Downgrades … 16,17,18 –Time to Ring the Bell

sinckler1

Beleaguered Minister of Finance Chris Sinckler

The credit rating downgrade to CCC+/C by S&P Global of Barbados has come as no surprise to sensible Barbadians. When former Governor of the Central Bank DeLisle Worrell distanced himself recently from government policy of printing money, it confirmed that the rats were jumping ship.

The government has been unable to jumpstart the economy since it was entrusted to them in 2008. It is time for the private sector to turn its back on the government.

Read the S&P Global Report:

Barbados Downgraded To ‘CCC+/C’ On Limited Financing Alternatives And Low International Reserves; Outlook Is Negative

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150 Comments on “Downgrades … 16,17,18 –Time to Ring the Bell”

  1. millertheanunnaki March 4, 2017 at 1:03 PM #

    @ GabrielMarch 4, 2017 at 12:17 PM

    Archangel, it looks as though your man King Arthur of the Fifth incarnation has again been tricked by a bigger fool the Lord High Emperor Fumble who, like Nero, is just fiddling with lazy incompetence and hastened procrastination while the ship of State Barbados is about to flounder on the rocky shores of Devaluation.

    Fumble has ‘diplomatically’ checkmated OSA by his snub of rejection of Stinkliar’s proposal to take counsel from a former political bête noir and butt of political slapstick.

    And in true “Yes Prime Minister” style à la Bajan version of Westminster has appointed two talk-shop committees to tell him what he has already been told since 2013 ad nauseam.

    Now would you say your man OSA is of any relevance to the realm and expanding empire under Emperor Fumbling Fool?

    Like

  2. lawson March 4, 2017 at 1:13 PM #

    There will not be a devaluation ..till I get my money into gold or changed into foreign currency’s. But lets try and solve the big issue here who’s picture is going to be on the sextillion bank notes.

    Like

  3. Hal Austin March 4, 2017 at 1:21 PM #

    Lawson…Stuart’s

    Like

  4. George C. Brathwaite March 4, 2017 at 2:07 PM #

    @ David

    I have received a fair amount of criticism because I focussed on those in government. Yet, I have projected similar arguments. This is a sad state and as a loyal son of the soil it comes with much disappointment. Barbados can do better and it must, but it is also very unlikely to achieve any progress regardless of numbers of tourists or how many state assets are sold. The fact is, Barbados needs proactive and confident leadership for which it has been starved for the last several years. If there is one thing Mia Mottley or anyone else will bring, is leadership. Heads must roll and I am calling for the PM to go now and carry his Cabinet with him. Thanks in anticipation for making a move that people will respect.

    Like

  5. Hants March 4, 2017 at 2:14 PM #

    ‘PM’ resigns

    https://www.barbadostoday.bb/2017/03/04/pm-resigns/

    Like

  6. Ping Pong March 4, 2017 at 2:33 PM #

    The Bees were out buzzing today in St. Michael West.

    Like

  7. Bush Tea March 4, 2017 at 2:34 PM #

    @ Hants
    ….we wish!!!

    Like

  8. Hants March 4, 2017 at 2:45 PM #

    @ Bushie,

    The PM has resigned himself to hurry up and wait indefinitely. lol

    Like

  9. Bush Tea March 4, 2017 at 2:46 PM #

    @ Ping Pong
    …they smelling de honey.
    Tek care that ‘honey’ don’t give us all the runnings….

    @ Miller
    Ease up with the crap nuh!!!
    All Fumble has done is again make himself and his government look the fools they are…

    This has NO negative impact whatsoever on Arthur…. in fact, the ONLY effect it COULD have had on him, would have been in the event that Owen had DECLINED …. in which case Stinkliar could have made a strong case that he sought bipartisan, experienced, help – and it was declined. (one wonders if this was not the plan…).

    Arthur grabbed the opportunity to addressed the issues in an intelligent and statesmanlike manner and, in the short time, only enhanced his status among the shiite political class.

    Meanwhile, Mia’s strength is in mixing with the low-life rabble and in strong-arming her way in the damn party against all the panty-men there with her…. It is not too difficult to see the perils of a Mugabe reign…… or why Owen had to leave….

    Liked by 1 person

  10. Prodigal Son March 4, 2017 at 2:46 PM #

    Bright Saturday and I just had a thought.

    Dennis Kellman calls into Brasstacks and pontificates about every thing under the sky………always talking about some bullit loan from Sandi time. He projects himself as a know it all on all things to do with the economy. How comes the Stinkliar did not turn to him for help to get him out of this mess?

    Just wondering!!

    Like

  11. Bajan in NY March 4, 2017 at 2:47 PM #

    Bush Tea March 4, 2017 at 2:34 PM #

    Every time I read your posts I tell myself you would make an excellent script writer for a late night show in Bim – lol. It a pity CBC is too poorly managed to have such a show.

    Like

  12. Prodigal Son March 4, 2017 at 2:49 PM #

    “Without expressly stating that he would vote against it, Dr Estwick today was emphatic he had no intention of taking any advice on the economy from the former Barbados Labour Party (BLP) leader.

    “Let me make it clear; Owen Arthur will not advise me on economic and financial matters and leave it there.”
    ……………………………………………………..

    Damned disgraceful liar…………..when he time comes to vote on it, he will meekly comply.

    Like

  13. Pachamama March 4, 2017 at 2:54 PM #

    George Brathwaite

    We have studies ‘leadership’ for many years. We have lectured and conducted many seminars on those issues internationally, making a living at it.

    If you are to make an argument that indeed ‘leadership’ or new leadership is required and thus continue to posit that MAM and her cabinet are fit and proper persons to provide such.

    It is then necessary for you to then explain the specific responses of these people to the problems currently faced. So that we are not then expected to be looking for manna from heaven and for MAM to be the ‘saviour’ sent from the god of your BLP.

    Unlike you we are not believers and are more likely to respond with anger to anybody expecting a religious belief in things promised by messiahs with leadership histories of recent failure.

    Liked by 1 person

  14. Pachamama March 4, 2017 at 2:56 PM #

    Bushie

    You don’t know that it is against to law to kill people with laughter.

    Panty-men!

    Liked by 1 person

  15. Prodigal Son March 4, 2017 at 3:00 PM #

    OSA cannot deny that the BLP made him and in my opinion, he is ungrateful.

    A friend of mine said this morning ……..Tom Adams must be rolling in his grave at what OSA has turned into.

    At a time when he should have been mentoring the next generation of BLP candidates he all about the place lambasting the party who made him. Henry Forde set aside for him to become the leader. I spoke to one of the Great Combination a few days ago and the only word he had to describe OSA was #unt!

    Like

  16. Bizarre Burnham March 4, 2017 at 3:19 PM #

    @ Bush Tea

    OSA ran and left his party like the coward that he is. No one ran him out of this party or even threatened to expel him, that was and will always be a made-up convenient argument /excuse so he could camouflage his cowardice.

    At 70 years old this once great Prime Minister of Barbados and well respected regional leader now finds himself lurking aimlessly on the periphery of relevance to played with and toyed with by the ultimate wild boy Sinckler.

    Like

  17. Bush Tea March 4, 2017 at 3:21 PM #

    @ Bajan in NY
    Boss, you laughing at Bushie or wuh??!!
    What script writer what!?!?
    …when you got mens like Miller, Jeff and PUDRYR bout here licking cork?
    Bushie’s speciality is in whacking….
    whacking left, whacking right, Bushie whacking every sh… uhhh …evathing in sight… 🙂

    @ Prodigal
    when (t)he time comes to vote on it, he will meekly comply.
    +++++++++++++++++++++++++++++++++++++++++++++++
    Estwick is a cross between a poodle and a shiitehound (a poo-shiite?), but it seems that Froon has him well trained; on a short leash; and mostly muzzled….
    You will therefore only get the occasional whimper… 🙂

    @ Pacha
    Neither George nor Mia have the slightest clue what true leadership is about. Mia thinks it is some kind of entitlement to be enjoyed – passed down from her parents, and George thinks it is all about some shiite paper he was required to prepare on the way to his PhD.

    Boss, true leaders do NOT need to be elected to any shiite…. if you lock them in prison, people find them there and follow their donkeys…
    If you take away ever shiite that they have, …somehow, they still seem be rich as shiite… and people STILL look to them for guidance.
    If you beat them – they still come out like the winners….
    A true leader is that person in ANY setting, whose is looked to for wisdom and success….
    If we were wise, we would seek out such persons for the roles…… rather than gambling with JAs who are legends in their own minds….

    Leadership DOES NOT WALK BOUT just so yuh….. and it hardly ever begs brass bowls for votes…

    Check out that Grant fellow from the Pine then…..

    Liked by 1 person

  18. David March 4, 2017 at 3:27 PM #

    Like

  19. Gabriel March 4, 2017 at 3:37 PM #

    Prodigal
    Stop taking sides and support your party.Arthur is head and shoulders over the political class in Barbados.Estwick talking crap because Arthur was his tutor when he didn’t have a clue about economics.
    Did not Errol call Stuart a coward.You see how right Errol was in that determination.Stuart will try everything else other than admit Arthur is the one man the market will respond to in a positive light.If he is unwilling to accept Sinckler’s ‘esteemed’ advice,he would likely be forced to call an election because the IMF will insist on it.

    Like

  20. Gabriel March 4, 2017 at 3:41 PM #

    Bush Tea
    The cross between a poodle and a shiitehound is a pothound…..

    Like

  21. David March 4, 2017 at 3:44 PM #

    Hope you people are watching Sinckler passing the buck about why the Central Bank has to print money.

    Like

  22. Bush Tea March 4, 2017 at 3:44 PM #

    @ Prodigal
    Boss, you done know that Bushie got you rated highly when you deal rationally with non-party material…… but you pushing the branches a bit high with this Owen/Mia thing hear skip…?
    Watch the whacker yuh…

    You will have to cuss Owen for bout 5 more years -every day straight- to catch up with how much Bushie has ALREADY cussed him. But don’t cuss him for cussing Mia, cause her ass want cussing, Big Man….!! and Owen is the only fella (besides Bushie and Caswell – once upon a time) that got the balls to stand up and cuss she tail….

    Mia spent DECADES doing shiite while operating at high levels in government.
    She appointed a lotta shiite women of dubious background to run important departments.
    She enhanced personal business arrangement with Tom,Dick y Harry
    She was in charge of the damn prison when it burnt down …. and um ONLY burnt AFTER the police, army, coast guard, prison guards, Government security Guards and the night watchman had overtaken the damn place…..
    She was then responsible for the VECO prison scam…
    She was responsible for Edutech …..or rather for NO damn Edutech… after millions spent.

    Cuh Shiite man…
    If she could not mark fat when we had money to burn… (literally)
    Pray tell what the hell she can do …now that we are as poor as church mice….?
    Steupsss…

    Arthur knows that she do shiite – but as PM the buck stopped at his door – so what can he say now?
    Everyone knows that the political HC/QC cartel expected the CP man to crash and burn in the early days …and resented his domineering ways when he didn’t…
    If wunna know that wunna wanted to retain power, wunna should have forced Ford to take the damn job….

    The VERY LEAST that the BLP should do is come with a FRESH FACE for PM …not the same shiite people we kicked in the donkey a few short years ago… and with Wuk-fuh-Wuk and Muscle Mary too….? BIG Steupsssss!!!!

    Too many damn self-focused people.

    @ Bizarre Burnham
    So what?
    Bushie tends to run away from shiite too…. especially after whacking um…
    LOL
    ha ha ha

    Liked by 2 people

  23. Bush Tea March 4, 2017 at 3:48 PM #

    @ Gabriel
    The cross between a poodle and a shiitehound is a pothound
    ++++++++++++++++++++++++++++++++++++++++++++++++++
    That depends on how the puppy comes out…
    Suppose the puppy is a combination of the two rear ends… ? ..all ass and no head?

    Like

  24. enuff March 4, 2017 at 4:05 PM #

    The hypocrisy is too thick up in here.

    Like

  25. Bajan in NY March 4, 2017 at 4:07 PM #

    @David March 4, 2017 at 3:27 PM #

    I had to give up watching and listening 1/3 into the video. The minister of finance will continue the printing of money without apology until the country is rated DDD, not matter who tell him to stop. The country’s economic will be broken like humpty dumpty if he is allowed to continue as minister of finance for another year.
    The problem is, everyone he is addressing today is a facsimile of AC or Alvin Cummins, so he will get down from the podium feeling he is on the right path.

    Like

  26. Bajan in NY March 4, 2017 at 4:08 PM #

    The country’s economy……..

    Like

  27. Bush Tea March 4, 2017 at 4:13 PM #

    This is the level of meeting being held by a governing party…?
    Shiite man – at least they could invest in a tripod….

    No wonder the place is shot…..
    Quality is not a consideration it seems.

    Like

  28. David March 4, 2017 at 4:18 PM #

    @Bush Tea

    Wondered the same thing. The optics and level of organization by a governing party does not inspire or instill confidence -at all.

    Like

  29. Bajan in NY March 4, 2017 at 4:25 PM #

    Bush Tea March 4, 2017 at 4:13 PM #

    I didn’t want to say anything about the video for fear of offending peeps in Bim, but the quality is shockingly poor. I had to stop watching and tried listening. I was wondering if it was recorded by someone holding a cell phone – lol.

    Like

  30. Vincent Haynes March 4, 2017 at 4:26 PM #

    David March 4, 2017 at 4:18 PM #

    The Party is in ….scared mode…..damned if they do and damned if they dont….the estimates will tell the tale.

    The other bit of Theatre was George just now singing the praises of his leader and only one leader with no division on the walk about.

    Like

  31. lawson March 4, 2017 at 4:43 PM #

    Now that the OAFS collaboration has happened and if the rag tag mottley crew gets in ….will arthur be able to cross back over to help them, or will they bring Worrell on board.

    Like

  32. bajans March 4, 2017 at 4:46 PM #

    In the event a devaluation comes, I will feel sorry for Hants. Poor Hants, e leff all he rent monies in Bim. Dem Bajan $$ wont be worth much. How many houses you got down dere now Hantsie, five six?

    Three years ago my brother was down looking to set up an off shoot of his Toronto business down there. On the way back he sat with 2 Canadians who advised him against it. They had just sold up and were moving back. They told my brother what they did to get their $$ out of Barbados. I guess others did the same and that may account for some of the missing $300 million in foreign reserves.

    @ Pachamama, the more I read you, the more you sound like my Latin Master from high school. Did you go to Howard?

    Like

  33. Hants March 4, 2017 at 5:31 PM #

    @ bajans,

    Don’t feel sorry for me.

    Feel sorry for those who have to live in Barbados and suffer.

    Liked by 1 person

  34. Pachamama March 4, 2017 at 6:32 PM #

    George Brathwaite – the cipher.

    Last time MAM and her leadership cabinet were in office somebody’s poooooooooooookey was bitten out.

    That was nearly 10 years ago.

    Since then there has been no explanation to the country, no findings by a competent inquiry, no apology for wrong doing, no acceptance of guilt, no contrition.

    The culture seems to assume that such acts and omissions can be sweep under the carpet by the mere passage of time.

    We are not so minded.

    Indeed, the high crimes and misdemeanors that MAM committed last time further polluted the swamp of public life in Barbados.

    That pollution of the political culture made it possible for FJS to take liberties heretofore unknown.

    Stuart has been able to behave as an out and out dictator, thanks to the likes of MAM.

    He has embarked on economic policies while lacking a sufficiency of confidence of the Barbadian public.

    Stuart seems to believe that he is a law unto himself. And as such, feels no obligation to keep the people of Barbados informed as to what he feels he is able to do in our names in unusual circumstances.

    We are nearly convinced that regardless of how unpopular a DLP policy proposal might be this PM seems recalcitrant enough to embark on it any way.

    These matters may include, but not limited to, the parity of the Barbados dollar, whether an international credit rating is desirable or not.

    The belligerence of Stuart seems to know no limits. His answer to persistent public outcry is the usual deafening silence. He doesn’t even feel the need to talk to us.

    And sees nothing wrong with conducting business in our names in extraordinary circumstances without informing us. Knowing that we can’t do one shiite ’bout it till the next election.

    This is why we have to cut off MAM at the pass.

    MAM, having spent nearly 10 years in the political wilderness must not be accepted as washed in the blood of the lamb.

    MAM must be made to explain past behaviors. The people should decide whether, subject to statute of limitations, what actions are warranted, whether she was contrite, whether forgiveness is to be granted.

    That is the process a real leader must subject herself to. Not just hiding, in public view, from crimes against the people, having not paid for such crimes.

    Should the people of Barbados fall for this, we guarantee that even greater crimes will be committed next time around by MAM.

    We are the warner!

    Of course, Pacha has a preference for a certain antiquarian device, as an instrument of public policy.

    Bushie likes the Wacker. But since neither is anytime soon likely to be acceptable to the majority, commonsense could be an adequate stand-in.

    We trust it is not uncommon.

    Liked by 1 person

  35. Prodigal Son March 4, 2017 at 7:56 PM #

    Is Esther Byer Suckoo for real?

    The woman said tonight on DLPTV with a straight face at that………”the government is nearly finished repaying the NIS……with government bonds.”

    I had to laugh out hard…….Esther, the NIS needs cash not government junk bonds. If the NIS carry a load of them to the CBB to cash them in…….if you are honest you darn know the NIS cannot get cold hard cash…………..how much longer do you morons think that you can continue to fool the electorate?

    Like

  36. Prodigal Son March 4, 2017 at 8:04 PM #

    Bush Tea

    Did OSA not tell the House that Darcy Boyce was responsible for organising the finance for the prison and that he OSA took full responsibility for it?

    Like

  37. Bush Tea March 4, 2017 at 8:57 PM #

    @ Prodigal
    Did OSA not tell the House that Darcy Boyce was responsible for organising the finance for the prison and that he OSA took full responsibility for it?
    +++++++++++++++++++++++++++++++++++++++++++++++++
    ..and you said that to say what?
    So who do you think organised the finance for CAHILL?
    Who do you think have our national finances up shit street?
    …certainly not Stinkliar….. that poor fella don’t know his ass from his fractions.
    THE CONSTANT OVER THE LAST 20 YEARS…IS THE HEAD BOY….

    If Mia and Owen back then allowed a HC headboy to bamboozle them …wuh that CAN’T be bushes bizness.
    Point is that SHE was in charge when Glendairy burnt down …and when the contract with VECO was signed….and when the mandible assault occurred…

    …just like Froon signed the one from CAHILL… engineered by the Quisling too…
    Only difference was that David(BU) was not advanced enough then, to save our donkeys from the VECO scam…. (LOL …although we put some good licks in their back sides… ha ha ha )

    Face it Prodigal, judging by the way Mia sank her teeth into the job of Party leadership …and her treatment of the rebel Maria Agard, your donkey may be lined up for the next bite – unless you toe the party line…. Bushie respects that …. but expect to be whacked here on BU – just like Alvin gets his DLP shiite whacking, …when you bring your Mia propaganda…

    What are you saying to Bushie then….
    That we CANNOT find a dozen UNTAINTED, competent, dedicated Bajans – with at least one who understands decimals? …That we are LIMITED to a choice between shiite and jobby?

    Are we that far gone Prodigal?

    Liked by 1 person

  38. Bush Tea March 4, 2017 at 9:10 PM #

    On another note Prodigal, one good thing about Byer-Suckoo and the Shiitehound is that they have been able to rubbish the traditional image of the ‘Doctor’ as some kinda genius. All Barbados must now be on their P&Qs when they feel ill …and to have to go to a doctor…. if these two are any indication of what it takes to become one….
    No wonder so many people dying like shiite… 🙂

    Even GP, who seemed to have flashes of coherence, mostly displayed a level of irrationality that would scare a discerning patient like Bushie who do not accept shiite diagnoses…. 🙂
    WAIT – Trump like he got GP’s pooch in detention with Chad yuh!!!
    LOL
    ha ha ha ha

    Shiite man!!!
    Esther is DENSE!!!

    Don’t you think that the DLP politicians should take their 10% increase and half their pensions in Government bonds…. since they are spending OUR pension monies ..and replacing them with the toilet paper..?

    Like

  39. Gabriel March 5, 2017 at 6:41 PM #

    Bushie
    You know when I realized Esther did dense noass.At her father’s funeral she pretend she breaking down crying real bad,nuff theatrics,foto op cant done,using her dad’s funeral to try to upstage Dwight next year.First thing the lady supposed to be a medical doctor.Death is something they deal with all the time.Secondly,her dad was 92.Thirdly,her dad was suffering alzis.What was all the theatrics about.Dont tell me Bajans will not come to grips with death as a fact of life especially when you live long enough to be a nonagenarian.Pure theatre for votes.Not only dense but a common ordinary neffinarian.

    Like

  40. Alvin Cummins March 5, 2017 at 10:21 PM #

    Bushy,
    you forgot to mention that she was in charge of the Inspector of Insurance when the CLICO fiasco began to fall apart. She was the boss, responsible for that department. Why has no account been demanded from CL Financial?

    Like

  41. Bush Tea March 5, 2017 at 10:32 PM #

    Alvin
    Are you a Consultant for the United Nations in Toronto?

    Like

  42. Exclaimer March 6, 2017 at 3:17 AM #

    “Recently the Wild Coot has been reading a book by Edward Seaga. It is interesting to see how Barbados is now mirroring the situation of Jamaica in the 1970s and ’80s when there was a choice about living within its means. I say, take the bitter pill and be damned. – See more at: http://www.nationnews.com/nationnews/news/94266/wild-coot-panic-button#sthash.VHNy6sqF.dpuf

    Like

  43. David March 6, 2017 at 4:37 AM #

    Did you listen to Minister Donville Inniss yesterday on the talk show? His predictable defense of government policy is that Barbados is still a better place to live than Jamaica, Trinidad and thhe other islands. These guys just don’t get it. We will have to deteriorate to the point where it is undeniable as to our state. While it is obvious to the majority of Barbadians that our policies are failing the government continues along their merry way. Let us the government is right and all others are wrong.

    Like

  44. Bush Tea March 6, 2017 at 7:28 AM #

    @ David
    If it is not yet clear to everyone that our politicians (and many others it would seem) have been infected with ‘whatever-the-hell-it-is’ that ails Trump….. then we are even denser than Alvin.

    Donville never came across as particularly sharp, but of late, he seems to have lost it completely.
    Nothing compares however, to Froon’s analysis of the latest downgrade ….or to Stinkliar’s (and AC’s) explanation as to why printing money is the ‘only sensible thing for us to do’ (to cheers from the DLP faithful.

    The bottom line is this Boss…
    Bushie challenges you (or anyone else) to do an analysis of ANY shiite in Barbados BEFORE, and AFTER the monument….
    ….Road accidents /fatalities
    ….Crime – especially shootings
    ….Sick leave

    It is clear…
    Reason has left us……

    Liked by 1 person

  45. Exclaimer March 6, 2017 at 9:02 AM #

    @ Bush Tea,

    If “reason has left us” would it not be the smart option for us to jetison the devil’s fork and to attempt to find at least one adult country who would be prepared to adopt us. There is no other valid option left on the table.

    Like

  46. Pachamama March 6, 2017 at 9:24 AM #

    Bushie

    OSA, in a speech around the 50th anniversary of ‘interdependence’, said that he offered the credit unions the opportunity to take over the BNB, and they rejected that offer.

    He is making these comments in the context of privatization of state assets. His argument has been that there is an enlightened methodology for privatization. That it is unavoidable for government.

    What is your reading of these events?

    For if what OSA is saying correct, it would cast a completely different settled interpretation of the behavious of cooperatives and separate the Sandiford regime from that of OSA in these matters.

    We seek your guidance.

    Like

  47. David March 6, 2017 at 9:30 AM #

    @Pacha

    Did the credit unions have the capacity to purchase BNB read access to forex? You know that the government was chasing forex don’t you?

    Did Arthur address that fact credit unions do not offer deposit insurance?

    Also curious the status of the decision by the BCCUL to establish a bank.

    Like

  48. Bush Tea March 6, 2017 at 9:36 AM #

    @ Exclaimer
    …would it not be the option for us to jetison the devil’s fork and to attempt to find at least one adult country who would be prepared to adopt us.
    ++++++++++++++++++++++++++++++++++++++++++++++
    There is no question that reason has left us… the question is why…?

    Can you name the ‘adult country’ by whom we should be adopted?
    – The UK? …who can’t seem to decide their Brexit from their now broken inner cities?
    – USA??? shiite man, reason trumped them ever harder than it did us…
    – Trinidad? Boss…you would have to be there to understand….
    – Venezuela? 😦
    – Canada ? …are they not the current adoptive parents of record? responsible for our dependence on offshore scams and prost …oops … tourism focus?

    The issue is MUCH bigger than Barbados. Reason has departed this world.
    In fact, we actually had the opportunity to be the exception that proves the rule, but that would have required some actual BALLS, and some inspired leadership…. Instead, we exemplified brass bowlery.

    Bottom line Exclaimer!!!
    There is only one kind of ‘adoption’ that can be of any value for Barbados now, …and that would require “Sackcloth and Ashes” – (confession, repentance, and a national recommitment to righteousness and justice)….

    We all know that would NEVER happen……

    Oh… and you can tell those ‘prayer warriors’ to save their breaths….
    It does NOT work that way. Righteousness must proceed supplication.
    BBE DOES hear prayers,
    …but it is the FERVENT prayers of a RIGHTEOUS man that availeth much..
    …not a lotta shiite noises from a bunch of brass bowls.

    Like

  49. Hal Austin March 6, 2017 at 9:42 AM #

    David,

    Deposit insurance is a regulatory requirement, not one for the deposit takers. What most jurisdictions do is to impose a levy on the industry so as to ‘smooth’ any liabilities. But, to return to a discussion we had a few weeks ago, ultimately, the state (government) underwrites retail savings.
    For the historical record, Arthur told Londoners about the sale of BNB before the staff were told, and they heard from CBC 7pm news. What a way to run a business. I attended the meeting on the Monday night at Lambeth town hall, and on the Wednesday I was in the Barbados and raised the issue with a manager and she told me she heard it on the news.

    Like

  50. Bush Tea March 6, 2017 at 9:44 AM #

    @ Pacha
    Owen is talking shiite with reference the the Credit Unions and BNB. Sometimes these ‘Economists’ take us all for jackasses….
    The BNB did not belong to Owen…. it belonged to BARBADIANS …and his government were mere custodians…

    Can you imagine the directors of Apple making an offer to their shareholders to buy the company – from themselves?

    Arthur was asking the ordinary Bajans who already purchased and built the BNB via their TAXES, to now take up their SAVINGS and purchase the entity (which they already owned) from themselves ….. because his government wanted money to make their reserves look good….

    Wuh the Credit Union leaders may be a bit slow….. but they are not TOTAL jackasses…. as Arthur must have thought …..

    YOU!!!….
    …or perhaps the proposal DID make sense to him…. (Oh Shiite!!!! 😦 )

    Say it ain’t so…..

    Like

  51. Bush Tea March 6, 2017 at 9:51 AM #

    If (as Arthur suggested) he sold the BNB because he could not get it to operate profitably, then what he SHOULD have done is recluse himself (having admitted his incompetence) and invite competent persons to run the place profitably.

    This position where, once the elected clowns and jackasses find themselves incapable of managing a NATIONAL RESOURCE, then the ‘solution’ is to give that resource away – preferably to someone who has foreign currency (to strangers).

    The CORRECT action (of course) is to get rid of the incompetent parasites, and offer the responsibility to competent, proven, management….

    Arthur should have sold BNB to the Credit Unions for $1.

    Like

  52. David March 6, 2017 at 9:54 AM #

    @Hal

    OSA never intended to sell to credit unions.

    Why after all these years successive governments have not acted to implement deposit insurance? This is useful no that the government removed the tax break.

    Like

  53. Hal Austin March 6, 2017 at 10:13 AM #

    Owen wanted cash. But there is no good economic or financial reason for selling BNB(or ICBL).
    I am sure that the manager at the time, Mr Greenidge, a seasoned bank manager, had a number of tools up his sleeve, from securitisation, to SPVs to SIVs.
    A good example of this, nearly a decade down the line, iss the printing of the Bds$50m a month to pay public sector salaries. With the BNB, that could have been paid through an overdraft facility.
    That decision to sell the BNB alone set back the financialisation of the Barbados economy by decades. It pushed back all our post-independence developments.
    We now have to depend on foreign-owned banks who do not dance to the Barbados regulators, but to the Trinidadians and Canadians.
    Worrell was quite prepared to defer to the Canadians, one of his major problems, even though the Canadians banks were up to their necks in the sub-prime scandal.
    Remember the row over the claim by CIBC that they had an expose of US$330m to sub-prime, while others claimed it was nearer $2bn.
    As a US-listed corporation that raised a number of questions, since the banks wrote down $1.7bn – more than twice the entire exposure. Smoke and mirrors.

    Like

  54. David March 6, 2017 at 10:19 AM #

    @Hal

    Agree with the point that in the current environment a national Bank would have been useful to intervene if we have to restructure government debt etc.

    OSA point is that by selling BNB it increased profit, employed more people and the bank was not hampered by government bureaucracy.

    Like

  55. Gabriel March 6, 2017 at 10:41 AM #

    Arthur sold BNB to fund the rebuilt Hilton hotel.Cave Hill,the BCCI,ICAB, should step up to the plate and teach Bajans how to become independent by risk taking in IPO’s and help to push the creation of an active and vibrant Stock Exchange.Laws would need to be introduce to control the sharks and protect the innocent investor.

    Like

  56. Hal Austin March 6, 2017 at 10:59 AM #

    David

    If this is in fact what Arthur said, it shows the kind of waffle he can get away with. Who increased profits, BNB? Who created more jobs, BNB? Why was the bank not hampered by government bureaucracy, afterall he was prime minister. He was in pole position to remove red tape. Jobs and profits are management issues, not ownership ones.

    @Gabriel

    If Arthur sold (swapped) BNB for the new Hilton, it was a strange barter. Government already owned the land the Hilton was on, so we are just talking about the re-building. What an exchange?
    It is true Arthur is not a financial economist, which may explain it.

    Like

  57. Pachamama March 6, 2017 at 11:17 AM #

    Bushie

    These are matters in which we hold more than a little competence.

    In the first place when an insurance company or a bank (let’s say deposit taking institutions) are taken over the SELLER has to transfer assets, including money, to the BUYER.

    For the uninitiated this may seem paradoxical, at first, but think about it for a minute and you’ll come to agree.

    This is experience talking not theory, not guess work.

    Yes, in the case of the BNB there might have been certain exigencies which may have been required – losses, bad debts etc. But OSA seemed to be saying that his government was prepared to, and did, assume or write-off bad debts etc.

    Bushie, we are not convinced by your argumentation at all, we are afraid. For you understand better than most the fractional reverse system. That system would have allowed the credit unions to multiply funds managed 10 times.

    People who do what this writer does see these kinds of acquisitions as the sweetest of all. That credit unions in Barbados would refuse this opportunity boggles the mind.

    Bushie, the bank was sold anyhow so we do not recognize your defense about buying something from one’s self. People have been known to buy their freedom – from slavery.

    What are you talking about?

    Given what we have said above the deal could have been for less than your $1 price. Meaning $1 dollar could have been far, far, too high a price. We hope you understand.

    David’s question about Forex – you should cease to see this as a problem in these circumstances. In the early 1990’s it was not a problem then, and we were at the centre then, even now it would take no more than a few days find the forex to do something like this. If anybody with a little bit of sense is involved – on the side of the credit unions.

    David, we know under the present regime Forex represents difficulty but the world is still a place where money moves across borders easily, and there are ways to firewall Forex from the general administration.

    More generally David, the GOB may have problems with Forex but Bajans across borders hardly do.

    We have opted to ignore, leave unread, the interventions from Whitehall.

    Like

  58. millertheanunnaki March 6, 2017 at 11:29 AM #

    @ Bush TeaMarch 6, 2017 at 9:44 AM
    “Owen is talking shiite with reference the the Credit Unions and BNB. Sometimes these ‘Economists’ take us all for jackasses….
    The BNB did not belong to Owen…. it belonged to BARBADIANS …and his government were mere custodians…”

    Oh how long a week on BU can feel!

    Bushie, to be brutally frank with you, why don’t change your pseudonym to Brutus that disloyal backstabbing sob?

    We can’t believe you were here on BU singing the praises of OSA to high heavens invoking your BBE to forgive him and bless the same OSA and take him into the inner foal to sit at the right hand of his only adopted son the eponymous Bush man.

    In extolling OSA’s virtues you even outperformed, in true Mark Antony style, Froon in his showering of accolades on that estimable gentleman who proved himself to be one of the most successfully outstanding business men in Barbados and the wider region.

    Come off the flipping fence and make up your mind, man! Are you ‘for’ or ‘against’ Moses Arthur?

    You are always referring to your BBE’s abridged version of man-invented myths and legends; so here is a piece of advice from your ‘adopted’ brother you ought to take seriously unlike your twin jackass friends in brass-bowl lying Froon & Stinkliar.

    “Anyone who isn’t with me opposes me, and anyone who isn’t working with me is actually working against me.”

    Like

  59. Pachamama March 6, 2017 at 11:38 AM #

    Miller

    There are no inconsistencies in Bushie’s arguments about OSA.

    You need to increase your political sophistication.

    Bushie and Pacha both disagree with OSA on several points

    But that does not mean we have to disagree with him because his name is OSA.

    What’s wrong with that?

    It’s worst kind of bondage when Bushie cannot have his own mind. Would you prefer if he were a political pimp. No siree!

    Or is he to agree with OSA on every point?

    Pacha certainly has been a fierce critic of OSA and still am

    Like

  60. millertheanunnaki March 6, 2017 at 11:43 AM #

    @ GabrielMarch 6, 2017 at 10:41 AM

    After the dismissively dismal treatment meted out to your bosom buddy Arthur over the weekend by Froon and the other dlp wild boys do you still agree he should continue with his ass-licking boy-in-the-yard behaviour?

    Can’t you see they are still blaming OSA after 8 long years for the economic shit that is hitting the political fan?

    If that bunch of goons really gave two farthings about Barbados and genuinely respected OSA’s expertise in economic management then they ought to be urgently considering a form of bipartisan government with your man in the driver’s seat instead of the two jackasses who can’t tell their politically partisan arses from the broken economic elbows.

    Like

  61. Pachamama March 6, 2017 at 11:51 AM #

    Miller

    We were the first to call for a national unity government, on the night of the last election.

    People who seek to blame OSA alone should not be able to guide this debate, regardless to where they are located.

    The whole system, over 50 years, is to be blamed.

    We however must make sure that nobody can be again elected wanting to give us more of same.

    Like

  62. millertheanunnaki March 6, 2017 at 11:55 AM #

    @ PachamamaMarch 6, 2017 at 11:38 AM

    If you wish to conflate Bushie’s political analysis with hypocrisy, so be it.

    You just cannot extol the man’s economic managerial excellence in breath and then turn around and use the same sword of adulation to damn the man as the author of wrecking of the Bajan economy and the dashing of dreams of the black majority through his selling off of the black family silver to albino-centric foreigners.

    When Bushie is ‘man’ enough to see MAM in similar political light to OSA then he would gain the intellectual respect on such political matters.

    But lest we forget, MAM is a wicker and OSA is a lying drunkard, so six is half-dozen.

    Like

  63. Pachamama March 6, 2017 at 12:03 PM #

    Miller

    Why not?

    Why do we have to accept the legacy of OSA uncritically

    Or anybody else.

    Those notions will leave us in distinct political tribes.

    Like

  64. millertheanunnaki March 6, 2017 at 12:13 PM #

    @ PachamamaMarch 6, 2017 at 12:03 PM

    What legacy has OSA left to emulate?

    what is the status of agriculture and light industry?

    A dream of two Japanese-made cars at each mortgaged household in a two bit country not much bigger than Bermuda with a broken public transportation system on makeover donkey cart roads with Trickidadians and other foreigners owning and controlling the wasted inheritance of the black brass-bowl majority, according to the preaching of Bush Tea?

    Like

  65. Vincent Haynes March 6, 2017 at 12:16 PM #

    Miller

    Chuckle…..ah almost fall out the chair brekkin down with laugh after reading what the BU foremost misogynist had to say about OSA just now……….as the saying goes….”with friends like you who needs enemies”….hahahaha

    Like

  66. David March 6, 2017 at 12:16 PM #

    Getting forex is always top of mind with sale of public assets. You should add selling to TnT fitted Arthur’s CSME bent.

    Like

  67. Bush Tea March 6, 2017 at 9:21 PM #

    Bushie would never fit into any of wunna brass bowl moulds….

    Simple…
    When Owen is right, he is right
    When he is wrong, he is wrong…
    Just like everyone else in Bushie’s opinion.

    It is the matter being discussed …not the person or the damn party.
    The whacker is no respecter of persons… It respects IDEAS and concepts though…

    @ Pacha
    …we do not recognize your defense about buying something from one’s self.
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    You want it simpler?
    A family puts its resources together and sets up a business. They foolishly ask Alvin to manage the business because he went over and away to study, write two books, and uses a lotta big words.

    As time goes by, the business is losing money, doing shiite, draining the family savings….
    So then Pacha, the Family head honcho, decides to ‘sell’ the business to Vincent & Miller????
    WAIT … are these not already part owners?
    So Vincent and Miller should now take their savings (the little left after being taxed to set up and maintain the damn Alvin business) from the bank …to buy the business FROM THEIR OWN FAMILY? …so that Head Honcho Pacha and Alvin the clown has cash to flaunt about???

    Which other race do you see doing that shiite?
    Which Indian would expect their children to compete with outsiders to ‘buy’ the family Swan Street business? …or would EVEN consider selling such a family resource?

    After YEARS of Bushie’s taxes having gone into creating National assets, the Bushman now hearing shiite about selling these at firehouse prices – to strangers, because some Alvin-like JAs have been doing shiite.
    These assets were sacrificed for ….TO BE PASSED DOWN FOR FUTURE GENERATIONS TO USE AS BUILDING BLOCKS FOR AN ADVANCED SOCIETY…. not for Parros to waste on shiite.

    As Chief Family Honcho, your REAL DUTY is to develop talent (through education), select (through merit), guide (through good governance structures), and appoint the VERY BEST resources to take care of the family business….not pawn off every shiite until we are all bearers…
    The Parable of talents explains this in the clearest possible way.

    Liked by 1 person

  68. Pachamama March 7, 2017 at 4:47 PM #

    Bushie

    Yours are highly sophisticated philosophies.

    But we are talking about markets where things were sold and would be sold to the highest bidder, we are afraid.

    This is a fundamental issue with capitalism. The product of slave labour is still traded to this day, in these same markets.

    And as much as we agree with you, in principle, the practical realities dictate how transactions work.

    The sale process for financial firms, as we above described, may moreso than other ‘public’ assets, provide for the transfer of property including what you may think of as ‘social capital’ to the real owners’ control.

    A lot has been written about the differences between ownership and control. The separation of ownership and control has provided massive opportunities for elites to accumulate wealth.

    The BNB sale provided an excellent opportunity for the credit unions to dis-intermediate this nexus – ownership/control.

    And whereas the people of Barbados may have been the owners of BNB, they were never the controllers of anything there.

    And for all intents and purposes no government of Barbados has even seen itself as the same as the people. Government is in all circumstances separate and distinct by its operations.

    Sometimes to achieve a worthy goal, especially in commercial transactions, useless paper has to be given up for things that are more worthy.

    In the case of the BNB however, because assets being held for the same ‘family’ cited were to be passed from hand to hand there was an opportunity for the ‘right’ hands to be the recipients, no?

    It was a mistake not to have taken that opportunity. Complaining about the financial colonialism of the Trinidadians cannot now compensate for this historical failure by local credit unions.

    Like

  69. Bush Tea March 7, 2017 at 10:15 PM #

    @ Pacha
    Boss, you must have Money B and Lawson ‘deading’ with laugh at we …all like now so…

    Here we have the legendary BU revolutionary, Pachamama himself, calling on Black people to acquire businesses by attempting to pay TWICE for same, ….. then for us to compete with these fellows like Money B, whose parents HANDED THEM the family businesses …and then stayed on as free consultants to the business after their retirement.

    Mind you (to quote Caswell…)… these White-owned businesses were ALSO paid for by Black labour – generations ago, and happily handed down to their successive White generations to enable their increasingly luxurious lifestyles, but now that our immediate fore parents managed to purchase some assets for THEMSELVES (for a change) we are talking about arrangements to BUY these businesses from OURSELVES ….and then expect them to be competitive against other businesses that were FREELY acquired, and FREELY transferred to current owners…..

    …and admittedly this is not even as bad as what we are ACTUALLY doing – which is to sell these wealth-generating assets BACK TO THE SAME people who robbed us of our labour ‘viet armis’, ….for 4 centuries. They are buying up our future with the proceeds of our ancestor’s labour….AND WE ACTUALLY HAVE BLACK PEOPLE SUPPORTING THIS SHIITE.

    Black people -ESPECIALLY BAJANS, are undoubtedly the most self-deprecating brass bowls ever invented.

    We hate ourselves.
    We hate true success.
    We have been bred to serve the albino-centric god of materialism and greed….
    We have lost our way – and are now so lost, that down is up, right is wrong, and Shiite makes sense.

    Like

  70. TheGazer March 7, 2017 at 10:40 PM #

    What nonsense the Bush man talking….. The mighty Barbados which often compare itself to the US are ‘ complaining about the financial colonialism of the Trinidadians’.

    Like

  71. Bush Tea March 7, 2017 at 11:09 PM #

    @ TheGazer

    Boss…
    HAUL….

    Like

  72. Bush Tea March 8, 2017 at 9:17 AM #

    @ Pacha
    Perhaps you are seeing now why the Cooperative is the philosophy that is TAILOR-MADE for black enfranchisement.
    Cooperatives empower groups of small, otherwise powerless individuals to pool their collective resources, to VOLUNTEER their services and skills, and CREATE jointly owned assets that can insulate them from the whims and fancies of the Money B’s and Lawson’s of our world, ….while building the kind of asset base that can provide future security.

    There is NO WAY that any black-owned business will be allowed to succeed in the local environment beyond token ‘success’ levels. No such ordinary business can suddenly appear on the scene and compete against hundred-year-old establishments that have been set up precisely to disenfranchise blacks….with unlimited resources at their disposal.

    The examples are endless… Husbands Wrought Iron, Solar Die Namics, Leacock…., Rayside, Brankers, They are (were) allowed “so far, …and no further”, ….while the COWs, Baloney’s, Jerkham’s and Bizzy’s clearly have no limits…

    @ David
    Why focus on a co-op owned bank?
    If you still need to ask that question, then you are just being provocative…

    A coop Bank (A NORMAL BANK, owned by the cooperative movement) would be in a position now, …for example, to offer 3% interests on members deposits, while matching the market rates on loans. The funds accumulated then becomes available for meaningful PRODUCTIVE cooperative ventures (which minimises the chances of some greedy idiots behaving like our pissy politicians do with the funds).

    You only need to look at Cooperators General’s impact in the general insurance business to see the possibilities.

    This is about having VISION…. the ability to conceptualise a successful future, given the existing weaknesses, barriers and opportunities…. and to actualise it…

    Unfortunately, there are FAR too many of us who have inherited the typical SLAVE mentality that has been meticulously bred into the Barbadian psyche over the centuries…. that we are MEANT to be nothing, …to have nothing, ….. to go nowhere, ….and must be forever grateful to the powers-that-be for allowing us the privilege to serve them, and to occasionally have a rum and a good wuk-up….

    BUT NOT STINKING BUSHIE DOH….. not after adoption…
    Mek Bushie LAUGH!!!

    Like

  73. Gabriel March 8, 2017 at 9:44 AM #

    Neither me Bushie.gaul bline dem blax dat believe albino is deer save yuh.The day that veil drop,It gine be cat piss and peppa fuhndem deer albinos.

    Like

  74. Tell me Why March 8, 2017 at 11:21 AM #

    Was listening to Morning Barbados with guest Maureen Holder speaking about the economy and whilst looking at various economic gurus who Government can lean on – like Moore and Howard and the bombshell announcement, the inclusion of Dr. David Estwick. She was passionate regarding her plea for his inclusion. Let it be known that he will not be singing in the choir during the estimates and budget presentation. Maybe, he will be the one that break the camel back.

    Like

  75. Hants March 8, 2017 at 4:04 PM #

    Barbados gets $10 million worth of educational materials from China.

    Like

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