Clyde_Mascoll

The More Things Change

Dr. Clyde Mascoll

Dr. Clyde Mascoll

The following column written by Dr. Clyde Mascoll was extracted from the Nation newspaper. BU agrees with the author.

ONLY TWO of the major sectors in the Barbados economy have grown in the last eight years […]

– financial services and Government.

The former comprises mainly commercial banks. The growth as measured by real value added has come from different sources; the Government increased spending while the banks cut costs.

The contrasting behaviour in the two sectors offers some interesting insights, not only to historical relations in the country but present-day thinking as it relates to the vision of the political leadership. The behaviour brings to mind Bob Marley’s song Rat Race and more so the verse: “In the abundance of water, the fool is thirsty”.

The financial system ought to be the provider of sustenance to fuel enterprise and consequently growth in the economy, by making finance available for investment. It has not played its role effectively over the years.

The system’s focus has been more on efficiency, which is about making as much profits as possible. In pursuing this objective, the sector has not concerned itself with distributing the sustenance more effectively to help the less traditional entrepreneurs.

Notwithstanding its historical failure to better accommodate the objectives of previous political leadership in this country, the current leadership saw it fit to reward the sector over the last year. This reward has come in the policy that allows commercial banks to fix the minimum deposit rate.

The irony is that over the course of the last seven years, commercial banks have been flooded with excess liquidity, that is, excess money. This resulted predominantly from the lack of demand for loans especially from the traditional entrepreneurs. In the circumstances, the banks could have offered the smaller entrepreneurs greater access to finance at more affordable rates. But no, the focus was on how to make more profits in a declining economy.

In the circumstances, the banks reported less profit because of falling revenue. Therefore, policy initiatives to cut costs became the new strategy. As a result, labour costs were targeted. Unfortunately, job losses accompanied the strategy. On the other hand, more emphasis was placed on utilising technology. Of course, this is business.

What is not business is when the Government facilitates the appetite of the financial sector to make more profits at the expense of the people. This is where one questions the vision of the political leadership. The question is: why should a specific sector be immune from the economic circumstances confronting the most vulnerable?

Here is the context for understanding this strange behaviour by the political leaders. As far back as 2011, commercial banks expressed little appetite for further investment in Government long-term instruments. This prompted the Central Bank of Barbados to turn to the printing of money as a way of financing government spending. This figure has now reached in excess of a billion dollars.

Once there was excess money deposited at the commercial banks, they were committed to paying a minimum deposit rate of 2.5 per cent. This is the major cost to the banks. In an environment of reduced demand for loans, the banks needed this cost addressed, having dealt with the issue of labour costs. This could only be addressed by a change in policy and it was done.

Having agreed to allow the banks to offer much lower deposit rates, depositors were the ones hurt by the policy. The Government therefore supported the policy of offering savings bonds to the depositors. This resulted in more able depositors switching to savings bonds at a rate of 5.5 per cent. The less able depositors could not make the switch and have therefore suffered some significant loss. In the meantime, the commercial banks have benefited substantially by offering depositors rates as low as 0.5 per cent. What substantial savings for them!

As a result of putting the savings bonds on the market at a respectable rate, the Government too has benefited. Now that the banks are able to pay much less on deposits, the treasury bills, which they were finding very unattractive in recent times, will now become doable once again. This means that they will buy them. What a remarkable collaboration by two unlikely accomplices.

In the circumstances, a very unnatural relationship between the Government and commercial banks emerges that ought to be of major concern to the people. Unfortunately, this kind of information does not come in the form of gossip and to some is less appealing, even though far more critical to their day-to-day existence. The more things change, the more they remain the same.

http://www.nationnews.com/nationnews/news/75398/matters-change

Dr Clyde Mascoll is an economist and Opposition Barbados Labour Party adviser on the economy. Email: clyde_mascoll@hotmail.com

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48 Comments on “The More Things Change”

  1. CHAUCER December 10, 2015 at 11:00 PM #

    Commerical banks are not development banks , Dr Mascoll.

    Liked by 1 person

  2. ac December 10, 2015 at 11:57 PM #

    Does Mascol understand the mitigating factors which led to govt decision in giving a helping hand to the banks
    i doubt very much if not he would not interject sinister motives which smacks of yardfowl bile and diatribe,
    The fact is there are two defining factors to solution” either” “or” either you sit back and do nothing and reap the onslaught of devastating consequences” or” you throw a life raft to keep the ship and crew afloat.
    However according to Mascol analysis the former would have been better to suffice

    Like

  3. Box Cart December 11, 2015 at 12:34 AM #

    Some people does have a plaster for every sore.

    Like

  4. David December 11, 2015 at 12:43 AM #

    Yardfowls do not have the capacity to discern sense from nonsense.

    Isn’t it a fact that by the central bank removal of the minimum savings regulation and commercial banks immediately dropping the savings rate it gas given them a bump in profits? At the same time the international banks have been slashing labor cost read sending home staff? It is not a fact that the banks have been advertising loans for cars, credit card and other type consumption and not business loans? Is it not true the banks have been reluctant to buy government securities? All of the dashed connect to make a solid line that there has been collusion between the parties.

    Like

  5. NorthernObserver December 11, 2015 at 1:31 AM #

    For an economist, this essay is far more politics than economics.
    Let’s not forget, the commercial banks suffered some stinging losses, from bad loans in prior years.
    Globally, politicians have used the “middle class” to get elected. This is a created ‘political class’, for they lower the bottom end, raise the top end, and create a massive group in between they call ‘middle class’. They are also by definition those most likely to vote. And the wide net captures many.
    This group has 4 – Pillars. Credit, Cashflow, Consumer demand, and a Bajan favourite Con-fee-dense. The good life costs money, so once hooked, you have to keep the flows going or the middle class will crash.
    This answers why the banks are keeping the credit flowing.
    Desperate people do desperate things? So, like their cohorts elsewhere, it was opted to self-finance (call it printing money or QE or whatever, its all essentially the same). You then sit back and HOPE, that international economies will rebound, and tourism revenues and IB taxes will be enough.
    Possibly they should cut expenses, but that is no way to win re-election?
    Local businesses and professionals have been dodging taxes by setting up elsewhere. The number of St.Lucian lawyers on Bajan BoD’s is rising. This is a tide you have to stem, or one will end up like Greece where ‘nuhbuddy pays tax’ but everbuddy want a good paying government job.
    But the kicker becomes CON-FEE-DENCE. If nobody has confidence in anybody else, you get a standoff; and that is what is happening now. Barbadian Pride is damaged, I mean, “how the phuck could educated peeple like we get in dis mess”?
    The challenge is the bulging middle class increasing relies on good government and gov’t funded jobs. Their idea of investment is buying fancy cars, eating out, travelling, overseas education and all the ‘good life’ entails. The bank isn’t going to provide money for any half cocked idea, from people accustomed to working hard from 9-4 with 2 hours for lunch?
    It can be done. There are opportunities. Completely under the BU radar, the Jamaican press reported last week that Digicel has bought a ‘financial services powerhouse’, a Bajan firm called Prism. Any of you know Prism?
    So Mr.Mascoll stop playing politics and get together with your brain trust and develop plans which can extricate Barbados from this mess. Look at the revenue and the costs and opportunities and come up with a viable plan. It really isn’t that difficult if you can keep politics out of it.

    Like

  6. balance December 11, 2015 at 5:40 AM #

    “So Mr.Mascoll stop playing politics and get together with your brain trust and develop plans which can extricate Barbados from this mess. Look at the revenue and the costs and opportunities and come up with a viable plan. It really isn’t that difficult if you can keep politics out of it.”

    What nonsense? You are playing politics. To his credit for sometime now Mr Mascoll has been like a lone voice crying in the wilderness and yet he perseveres. Its Mr Mascoll’s role to point out deficiencies in the economic management of the country which impact upon ordinary citizens like me. He is no position to fix anything from where he sits. If it is not so difficult as you say; why don’t those whom we pay to come up with a viable plan and had all the answers come up with viable plans or you come up with such plans.

    Like

  7. David December 11, 2015 at 5:45 AM #

    @NorthernObserver

    Who said it is under the radar? What do we know about Prism? You are harsh in your critique of Mascoll, if the banks plan to exist in the Caribbean where is the utility in destabilizing the market? Pull out then!

    And you have not dealt with the collusion issue.

    Like

  8. ac December 11, 2015 at 6:08 AM #

    Before Mascol put pen to paper does he do any research so that he can give an unbiased analysis of what he writes in reference to local economic matters ?i do not think so
    From an unobservant reader the article fits well within their limited intellect as to “how things” are supposed to happened
    However it would bode well for the unlearned observant reader to take their limited mind out of local politics and stretch those minds across the global financial market where Truth will eventually stare them in the face
    The govt made the correct decision of helping to stave off for the better a malaise of negative losses which would not only effect the economy and individual households if the banks continue to flounder
    Mascol poison pen only serves to feed fodder to a bunch of political malcontents

    Like

  9. ac December 11, 2015 at 6:18 AM #

    The banks have been undefr severe pressure eince the global financial meltdown able to lend money because of slow down in the economies Economies local and international which were mostly affected by job lost and slow growth
    The profitability of a bank depends on several factors tied to healthy and stable economies expecting the banks to grant loans in unstable environment is madness

    Like

  10. ac December 11, 2015 at 6:23 AM #

    Correction

    The banks have been under severe pressure since the global financial meltdown unable to lend money because of slow down in the economies. Economies local and international which were mostly affected by job lost and slow growth
    The profitability of a bank depends on several factors tied to healthy and stable economies expecting the banks to grant loans in unstable environment is madness

    Like

  11. Vincent Haynes December 11, 2015 at 7:38 AM #

    @balance December 11, 2015 at 5:40 AM #

    You should add the ..Wild Coot as he is also on point as to the direction of this country’s financials.

    Like

  12. Well Well & Consequences December 11, 2015 at 9:18 AM #

    The banks have been begging people to come in for loans, but only loans that will enslave through credit card payments, mortgages, car payments, who would want in this day and age to be enslaved by loans that have no returns or profits. The banks are not calling people for business loans, but you can be sure, they are all filled with money.

    Like

  13. Artaxerxes December 11, 2015 at 9:54 AM #

    What the AC idiots are essentially saying is that since “the banks have been under severe pressure since the global financial meltdown,” “the govt made the correct decision of helping to stave off for the better a malaise of negative losses which would not only effect the economy and individual households if the banks continue to flounder.”

    “Before (these AC idiots) put pen to paper (do they) do any research so that they can give an unbiased analysis of what (anyone) writes in reference to local economic matters (or any other subject)? I do not think so.”

    WHAT RUBBISH. This is just a political yard-fowl response to defend the DLP’s policy on interest rates.

    In other words these idiots are implying the Central Bank relinquished its authority to control interest rates so the commercial banks could determine their own rates to make a profit.
    The consortium continues to comment on matters of which they do not have any knowledge or formal training just spew nonsense, under the guise of “freedom of expression.” This is a blatant abuse of this privilege.

    Do you care to explain to BU how a bank making losses “would affect the economy and individual households?”

    When the CB announced it was giving commercial banks the opportunity to determine their own interest rates, I wrote in a previous post that Barbadians could expect two responses:

    (1) The commercial banks would immediately decrease interest rates on savings and increase interest rates on loans, credit cards, etc.

    (2) The Central bank would announce its intension to offer bonds at a higher interest rate the banks are offering on savings.

    Both of my predictions came to pass.

    Like

  14. Artaxerxes December 11, 2015 at 10:01 AM #

    NorthernObserver December 11, 2015 at 1:31 AM #

    “For an economist, this essay is far more politics than economics.”

    More shiite.

    Like

  15. ac December 11, 2015 at 10:08 AM #

    The banks interest is based on profitabilty when revenue falls like any other business enterprise it instituties policies to protect and save guard the better interest that is the investor / depositors.As of recent one would have heard of the numerous lay off in the banking industry one of many soluble initiatives which banks had to resort
    Such trends on a world wide nature factors into the stabily of a nations economy .Therfore good goverance takes necessary steps to absorb some losses as this govt did in order to prevent further meltdown
    Ac is not here to fall in line with a political directive but when reality says differrent there is where commonsense takes charge.

    Like

  16. David December 11, 2015 at 10:23 AM #

    Banks have been sending home employees to maintain profits. This will only add to faster deterioration of our economies.

    Like

  17. Bush Tea December 11, 2015 at 10:38 AM #

    @ David
    If we allow FOREIGN interests to control our businesses, then it is ONLY OBVIOUS that when any crunch comes, they will take decisions that favour their FOREIGN shareholders.

    Do you think they will sacrifice profits to help stabilise employment?
    ..or think they will invest locally when their FOREIGN shareholders have interests?
    ..or think they will lend to locals to COMPETE against their businesses?

    But KNOW that they will lend at attractive rates so that bowls can buy their shiite wares…
    ..KNOW that they will support the local politicians and opinion shapers…
    ..KNOW that they will give us enough rope til we are truly hooked…..

    But we like um so.
    Vincent says it can’t be helped….

    Like

  18. Blackbeard December 11, 2015 at 10:51 AM #

    The tragedy is that politicians in Bim talk about “world financial crisis”. Hello, wake up! That was FIVE years ago !!! There are places in the world where unemployment rate dropped to 3 % for adults and 2.5 % for young people due to a high demand for premium consumer goods and industrial facilities.

    The failure of Bim´s economy is a government by far too big, with lots of ministries, ministers, judges, consultants and their pastors and groupies formally working from 9 AM to THREE PM, having lunch, chats and iPad between. Look at the traffic around 9.00 AM and around 3.00 PM and look at certain silver cars driving to office and from office home. Does anybody really think they work at home before and after? In the countries where unemployment rate is nearly zero, the ministers are driven to work at 8 AM and return 8 PM from Monday to Saturday, judges fear the court president, since he/she sets high numbers of cases to be finished, and top civil servants have to work nearly 60 hours per week to fix ongoing issues.

    To sum up, given the very low productivity of the public sector in Bim, their salaries must not increase for another ten years. You cannot be half of the year mentally on holiday and expect a salary like Norway or Switzerland.

    On the other hand I do not think that this is a specific Barbadian problem or a problem of the Caribbean. Barbadians working for the private sector have to stretch by far more to meat the targets. It is a problem of this civil service. The Chefette system would fix a lot in government.

    Like

  19. Vincent Haynes December 11, 2015 at 10:52 AM #

    @Bush Tea December 11, 2015 at 10:38 AM #

    Skippah……the point you keep missing all the time you rant at me is that if we did not like it so we would do smething about it….QED

    Like

  20. Well Well & Consequences December 11, 2015 at 11:30 AM #

    The ‘world financial crisis’ is just more talk by politicians on the island to fool the masses of asses including their dumb yardfowls, the only countries feeling financial pressure are the ones who in the last 6 months slid into recession, eg Canada and Trinidad, we know why though, and a few others. The ones like Barbados just don’t know how to get out of their own self-created financial trap from 2005-6.

    Like

  21. Well Well & Consequences December 11, 2015 at 11:41 AM #

    Let me quickly expand on that before the consortium of asses called AC use that statement to justify the crap DBLP is also responsible for after 2008. They mismanaged every aspect of the economy and are now barely able to breathe, but the water is just under their lips, just about to drown……bu that is good practice, it will build character, not a lot of opportunities these days to practice corruption.

    Like

  22. Artaxerxes December 11, 2015 at 12:29 PM #

    “The banks interest is based on profitability when revenue falls like any other business enterprise it institutes policies to protect and save guard the better interest that is the investor / depositors.”

    +++++++++++++++++++++++++++++++++++++++++++++++++++++

    “Before (these AC idiots) put pen to paper (do they) do any research so that they can give an unbiased analysis of what (anyone) writes in reference to (banking matters)? I do not think so.”

    More shiite. If “commonsense (was to) take charge in your case, you would not have posted that shiite.

    It is ludicrous to suggest that commercial banks’ profits are based on interest and that increasing interest rates on loans and decreasing them on savings has anything to do with “the numerous lay off in the banking industry.”

    Banks earn revenue from being involved in several business ventures, such as personal and commercial banking, capital markets, wealth management, insurance, investments and securities. Bank revenues are categorized as net interest income and non-interest income.

    Net interest income is earned from “spread,” which is basically the difference between interest the banks earn from providing loans to customers and interest paid to depositors and creditors for using their funds.
    Banks earn non-interest income by providing a number of value-added services, including trading of securities, assisting companies to issue new equity financing, commissions on securities and wealth management, as well as from personal service fees charged for bank accounts (e.g. ATM, cheque book, withdrawal fees, etc.)

    On the other hand, the banks reward customers, by paying them interest, for using their savings to facilitate the banks’ business ventures.

    The consortium always phrases their contributions to articulate DLP propaganda. In this case they are trying to justify why the Central Bank relinquished their authority to control interest rates, and have so far done a poor, thereby “explicitly demonstrating” their ignorance.

    Like

  23. David December 11, 2015 at 12:35 PM #

    @Bush Tea

    This is the point when we talk about not having a national interest in key sectors as well as the leadership who nothing wrong in ceding to foreign interest. All decisions appear to be about ROI.

    JA

    Like

  24. CHAUCER December 11, 2015 at 12:56 PM #

    @ Northern Observer
    You are on point

    Like

  25. NorthernObserver December 11, 2015 at 1:11 PM #

    @Chaucer
    as were you.
    I just used more space!!!

    Like

  26. ac December 11, 2015 at 1:36 PM #

    Sir before u put pen to paper apply a little commonsense to context
    Basically the word “interest”and the context is in reference or when applied pretains to the totality of that which is invested in the bank

    Like

  27. ac December 11, 2015 at 1:56 PM #

    Mascol article shows him up to be learned culprit of political showmanship. How can one write such rubbish without entertaining or introducing the effects on small economies without fully analyzing the overall negatives brought about by failures or softening in the international financial institutions which then becomes problematic for the local banking industry
    The truth of the matter that wether one wants to belive it or not govt has a responsibility to make sure that no failures occur with established rules and guidlines .
    However when the banks financial performance becomes weakened the high risk of doing nothing is not an option as it is the investor/ depositor who bears the brunt

    Like

  28. chad99999 December 11, 2015 at 3:02 PM #

    In this debate about the performance of the financial services sector, we should bear in mind that commercial banks in developed countries have never found ways to make microlending profitable. Assuming bank branches in Barbados are run by educated dunces incapable of an original idea, it is not reasonable to expect the type of innovation required to finance “nontraditional” small businesses. Also, it is not easy to decide which new ideas are winners and which are not. Many years ago, Arthur Lewis drew up a list of new industries that might be feasible for Caribbean businessmen to enter. Where are those (useless) UWI economists? They should be doing the heavy lifting here to identify and assess the potential alternatives.

    Like

  29. David December 11, 2015 at 5:46 PM #

    @chad9999

    Don’t commercial banks do micro financing elsewhere?

    On 11 December 2015 at 19:47, Barbados Underground wrote:

    >

    Like

  30. SuckaBubby December 11, 2015 at 7:03 PM #

    In all of Dr Mascoll’s brilliance if were he to inherit the coveted position as Minister of Finance would he do the right thing and level the playing field in Barbados?

    Its all well and good to pontificate but clearly the blind man we have sitting backwards on the trotting horse refuses to do what is right.

    For example howbeit for the last two years we have had a bumper tourist season and yet the economy is not growing and all to show for it is some bogus wage increase for hotel workers offset by a gazillion concessions?

    As usual we are going to wait until we deeper in the cat guts before we try another way to skin it’s hide.

    Like

  31. David December 11, 2015 at 7:08 PM #

    The growth numbers are YoY not so? What is the spend in 2013 compared to year 2006/7 for example.

    Like

  32. chad99999 December 11, 2015 at 7:41 PM #

    @ David
    Commercial banks have generally not been successful in micro lending. Their interest rates are usually too high, and they have been accused of pushing their clients into greater poverty, particularly where they allow their loans to be used for consumption spending. Capitalism generates limited prosperity through productivity gains achieved by (abusive) labour exploitation, role specialization and economies of scale. These factors are generally missing when micro lending occurs, because the borrower usually tries to run a tiny one-woman business using old technology in a crowded industry with many competitors. Not enough scale or specialization or new technology to succeed.
    If you review the academic literature, you will see that microfinance has failed all over Latin America, South Africa and India. It has had modest success as a feminist device to empower women and marginalize men, but if you are a man, that is not good.

    Like

  33. Well Well & Consequences December 12, 2015 at 4:32 AM #

    http://www.nationnews.com/nationnews/news/75461/political-lecturer

    Like

  34. ac December 12, 2015 at 6:11 AM #

    Mascoll is not guided by Facts but political exuberance trying to take govt on to task deluded by mystical assumptions and perceptions

    Like

  35. NorthernObserver December 12, 2015 at 2:01 PM #

    @AC
    did you actually READ what he wrote? or do you just spout off because you figure it is Mascoll ipso facto you must oppose?

    “Here is the context for understanding this strange behaviour by the political leaders. As far back as 2011, commercial banks expressed little appetite for further investment in Government long-term instruments. This prompted the Central Bank of Barbados to turn to the printing of money as a way of financing government spending. This figure has now reached in excess of a billion dollars.”

    let me interpret fuh yah.

    It isn’t the fault of the government or their management of the economy which led to “printing of money”, rather the fault is that of the Commercial Banks who refused to buy Government issued bonds and T-bills. Just like the ferners who also refused to loan monies or buy government paper.

    you off de hook, so wha you complaining bout?

    Like

  36. Vincent Haynes December 12, 2015 at 2:23 PM #

    @David BU

    Any word on the cuss out between the MoF and MoA,apparently it appeared in yesterdays BT supplement.

    Like

  37. David December 12, 2015 at 3:44 PM #

    @Vincent

    No word, yet.

    Like

  38. David December 12, 2015 at 3:54 PM #

    @NorthernObserver

    The other point to the argument is why should commercial banks continue to buy government paper to satisfy government undisciplined public spending.

    Like

  39. Vincent Haynes December 12, 2015 at 4:27 PM #

    @David December 12, 2015 at 3:44 PM #

    The title is “boiling over” an attachment to thursdays edition…..I cannot locate it….can you put up a link?

    Like

  40. David December 12, 2015 at 4:35 PM #

    @Vincent

    Are you sure you are not referring to a flash back to last year?

    http://www.barbadostoday.bb/2014/12/10/boiling-point-3/

    Like

  41. NorthernObserver December 12, 2015 at 4:42 PM #

    aDavid BU

    are they? The underlying assumption is Bajan investors (read depositors) are dumb and risk averse, so the banks will take money from them at say 2% and reinvest it in short term T-bills at 5% and pocket the difference. What happens if the same depositors decide to buy the T-Bills direct? Either way the govt wins, but the banks can lose the flow of deposit money?
    The cupboards at most govt controlled cash cows full of paper, IOU’s, which they just rolling over. So the next set of money is deposits, but bajans being Bajans, they en want no part of government paper. So get the commercial banks who have those deposits, to buy the government issued paper instead. A HUGE risk for the banks. But potentially safer than the high risk loans to non-traditional entrepreneurs the author would like to see. But the banks aren’t stupid, unlike the NIS, they will have caps. So sooner or later, this will not be enuf either.
    Enter Donville, with the next logical step, sell government owned assets.

    Like

  42. Vincent Haynes December 12, 2015 at 4:49 PM #

    @David December 12, 2015 at 4:35 PM #

    I think you are correct as nobody else heard about it other than my source.

    Like

  43. chad99999 December 12, 2015 at 6:21 PM #

    Since World War I I, Barbados has attempted to develop three industrial sectors: tourism, high value manufacturing, and financial services. We have had some success with tourism, with help from the British and Canadians, and some success with financial services, as a tax haven for Canadian elites, but ever since Intel gave up on us, we have not done well in manufacturing.
    The future should be about new private sector initiatives in manufacturing, and making efficiency improvements in tourism through better use of information systems. We should be mobilizing domestic savings for these projects, not for financing the bloated, inefficient and increasingly corrupt public sector.

    Like

  44. David December 12, 2015 at 11:02 PM #

    @NortherObserver

    Is it not a self defeating policy by the banks to lend to consumers who will have to repay in an economy environment that is depressed by a lack of commercial activity to which they are contributing ?

    Like

  45. NorthernObserver December 13, 2015 at 2:13 AM #

    @David
    LOL…that is a loaded question?
    Try….Is it not a self defeating policy by the banks to lend to consumers who will have to repay in an economy environment that is depressed.
    No.
    Banks will tighten their requirements, and shorten the rope.

    Why do you and the good Dr. have such a hardon for the Banks?
    You mentioned earlier…”pull out”. You may get that wish, For they all have a new senior internal giant, called broadly the Chief Risk Officer. And NONE of them are fond of the Caribbean basin in general. Their collective loan experience has been a disaster.

    Like

  46. Exclaimer December 14, 2015 at 7:43 PM #

    The prolific blogger Well Well & Consequences stated that …..The ‘world financial crisis’ is just more talk by politicians on the island to fool the masses …

    Take a look at the link below. It would be foolish to say that the Ethiopia development model could be transferred to Barbados or that it is a model without faults. However, I believe that we should look seriously at how Ethiopia is developing their economy and by extension the quality of life of their citizens.

    The writer of this article gives a damning critique of his country Kenya. I detected a number of parallels with our nation Barbados.

    http://www.nation.co.ke/oped/blogs/dot9/ndemo/-/2274486/2995990/-/cbjjj/-/index.html

    Like

  47. Vincent Haynes December 15, 2015 at 7:53 AM #

    Interesting.

    1915

                                    EITHER YOUR PARENTS OR GRANDPARENTS WERE LIVING DURING THIS TIME PERIOD.
    
                                    THE YEAR IS 1915
    
                                    This will boggle your mind!
    
                                    The year is 1915 “One hundred years ago”. What a difference a century makes!
    
                                    Here are some statistics for the Year 1915:
    
                                    The average life expectancy for men was 47 years.
    
                                    Fuel for cars was sold in chemists only.
    
                                    Only 14 percent of the homes had a bath.
    
                                    Only 8 percent of the homes had a telephone.
    
                                    The maximum speed limit in most cities was 10 mph.
    
                                    The tallest structure in the world was the Eiffel Tower.
    
                                    The average British wage in 1915 was £15 per year!
    
                                    A competent accountant could expect to earn £800 per year.
    
                                    A dentist £900 per year.
    
                                    A vet between £600 and £900 per year.
    
                                    And, a mechanical engineer about £2000 per year.
    
                                    More than 95 percent of all births took place at home
    
                                    Ninety percent of all Doctors had no university education!
    
                                    Instead, they attended so-called medical schools, many of which were condemned in the press AND the government as "substandard."
    
                                    Sugar cost two pence  a pound.
    
                                    Eggs were 10 pence a dozen.
    
                                    Coffee was five pence a pound.
    
                                    Most women only washed their hair once a month, and, used Borax or egg yolks for shampoo.
    
                                    Canada passed a law that prohibited poor people from entering into their country for any reason.
    
                                    The Five leading causes of death were:
    
                                    1. Pneumonia and influenza
    
                                    2. Tuberculosis
    
                                    3. Diarrhoea
    
                                    4. Heart disease
    
                                    5. Stroke
    
                                    The American flag had 45 stars.
    
                                    The population of Las Vegas, Nevada was only 30.
    
                                    Crossword puzzles, canned beer, and iced tea hadn't been invented yet.
    
                                    There was neither a Mother's Day nor a Father's Day.
    
                                    Two out of every 10 adults couldn't read or write and, only 6 percent of all British pupils went to universty.
    
                                    Marijuana, heroin, and morphine were all available over the counter at local corner chemists.
    
                                    Back then chemists said, "Heroin clears the complexion, gives buoyancy to the mind, regulates the stomach, bowels, and is, in fact, a perfect guardian of health!" (Shocking?)
    
                                    Eighteen percent of households had at least one full-time servant or domestic help...
    
                                    There were about 230 reported murders in the ENTIRE U.S.A.! In 2014 this figure had risen to 14,249.
    
                                    In the UK the murder rate in 1915 was 1420. In 2015 it was 537. (Perhaps we are doing something right!)
    
                                    I am now going to forward this to someone else without typing it myself.
    
                                    From there, it will be sent to others all over the WORLD all in a matter of seconds!
    
                                    Can you imagine what it may be like in another 100 years.
    

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