National Meeting Hand

Submitted by Tee White

If it’s now going to be ‘national meeting hand’, then obviously the first principle would have to be that it’s voluntary. I have never heard of a meeting hand where you have to be in it even if you don’t want to. If individual public sector workers choose to accept the government bonds on that basis, then that’s their choice. If however, any individual is forced to be part of the ‘national meeting hand’, whether by the union leadership or government, then it’s not a meeting hand at all.

The government is persisting with this idea, claiming that its aim is to “carry as many Barbadians as possible”. But there’s a simpler and much fairer way to “carry as many Barbadians as possible”. That is that those who have benefited the most over the last 6 decades from turning the island from a sugar cane plantation into a one legged tourism economy must put their hands in their pockets and put some money on the table now that the wheels have come off the donkey cart that they, and the politicians they paid for, built to serve their own interests and which has now got the entire country in a predicament. They’ve become multi-millionaires and billionaires by changing agricultural land into residential land and selling it to developers, by signing lucrative contracts with the government to manage government owned hotels, by linking up with foreign tour operators and in a million other ways. They have full their belly for the last 60 years and now the bill has arrived, they want to pass it to the workers to pay. No way!

A special Covid 19 tax on those with deep pockets should provide the government with all the funds it needs. Remember if you tax a billionaire at 99% of their wealth, they would still be a multi-millionaire at the end of it. They still wouldn’t have to worry about where their next meal is coming from, how to pay their rent or  water or electricity bill.  That’s the way to “carry as many Barbadians as possible”.

https://barbadostoday.bb/2020/05/26/govt-signals-shift-from-forced-to-cooperative-savings/?unapproved=673434&moderation-hash=7f0f8d4337e5dcb6d1bf4a53d7a8055c#comment-673434

401 comments

  • As I told you Double K, are problems are mostly in our minds!

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  • The VAT written off for ’96-’00 simply was too unwieldy and costly to collect. The costs outweighed the benefits. It is important to note that the penalties and interest was not written off however.

    @Donna
    Yes many of our problems are indeed solely in our minds.

    You all ought to make up yours. On one occasion you lambaste government for pursuing some policy or other that you see as detrimental to the country but simply a case of prioritizing political over national interest. And out of the other side of your mouth you want government to pursue a course that will harm the country, will not accrue any SIGNIFICANT savings just so that you can feel better, i.e. achieve a narrow political objective of throwing the electorate some red meat. You all are really too confounding. Make up your mind before you comment nuh!

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  • VAT not collected by Govt is not theirs to give away. if retained by the retailer and used in the course of business, that is theft. as simple as that.

    Liked by 1 person

  • @ Khaleel Kothdiwala May 28, 2020 10:42 AM
    “Again the country does not need vote-grabbing solutions like that, Donna. We need legitimate solution which will have real and SIGNIFICANT impact on our present problems. Discussing the Cabinet is simply a sideshow among a plethora of other, actually significant matters.”
    ++++++++++++++++++++++++++++++++++++++++++++++++++

    And what can you proffer as ‘legitimate solutions’ to the present problems which could have ‘Real and Significant’ impact other than agreeing to continue to carry a big burden of costs at the Cabinet and consultancy levels?

    In field of Cost & Management Accounting, this is what would be considered ‘Discretionary Cost(s).

    The government already has a surfeit of well-qualified economists on its payroll and who have been educated at the taxpayers ‘costly’ expense.

    Why not extract this ROI on behalf of the shareholders of ‘Corporate Barbados Inc. aka the taxpayers?

    Can this be the same party which made a massive hue and cry – even with marches of the Duke of York variety- about the size of the Cabinet and its slew of unproductive parasitic advisors and consultants under the previous political administration?

    Where are your solutions now, Koochie Koo the kiddy?

    Why are you hiding them in your red portmanteau?

    At least Freundel Stuart had a ready source of solutions residing in his illustrious Cabinet and found no need for additional advice from any group of twenty eminent persons. And quite rightly so!

    We can guess you have never heard of that commonsense saying that “too many cooks spoil the broth”.

    The country does NOT need, and certainly cannot afford, another round of talk-shops and hangers-on looking for free meals and big brand drinks, but only emitting hot air and regurgitating impracticalities contained in previous reports scattered all over the various ministries and their agencies in the public sector.

    In its hour of great challenges facing it at its socio-economic crossroads, it needs people of ideas, action and hard work aka ‘doers’; not bullshi**ters of the pseudo-intellectual breed.

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  • @ Millie

    “unproductive parasitic advisors and consultants under the previous political administration”

    You answered your own question rendering any comparison between a successful administration and one that crashed and burned in failure nonsensical. In attempting to make the comparison you expose your position in the DtM Brigade.
    +++++++++++++++++++++++++++++++

    “In its hour of great challenges facing it at its socio-economic crossroads, it needs people of ideas, action and hard work aka ‘doers’; not bullshi**ters of the pseudo-intellectual breed.”

    I fully agree. Hence why I roll my eyes at the naysayers, whiners and complainers which constitute a portion of the BU Commentariat. Persons without ideas to proffer but simply the same old soup warmed over and over “Mottley is Bad, Death to Mottley”
    ++++++++++++++++++++++++++++++++

    @Eagle

    Government has not given it away. They have written it off. You join Millsy in not understanding glaringly basic distinction in terms.
    Theft is a crime in law not something that one can shoot one’s mouth off about without having any basis for the bold assertion. The non-payment of VAT ought to be looked at in the present time. Harping on about recouping arrears which cannot be recouped makes no sense. And it is as simple as that.

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  • You does come here playing you got a lot of big brain. But yuh know you is really uh DLP yardfowl idiot that does try to be funny and does talk nuff shyte.

    On one hand you ask How can you give away the same thing twice {quote}, which is shyte. Your footwork TRIP YOU UP THERE, because I talk bout two different things that would basically give the same result, and then on the next hand you ask Of the two give-aways which was the worse one? {Quote}

    Mek up yuh mind what it is.

    What sense it gine make to leave debt on the books for 23 years knowing that you either can’t or yuh refusing to collect it, when yuh can write it off and done which would make more sense?

    And you coming here talking bout weak argument and nice footwork, when you come with two left foots and a weaker argument? Look guh long and pick yuh fights wid Lorenzo.

    Liked by 1 person

  • We may need to remind some that VAT is COLLECTED AT POINT OF SALE…there is no cost to the government to send in some tax collectors with GUNS to make sure the THIEVES who Mia wrote off that BILLION dollar VAT THEFT for…… PAID IN THE MONEY THEY COLLECTED over 20 years ago… ..why did BOTH governments REFUSE to collect the money..

    it’s the PEOPLE’S MONEY…..it did not belong to Mia nor the THIEVES so why was it NEVER collected by BOTH GOVERNEMENTS over decades..

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  • @Donna
    Yes many of our problems are indeed solely in our minds.

    You all ought to make up yours. On one occasion you lambaste government for pursuing some policy or other that you see as detrimental to the country but simply a case of prioritizing political over national interest. And out of the other side of your mouth you want government to pursue a course that will harm the country, will not accrue any SIGNIFICANT savings just so that you can feel better, i.e. achieve a narrow political objective of throwing the electorate some red meat. You all are really too confounding. Make up your mind before you comment nuh!

    You have lost me there, son. How will what I proposed harm the country?

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  • And it is not a political objective but a motivating objective. One that will activate the populace to change their ways. The only way “Do as I say and not as I do” is motivating is when you hold a whip at your side.

    And we need a change desperately.

    How the hell you expect the population to return to mauby drinking when those who beseech them make the speech with a glass of champagne in their hand?

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  • …there is no cost to the government to send in some tax collectors with GUNS to make sure the THIEVES who Mia wrote off that BILLION dollar VAT THEFT for {Quote}

    Spot on!!

    This is one time that I got to agree with Crazy & Unstable, Hogging the Blog, because she right. It ain’t gine cost the government nothing. IT GINE COST THE TAXPAYERS.

    First thing is, the taxpayers got to pay for the process of hiring the tax collectors and their salaries. The next thing taxpayers got to pay for is the guns. And yuh know, yuh can’t put a gun and some bullets in a man hand just so, without training he to use it. Taxpayers got to pay for training the tax collectors how to use them.

    Now, yuh can’t give the tax collectors guns and some bullets and tell them go to such and such a body place or to so in so store, pint the gun at he and tell he hand over the VAT he owe. Yuh got to teach them certain protocols of the law of enforcement that authorise them to collect the VAT using guns and how to go about things if the people ain’t hand over no money.

    If you don’t do that, yuh might butt up pun some people as tax collectors like Piece the Poppet or he grandson, or the Commander, or somebody that Crazy & Unstable or even a Ronald Jones——— that feel because them got a gun and does work for the government, them got the authority to crack some heads and shoot som,e people just so. Hear the shout, the government get sue and more taxpayers money gine get pay out to settle law suits. So we as taxpayers gots to pay for that training too.

    Who you think gine pay for the vehicles that the tax collectors got to use to go and collect the VAT? ho you think got to pay for the gas, insurance, maintenance and repairs for them vehicles? Not the same tax payers. Even if yuh let them catch the bus, the taxpayers still have to foot that bill.

    Everything got a price.

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  • Disgusting Lies and Propaganda TV

    “I wonder if some of the commentators on BU could supply me with some of the psychedelics which they seem to regularly use so that I too could go to the delusional place where some seem to reside.”

    @Khaleel Dah is very much fancy language fuh “you want some uh de dope some of dese people pun hey hitting!!!!!!….I don’t think you want any of that dope or any dope whatever. It obviously causing extreme brain damage!!!!!…i wish some of them hey take it to such an excess that it takes them to the Great Beyond or simply to Hell!!!!

    @Donna Most RATIONAL people that get the “privilege” of voting ain’t gine look on a ballot paper and chose a candidate based on if they were part or will be part of a big cabinet….they going to ask if that candidate could be part of a gov’t that can work for them or were part of a govt that was working for them. They leave the “finer details” to the govt they elected.
    Making a cabinet big MAY have the secondary effect of pacifying dissent in govt, but i can tell yuh when the forces strong and ready enough they WILL start an uprising. What happening to most modern day politicians though, is that they too frighten to be the scapegoat and lose their MP or minister pay, so they keep quiet. That is why Sinkya and the rest of the Eleven chose not to fight for the peasants that voted for them and ride off into the sunset, they got of dem horse and tell themselves; nah, them. “enemy” guns too big i want to be alive and rich.

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  • Oh dear, Robert! I was just about to fall for your argument, especially since you yanked my chain with that word :”rational” and I don’t like for people to think I am not rational at all at all.

    But then unfortunately I remembered – wuh dat was one of Ms. Mottley big big issues wid de DLP guvment! Eyes bulging, fists pumping, arms flailing (I get dat from Hal Austin), “SEVENTEEN MINISTERS! NOW TELL ME – WHAT IS A SMALL COUNTRY LIKE BARBADOS DOING WITH SEVENTEEN MINISTERS?????”

    So I say to you and my new son, Double K – exactly when did a large cabinet size become a non issue and why did you not tell your favourite leader that the savings would be insignificant and that rational voters don’t care about those things when going into the voting booth????

    Perhaps Ms. Mottley should make up HER mind before she comments.

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  • Oh dear I mention a man from England name and now my comment is in moderation.

    So….. here it is with just the initials.

    Oh dear, Robert! I was just about to fall for your argument, especially since you yanked my chain with that word :”rational” and I don’t like for people to think I am not rational at all at all.

    But then unfortunately I remembered – wuh dat was one of Ms. Mottley big big issues wid de DLP guvment! Eyes bulging, fists pumping, arms flailing (I get dat from H. A.), “SEVENTEEN MINISTERS! NOW TELL ME – WHAT IS A SMALL COUNTRY LIKE BARBADOS DOING WITH SEVENTEEN MINISTERS?????”

    So I say to you and my new son, Double K – exactly when did a large cabinet size become a non issue and why did you not tell your favourite leader that the savings would be insignificant and that rational voters don’t care about those things when going into the voting booth????

    Perhaps Ms. Mottley should make up HER mind before she comments.

    PS. You should see a doctor with that red eye. I hear the mucus could stick your eyes totally shut .

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  • @ Khaleel Kothdiwala May 28, 2020 12:08 PM

    Stop with your asides and political red herrings and deal with the kernel of the matter.

    To repeat:
    What and where are your solutions, Koochie Koo the kiddy?

    Why are you hiding them in your red portmanteau for an empty brain box?

    Can the all-blue and yellow BU DtM brigade then conclude that your are nothing but a red-breasted parrot repeating whatever the overcrowded Mot(t)ley choir of consultants are singing?

    Or should we pity you for lacking the capacity for any original thought independent of your political masters at HQ and outside your pay-grade?

    You have the potential to do well at university. Please don’t sell your intellectual soul to the political red devil like Dr. Faustus.

    Otherwise, you will be for ever tainted and damaged with the red paint of intellectual prostitution equivalent to what you accuse the red Bishop of having done to his political donkey.

    A note of advice from your loving Master,
    Mephistopheles

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  • Wuhlosssss wunna does mek me laugh bad.

    Imagine dat Donna pun de people blog comparing DLP ministers to dis administration. Wuhloss!

    Donna like she don’t remember dat 17 Dems can’t do de work o half a parliamentary secretary in dis administration. DLP TV and Robert look how dese people does fuhget doah.

    You really thought that that clip would “catspraddle” the government Donna??? Life is a funny thing and politics is the funniest. In 1999 the BLP Administration kept a campaign promise to pass legislation to make it illegal to cut salaries. Now that same law might need amending as government looks at a pay deduction (good term DLP TV). But at the present time it is absolutely necessary.

    You know the DLP partisan Greene said an interesting thing yesterday about how the Dems cut salaries and that was awful and the Bees want to do the same thing and persons will support it. Look, no one ever denies you have to take tough choices in government but it is how you take them and how you take people into your confidence. Mottley hasn’t told anyone to like it or lump it or that temporary means temporary. She takes people “into her confidence” as hackneyed as that expression is.

    And that Donna is why you can never seek to compare them to the aberration that went before.

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  • @Millie

    I grow weary of engaging with you as it makes little sense of expending my time to so do.

    But what I will say is that I think the pay deduction idea is necessary and will do what is necessary for government at this time as I outlined previously. On other blogs I have spoken to more transformational aspects of the economy going forward and the next episode of the show I do for CBC will address it. I have outlined why I think pay deduction is a sensible idea and i don’t recall one of my reasons being that my “red political masters told me so”.

    Thanks for the advice but as I am at pains to point out it is mostly applicable for persons who harbour political ambitions, which is not a category into which I fall at this time.

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  • “When I was a child, I talked like a child, I thought like a child, I reasoned like a child. When I became a man, I put the ways of childhood behind me.

    Just observing

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  • @ Khaleel Kothdiwala May 28, 2020 5:34 PM

    But Baby Koochi Koo, you are nothing more than a political spring chicken.
    Why are you tiring so fast?

    You ought to take a leaf out of the workbook of the ‘laborious’ Sisyphus.

    What do you mean by “pay deduction idea”?

    Are you recommending increases in NIS contributions and PAYE deductions?

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  • Dude, you all think that calling names and writing nuff “stuff” is a response. You did not even make contact with your original statement.

    “So you don’t think that when DEM din collect the VAT arrears, it is the same thing as giving taxpayers’ money to retailer for services not rendered too?”

    You are discussing tow things there. Hope that helps.

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  • You are equating not collecting with giving away. The point is that something was still on the books and then it was given away, You cannot equate the two.

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  • Robert you got me cracking up , when you dtated you might end up with guns in the hands of Piece the poppet or he grandson or the commander or Waru the unstsble or Ronald Jones who may want to crack some heads oh ma shirt you are hilarious love it. Khaleel why arr e you wazting time with Miller and Donna the former talks about red herring when he is chief for throwing red herrings aboit refd bags and a lot of shite talk into any topic while poor pea brsin Donna because she claim she vote for Ms Mottley wants her to become David Copperfield and magically turn around the affairs of Barbados in 2 years whst her Dems took 10 years to mash up.My advise to her and the naysayers on here everyday vote for the mock party or the political nightwatchman who up to now cannot even name any candidates it will make you all feel better not sucessful though.

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  • Lorenzo

    I would love to see what the naysayers and whiners will say now about the brilliant BOSS program. However I am confident that the DtM brigade will absolutely be able to manufacture something to make themselves feel better. But don’t forget Lorenzo that people in Barbados are listening to the PM and her competent team and no one is listening to these folks. Btw after Dr Greenidge’s fantastic presentation I wondah if they will still say he ought to be fired after his work on this brilliant program. As I say Lorenzo I am confident they will fabricate something.

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  • Sonny Boy,

    You spoke about being predictable. Well back at ya baby!

    You are quite right!~ The ineptitude of the DLP cabinet was incomparable. I doubt this lot could do as terrible a job.

    But that is a separate issue altogether. Ms. Mottley said that there is SIMPLY NO NEED FOR SEVENTEEN MINISTERS IN A SMALL ISLAND LIKE THIS. Nothing to do with effectiveness. Just NO NEED! PERIOD!

    But then we hear that “Many hands make light work.” So now we need twenty-six.

    Now…. let’s see if I can anticipate your next response.

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  • Don’t worry darling. You won’t have to bother anticipating my response because there will be none. After this evening’s press conference you cannot see what this “oppressively bloated” government has been able to do, darling I can’t help ya.

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  • on the face of it, a v good sell to the public. caught between a rock and a hard place by the downturn from COVID altho the Govt had warned pre COVID that harsh measures were coming, MAM pulled out one of the hat to present this to the public workers. got to hand it to MAM, she is a performer. Rhianna has nothing on her

    public / civil servants knew they were going to take a hit- it was just a matter of what kind. the govt could not cut salaries that needed a legislative change and firing civil servants was a hard sell.

    i am so convinced that the bonds will work and will be redeemed on maturity date that i hope the ministers, gurus, czars, advisers, consultants and other hangers on covert about 30% of their salary to bonds. that would give the civil servants a lot of confidence in the efficacy of the bond proposal and who knows, it may spur production.

    also i hope the banks will accept them should people want to pay bills or service mortgage and other debt

    Liked by 1 person

  • @ Khaleel Kothdiwala May 28, 2020 7:19 PM

    Ok KKK, Donna’s little sonny boy with the curly hair, now that the IMF-seconded consultant -sent to keep an eye on you untrustworthy lot by way of BERT- has done such a brilliant job of bamboozling Bajans like you, can there be any further justification for holding on to the other pedestrian consultants in economic and monetary affairs?

    The $64 million question still remains:
    How are you going to get the vast majority of public sector workers- many of them merely surviving in highly expensive Bim from pay check to payday loans- to buy into your voluntary bond substitution programme?

    If the vast majority of hand-to-mouth public workers, even those working for more than 3,000 p/m in Mickey Mouse money, refuse to take any part of their emoluments in your triple J (JJJ) bonds how are you going to enforce this ‘de facto’ compulsory monthly saving scheme?

    Why doesn’t the government just do like PM Sandie and do what is nationalistically required after the relevant amendment(s) to the Constitution?

    These times are far more crisis driven than in 1991.

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  • Lorenzo

    You have to give the loony DtM brigade credit. They are unwavering in the dedication to the task. They can always find a way to disparage even if they have to fabricate it. Luckily most Barbadians sit at home praying for their Government to succeed because they understand that when government does right the country benefits, as seen in this BOSS program, a worthy complement to the successful BERT. I always thank God that people like some of these BU commentators can only be found on BU so small are they in number. The government scored a win today and by extension the country will score a win because that’s ultimately what’s important. I’m so sorry guys but the country isn’t going to collapse just yet. You can keep hoping though.

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  • Lorenzo

    You have to give the loony DtM brigade credit. They are unwavering in the dedication to the task. They can always find a way to disparage even if they have to fabricate it. Luckily most Barbadians sit at home praying for their Government to succeed because they understand that when government does right the country benefits, as seen in this BOSS program, a worthy complement to the successful BERT. I always thank God that people like some of these BU commentators can only be found on BU so small are they in number. The government scored a win today and by extension the country will score a win because that’s ultimately what’s important. I’m so sorry guys but the country isn’t going to collapse just yet. You can keep hoping though.

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    THIS @Koolaid Kidd (KK) DOESN’T WORK AND ON HERE TELLING PEOPLE SHITE BECAUSE THE LITTLE FOOL SUPPORTS HIS PARTY BLP AT ALL COST.

    NOT EVEN AT VOTING AGE AND MATURE ADULTS WITH IT SEEMS TO MUCH TIME ON THEIR HANDS CONTINUE TO ARGUE WITH A CHILD WHO CANNOT EVEN PAY THE ELECTRICITY BILL IN HIS PARENTS HOUSE.

    BU BLOG HAS BECOME A MAD HOUSE.

    I WISH THE COUNTRY I WAS IN WOULD COME UP WITH SOME BULLSHIT LIKE THIS AND TELL ME THAT BECAUSE I EARN US$8000 MONTHLY (BD$16,000) I MUST RECEIVE 30% IN SOME BULLSHIT BONDS WHEN ONE OF THE FIRST THINGS THIS BLP (BLASTED LYING PARTY) GOVERNMENT DID IN 2018 WAS TO NOT HONOR FULLY PREVIOUS GOVERNMENT BONDS.

    BAJANS CAN’T REALLY BE THIS FOOLISH TO ACCEPT RAW SHIT AND THINK IT IS RAW GOLD.

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  • I think that i will buy some of the bonds, after all I’ved saved considerably by reducing my transportation cost to zero since mid-March. My eating out cost to zero as well. Didn’t buy a new Easter outfit for church since I’ve been going to zoom church in my nightie, haven’t spent any money in the rum shop nor on the lotteries. I was planning to take an overseas holiday in June, but that is put off for the time being. That’s about $1,500 I haven’t spent

    Will my $1,500 make the government rich and or successful? No.

    Is there a guarantee that I will get a good return on my investment? No.

    But the $1,500 is money that I would likely have frittered away anyhow. If I get my money back. Cool.

    If I don’t get my money back, well that money is not my food, shelter and utilities money. It was my “mad” money anyhow.

    Clearly I did not spent enough time in the economics, accounting, actuarial sciences classes.

    But what the heck…

    I expect that there are a number of people who will reason just like me.

    Liked by 1 person

  • I don’t think that it is raw shit.

    I don’t take it is gold either.

    Liked by 1 person

  • @ Donna

    If the “Robert” you referring is me, I don’t know wuh the hell you talking bout. Wuh argument um is that you was gine fall for and when I use the word “rational” to yank your chain? Yuh got me there.

    ????????????????????????????????????????????/

    Here comes the big brain Commander from the pick-a-noise crew. Look, skipper, I said what I had to say, it is MY OPINION and I ent got to make contact with nothing. If you feel I wrong, that’s your problem.

    They got so much other things here to discuss and instead you focus on them, you coming with the same shyte argument again. But wait, I forget you job here is to pick noises with people you think are BLP supporters, tell people HAGD and drop low down remarks.

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  • @BAJE aka Major League Asshole who professed to have 3 degrees before amending the professed number to 2 aka Big Letter Man May 28, 2020 10:37 PM
    I WISH THE COUNTRY I WAS IN WOULD COME UP WITH SOME BULLSHIT LIKE THIS AND TELL ME THAT BECAUSE I EARN US$8000 MONTHLY (BD$16,000) I MUST RECEIVE 30% IN SOME BULLSHIT BONDS WHEN ONE OF THE FIRST THINGS THIS BLP (BLASTED LYING PARTY) GOVERNMENT DID IN 2018 WAS TO NOT HONOR FULLY PREVIOUS GOVERNMENT BONDS.

    It is optional so no one is forced to opt in. 17% in bonds it the suggested figure for those at the top of the wage scale. What did you major in? I rule out English since your comprehension skills are almost nonexistent. The country you are residing in is treating your former Armed Forces buddies, who become infested with COVID-19, like shit and allowing them die in large numbers in VA hospitals, so that is what you should concern yourself with and left the folks in Bim to worry about the BOSS program.

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  • When a black government in Barbados finally starts talking about giving up the land they love to give away and sell to the local and foreign minority crooks and parasites……to the PEOPLE instead aka MAJORITY POPULATION who FUND THE COUNTRY so they can commence creating and BUILDING GENERATIONAL WEALTH for their FUTURE GENERATIONS…let me know.

    until then, everything is just a temporary stop gap bandaid while they wait to RESTART the DEPENDENCY ON TOURISM….to pay low salaries and continue their decades old slave society…to nowhere for the people.

    in the last 50 YEARS…i have NEVER ONCE heard any black PM talk about the majority population building generational wealth to secure their own futures, all these blights have ever talked on and on and on and on about is dependency for the people….never anything to SECURE THEIRS AND THEIR FAMILY’S FUTURES and economic STABILITY….

    am so NOT impressed

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  • Hurrah! Barbados is saved! Thank God because I have to live here and so does my sixteen year old son.

    I am indeed aggrieved that a mere child like you should suggest that because I am asking legitimate questions of this administration I would love for this government to fail. Where is your evidence for that?

    That would indeed be loony!

    It would be especially loony when there is no better option with which to replace them.

    We voted out the DLP because they failed. We did not vote in the BLP because we wish them to fail. And contrary to what that cockadoodler keeps crowing, I do not expect Ms. Mottley to fix what ails us in two years. That too would be loony.

    All I am doing is holding Ms. Mottley to her word bearing in mind that a little leeway must be given for unforeseen circumstances.

    I did not hear this “win” of which you speak but though I fear your gloating is premature I would be sincerely delighted to be wrong.

    And that, my boy, is because unlike you lot I am neither Bee nor Dee. I was a citizen who voted Dee because I believed them to be better. And now I am a citizen who voted Bee because I HOPED they would be better.

    If you cannot see that after what I have said here then I cannot help YOU!

    PS. I am also a woman who has fought men all the way to be seen as equal and unlike many nasty persons, I still see Ms. Mottley as a woman. There is nothing I would love better than to rub it all over smug male faces that a woman has fixed the mess the men have made.

    indeed, I could die happy that my lifelong argument has been won!

    And now I am going to give BAJE a heart attack by taking his advice. Nothing more from me.

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  • Don’t mind Koochie Koo…when that OPPRESSIVE SLAVE SOCIETY…that this sell out government is bending themselves in half to keep INTACT to reduce their own people to perpetual DEPENDENCE……is finally DISMANTLED …then they can call that the real BOSS move…

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  • “…..BECAUSE I EARN US$8000 MONTHLY (BD$16,000)”

    This is all the highly successful and well-off 2/3 degrees earns? Didn’t he receive a stimulus cheque?🤔🤣

    “…GOVERNMENT DID IN 2018 WAS TO NOT HONOR FULLY PREVIOUS GOVERNMENT BONDS.”

    The savings bonds were NOT part of the debt restructure and the bonds now on offer are also similarly protected.

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  • “How are you going to get the vast majority of public sector workers- many of them merely surviving in highly expensive Bim from pay check to payday loans- to buy into your voluntary bond substitution programme?”

    “Why doesn’t the government just do like PM Sandie and do what is nationalistically required after the relevant amendment(s) to the Constitution?”

    So in one breath the verbose one describes many public servants as barely surviving and therefore unwilling/unable to buy in to the bonds offer. Yet in another, promoting a mandatory salary cut. I guess them only barely surviving through the preferred lens.

    Liked by 1 person

  • quote] Those who earn $36 000 or less would be exempted, but could opt in. Public sector workers earning between $36 000 and $50 000 a year would receive 93 per cent in cash and 7 per cent in bonds. Those earning between $50 000 and $100 000 annually would receive 88 per cent in cash and 12 per cent in bonds and if you earn in excess of $100 000 per annum, the split would be 83 per cent in cash and 17 per cent in bonds.

    Since BOSS is optional, a worker can determine before he or she is paid that they need cash and the bonds would be converted so the full salary appears on the bank.[quote

    the above is a quote from the Nation Newspaper

    so if a majority of civil servants can opt out, and it appears they can, if they do, how will this help Govt to reduce the wage bill?

    or is there more to – “Since BOSS is optional, a worker can determine before he or she is paid that they need cash and the bonds would be converted so the full salary appears on the bank”- than readily meets the eye

    Like

  • @ Enuff May 29, 2020 6:16 AM

    Is this the same “BOSS” financial guru who- under the previous financially hamstrung administration- advised against the investment in those junk” bonds peddled by Sinckler & Worrell?

    Weren’t you verbose then in your partisan anti-government advice?

    How else are you going to reduce your payroll costs? Send home more workers as was done previously under both administrations?

    Do you think any ‘optional’ payroll reduction proposal is going to succeed when the very private sector on which the public sector depends for its tax revenues has been forced to cut back and layoff workers?

    Do you really feel the public sector operates in its own revenue generating cocoon?
    Where is the money coming from to pay the public sector workers (including the extensive army of consultants and advisors) pre or post the BOSS deductions?

    It is now crunch time for Bajans.

    The same way the country defaulted on its bonds obligations in a pre-Covid collapsing economy so too must the public sector be brought under heavy measures and help the country live within its income generating and earning means to avoid a similar default.

    Like

  • Bonds must now replace workers’ disposable income to “save the country.”

    From the same people that pilloried and bludgeoned Sandi for the 8% cut that “saved the country”

    Fluff and fireworks by any other names are still fluff and fireworks.

    Politics truly is blood sport.

    Just observing

    Liked by 1 person

  • Critical Analyzer

    We are only kicking the can down the road yet again.

    All this fancy plan does is borrow money against projected future earnings to make up for the current/projected earnings shortfall in government revenues to cover public worker’s salaries for the next six months to a year while they are on their knees praying the tourists come back in their numbers this flu and winter season.

    Our destiny is not currently in our own hands. We are still out there in the ocean trying to tread water hoping a boat passes by to save us instead of picking a sensible direction and start swimming to reach land.

    Where are the medium and long term goals. They should also have been presenting those goals that people can start to think about upcoming opportunities or do they want to keep them secret for themselves and their friends to get rich off of or do they have none and are praying tourism return to pre-COVID earning levels.

    As I said in another comment on another post, economists only know one trick. Guess which step they are at in the cycle

    “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.”
    https://barbadosunderground.net/2020/04/30/central-bank-economic-review-double-digit-decline-expected/comment-page-2/#comment-1342587

    Liked by 1 person

  • Don’t mind all the OLD TALK…

    …has the government told the civil servants they are desperately trying to mamaguy and bullshit that despite ALL THE BILLIONS they are now borrowing left and right and getting grants (free money) from different countries too….that UWI CANNOT pay their staff this month because the same bullshit artist government REFUSES to give UWI the money owed to them…

    and ALL of these people have debts to pay and families to FEED…

    Liked by 1 person

  • Is this thing optional or not?

    Well said CA.

    No foundational, deep rooted change. Just chaotic cash grabs.
    The whole charade is a farce. The bankrupt govt is now desperately trying to get its hands on whatever cash it can to pay its bloated horde of ministers / consultants/ advisors.

    They are also trying to go after credit union deposits. This cash grab will make little difference except to reduce spending and further empoverish people. When this doesn’t work (and it won’t) whose cash will The President go after next?

    Liked by 1 person

  • @David

    thanks for posting that power point-

    “Some persons may need up to all of their salary in cash now to meet current needs:

    1.Workers can seamlessly convert partor all of their bond into cash each month.At the start of the process, each worker will indicate to the Ministry of Public Service (MoPS), what portion of their bond, if any, they would wish converted into cash each pay period. MoPS will send those instructions to the Central Bank who would then each month sell that portion of the worker’s bond to a willing buyer and deposit the cash into the worker’s account ”

    it seems to me that there is no option. at least not at point of sale. workers have to buy the bonds then indicate how much they want converted to cash. i wonder who or what is considered a willing buyer.

    appears to be a major flaw in the plan and a needless complication. probably inserted hurriedly to say it is optional which is an illusion. i would just mandate they buy the bonds and the earliest they can sell them would be the early redemption date

    Like

  • WURA,

    I know when to accept defeat. The child is too far gone. I have had greater success with my son and many others. Even when he is on his video calls I speak and his young friends think I’m a hoot. This week they all wished me happy birthday before my senior moment mind even remembered what day it was.

    You can’t win ’em all.

    Like

  • @Greene

    The worker decides if to opt in.

    Like

  • @David,

    i stand to be corrected by where does it indicate that the worker can decide to opt in

    Like

  • @Greene

    Dr. Kevin Greenidge is presently on national radio diving into the detail. A document/form will be distributed to public workers before the start of the program/monthly to indicate their appetite for % allocation of bond from salary.

    Like

  • okay i will await to see the details.

    but at first blush, it looks to me like the worker has to allocate some % of salary to bonds. afterward the worker can indicate if all or a portion is to converted to cash and then must wait until the % is sold by the Central Bank.

    if true, this is an unnecessary complication.

    Like

  • @Greene

    There is no wait if the worker wants to sell, the central bank will buy the bond and sell in a secondary market to buyers registered on an exchange managed by central bank they hope to develop.

    Like

  • ok so i was right, the worker has to allocate or rather some % of the worker’s salary will be allocated to bonds. afterward the worker can indicate if all or a portion is to be converted to cash.

    that is the only way this would make any sense.

    the option is really an illusion and comes after point of sale. if the central bank doesnt get them sell isnt that like printing money?

    Like

  • According to the good doctor they are creating fiscal space by reducing current/payroll expenditure to be able to divert savings to capital works because the redemption of bonds is a deferred cost. Hopefully one of the more intelligent BU family members can break in down for you.

    >

    Like

  • David,

    ok …will look forward to that -lol

    Like

  • “You can’t win ’em all.”

    Nope you can’t.

    we can only focus on not leaving a corrupt/slave society to our future generations or they will judge us very harshly….and wonder why we were we so WEAK that we allowed it to continue because we really had no choice or were even aware growing up that this is what these scum for black face leaders were doing to their own people.

    Like

  • Disgusting Lies and Propaganda TV

    I ain’t seeing the Kool Kid today i wonder what happened????? lol….But seriously in my OPINION the BOSS program is ingeniousness. I’m even more heartened that a “true Bajan” devised it. It is playing on NORMAL RATIONAL behavior for people to save until they can’t save any more and for people to make money wherever they can. It is, by design naturally biased to the higher paid worker that COULD save in the first place but it allows and promotes lower paid workers to save. It basically takes advantage of savings that workers would make anyhow but offering a better alternative to savings accounts. Since the bonds are partially tradable it makes them even more useful. The banks are somewhat “in trouble” and they SHOULD BE because it takes some of that liquidity from them. Basically it has the potential to “tek money from foreign owned banks and let it work for all Bajans because all dem banks does do is put foolish fees on yuh account” i heard Dr. Greenidge on Brass tacks said that govt was devising a similar instrument for the private sector which i think would be attractive to them. By using it, Govt saves on it wage bill (an expenditure) in the SHORT-TERM but the bond holder gets something down the road and looses nothing. It is supposed to last 18 months but i suspect it will go beyond because that time frame due to worker demand. There is no cut or burden to the public workers as Ms Deluded wanted to imply on Brass Tacks. I think that the Workers Unions would be sold to this idea as it a far better alternative to “pay cuts” and it is designed to be SHORT-TERM.

    Like

  • Critical Analyzer

    @Greene

    Basically the government does not want to pay out all that cash money in salary and have decided to pay the public workers part cash and part IOU. The IOU is taking the form of a bond which in essence states “I, the government will pay you all the outstanding salary I owe you in 4 years but pay you 2.5% interest every six months.”

    If a public worker is unwilling to wait the 4 years to cash in the IOU, you can tell the government and they will sell your IOU(bond) to the Central Bank where they will then turnaround and sell on the open market to any person or business that trusts the promise of the IOU(bond) and is willing to accept the risk.

    So if you as a public worker are in a position where you can afford to do without a part of your salary for the next few years or are accustomed saving something each month, you can decide if you trust the government’s IOU enough to accept the bond offer since there are no higher interest bearing investments available.

    Additionally, anyone who has money sitting on the bank and if you think the bond is a safe investment, they can go to the Central Bank and buy bonds the public workers refused for cash are made available when the Central Bank

    Like

  • Critical Analyzer

    @Disgusting Lies and Propaganda TV May 29, 2020 3:16 PM

    I agree with you. It is pure genius. Only a Bajan could have come up with that. It gives me hope that we still have some bajans that can come up with sensible things.

    It immediately reduces the wage bill making the balance sheet look great, gives them access to the so called liquidity in the market and more breathing room for the next six months until we have a better handle on the fallout from the COVID situation.

    The only caveats is if the government can engender the necessary trust in the strength of bond to make the second bond market and if they can recover within 4 years to honour the bonds.

    If only they would put some of that ingenuity and sweat equity into the agricultural sector so we can feed ourselves and save some foreign exchange.

    Like

  • @Blogmaster

    Do you know if there is a published prospectus of this bond issue. i’d like to take a proper look at the numbers.

    Like

  • @CA,

    i have no issues understanding the bond idea.

    i never ask a question to which i dont know or likely have an idea of the answer -lol

    the problem with the opt out is that if all or a majority of workers opt for cash the Central Bank will end up with the bonds until they are sold, which is like offering the bonds to certain members of the public with civil and public servants given the first choice to buy

    Like

  • @Dullard

    We are not there yet, here is what we know. Click the hyperlink to BOSS.

    https://gisbarbados.gov.bb/blog/government-proposes-b-o-s-s-programme/

    Like

  • @DLP TV

    Two things:
    I was genuinely interested in seeing how persons would try to spin this brilliant proposal.
    Dr Greenidge et al have spoken well to the matter and there is nothing more for me to add. Unlike some I only comment when I have something substantial to contribute.

    I need not address Millie’s piffle as Enuff deftly decimated the little guy so I’ll leave him today.

    All Caps has not been informed that while another debt restructuring is not foreseeable at this time, these bonds will be immunised regardless from any future debt restructuring as unlikely as that is.

    The eagle asks some interesting questions. He should apply himself to availing himself of the available information before commenting.

    +++++++++++++++++++++
    @Donna
    I don’t recall naming you as a member of the DtM brigade. I will leave the list making to Robert lol. But me thinks that if the lady doth protest so much, does the cap fit?
    +++++++++++++++++++++

    So I will continue to spectate at the world’s biggest piffle show and drop in a word occasionally.

    Like

  • Disgusting Lies and Propaganda TV

    @Khaleel ok ..it is good to “tune out” from the constant annoying “noise” here..lol

    @Analyzer that is risk inherent in any investment. Even if people put their money in a shoe box there is risk (albeit minimal) that the house burns down, a flood comes or fowls “cahing it away” lolol. But the govt through BERT was making a platform for strengthening investment in Bdos on the whole via bonds. The credit ratings were moving upwards before COVID-19 but we will see in time.

    Like

  • Well after all the party folks had their say let’s ask a few questions.

    I heard today Mr Greenidge arguing that the workers have received no wage cut with what is being proposed with the bonds.

    Technically you could argue that but what should have been said is that the workers will be receiving a fall in physical liquidity. In other words let’s say you worked for $4000 a month and got $3500 in hand, you will now pay the same tax but get say $3000 in hand. The bond may work with those who are fortunate enough to have excess liquidity monthly, but in today’s economy they would be few and far between.

    The arguement that this is a form of savings is true, but this can only work for those who had a few hundred dollars a month left back after their monthly bills were paid. For those that can’t do that, this plan would see them falling into debt every month by the value of their bond contribution.

    In summary some may get 5% interest on their bond, but end up paying 21% on their credit card in the form of interest, as they can’t clear their card balance anymore due to a shortfall in monthly cashflow. In other words if taking the bonds to get the 5% means running debt at say 12%, wunna losing money monthly in real terms.

    Never judge a book by the cover, try to at least read the first few chapters at a minimum.

    Like

  • NorthernObserver

    @JohnA
    In BOSS, the O=Optional. If for whatever reason, the employee take home = expenses, they ‘opt out’ and never use their CC/loan.
    What we do not know, is if BOSS fails to raise the ‘forecasted amont’, what is the next step?

    Like

  • The BOSS hammer will strike very effectively. There are informal ways to do this. We need a whip in all offices who psychologically “convinces” those who say NO until the they “voluntarily” say YES to the government bonds.

    Then the constitution will be formally upheld, but we will get our salary cut – because the repayment will be AFTER the next elections.

    Nevertheless, I recommend that Senator Caswell be promoted to ambassador in New York. Thompson is obviously an unfit crybaby. Let her take care of her mom for years, but not on the government’s dime. The Senator will be able to enjoy the second wave of the pandemic at first hand, since he has many hands to shake at his inauguration.

    So we see how important it is to push people back and forth like chess pieces.

    Like

  • Critical Analyzer

    There is no scenario where government does not raise the money because they are not raising money. Government has decided to keep some of the money they would have paid you on the bank by paying you in cash and bonds.

    The option comes in for people who want cash immediately where government has made an arrangement with the Central Bank to immediately and transparently purchase the bonds for those employees wanting immediate cash. The Central Bank will then put the unwanted bonds they purchased up on a secondary market to recoup their money.

    The elephant in the room is if the market believes government will be able to get the economy back on track and be in a position to honour the bonds in 4 years.

    The brilliance of the scheme is government does not have to waste one second trying to peddle bonds locally or internationally to get all the money they need. I also suspect there will be substantial appetite for those bonds when they come on the secondary market and if there is none, all they have to do is manage the economy over the next few months and the appetite will increase substantially.

    I would not be surprised if some other countries in Barbados’ predicament adopt a similar program to create fiscal space.

    Liked by 1 person

  • The government may once again prove that it is superior (in terms of developing responses to difficult situations) to the last DLP administration and the current opposition parties. I am no finance and economic guru, but the line of work I am in always calls for killing as many birds as possible with one stone. Or as many Salemites as possible with one post.🤣🤣

    We have an economy ravaged by COVID and as such public and private sector employees are facing job uncertainty. We also have old infrastructure in need of repair or replacement as well as a need for new infrastructure. However, we also have savings accounts flushed with cash collecting less than 1% interest. Rather than send home more workers or cut their salary, the government is offering voluntary, flexible, tradeable bonds as part of public workers’ monthly income. The money saved from worker buy-in or sale of those bonds, allows government to undertake capital works projects to stimulate growth (private sector jobs, goods and services) while at the same time upgrade (or establish) social, green and hard infrastructure–schools, roads, reservoirs, solar energy, parks, water mains, sewerage, government buildings etc. So one BOSS move could in effect save and create public and private sector employment; facilitate Barbadian investment in Barbados’ infrastructure; inculcate an investment mindset in B’dos by simplifying and broadening access to investment opportunities; provide better returns for Bajans than the less than 1% the banks are paying; upgrade all forms of infrastructure; stimulate the economy; and, promote equality and access for all to investment opportunities. Taken as a whole, the BOSS embodies the objectives of sustainable development. The consultants may once again prove their worth? Not only for the BOSS, but just imagine where we would be if the debt restructure wasn’t undertaken or ended in tears, as prophesied by some?

    Like

  • The attempt to liken the BOSS to Sandiford’s 8% cut is grasping. Voluntary v involuntary; investment v total loss.

    I have one word to throw in the mix: CONFIDENCE.

    Like

  • @ Enuff May 30, 2020 6:34 AM

    Your analysis is good but flawed in one major area.

    For every dollar spent- either by way of private sector investment or by way of taxes collected or debt incurred by the government- an estimated 80% finds itself converted to foreign currency and remitted overseas to pay for the large list of imported goods and services.

    You have not addressed this missing link. The existing foreign reserves cannot support such additional expenditure.

    It has been borrowed from the IMF to shore up the country’s balance of payments to pay for its food imports and other items like medicines and oil (which fortunately has dropped in price for the time being).

    It also has to ‘reserve’ a certain level of ‘liquid’ forex to meet its overseas expenditures like the upkeep of its many overseas missions, membership subscriptions to the many organizations and, most importantly, its foreign debt obligations, albeit restructured.

    Do not look to the tourism industry (which is in the ICU) to generate any meaningful amounts of forex or tax revenues in the near future.

    Where is your FDI in this mix?

    The country requires foreign financing to support the kind of expenditures you are expecting to be undertaken by the government.

    Who is going to provide those much needed loans to finance the forex portion of your capex proposals?

    The IMF which, btw, hardly lends money for infrastructural projects?

    The World Bank or the CDB?

    What about the Chinese or the Saudis?

    BTW, don’t you think the government can help itself a great deal by improving its tax collection efforts?

    Do you know of any areas where government can collect what is due to them?

    Or do want us to remind you of some?

    Liked by 1 person

  • @ Northern

    I figure what ever the workers don’t take up the private sector will buy. I don’t see them having a problem moving them. In the public sector though it remains to be seen how they and the unions will take it.

    Like

  • William Skinner

    We need to reach a level of national maturity. I support BOSS. Any program that drives Black citizens toward investment should be at least given a chance.
    I also supported the NSRL because it was a genuine attempt to get the private sector to pay up front. Unfortunately some people are only nationalistic when their party is in power.
    Therefore both the NSRL and BOSS can be given some credit for creativity. We need to continue seeing this period as one that calls for intellectual maturity.
    In terms of the eight percent Sandiford cut I marched up and down against it. I was also critical of Sherbourne being built. Sherbourne turned out to be a great investment.
    The eight percent is thought to have saved the country from devaluation.
    It’s better to use our creativity with efforts such as BOSS and NSRL and fail rather than run to the IMF and end up in it like Jamaica for four decades.
    The only persons who will stop Mottley and company from achieving any positive results are the party sycophants who don’t want anybody to question or be critical of her policies.
    Let’s give BOSS a fair try. It’s a step in the right direction.

    Like

  • The NSRL was nationalistic in name only. I fail to see the comparison with BOSS.

    Liked by 1 person

  • @ William

    I don’t agree with you on the NSRL as all it did was push inflation. Had the government then collected the vat that was due to them the NSRL would of been unnecessary. If you look at the years the $500M in debt forgiveness covered, you will see much of it was for years prior to the NSRL being introduced.

    As for the BOSS I have no problem with it in principle, but the bonds should have been launched on the open market and following is why I say so. Had that been done all could of bought and there would of been no need to fluster the civil service and unions on this matter. I mean what’s the difference in a civil servant buying a bond or a private person buying the said bond and then government using that money to pay the civil servant? Absolutely nothing. After all either way they gone back printing money so why does it matter who buys the bond?

    It was a good idea buy badly marketed that’s all.

    Liked by 1 person

  • Miller
    Firstly, we don’t have 3 weeks of import cover. Secondly, fuel prices are waaaaay down, tourism on pause, shopping trips to Miami and New York on pause and many other areas that eat into FOREX. What percentage of the inputs into construction is imported? With little demand for such inputs from private businesses or individuals, will there be any marked increase in demand for these inputs? I don’t think the people that crafted BOSS are asleep.

    Like

  • @John A

    From what has been said the public will be able to buy the bonds redeemed by public sector workers on the secondary market. Also there is talk about creating a National Pandemic Bond for the wider public.

    On Sat, May 30, 2020 at 1:33 PM Barbados Underground wrote:

    >

    Like

  • quote] Referring to it as a “BOSS hog plan” Franklyn warned that it would be ill advised to “trust Government paper” considering what happened during the last restructuring exercise.

    Furthermore, he argued that Government did not have the right to pay public servants with bonds as it was illegal to do so.

    He said the law outlined that public servants must be paid in legal tender, which bonds were not.

    Franklyn accused Government of forcing workers to take the bonds.

    “You are forcing people to do something and saying they can volunteer. They are not volunteering because it is not optional and they cannot do that. You cannot require them to take their monies. It is criminal to do so and an employer who does that breaches the law and could face the courts for it,” he said.

    “…You cannot cut their salaries and you must pay them in legal tender. The law says you must pay salaries in legal tender and legal tender is money, so you cannot give me a bond because a bond is not legal tender. [unquote

    https://barbadostoday.bb/2020/05/30/scheme-illegal-claims-opposition/

    CS does have a way of getting directly to the meat pf the matter- lol

    Liked by 1 person

  • William Skinner

    @ John A
    Fair comment. I don’t agree the NSRL caused an increase in inflation.
    @ Enuff
    I don’t where I attempted to compare NSRL with BOSS. I merely said that there are both creative initiatives. I would have to be a complete idiot to compare them as likes. I just said
    there were “ creative”.
    I say a man built a creative boat. Another man built a creative house. Am I saying a boat is a house or Vice versa ?

    William Skinner said:

    “Therefore both the NSRL and BOSS can be given some credit for creativity.”

    Like

  • from Verla-

    quote] She said: “It is a ‘boss’ move, but still a pay cut. And it is not fair and reasonable for public servants to bear this burden alone. If the bonds are truly such an excellent bargain, open up the issue to all comers. And in any event, public servants will warm to the concept more once they learn that the ministers, consultants and MPs will not be opting out of the bond issue.”

    The DLP president was responding to the details of the Government’s most recent economic plan, which promises to save both public and private sector jobs by diverting a percentage of the salaries of government employees into capital works projects…….

    The Government’s senior economic advisor Dr Kevin Greenidge promised that employees who could not afford further salary deductions would be allowed to opt out of the bonds, which could be bought by any other private citizen or business.

    But DePeiza argued: “Dr Greenidge gave the ‘out’ for public servants when he stated that it does not matter if one opts for the bonds or not, a bond will be issued in each case. If you choose not to take the bonds, the government will still issue the bonds but pay you your cash and it becomes as if you had traded them to the Central Bank of Barbados. They get their bond issue anyway.

    “The books reflect that a salary reduction has taken place, when in reality the salary potentially remains the same, but is recorded in two separate line items. And think about it: if the bond issue is so great why is it not pitched to the business and banking classes, or even the wider public? Why are the contractors not being paid in bonds at least in part?” [ unquote

    https://barbadostoday.bb/2020/05/30/dlp-blanks-boss/

    v interesting

    Liked by 1 person

  • @ Enuff May 30, 2020 9:36 AM

    How many weeks of import cover do you have since Coivd19 knocked out the tourism forex-earning cylinder?

    If you really believe that construction projects do not ‘consume and involve’ large components of forex then you are living in a closed economy called La la Land.

    Barbados is not the USA or China or even T&T?

    Why don’t you look in your own house in Bim and see what items (including construction materials) are imported compared to those manufactured locally; even if it is your wont to exclude the inputs of imported raw materials.

    Where is the foreign money going to come from with the tourism top-up pipeline now shut off?

    Now here is what you have on your list of projects which can be undertaken from the cost savings to be accrued from the “BOSS” plan which, on the face of it, can go a long way in reducing the conspicuous consumption of imported luxury goods and unneeded services.
    +++++++++++++++++++++++++++++++++++++++++++++
    “The money saved from worker buy-in or sale of those bonds, allows government to undertake capital works projects to stimulate growth (private sector jobs, goods and services) while at the same time upgrade (or establish) social, green and hard infrastructure–schools, roads, reservoirs, solar energy, parks, water mains, sewerage, government buildings etc.”
    ++++++++++++++++++++++++++++++++++++++++++++++++

    BTW, we have noticed you have ‘graduated’ from being a top-notch PR consultant and sitting in the chair of committees of multi-national agencies in NYC to a guru of economics and finance in Bim qualified “Enuff” to put the affected-speaking professor in bullshitery out of business in the red club of hangers-on.

    Like

  • @David.

    I think they have confused things a bit when they didn’t need to. What I would of done is offered the civil servants the bonds at a discount rate and at the same time offer the said bonds to the public at full market rate. That way civil servants could even of made a few dollars right away be selling their bonds to the secondary owner and the MOF wouldn t of had to wait to see whom was taking up what, then to try and offer what was left to the secondary market. She would of collected payment for the full bond offer way quicker. It would also of put some money into the economy by the civil servant selling on the bond and being liquid by the value of the spread.

    Now while all this is another form of printing money, I believe there is room where we are now financially to print a controlled amount, providing they don’t go overboard and create another Sinkyuh scenario.

    Like

  • Hi John A
    This bread and butter guy has a few simple questions for you
    (1) Since it is optional what happens if no one buys in
    (2) Since the bonds redeemable at anytime, what happens if a large number of folks decided to redeem “immediately”
    (3) Should I opt-in or bury my money under my mattress(bank)?
    Bread and butter reply please.

    Like

  • Why would public servants opt in and redeem soon after?

    Will the government have the option to tweak the design to react to rate of purchase?

    Is it a good tactic for the government under the cloak of covid to test public confidence in government paper?

    Like

  • @Theo

    The one question you should ask yourself first is are you comfortable that the government will offer the 5% untouched and honour it in the 4 years? I would think they would as they couldn’t risk to default on these bonds too, as no one would ever buy government paper again.

    So once you are comfortable with the above I see no shortage of secondary buyers for these bonds. I can tell you I know several in the private sector who are registering with the central bank to buy any that’s left. Plus the risk is lower as it’s short term debt and not a 20 year bond.

    I am sure the MOF will sell the offering easily from what I have heard from private sector persons. Also many with money along with seeing a 5% return, say they can see where the money is going this time and they know we have to get the economy moving to get the 40,000 odd unemployed back to work.

    This offering is totally different to the madness that Sinkyuh was involved in, as it is specific to the survival of all of us on the island post covid.

    So if you were a civil servant and asked me I would say take the offer, as there will be a secondary market based on todays market . Now having said that if the government sells bonds left and right under other names at similar yields, these bonds would not be as attractive on a secondary market, which would of course mean you would have to hold them to maturity.

    If we had an aggressive banking sector they too would be offering to buy on the secondary market, making civil servants more comfortable knowing they could sell the bonds at anytime.

    Discount the bond as I mentioned above to civil servants and open the market to all buyers and watch de bonds move like cold banks beer on Kadooment day. Just don’t flood the bond market with too much paper and water down the value of these bonds that’s all. In other words do not create another Sinkyuh Printorama.

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  • @John A

    What is the alternative to government trying to foot public sector wages bill?

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  • @Theo

    I think what we will see happening is that government will issue small bond offerings for specific purposes as opposed to a “washpan” of paper being floated, which no one wanted in the past. So unlike Sinkyuh who floated say $200M in bonds that no one wanted. You may see specifict bond offers of no more than $50M at a time this time around. This would be a smarter move as it will ensure demand and supply are allowed to work together in a market driven economy.

    As the Bajans would say ” done right em got my vote.”

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  • @David

    At this stage let’s be honest we can’t lose more to unemployment or the economy will just implode.

    Given our fiscal situation now we have a little room to print bonds and as long as it is done in relation to fiscal balance I support it. What has happened here is that they were launched as forced savings, then something else then changed again.

    They should just of announce a $50M bond offering under the below conditions and done.

    Bond offer in denominations of $1000 or multiples there of at 5% over 5 years paid semi annually.

    Active civil servant will be entitle to a discount on bonds of say 10% and allowed to sell them on the secondary market through an appointed agent. Could be central bank, Fortress whoever.

    Bonds will be limited to purchases of no more than $500,000 by any one individual or entity. Persons or entities buying will need to provide their Tamis number to qualify for the purchase.

    After that open the doors and let the market deal with it. Everyone will get a chance to make money, the civil service will get paid and make a few dollars on the spread if they want and the offering I bet you will be over subscribed if the above is done.

    Oh and the same way you call Mia on her sick bed to send the police for me in the market, call she now and let she send a ham at Xmas for the free advice. I gone fuh now. LOL

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  • @John A
    In 187 comments only WS mentioned the word devaluation (in a different context).

    I hate the slow trickle of information.
    .
    Can you look into your looking glass and see devaluation (n 4 years) as a possibility?

    Fools (expatriates) may be tempted to nibble. We bread and butter guys want to keep two slices and the butter.

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  • @David
    Thanks for the PowerPoint.
    Was it always there?
    Just saw it for the first time.
    The video following it is unavailable.

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  • Very good presentation.
    Easy to understand.

    Pet peeves
    The totals which gives millions or a billion should be rounded to the nearest dollar and not have pennies (included).
    “If same amount was placed in a bank” should have been on the bottom line (we bread and butter guys don’t care only for the bottom line). We want to know what is coming to or escaping from our pockets.

    Excellent presentation..

    Like

  • 🙂 Waiting for Lorenzo and Robert to state “Theo think the presentaion was “made” by Sinckler, a D” 🙂

    Like

  • Disgusting Lies and Propaganda TV

    Any one that compares BOSS with NSRL CLEARLY does not understand the “economics” and expected behaviors behind both. Firstly NSRL was INFLATIONARY. It put new a tax on businesses. They will, in most cases, NOT absorb it, they pass that on in the form of price increases. All at the same time workers had no pay increase for 8 years before.The NSRL was a desperate cash grap;. THAT WAS ALL IT WAS. The gov’t then was all out of OPTIONS to raise revenue. they were even reduced to selling the family silver (eg Hilton and the BNTCL).For the NSRL to work they SHOULD have deprecated or abolished the VAT.

    BOSS as is gives govt wiggle room for SHORT TERM purposes. The plan is a REACTION to the effects of COVID-19 and not to poor economics. Seeing the world as it is, people are becoming desensitized to COVID-19. People are tired cowering in fear. Countries are doing “Hail Marys” by reopening and HOPING the death tolls do not exponentially rise. With more “opening up” more economic activity is expected. However we still have to go through an upcoming winter season where the effects of COVID-19 are projected to be worse than it is now . What will happen then…will tourists want to “escape” the and come here, will the lockdown comeback in full force???

    Even as designed BOSS is still attracted enough to be a long term plan. ‘mI assuming Dr. Greenidge based it on the current liquidity in banks and taken into account a worst case scenario especially with COVID-19 hurting the economy.
    As i said earlier in this blog it would take the liquidity out of the banks to let it work for govt so that govt can work for the people.

    Like

  • I promise that I will invest some thousands in these BOSS bonds. After I see the integrity legislation.

    Liked by 1 person

  • NorthernObserver

    @JohnA
    You appear to have issue with MS expansion based upon the architect. The NIS is dry. The liquidity lies elsewhere in 2020.
    Lest we forget, using the Catastrophe Fund for unemployment purposes ‘sounds good’, but its value (cash?) has to be unlocked. Or the unemployed will be getting ‘other GoB paper’ in their pay packages.
    Kicking tot down de road?
    The once in 14yr surplus is gone. Task now is to see what funds can be used for beyond the ‘social economy’.
    Nor would I assume ‘causin we default once means we cannot do it again’. It was a ‘soft’ default.

    Like

  • Government has attempted to create appetite for the secondary bond market by way of the tradeability of the bonds.

    Government has incentivized them by immunising them from any future debt restructuring, nothing that the debt restructuring was the only time when government paper was not honoured (so that knocks that fear on the head).

    Government attempts to create fiscal space to allow it to drive capital works.

    In an environment where UNCTAD and the OECD project FDI flows globally to decline in the region of 30 to 40 per cent in this fiscal year, investment by local companies becomes more important. While a drop in consumers’ disposable income tends to lead to a rise in interest rates which makes borrowing less attractive, Keynes submits that confidence is a more potent driver of firms’ willingness to invest than interest rates. This is bolstered in an environment where investment managers such as Fortress are actively encouraging firms to invest, and where generally while some companies are experiencing cash flow challenges, confidence is being stimulated.

    Invest Barbados is facing the FDI challenges head on, having been commended by UNCTAD, and is closely following the advisory document for IPAs formulated by UNCTAD after consultation with IPAs across the world.

    These BOSS bonds, at every step of the way, have an ethos of optionality built in. You cannot assert that a person’s salary is being altered to their “disadvantage” as the Constitution disallows, if they acquiesce to it. The enthusiastic support of the NUPW’s General Council goes a long way to putting arguments to the contrary to rest. Regardless, King v AG makes it quite clear that the national interest overrides private property and that is in the instance of a salary cut far less an optional salary deferment. It is quite interesting that the same people who just a few days were decrying what they thought would be a “forced savings” and now take issue with the optionality of it. Absurd!

    The burden is not being placed solely on public sector workers. Dr. Greenidge was quite clear that private sector companies and individual workers can opt in if they wish. Regardless, I was just in the supermarket chatting with a Cabinet member who reminded me that while persons see the same persons being hit time and again, that is not only inaccurate but also when measures are implemented it will invariably affect the most compliant and largest sector of the tax base. So that is only logical.

    At any rate, the “suffering” being requested is far more humane that any alternative. Government could have chosen to select a segment of the public sector and reduced their salaries to $0 by retrenching them. Or they could have chosen to go the route of an across the board salary cut which would firstly not be proportional to the emoluments of the various bands of the Service and secondly would have to hope for some future administration to perhaps pay them back pay. Instead Government has chosen to offer public sector workers to take a stake in the survival process and defer their salaries and at the same time accrue far greater monies than if they saved them elsewhere.

    Ultimately government had pursued the most necessary and least painful of the options before them. I would encourage Barbadians to invest in the bonds, and chose another occasion to pursue partisan ends amd score political agenda items.

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  • The whole discussion and the measures taken by the government are evading three points:

    1) Barbados cannot survive without tourism. There will be no viable diversification. Never ever. The only alternative is mass emigration, as the island is totally overpopulated.

    2) The indigenous population does not work hard enough. Productivity is far too low for the exchange rate to the US dollar.

    3) The indigenous population’s expectations of their standard of living are far too high. They want to live like in a developed country, but productivity is far too low.

    Even the best head of government in the world, Mia Mottley, can do nothing against resource poverty and the local culture of relaxing at work.

    Like

  • “…You cannot cut their salaries and you must pay them in legal tender. The law says you must pay salaries in legal tender and legal tender is money, so you cannot give me a bond because a bond is not legal tender. [unquote”

    Caswell and others said this from the very beginning, but they are still trying their end run around the labor laws.

    ..the ministers/government don’ t even want to take a pay cut to help the economy nor the people whose VOTES THEY WILL BE BEGGING IN 2023.

    ah want the fowls to come telling me anything i don’t like…

    Liked by 1 person

  • And they can REVERSE their BOND SCAM by DECREE at anytime….leaving the civil servants to sink with no life jackets….just as what they did to the PENSIONERS .. and telling an 85 year old man he has to live 15 more years to get back some of his money..

    ….just like when they decided in the last 25 years to ABSOLUTELY REFUSE, both governments,…to COLLECT 1 BILLION DOLLARS IN VAT already paid at point of sale and the property of the PEOPLE …they wrote it off and let the VAT THIEVES walk free…..now the people and island are SINKING…no life jackets.

    Liked by 1 person

  • NorthernObserver

    @Tron
    The one ‘obvious’ you elude, is why the GoB did not factor/sell off its VAT receivables, instead of ‘righting them off’. (sp. int) They may even have created a new Investment vehicle…ABCP, by some catchy new acronym of course. They could even have created a new ‘Financial Court’ to deal with expected litigation, which would create work for their lawyer buddies.

    Like

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