENSIC AUDIT of every government department, the treasury and pension fund…that should be the criteria for debt forgiveness….someone must be held accountable for what they all did.

    Like

  • Girl…ya don’t know the half of it.

    All that is needed is the clean up, throw out la basura….and life does not get any better.

    Like

  • Make no mistake about it that financial audit should stretch back 25 YEARS…to cover everyone who went near the treasury and pension fund from then until NOW….

    I am all for debt forgiveness for the island but not without a FORENSIC AUDIT of every government department, the treasury and pension fund…that should be the criteria for debt forgiveness….someone must be held accountable for what they all did.

    Donna…. an example must be made to send a warning to the thieves-in-waiting.

    Like

  • @ Greene

    I would say that we had growth in the pre market crash era based on easily available money and loose banking practices abroad. Real estate fuelled the growth at that time. This time we have an abundance of unsold properties and few buyers vying for them. We also have no thriving tourism market to help us either in the immediate future.

    Like

  • de pedantic Dribbler

    @Mr Blogmaster, a hearty 🤣…re At the mention of Barrow your slip is sure to show. Really! I am not an acolyte of any politician bro, I just call a spade as black that’s all… or as the Americans would say I call ‘balls and strikes’. Funny how that works in life.

    The other day I getting some exercise playing doubles of outdoor, one-wall squash (as the Brits might call it)… my partner hits a lovely cross court shot that lands just out… I called it out. The sister huffs because she thought it was good and suggests to me that as her play partner I should be agreeing with her line call… Eh!

    So it’s never about right or wrong for many of us… just sticking with the partner/party line regardless… in truth @David I am not truly configured that way… but heh… we change as life around us changes right!…. I still called the next disputed line ball exactly as I saw it… partner be damned!

    Same mentality with the Dipper or Tom or Mia!

    Incidentally have you seen the unemployment numbers in US! A whopping colossal number of claims obviously… highest metric since 1982 they say!

    So when you wonder about actions coming out of the G20 its fairly simplistic… “get the economy (in every country) back on track. We in our dependent economies will cringe and worry and suffer until and unless the western engines are working effectively.

    Like

  • @Dee Word

    Actually your reply takes simplistic to another level.

    Developed countries own the debt of developing countries like Barbados. They created the global market place. They export their factories to reduce cost of production by exploiting developing countries to feed conspicuous consumption behaviour that defines capitalism. Let us see if they own it and are prepared to reboot or if Trumo will have his way.

    >

    Like

  • de pedantic Dribbler

    Indeed @David it surely does… but that’s just it: we are restarting at the very simplistic levels FIRST. Please understand that we are basically at level ONE if one examines this in context of Maslowe’s hierarchy of needs or the “Theory of Human Motivation” …. The world is now focused (certainly everyone of the current unemployed) on the “physiological” and “safety”!

    Our economic tourism based engine is premissed on the upper levels of the Maslow pyramid, not so!

    Anyhow, your comment that “Let us see if they own it and are prepared to reboot or if Trumo will have his way.” is complex and inviting!

    As I noted yesterday the harangue about “They export their factories to reduce cost of production by exploiting developing countries to feed conspicuous consumption behaviour that defines capitalism” is maddeningly one sided: yes that’s clearly accurate but at the same time Idonesia, Mubai, India, cities all across China, others in Vietnam and even our ‘mall complex at Sheraton” or IDC complex at the Harbour (thus we Bajans, with Intel and CDS) benefited from that conspicuous consumption.

    The billionaires in China who are now boldly challenging the same US hegemony with companies like Alibaba BENEFITED from that conspicuous consumption too.

    On and in it goes so thats just a worn out trope bro … tiresome in its overuse Balls and strikes, bro… balls and strikes!

    But when you invoke thus man Trump, recall he is the one who initiated trade wars to force a repatriation of factories from Asia… again as has been said the man may be insane and ridiculous but this confluence of events is his perfect narrative storm…. there is a REASON he wants it called the “Wuhan Virus”.

    So to your cheeky remark re “if Trumo will have his way”…or a reboot… interestingly they are quite in concert: if he has his way the major reboot will continue!

    I gone.

    Liked by 1 person

  • @ Miller March 26, 2020 7:15 AM

    ‘You ought to first look into the mirror before you launch your tirades against Muslims and other immigrants not satisfying your criteria of human.”

    I have always admitted that I am intolerant of Muslim terrorists and Muslims in general. I have said that when in the majority, Muslims do not show tolerance to those of other faith. I have always said that in non-Muslim countries, Muslims are a fifth column.
    Was China the place where COVID-19 was first found?. You have gone off again talking about what Trump allegedly said or did not say.You seem to be suffering from Trump Derangement Syndrome.

    Like

  • @ Miller March 26, 2020 7:47 AM

    ““The earth is finite in size. This concept of growth as projected by economists is total BS. How can one constantly talk about yearly increase in growth whilst living on a planet of finite size? There is a limit to growth. There is a limit to amount of raw materials and land on earth that can yield factors of production. This insane talk about growth shows how out of touch economists are with reality.”
    In what context was the above statement made? Stop with your TDS attitude.

    Like

  • Well…it was bound to come to this, let us hear them talking nonsense about it’s cheaper to import food than to grow it while still jumping out complaining every few months about a $700,000 annual food import bill…then the greedy merchants import unhealthy, overpriced crap just to line their pockets…bunch of clowns…can’t dance around this one though, the tapping and dancing is over.

    https://www.caribbeannationalweekly.com/caribbean-breaking-news-featured/caribbean-must-prepare-against-food-shortages-because-of-covid-19/?fbclid=IwAR0EqS7kRaHasVgfi_-CbLlfBByzlAeIU1JtsEKWfrQXfc-8w3mECu8o05g

    “KINGSTON, Jamaica – The Director-General of the Inter-American Institute for Cooperation on Agriculture (IICA), Manuel Otero, says the coronavirus (COVID-19) pandemic provides a situation for the Caribbean to develop food security strategies and greater efforts to increase self-sufficiency.

    “Approximately 20 countries in the hemisphere are net importers of food. Each year the Caribbean region alone draws a cheque for six billion US dollars to feed 44.5 million people,” Otero said, adding, “we must again reassess the role of family farmers, who, ironically, although pivotal in ensuring food self-sufficiency, are the adjustment variable in times of economic uncertainty”.

    “These farmers supply close to 60 per cent of the food demand in the hemisphere. This situation requires us to focus on policies that benefit these producers, emphasizing areas such as associativity, extension services, access to technology and agricultural insurance.”

    Like

  • Here is a new word for greedy politicians who love the word DEPENDENCY…unlearn it.

    …Brand NEW WORD for the lazy….so often overlooked …DIVERSIFICATION….memorizeit , learn it, get used to it..

    “The first is obvious. This situation is having a greater impact on economies that are excessively dependent on one sector, such as tourism, petroleum or agricultural raw materials. The structural, long-term antidote to this is diversification.”

    Like

  • “we must again reassess the role of family farmers, who, ironically, although pivotal in ensuring food self-sufficiency, are the adjustment variable in times of economic uncertainty”.

    This more or less means…PLANT YOUR OWN FOOD…no matter how small the land area…

    ….going to work for Ms. Fighting Imperialism’s wannbe slavemasters is not an option…let them learn how to work their own land, they and their children and grandchildren have hands and could learn how to swing a hoe and fork too..

    wuh if UK could tell their own people to start farming, wuh the lazy ass minorities and their children in Barbados could do it too…don’t work for them, work for yaselves.

    Like

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    After registering, you will receive a confirmation email about joining the webinar.

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  • @ robert lucas March 26, 2020 10:51 AM
    “I have always admitted that I am intolerant of Muslim terrorists and Muslims in general. I have said that when in the majority, Muslims do not show tolerance to those of other faith. I have always said that in non-Muslim countries, Muslims are a fifth column.”
    +++++++++++++++++++++++++++++++++++++++++++++++++++

    So you admit you are indeed afflicted with a similar condition called the ‘Muslim Derangement Syndrome’? How about also calling the Chinese in the USA a ‘fifth column’?

    But your misplaced unchristian intolerance stretches beyond Muslims.

    How about the lazy blacks and dirty clannish Indians whom you would like to expel from Guyana? And send them where? To Barbados or the UK?

    Why this ethnic cleansing for some and not the others?

    Why not demand similar expulsion of Europeans from North America starting with the nouveau arrivant German Trump?

    BTW, Trump does not fully share your hatred of “Muslims in general”?

    Who are the most intolerant of other faiths but the Wahabi in Saudi Arabia the second best friend of the Trump administration in the Middle East.

    Why not pay a visit and take along your former lover called mountain dew and see what would happen to you?

    The deranged trumpeter is about to create another diversion from the economic storms about to descend upon America.

    Are you going to back him in this Mad Max red-herring enterprise by invading Venezuela to ‘capture’ Maduro like an Al Capone trumped-up tax evasion scheme or an Escobar take out?

    You would be nothing but another ‘damned’ sucker to believe Trump is some nice guy out to make America great (again) by assassinating the Muslims and putting the immigrants in offshore concentration camps.

    “Capitalism is the legitimate racket of the ruling class.”

    “A crook is a crook, and there’s something healthy about his frankness in the matter. But any guy who pretends he is enforcing the law and steals on his authority is a swell snake.
    The worst type of these punks is the big politician. You can only get a little of his time because he spends so much time covering up that no one will know that he is a thief. A hard-working crook will and can get those birds by the dozen, but right down in his heart he won’t depend on them-hates the sight of them.”

    ~ Al Capone.

    Like

  • @ Miller March 26, 2020 4:26 PM
    Regarding the expulsion of people from Guyana ,my dad was part Amerindian and I have no qualms of advocating such a policy. Else where on this Blog I have said that despite my age if the Amerindians took up arms I would be one of the first to volunteer. My concern is strictly with Guyana. As for not labeling the Chinese as fifth columns; I suggest you check through my postings on Islam on this Blog . When you do so you might learn why I have said what I have said. . I have no intention of repeating what I am sure you must have seen, since you know where I stand vis-a-vis Islam. Maybe you have read and not comprehend what was stated(which I doubt).
    I have always said that Trump was boorish and tell lies ( he has admitted that he tries his best to tell the truth but at times he lies)so I am not viewing him through rose-tinted glasses. Let me repeat, one should never allows one’s animus against an individual to cloud one’s judgement. based on the utterances attributed to you above ,you appear to be guilty in that regard.

    Like

  • Correction: should read “allow one’s. I am signing off for a while.

    Like

  • Talk bout platitudes and rehashed rhetoric! In the real world, businesses are pressing ahead with engaging consultancies and incorporating Covid/pandemics planning in their ToRs. Working from home is focused on consultancy work in all forms as businesses prepare for a post-Covid world. I saw some ranting about building/investing in a hotel. How long does it take to build a hotel and how long will it be before people start travelling again? Back to my sanity🖐🏾.

    Like

  • sounds as if Enuff took a page out of Tump misinformed handbook

    Like

  • @ Mariposa March 26, 2020 6:14 PM

    Dear Verla De Peiza, president of DLP,

    We, the people, want to know what links exist between the DLP and the Chinese Communist Party.

    Why did your party sign a visa waiver agreement with China some years ago?

    Liked by 1 person

  • fortyacresandamule

    @Tron. The IMF is also a facility of last resort. During the 2008 collapse, the IMF increase the allocation of SDRs to all countries. The IMF has the ability like a central bank to ”print” SDRs. Only problem,they need consensus from members to ”print” SDRs.

    Loans and bonds raised by the government technically does not qualify as part of the reserve. Normally, the government would have exchanged/sold those foreign currencies to the central bank for bajan dollars. Only IMF draw downs, IMF SDR holdings, daily inflows from dealers and cambios, and US$ investment securities or instruments (eg. CDs) on deposit at the central bank are counted when calculating total reserve. This is called the gross reserve, and it is this quantity that is used to calculte import coverage.

    Like

  • @fortyacres

    What about reserves in the system help by authorized dealers. Can the Central Bank dip in to these funds?

    Like

  • fortyacresandamule

    The IMF should consider allocating new SDRs ( free reserve) to tourism-dependent small island nations and other vulnerable developing states to shore up their reserve holdings. Along with emergency and precautionary standby agreements in the mix.

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  • fortyacresandamule

    @David. Remember, authorize dealers ( banks and cambios) have to surrender a portion of their daily receipts to the central bank. What is left over after selling a portion to the central bank… is foreign currencies on deposit in the banking system. This deposit of foreign currencies in the banking system doesn’t belong to the central bank, therefore doesn’t count as part of the national reserve.This is private money.

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  • fortyacresandamule

    @David. When times are good and there is an excess inflow of forex into the system, the central bank would normally buy the excess to prevent the domestic currency from appreciating. When times are bad they do the opposite… the central bank sells reserve to the banks to avoid currency depreciation. At times, they also borrow foreign currencies from the banking system by issuing CDs. These dynamic open market operations are part of the central bank function.

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  • NOTE….The United Nations and its related agencies – WHO & IPCC – are worthless and even harmful. They have agendas that work against US interests. If it weren’t for the fact that our membership allows us to monitor their self-dealing, we should end our involvement and the $ we give it.

    Top WHO Official Tedros Adhanom Ghebreyesus Won Election With China’s Help. Now He’s Running Interference For China On Coronavirus… “He’s an Ethiopian Marxist Terrorist”.

    https://dailycaller.com/2020/03/22/who-director-general-tedros-adhanom-ghebreyesus-china-coronavirus-pandemic-cover-up/?utm_source&utm_medium=email&utm_campaign=12342&fbclid=IwAR1lsgzax1TPqB6kClfTp60mo1F49r5_QVbJu8kLDlo0GF8DOkSU35YqS5M

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  • WHAT THE POLITICAL SCENE IN CHINA SAYS ABOUT THE CORONAVIRUS

    In order to understand the logic of the Chinese authorities, you need to know what China is. In modern China, there is not a traditional nation-state, but a party-state. They have no separation of powers as in Western countries. Nevertheless, there is still a particular division of power in China.

    Power in China is divided among several opposing communist groups.

    The most famous are the Communist Youth League (CYL) faction and the Shanghai faction. The CYL faction was significantly weakened in 2016 by the secretary-general of the Chinese Communist Party (CCP), Xi Jinping. Former CCP secretary-general Hu Jintao and current prime minister Li Keqiang belong to the CYL faction. Another former secretary-general of the CCP, Jiang Zemin, belongs to the Shanghai faction.

    Hubei Province, with its capital in Wuhan, has always been “problematic” for the Chinese communists. The relationship between Beijing and Wuhan is somewhat reminiscent of the relationship between Washington and New York, Moscow and St. Petersburg, Madrid and Barcelona. The parallels here are unambiguous – this is not just a conflict between the current and previous capital of the country (Wuhan was the capital under Chiang Kai-shek). Wuhan has always been a rebellious city that triggered the events that led to the tragedy in Tiananmen Square in 1989.

    When the epidemic of the new coronavirus started, Beijing faced the challenge — to ensure that the party authorities of the rebellious and freethinking Wuhan made mistakes, and to deal with them under this pretext.

    THE CRISIS INFLATED BY THE BEIJING ELITE WAS THE RESULT OF AN IDEOLOGICAL CONFRONTATION AMONG THE CHINESE FACTIONS, WHICH CLASHED OVER SOME OF THE NUANCES OF MARXIST DOGMA.

    (Excerpt) Read more at …
    https://www.americanthinker.com/articles/2020/03/what_the_political_scene_in_china_says_about_the_coronavirus.html

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  • @Freedom Crier March 27, 2020 8:27 AM

    He actively did China;s biddings.

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  • Dr.Lucas Freedom knows that you are on the Ball…Not many are as Astute as you are!

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  • @ TLSN March 31, 2020 6:52 PM

    As the saying goes a little bit of knowledge is a dangerous thing. There is nothing new about what he has so-called invented. UV radiation has been used to control pathogens for years. The drawback is that ultra violent radiation has a small penetration capacity and does not destroy microbes that are found deep inside an organism.. As for Baroness Scotland she would clutch at any straw to get re-elected to the post she currently holds. It appears that some infelicities where funds are concerned occurred on her watch.

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