The Current State of the Economy…Crisis

Chris Sinckler,Minister of Finance

Chris Sinckler,Minister of Finance

There’s no mystery here. Regardless of whether you’re talking about business, politics, sports or the military, the best leaders are first-rate communicators.

Communication: The most important key to leadership success

BU will continue to flog the point that good leaders find the best way to communicate effectively. Good communication is about  sending a message which is situation specific. The case of Prime Minister Stuart and whether he is a good communicator must be assessed against a landscape of what is the role of the prime minister in a harsh economic period.

If Prime Minister Stuart is a student of history he is aware of how Sir Winston Churchill used language to infuse a nation with confidence during a war. Truth be told Barbados appears to lack quality leaders in many spheres at this juncture in our history. Why should the Governor of the Central Bank feel constrained to speak (or write) about economic issues every quarter? Isn’t the country gripped in the throes of an economic meltdown which creates the ideal opportunity for him to comment? What about the cadre of academics at Cave Hill? Isn’t this a perfect time for Bajan-academics to share their knowledge and ideas  incubated deep in the bowels of academia on the Hill with an expectant public?

Governor Delisle Worrell stated in his last quarter economic review in 2012 that the tourism performance in the quarter was make or break for Barbados (words to the effect). The tourism numbers for the last quarter of 2012 and first quarter of 2013 have been disappointing therefore the Governor’s second quarter economic review will be interesting for many.

As far as BU is aware the country has not been able to hive off strategic assets to local private sector or foreign interest in the second quarter. With tourist receipts on the decline, based on current trending a good prediction is that our foreign reserves will take a big hit. BU will be glad to be proved wrong!

In the post 2008 period there was a good argument that government’s stabilization program was a sensible strategy. Many had projected that the poor global economic condition would last no longer than three years. It is evident that the prolong global depression has exposed structural flaws in our economy which has combined with a shift in how a future global market will perform. It should be evident given North South capital flows as well as changing behaviours of tourist from our traditional destinations Barbados cannot hope to sustain historical trends by doing the same things.

Now more than at any time in our history Barbados is crying out for leadership.  And this is not only from the political front. Daily we have to listen to the BCCI, ICAB, BHTA, BFSA and others demonstrating (bickering) displeasure at government’s policies. Whether the government is right or wrong is far from the point. Government has clearly not been able to convince key stakeholders to buy in to its policies. One one have thought having been given a second mandate, albeit a narrow one, the government deserves some support. Unfortunately this appears not to be the case.

BU agrees with Native Son, we are a country adrift akin to a deer trapped in the beam of oncoming headlights.

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91 Comments on “The Current State of the Economy…Crisis”

  1. Alvin Cummins June 13, 2013 at 11:54 AM #

    @Islandgal
    Response to your sensless blog, and asking what I was talking about:”Pick sense out of nothing” as the old people used to say.
    @MIlller,
    Your blog makes sense, the problem is that too many people got themselves into large debt, adopted an unsustainable lifestyle, and now refuse to cut back. Who can afford to buy a Totato for $171,000.00? do you realy need it in Barbados? People have to look at the affordability of what they pursue and adopt restraints. Grow mor of your own food and adapt. Barbados now has to go through its pruning period wo that the tree can be more fruitful later.

    Like

  2. Alvin Cummins June 13, 2013 at 11:56 AM #

    Correction. in the blog the question is “Who can afford to buy a Toyato for $171,000.00. as recently advertised buy the dealer..

    Like

  3. Alvin Cummins June 13, 2013 at 12:00 PM #

    Sorry. Senior moment. It should be Toyota, as advertised by the dealer.

    Like

  4. Big Guts Horse June 13, 2013 at 12:06 PM #

    @ Alvin
    Why you doan come down here and meet n mingle wid the ordinary people and stop talikn Cxnt…$171,000 car for the uppety and those wid company expense privlg….ordinary Bajans buy recons for $45-50,000 for 4 year old cars….Man Alvin ya vexxin ma now..Dah is wha DEM sent you to put? Why DEM din tell ya bout the big mout BALL they went to in New york?…..or bout $ 17,000 salary minister duz get and say it ent nuttin

    Like

  5. Carson C. Cadogan June 13, 2013 at 7:21 PM #

    PDC

    All of the destruction of business life in Bridgetown and its surroundings was carried out by the Barbados Labour Party during its 14 years of misrule.

    Like

  6. Carson C. Cadogan June 13, 2013 at 7:35 PM #

    TAKEN FROM FACEBOOK:

    “I think it is time we hear a response from our Party to statements coming from the BHTA. This organization believes that the Government should do everything for them and they do nothing for themselves. Minister Sealy needs to get tough with these people. What would it take off him to tell the nation exactly what the BHTA is asking for, why the Barbados Government can’t give them an open cheque without proper accountability, remind Barbadians that the BHTA is behaving like the farmers in the sugar industry to which Ms. Dass alluded yesterday. Remember when they got concessions to plant more canes and ended up planting them on the periphery as a camouflage, while lucrative cash crops were planted on the inside? . The Prime Minister of the day, Tom Adams, unlike the current leader of the Opposition, did his own investigations , found out what they were doing with Government money and exposed them. Mr. Sealy, I am younger than you but I do research. All of what I just mentioned, happened when I was a todler. You can do similar research and respond to Ms. Dass. I am sure Ms. Dass is not speaking on the behalf of Sandylane , Royal Palilion and other hotels which do their own marketing.

    Read the BHTA mission statement and then read the Jamaica Hotel and Tourism Association’s Mission Statement and Objectives. Tell me if you really think that they are serious about promoting Barbados as a tourism destination.

    Barbados Hotel and Tourism Association Mission Statement:-

    Our Mission

    Bringing people, research knowledge and technology together to resolve challenges of business and to provide strong advocacy while fostering unity amongst our tourism partners.

    And now the Jamaica Mission Statement:-

    Mission & Objectives 1

    Mission Statement

    To represent the interests of our members, foster their economic and professional growth while contributing to community development and the sustainability of Jamaica’s tourism industry.

    Vision Statement

    To become the most effective trade association in Jamaica providing superior service to the tourism industry.

    Aims & Objectives

    To promote cooperationamongst hotels and other bodies interested in the tourist industry and afford a means of exchange of information on all matters affecting the hotel and tourist industries of Jamaica.
    To promote fair and harmonious labour relationsbetween members and their employees and to assist them in labour disputes.
    To establish and enforce a code of ethicsto be followed in all business dealings between hotels in Jamaica, their patrons and other bodies interested in the travel and/or tourist industries.
    To represent, foster, develop, encourage and improve the tourist industryand to establish standards and make regulations which the Association may, from time to time, deem conducive to the better operation and expansion of the industry.
    To foster both foreign and local goodwill towards the hotel and tourist industries of Jamaica.
    To assist in promoting business for its membersand particularly in developing every aspect of the tourist industry.
    To undertake such research, experiments, enquiries and work as shall be considered necessary to develop and improve the tourist industry.
    To adopt such means, including all types of publicity, promotion and advertisement of making known all aspects of the industryas well as the work of the Association.
    To promote legislation calculated to benefit, improve and expand the hotel and tourist industries of Jamaica.
    To settle the policy to be followed annually by members of the Association in respect of the recognition of tour operators, or any other suppliers of business to the members of the Association, the payment of commission and allowance of discounts and refund of deposits, as well as setting guidelines for bonus incentives and net rates.
    To confer, correspond, deal or enter into any arrangements with any Governments or authorities(supreme, municipal, local or otherwise) or any companies, forms, organizations or persons as may seem conducive to the attainment of the Association’s objectives or any of them.

    Who can be a Member?

    There are three types of membership:

    ACTIVE restricted to hotels, with members having voting privileges.
    ALLIED all categories except hotels, i.e. villas and firms, which provide goods and services to the hotel industry. This member has voting privileges.
    AFFILIATE open to all categories listed under Allied membership but without voting privileges.
    As a prerequisite for membership, applicants must be licensed by the Jamaica Tourist Board or the appropriate authority.”

    FOOD FOR THOUGHT

    Adrian Loveridge are you around here?

    Like

  7. Carson C. Cadogan June 13, 2013 at 7:39 PM #

    Minister of Tourism and International Transport, the Honourable Richard Sealy, said:

    “The decision of Royal Caribbean International to include Barbados on the itinerary for ‘Quantum of the Seas’ is one that we have been working diligently to bring to a successful conclusion. It represents a clear statement of the strength of the relationship between Royal Caribbean and Barbados. It should inspire confidence in the cruise industry specifically and tourism generally. It means that we will experience tremendous increases in our numbers and along with other initiatives produce expanded economic opportunities for Barbadians.”

    Like

  8. Carson C. Cadogan June 13, 2013 at 7:59 PM #

    Memo: PRIVATE AND CONFIDENTIAL
    To- Current BLP Leader
    From –
    Re – Candidacy of St Peter.

    It has been brought to my attention of your intention to intrude in the affairs of the rural constituency of St Peter. My recent announcement of my pending departure was inevitable. I spoke to my branch on the matter as they have served me faithfully. They are in full agreement on the person of MY choice.

    I know you may say that it’s not my choice and that I am no longer leader, but just let me remind you. You are leader because I don’t want to be leader. My comment is not meant to be offensive but for you to have an appreciation of the need to have a relationship.

    I have noticed you rubbing shoulders on Thursdays but I would have thought that an initiative of that nature would have had me starring in it from the word go, while endorsing yourself as my able-bodied successor. I know, I too may be perceived as guilty of deceit but I swear in this ink that I did not design or invite myself to the last two branch meetings held in Christ Church West and St Joseph respectively . We know the public secret of the no love for you among our colleagues is real. The Parliamentary Representative for Ch. Ch. West, though a school mate and junior does not think and never thought you should be leader. While the current Parliamentary Representative of St. Joseph will never support you so long as he and George Payne continue to see eye to eye on your destruction.

    I took the opportunity to address the issue publicly because my integrity is at stake in a matter of this nature. I also want to suggest that we don’t allow this matter to descend into a Hinkson and Payne affair. You and I are quite aware of the wrong doings that occurred in St James North. We are now reaping the after shock of the inadequacies of my action during that period. I would wish however to advise that two wrongs don’t make a right. I believe the matter of Hinkson and Payne should have been resolved within the corridors of Grantley Adams House and not in the public domain. I am very embarrassed but not surprised at the turn of events. It’s now over to you.

    However, let me return to my main concern regarding St Peter. St Peter is not for sale. It is not open for business to ” carpet baggers or political opportunists.” I said so in St Joseph but I am repeating it to you in writing while I still have the respect for you as my leader. You would never allow me to come into the constituency of St Michael NE and invite any of my dear and close friends to be foisted on the people of St Michael NE .

    In closing, I want to humbly suggest that you leave the politics of St Peter alone and go deal with the other 29 constituencies. St Peter is currently the least of your concerns but I assure you the bigger concern you have is ..those among the MPs that continue to be uncomfortable with your leadership style.”

    Like

  9. ac June 13, 2013 at 8:05 PM #

    In closing, I want to humbly suggest that you leave the politics of St Peter alone and go deal with the other 29 constituencies. St Peter is currently the least of your concerns but I assure you the bigger concern you have is ..those among the MPs that continue to be uncomfortable with your leadership style.”

    that”s what you call a “NO CONFIDENCE VOTE” no wunda Mia running around town looking for friends from uptown to downtown with blow torch in hand…,

    Like

  10. Carson C. Cadogan June 13, 2013 at 8:38 PM #

    OFF TOPIC

    Major announcement on offshore tax havens investigation forthcoming

    INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS HOLDS PRESS CONFERENCE
    MAJOR ANNOUNCEMENT ON INVESTIGATION OF OFFSHORE TAX HAVENS

    WASHINGTON, DC – The International Consortium of Investigative Journalists (ICIJ), a project of the Center for Public Integrity, will hold a telephone press conference on Saturday June 15 to make a major announcement concerning its “Offshore Leaks” investigation into the secretive world of offshore tax havens.

    Drawing from a leaked trove of 2.5 million digital files, ICIJ has released a series of groundbreaking stories exposing the individuals behind the covert companies and private trusts based in the British Virgin Islands, Cayman Islands, Cook Islands, Singapore and other offshore tax havens. ICIJ’s investigation, the largest in its history, has shaken political and financial institutions from Europe to South Korea to Canada. At the press conference, ICIJ Director Gerard Ryle, Center for Public Integrity (CPI) Executive Director William E. Buzenberg and other project leaders will announce a major development in the ongoing investigation.

    MEDIA CONTACTS:

    ICIJ Media Relations
    Washington, DC
    mediarelations@icij.org
    Office: 1 + (202) 481-1232

    Jim Popkin, Seven Oaks Media Group
    Washington, DC
    jim.popkin@sevenoaksmedia.com
    Office: 1 + (202) 253-7959

    I wonder if any names from Barbados will be on the list?

    Like

  11. Monkey Nuts June 13, 2013 at 8:47 PM #

    So much for you and truths Carson

    Like

  12. checkit-out June 13, 2013 at 10:00 PM #

    CCC;

    Memo: PRIVATE AND CONFIDENTIAL
    To- Current BLP Leader
    From – SCL
    Re – Candidacy of St Peter.

    nasty!

    Like

  13. Colonel Buggy June 17, 2013 at 10:21 PM #

    Last week there were some instances of school children involved in disturbances in St Peter and St Joseph. Today we learn that a stabbing took place at St Leonards School.
    Has the ‘Crack some heads,shoot some people’ syndrome being ratchet-ed up by our school kids.
    I hate to think what the last day at school is going to be like in a couple of weeks from now.

    Like

  14. David June 17, 2013 at 10:44 PM #

    The DLPites won’t like to read this but it is all beginning to unravel.

    Like

  15. David June 20, 2013 at 5:30 PM #

    Like

  16. pieceuhderockyeahright July 19, 2013 at 5:33 AM #

    De ole man cyan sleep, when wunna gets to be my age, you fear dat when you sleeping, death gine creep up pun you, so we does be ever vigilant, hating de bed.

    I know dat unna gine say dat I post dis already but I gine post it agin like Plantation Deeds does do.

    All up in unna face, or Sickliar face en believe me, he AND Fumble does read DJ blog.

    Richard Sealy too, but he does hold he IPad 6 1/2ft in de air -to see de floating spirits en ting. One more time

    Dear Buffalo Sinckliar

    While i doan really like none uh wunna,. I would suggest the following

    Reduce the VAT TO what it was before you got seduced by that idiot Darcy Boyce and “Head Boy’s” Ingrunt idea to increase revenue.

    Let an ole man teach you (fools) a few things about people, particularly people under pressure. In case you and Fumble de sleeping giant doan know who I talking bout, I mean de Bajan people.

    Moody’s already gi’ unna a bad report card.

    Buffalo Sincks you need to do two things, give the people of Barbados the common man in the street, HOPE..

    In one swoop, decreasing the VAT WILL DO THAT.

    You also have to get businesses in Barbados place some confidence in you clowns.

    I going be your Wickham and Hartley Henry dis morning at 4.58 am

    You and your party are at rock bottom now. If dere was a general election tomorrow in your constituency, I cud run Clyde Mascoll in your seat, or a dog (some people would say dat dem is de same ting) and he, de did dat is, would win

    Sinckliar, leh me brek it down fuh yuh, cause i unnerstan dat you is not de sharpest tool in de shed, but, once you get the common man/woman (not to exclude the “Mummy why U bite me variants ) in the street back into the business houses, spending money, you will get people to start spending again.

    Try it for 3 months Sinckliar and see if what de ole man saying wuk fu you and if de “cumulative benefits” – spending, private sector comfidence, general sentiments, accrue like I am suggesting that they will, fire dat big head fellow Darcy Boyce

    I does doan unnerstan whu he does be twisting up he mout saying anyways, does you?.

    Like

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