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UNEMPLOYMENT Fund is Broke, Time for Straight Talk Chairman Leslie Haynes

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The following was posted as a comment by Walter Blackman to the Walter Blackman’s Political Insights blog – David, Blogmaster

Based on the link to the NIS investments, provided by NorthernObserver, all BU readers can now sing from the same Hymn sheet – see link https://www.nis.gov.bb/investments-2/

Here are the facts, and the questions to be asked:

The unemployment Fund is broke. Not a cent is left. No bonds, no cash. Nada. Zilch. Rien.
Where will the money come from to pay current and future unemployment benefits? Remedial action has to come down the pipeline very soon.

Government owes (i.e the politicians misused our money) $2.8 billion to the National Insurance Fund, and $0.1 billion to the Severance Fund. There is no cash in the Severance Fund. Where is the money currently coming from to pay the workers’ severance that employers are refusing to pay?

Is the law being broken with respect to the payment of unemployment and severance benefits?

The only way Government can repay the money owed to the NIS is through taxation. Who will the Government tax to get the $2.9 billion for the NIS?
The Baby Boomers have started to retire and will do so by the thousands every year until 2033. How will their retirement benefits be paid? Something has to be done very soon

At the beginning of 2015, the NIS was paying roughly $40 million per month (just think about the multiplier effect this has on our economy) in NIS retirement pensions. That amounts to $480 million per year, and $960 million over two years.
We can therefore understand what the Chairman of the NIS meant when he said: “there are sufficient funds there that we can see this through at least for the next two years.”

However, the Chairman went on to say: “So there is no cause for concern.”

Every BU reader can now look the Chairman of the NIS fully in the face and say: “We do not agree with your assessment of the NIS, Mr. Chairman. There is great, great cause for concern, and in fact, we are very, very concerned. Next time you speak, please tell us what is the Board’s solutions to the massive NIS problems we face.”

…what are the Board’s solutions?

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483 responses to “UNEMPLOYMENT Fund is Broke, Time for Straight Talk Chairman Leslie Haynes”

  1. Mariposa Avatar
    Mariposa

    Well If the initiative fails which it will in this COVID enviroment
    Mottley would receive a welcoming stamp and become the butt of all jokes while PTL gets the last laugh

  2. Mariposa Avatar
    Mariposa

    In the USA an estimate was giving of about 45 thousand dollars per COVID patient treated with mild to severe cases
    If that number is true giving that the barbados cases are around 275 it would not be far fetched to assume that medical treatment here would be about the same number
    Which begs the question why hasnt govt put a policy In place which would take the financial burden off the health system
    One which will require patients to pay some of the cost
    Many of these people coming to barbados are not poor and can afford some kind of payment towards their well being
    However we have a govt who believes that Humanitarian means taking from the poor and giving to the rich

  3. GP Avatar
    GP

    RE Which begs the question why hasnt govt put a policy In place which would take the financial burden off the health system
    One which will require patients to pay some of the cost
    THAT IS RUBBISH
    OUR HEALTH SERVICE IS NOT SO DESIGNED
    WHAT IS NEEDED IS FOR BUSYNESS FOLK TO PAY THIER TAXES
    AND THAT THESE TAXES BE PROPERLY USED BY THOSE ENTRUSTED AND EMPLOYED TO DO SO TO DO SO
    EVEN THE GREAT USA DOES NOT HAVE A HEALTH SERVICE LIKE THE ONE IN USE THAT I DESIGNED AND PROPOSED IN EARLY 1985

  4. Mariposa Avatar
    Mariposa

    Well not all of us are rich when we ascribed certain people to manage our financial affairs that does not mean we give them carte blanch to do as they dam pleases
    If x amount is to be given to a certain area i expect that much should be sufficient to take care of that are
    But dont expect that after a path of squander mania takes control to be digging in my pocket to fill the missing hole
    Only a few weeks ago Mottley said that the QEH was short on beds
    Meanwhile there are people coming from hot spots receiving free beds free food and free medical attention at the expense of all barbadians
    Dont know how a call to asking the Overseas Covid patient to foot part of the medical treatment is so bad
    One can hoot and holler all wants about business paying taxes
    A trend has been set these business people are not idiots
    Meanwhile yuh could talk till cows come home about them paying taxes
    The end result being while all wait for them to pay taxes the medical cost for the overseas patients would be pass on to the bajan household who can least afford to pay their bills
    The USA a rich company demands all to have medical insurance or pay outpocket expense
    No freeness

  5. David Avatar
    David

    Lord come for your world after reading some of these comments by people who claim to be Bajan. And on the eve of Independence no less..

  6. WURA-War-on-U Avatar
    WURA-War-on-U

    The jokers in parliament are so intellectually poor, they cant even create a new honors system, they’ve had months to develop one before and after telling the monarchy to take a hike, glad no one put any ideas on that out there on any forum, or it would be STOLEN TOO..

  7. Hal Austin Avatar
    Hal Austin

    @ Mariposa

    You are right to call for a review of the health system and of serious thinking about health economics. Under a universal system, all heath care is free at the point of need for citizens.
    Non citizens should be asked to meet the full cost of their treatment. However, they should not be denied urgent treatment, but it should be made clear that that cost is a debt ie get them to sign agreements.
    I would go further as I have said before; all medical treatment should be met by the state for citizens, but the bed and breakfast add-ons should be met by the patients or their relatives.
    The habit of abandoning elderly relatives in hospital, called bed-blocking, should stop and the way to do that is by compulsorily forcing the next of kin to meet the bills. Whether they like it or not, tough luck.
    With CoVid visitors, if they cannot pay for their treatment, then they should be returned to the last country they came from.

  8. Mariposa Avatar
    Mariposa

    Exactly my point Hal
    Barbados health care system is on life support
    Yet govt can find money to treat COVID patients coming from hot spots
    Meanwhile citizens a few weeks ago were told that the health care system could not meet their every needs unless their are emergencies
    Now take a look at the picture ir messages govt is giving to the citizen in need of health care
    Then compare it to all the free health care govt has given to the cruise industry whose cruise ships were docked in barbados harbour with COVID patients
    The hot spot Overseas COVID people govt is spending money giving free medical treatment room and lodging
    Questions should be asked of govt who will foot the bill
    Not against these people getting medical treatment but for christ sake these treatments are very costly and these infected patients non-citizens should help with some of the cost
    All this sh.it happening under the guise of humanitarian causes adds up to money coming out of the bajan household pockets who can least afford more taxes and fees

  9. Hal Austin Avatar
    Hal Austin

    @ Mariposa

    Your thinking is not only ahead of the average BU regulator, bug also ahead of the policy-makers and politicians. Verla should recruit you to one of her advisory panels, even though you are not a lawyer.

  10. Mariposa Avatar
    Mariposa

    Hal since May or even for past 10 years bajan households been catching hell with taxes
    Two years later the pensioner and local bajan bond holder like myself was taken for a ride
    Now this govt puts an initiative in place to help the tourist industry by opening the borders
    So far 275 COVID patients not counting the others from the cruise ships
    All infected and have received free medical attention
    Meanwhile barbadians who have worked and paid into the NIS cant get their money
    But barbados govt entertains the rich from Covid hot spots and they get free medical care
    None of these people never paid taxes or lift a finger by way of helping barbados
    Questions needs to be asked of govt who foots the humanitarian bill for these COVID patients

  11. GP Avatar
    GP

    both HAL & AC ARE TALKING RUBBISH HERE

    BECAUSE MY WIFE WORKS FOR AN INSURANCE COMPANY, WE HAVE “GOOD” HEALTH INSURANCE

    IN THE USA “GOOD” HEALTH INSURANCE IS CONSIDERED HEALTH CARE AND IT IS COSTLY, AND TOTALLY UNAVAILABLE TO THE POOR………….AND YOU HAVE TO MAKE AN APPOINTMENT WEEKS AHEAD TO GET IT

    IN 2X 4 BARBADOS IF YOUR HEAD HURTS, FROM TIME IMMEMORIAL YOU COULD GO TO CASUALTY……..NO COST…..NO APPOINTMENT

    FROM SEPTEMBER 1 1985 YOU CAN GO TO THE NEAREST POLYCLINIC AND PAY NOTHING, AND GET TREATED WITHIN HOURS WITHOUT AN APPOINTMENT

    REASONABLE FOLK CAN NOT ASK FOR MORE

    HAL SAYS Under a universal system, all heath care is free at the point of need for citizens.
    THIS IS SO IN 2X 4 BARBADOS
    THANK VIC JOHNSON WHO HAD THE SENSE TO LISTEN TO ME
    AND OBRIEN TROTMAN THE MOH IN 1985

    HAL & AC YOU KNOW NOTHING ABOUT HEALTH CARE OR HEALTHCARE SYSTEMS. YOU HAVE NOT STUDIED EITHER

  12. Hal Austin Avatar
    Hal Austin

    @ GP

    I am incapable of studying anything, even buffoonery. However, you have not dealt with what I said. Plse cut out your personal experience and stick to the policy issues.
    What do you object to? By the way, the US is not renown for its health service.

  13. TLSN Avatar
    TLSN

    @ Mariposa,
    Our tourist industry must be kept propped up at all costs. Those are the views of our government and the so called hoteliers. Never mind that it is a sunset industry.

    As per usual it will be the predominantly African majority who will pay heavily for this in their pockets. They will also witness a continuation of diminution in government services.

    The irascible GP often employs the phrase “what are you going to do about it?”.
    With the masses remaining forever silent you should expect the status quo to remain firmly entrenched.

  14. GP Avatar
    GP

    RE the US is not renown for its health service. I KNOW. I LIVE HERE AND I HAVE BASICALLY SAID THAT ABOVE IN PERFECT ENGLISH
    RE Plse cut out your personal experience SORRY BUT THATS WHAT HELPED TO CAUSE AN IMPROVEMENT IN 1985 AND I WILL NOT APOLOGIZE FOR SAYING WHAT HAPPENED

    BECAUSE I HAVE NOT BEEN PERSONALLY INVOLVED FOR THE LAST 25 YEARS I WILL NOT PONTIFICATE. BUT WHAT IS NEEDED IS SOME ONE WITH THE VISION AND GUTS TO GO AGAINST BAMP AND THE STATUS QUO AND GO TO THE HEAD OF THE STREAM AND SAY “THIS IS WHAT I THINK WE SHOULD DO” JUST AS I DID IN 1985

    I WROTE ADAMS, WHO RESPONDED PROMPTLY. I STILL HAVE HIS LETTER TOO
    ADAMS HAD GONE TO THE UK AROUNF 1950, AND WITNESSED AND WAS IMPRESSED BY THE NHS THERE IN ITS EARLY YEARS, AND RIGHTLY SO. I WAS IMPRESSED TOO BY THE LITTLE THAT I SO.

    AS THE UK SYSTEM GREW IT WAS BURDENED MAINLY BY THE INCREASING COST OF DRUGS,AS THE PHARMACEUTICAL INDUSTRY GREW.

    ADAMS SOUGHT SUCH A SYSTEM FOR BARBADOS, AND REJECTED MY SCHEME, WHICH WAS EVENTUALLY PUBLISHED HERE ON BU IN EARLY 2008. I HAVE SEEN IT IMPLEMENTED IN ST LUCIA WITH THE EMBELLISHMENTS THAT WERE ALSO POSTED HERE ON BU IN EARLY 2008

    PERHAPS IF TOM HAD NOT DIED IN MARCH 85, AND IF VIC JOHNSON DID NOT BRING HIS ASTHMATIC WIFE TO THE FLEDLING ER AT ST JOSEPHS, AND HAD THE SENSE OR POLITICAL WILL TO LISTEN TO A YOUNF DR, WE WOULD NOT HAVE HAD THE NHS OPERATING OUT OF THE POLYCLINICS.

    I REPEAT WHAT IS NEEDED TODAY FOR OUR NHS, IS NOT MEDICAL ILLITERATES BULL SHITTING FROM EITHER NEAR OR FAR, BUT CURRENTLY INVOLVED FOLK WITH THE VISION AND GUTS TO GO AGAINST THE STATUS QUO AND GO TO THE HEAD OF THE STREAM AND SAY “THIS IS WHAT I THINK WE SHOULD DO” IN 2020, JUST AS I DID IN 1985

  15. Hal Austin Avatar
    Hal Austin

    @ GP

    The cost of drugs is a procurement issue, which is expensive and can be better dealt with. You are a doctor, I am talking about policy. What critique do you have about what was said above, apart from your personal experience, which always makes bad policy.
    Are you objecting to what I said above, if so what and on what grounds? We cannot have a debate unless we understand each other.
    By the way, plse name a single medical doctor who is also a health economist in Barbados? Do you think patients and taxpayers should have a say in policy?

  16. Carson C Cadogan Avatar
    Carson C Cadogan

    The Barbados Labour Party is rewarding all their yardfowls this morning.

    They are not rewarding DAVID????? You are a faithful person to the slow motion thinkers in the Barbados Labour Party.

  17. GP Avatar
    GP

    MR AUSTIN
    I HAVE SAID ALL THAT I WILL SAY ON THIS MATTER
    DO HAVE A VERY GOOD DAY SIR

  18. Hal Austin Avatar
    Hal Austin

    @ GP

    Thank you.

  19. GP Avatar
    GP

    Proverbs 3:27 SAYS Withhold not good from them to whom it is due, when it is in the power of thine hand to do it.
    THIS IS SORTA SAYING GIVE CREDIT TO WHOM CREDIT IS DUE
    THIS IS SOMETHING IT SEEMS THAT BAJANS HATE TO DO

  20. Carson C Cadogan Avatar
    Carson C Cadogan

    Whatever happen to the CXC debacle????

    The Barbados Labour Party Govt. hoping it will all blow over????

  21. Carson C Cadogan Avatar
    Carson C Cadogan

    It would seem like the TEACHERS don’t mind correcting the SBA’S now that their beloved Barbados Labour Party is in Govt.

    That was only a problem for MARY REDMAN and the TEACHERS TRADE UNION when the DLP was in Govt. Boy, Barbados is full of hypocrites. No body in the Barbados Labour Party or their supporters act on principals.

  22. Carson C Cadogan Avatar
    Carson C Cadogan

    The Barbados Labour Party and their supporters here on BU kicked up dust about the WASTE TO ENERGY PROJECT when they were in the opposition. Now that the BLP got Govt. it is just what the Doctor ordered for Barbados.

    Just what we need.

    More hypnotical stance by the Barbados Labour Party and their supporters. These people really think in slow motions, projects have to be thought about by the DEMOCRATIC LABOUR PARTY, then they have to fight against it. Then when they get into power they take these same programs and tell the World it was theirs. Bunch of hypocrites without an original thought of their own.

    That is, if the BARBADOS LABOUR PARTY say WALK, run like hell.

  23. Dullard Avatar
    Dullard

    re stop posting ideas to the blog, they don’t even want Black people to get credit for an idea in that dirty hole of a haunted house, PLT is lucky the frauds didn’t say it was cow, bizzy or maloney’s idea about the 12 month visitorstamp, that’s how repulsive and law crawling they are.
    THAT IS EXACTLY WHY I DONT POST ANY IDEAS HERE
    THEY WILL CLAIM IT AS THEIRS
    NOT ONLY THAT FOLK WILL COME HERE ON BU AND MOCK YOU AND SAY THAT THE IDEA IS NOT YOURS AS WAS DONE TO ME
    +++++++++++++++++++++++++++++++++++++++++
    There is a deeply embedded culture of plagiarism and intellectual theft in Barbados. It is blatant and shameless.
    It happens all the time in work settings where bosses take their staff’s ideas and pass off as their own; in business where competitors blatantly steal ideas often through intermediaries like banks and credit unions and in the govt.

    Why anyone would be surprised that @PLT has not been given the proper attribution is beyond me.

  24. David Avatar
    David

    @Dullard

    Does it explain why patent and copyrights laws are on the books of all countries – including developed countries – to protect IP?

    Asking for a friend.

  25. Donna Avatar
    Donna

    Sargeant,

    Regarding puddin’ an’ souse pun a Monday – you should have recognized by now that I am a free spirit, or in Bajan parlance, a mad woman, not bound by what is expected of me. Not only do I cook a corned beef 123 on Sunday but often at hours when most people are asleep. I move as the spirit moves me.

  26. Carson C Cadogan Avatar
    Carson C Cadogan

    Why is it that every time the Barbados Labour Party is in opposition they are bitterly against the Caribbean Broadcasting Corporation. They are going to shut it down when they get in office.

    But they never do. When they get into office all they do is fire the professionals fouind there and install their yardfowls in the GAY COMMUNITY.. This has been going on for decades. From the time they employed Berry.

  27. Dullard Avatar
    Dullard

    Are you eating cou cou this here Independence Day? Why are you are throwing out red herrings?

    There are murder laws on the books in Singapore and in the favelas of El Salvador, right? . How do the homicide rates stack up?
    The cultural, social and political climate drive the differences.

  28. Sargeant Avatar
    Sargeant

    @Dullard
    There is a deeply embedded culture of plagiarism and intellectual theft in Barbados. It is blatant and shameless.
    It happens all the time in work settings where bosses take their staff’s ideas and pass off as their own; in business where competitors blatantly steal ideas often through intermediaries like banks and credit unions and in the govt.
    ++++++++++++++++
    Barbados is hardly unique in that regard, in your round up you left off one important segment-Politicians.

  29. TLSN Avatar
    TLSN

    @ Hal,
    I see that our Guardian newspaper is running an investigation into the financial affairs of the Indian wife of the UK Chancellor of the Exchequer.

    This issue concerning tax avoidance has to be addressed as it’s the tax paying citizen who always ends up loosing. Barbados name is on the list.

  30. Hal Austin Avatar
    Hal Austin

    @TLSN

    Yes. It is alleged he failed to register his benefits from his wife’s wealth. He claims he followed the rules. You may remember a few years ago her father’s technology company had an interest in Barbados.
    I became aware of this from reading the Official Gazette and could not understand why the alarm bells were not ringing. By the way, Sunak made his money as part of Goldman Sachs, a company that Obama plowed lots of taxpayers’ money in to after the banking crisis.

  31. Carson C Cadogan Avatar
    Carson C Cadogan

    These people would do anything to avoid paying taxes just like in Barbados. Only the poor pay their share of taxes.

    Then when there is a crisis, the Govt. must bail them out from the Treasury.

    https://www.theguardian.com/world/2020/nov/30/rishi-sunak-wife-akshata-murty-imm-mauritius-india-tax?utm_term=Autofeed&CMP=twt_b-gdnnews&utm_medium=Social&utm_source=Twitter#Echobox=1606716838

  32. David Avatar
    David

    Balancing pension resilience
    THERE ARE RUMBLINGS about the funding sustainability of the National Insurance Scheme (NIS) in the medium to long term. A number of factors contribute to this uncertainty.
    The demographics of the coming generation currently reflect that it will eventually not be making enough pension contributions to the Scheme as compared to pension benefits payable. It therefore rests on would-be pensioners of that future period to be not only vigilant, but seek to make provision with respect to their retirement funding.
    The challenge arises as company pension schemes are more recently requiring new employees to take greater responsibility for the investment of the pool of retirement funds held for the employee. Companies are moving toward implementing defined contribution pension plan pensions schemes as against defined benefits plans.
    With a defined pension plan the quantum of the benefit is explicit, to the extent that the invested pension funds cannot provide that benefit, the company is responsible for meeting the shortfall. Similarly, surplus in the pension funding would also be shown. This means that the balance sheet and income statement of the company with a defined benefit pension plan will reflect the fluctuation in the funding level of the pension fund.
    On the other hand, with a defined contribution pension plan, there is an agreement for the company and the employee to contribute an agreed percentage each to the pension plan. That amount is invested as agreed by the employee over the years and whatever is the balance in the employee’s pension account at retirement is available to be converted into a pension. There is no effect on the company’s financial statements during this process since the pool of pension funds is held and invested separately.
    So, the trend is that companies are therefore moving away from reflecting the changes in the pension fund by opting to establish defined contribution pension plans. In this way the company’s financial statements reflect the operating results not distorted by the results of the investment results of the pension fund.
    The employee becomes more responsible for the investment risks and return. Employees therefore need to strengthen their understanding of investments, investment risks and returns and even of saving.
    The accompanying charts for Peter and Mike provide the basis of demonstrating the importance of this kind of understanding with regard to the choice of pension options on retirement: all or part as a draw down; as a purchase of a pension; or as an annuity.
    In each chart, the first column presents the age of the pensioner; the second column represents the annual return earned on the invested fund, labelled as ‘Gain/Loss’; the third column represents the amount of fund withdrawn from the pool of invested funds at the beginning of the year, labelled as ‘withdrawal’; and the fourth column represents the fund balance of the pool of funds at the end of the year.
    At retirement both Peter and Mike have a pool of $500 000. It is assumed that they project that they will need $30 000 per year to cover retirement expense in addition to what is available from the NIS scheme. This example demonstrates the differing situation between Peter and Mike in applying the drawdown method to the pool of funds at retirement. Right at the start of Peter’s retirement period, his investment is hit by recurring negative returns (like what may be reflected for 2020-2022 period as a result of Government debt restructuring and the effect of COVID-19 pandemic on businesses). There are three consecutive years of negative returns.
    Mike is assumed to retire at a period when there is relatively stable return at the four per cent level for those first years. Even though he faced the same level of return as Peter going forward thereafter, he never runs out of funds. Peter on the other hand, completely runs out of funds by 82 years old.
    Peter actually draws out less on an absolute basis than the $500 000 with which he started. On the other hand, at age 90, Mike has drawn down $750 000 in total and still has an invested fund balance of $647 000.
    The key point being highlighted here is not only at retirement, pension and would be pensioner need to balance their risks. No one knows when
    there may be the next big prolonged negative downturn in investment returns – debt and equity.
    Even when it comes to pension funding, it may be necessary for the employee to increase his level of savings in a defined pension benefit pool due to sustained negative investment returns.
    When it comes to choosing how to draw a defined pension pool, it may be useful to secure a fixed amount for life (via an annuity or purchasing a pension) as against drawing down all the funds and counting on the market to maintain a reasonable pool of funds for the entire pension period.
    Louise Fairsave is a personal financial management advisor, providing practical advice on money and estate matters. Her advice is general in nature; readers should seek advice about their specific circumstances. Email louisefairsave@nationnews. com.
    LOUISE
    A.FAIRSAVE

  33. David Avatar
    David

    Banking by any name
    IF THE REPORT that Professor Justin Robinson recently did use the words “shaking up the financial services sector” is accurate, then I take issue with him. Opening this institution with a lending limit of $20 000 to “fund and assist the small business sector” does not even move a hair on the combined heads of the banking sector. I refer to the commercial banking sector.
    Look, a commercial bank is a bank because people put money in it. The more money people put into it, the more it can lend and make profit. If nobody puts money into the bank, it would only have its capital of the shareholders for lending and to pay staff. The Central Bank would have a say in that.
    Therefore, a bank in Barbados can behave as it wishes only because we continue to feed it with savings. For example, a bank recently told an elderly customer that it could not provide him with a loose cheque as it used to do. The customer will have to order and pay for a cheque book. If he does, the first two cheques issued will be free but the other 58 will incur a charge of $2 per cheque drawn. Should that customer continue to allow the bank to use his money and then charge him each time that he draws a cheque?
    Every day the banks are finding new ways to make profit without taking risks. You think that the banks have forgotten the price they paid for our reneging on the bonds in which Government had forced them to invest 22 per cent of savings? I maintain that it was better to have a quarrel with our own people.
    So, Professor, let us look at the paltry efforts that we are making to substitute for banking.
    Government has used Fund Access, but that has serious limitations and does not scratch the surface. Other efforts have been made where the debit side of the balance sheet has
    limited scope and promises without fulfilling. Such institutions are unable to grow because they are constrained by the legal requirements for advertising for savings. Then there is the question of the rate of interest. Where does usury come into the picture? There is a reason why these institutions place a limit on the amount that they can lend. They cannot raise savings from the general public. That is why they cannot “shake up the banking sector”.
    But we in Barbados seem to have gotten cold feet because of bad decisions with the Barbados National Bank. It was poorly conceptualised from the start and instead of rectifying the structure and the main protagonists, we decided to sell it. At school we are taught to learn from our mistakes, but sometimes in Barbados that does not happen.
    Failure does not mean that we should not try again and beat up on ourselves. What we must do is beat the banks at their own game. I could fill this page with things that a bank can do as opposed to some paltry efforts being made. Savings, current accounts, overdrafts, loans, foreign exchange in multiple currencies inward and outward, mortgages, lending of all types, bill in a variety of ways outward and inward collection, travel direct and indirect arrangement, guarantees, correspondent arrangements with multiple foreign banks, remittance by mail transfer and cable, and receipts of funds, provision and receipt of cash and other instruments, etcetera.
    Then there is the provision of a virtual platform and the way to the future. I have not mentioned international credit cards, ATM and home banking. Substitute arrangements can only pretend and frustrate.
    Nobody vex with Courts. It facilitates those who cannot do better. It allows a man or woman to buy a washing machine or a bed and pay for it over a long period even at a high cost, but the facility is provided. The Central Bank, in its humble way, is supposed to ensure that banks do not get
    involved in usury even if you consider the interest rates on credit cards; and the Financial Services Commission is required to keep an eye on non-bank institutions that get involved in lending – by the way, do they visit these institutions?
    A nice old lady wrote to me: “ Wild Coot, you should be the last body to talk about banking in Barbados. You went away and help out everybody and left we scrambling. Think we forget?”
    I remember from my early days reading John 4:44 in the Bible. Think I forget?
    Harry Russell is a banker. Email quijote70@gmail. com.

  34. Mariposa Avatar
    Mariposa

    Just watch the Independence day celebration
    Just couldnt help but Think that Mottley address was reminiscent of Trump mass meetings pure political utterances
    But what most got my attention was the subliminal message of asking Bajans to stay the course
    A course which is painful for human minds to absorb

  35. GP Avatar
    GP

    RE Just couldnt help but Think that Mottley address was reminiscent of Trump mass meetings

    NOT TRUE AT ALL
    TRUMP IS FUN TO LISTEN TO…….THE REASON HE APPEALS TO THE MASSES
    MIA IS A BORE!
    TRUMP IMPROVED THE US ECONOMY , ESPECIALLY PRIOR TO COVID 19
    MIA CAN NOT DO ANYTHING TO IMPROVE THE BAJAN ECONOMY IN THIS WORLD OR THE NEXT……..OR PRE COVID OR POST COVID
    MIA IS LOTS OF HEAT BUT NO LIGHT
    SHE NOT EVEN ATTRACTIVE TO LOOK AT, AND DRESSES POORLY
    WHAT A CONTRAST TO SANDRA……..STILL BEAUTIFUL AND ALWAYS WELL TURNED OUT

  36. Dullard Avatar
    Dullard

    Barbados is hardly unique in that regard, in your round up you left off one important segment-Politicians.

    Let me get this right.
    Dog, snake and monkey meat are are exotic delicacies in some parts of China. Let’s all start eating rats in Barbados because others do it and after all, we would “hardly be unique in that regard”.

    The argument is not whether intellectual theft happens elsewhere or not but that it happens too often and too often without consequence in Barbados.

    The Bajan Condition at its finest…

  37. David Avatar
    David

    @Dullard

    What are the facts to support your claim or is this a trumpian moment.

  38. Dullard Avatar
    Dullard

    @David

    The Dullard is dreaming. Barbados is a beacon of intellectual property rights and board-members-for-hire don’t steal ideas and pass on to those with big pockets.

    PS: The NIS is also fully funded and in fantastic shape.

  39. David Avatar
    David

    @Dullard

    Understood, you have no proof. Just an off the seat of your pant comment.

  40. Miller Avatar
    Miller

    @ David November 30, 2020 11:45 AM

    You, “Mr. Chairman”, ought to know that BU is the goldmine for ideas to be exploited by politicians and their so-called consultants for their own aggrandizement and to make them appear as ‘thinking and proactive’ in the eyes of both their political foes and corporate friends.

    How many times have you seen ideas and proposals raised here on BU only to find themselves being the ‘original’ products of self-proclaimed authors regurgitated either in the traditional media or on the floor of Parliament?

  41. David Avatar
    David

    @Miller

    And this blogmaster has no problem with ideas being cherrypicked from the platform without looking for reward or recognition.

    #forloveofcountry

  42. Dullard Avatar
    Dullard

    There is a deeply embedded culture of plagiarism and intellectual theft in Barbados. It is blatant and shameless.
    It happens all the time in work settings where bosses take their staff’s ideas and pass off as their own; in business where competitors blatantly steal ideas often through intermediaries like banks and credit unions and in the govt.

    Why anyone would be surprised that @PLT has not been given the proper attribution is beyond me.

  43. Hal Austin Avatar
    Hal Austin

    @ Dullard

    You are right.

  44. David Avatar
    David

    Facts please!

  45. David Avatar
    David

    Looks like Africa is following PM Mottley with a similar call.

    https://platform.twitter.com/widgets.js

  46. WURA-War-on-U Avatar
    WURA-War-on-U

    They all tief as much as they can from the public purse, put the countries in debt with their stupidity and corruption and then got the nerve to come in crying the SHIT HAS HIT THE FAN and everything else…….steuppppsss.

    Miller…that’s why i don’t put anything out there anymore, they ‘re always boasting with their fraudulent asses and should not need to go stealing any ideas so they can lie and show off of that it’s theirs…without giving credit to the black people who created it….can’t get another idea of mine, since they can’t even create a new honors system and still using Elizabeth’s…frauds..

    creatives have found a unique way to circumvent these intellectual property thieves, something they will never think of in 12 lifetimes…..as long as it’s a black person’s property, they are ready to steal it, scum.

  47. NorthernObserver Avatar
    NorthernObserver

    @WW&C
    “that’s why i don’t put anything out there anymore”….superb line. Possibly one of your best ever. The unknowing reader is left with the distinct impression, that beyond the chorus lines to your anthem, which you recite daily in many forms, there has been more. Very good.

  48. NorthernObserver Avatar
    NorthernObserver

    A ferner’s view. Apologies in advance if it has been posted before, I don’t follow every thread.
    https://www.theglobeandmail.com/opinion/article-my-hometown-toronto-went-into-lockdown-again-in-barbados-where-im/

  49. WURA-War-on-U Avatar
    WURA-War-on-U

    While yall allow ya no good black face governents in Barbados who enable these low class minorities to get prominence over the 97% Black majority, check out the dirty mentalities of the white majority in UK toward the 4% Black minority……keep on letting the evil government tdisrespect Black people’s existence on the island.

    https://youtu.be/XEGQ_z6-c4E

  50. WURA-War-on-U Avatar
    WURA-War-on-U

    keep on letting the evil government DISRESPECT Black people’s existence on the island…while Mia help the minority scum STEAL BLACK PEOPLE’S MONEY..

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