Dr. George Brathwaite

The George Brathwaite Column – Budget Falls Short but High on Politics

Chris Sinckler, Minister of Finance

Chris Sinckler, Minister of Finance

The official debates on the 2016 Financial Statement and Budgetary Proposals are now over. The implications arising from Minister Chris Sinckler’s pronouncements in Parliament will continue to attract discussions across Barbados, and for several vexing reasons.

Emergent from the budget and perhaps achieving consensus is that Barbados’ troubled economic situation will continue into the foreseeable future, more arguably, with no end in sight. In addition, more Barbadians, although willing to sacrifice in the national interest will realistically see themselves as being pushed further and further away from the meat of economic empowerment and social enfranchisement. These claims are instructive and go to show that the wounds of austerity and attrition are still very much in the air.

From a development perspective, people-oriented progress will continue to lag behind the political rhetoric which, of necessity, will become more sharpened as the promises of multi-million projects fade in the dust of turned soil. The implementation of poorly thought-out policies and projects that are born in secrecy, have failed to reduce the incidence of poverty in Barbados, and many have already concluded that the nation remains at the doorstep of the International Monetary Fund (IMF), or devaluation.

In fairness though, it looks as though the Finance Minister clearly had his attention on ‘fiscal constraint, foreign reserves management, and debt consolidation’ so as not to ruffle the multilaterals who are eagerly scrutinising what occurs in Barbados. Barbadians should recall that it was the IMF in its May 2016 Article IV Consultation Report stating that: “The economy faces serious challenges. … Barbados remains highly vulnerable and may not realise its potential without deep-seated reforms to align revenues and expenditures, and reduce debt.”

Still very perplexing is that after having had a dozen or so downgrades between 2009 and 2015, and having made several adjustments to its recovery programme inclusive of increasing taxes year after year, the fiscal situation has not improved for Barbados. This 2016 budget has made it less easy for the Prime Minister, the Governor of the Central Bank, and the Finance Minister to dismiss Standard & Poors and Moody’s. The government’s commitment to fiscal consolidation, although urgently demanded, has been sluggish at best. Barbados’ still-high fiscal deficit and rising debt burden without having achieved any significant economic growth for almost a decade seemed too slithered aside from any frontal assault to be conducted by the Finance Minister.

While it was unnecessary for Prime Minister Stuart to remind Barbadians that “every Minister of Finance has to have regard to the exchange rate policy tool that he has at his disposal,” it was instructive that Dr. David Estwick was able to voice his concerns over the teasing slowness of Government to make the transition and implementations necessary for a real turn around in the Barbados economy.

Estwick was adamant that Barbados should “move at a faster rate toward refinancing and debt restructuring because … the magnitude of the deficit and sustainability in regards to debt services cannot effectively be executed.” Of course, when one adds the importance of attracting local and international investments, then it is easy to understand the significance of certainty and confidence as aimed at hallmarks for the government.

It is therefore pitiful that Minister Sinckler and the Prime Minister could speak with verbose frivolity on the shortcoming of the local private sector but they have not seen it fit to be explicit on the sector’s growth and expansion. Without explicitly stating anything on domestic capital formation which, in economic literature is seen to be a “sequential and cumulative process that flourishes in an environment of macro-economic and political stability,” the Finance Minister left the impression that Barbados’ private sector is so fundamentally flawed, that achieving efficiency through privatisation or divestments would become a national absurdity.

At a more personal level, the cost of living in Barbados will rise due to the National Social Responsibility Levy – another tax by name and frame and intent. This tax may be of value but it comes at a time when the taxpayers have carried more than their fair share of the national burden. This underperforming government that is being led by a procrastinating Prime Minister, with a stagnant economy being kept down by the Sinckler-Worrel syndrome are unable to lift Barbados from the economic doldrums.

This tax on imports is being put on the backs of Barbadians trying their best to stand straight, when in our midst there are discourses of a crooked line emerging which tend to always portray one or two powerful interests and familiar Ministerial faces. Regardless of the facts, the perception becomes the reality, especially when bad situations are being repeated time and time again.

There are certain elements in the private sector that get to benefit disproportionately from those struggling in the wider society. The gap between the wealthy and the poor (with ethnocentric overtones) becomes wider as more middle-income Barbadians fall to the bottom of the socio-economic ladder. The 2016 budgetary proposals although attractive in some quarters, will produce a divided and inegalitarian society. The fallout will be compounded by a growing informal sector in which the ‘black market’ will throw up its own can of worms.

The concerns being raised in this article are grave without being alarmist. Minister Sinckler quite interestingly and correctly stated that through the budgetary proposals, the Government holds the responsibility “to develop policies and craft strategies, both economic and social, to assist with the orderly, holistic and expansive development” for Barbados.

Please, someone, anyone, do help Minister Sinckler to repair his credibility and to follow the intent of his message. As a final concern, do you really believe that the Finance Minister has “the interest of the masses of people of Barbados” on centre stage when there are no new provisions set for actually creating jobs? Maybe someone will point to his gift to public servants. These workers have not received a pay raise in nearly 10 years but they have been paying a whole set of new taxes, while many remained temporary in spite of the legislation in place for their appointments. This writer remains unconvinced that “the collective good and … overall best interest of the country” are central concerns of this Minister of Finance or Prime Minister Freundel Stuart’s Democratic Labour Party.

(Dr. George C. Brathwaite is a researcher and political consultant, and up until recently, he was editor of Caribbean Times (Antigua). Email: brathwaitegc@gmail.com )

Tags:

39 Comments on “The George Brathwaite Column – Budget Falls Short but High on Politics”

  1. Frustrated Businessman aka 'Nation of Laws' my ass. August 23, 2016 at 8:49 AM #

    “the Finance Minister left the impression that Barbados’ private sector is so fundamentally flawed, that achieving efficiency through privatisation or divestments would become a national absurdity.”

    And this sentence hints at the crux of the problem.

    No private sector entity is going to buy a statutory corporation at book value. That means that regardless of whatever they sell for, the difference between purchase price and book value will reflect as massive gov’t losses, despite the obvious cash outflow savings.

    Further, no purchaser would take on any statutory corporation with the employee severance burden. That means the entity would have to be shut down, with massive severance payments due to workers by gov’t, for the purchaser to take over assets and liabilities only.

    In light of the above, it is better for the Barbados private sector if the gov’t goes broke, statutory corporations dissolve in the absence of subventions and the private sector fill the gaps created with less employees, less assets committed and greater efficiency.

    Which brings us right back to where most of the statutory corporations started: as ’employers of last resort’ for an over-populated, under productive workforce.

    The entire system of civil services and statutory corporations was built on a foundation of mud.

    And we already have had a test. UCAL was formed by severed (paid out) workers from a useless statutory corporation entity (Transport Board workshop) with a guaranteed contract to continue to repair the busses that they couldn’t keep running when they were employed by the BTB. At one point in the early 90s there was one mechanic employed by the BTB for each bus in operation. Utter failure.

    There will be no economic recovery of Barbados until people in charge stop kicking this fundamental absurdity down the road.

    Like

  2. abajanhowe August 23, 2016 at 9:11 AM #

    You left out that the Minister of Transport brought in ‘experts’ from Trinidad to repair the buses at Mangrove, and TransTech does most of the ordering of parts for the Ministry and does some repairs for the same Ministry.

    Like

  3. Vincent Haynes August 23, 2016 at 9:11 AM #

    Prior to independence our main export regionally and internationally was our people based on the above it would suggest that we need to return to that money earner as we seem to be stuck with the failed tourism model for our development with no intention of diverseifying.

    Like

  4. Bernard Codrington. August 23, 2016 at 10:28 AM #

    @Vincent

    What failed tourism model? Tourism is one of the many sectors of the Barbados economy. The other sectors such as agriculture and manufacturing etc need similar adjustments. There was never any intention to replace a one crop economy with a one service economy. We were aiming at a diversified economy That is, not putting all our eggs in one basket. But tourism is not the problem. It is the failure to manage the economy effectively ,taking into consideration the international environment in which we live. The weakest point in this is economy is financial management in the Public and Private sectors.

    Liked by 1 person

  5. Bernard Codrington. August 23, 2016 at 10:43 AM #

    It is an absurdity to think that extending duty free purchasing to the wider population will increase foreign exchange inflows. It is also a fallacy that giving an expenditure tax a new name will increase public sector revenues and stop the fall in foreign exchange reserves. These two measures alone will at the most encourage expenditure switching by the lower income groups. But no net increase.

    Like

  6. Vincent Haynes August 23, 2016 at 10:45 AM #

    Bernard Codrington. August 23, 2016 at 10:28 AM #

    We were aiming at a diversified economy…..

    It is the failure to manage the economy effectively ,taking into consideration the international environment in which we live……
    ……………………………………………………………………………………

    Your above is a serious indictment by itself……..despite realising the need to diversify you have decided to up the anti on the one trick pony called tourism.

    Like

  7. David August 23, 2016 at 11:03 AM #

    We need to answer the question why are/have Barbadians been hoarding US dollars.

    >

    Like

  8. Vincent Haynes August 23, 2016 at 11:18 AM #

    David August 23, 2016 at 11:03 AM #

    Could be one of two answers….no faith in the barbados dollar or with expectations to spend it at the new duty free malls.

    Like

  9. David August 23, 2016 at 11:25 AM #

    @Vincent

    It appears to be a desperate move. What the DLP government does not factor is there must be confidence in the market.

    Like

  10. Hal Austin August 23, 2016 at 12:45 PM #

    All the talk about the local business sector, there appears to be very little knowledge of the funding small businesses need.
    At a time like this, we must move away from the foreign-owned banks and develop a domestic capital market – from a credit union and post office bank, to a sophisticated financial intermediation sector.
    We need to incentivise venture capital investors and even return to an advanced form of ‘meetings’ and sou-sous.
    Jobs, especially for the all-important 16-25 yr olds, is the most important social issue facing the government. I f these young people grow up with no social investment in society, then we have trouble ahead.
    And for the idiots who think a Defence Force or police with assault rifles will be able to contain rampaging youths, then they need their heads examining.
    This is the reality, not the fantasy talk of working with so-called gangs. Anyone who has ever worked with gangs know a few boys – and they are usually boys – playing around at being hard men is silly.

    Like

  11. Heather August 23, 2016 at 2:19 PM #

    @ Hal Austin, I think that it is an excellent suggestion to create a 21 Century Meeting Turn to cater to the needs of Barbadians were the International Banks have failed and the Credit Unions have shortcomings. It can be the starting place for business development for the Youth who have been forgotten by the goverment. It has to be set up properly though.

    Like

  12. Violet C Beckles August 23, 2016 at 2:44 PM #

    George Brathwaite @

                                      We have been telling you all, it may sound better coming from other than Me or We, We dont have to wait for the ex CJ crook Simmons to say and still do nothing , 
    

    I hope you look to factor the Massive Land Fraud in to your numbers and thinking , Even if you were to do a ” WHAT IF” , THERE is so much fraud in Barbados that the

    “GLOBAL FINANCIAL RESET” Will hit them hard ,As a TRUE AUDIT will be done on Nations of the world . BARBADOS is on its way down , down ,down,

    The “WDS” ” White Dragon Society ” Do your home “work” and not none from Barbados

    Like

  13. Well Well & Consequences August 23, 2016 at 3:09 PM #

    Any progressive ideas or suggestions made on the blog to get the island’s economy on track, are met with opposition by political pimps and yardfowls, they are destructive and continue to want to see the island failing….but be very careful what ya wish for….cause you usually get it….and then cant handle it.

    Just take a good look and see where buying votes in the 2013 elections have landed yall…ya stooped to that level and have not been able to handle the fallout since 2013….sleep on that.

    Like

  14. Well Well & Consequences August 23, 2016 at 5:14 PM #

    And so are you.

    Like

  15. Artaxerxes August 23, 2016 at 5:16 PM #

    It is very interesting Dr. Brathwaite mentioned Dr. Davis Estwick in his article.

    In her reply to the budget, Mottley read various excerpts from micro/macro-economic policies previously proposed by Estwick, but REJECTED by the DLP. This is the same Estwick who has CONSTANTLY criticized his party’s policies as being RESPONSIBLE for the DIRE STATE of the Barbados economy, while stating his priority first and foremost is the interest of Barbadians.

    However, when the times comes in parliament for Estwick to stand up for his beliefs and represent Barbadians, he TOWS the PARTY LINE and VOTE IN FAVOUR of the SAME POLICIES he will SUBSEQUENTLY CRITICIZE during one of his tirades.

    Dr. David Estwick is a HYPOCRITE and his actions are indicative of an individual whose LOYALTY is to the DLP, and NOT in the interest of Barbadians.

    Like

  16. Prodigal Son August 23, 2016 at 5:52 PM #

    Amen, Artax!

    Like

  17. Violet C Beckles August 23, 2016 at 7:35 PM #

    Heather August 23, 2016 at 2:19 PM #

    @ Hal Austin, I think that it is an excellent suggestion to create a 21 Century Meeting Turn to cater to the needs of Barbadians were the International Banks have failed and the Credit Unions have shortcomings. It can be the starting place for business development for the Youth who have been forgotten by the goverment. It has to be set up properly though.@@@

    Please think you are not to use America thinking where is there no rule of law , Banks not coming to a nation of crooks, You need to feel how deep this is, Credit Unions are also invested in Fraud of the land of the Estate of Violet Beckles, Some have over a 1 Billion Dollars in land and building that they have fixed up to make money, They are 2nd to the other Banking investors in Barbados, They all will ride that horse to the end , The EVENT is coming we hope to know and see in 6 months,
    Government is buying time and later they will all pay for it ,No investments in Barbados , We will see NEWS flashes of building for all have to be internal for DBLP elections votes , none of the work will last long , Most will start right before election and most will end right after ,

    Like

  18. chad99999 August 23, 2016 at 11:27 PM #

    This column is a disgrace. All polemic. No substance.
    Criticism of the government should be sober, factual and honest. If you attack their budget proposals, you should be clear about what the opposing party would do differently, and why that would be better for the country. Instead, this guy comes across as a clueless propagandist.
    Where did he buy his PhD?

    Liked by 1 person

  19. Sargeant August 24, 2016 at 1:02 AM #

    @Vincent Hayes
    Prior to independence our main export regionally and internationally was our people based on the above it would suggest that we need to return to that money earner as we seem to be stuck with the failed tourism model for our development with no intention of diverseifying
    +++++++++++
    How? That ship has long sailed there is no longer a post war Britain that needs workers for its factories, health workers for hospitals, personnel for its public transport or soldiers for its army. Immigration to Canada is difficult and is a hot button issue in the USA. “Brown” people are preferred for the service industry and the Philippines and India have a lock on those professions.

    What are we producing? Who needs more lawyers? Our Educational system is not geared to 21st century realities and we may find ourselves like the proverbial frog in a pot of cold water which is slowly being brought to a boil and is unable to perceive the danger until it’s too late.

    Like

  20. Exclaimer August 24, 2016 at 3:24 AM #

    Barbados: moving towards elections – Stabroek News
    Staff Writer

    A call by Barbados Prime Minister Freundel Stuart to his Democratic Labour Party supporters not to “jump ship”, and advice to voters to rally once again in the party’s support, suggest that he is beginning to feel confident that the difficult days of economic reform for Barbados are coming to an end, and that his party can begin the task of pulling back those alienated by the harsh economic policies which his government, on the advice of the international financial institutions, has felt it necessary to pursue since the last elections of February 2013.

    Prior to those elections, the economy of the country had been experiencing negative growth in a context of persistent stagnation, during which period the government felt itself to have little recourse but to go through the phases of an IMF-type programme, while resisting any temptation to devalue the country’s currency.

    And clearly, now, Mr Stuart must feel that with the threat of devaluation, a matter deemed by both his party and the opposition Barbados Labour Party to be unacceptable, apparently out of the way, and the major initiatives towards economic reform taken, he can appeal to his party’s supporters to accept that an objectively reasonable basis for economic recovery has been established.

    Yet neither the government nor the opposition, during the present term of office, have been able to ignore the severity of the economic situation, and the need for strong measures to remedy it, and it will probably be difficult for the Barbados Labour Party to convince the electorate that feasible alternatives to those undertaken were possible.

    The Central Bank reported that in 2013-14, the fiscal deficit for that period was 11.3%, compared to 8% the previous year, and the debt to GDP ratio 70.2%, more than double what it had been five years previously. And in 2014, the unemployment rate had reached almost 12%, compared to the rate of 8% five years previously.

    As reparatory measures have been taken, a substantial portion of the popular umbrage taken towards them appears to have fallen not simply on the government, but on the Central Bank and its Governor, Dr DeLisle Worrell. The Governor, an individual well-recognised in academic, international financial institutions and government circles, has insisted on the necessity for the measures, essentially those recommended by the International Monetary Fund, and he has continued to advance the view that they have been the only course of action possible. The consequence has been that the Central Bank has been exposed to a degree of criticism not generally experienced in Barbados.

    The last general elections gave the DLP 16 of the 30 parliamentary seats, with the DLP obtaining 51% of the votes of the electorate to the Barbados Labour Party’s (BLP) 48%. So an assumption on the part of the BLP would be that the electorate is now tired of austerity, including a decline in employment, and would wish to have recourse to a better situation.

    Yet, there would appear to be a general consensus that the measures taken by the government have been necessary, in the context of an apparently widely held view by the electorate that a devaluation of the currency was to be avoided at all costs.

    While the DLP has been careful to follow this popular prescription (seemingly accepted by the BLP opposition) of maintenance of the value of the currency, feeling that it will redound to its credit, that must be weighed against some sentiment among the population that the time has come for measures aimed at a resumption of economic growth. And it would appear that the electorate will be concerned to see whether the measures taken in that direction will have the desired effect, at least by the time that the general elections come due in early 2018.

    In 2014, the Central Bank indicated that over this period of harsh current economic and financial policy, the country should receive substantial investment “in tourism and infrastructure and other financial flows”, but there has been a certain degree of scepticism about this prescription. Yet there are indications that an interest in tourism investment by, in particular, the Sandals group lends some credence to it.

    While there appears to have been a certain scepticism rising within the population about the imminence of the recovery, there also seems to be much doubt in the minds of the BLP opposition that any recovery can be substantial enough by the time the next elections are called, to satisfy the electorate.

    Yet, the party, led by Ms Mia Mottley who succeeded Owen Arthur, generally recognized as having had a relatively successful tenure of office in economic terms, appears not to have made up its mind as to the extent of the likely impact (positive or negative) of the measures taken by the government on the basis of IMF recommendations, including the maintenance of the value of the currency, and whether they will have sufficed to meet the approval of the electorate.

    On the other hand, however, the BLP, at a crucial time for concretising its opposition to the government, seems to have had some difficulty in consolidating its own ranks completely behind Ms Mottley. The display of a negative relationship between Mr Arthur and the BLP leadership appears to restrict the party’s efforts at full-blown resistance to the DLP, though there does not seem to have been any public estimation of the cost of the split, even though Ms Mottley appears to have the substantial support of the party.

    So the state of political relationships within the BLP would appear to be likely to have an impact on the minds of the voters, even though they may not be completely satisfied with the results of the DLP’s policies. And there are increasing signs that Minister of Finance Chris Sinckler will be playing a substantial role in the conduct of the general elections, his own reputation being obviously at stake, underpinning the appearances of the relatively dour Prime Minister Freundel Stuart.

    Like

  21. Vincent Haynes August 24, 2016 at 3:46 AM #

    Sargeant August 24, 2016 at 1:02 AM #

    Chuckle……well Sarge looks like our yardfowl is well and truly cooked if we cannot even resort to that…..wuhloss.

    Like

  22. George C. Brathwaite August 24, 2016 at 5:27 AM #

    @chad99999
    You wrote:”This column is a disgrace. All polemic. No substance.
    Criticism of the government should be sober, factual and honest. If you attack their budget proposals, you should be clear about what the opposing party would do differently, and why that would be better for the country. Instead, this guy comes across as a clueless propagandist.
    Where did he buy his PhD?”

    Sorry to have disappointed you, and a polemic disgrace was never my intent. As far as I recall, alternative approaches have never been in short suplly from the Opposition, the private sector, economists, and others. The PM in addition to the Finance Minister have repeatedly stated that they are not prone to take advice from those critical of their approaches. In terms of me buying my PhD, when you find out please tell all and sundry. As they say, once the message appears disquieting, it becomes so much easier to knock the messenger. Good luck sir or mam.

    Like

  23. Violet C Beckles August 24, 2016 at 6:57 AM #

    Vincent Haynes August 23, 2016 at 10:45 AM #

    Bernard Codrington. August 23, 2016 at 10:28 AM #

    We were aiming at a diversified economy…..

    It is the failure to manage the economy effectively ,taking into consideration the international environment in which we live……@@@

    You have fail to understand that we live in FRAUD , not can be built on FRAUD, Barbados is built on FRAUD , Barbados entire ECONOMY is built on coverup and more fraud, This is why nothing works, As the tourist gets robbed by lawyers and Ministes they never come back , Warnings go out fast , No rule of law, People on BU needs to grow up and study theirs, Run an American TRW report on Barbados Ministers and lawyers and tell me who will give them loans or trust them with money,
    Can you all not see a SHELL game or a 3 card Molly? You all to be well read, well spoken but talking trash,
    If you dont know , Ask somebody, You can not make up your own rules as you go along, Deal with FACTS , findings, What are they hiding, You all see the warnings the down grade the loans being pulled back , taken away, cant get, dirty dealing Cahill was you wake up call and yet you all fell back to sleep, ,,,,, They great full story or chicken little seems to me many never learn it or crying WOLF , Try to look at the big picture , the movie , Test Tube Barbados the Island of Doctor Monroe .

    Like

  24. Bush Tea August 24, 2016 at 7:50 AM #

    @ Chad99999
    George is a typical Bajan, you should not judge his ‘PhD’ by normal standards. All it requires here is some connections – preferably with someone on the hill, and plenty of free time on your hand (unemployed)… the costs involved were practically FREE to him…

    It has been clear to Bushie even before he was elevated, that George is not PhD material – shallow thinking, partisan mind-set, and no history of success at any shiite…
    If you KNOW within yourself that you are an idiot ..would you not seek out some symbol that sends out a contrary message at all costs…?
    His mistake is in not keeping quiet and letting us THINK he is an idiot…

    Case in point – his primary school level response @ 5:27 AM to your probing challenge…..
    A perfect yardfowl….

    Please – stop expecting to get blood from stone….

    Like

  25. George C. Brathwaite August 24, 2016 at 8:18 AM #

    @ Bush Tea

    Personally, I could not have advised Chad99999 any better. Well said Bush.

    Like

  26. Vincent Haynes August 24, 2016 at 11:24 AM #

    George C. Brathwaite August 24, 2016 at 8:18 AM #

    Chuckle…….excellent retort.

    Bush Tea August 24, 2016 at 7:50 AM #

    Skippah……irrespective of his affiliation,does he lie?

    Are we not aware of the countless studies all over the various ministries with very few if any in their original state implemented?

    Are we not aware of the….implementation deficit disorder syndrome….of this govt?

    Like

  27. Heather August 24, 2016 at 5:41 PM #

    @ Sargent the world may not need service industries but it needs people to work in IT. Do a search to see how many IT Business Analyst or Quality Assurance ositions are available on one of the major job sites like Indeed.com

    Like

  28. Sargeant August 24, 2016 at 10:26 PM #

    @Heather

    Is Barbados a preferred destination for companies seeking IT professionals?

    Like

  29. Alvin Cummins August 24, 2016 at 11:03 PM #

    David,
    I thought only the DLP had yard fowls. Now the difference seems in the quaLIFICations attached..e.g doctor yard fowls in the BLP.

    Like

  30. Tron August 25, 2016 at 12:52 AM #

    I just looked at statistics: estimated budget SURPLUS for 2016:

    Kitts & Nevis 3.7 %
    Antigua & Barbuda 3.6 %

    Where is Barbados with its bloated public service?

    Liked by 1 person

  31. David August 25, 2016 at 5:07 AM #

    Two interesting links. One from the Trinidad Guardian – Will Barbados ever recover AND the other summarises highlevel findings by IMF Article IV consultation.

    https://www.guardian.co.tt/business-guardian/2016-08-25/will-barbados-ever-recover

    https://www.einnews.com/pr_news/341516016/imf-executive-board-concludes-2016-article-iv-consultation-with-barbados

    >

    Like

  32. Bush Tea August 25, 2016 at 7:02 AM #

    @ Vincent
    Skippah……irrespective of his affiliation,does he lie?
    +++++++++++++++++++++++++++++++++++++++++++
    What has lying to do with anything? Not only does George not lie, but he is actually a very nice person and very likely the ideal grandfather and friend….. But SCHOLARSHIP is a very special gift that is not to be gainsaid.

    A PhD is someone whose level of expertise in a particular topic is such that it is beyond question and is defendable even among international peers.
    Have a look at Caswell’s approach (to use someone who uses their real name) to being challenged …..
    Always a reasoned defence, based on facts – with clear references and signalling that careful thought went into the exercise BEFORE the original thought was verbalised or put to paper.

    Note also that despite YEARS of cajoling, threats, carrots and insults from Bushie, Caswell has steadfastly refused to BUP (although in this regard he is doing shiite)….. Another sign of a man operating on a reasoned (even if flawed) basis.

    George, on the other hand, while truthful, nice and a very pleasant chap, comes across as a fellow who just wanted a PhD REAL bad… who worked like hell till they decide to steupsss and let him have it …. and who now expects that people like Chad99999 and Bushie will respect the fact that Sir Cave gave him a PhD….

    Imagine Chad99999 challenges him @ August 23, 2016 at 11:27 PM ..and rather than defend his moot, he responds with some mumbo jumbo shiite about being sorry to ‘disappoint’ and not being his intent to be a disgrace ….and how alternatives are not in short supply from the opposition…
    Lotta Shiite!!… only make Bushie vex @ August 24, 2016 at 7:50 AM #
    …and how does Georgie respond to Bushie…?
    …by THANKING Bushie for bashing him…. Some PhD…

    George is a nice peg trying to fit into an academic hole….

    Like

  33. Jeff Cumberbatch August 25, 2016 at 7:16 AM #

    “…and how does Georgie respond to Bushie…?
    …by THANKING Bushie for bashing him…. Some PhD…”

    Bush Tea, you obviously do not recognize patent sarcasm!

    Like

  34. Bush Tea August 25, 2016 at 7:27 AM #

    @ Jeff
    …and what does sarcasm have to do with scholarship?
    It just signifies a level of contempt that tends to go with the attitude of being superior because you happen to have a PhD …. or a big job…

    Like

  35. Jeff Cumberbatch August 25, 2016 at 9:44 AM #

    Scholarship and superiority do not go with each other for the true scholar. I doubt that George was being superior…or even contemptuous.

    Like

  36. George C. Brathwaite August 25, 2016 at 10:47 AM #

    “Jeff Cumberbatch
    Thanks sir.

    ” BU Readers
    It seems that the backpage of the Nation with regards to the IMF on the Barbados economy reinforces the points that I made in this column.
    Sometimes it is much better to face the national reality than to hinge on the partisan side.

    Like

  37. David August 25, 2016 at 12:51 PM #

    We heard Mark St.Hill from CIBC at a press conference yesterday say that the bank has done very well with sales, we have heard the other banks confirm same. The question to ask the BU intelligentsia is why are the banks awash with cash if they are doing so well?

    Like

  38. Bush Tea August 25, 2016 at 2:33 PM #

    @ Jeff (since you seem to be representing George…)
    Scholarship and superiority do not go with each other for the true scholar.
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    Exactly Bushie’s point.
    …so please explain the place for sarcasm and/or flippancy when challenged on an public paper..

    @ David
    Banks are awash with cash because Bajans have been fooled into thinking that hoarding CASH is somehow a superior policy over owning assets. This is an Owen Arthur idiot policy that largely accounts for our current peril. ….. always talking shiite about being ‘asset-rich’ and ‘cash poor’…. Bushie calls it ‘PARRO-centric’ thinking.

    DEVELOPMENT IS ABOUT USING BRAINS, TALENTS AND INGENUITY ….APPLIED TO BIRTHRIGHT ASSETS, TO NOT ONLY SURVIVE, BUT TO PASS IMPROVED ASSETS (AND SKILLS) ON TO FUTURE GENERATIONS.
    Those Arthur-styled Parros are all about quick cash…even at the expense of LOANS to be repaid by grandchildren.

    It is really quite embarrassing how we continue to sell ‘non-performing’ assets to foreigners who then operate them at great profitability with the greatest of ease.
    The only bank in Barbados that ever complained of poor performance was the BNB…. everyone else makes impressive profits.

    Light & Power hardly paid any dividends to shareholders, now under EMERA, share values have tripled and dividends increased even more…
    Banks Holdings were valued around two dollars ….and went to seven dollars just on the ANNOUNCEMENT that Bajans would no longer be in charge…

    Some shiite have to be SERIOUSLY wrong in Bim….

    Like

  39. ac August 26, 2016 at 9:08 AM #

    The older generation of barbadian knoweldge of investing was to purchase land. A very good investment back then for that generation who had no trust in anyone taking control of their finances and with good cause.
    Most likely weighing the risk factors of open market investment against the bird in the hand theory which they cannot be faulted after seeing the numerous market meltdowns and the volatility that comes with open market investment
    Land presently has reached a high level of profitability but for the younger generation who rather placed their hard earned monies in cars and shopping it means that in their older years their dependancy would be that of govt hand out and social security

    Like

Join in the discussion, you never know how expressing your view may make a difference.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: