Hal Austin
Introduction:
As the IMF troops gather at the gate, the people of Barbados have little time to reflect on how a once proud nation has found itself in this economic mess. But, as night follows day, it had to come; it is a modern-day example of Sodom and Gomorrah, of a people living so much beyond their means, partying and fornicating, that they forgot how hard work and good ethical behaviour has its rewards. For the national decline is not just economic, only that this time it is manifesting itself in an economic meltdown, but it goes right across the range of our social and cultural values. Although we can blame the 14 years of the Arthur administration for sowing the seeds of this predictable car crash, and rightly so, after nearly six years in government the DLP government can no longer use that excuse. The failure to manage the economy is theirs and theirs alone, first with the Thompson regime being caught off guard when it won the general election, and the political ignorance of Freundel Stuart to impose his mark on the post-Thompson government. But we are where we are and it is no good crying over lost opportunities. However, to kick off this period of tighter fiscal controls, government should impose a Bds$50m windfall tax on the commercial banks and use that money to fund a post Office bank; also encourage the credit unions to establish a joint credit union bank, both operating on balance sheet principles.
