The Central Bank of Barbados economic review of the economy was delivered today by Governor Cleviston Haynes.
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With the beaches reopening
I asked if the lifeguard might have had input in govt decision
since rescue is part of the job of the lifeguard who have to come in close contact with these people in a race to save their life and as all well know one of the dangers associated with the virus is contact
@Hants May 1, 2020 9:47 PM
“Air Canada anticipates return of worldwide air travel by Christmas”
Obviously you did not grasp the press release by AIR CANADA CARGO DIVISION.
Yes CARGO is exceptionally busy worldwide with many operators converting their passenger aircraft to cargo configurations to take advantage of business opportunities. The press release was basically expressing the cargo operations, however as AIR CANADA has recently seen a lot of BANKRUPTCY PRESS in recent days it’s was an opportunity to put out an obscure cargo report as it pertained to passenger service. This is manipulating the PRESS into reporting FAKE NEWS does capture the uninitiated reader into misinterpreting the press release.
It’s a can’t see the tress for the forest issue.
It would be of interest to know how much of govt budget would be dolled out to pay this smoke and mirrors economic recovery committee
@William
The true definition of an economic stimulus is to kickstart an economy. If we accept this definition we know this cannot be the case with the global economy on lockdown. Therefore it is what it is, an injection of cash in the economy targeting vulnerable sectors and in the process keeping the economy on life support. As the blogmaster reads it this is where the recommendations of the economic council will earn their keep.
What some of us can do is to take a page from Peter and John A et al by laying suggestions on the table for discussion.
If social distancing going to be a continuation of fighting the virus
In what manner or way will the airline industry put measures in place for them to comply
Will airlines still be allowed to have seating that carries 3 seats in a row for people to be in close proximity or would the airlines be bound to abide by the six foot rule
@ William
My apology. You did not mention working people; it was my attempt to put your politics in perspective. Inexcusable. Having said that, Mottley’s behaviour has everything to do with the state of our democracy. She is the leader of our country and rules a 29:1 parliament. She is not just a boozer in a rum shop.
To ignore this is to mislead the people. The performance of our elected leaders is as important as the policies they introduce and the people they appoint.
There is not one reason, not a single ethical or policy reason, to appoint Arthur or Sinckler to policy-making office. It was a bad decision. It justifies your duopoly argument. If you rotate mediocrity you get mediocre policy proposals.
Then we have the notion of policymaking. We have a leader who announced a policy, the stimulus, after having appointed a CoVid economic council and given it four weeks to come up with solutions. The four weeks are not up yet, but she has made his announcements from her sick bed. This is presidential bordering on authoritarian, not Cabinet government.
Even if she knew what policies she wanted to introduce she should at least have the decency to wait until the economic council reported.
By the way, the pandemic is a health/medical crisis; have you noticed that of the eight sub-committees not one deals with health and well being? This should tell us something. She has turned a health/medical crisis in to a political one. That, I submit, is arrogance and should be of concern to ALL citizens.
@Wily
What Kerri Symmonds is anticipating that the rich people who own/rent villas and condos in Barbados and travel in on private planes/yachts, this business will resume in the short term. Some of us need to read with understanding.
@ Hal
Apology accepted. There can be no serious argument against your philosophical position regarding good governance.
Well put!
Kerrie Symmonds is the one sitting with hand long out waiting the new arrivals of cruise ships bringing boat loads of people to barbados
This simpleton got his head buried in the sand
The cruise line industry has reached rock bottom and it would be a long time in coming in this era of COVID before people put foot on a cruise ship again
He can bet his bottom dollar that he got his work cut out in finding a cruise ship entering barbados ports with a ship load of people
What he needs is to sit his backside down and come up with a home grown plan which can get natives to support the tourism industry
One that is fun filled and one that can keep in step with the economic realities of COVID and peoples pocket book
@ William
Appreciated. By the way, was the stimulus crafted in Cattle Wash or by the Social Partnership?
@ David
You wrote:
“ David May 2, 2020 5:39 AM
@William
The true definition of an economic stimulus is to kickstart an economy. If we accept this definition we know this cannot be the case with the global economy on lockdown. Therefore it is what it is, an injection of cash in the economy targeting vulnerable sectors and in the process keeping the economy on life support. As the blogmaster reads it this is where the recommendations of the economic council will earn their keep.
What some of us can do is to take a page from Peter and John A et al by laying suggestions on the table for discussion.”
For your information, to date I have provided two policy positions to BU:
1. Identifying 500 business that employ at least three people. For assistance to be given in areas such as rent etc
2. I less than a week ago again on BU I proposed a new agriculture/ farming project , that received comment from DPD and Hal Austin.
Therefore the last paragraph of your comment does not apply to William Skinner.
Thank you.
PS You know full well that I have always put forward suggestions for discussion on BU from the time I started to follow this blog. You yourself on more than one occasion, have asked me via comment to let my views be known.
@David May 2, 2020 5:47 AM
Wily understands minister comments, however these FEW RICH VILLA OWNERS are not a tourism savior AND DEVOTING ANY CASH to these individuals is a WASTE OF SCARCE GOVERNMENT FUNDS.
Minister”s” are all floundering like fish out of water to come up with any reasonable creative solution ideas. Press publishing this type of releases only confuses the unlearned local populace into thinking the government has the situation under control.
As Trump says, FAKE NEWS.
All economists are one trick magicians performing variations of the same magic trick over and over to get more money from thin air.
Here is how the economic magic trick works
1) Borrow large sums of money for any number of large projects. True project viability does not matter.
2) Move that money around the system like managers in a ponzi scheme trying to maintain that illusion of success by doing fancy projects and creative accounting.
3) Enrich themselves and their supporters by siphoning off some of the money out of the system before it collapses.
4) Come up with more inventive schemes to tap additional sources of financing to keep building the house of cards bigger and bigger.
5) Start the whole cycle again.
I challenge any economics student or expert to say otherwise.
@ Mariposa
Allow me to once pull the popular and often castigated : Overseas Bajan card:
I am presently domiciled in the country fraudulently adorned as the world leader.
People have been advised by a clown in the White House to try drugs that will kill them and to drink Lysol. This joker has also lied every day about the true status of this country’s CONVID efforts.
I am filled with pride that my little poor country with its limited resources has managed this crisis at least one zillion times better than the great USA.
On the regional side , I recently read that Trinidad and Tobago another “ shit hole” country, has been rated at number two, as the country WORLD wide ,that has been prepared to return to reopening.
My dear friend ,you are quite within your rights to question and criticize the government but I am telling you and will tell anybody else that the current administration has done an admirable job regarding the CONVID. And I will not respond or engage you or anybody else on this blog after I submit this post, regarding the government’s handling of the crisis. I know of what I speak. Peace.
Dont see anything in the pkg that would sustain the barbadian household
Those which the govt had promised to put money in the pockets and afterwards told to pull the debt laden basket
Funny as it is not that the same people are being watched by govt for their behaviours during curfew hours
However as a token of consideration govt has given the masses a reward of three hours at the beach
Meanwhile the status quo is being rewarded with huge stimulus pkgs
@William as a barbadian and proud to say so
I do not take any delight in govt not being truthful when it comes to the health of an entire nation
I have been one among many to call for early closure of the ports
Not one to be hyped up as to support govt measures entirely bent on patriotism but govt measure against the health risk and how those risk will affect the nation economically and socially
Recently i asked whether govt was testing the waters where the sick cruise liners are docked
Why many might asked
Reason given that the virus can effect the eco system and thrives and attaches itself to reefs
If such should occur in barbados sea water the payback of goodwill which govt expects from the cruise line industry can cause barbados billions in tourism receipts and clean up efforts by govt
Hence when i question govt efforts my questions are founded in love for barbados and not the politics of barbados
“My dear friend ,you are quite within your rights to question and criticize the government but I am telling you and will tell anybody else that the current administration has done an admirable job regarding the COVID”
I am convinced that even those who criticize the government accept the fact that the steps taken by the administration have been effective in minimising the immediate harm caused by the virus. I am surprised that the critics continue with a “dog that don’t hunt”.
Sadly, as time passes, they will find other topics to beat to death.
BTW: I think your 500*3 scatches the surface of what is needed.
@William the first part of the comment was directed at you regarding what is stimulus, the last part is for whomsoever the cap fits.
@Wily
The minister did not suggest it will be the saviour IF it comes to past. During a pandemic we must be careful to offer dispassionate commentary and analysis. Again this is a general comment.
Those that question govt also look at the optics that are not satisfactorily clear on testing
All countries have put similar measures in place but along with those measures the top and foremost criteria is for population testing
Not sufficient to look at generalised measures like long lines for shopping or social distancing as an assessment for a passing grade for govt in its fight against the dreaded COVID
If these measures were secure and safety reliable no country would be seeing the rapid increase in COVID world wide
Govt has been allowed to fly above radar delivering news to stimulate and captivate immature minds on the potential dangers if this virus
Talk about mixed signals from the ‘experts’ ???? Check the frontpage of Bdos Today Online:
Minister of Tourism, Kerrie Symmonds : “Tourism will bounce back by year end”!
Caribbean Tourism Organisation Acting Secretary General Neil Walters.: “Brace for 25 year tourism setback”!
@WS
@PTL
I think its false to argue that plane ticket will be high when the airlines start back flying.
I agree that there will be an increase “health” expense for the airlines but this could be absorbed one way or the other (like BA laying off staff).
Pertaining to Barbados:
You are arguing that the demand will be low (yet the price will be high) – convention is that low demand will drive prices down not up ( see oil prices for this year).
Low oil prices is another factor that will enable the airlines to keep ticket prices lower / absorb the cost of the “health” expenses.
The tax on the final price of the tickets should be lower.
Yes I am aware that the amount of seats will be reduced (social distancing ) but that should not be a problem IF as you argue, the demand for seating will be low.
On the contrary – if the demand for seating is high then the ticket price should increase – this would show a return/ing to normal traffic flow or tourist arrivals
On one hand we say: All countries have put similar measures in place but along with those measures the top and foremost criteria is for population testing {Quote}
But on the other hand we say: Govt has been allowed to fly above radar delivering news to stimulate and captivate immature minds on the potential dangers if this virus {Quote}
I am confused here. If all the countries put similar measures in place, how is Barbados own different?
Are you trying to tell we that all countries have similar measures, but Bajans are so foolish and immature that government tricked them by not telling them about the potential dangers of the virus?
You trying to tell we that all efforts of the government to warn us about the virus through programs from GIS and on the media, everyday CBC does show something about the virus, the curfews, lockdowns, begging people to practice social distancing, putting all there is to know about the virus in the public domain and all the warning messages and everything else the government has done so far to prevent the spread of the virus, is to trick immature Bajans about the potential dangers of the virus?
Wow. And to think somebody gine tell you spot on and that you right.
You know that the biggest tragedy here is when ‘spot on” don’t tell you or advise when you wrong and how he does social distance you when you talking shyte and does just left you there for people to laugh at you?
Boy, I glad I ain’t got friends like he.
Talk about coming after the messenger
Wow Robert spot on
Glad i do not hove friends like u who prefers social distancing to avoid the truth
What a belly laugh duffus
@John2
Your oil statement needs a rethink. Read this and weep.
https://www.zerohedge.com/energy/berman-game-over-oil-economy-next
@PTL (same article)
“Those who believe that the world will function the same on lower energy density sources like wind and solar should review their old physics text books. You cannot fit 4.5 years of work from sunlight or wind into the 5.6 cubic feet space of a barrel of oil.”
You called me duffus. Instead of debating issues, when challenged, you go into the gutter with personal abuse and attacks. According to your lord and master, he says that is the Barbados Condition. Funny enough, he don’t see that when you do it.
Everybody got the right to go after the messenger if that messenger bringing a message that they can’t prove. It means the messenger don’t have no credibility. They are just as much liar as the people they are accusing of lying.
You come here everyday saying the government is telling lies about the COVID figures and everything else. It is one thing to hide behind the keyboard talking bout TRUTH.
You have never, ever brought nothing to prove the government is telling lies. I would like you to go court to accuse somebody of something on what you believe, think or shyte talk and not hard facts and evidence and see if you don’t get laugh out the people place.
THE IMPORTANT QUESTION IS, WHERE IS YOUR PROOF?
SHYTE TALK IS NOT ENOUGH. BRING PROOF!!!!!!!
@john2
We will not see the rebound of tourism in less than four years. The tourists who come here are not wealthy. The south coast attracts a lower economic group. Sandals may be the exception to the rule.
The west coast generally attracts a bit wealthier visitor. Both of these groups will be economically challenged post COVID.
Anybody who believes that the industry can be sustained at any high level by the wealthy villa owners have no idea how the villa sector works.
Many of these villas are leased to high end visitors via real estate and property managers. Those people will not risk their health concerns by rushing to us or any other island destination.
Also, depending on their post CONVID economic standings , they may put villas on the market. Mr. Symmonds does not know what he is talking about.
Do not fall for glib PR from any cruise line, that they “love “ us and will be back because we correctly extended a hand to them. To come back they need numbers and the numbers/volume will simply not be there.
The trickle that would perhaps come through GAIA and the port simply cannot cut it.
We are being sold nothing more than “ Dream Vacations” by Simmons. When we wake up we might very well see a GAIA that is a temporary indoor sports facility. Now, I am not saying that in three to five years , we may not see a more bountiful pick up but I will get back to this in the eight months that the Minister of Tourism says he needs.
All my great grandmother told me , it is better at this time to have thirty thousand pounds of fruits and vegetables in your hand than waiting on three hundred people to step of an airplane. She went further and told me that it is better to invest in one thousand small businesses with two or more employees than park a taxi at the port waiting on a cruise ship that is probably caught in the Bermuda Triangle.
Funny thing is that we say that there is none so blind as he who would not see. My great grandmother is not blind.She is dead and she can still see.
I really hope that I am wrong.
Good luck.
@ ks May 2, 2020 7:45 AM
If tourism falls back to the 1995 level, we should also cut back the civil service to the 1995 level and wages to the 1995 level.
We should all remember that in Barbados since the mid-1990s wages have exploded. But this misguided development has not been accompanied by a significant increase in productivity.
Alternatively, I stand by my proposal for currency devaluation in order to finally bring the Aboriginal mentality of sleeping, chatting and singing at work into line with reality.
@ Critical Analyzer May 2, 2020 6:35 AM
“All economists are one trick magicians performing variations of the same magic trick over and over to get more money from thin air.
Here is how the economic magic trick works
1) Borrow large sums of money for any number of large projects. True project viability does not matter.
2) Move that money around the system like managers in a ponzi scheme trying to maintain that illusion of success by doing fancy projects and creative accounting.
3) Enrich themselves and their supporters by siphoning off some of the money out of the system before it collapses.
4) Come up with more inventive schemes to tap additional sources of financing to keep building the house of cards bigger and bigger.
5) Start the whole cycle again.
I challenge any economics student or expert to say otherwise.”
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Wow, what enlightenment!
What an eye opener for those who have been blinded by the BS in economics preached to them by the conning ministerial masters from the political class.
The Four Seasons fiasco is a classic example for teaching purposes.
Bajans should be glad that Covid has put paid to the Hyatt haulage crane which would have made the NIS pension fund look like its original home on Fairchild street.
Don’t be surprised if either the Greenland money dump or the Cahill fees incinerator is brought back to the front burner by the recent convened Covid Council for Jobs & Investment to save Barbados from economic Armageddon.
After all, two key players from both pit houses of corruption, Mr. Seetru and Mr. Pinocchio the toffee paper wrapper, are now ‘entrusted’ with the responsibility of reinventing the wheel of economic transformation, a work-in-progress since 1993.
It would be interesting to hear what both gentlemen can propose with respect of the job-creation potential of those ‘former’ CLICO plantation lands.
Leroy Green Verbs de Paris(s), one of the few eminent persons in Bim, could prove to be an excellent source of advice on how to make a ponzi scheme work at the national level.
@Hants
Yours of May 1 @ 7.21 pm
I just seized the opportunity to read the Minister’s comments in the article and the first thing that occurred to me was the Minister is “whistling past the graveyard”. We live in NA, everyday we read and view the news and hear of the desperate situation that many people find themselves in due to the economic effects of COVID19 (note I didn’t say medical which is another story) and ask where are these tourists going to “bounce” from to use the Minister’s terminology. The scientists are also warning of a second wave of COVID19 to start in the fall does the Minister expect rational people to start planning for winter vacations/cruises at this time when the outcome of the outbreak is still very much up in the air and the outcome of a future outbreak is anyone’s guess.
There is hope and there is reality, the Minister seems to have ignored the latter and is as we used to say “dreaming in technicolour” and everyone knows that those dreams never come true
@ Wily Coyote May 2, 2020 6:26 AM
In my opinion these villa owners are the true “most vulnerable” of society.
Gov must do more for them, we need a waiver of landtax for 5 years and other sweet gifts.
@TheO
Nothing to weep about. read the first paragraph after the first graph/figure one. Also not I said After the arlines start back up which will be in a few months.
@WS
Then if demand for tickets to Barbados will be depressed for 4 years, according to you, then I would expect the ticket prices to be at the lower end than the expensive end.
When tourism will return to normal in Barbados I am not getting into – I will just let it flow and accept it as it comes.
And dont forget that this govt waived thousand of dollars in taxes to offset any losses
which the cruise industry. might have incurred while the sick ships were docked Carlisle bay
Kerrie Symmonds must be envisioning a big return for barbados generosity
Hence his political rantings
@ Mariposa
Keep going. You, like me, may not be an economist, but your analysis is spot on. This government is notorious for transferring wealth from the poor taxpayer to the wealthy and well-connected.
Government must be careful its economic plans are not instruments playing a business form of King Canute, standing in the way of fundamental structural changes.
This is true, particularly with the hotel and tourism sectors, with their powerful lobbyists and well-connected supporters, pressuring government to force through flawed policies in order to force feed a sector already on life support, and individual family-owned hotels that are already zombie businesses.
Ask the Cabinet why don’t they sacrifice some or all of their salaries for the duration of the crisis to show that we are all in this together?
“Ask the Cabinet why don’t they sacrifice some or all of their salaries for the duration of the crisis to show that we are all in this together?”
They prefer run off to CNN to try to bamboozle the intelligent and totally fool the gullible…instead of CUTTING THEIR OVERLY BLOATED SALARIES…..to help the vulnerable and the economy….now we will get to see THIER DECADES OF GREED AND SELFISHNESS ON FULL DISPLAY…
@ Hal Austin May 2, 2020 12:34 PM
“transferring wealth from the poor taxpayer to the wealthy and well-connected”
I don’t think so. In my opinion, the lower and middle classes (Aborignal workers, lawyers, doctors, civil servants, ministers, judges) have lived continuously at the expense of the upper class (big busy business) since 1966. The middle class is not able to think for itself and is in permanent need of a foreign advisor or a big businessman to teach them elementary financial operations.
At least our Prime Minister is an upper class person. In contrast to the middle class, she is well versed in financial matters and also stands out from the Aborigines.
@ Tron
As usual, your remarkable scholarship and analytical abilities often comprise some half-truths and jokes. It is true that the Barbadian professional middle class, black and white, are poor thinkers and lack the confidence to control the nation’s economy and grow it. Therefore the foreigners, from Trinidadians to Canadians, move in and take control.
This is historical (I suggest you read Melissa Dell of Harvard on this, another of the global outstanding women taking over the discipline of economics). It goes to the root of what I am often abused on BU for alleging, that learning by rote has a long-term impact is not immediately obvious, but can be measured over time (again see Dell’s study of Peru).
We have developed a salaried culture, in that we prefer the ‘security’ of a monthly salary, holidays and a pension; entrepreneurs are gamblers, they take risks, they do not fear failure. That is the insecurity of learning by rote – educational failure.
You are wrong, however, about living off the upper classes, or as I prefer to put it, the white plantocracy. The real reason why we merged the occupations of solicitors and barristers and removed restrictions of the public approaching a barrister direct (although they was widely ignored in the Barbados) was because the solicitor trade was controlled by those old white firms. Creating attorney removed that barrier. This was partly the reason why our young barristers rushed to politics, it guaranteed a small salary and a pension.
Can’t wait to hear about the FRAUDS crawling around the island BEGGING FOR VOTES AGAIN to be reelected…they won’t be so uppity and pretend upper class then with their common class, unimpressive selves.
Quoting a book one read does not make one an expert. Tell us of your track record in implementing, managing, decisionmaking, success in these areas. Anyone can read a book and talk. Stupse. #armchairexperts#egofowlism
Enuff May 2, 2020 3:04 PM
Sounds as if you are describing some of those with professorial leanings advising your boss.
Yes, especially the one with the affected accent from the All Seasons disaster project and now a hidden root of the White Oak Money Tree.
BTW, Enuff, the messenger to the local political gods, what has become of that clique of economic advisors to the throne?
Replaced by the Covid think tank but still on the taxpayers’ payroll?
Stupse, you again? You don’t think it is childish and a sign of weakness and an inability to debate my points by repeatedly trying to wrongfully link me to the government? Just give up.
@ Enuff May 2, 2020 5:15 PM
You are getting rather acerbically hot under the collar!
Who or what has ruffled your red coloured feathers?
Whom or what do you want us to link you to? We know whom you were linked to like a Siamese twin prior to the May 2018 elections.
Well, you can take up your cudgel against Caswell Franklyn, the real LoO.
He is calling for the same thing we on BU are calling for. Cut the fat from the empty-headed cabinet.
Real leaders lead by example!
By the way, was the stimulus crafted in Cattle Wash or by the Social Partnership?
please explain.
@ the Sage Annunaki,
The 1st of the rented Jackasses is not going to respond to you.
And you know why?
You have identified his boss Mugabe as great big lied sack of potatoes.
One who is saying, like i think Socrates was supposed to have said “do as I say and not as i do”!!!
She up in the HoA getting as big as Stinkliar and telling everyone how she want “all hands on board” and telling ole people like me, to “give up me pension” for more of dem bonds dat she destroy 2 years ago.
Oh Sage, you think bajans remembered these bonds scalp nuff people?
Let me come back to the announced pandemic bonds. If this rumour gets any bigger, we will see a capital flight like in 2013. Any clear-thinking businessman will flee if he does not want to feed the eternally dependent and whiny masses of islanders.
In St. Lucia, officials are to receive their salaries partly in government bonds. A good idea, so that the lazybones also bear the risk.
In Barbados, on the other hand, something else is announced: All citizens aka taxpayers are to invest a part of their monthly income, which is over 3000 BBD, in government bonds with a 4-year term. Since even the indigenous masses, despite their boundless naivety, now know that these bonds are some kind of toilet paper, no one will do this voluntarily. I would also ask you to note that the repayment date is after the next election. So we get a forced loan, which means that everyone has to buy the papers by legal obligation.
It is also clear that this expensive toilet paper will not be used to finance unemployment benefits, because the aid is only a small amount. The government is using it to finance primarily 30,000 sleepy civil servants, most of whom have been taking holidays at home at taxpayers’ expense since mid-March, and on full pay.
@Tron
I suggest they be promoted as ‘multi ply’ bonds. Anything more specific could be labelled a thoughtcrime. And pandemic is a negative word for what is a valiant, nation building product.
@ Tron
What is the yield on the pandemic bonds? What will the money be used for?
What is the yield? Let us speculate, nothing wrong with that either.
The blogmaster invites you to join the discussion.