Barbados Minister of Finance Christopher Sinckler and Governor of the Central Bank DeLisle Worrell take an in-depth interview at the Global Borrowers and Investors Forum.

Confidence or NO CONFIDENCE

Submitted by Orion

The Minister of Finance is quoted as saying at an impromptu press conference in the lobby of Scotiabank Broad Street recently:

When this recession hit Barbados, and (with it) the challenges in the financial sector, Barbados lost a tremendous amount of international business, and investment too . . . to the extent where our corporation tax revenues have dropped about $200 million dollars (a year). A lot of those allowances and claims which you see in the tax system – (and) a lot of other things which you see here in Barbados that (the Arthur administration) was able to do pre-2007 – were predicated on that amount of money being made available. “Once that money was not available – through no fault of our own . . . and that $200 million hole was blown in the corporate tax revenues, it made it extremely difficult to sustain all of these things.

While Mr. Sinckler has not lied, he has not told the whole truth, and sometimes that can be worse than lying.

Economist Ryan Straughn’s article “Who will put the genie back in the bottle”, gave Central Bank statistics up to the fiscal year ended 30th April 2012 and estimated figures up to December 2012. It is instructive to see up to date information.

The following charts show data taken from and verifiable at the Central Bank’s website, http://data.centralbank.org.bb/TermsOfUse.aspx – this time up to fiscal year ended 30th April 2016.

Data (1) compares the current account operations of the two administrations (1994 to 2015)

Data (1) compares the current account operations of the two administrations (1994 to 2015)

Of note from this data are:

1. The Arthur administration in every year spent less than it took in in revenue, leaving a surplus, (totalling $2.4 million), which went to assist with capital expenditure.

2. The DLP administration overspent its revenue by massive amounts, (totalling $4.1 billion) which had to be financed primarily by the Central Bank, increasing the national debt.

Data (2) traces the growth of the national debt over the entire period.

Data (2) traces the growth of the national debt over the entire period.

Of note from this data are:

1. In the fourteen years between 1994 and 2007, gross national debt increased by $2.01 billion from $1,375,859 to $3,386,053

2. ‘In the eight years between the years 2007 and 2015, gross national debt increased by $3.02 billion from $3,386,053 to $6,403,100

Data (3) shows the revenue amounts of the two administrations.

Data (3) shows the revenue amounts of the two administrations.

The DLP administration has always referred to the period between 1994 and 2007 as “times of plenty”. The Minister of Finance in the quote above seeks to perpetuate this notion. The truth is that the revenue of the DLP administration fell below that or the BLP administration in only three of the eight years under review, and not by large amounts either. The policy of reducing the wages bill, increasing taxation, removing personal allowances and dampening spending has clearly failed to improve the situation and the government appears to be out of ideas. The constant downgrades of the Barbados economy by the international rating agencies have been a damning appraisal of the government’s efforts and the resulting increase in the costs of external financing with every downgrade only makes the situation worse. The record levels of borrowing from the Central Bank and the NIS to fund the high levels of spending continue to be a major worry.

Some commentators have sought to blame the current high deficit on off budget spending by the previous administration being brought to book by the current administration, but I refer all to the article of Ryan Straughn of 13th February 2013 at:

http://barbadoseconomicsociety.blogspot.com/2013/02/catch-genie-before-bottle-breaks.html

He states in the section “General Information – Recording of Debt”

The reader should note that whenever government issues any debt security or acts as a guarantor for any of its statutory corporation the following usually happens. #1 Loans (Debentures & Treasury Notes) are secured on the Consolidated Fund and assets of the Government of Barbados. A sinking fund will be established by half-yearly appropriations out of the Consolidated Fund with accumulations of interest to enable the Debentures/Treasury Notes to be redeemed when they fall due.  For Savings Bonds, there is usually no sinking fund provided to meet redemption of bonds surrendered or maturing and payment of principal and accrued interest are charged on demand on the Consolidated Fund.

What this means it that government always knows in advance what its level of debt service will be in future time periods. So any loan issued at any point in the past has already been recorded in the national debt outstanding irrespective of whether it was done above the line (on budget expenditure) or below the line (off budget expenditure). The Accountant General and the Debt Management section of the Central Bank both keep meticulous records of all government issued debt. I said all this to say this, when politicians make references to “bringing off-budget spending and debt on to the books” it suggests that the public servants in both the Accountant General’s office or the Central Bank have plotted to hide the true nature of the national debt situation. Nothing could be further from the truth and since these public servants can’t set the record straight themselves I hope this note helps to dispel that much repeated myth.

While some leeway can be given to the present administration because of the increasing cost of government and the loss of some offshore business, it is mainly its profligate spending and its refusal to deal with the issue over the entire period of its administration that has created our present debt trap and caused the lack of confidence that currently pervades the Barbados economic scene.

The graph on “Data (2) says it all. A picture of continuing recklessness and/or incompetence. Take your pick. Is there any indication in the first four months of the current year that there is any change for the better? What in that picture prompts the Prime Minister to say, “Good Friday is over and Easter has dawned for Barbados”?

You can fool some of the people some of the time, but you can’t fool all the people all the time” and I will add “except those who wilfully ignore their common sense”. While the official opposition’s no confidence motion will fail in Parliament because of its numerical composition, if will succeed in the eyes of all who look objectively at the facts.

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47 Comments on “Confidence or NO CONFIDENCE”

  1. Violet C Beckles May 5, 2016 at 7:49 PM #

    Full of Bull, You keep taking land and you remove the money from the TAXES / VAT to pay for the land at your value , That money is then placed in Ministers accounts ,AND NOT paying the owners of the land, Your Land Fraud PONZI has ran its course , Where is the land for KILL HILL? Who you get that from , DLP still looking to unload the rest of the Beatrice Estate before leaving office, People need to wake up and stop playing word games.

    All the games you play the white man and this man knows your first hand crimes, More pain to come , More Down grades all the way to F for Fraud. We cant wait for Elections, Lets see Peter Harris pay for SB Party, more Fraud , CUP waiting on all of you, , Here comes more truth,

    Like

  2. Gabriel May 5, 2016 at 8:24 PM #

    This exposition supports my view that neither Grenville Phillips 2nd nor William Skinner know what they are talking about when they speak on the economy.Phillips accused PM Owen Arthur of running up a whole lot of debt and Skinner posits that the Governor of the Central Bank Dr Worrell is a genius and further that his former neighbours in Howells and Ivy think he is the best central banker ever in the short history of independent Barbados.Meanwhile Barbados has been stuck observing Good Friday since January ’08 and is eagerly looking forward to celebrating Easter post February 2018.No pensions should accrue to either Parliament of ’08 or ’13. and certain parliamentarians should be in orange jump suits for stealing.

    Like

  3. David May 5, 2016 at 10:26 PM #

    The rise in debt is more prodigious under the stewardship of the DLP post 2008, however, there was a creeping trend pre 2008 that was noticed by the international financial agencies. It was reckless of the DLP to have engaged in the spend habit it did. The government gambled on the global economy improving and it didn’t. The reality is that we have little fiscal space to operate and while many do not want to admit it, given our extremely high debt to gdp, Barbados is tittering on the brink of failed state status.

    Like

  4. Sunshine Sunny Shine May 6, 2016 at 12:00 AM #

    The DLP is absolutely shady with facts, appallingly secretive, and hopelessly inept.

    Like

  5. Redfactor101 May 6, 2016 at 2:27 AM #

    @David
    Are we ascribing conspiracy theories to these numb nuts when we really should be calling a spade a spade here.
    These guys are simply incompetent!!!! No if and or buts.

    Like

  6. David May 6, 2016 at 5:20 AM #

    Didn’t the Governor of the Central Bank Delisle promise to hold several TV/radio discussions to interact with the public after he discontinued press conferences post economic briefings? We have had two so far. We need a central bank who sees its role as wanting to inform the public.

    Like

  7. David May 6, 2016 at 5:31 AM #

    Point to reinforce Revenue exceeded Expenditure between 1994 and 2007 compared to 2008 to the present when we experienced the reverse.

    governmentexpenserevenue

    Like

  8. ac May 6, 2016 at 6:13 AM #

    Without significant correlation to spend the figures say little. Playing the numbers game to show proof means nothing {Proof also requires substantial evidence and variable facts as it relates to the purpose /s

    Like

  9. David May 6, 2016 at 6:21 AM #

    BU issues a plea for others to ignore the last comment.

    Like

  10. Bush Tea May 6, 2016 at 6:37 AM #

    @ David
    That this DLP lot are a bunch of buffoons is beyond question.

    However, what Arthur did was to hide expenditure under various schemes such as BOLTS and other off-book devices…..precisely to produce numbers such as those shown.
    Government has been doing financial shiite now ever since the days after Sandi…as has the people of Barbados generally…
    At least Arthur had a level of understanding of finances, and actually understands decimal points etc. Arthur himself expressed concerns about the fiscal situation back around 2005 or so …in a frank unscripted speech at one of the public/private consultations.
    These BLP vs DLP games have become passé. The problem is systemic, and both of the shiite parties fail miserably……

    Having said that, the DLP has been particularly dismal….. by any measure.

    Like

  11. David May 6, 2016 at 6:51 AM #

    @Bush Tea

    It is for the reason you have expressed bringing offline liability to book that should have informed a more astute fiscal and monetary policy by this government. In year the government continued business as usual, then it remained comatose during the period of Thompson’s sickness which led to death. There is a lot of blame to share as you say.

    Like

  12. de pedantic Dribbler May 6, 2016 at 7:09 AM #

    As alluded to by Bush Tea there is always a more complex story behind even the most overwhelming visual evidence.

    To be fair the offending comment has some minor merit as the excess expenditures dovetail unerringly with the initial pain of the US economic downturn and all the issues that it caused for Bdos.

    But that said the fact also is made by the original post that the spending became profligate and the large comparatives increases after 2008 and particularly in 2010, 11 and 13 does give credence to that and suggests a complete lost of fiscal prudence.

    Like

  13. Frustrated Businessman aka Republic my ass. May 6, 2016 at 7:22 AM #

    Redfactor101 May 6, 2016 at 2:27 AM #
    @David
    Are we ascribing conspiracy theories to these numb nuts when we really should be calling a spade a spade here.
    These guys are simply incompetent!!!! No if and or buts.

    Gospel.

    There will be no economic recovery under Fumble’s Fools.

    The spending has increased and we have nothing to show for it other than a fat, useless, corrupt gov’t and snivel service.

    Like

  14. Artaxerxes May 6, 2016 at 8:29 AM #

    If we were to examine one “category” of the debt incurred by the previous BLP administration, between 1997 and 2006 a total of 305 omnibuses were purchased for the Transport Board as follows:

    1997 – 40 Mercedes Benz CAIO ALPHA omnibuses;

    1997 – 20 HINO Road Runner mini buses;

    1998 – 40 Mercedes Benz OH Marcopolo Torino GV omnibuses;

    2000 – 51 Mercedes Benz OH Marcopolo Torino omnibuses;

    2000 – 45 Mercedes Benz OH Busscar Urbanuss omnibuses;

    2000 – 15 HINO Road Ranger mini buses;

    2004 – 25 Mercedes Benz OH Marcopolo Torino omnibuses;

    2004 – 4 Mercedes Benz Marcopolo mini buses

    2006 – 65 Mercedes Benz OH Marcopolo Torino omnibuses;

    Obviously, if omnibuses cost over $150,000, the then administration would have to incur a significant amount of debt to purchase 305 units.

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

    de pedantic Dribbler May 6, 2016 at 7:09 AM #

    I was tempted to respond to your comment, but………………..

    However, since you SEEM to be in agreement with the comment, perhaps you may care to explain how “expenditure could be hidden under various schemes such as BOLTS and other off-book devices.”

    Like

  15. balance May 6, 2016 at 8:56 AM #

    “de pedantic Dribbler May 6, 2016 at 7:09 AM #

    I was tempted to respond to your comment, but………………..

    However, since you SEEM to be in agreement with the comment, perhaps you may care to explain how “expenditure could be hidden under various schemes such as BOLTS and other off-book devices.”

    Very good question Arta to continuing dribble and may I add who or which agency 0og Government is responsible for hiding these expenditures under various schemes

    Like

  16. ac May 6, 2016 at 9:13 AM #

    The fact being that drafts and numbers can be misleading unless accompanied by actuality
    If joe brown is in debt to the tune of two thousand dollars and in the meanwhile his house roof is leaking. reality takes precendent in that joe browne having no other means of income might have to seek a necessary way of funding to fix his roof which in all possibility would incurred further debt
    However does it mean that the further incurring of debt was wrong or would it be better for the man to let the roof leak incurring further debt caused by additional damage
    The fact is that drafts and numbers does not give a true picture but can be well used to give a self interst version of truth

    Like

  17. Artaxerxes May 6, 2016 at 9:54 AM #

    ac May 6, 2016 at 9:13 AM #

    “The fact is that drafts and numbers does not give a true picture but can be well used to give a self interest version of truth…”

    Surely you MUST AGREE that your above comments are NOT CONFINED to any statistical analysis which you may DEEM as being “anti DLP,” but are ALSO APPLICABLE to any “drafts or numbers” in reports produced by the ministry of finance and the Central Bank of Barbados.

    Essentially, by your comments, you have not only questioned the authenticity of the statistics presented in this article, and the integrity of those individuals who compiled the information, you have also brought the authenticity of the economic reports produced by the Ministry of Finance and the CBB, as well as the integrity of Sinckler and Dr. Worrell into question, since statistics in these reports could be manipulated and “be well used to give a self interest version of truth” in favour of this DLP administration.

    As such, (and again based on your comments) justification could be found in the actions of those individuals, special interest groups or the international financial and rating agencies who may render a different perspective on these reports.

    To suggest otherwise will be “sanctimonious hypocrisy.”

    Like

  18. Hants May 6, 2016 at 10:31 AM #

    Constant and relentless brassbowlery!!!!!!!!!

    “The waste not only caught fire but it has been burning since then and fire officers have been unable to extinguish it.”

    http://www.nationnews.com/nationnews/news/80919/matters-maria-quarry-residents-uneasy#sthash.Wm6a7Vzb.dpuf

    Like

  19. Due Diligence May 6, 2016 at 11:06 AM #

    Here is a suggestion to reduce the expense/revenue gap.

    The PM (and Ministers) could dispense with the boutonnières he wears on his lapel at every dog and pony show he attends.

    Probably in the thousands annually

    Like

  20. ac May 6, 2016 at 11:30 AM #

    My comments are not meant to engage a perspective base solely on drafts but to pursue the broader factors that comprise many areas relative to where how and what are the causes that incurred further spending and whether or not it was a viable necessity to prevent social and economic collapse.or may have been an unwise choice of preference by govt who could or should have pursue other avenues

    Like

  21. Artaxerxes May 6, 2016 at 11:53 AM #

    Don’t move the goal post… your comments are clear.

    Like

  22. de pedantic Dribbler May 6, 2016 at 12:51 PM #

    @Artax, if you are responding to ‘MY’ comments as written then you certainly can’t be asking me to parse Bush Tea’s remarks.

    I agreed completely – as I stated – with the context of his remarks viz that stats or data by themselves will not paint the true complexity of any matter.

    I am not privy to the example he gave and it is not pertinent to my agreement with the overall thrust of his comments.

    I am sure yo have heard the phrase: “Lies, damned lies, and statistics”.

    I made no case for the data provided but simply highlighted that data independent of facts are like that beautiful Mary of whom the Merry Men sang so sweetly …you are a young man but I am sure you know the calypso ‘After de ball was over’..

    Stats, like Mary can look real pretty, until one takes out de glass eye, unscrew the wooden leg and put the false teete in water…

    You get the point. LOLL

    Like

  23. David May 6, 2016 at 2:23 PM #

    It is a pity many of us are yet to grasp the value leadership adds to energizing a people, even in difficult situations a question, are we really an educated people?

    Like

  24. Bush Tea May 6, 2016 at 2:28 PM #

    @ de Dribbler
    You done know that Artax and balance would know better that to ask Bushie that foolish question…. cause they would end up with an earful …

    The article said “The Arthur administration in every year spent less than it took in in revenue, leaving a surplus, (totalling $2.4 million), which went to assist with capital expenditure.”

    …but look at the ‘Gross National Debt’ chart right under that statement ..and you will see a continuous increase… what surplus what?

    Like

  25. Amused May 6, 2016 at 5:01 PM #

    @Bushie. Agree 100%.

    I was staggered by the statement, “When this recession hit Barbados, and (with it) the challenges in the financial sector, Barbados lost a tremendous amount of international business, and investment too…” He is trying to make it sound as if the mess we are in was the fault of the recession. Apparently, he is in denial about the fact that the loss of international business can be placed almost entirely at the feet of the justice system, or rather the lack of a justice system, in Barbados. Other countries in the same position as Barbados have not “lost a tremendous amount of international business, and investment too.” But they have functional justice systems. And let there be no mistake at all, the rot started with Simmons (BLP) and the change from the Privy Council to the CCJ, in which international business and investment has no confidence and, I regret to say, with cause. The fact that there appears to have been no viable attempt made to arrest and reverse the root cause, however, lies squarely at the feet of the present incumbents. So instead of the Government making lame-ass excuses, what the f**k are they going to do about it.

    Like

  26. Enuff May 6, 2016 at 6:36 PM #

    But Bushie what is a surplus?

    Like

  27. are-we-there-yet May 6, 2016 at 6:42 PM #

    Bushtea;

    As I read it there seems to have been a mistake in the commentary.

    The article says:-

    The Arthur administration in every year spent less than it took in in revenue, leaving a surplus, (totalling $2.4 million), which went to assist with capital expenditure.

    What, I think, would have been more accurate commentary (based on the “summary of government operations” graph above) was:-

    Current expenditure by the Arthur administration in every year was less than current revenue resulting in total surplusses of $2.4 BILLION. These surplusses were used to assist with Capital expenditure. The surpluses over those years assisted in reducing the Capital expenditures which are shown on the graph.

    There were NO surpluses from 2008 on to assist in reducing the capital expenditures in those years.

    Therein lies the main difference in the two administrations as suggested by the graph.

    Like

  28. Hants May 6, 2016 at 10:39 PM #

    Real leadership in big England. Little England ???

    http://www.barbadostoday.bb/2016/05/06/england-muslim-mayor/

    Like

  29. Sunshine Sunny Shine May 7, 2016 at 1:58 AM #

    AC-the intelligent one I hope

    Having severe difficulty understanding your trail of thought. It just sounds like a mounted defense to excuse the failures of an administration that have sought to pass blames too everyone and everything else but themselves. What is even more disturbing about your comment is the way how you are downplaying the presented stats as not a true reflection of what those numbers are really representing. Even if you did not have the stats you can certainly see their not so popular decisions and the facts surrounding their increase taxes that most are yet to understand fully how they are being used.

    Like

  30. Well Well & Consequences May 7, 2016 at 7:11 AM #

    http://www.barbadostoday.bb/2016/05/07/wrong-sir/

    SSS…it’s a religion, these political scum have been selling out the people to the minorities from in the 30s, decades before political independence. That’s a very long time to be traitors, post slavery.

    I have always heard that Clement Payne was born in Barbsdos to Bajan parents and raised in Trinidad….he was deported at the direction of the minority planter class, by black politicians.

    Why would the electorate ever trust politicians.

    Like

  31. Alvin Cummins May 7, 2016 at 8:28 AM #

    Well Well,
    Grantley was Clement Payne’s lawyer when he was deported. At first Grantley refused to defend him because he did not have enough money to pay Grantley. Nuff said about that.

    Cost of the busses bought before 2008, $45 million dollars. 2. Capital expenditure dropped steadily since 2008, so govt expenditure had to have been spent on debt servicing, wages and spending on social services.
    3. Revenue between 2008 and now (2015,) has been higher than revenue between 2004, only exceeded in 2006 &2007 . In all other years (between 2000 and 2015) revenue generated by the DLP has bee higher than that generated by the BLP, but the debt incurred by the BLP has been higher, thus the need for increased debt servicing.
    Profligate spending? On what? the revenue generated by the DLP has been above that generated by the BLP.and capital spending has been curtailed. Compare it with Capital Expenditure pre 2008.
    SBRC is wholly and solely aa creature of the BLP, from beginning to end. IONICS Freshwater, is wholly and solely a creature of the BLP.

    Like

  32. Frustrated Businessman aka Republic my ass. May 7, 2016 at 10:01 AM #

    Alvin Cummins May 7, 2016 at 8:28 AM #

    SBRC is wholly and solely a creature of the BLP, from beginning to end. IONICS Freshwater, is wholly and solely a creature of the BLP.

    And the prison, and the dump, and Kensington, and pieces of highway, and 6-roads re-development, and airport expansion, and port expansion etc. etc.

    My point earlier stands. DLP are spending more and creating nothing but failed housing projects at Coverly, Grotto etc.

    WE HAVE NOTHING TO SHOW FOR THE INCREASED TAXATION AND SPENDING.

    Meanwhile the real economic driver in Bim, small and medium business, is facilitated less. Only the bribe-payers get their permits, approvals, passes and sweetdeals. The rest of us will therefore turtle (pull in assets and efforts) until they are gone. Foreign investors know this and they are gone too.

    There will be no economic recovery under Fumble’s Fools.

    Like

  33. Well Well & Consequences May 7, 2016 at 10:03 AM #

    Alvin…you do know that very little to nothing you say is credible right, you have spread enough lies and misinformation on BU to be labeled not believable…or do you not know that.

    I am going with what I been hearing from credible people for decades.

    Like

  34. Well Well & Consequences May 7, 2016 at 10:05 AM #

    And if Ionics is a creature of BLP, why is DLP renewing a multimillion scam contract with them to rob the taxpayers…..as I said, you are not credible Alvin.

    Like

  35. Alvin Cummins May 7, 2016 at 10:51 AM #

    Frustrated Businessman; You know and I know that Coverley is NOT a Government housing project. It is a Private Sector Project, facilitated by Government through the granting of land lease to the Private company. Why do you deliberately lie? By the way, the bribe payers are as guilty of malfeasance as the bribe takers. How far down the line are these bribes paid? Why do you keep maligning the Civil Servants, for these are the ones who do the work; write the recommendations, advise, and forward approvals.

    Well Well,
    My above contribution is based on the figures provided by your economist Mr. Straughn, etc. I have just put forward the alternative conclusions. I have not added or subtracted. Tell me where. specifically. I am wrong. According to the graph on revenue earned, the visuals are there for all to see. As far as capital expenditure the graph clearly shows the decrease in capital expenditure. Where am I wrong? Stop with you apparent confusion, just for the sake of trying to put me down.Can’t be done, whether or not you try to say I am not credible.Show me where I am wrong in attributing the granting of the contract to ASBRC t5o the BLP. Likewise with Ionics Freshwater. Is there any connection with Ionics Freshwater and Ionics in the U.S.? You also say that the DLP renewed a “scam contract” with Ionics. Are you therefore saying that this was a scam contract from the beginning? Are you therefore saying that for all these years the BLP condoned this type of behaviour? How many other scam contracts came into being and were condoned for the fourteen years the BLP ran the government; without any opposition. (opposition numbers for the first many years of that administration were two and seven. Talk to me, let us duke it out. I ready.

    Like

  36. Alvin Cummins May 7, 2016 at 11:03 AM #

    Frustrated…
    You say:,,,Only the bribe-payers get their permits, approvals, passes and sweetdeals. The rest of us will therefore turtle (pull in assets and efforts) until they are gone. Foreign investors know this and they are gone too.”
    Are you saying that the “bribe payers are all local and not foreign investors? Are you saying; and expect people to believe, that only foreign investors who are not prepared to pay bribes are deliberately keeping their money, for investment; (what kind) outside of Barbados, just waiting for a change of government D to B: dishonest to honest, so that they can return to invest? What a bunch of bull shit you are spewing. What would they be doing for the next two years, the time the government has to run before it calls an election, and what would they do if the DLP wins again. Based on current evidence what percentage turn around will take place, since it would require a greater than 4% turnaround to change the government, and that percent of dissatisfaction is not evident; even from the last poll which showed a very high percentage of undecideds, and especially since the economy is growing.

    Like

  37. Well Well & Consequences May 7, 2016 at 11:30 AM #

    http://ow.ly/aePP3000EYP

    If you open this link and scroll right to the bottom, you will find that some jackass is posting youtube videos and lying about ordinary people making millions in Barbados and the secrets to making millions in Barbados and on and on.

    Is that you and the politicians doing that Alvin….or your lying masters Cow, Bizzy et al,

    Like

  38. Frustrated Businessman aka Republic my ass. May 7, 2016 at 11:44 AM #

    Alvin,

    The Coverly deal includes a clause that gov’t will buy unsold houses. They also don’t get paid for land until a property sells. Check your facts before you malign mine. The DLP gov’t is a Coverly partner, not a private sector facilitator.

    Foreign investment will do exactly what it did in 2013 if the DLP wins again, stay away.

    Butch got the sweetest deal of all, yet Casaurina can’t make money unless more rooms are added and all the DLP promises of facilitation have evaporated. If Butch could get out he would too but he’s stuck like the rest of us.

    You really have no idea what goes on in the business world, best to stick with your parasitical political bullshit.

    Like

  39. Well Well & Consequences May 7, 2016 at 11:59 AM #

    Alvin….I was generalizing, you are always wrong about everything that makes sense to the majority, but makes no sense to you.

    Like

  40. Artax May 8, 2016 at 12:13 AM #

    Alvin Cummins May 7, 2016 at 8:28 AM #

    “In all other years (between 2000 and 2015) revenue generated by the DLP has bee higher than that generated by the BLP, but the debt incurred by the BLP has been higher, thus the need for increased debt servicing.
    Profligate spending? On what? the revenue generated by the DLP has been above that generated by the BLP.and capital spending has been curtailed. Compare it with Capital Expenditure pre 2008. SBRC is wholly and solely a creature of the BLP, from beginning to end. IONICS Freshwater, is wholly and solely a creature of the BLP.”

    @ Mr. Cummins

    Based on the above comments, you are an idiot.

    If the BLP was VOTED OUT OF OFFICE in January 2008, how can you write that: “In all other years (between 2000 and 2015) revenue generated by the DLP has been higher than that generated by the BLP, but the debt incurred by the BLP has been higher, thus the need for increased debt servicing?”

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

    Bush Tea May 6, 2016 at 2:28 PM #

    “@ de Dribbler: You done know that Artax and balance would know better that to ask Bushie that foolish question…. cause they would end up with an earful …”

    @ Bush Tea

    “End up with an earful,” shiite!!! Because you are the BU bully????

    You have not explained how “expenditure could be hidden under various schemes such as BOLTS and other off-book devices.”

    Rubbish!!!!

    Like

  41. Prodigal Son May 8, 2016 at 2:57 PM #

    Where is the report from the Central Bank on the first quarter?

    Like

  42. millertheanunnaki May 8, 2016 at 3:42 PM #

    @ Prodigal Son May 8, 2016 at 2:57 PM

    Nice to see you back on BU, Prodigal!
    Only this morning I was thinking about you.

    Lord Fumble the dark destroyer of Barbados has likened himself, and by extension his kingdom Barbados. unto the crucified Jesus. Suffered on Good Friday but has risen on Easter to bring a cornucopia of goodies for Bajans in the next budget.
    If there is one person that deserves such an analogy it would have to be you given the amount of vilification and slanderous attacks you had to put up with on BU.

    Everything you have said about this fumbling forlorn totally incompetent and lying administration has indeed come to past.
    Not even the Governor of the Central Bank has any more tricks up his sleeve.
    The dog is dead with this administration!

    Like

  43. David May 8, 2016 at 7:27 PM #

    Didn’t the head of the bankers association refer to thee fact the Governor has been traveling a lot lately?

    Like

  44. Prodigal Son May 9, 2016 at 11:36 AM #

    Hi Miller,

    Thanks for remembering me.

    I am on BU everyday but just reading. I am tired of saying the same thing and nothing is happening. These morons have worn me out!

    Like

  45. David May 10, 2016 at 2:56 PM #

    It appears the LOTO reads BU. Her revelation on the debt carry by successive governments is addressed in this submission.

    Like

  46. Alvin Cummins May 12, 2016 at 8:21 AM #

    @Artax,
    My statement “…In all other years (between 2000 and 2015) revenue generated by the DLP has been higher than that generated by the BLP, but the debt incurred by the BLP has been higher, thus the need for increased debt servicing?”
    It should be obvious to you that the revenue generated by the DLP would have had to refer to the period 2008 onward, Don’t try to br so picky just to try to show that I am incorrect.The facts are there. Don’t try to con the people, as you and your leader are constantly trying to do….like…is it a raise (increase) or a restoration?Be specific.

    Like

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