Mia Mottley, Opposition Leader

Pure Political Play

Submitted by Beresford
 Mia Mottley, Opposition Leader

Mia Mottley, Opposition Leader

The DLP don’t play when it comes to politics.

A new sinister play of party paramountcy, of DLP first and foremost above all else including country, and survival at all costs, sprung like an X-men monster as the central feature of the Government.

All talk of a new approach immediately dissipated on assuming power in a rash of self-serving moves and projects, from questionable and unlawful appointments of cronies to the awarding of contracts to the favoured few to the spinning of economic data and financial projections to create a false impression of security while exposing the country to a non-stop battering from self-inflicted wounds.

With the death of Thompson and Ministers running amok, the self-serving politics of the DLP just mushroomed. The many sent home with years of service against recent hires, the attempts to hire friends and family at places including the NCC, Transport Board and Central Bank, the awarding of contracts to much higher bids without any particular justification, David Thompson football are all  evidence of the DLP tactical playbook.

Even so, hope was held out that the DLP would find a dose of true nationalism from somewhere and in Barbados’ celebration of its 50th year of Independence, forge a truly all-inclusive approach embracing political parties and institutions.

Why would anyone think the DLP would act otherwise than the facts of the past eight years? If it walks like a duck, quacks like a duck and looks like a duck – it is a duck.

In true DLP fashion, while Freundel managed to spout about a country as one, the Government has proceeded on a year-long celebration that is nothing more than a PR exercise in all things DLP and nothing and no one else. As if the DLP alone is responsible for the achievements of the country over 50 years of Independence.

The farce of national celebrations has been evident in everything from the hilarious sending out of invitations to Opposition members for the grand launch, which somehow could not find their intended recipients in time to the Government putting forth a programme that is nothing other than a propaganda exercise for the DLP.

Four or five nights of a screening of a movie on Errol Barrow? Paraphernalia that only highlights DLP achievements, some though dubious?

Where are the people, the institutions, the businesses that have worked together to build Barbados?

Why has it been left to various organisations to now, having been ignored in what was supposed to be a national approach, to put forward their own contributions to Barbados? The perfect opportunity for a national approach has been reduced to another tribal fight for relevant contributors to be a part of the process so that 50 years from now it would not appear to a new generation that only the DLP was at the development of Barbados. Which is clearly the intention.

Well, no. In fact, many will argue that the DLP has really not contributed that much to post-Independent Barbados. That contribution diminished sharply since 2008 and with the current Stuart incarnation is becoming less and less daily to the point of irrelevancy.

Politically, the BLP has been entrusted with the hopes of Barbadians for 24 of the 50 years of Government since 1966 – and those years have been spectacular.

Compared with DLP periods, particularly the latter Barrow years from 1973 – 76, those of the privileged pump and army of occupation; the Sandiford years of 1991-94, those of the 8 per cent cut and Government implosion; and those since 2008, of an entirely new, unrecognisable leadership and an inexhaustible list of questionable moves marked by an economy in shambles,  crumbling social services and decay all over – compared with these, the BLP is stunningly arrayed.

Infrastructure projects that transcend generations – airport, seaport, highway networks, Bridgetown regeneration. Social programmes that transform generations – Plantation Tenantries Act, the work of the UDC and RDC, establishment of Women’s Bureau to advance women’s rights and the demarginalisation of children born out of wedlock. The maintenance of foundation programmes, particular health and education, through the network of polyclinics and expansion of education facilities including UWI that has touched generations. Until now. Economic management that has provided opportunities for generations – move to financial services, development of services sector focussed on tourism, 14 years of unprecedented growth that produced such investments as the new Sandy Lane, Hilton and Port St. Charles. Visionary leadership, universally hailed, typified by Tom Adams and Owen Arthur, such that Barbados was described as “punching above its weight”, that inspired and will continue to inspire generations.

It is a tragedy of paucity of vision and belief in only survival that the DLP cannot find the charity to celebrate 50 years of Independence as a unification exercise, highlighting the achievements of all rather than seeking to diminish the BLP’s stellar role in Barbados’ development.

The BLP will, however, not allow that to materialise. The unfortunate circumstances of DLP politics leave us no choice to reassert our decisive role in helping to shape Barbados.

It is shameful that taxpayers have to foot a more than $5 million bill for the DLP to sashay over citizens for a year especially in circumstances of excruciating suffering, broken promises, lost hope and the destructing of the twin pillars of health care and free education to university level by the Government.

This time, though, the DLP is fooling no one.

HAPPENING THIS SUNDAY MARCH 13, 2016

An Admission of Failure!

The Barbados Labour Party, (BLP), will present perspectives of Government Estimates, to be debated in the House of Assembly next week, under this topic on Sunday, March 13, 2016 at BLP headquarters, Roebuck Street.

Ryan Straughn, former President of the Barbados Economics Society, (BES), Economist Dr. Clyde Mascoll and Political Leader of the BLP, Mia Mottley will dissect the Estimates to show that, once again, the Government is way off base in its financial reporting and projections.

The forum, which begins at 5 PM, will be chaired by Member of Parliament for the City, Jeffrey Bostic.

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133 Comments on “Pure Political Play”

  1. Sargeant March 13, 2016 at 1:50 PM #

    @DD
    If my name is on the invite list for the Guv’s presentation in Toronto, I will be sure to ask if he has Ontario Securities Commission approval to flog his bonds up here.
    +++++++++++
    No need to do that the Guv was in TO promoting the sale of Savings Bonds last September. The question of future value of any maturing investment was raised in relation to the Canadian dollar vs the US dollar and also the possibility of any devaluation of the Barbados dollar. The Guv assured everyone at the presentation that (1) devaluation wasn’t on the horizon (2) wouldn’t happen under his watch and (3) the CBB recognises the economic triggers that will spark a devaluation and knows how to avoid those pitfalls.

    Whether his confidence is misplaced or simply pie in the sky one only has to look at the economies in the Caribbean region e.g. Guyana and Jamaica to see how they have fared post devaluation. I believe that neither this Gov’t nor the alternative will take the devaluation route unless it has absolutely no other solution. Will we be better off with or without devaluation? The jury is still out on that but one constituency sure to be hard hit with any devaluation is the returning nationals who have parked much of their overseas savings in local Banks.

    Like

  2. David March 13, 2016 at 1:55 PM #

    @Sargeant

    You are aware the Governor does not make policy? How therefore can he promise not under his watch?

    Like

  3. de Pedantic Dribbler March 13, 2016 at 2:01 PM #

    @Sargeant, re ‘…one constituency sure to be hard hit with any devaluation is the returning nationals who have parked much of their overseas savings in local Banks.”

    WHY???? Would a returning national who still has ready access to their US/Canadian/English bank park more than living needs funds in a local bank in BIM?

    What am I missing here?

    Like

  4. pieceuhderockyeahright March 13, 2016 at 2:01 PM #

    @ DD

    You need to understand Darcy Boyce, former Partner of KPMG (Barbados and the OECS) and his connection/allegiance and public stated support of British American Insurance Company (Barbados)

    Before you read any further please take a look at http://www.baico-intl.com/documents/Plan-B-Report.pdf

    What is the name of the entity that is conducting the “Review”? one KPMG Restructuring Ltd, a Bahamian company, a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative,

    So you have a former partner Boyce speaking in support of “support/bailout” and the entity that Boyce formerly worked for conducting the review and proposing the very restructuring for said BAIC!!

    ammmm jes one mo’ minor detail fuh midday mean cuntsumption.

    “Thirteen Directors of the insolvent CLICO and British American Insurance Company (BAICO), including former CLICO executive chairman Leroy Parris and president of CLICO Holdings Barbados Limited, Terrence Thornhill, are facing B$128 million in negligence lawsuits.

    De names uh sum uh de udders jes in case you din see dem befo’ is

    Anthony Ellis, Woodbine Davis, QC Leslie Haynes, QC Elridge Thompson, Adrian Lorde, Basil Springer, Edrick Griffith and Vishnu Ramlogan.

    Talk about “the fox guarding the chickens, giving a morning count of the amount of chickens in the chicken coup!!”

    Granted that “the other defendants named in both claims were accounting firm PriceWaterhouseCoopers, the auditors of BAICO and CLICO; the Supervisor of Insurance; and the Attorney General, as the representative of the Crown…” but to be truly fair to the process of impartial examination and review, a non regional entity like dat fellow dat CE was did used, Stephens LLP sumting should have been engaged BECAUSING all uh we know one annuder and a feller cyan say dat there was/is arm length between Boyce and KPMG.

    But den agin Boyce was one uh de fellers who draft de “Pathways tuh Progress” document wid de dead king so wid FOI and Integrity in 100, sorry 1000, sorry, 10,000 days – whu is a zero effing De Ministah uh Finance Chris Sinckler is who putting in dat decimal pint, whu wunna expect??

    Like

  5. Sargeant March 13, 2016 at 2:16 PM #

    @DPD
    WHY???? Would a returning national who still has ready access to their US/Canadian/English bank park more than living needs funds in a local bank in BIM?
    +++++++++++
    Just as I was getting used to DIW you went and changed your moniker.

    Don’t assume that because you are sophisticated about financial matters that all folks are the same. Some people want to have their funds close to them rather than in an overseas institution that they may have difficulty accessing and when you are in the departure lounge it may seem a simple solution.

    Like

  6. Hants March 13, 2016 at 2:24 PM #

    I am am not implying anything and sorry to disappoint PUDRYR cause you expect “better” when you see my name but I letting fleur rest fuh now.lol

    http://www.cbc.ca/news/business/kpmg-offshore-sham-deceived-tax-authorities-cra-alleges-1.3209838

    Like

  7. de Pedantic Dribbler March 13, 2016 at 2:28 PM #

    Fair enough re departure lounge…I suspect though that a lot of these folks with 401Ks and all that other stuff out US and the equivalent Retirement Investment A/c in Canada and England are just as savvy as any of us.

    But point taken.

    As I am getting older I am trying to live out my verbal fantasy as a Messi like dribbler…that and the blogmaster’s evocation to this new alter ego.

    Like

  8. pieceuhderockyeahright March 13, 2016 at 2:29 PM #

    @ David [BU]

    Regarding your comment @1.47 and I quote “The Opposition BLP will stream its political meeting tonight from 7:30pm. Blpbarbados.net… i have a suggestion that me grandson have sternly warn me about.

    The Best Free VPN Services for 2015 see http://www.pcmag.com/article2/0,2817,2390381,00.asp

    Unlike you Honourable blogmaster who doan got no reason to betray de trust uh de common bajan anyone lse who planning tuh log onto dat site wud be advised tuh

    1) use a VPN tuh log onto dat meeting OR
    2) go and install de TorBrowser pun wunna machine and access de BLPBarbados.net site from deah.

    Causing wunna cyan be certain dat if any uh wunna foolish enough tuh go to de BLP site straight three tings going happen during dat session

    1) wunna IP address is gine get log by de BLP operatives in anticipation of the Troika that cometh and which will destroy ALL 4th estate dissent under the salvation arms of the BLP saviours
    2) de MAC address uh each one uh wunna machines is going to be recorded including that unique address uh wunna phones
    3) wunna gine get invite to download some shyte as a gift tuh record dis “momentous event” dat gine be a trojan horse of “stuxnet” variant. Said gift dat gine reside pun wunna machine and transmit data til “the Kingdom Come”, like dem computers dat de Chinese guvment gi de Minister uh Finance 7 years ago. Yes boasie dat is de same PRC dat de guvment signing a military agreement to provision de supply of military vehicles and arms and other assorted memorabilia dat de Defense Force is tuh be issued in the event of insurrection when de Republic coming

    While it may be interesting to watch whu Mia and her set uh power hungry cohorts gine be saying latah I gine wait till de blogmastah or somebody sanitize um and watch um den or jes wait fuh AC and Carl Moore to review um pun dem cuntputer and gi’ be de distorted highlights.

    Like

  9. Well Well & Consequences March 13, 2016 at 2:35 PM #

    Lol..Piece…glad to hear of that 128 million dollar negligence lawsuit against the former Clico gang, that will make for some sleepless nights and trembling backsides.

    Like

  10. pieceuhderockyeahright March 13, 2016 at 2:37 PM #

    @ Hants

    When i read things like this that is why I just love to see Fleur and the other flower that the Blogmaster put up.

    “Dalhousie tax professor Geoffrey Loomer says that if the allegations against KPMG hold up in court, the case may have implications for the entire accounting industry.

    “It seems to me it’s bad from the point of view of the advisors involved, but it’s also just, you know, an instance of a larger problem where you have high-wealth, high-income taxpayers arguably not paying their fair share,” Loomer says…”

    Like

  11. David March 13, 2016 at 2:37 PM #

    Mia, Dr.Clyde and Straughn are scheduled to give a preview of the Estimates debate.

    Like

  12. ac March 13, 2016 at 2:37 PM #

    One can always tell when the BLP officially rings the campaign bell ,They revert to Clyde Mascoll mouthings ..

    Like

  13. Due Diligence March 13, 2016 at 2:49 PM #

    Sargeant March 13, 2016 at 1:50 PM

    Did the Guv have OSC approval to promote/sell GOB securities at his presentation in Toronto last September?

    Like

  14. Due Diligence March 13, 2016 at 3:05 PM #

    Sargeant

    You said the Guv said in Toronto that “CBB recognises the economic triggers that will spark a devaluation and knows how to avoid those pitfalls.”

    I guess that is the same as the MOF saying in Brooklyn “The Government is committed to the fixed exchange regime and will do what needs to be done to protect the Barbados dollar.”

    What the hell do they mean?

    Like

  15. Vincent Haynes March 13, 2016 at 3:12 PM #

    Due Diligence March 13, 2016 at 3:05 PM #

    They mean that they need money and will use whichever sound bite that will do the trick to get it….QED

    Like

  16. Due Diligence March 13, 2016 at 3:12 PM #

    pieceuhderockyeahright March 13, 2016 at 2:01 PM

    PLEASE

    A 126 page Bailco document on Sunday afternoon?

    I am having trouble just keeping up with the bloggers comments flying in fast and furious.

    Like

  17. millertheanunnaki March 13, 2016 at 3:21 PM #

    @ Sargeant March 13, 2016 at 1:50 PM #
    “The Guv assured everyone at the presentation that (1) devaluation wasn’t on the horizon (2) wouldn’t happen under his watch and (3) the CBB recognises the economic triggers that will spark a devaluation and knows how to avoid those pitfalls.”

    You are just one NCO that will squarely into one of Bushie’s Bajan brass bowl.

    Do you really think the Guv would say otherwise?

    That same Guv has been recognizing the same economic triggers that have brought about economic decline in Barbados for the past 7 years. Can you count the many times that same economic soothsayer has been predicting growth as a result of multi-billion investment projects?

    Is that the same Guv who has broken all the rules and facilitated the parking of millions of laundered money from the CLICO heist?

    Do you really feel that man has a drop of compunction enough to tell you the Truth?
    Itn’t is under his very watch that the debt to GDP ratio moved from below 70% to 130% and rising monthly?

    Of course it wouldn’t happen under his watch. He would either be decent enough to resign before the inevitable or be forced to exercise that special clause in his employment contract.

    But we heard similar assurances from another spin doctor. A goodly doctor in the god business also assured Bajans that David Thompson will never die under His Almighty Durant’s watch. And you saw what happened. His god went into a self-induced extended coma to late October 2010.

    Liked by 1 person

  18. Well Well & Consequences March 13, 2016 at 3:31 PM #

    Snake oil salesmen, Miller..they are all snake oil salesmen.

    Like

  19. Due Diligence March 13, 2016 at 3:50 PM #

    DD needs some help re: British American Insurance Company (Barbados) Ltd (Preservations of Investments) Bill 2016 to increase Debt/GDP.

    I am assuming the increase to the ratio of Debt/GDP results from liabilities assumed by GOB to the policy holders under the legislation.

    Has the legislation been passed?

    How much is the new debt?

    When will it be reflected in published GOB financials?

    Like

  20. de Pedantic Dribbler March 13, 2016 at 4:00 PM #

    @pieceuhderockyeahright March 13, 2016 at 2:29 PM #… do you use a TOR Browser or know someone who does? Does it work as well as advertised?

    Just seeking another independent reference.

    Like

  21. Sargeant March 13, 2016 at 4:04 PM #

    @DD
    Did the Guv have OSC approval to promote/sell GOB securities at his presentation in Toronto last September
    ++++++++++
    It was an information session; I didn’t see any cheques or any purchase forms being distributed or requested.

    Like

  22. NorthernObserver March 13, 2016 at 4:06 PM #

    Finally some posts which are close to the truth.
    My only addition would be listen….listen closely….you can hear the ticking of money leaving the island. How? Its been going on for years. First many of the so-called Bajan business are not on-shore. Second, the way around is cross-listed stocks. You buy in Bim and sell on the cross listed exchange where you can turn those dollars into foreign currency quite easily. Then boom, the money is gone.
    I agree any attempt at monetary unpegging or floating would be a disaster. The issues are fiscal. The deeper issue is employment. Specifically over employment in the public sector, including its sponsored NGO’s and other bodies. And the even deeper issue by citizens of “the government owes me a job”.
    The challenge is this problem is not new, and it has been politically expedient for successive governments to ignore this issue for many years. Privatization solves little, for the value of any public asset is proportional to its expenses. So if the seller tries to enforce current employment one gets less value. And given the attendant consultant fees any such deal is likely to have, it is only a guess what will end up in the public coffers. It only provides a ‘little ease’ in cash flow.
    The structural employment issue becomes the key.

    Like

  23. pieceuhderockyeahright March 13, 2016 at 4:31 PM #

    @ DPD (as long as you doan change your name to DPP as in the Director of Public Prosecutions)

    https://www.torproject.org/projects/torbrowser.html.en

    temporarily employ a FREE VPN, then use the TorBrowser above – quasi untrackable insofar as these dolts are concerned

    for more technically minded temporarily change MAC address of machine in addition to above

    Like

  24. Sargeant March 13, 2016 at 4:39 PM #

    @Miller
    You are just one NCO that will squarely into one of Bushie’s Bajan brass bowl
    +++++++++++++++++
    Don’t be a clown I was reporting what the Guv said; I know he is selling Barbados and wouldn’t expect him to say otherwise. Didn’t you read what followed as in “Whether his confidence is misplaced or simply pie in the sky”

    If you want to shoot the messenger you are woefully off target.

    Like

  25. pieceuhderockyeahright March 13, 2016 at 4:40 PM #

    @ DPD

    It works perfectly.

    Insert ip-tracker.org when you install the torbrowser and that will give you all the independent verification you need.

    Mac ID Properties Emulation and Manipulation (MIPEN) like i said is the more radical procedure but insofar as the Troika in Waiting and Ronald Jones’ IT team’s skill sets are concerned even if they had the assistance of the US Department of HomeLand Security (and the US Government don’t rank us as deserving of that privilege) you are safe behind this wall for the time being.

    Like

  26. de Pedantic Dribbler March 13, 2016 at 5:07 PM #

    Thank You, Senor. Was doing some due diligence on Tor a while back so was pleasantly surprised to see you mention it above.

    For an ‘old’ fellow close to Alvin’s vintage you very smart wid all dis ‘cumputer’ stuff. Gotta watch you more carefully. LOLL.

    Like

  27. flyonthewall March 13, 2016 at 5:11 PM #

    Marla Dukharan (see Sunday Sun back page) will soon be persona non grata in Barbados because she calls a spade a f—–g shovel and Sinkler doesn’t like it. This not the first time she has spoken out on the issue of our fiscal mismanagement. She is not “scaremongering”. she is saying what needs to be said. “Denial” Worrell knows she is right, but he is a creature of the minister of Finance. He doesn’t have the lee way to speak out that the governors of the Bank of England or of Canada or the US Fed have. This effort to raise money by selling bonds to the diaspora is a desperate act, and I think he must be sick at heart over having to maintain the pretence as he has done for the past several years. But he is trapped. He can’t change his tune now. The central bank could close down its PR department because no one any longer believes anything that it produces on Worrell’s behalf. Sinkler likes to downplay the impact of the national debt by claiming that two thirds is domestic. That’s like saying, “It’s okay, we have borrowed from the family so we can pay back the loan on our terms, if we pay it back at all.” Right now, about one third of the debt is held by the NIS. It would be interesting to know whether the government is meeting its responsibility to pay back, or whether it is actually in default. We’ll never know because NIS is one of the least transparent institutions on the island.

    Like

  28. millertheanunnaki March 13, 2016 at 5:13 PM #

    @ Sargeant March 13, 2016 at 4:39 PM
    “If you want to shoot the messenger you are woefully off target.”

    At least it got you to call the Guv a professional liar.

    How can that man be held in high esteem in international banking circles when he is associated with the cleaning of dirty money from the CLICO scam.

    Madame Lagarde was not wrong about the squealer of fibs whose printing press has run out of junk paper.

    Quis custodiet ipsos custodes?

    Like

  29. pieceuhderockyeahright March 13, 2016 at 5:26 PM #

    @ DPD

    dat ent me.

    dat is de granson from de bank.

    You ent notice de difference in de writing and how he prolix and without too much emotion.

    When he dun type, I does cum to de cuntputer and put me flair pun um.

    All dem down deah talking and ting bout de Jamaican Elections and Holness and Portia and I heah wid de Ipad and calling he tuh help muh.

    De madam axe he if it is possible fuh he to mek um only wuk from dawn tuh dusk so dat when de night come I wud leh she sleep and stop de lights in de bedroom at night

    Dat young fellah bright and i wish I did got he unnerstanding en ting but as my nemesis heah tell me some time back “de ole man brain ossified and it is time to lay down and dead”

    I feel she gots friends down below doah causing de udder day I was jes doing some light chores en whaplax lick up and jes recovering.

    Me local doctor say me lucky en ting, Sis headley say dat she and de prayer warriors is who save me and com heah and give me a special hug in me armchair wid all she self in my face, good ting i was din able tuh get up, dem tings nuff tuh kill an ole man, even a young man!!

    DPD, you does go church well if you want tuh get tuh hold some nice looking wumens and ting cum tuh *** whey every sundey you does have a embrace session or brotherly and sisterly love.

    I does be watching dat new assistant pastor doah causing he holding dem young girls five seconds too long, AND he hands too low… how ole you is DPD?

    Like

  30. David March 13, 2016 at 5:42 PM #

    Does the government realise that Marla Dukharan and her counterpart at the other financial institutions are integral to informing policy and the outlook at their respective institutions? Bear in mind earlier in the week minister Donville Inniss made a public statement that banks will have to come to the table in these difficult times and take on more risk. He must think he is talking to his children.

    Like

  31. David March 13, 2016 at 11:24 PM #

    STATEMENT BY RYAN STRAUGHN On behalf of the BARBADOS LABOUR PARTY
    Barbados Labour Party·Saturday, March 12, 2016
    The Barbados Labour Party is deeply concerned with the assumptions that underpin this year’s Estimates.
    They bear no relationship to the reality of what is happening in our country. Further, if the Government wants us to believe that its policies are working, they need to explain why they are reversing themselves and increasing the deficit next year.
    Further, in spite of this proposed increase in the deficit, these Estimates do not bring us any closer to resolving the burning issues facing the country, whether water, public health, sanitation, education or the increase in crime.
    In the interest of our future welfare, we would like the Minister of Finance to answer the following questions so that all Barbadians may understand where we are and how we will all be affected.

    Will the Minister of Finance please explain the basis for his extraordinary optimism with respect to the government revenue projection for the rest of this fiscal year 2015/16 given that Government’s revenue had declined by 2.5% up to January 31st 2016?
    What unusual economic circumstances occurred or are expected to occur between February and March of this year to allow Government to raise $250 million MORE than they did in February and March last year?
    Would the minister of finance tell the public of Barbados what is the source of the investment income of $95 million that is expected to boost government revenue given that there is no explanatory note in the Estimates?
    In light of the considerable concerns over the revenue projection, is the Minister of Finance still confident with the fiscal deficit projection of 6.3% of GDP in this year 2015-16?
    Will the Minister of Finance agree that this projected fiscal deficit of 6.3% of GDP for this year is inconsistent with the Governor of the Central Bank’s statement in the December 2015 Economic Review that their target is 4 percent of GDP?
    Will the Minister please tell the country what is the real target for this year?
    Further, will the Minister explain why he is reversing himself and increasing the fiscal deficit from 6.3% to 7.8% of GDP in 2016-17, an increase of $160 million?
    Does the Minister agree that this increased deficit of 7.8% ($723 million) does NOT include the required resources for a number of key agencies and departments, most critically Queen Elizabeth Hospital, the UWI, Transport Board, National Housing Corporation?
    Does the Minister agree that there will be a significant increase in the country’s debt at a time when we are already one of the most highly indebted countries in the Caribbean?
    Which institutions is the Government expecting to buy this additional Governemnt paper that is needed to finance next year’s deficit, given that the Central Bank is already holding in excess of $1 billion in Government paper and the NIS holding $3.2.billion
    Is the Government planning to undertake any foreign borrowings in 2016-17?
    Will the Minister please confirm whether the removal of the allowances for Income tax announced in his Budgetary Proposal in June 2015 applies for the whole income year of 2015 or only from the date of August 1st, 2015 when they were removed?
    Is the increase in property taxes in the coming fiscal year reflecting a revaluation upwards of properties, which is contrary to the clear evidence from realtors is that it has declined?
    Is the life of the consolidated tax going to be extended once again in the next financial year in spite of the public understanding that this tax was to come to an end at the end of March 2015?
    Could the Minister of Finance explain why there is an unusual fall in the expenditure allocation for retiring benefits and allowances in the coming fiscal year 2016/17?

    12th March 2016

    Like

  32. Artax March 13, 2016 at 11:58 PM #

    @ AC

    “One can always tell when the BLP officially rings the campaign bell, they revert to Clyde Mascoll mouthings ..”

    AC jackasses, Dr. Mascoll has a PhD in economics, Christopher Sinckler does not. So far, all of Dr. Mascoll’s predictions on the economy have come to pass, while Sinckler is YET to IMPLEMENT any economic policy that has gained some SEMBLANCE of SUCCESS or RESULTED in some form of ECONOMIC GROWTH.

    And as such “reverting to (Christopher Sinckler’s) mouthings” will only result in consecutive CREDIT RATING DOWNGRADES and incoherent political rhetoric, as he desperately tries to explain his administration’s economic theory.

    Sinckler was bragging about the Medium Term Development and Medium Term Fiscal Strategies only to be “shot down” by the Central Bank Governor, Dr. Worrell, who informed Barbadians that BOTH strategies FAILED to ACHIEVE the DESIRED OBJECTIVES.

    As Heather has correctly stated on numerous occasions, Sinckler DOES NOT UNDERSTAND ECONOMIC THEORY, as is evidenced by his response to Bukharam’s assessment. He has been an ABYSMAL FAILURE as minister of finance and similarly to how Stuart will go down as being the worst prime minister in the history of Barbados, Sinckler will be chronicled as by far the WORST minister of finance, not only in Barbados, but in the entire world (and other places).

    Like

  33. Artax March 14, 2016 at 12:41 AM #

    Sinckler said there will be an increase in government spending during the 2016-2017 financial year. How is government going to finance this expenditure, especially taking into consideration that tax revenue has been decreasing, while there is “snail pace” economic growth. The government cannot access loans on the international market because of the associated high interest rates, their reliance of NIS funds is unsustainable and if the Central Bank continues to print money to finance the deficit, this action results in an increase in inflation.

    Inflation reduces the incentive to save since the value of savings is decreased. There is also a resulting change in prices and firms are discouraged from investing, which usually leads to lower economic growth.

    In the current economic environment, government has two main options of raising revenue, increase taxes or borrow from household in the form of issuing bonds and treasury notes.

    Recently, the Governor of the Central Bank, Dr. Worrell assumed “salesman status” by visiting the USA trying to solicit the purchase of bonds by Barbadians living in that country. This is an attempt to by the government to raise revenue to finance its 2016-2017 budget.

    Investors will buy government bonds assuming they are a safe investment, but without taking into consideration any associated implications. If the Central Bank continues to print money to finance the national debt, there will be a corresponding increase in inflation and a reduction in the value of bonds. Under these circumstances, potential investors will not want to hold bonds until maturity and government would subsequently experience difficulty in selling these bonds. As a consequence, government would have to offer high interest rates to attract potential investors.

    It is interesting to note that if more money is printed, the number of goods and services remain the same but excess money will be on the market. Consumers’ willingness to spend more money to acquire this limited supply of goods and services, which ultimately results in an increase of prices.

    Quantitative easing comes to the fore.

    Like

  34. Sunshine Sunny Shine March 14, 2016 at 5:37 AM #

    Artax

    I really love to read your analysis. Should have continued with economics after Ras wet my appetite at UWI with the way he explained first-year microeconomic theory. One thing I do know, though, is that printing money to assist the problem of debt does not increase economic output but positively affects inflation towards a negative growth-rise. It also signals the inability of the country to properly manage it economic matters with prudence and sensibility. This tells you that the pictures that Sinckler would paint of the economy and the optimistic growth rates the Central Bank Governor like to forecast from time to time are all smoke screens. The minister of Finance is playing trick or treat with the economy.

    Like

  35. ac March 14, 2016 at 6:28 AM #

    it is also sooooooooooo interesting to note that when the deficit was 12 percent the BLP antagonist was pressuring the govt to reduce the debt the govt implement policies some of which the fire starters was expounding that govt should do but to no avail the antagonist grumble and quarrel
    It is also interesting that now the deficit has shrunk to 5 % the antagonist has revert to the ole and worn out political rhetoric of suggesting govt move on to proposal suggested by the international rating agency of devaluation
    Like a broken record the antagonist never stops repeating to no avail
    IS this the best suggestions that the antagonist have in the revitalization of the economy
    Still waiting to hear of the opposition plans for strident and sustainable growth. More and more criticisms will not help the BLP to regain the reigns of govt

    Like

  36. Well Well & Consequences March 14, 2016 at 7:42 AM #

    AC the economist….explain to me how a deficit can shrink by more than half if your debt keeps rising, how does that work….I am not an economist.

    Like

  37. Artax March 14, 2016 at 9:12 AM #

    Well Well & Consequences March 14, 2016 at 7:42 AM #

    “AC the economist….explain to me how a deficit can shrink by more than half if your debt keeps rising, how does that work….I am not an economist.”

    @ WW&C

    It does not make any sense arguing with the ACs because, as Georgie Porgie would say, they are ECONOMICS ILLITERATES.

    Whoever brings suggestions to this administration are described as “PREACHERS of DOOM and GLOOM,” and as recent as last week, Sinckler said Marla Dukharan suggestions were “SPECULATIVE and SCARE MONGERING.”

    To make matter worse, the DLP even rejected solutions from their own David Estwick, who publically admitted his administration’s economic policies were inadequate.

    Estwick said he is a man of principles, yet when it comes to voting time in parliament, these attributes obviously become nonexistent since he always vote in favour of policy, even if he previously said it was wrong.

    Like

  38. Vincent Haynes March 14, 2016 at 9:22 AM #

    One wonders why the lack of interest in restructuring the debt?

    Is it that a forensic audit has to be done on the books?

    Like

  39. Well Well & Consequences March 14, 2016 at 9:42 AM #

    Estwick is a self-serving joke …Art, the true definition of self-serving and personifies that weakness.

    They…DBLP… rejected any advice from 2008 which unequivocally stated that the worldwide economic meltdown, back then, would affect the island’s financial stability, they loudly contradicted by saying, no, no, no, cant happen….to every credit rating agency they took taxpayer’s money and paid for the advice.

    So it’s no surprise that since they are not being told by world class economists what they want to hear, they will act contrary and when shit happens blame it on someone else…a disgraceful bunch of jackasses.

    Like

  40. NorthernObserver March 14, 2016 at 10:30 AM #

    @vh
    Vincent Haynes March 14, 2016 at 9:22 AM #
    One wonders why the lack of interest in restructuring the debt?

    Because it is hard when a significant portion is owed to yourself. And when you go to others to whom debt is owed, they will ask ‘what have you done to alter your expenditures’, and the answer will be ‘not very much’. For appreciate revenue earned is either going to debt repayment or something else.

    Restructuring as proposed means restructuring the terms and/or seeking forgiveness for a portion. As soon as you approach this topic, the lenders wish a “say” in how you operate. As such you lose some decision making over your own affairs.

    This loss, will kill the middle class, many of whom depend on a bulging civil service/NGO’s for employment.

    Like

  41. pieceuhderockyeahright March 14, 2016 at 10:36 AM #

    @ AC

    I is not an economist eider just someone wid a little reasoning capacity

    You stated “… interesting to note that when the deficit was 12 percent the BLP antagonist was pressuring …” and then continue “…now the deficit has shrunk to 5 % the antagonist has revert to the ole…”

    Both the BLP and the DLP are incompetents so please do not think that I am one of their choir boys.

    The point however that I would wish to make is that when it was 12 per cent and they were also teifing for VECO and the rest of peoples the ratings of Barbados WERE NOT junk bond status!!

    Your administration has cooked the books and purports that it is at 5% YET WE HAVE JUNK BONDS!!

    @ Artaxerxes

    Neither the DLP nor the BLP have any ability to think of, nor enable, the environment where private sector enterprise augmented by public sector resources can produce viable sectors of Forex generating activity.

    The Black Belly Sheep.

    It is de ole man unnerstanding dat de hide of the Black belly sheep is are de best hide, or among de best hide in de world!!

    A simple google search brings up a million and one of these responses

    Producing Your Own Sheepskin – The Smallholder Series
    http://www.smallholderseries.co.uk › … › Livestock › Sheep
    You can have your own sheepskins made into luxurious rugs and other items, … 1) Make the skin is as flat as possible: open the back legs and cut through the …

    Sheepskin Rug Natural | White Sheep Skin Rugs | Rare …
    http://www.organicsheepskins.com/index.php/information-tanning_service/?...
    At Organic Sheepskins we offer natural sheepskin rug, white sheep skin rugs, rare … We can even join your own skins together to make your own unique rug.

    Tanning Hides at Home | Off The Grid News
    http://www.offthegridnews.com/how-to-2/tanning-hides-at-home/
    If your family is going back to the basics, you don’t want to go to the store for sheepskin rugs or rabbit fur jackets. You can make these at home with hides from …

    The simple point that I submit for your consideration and that of all other readers is that “the fault is not in our stars, but in ourselves that we are underlings…” for we are a nation of people bereft of any vision who struggle with cattle as leaders.

    Imagine providing a to-market strategy for commercialization of said sheep skin to Patrick Todd, that pretty Garner woman with an air head, Michael Lashes, the other shortme crutch Caesar and the list goes on.

    I know that a few of you will say dat de ole man playing de man and not the ball but let us get serious here.

    What have been the achievements of any of these men/women/inbetweeners?? A House of Parlaiment Bill to have the Honourable Members declare their sexuality?? a la Patrick Todd??

    Brass bowls… atrue infestation of Brass Bowls.

    And do not tell me about the party in waiting either.

    Three hours of Live Broadcast yesterday bemoaning the yellow book estimated of the most incompetent government this cuntry has ever seen.

    Bostic, Straughn, Mascoll, Mia relentlessly decrying what has been done by these notwits on a YouTube transmission and not one idea how to mek a change.

    But that is the politics of Bajans, “wunna do dis and wunna do that, a littany of overspending by the DLP yet in his praise of Mia Mottley, Mascoll the same man who spoke of Mia’s infelicities with the Syrup contract when she Was Minister of Education, of the $236M US fiasco that was Edutech, of the overspend of the B.O.L.T contract for the new prison while she was Attorney General was the same man who uttered such sanctimonous praise yesterday while saying that “he cannot lie” because he mudder “bade he and 26 udder brothers and sisters” under a pipe.

    And GOD did not strike the liar down.

    Let us get serious please and examine in detail what WE THE EFFING PEOPLE WANT and DEMAND IT OF THE NEXT SET OF LEADERS!!

    We cannot afford to vote for one female rabbit in our House of Parliament, not one!!

    Like

  42. David March 14, 2016 at 10:51 AM #

    The Governor is on record disagreeing with the IMF about QA and borrowing from the NIS. In fact Senator Darcy Boyce is in record explaining that the government is the lender of last resort to the NIS therefore to access NIS funds to shore up the integrity of the economy because of the symbiotic nature of the relationship.

    Like

  43. Due Diligence March 14, 2016 at 11:16 AM #

    POPDRYR

    de olm man sure has made a remarkable recover’

    Bigger and better than ever.

    Like

  44. Artax March 14, 2016 at 11:32 AM #

    @ PUDRYR

    De ole man mekking nuff sense, yuh

    Like

  45. de Pedantic Dribbler March 14, 2016 at 12:04 PM #

    So Mr Pieces, with that scalding assessment of Bowman what do you see as the motivation that drives a man like him who according to you came from the very humble environment: getting “bade” under a standpipe.

    I presume that although he did not have any silver spoons at that boyhood home that like Nicholls he however had some serious ‘broughtupsy’…

    And as I recall he was a supremely well-mannered gentleman on the soccer and cricket field.

    So after being at the right hand of Thompson and now at the left hand of Mottley and having seen all that corruption up close and personal what drives this humble Deacons boy!

    What drives his “sanctimonious praise” and changes this ‘decent’ man to be in your view such a ‘liar”…afflictions plaguing many others in lovely BIM.

    Like

  46. Sunshine Sunny Shine March 14, 2016 at 12:05 PM #

    David

    Darcy Boyce has no credibility. The trail of money follows him no matter how well he tries to hide it. The governor of the Central Bank thinks that his title makes him all knowing and unchallenging, he is yet to explain how the arrangement came about that permitted Leroy 3.3 mil Parris to keep CLICO’s stolen money in the islands Central Bank. Where in anyone’s lil piece of common sense would see borrowing from the NIS life Line to be good financial management? There is nothing that these worthless worms can bring that would convince anyone except the paling hens and cocks that they are doing something right. I think what they are doing is called desperation, and it is what you do when you do not know what to do anymore. I got to give credit to this DLP though, they are the boldest and most open corrupt government to ever lead Barbados. And the thing is their strategy is base on this premise that the best place to hide something is in the open. In their case, they are keeping their corruption open believing that people would think it’s not corruption.

    Like

  47. Sunshine Sunny Shine March 14, 2016 at 12:10 PM #

    Darling sweet piece…I tempted to send you a picture of me. Very nice piece of writing sweetie..hhhhhh kiss kiss.

    Liked by 1 person

  48. pieceuhderockyeahright March 14, 2016 at 12:46 PM #

    @ DD

    A slight reprieve only…I have just been given a few more grains of sand in my hourglass..but those grains have been numbered

    @ De Pedantic Dribbler

    I would answer your question with a question, is what I said true?

    Was there not a stink about the Syrup contract at the Ministry of Education, were there not imputations made regarding the IDB Edutech/Illuminat/Jose & Jose made, was not “born again” Clyde Mascoll among those who castigated Mia for these contracts with purported oddities?

    “I am a murderer” like Saul of Tarsus before he became Paul and “I am a thief” like all the public servants ingovernment who take home 2 reams of paper every month so that their chilrun are is reading well, can get paper for their school projects.

    I used to sin and I still sin BUT what all of us sanctimonious people need to do IS TO SHOW HOW WE HAVE CHANGED.

    I dont really give a shyte about his abdication from the DLP throne and his ultimate appointment to the Ministry of Finance in 2018 as Straugn will be Minister of Economic Affairs, that is not my interest at all.

    What I wish to point out among all of them is that not one of the effers, on either side, who harping bout independence and “making Barbados a place for you and me again” and the working poor, not a fella ent showing what them can do because (a) theirs is a fear that if their suggestions to the Party in Power work, while they, the BLP, are on the Opposition benches, de peeple may keep the other inept crew, the DLP, in in 2018 or (b) as I am more disposed to believe “they the BLP ARE EQUALLY CLUELESS!!”

    I dont think that many of you are understanding this.

    Every day, hours, minute second and heartbeat that we employ this strategy of inaction, brings our collective asses to the brim of devaluation.

    Now as i have said become I ent no economist but I gine tief someting from de economist to mek my pint about what happens during devaluation to unemployment statistics.

    “When there is a depreciation and the exchange rate goes down, the exports of a country will be cheaper and imports will become more expensive, e.g. a depreciation of the dollar makes US exports more competitive.

    Therefore there will be an increase in exports and decrease in quantity of imports. Therefore, domestic firms will benefit from increased sales. This may lead to job creation and lower unemployment, especially in exporting industries.”

    I gine axe you a few questions.

    Who is de largest employer in Bulbados?

    What does government export insofar and “exporting industries” is concerned?

    In fact what are the “exporting industries” in Barbados? What do we export?

    The immediate effect of devaluation s going to be mass unemployment and greated stress on our already faltering economy and companies gine send home more people to a bread line that is going to be much more expensive cause flour gine go up.

    I is a stupid ole man who doan unnerstan much bout dese economic supply and emand theories but I unnerstan peeple cause I is a keen observes of isokinetics, I does see “variances” in peeple and whu I saying tuh all uh wunna is dat “by dere deeds ye shall know dem”

    De Democratic Labour Party is going home but you see dem words by MIa yesterday bout how she keeping a low profile and ting, dat is very disconcerting to me because “Rome is burning and Fumbles is fiddling and Mia is playing second flute”

    Like

  49. ac March 14, 2016 at 12:59 PM #

    Sir i am glad that you are not an economist .although the deficit is a reflection of debt .there is what is called a cumulative effect not just solely the reduction of debt that is a priorty towards a higher rating .sir what you need to do is take a read of what influences are at within an economy which subjects a rating to a higher or lower grading.
    The fact being that barbados economy needs to be driven by futher growth .enough to satisfy the rating agencies that the debt is manageable and can be controlled

    Like

  50. Well Well & Consequences March 14, 2016 at 1:00 PM #

    So you see DE Drooler…when ya go straight for the jugular, everyone sits up and take notice, cause ya serious like a heart attack.

    DBLP cannot devaluate the dollar, neither can they or they just refuse to restructure the economy.

    So, oh dear what can the matter be.

    What will they do.

    Does Mia know what to do, but, even if…a big IF she does, she has so many corrupt business people who are parasites to the island and people, hanging off her backside, will she also hurt or help the economy.

    Like

  51. Due Diligence March 14, 2016 at 1:28 PM #

    PODRYR

    I think we will have to agree to disagree on my “Let the Dollar float before the Island sink”

    May I suggest that you mix some molasses with the sand in the hourglass, so the grains drop slowly.

    As de gransun sounds like a chip off de ole block; so I hope you have he ready to follow in de ole foot steps.

    Liked by 1 person

  52. de Pedantic Dribbler March 14, 2016 at 1:31 PM #

    @Pieces, no suggestion on my part that there were any falsehoods in your scalding assessment…all clear.

    But obviously the conundrum is the enigmatic mysteries like the Clyde Mascolls…those with the broughtupsy and family values touted here previously but yet become so supplicant at the altar of political greed.

    And then the other conundrums are the Grenvilles out there. Keen, intelligent and filled with broughtupsy but acting so clueless re elective politics.

    But in truth the worst conundrums are the regular folks like me who got broughtupsy fah days and some sense but not the energy and go-to-it …beyond palaver to upend the other two!

    A shameful cluster kamasutra circle!

    Liked by 1 person

  53. Well Well & Consequences March 14, 2016 at 3:58 PM #

    AC…explain to me again YOUR LOW deficit v. Sinckler’s HIGH deficit…lol

    “Debt battle
    Added by Sandy Deane on March 14, 2016.
    Saved under Local News
    Finance Minister Chris Sinckler today conceded the island’s debt level remains unacceptable, though he insisted it was on the decline.

    As he laid the 2016/2017 Estimates of Revenue and Expenditure, Sinckler said a true picture of the deficit was not be given due in part to the accrual system of accounting being used by the Government.

    He estimated the deficit was just over three percent.

    “But whether the deficit is four per cent, 4.2 per cent or three percent or whatever it is, the fact of the matter is our programme is working, that is the real point. Whether we report it at 4.2 or 3.2 per cent, it is going down and down each year”.

    He however acknowledged that the Government was a long way off from correcting the problem, which has drawn the criticism of the International Monetary Fund and international rating agencies.

    “The reality Sir, is that our deficit is still too high, we believe it is still a bit too high and our GDP growth is not high enough in order for us to see a downward movement in the debt that we have.”

    Like

  54. NorthernObserver March 14, 2016 at 4:20 PM #

    @ac
    you have all the buzz words.
    When one is hell bent on borrowing from YOURSELF, who cares what the ratings agencies think?
    Oh I see, they really want others to buy Bajan bonds and commercial paper, and the junk ratings forces them to increase the rate offered, plus makes the implied risk of junk status unattractive to most investors.
    Gah back and tell your cohorts that GROWTH, something the Bajan economy hasn’t seen in years, isn’t happening anytime soon. It is delusional to think this way.
    Rather the ratings agencies want to see that in the face of <1% growth, the public accounts can be controlled, to at the very least, balance the annual books.
    It is no good Froon telling himself, we is an independent country, and nubuddy, especially dem white peeple from de IMF, gine tell we how to run our country. Wha dem know?
    There is always a choice? Either you take the medecine now, or you will be forced to take it later?
    Maybe the latter is better, cause then you can say “we en do nuffing wrong”, dem stupid people from abroad forcing we to do this shiite, it en we fault?

    Like

  55. Artax March 14, 2016 at 4:25 PM #

    “Sir i am glad that you are not an economist .although the deficit is a reflection of debt .there is what is called a cumulative effect not just solely the reduction of debt that is a priorty towards a higher rating .sir what you need to do is take a read of what influences are at within an economy which subjects a rating to a higher or lower grading. The fact being that barbados economy needs to be driven by futher growth .enough to satisfy the rating agencies that the debt is manageable and can be controlled.”

    @ WW&C and PUDRYR

    You see why I tell wunnuh dat yuh don’t argue wid an ECONOMICS ILLITERATE? Read de above shiite and tell me iffen you understand wuh dem demons mean.

    It seems that this particular AC is Chris Sinckler or they attended the same economics classes as Jester “Physical Deficit” Ince.

    Like

  56. NorthernObserver March 14, 2016 at 4:28 PM #

    @WW&C
    Finance Minister Chris Sinckler today conceded the island’s debt level remains unacceptable, though he insisted it was on the decline.

    You unnerstand what is declining? The RATE of growth of the debt. Once you have an annual deficit your overall DEBT is increasing.

    Like

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