Governor of the Central Bank of Barbados, Marion Williams
Yesterday Governor of the Central Bank of Barbados Marion Williams delivered the quarterly review of the economy for the second quarter. In light of the prevailing economic conditions her presentation was eagerly awaited and continues to be analyzed given of the unprecedented global economic conditions.
Governor Williams was unequivocal in her assessment of the adequacy of the foreign reserves. There has been much comment on BU concerning the rate as which the foreign reserves are being depleted. The Governor quoted in the daily press suggests the foreign reserves are “sufficiently adequate.” Barbados’ foreign reserves currently register at 1.3 billion dollars. Barbados will join International Monetary Fund (IMF) member countries allowed to withdraw USD80-85 million dollars from the special drawing rights facility which will serve to provide support to the reserves.
The willingness of G20 countries to approve the SDR drawdown is interesting and ironic. Wasn’t it the G20 countries who precipitated the the destruction of the global financial markets? The result of it all has been to decimate the economies of developing and emerging economies around the globe.
How does the Governor’s assurance to Barbadians fit with the pronouncements by the Gurus of Economics Messrs Dr. Frank Alleyne and Dr. Avinash Persaud? Both Alleyne and Persaud have been quoted in the media since the global financial meltdown that Barbados should approach the IMF sooner rather than later to solicit financial support before the economy worsens. Our impression is they were not referring to SDR drawdown but the standby arrangements which the IMF avails to members with the obligatory conditionalties attached. Governor Marion Williams was lucid in her assessment yesterday when she indicated NOW is not the time to enter a standby arrangement with the IMF.
Governor Williams reference to the 1991 –1992 period when the foreign reserves bottomed at 6 million dollars may yet be irrelevant. The current crisis from all reports is unprecedented and the need to utilize untested responses may yet prove to be the greatest challenge for Barbados.
Before we make our comment under this thread we realize that this very important thread was put up by BU for more than seven hours. Yet, up to the time of our beginning this comment there has been no comment provided under it.
Surely, this absence of comments about the Governor of the Central Bank’s review of the very dismal 1 half performance of the so-called Barbados economy – well, Barbados is in a depression – may show that- many DLP supporters who once used to gloat – on this blog and elsewhere – about the coming into office of this damned DLP Government, and about how much better things would become, materially and financially, with the DLP’s ascension in January 2008 – appeared to have fled to the mountains away from the valleys of despair and distress that this miserable DLP Government is bringing to this country at this stage.
And, what a disgraceful sight to see many of these so-called supporters running from roun’ the DLP and up into the more open air more vulnerable mountains!!
Anyhow, the Daily Nation newspaper, Wednesday, July 28, 2009, in an article under the headline: “we do not need the IMF now”, reports the Governor of the Central Bank of Barbados, Dr. Williams, as saying that whereas the International Monetary Fund ( IMF) has been asked to rescue at least five Caribbean countries including Jamaica, Barbados does not need an IMF intervention at this time.
Well, of course, the goodly Doctor was reported to have made such a statement at the press conference on Tuesday of this week.
Furthermore, the retiring governor went on to say – in this said article – that the country’s foreign reserves stood at BDS $ 1.3 billion and that it was expected to benefit from US $ 85 million in special drawing rights which G 8 countries agreed to earlier this year to extend to members.
Now, this was the same governor that said in 2007 and 2008 in Barbados, when the sub-prime mortgage crisis and global credit crunch and disarray in the global financial system was beginning to unravel, that there was no likely impact to be felt on Barbados in the short term. But, look at Barbados now!! Is Barbados NOT now in a depression, partly as a result of those severe imbalances – some of which were manipulated?
Also, the fact that the Governor could have said that Barbados is NOT in a crisis primarily because, in her view, we have BDS $ 1.3 billion in foreign reserves, is really a sick joke on the part of the Governor. This kind of stupid silly statement should have warranted the Governor to go into retirement earlier than planned!!
And, equally more asinine is her view too that the country is now in recession based on some foolish text book scenario. The fact is that this misery for an economy was in recession since about the 3 rd quarter of last year. So, what nonsense about Barbados being in recession, as coming from her!!
And finally with regard to those Barbadians who believe that when Barbados goes to the IMF and for whatever reasons draws down monies under the SDRs – and that there is no possible cost or conditions imposed on Barbados for having done so, had better go and read IMF.COM and read up information on the SDRs.
But, the biggest of these costs of drawing down on such are the opportunity costs of the country NOT earning enough foreign exchange to avoid going to the IMF for use of such funds.
PDC
BU is a little concerned at the message being put out there by the Governor when our economy has suffered consecutive negative growth which categorises as a Recession. Barbadians need to feel a sense of urgency at the implications of the current situation and more so if the global economic recession continues.
PDC or whoever you are, ‘we realize that this very important thread was put up by BU for more than seven hours. Yet, up to the time of our beginning this comment there has been no comment provided under it.’. Do you think that the world is sitting just waiting to write a blasted book on evertyhing on this blog? Maybe that’s your calling–judging by the screed you throw out on everything, you have nothing to do. Try earning a living! Oh look, a cockrach walked on my bakes. I better send a blog post. Maybe if you DID something rather than WRITE and REGURGIATE these TIRED and TOTALLY UNITELLIGIBLE COMMENTS the country might have a hope.
I see the word ASININE in your remarks. Takes one to know one? Strewth!
Anonymous,
I second your commotion. Ya in lie.
BONNY PEPPA, I do not know who PDC is or are but what the English call UTTER RUBBISH must have had this in mind.
On the substance, the PM of Trinidad said yesterday that the recession was over and it was time to slacken belts. The oppostion jumped up like they had sat on a tack and said, no. People need to keep belts tight. Can you believe that? So who do you want to believe. In Barbados, when I was there last week, the country looked like it was struggling. Hardly any visitors during the big event of Crop Over. When I was at the airport yesterday the Brits were swarming home. Why? When THE big cultural event is a day or so away? Coz there is nothing to interest them in Barbados after the sun is done and the sex has worn off. Not a blessed thing? No shops. No attractions. Just sun. Too expensive. Too rude, and the bunch at the airport are the pits.
The numbers are not so relevant as the experience. The country FEELS in a slump. So, how do you all feel? Richer or poorer?
More smoke n’ mirrors. At the end of the day when people can’t feed their families what the hell does these ‘devaluing’figures mean to them? Keep the bait and switch going to give the gullible public a false sense of hope and security. They are all reading from the same damned script.
@Bonny Peppa……I see ya still got that fire buring. Go on with ya bad self girl!
I found this blog when I was in Barbados last week. Some of the comments seem very good but there are some wild people contributing here who could really scare people with their openly racist views. I dont know if they realise the kind of damage they can do. Jamaicans for instance would rather think about investing and visiting somewhere else. Most Europeans if they see this, and it’s a regular find on a Google search, would think that they are likely to be in real danger from people on the island. I would do something to temper down the violent and filthy language. It’s your future you’re putting on the line. Just a view, mate.
Final comment. Today’s Trinidad Guardian has our Governor Williams saying “I look out of my window and I don’t see a recession”. The Hyatt is brimful with people for Pan Am Games. Emancipation festival just start at the Savannah. The city has more good hotels in about a 5 mile radius than the whole of Barbados. Where do you think the smart money and people are going to think of heading? Bridgetown or Port of Spain?
For a central banker, the major problem is the foreign reserves.-We are in good shape as long as we have a sustainable level of foreign reserves.
For the rest of us, jobs and the ability to maintain a decent standard of living is important. This can only take place in an economy that is doing well.
The economy is not doing well now and will not for the foreseeable future. The central bank’s statements might be assuring for the business/monied classes but for the middle and lower classes it looks like hell awaits us down the road
Anonymous // July 30, 2009 at 11:03 am
It is called free speech. If you want censored speech bur yourself a copy of the Nation newspaper.
Anonymous,
You seem to have a chip on your shoulder and I can’t help you.
The world is in recession and if the great America is struggling every day to save jobs and people are losing their home left, right and centre, who is Barbados not to be ‘struggling’ too? I think that we are still holding our own a certain so if you are a profit of gloom and doom no one can make you think differently.
Statistics show that this is one of the biggest Crop overs, visitors wise so because you see a few English returning home, that says nothing as far as I am concerned.
When comparing us with Trinidad and where you think that ‘smart people’would prefer to go, I think of their high crime rate first and foremost but you seem to have a real bias against Barbados ,so there’s none so blind as he who will not see.
As for the sea, sun and sex, how much more do the others have to offer as opposed to us? Gimme a break do.
I repeat in closing, you seeem to have a big chip on your shoulder my friend.
Good riddance.
Stupseeeeeeeeeeeeeeeeeeeeee.
Hopi,
My honey-suckle, Bonny is trying to rise from de dead.
Mwahhhhhhhhhhhhhhhhhh
David, u seem keen to diagnose a recession!! Relish the consequences, do u?!!
Bonny Peppa, it’s not against Barbados to point out that things are not rosy. Bajans think they live in heaven and that those who speak of things that are not all rosy are demons. That’s a Bajan problem. It’s amazing that the high crime does not deter many people going to Trinidad, in fact it seems to make no difference at all to visitors because they know that most is targeted internally. How do you think the Summit of the Americas could be held in PoS if the violence was not manageable. All of the Pan Am Games athletes are not being ferried in armoured vehicles. So, the fear of crime is relative to the gains of other things. Barbadians seem to think that offering a low crime environment is a pull. It is not, if you are bored to tears. Worse, when there is a crime it’s hushed up like it’s a state secret or glossed over.
So, it’s worth thinking why ‘crime ridden’ Trinidad is sitting saying that it has no recession while safe old Barbados is finding itself still in one. Could it be that an economy is working while another is idling, and crime makes not a jot of difference?
As for chip on the shoulder, what would you call the great Mr Chip on the Shoulder BIMBRO?
PDC
I am an independent voter who have supported all of the major parties in Barbados. I could not support you as party because you would take the country back in the dark ages with your no taxation policy. The poor would become poorer with your policies
In the last election you said that you would abolish taxation. How many votes did you get?
The DLP supporters have nothing to be ashamed off. The American economy contracted and unemployment is projected to reach 10% before year end. That is the wealthiest country in the world. What resources do we have to maintain all of the ideal positions that were promised before the elections?
Where is this massive misery? Are you visiting the crop over activities?
We will have to feel some of the pain that developed countries are feeling, We are dependent on them for our high standard of living. It is the tourist who brings foreign exchange. It is the international business sector that brings foreign exchange.
By the way anonymous I am in Trinidad on a regular basis and none of the hotels come close to Sandy Lane or the Crane.
What eats your heart out is the standard of living we enjoy because of the sun, and sea tourism.
We have had leaders who look out for the development of our people although we are not blessed with great resources like you. My black brothers of Laventille are hopeless in your resource rich land and they just kill one another every day.
Sorry my Brother but Barbados is a Gem.
Boy that anon blogger @3:32 really got barbados on his mind.
Talk about envy – it is really dripping from his/her pen.
Let’s face it anon even in what was once relatively safe Tobago,visitors are running from there in the hundreds because of the rising crime.
Port of spain got men shooting each other in broad daylight like the wild wild west,and when they don’t have bombs going off in dustbins they have crazy drivers on the road killing people daily.
Why are these people from the other islands so filled with envy and hatred of barbados.
We are not perfect,but for goodness sake at least admit to yourself that we have been doing a lot of things right.
BIMBRO diagnosing something that is wrong is the first step to fixing it. If a sick man keeps saying he’s well, then those who can help see no need to treat anything. The recession is clear. Look at the hotels and restaurants and the relatively empty stores and malls. People at the very least are acting as if they have little money free to spend. Fewer tourists spending less (remember that most are British and there is a recession there–no doubt). Higher costs for gasoline and now water, after tax increases last year will of course not help if people have seen no rise in pay. Lay offs at several big companies mean that business is doing badly: you read about these? More to come.
Can you handle that reality. Let’s pretend there is no recession if it makes you feel better.
I’m only addressing named-posters! Get a name and then u can engage me! A lack of discipline is at the heart of Bim’s troubles, mirrored by e.g. your not using a name. I propose to start the cure for Bim’s ills, here and now!
BU: Twice I have submitted a comment which you have not published. Is there a reason for that, and if so, what is it?
BIMBRO only wants to address ‘named persons’. What a deluded person you are. What kind of ‘name’ is ’199′ or ‘BIMBRO’? You are more of a caricature than people suggest. What a ridiculous person!
Call me Eric Gairy. Happy now?
Actually, BIMBRO, why don’t you pick at name that will make you feel safe and snug and I will stay with it. Promise. Cross my heart and hope to die. I am dying with laughter, but what a wheeze. Knock yourself out thinking of a good name, now. Once in a lifetime chance.
BIMBRO, sorry to go on. The more I read that comment about names the more I wonder where you can buy that sort of pompous attitude. I read your comments in a few threads. You will start the cure of Bim’s ills. Please, let me have assisted suicide instead!
Anonymous // July 30, 2009 at 4:45 pm
Anonymous // July 30, 2009 at 4:43 pm
Anonymous // July 30, 2009 at 4:41 pm
YOU ARE AN IDIOT
(Waiting to be named). I do not know what WOW is, but using BIMBRO’s criterion, I guess, that is a name. Why oh Why? Waste One Word? Wash Our Walls? The possibilities are endless. BIMBRO, please name me quickly.
No, A, u have to think of the name yourself. It must reflect your perceived personality! Assisted suicide can be arranged, A!! U like my name, don’t it!!
Whoo, hoo! I could not wait for BIMBRO, who seems like a slow coach and I am no longer Anonymous. Bonny Peppa (a nice name) and WoW, please note. No more anonymity for me. Yee haw!!!
BIMBRO, I saw your suggestion, and we are of one mind. Assisted suicide would been a good name too. Drat. I should have taken that. Thanks for thinking of me. I feel so liberated now.
Don’t it? Is that English? Don’t it what?
Anyway, I hope you are all having a beer with Prez Obama. My choice would be Stag. I hear they have Red Stripe on the menu, so the region is represented. Let’s be proud of our Jamaican brothers and sisters for that one. I wonder if they have heard of Banks? It’s now available in the US, I hear.
Eric Gairy,
You couldn’t have chosen a more suitable psuedonym for yourself. Tell you why, now, the way you are talking, you sound like a person that has been out of touch with reality for a longggggggg time and if my memory serves me correct, Eric Gairy died about 40 yrs ago.
Now to get to the real crux of the matter, sure, every living and even dead Barbadian KNOWS that this lil rock is our own Heaven darling. You are rambling like a person that is either drunk or intoxicated. Which it is? Either way you talking bare shite, OK?
Why are you so opposed to Bimbro? Are you a batty boy. He isn’t. OK? Now you can return to your decomposed state Mr.Gairy.
Listened with interest to the leader of the opposition’s response to the move by the government to secure its 80 million SDR from the IMF and to signoff on a couple other loans inject into the foreign reserve pool. Not sure of the point Mottley is trying to make. It is one thing to oppose but we sense she is losing the plot somewhat. Would appreciate being enlightened on the current opposition’s strategy.
Please David
isn’t there something you can do to stop people using the name anonymous ???
It makes following the threads really confusing …..
Oh sorry … Eric Gairy …. is he your role model?
Anonymous // July 30, 2009 at 11:06 am
“The city has more good hotels in about a 5 mile radius than the whole of Barbados. Where do you think the smart money and people are going to think of heading? Bridgetown or Port of Spain?”
Excuse me?? You either never been to Barbados or you dont come from Trinidad … OR what you call good hotels we call guest houses … lolol
what a joke!!
Hard Driver, I said good, but should have said also sizeable (ie capable of dealing with large events). From the Hyatt you can see the Crown Plaza across the street, and the Hilton is only a few minutes away. I wont include the hotels between downtown PoS and the airport. Barbados has the Hilton and the Grand Barbados, then the extraordinarily expensive Sandy Lane Hotel. Plus a lot of smaller, boutique hotels. If I missed another big one please correct me. Your Minister of Tourism spoke recently of how Barbados had lost out to TT in the conference business. The hotels available are a key reason. You should read his remarks.
I was in Barbados just two days ago.
Bonny Peppa, I did not know that the chosen name need relate to someone living, and just because a certain Eric Gairy died several years ago does not mean that another one is not living. Does Barbados only allow one name per person?
I am not opposed to Bimbro but after reading his remarks over several postings I read the rantings of a man so obsessed with Jamaica that I wonder if your question could not apply to him. I trust that you have also seem a few of his presentations. I suggest you read them again and tell me if they do not seem a little strange. Oh, he is supposed to be a Bajan so can throw insults around at will. No other mortals dare do that?
It is funny, Bonny Peppa, how you seconded my commotion and then you say that I am rambling, etc. I get it. If I agree with you you like me. If I do not you detest me. Think about how you form your opinions, I suggest.
Choosing ‘eric geary’, I can only perceive that ur an old-timer! Well, listen friend, the world’s moved on since those days although I’m sure ud relish a return to Ton Ton Macoute (Gairy’s henchmen) methodology! These days we’re far more circumspect about shouting ‘recession’ because of the possible consequences of which ur almost certainly, unaware or else ud keep your lips zipped, somewhat more tightly!! Anyhow, I’m prepared to pardon you to an extent as you’ve obviously, heeded my wise advice and adopted a name, even though not a very welcome one in this hemisphere! I trust that your comrades will follow-suit and identify themselves – especially, the one pretending not to be who he really is, as if somebody’s fooled!! Mr Eric, I live in a different time zone from u!! U need to be aware of elementary facts like these if ur to begin to attempt, with us, to resolve the economic affairs of our great country!!
If u were Barbadian, ud recognise that ‘don’t it’ is Bajan! Thus, not being Barbadian, I’m less inclined to debate with u matters of our national economic well being!!
Lord!! Bonny, u tell e darling!! Jus wha I was saying!!
Lord ah mercy!!
In recent days the issue of Special Drawing Rights (SDR) has become topical. The following was submitted by BU family member Looking Glass to help educate the BU family:
The idea of adequate foreign reserves is misleading. Borrowed money is used to shore up reserves to meet certain requirements, then used the money for ‘unproductive’ purposes. As a result debt increases. The deficit budget will increase the national debt now close to $20bn. An offshoot/subsidiary of the IMF & World Bank monitors and records the indebtedness of all countries. The attached will shed some light on SDRs etc.
David, I agree with u on that, point at least! No one, currently in the House, as far as I can c, has the enormous eloquence of Arthur! However, eloquence alone is n’t sufficient to govern a country, at least, not to govern it wisely and fairly, as many Bajans will attest, subsequent to the said ‘gentleman’s’ previous administrations!! or, do u want e back?!! I think not, at least without major reformation to manacle his hands and help to protect the rights of ordinary, Barbadians such as ITAL legislation!! I’m not surprised u think that Mia’s losing the plot! One only has to look at her, nevermind, listen to her!! Discipline, the word I introduced earlier in this debate. Discipline, in all matters, including one’s diet, Mia!! – an exercise!!
Hard Driver, don’t waste time asking David anything. Just as my complaint to him about somebody else on this blog, I’ve made the suggestion about people not using the name ‘Anonymous’, before and then, too, he took absolutely no notice of me!! I’m sure that Bajans could think of a name, effortlessly! Mine occured without a second’s thought!!
****************
Hard Driver // July 30, 2009 at 9:03 pm
Oh sorry … Eric Gairy …. is he your role model?
*****************
‘Hard Driver’, my thoughts exactly!! What a name to aspire to!!
Eric, I in ‘throwing nuh insults around at will’ but giving u a direct representation of the situ, here, in the UK! If u don’t like it remonstrate with ur insane Jamaican bros!!
Additional info submitted by BU family Looking Glass. Interesting that the bulk of the 250 billion SDR voted by the G20 170 billion will end up in the coffers of RICH countries!
David and ‘Looking Glass’, Barbadians are n’t interested in any ‘SDR’!! We’re a judicious and conservative people who will adopt the appropriate, belt-tightening measures to c us through this ‘time of slight restraint’!! Note, nuh use of the ‘r’ word, here!! People need to b wise!!
Thanks to Looking Glass for submitting the two pieces of information above which are very interesting!
On the subject of names the vast majority of commenters used handles, some prefer not to, we encourage them to.
I sometimes wonder what Arthur would say, if, or when he visits dese blogs!! I can jus hear e now!!
“Leh me c wha dese fool r saying now”!!
Laaaaaaaddddddddddddd!!
Arfur!! Why did u have to disappoint us so!!
An, Arfur, u know wha I mene!! doan pretend!!
BIMBRO (and some others), you encourage a name, then you complain about the name chosen, after indicating that it was not something you wanted to do. You’re all contrarian, and seem to want the cake and eat it too. Just because the name represented someone who you disliked in the past does not make its current ‘wearer’ old or that person. So think again about writing “Choosing ‘eric geary’, I can only perceive that ur an old-timer!” I have read about Ton Ton, etc. but we younger people can learn a lot from the Internet.
I appreciate the lesson in Bajan. But don’t it help to read carefully and stop confusing people with the giving of choice and then trying to take it away?
Dear David, you write “An offshoot/subsidiary of the IMF & World Bank monitors and records the indebtedness of all countries.” What is this offshoot/subsidiary? These institutions are single and autonomous?
You also wrote “The idea of adequate foreign reserves is misleading.” (Madame Governor was quoted as saying the tautology, “sufficiently adequate”.) Adequate anything can be misleading, as adequate must be qualified by what is called the need. So, I have no idea what you are trying to argue. The reserves are adequate to cover the perceived need of paying for a certain amount of goods and services from abroad, so they are usually defined in terms of ‘months or imports’ that they can cover and 3 months is often regarded as ‘adequate’. More is better perhaps but may not realistically be needed.
You offer some extra info from a Yardbroom named person. I don’t know if you really read it or understand it. It says that the SDR is not a currency but a unit of account, then describes how countries can exchange SDRs for other currencies (“countries with strong external finances can buy SDRs from countries which need hard currency”), which is a clear contradiction that it is not a currency. Countries are not buying ‘units of account’, and the SDRs they obtain are usable because they “augment[s] countries’ foreign reserves”. The Economist article is therefore confused and wrong. Shame on them!
When the BIMBRO person writes “Barbadians are n’t interested in any ‘SDR’!! We’re a judicious and conservative people who will adopt the appropriate, belt-tightening measures to c us through this ‘time of slight restraint’!! ” the reply is that is irrelevant whether people are interested in SDRs. They exist and are there to pay for things. The rest of the sentence is just empty and meaningless rhetoric (an r word).
Dear David, I attributed some information to “yardbroom’ when it should have been ‘looking glass’.
I am glad that you clarified the matter of anonymous, with “On the subject of names the vast majority of commenters used handles, some prefer not to, we encourage them to.” As I am reading through this blog, I see its use widely and few if any complaints about it until just recently. But we know that you cannot force a name of a person. In the same way you cannot force ideas or opinions on them, though some commentators do not seem to accept that, especially some who seem to believe they are “judicous and conservative” people.
I’m reading again the comments of BIMBRO. I am not sure what is relevant about living in different time zones, maybe that has something to do with something. The world turns.
What does “Thus, not being Barbadian, I’m less inclined to debate with u matters of our national economic well being!!” really mean? That no one is allowed to discuss Barbados with you unless they are a Barbadian? You say you are in the UK. Is this your view about things going on there? If so, why waste your time there being ignored and just not go back to Barbados where you can discuss happily with your fellows? It seems to be your view that no one who is not Barbadian has anything useful to offer Barbados. Do you really believe that and how do you know who is a Barbadian? I did not see a test or fee to enter the blog. I have Barbadian relatives. Does that count? How are you defining Barbadians. Does Eric Holder, the American attorney general, count? Your prime minister was born in England, so is he disqualified?
Dear David,
I am thinking of starting a blog like this one. Could you offer some advice based on your experience? Does it take a lot of time to moderate the comments? You can send me a message to my email that I filled in if it better than adding to this string of comments. It could be of interest to see if Trinidadians are willing to be free with their opinions in writing, even with made up names.
PDS Said ”Now, this was the same governor that said in 2007 and 2008 in Barbados, when the sub-prime mortgage crisis and global credit crunch and disarray in the global financial system was beginning to unravel, that there was no likely impact to be felt on Barbados in the short term. But, look at Barbados now!! Is Barbados NOT now in a depression, partly as a result of those severe imbalances – some of which were manipulated?
Also, the fact that the Governor could have said that Barbados is NOT in a crisis primarily because, in her view, we have BDS $ 1.3 billion in foreign reserves, is really a sick joke on the part of the Governor. This kind of stupid silly statement should have warranted the Governor to go into retirement earlier than planned!! ”
LOL. The first part, I had wondered if I was the only one who remembered that particular ‘interesting’ statement.
The second part, may not be a sick joke, but worse, an indictment of her understanding of economics, as indicated initially by the statement last year.
Certainly, a healthy foreign reserve is desired, but when the underlying economy is in severe withdrawal, the economy is still sick and further, with continued extensive foreign expenditures without earnings, the surplus will soon be eroded.
Truthfully, I do not always agree with some points in your posts, but on this one, I agree, one has got to wonder.
Peace
Rumplestiltskin, in the world of finance, short term is taken as 12 months or less (see http://www.investorwords.com/4563/short_term.html). So, Governor Williams, was not wrong, speaking as she was in 2007.
It is hard to see how you can be in a financial crisis if your country has money available to pay for goods and services over a reasonable period. So Dr Williams’ remarks about having BDS$1.3 billion in reserves are not a sick joke or stupid. That is not chump change. If you only have money for one week and no prospect of more money to come in then perhaps crisis is the right word. So the PDC critical observations are silly.
Geary, look, anything is purchaseable dese days, including SDRs, so please leave poor Yardbroom alone!! Geary, SDRs may exist, however, we’re not interested in avialing ourselves of their use! DO U ONSTAN DAT NOW?!! More Bajan for your information!!
Then, please leave ‘Looking Glass’, alone!!
Geary, I’m fully aware that you ‘can’t force ideas on people, etc….’ which is why I don’t bother to waste my time trying to convince Jamaicans and their Barbadian friends in the adoption of standards of decent, civilised behaviour!! Of course u can try, which is what the Jamaican police have been doing for so long, with the use of batton and bullet, with some degree of laudable success. However, Jamaicans, and some Barbadians, are a ‘hard-ears’ people and it will take them some time!!
Re: time zones, G. I need time to sleep, which is why I could n’t reply to u sooner, not like your friends, the JAs, who don’t need to sleep ’cause they’re always getting up to mischief!! I am a respectable person!!
Eric, I told u Barbadians can recognise another countrymen from a stranger, even before knowing where u were from! Anyhow, just wanted to inform u that I came across a Trinidadian blog years ago. Can’t remember its name now, but try looking in the sidebar here and also at Barbados Free Press. You might find it listed!! Must b easier than starting your own!!
Rump, so when it in a ‘r’ its a depression?!! Lord, wunna really determine to talk Bim down into one, are n’t wunna!!
Steupse!!
Geary, it obviously means that, not being Barbadian, ur not sufficiently well acquainted with our affairs to speak or even write, sensibly, about them!! Transparent logic!! I may be in the UK but retain close connections with Bim (u don’t even know what that is, do u!!) and, at the highest levels!! Barbadians know who Barbadians are, and u do not quality!
Jes lef d economy alone tuh its own devices and the eminent stewardship of d Governor an all will be well!! Don’t perceive a crisis when duh ent nun!!
No, even within the 12 months after that statement, major industry such as tourism and construction started to feel the effects of the recession, so I am not wrong about that.
Noether am I wrong about the economic troubles, if you read what I said, even if you have foreign reserves, if your major industries are in trouble and you have significant job reductions into the foreseeable future, you do have serious trouble.
What you then have is a situation where either the people will furt badly for a the foreseeable future, or Gov’t borrows for capital expenditure, to prop up the economic activity, then resulting in debt repayments for the mid to long term, which will stifle the economy in future and is not really a long-term solution.
@ BU Family
Beware of those who are trying to derail the conversation they tried in the past and failed.
Additionally, when we talk about economic acitivity and health, the holistic approach is appropriate, semantics really do not come into it, particularly when semantics simplify the reality.
Bimbro”Bimbro // July 31, 2009 at 6:07 am
Jes lef d economy alone tuh its own devices and the eminent stewardship of d Governor an all will be well”
You have GOT to be joking.
Interesting that you follow the ‘see no evil, hear no evil’ of the last thirty years of Caribbean politics.
I may know someone who has a bridge to sell you……
Rump, nun uh those things will happen bro!! Why u suh pessimistic?!!
Dave, please have a likkle patience wiv me, jus for a minit – u might even open a thread!! but, I can’t understand this business about the so-called, black professor in the States, at all!! Cheese on bread man, if somebody saw me breaking into my own home, here in the UK, because I’d lost my keys, and called the cops, I’d say, “sorry guys, lost my keys and this was the only way I could get in”!! I would n’t make a fuss and perhaps, seek to fight somebody!! I swear to god I can’t onstan black people!! And, dah Obama’s stupid fuh supporting e!!
Bimbro,
You are in England of all places now and are optimistic?
Either you are in real good company financially, or you have your eyes closed, surely?
Peace
Rump, I’ll teach u a lesson learnt hard from British politics over the past 30 or so years, and expounded by none other than the luminary, ex-British PM, Margaret Thatcher, i.e. “you can’t buck the market”!! Do u know what that means, Rump? Of course u do, u can’t interfere with the market! It will make its own mind up and sort out its own problems. Meddling too much is playing with fire, bro!! And we know what happens when people do that!! U get burnt!! and, we don’t want that, now, do we!!
Please remember that lesson, Rump!!
Rump et al, just to prove my confidence in the Bajan economy, I shall be leaving all of my investments there and not moving them to another destination! There’s confidence for u!!
Now there’s a word which we should use more often and encourage its use as widely and extensively as possible, if u wish to inject confidence into the economy! Yes, that’s right, the word ‘confidence’!! Read it, write it, say it, disseminate its use extensively throughout Bim to instill confidence in the economy and forestall what so many of u seem to want to c, the ‘r’ word, which is n’t permissible!!
BIMBRO, thanks for the sidebar pointer. I will look but hope that if I want to start my own that will be okay with you.
You write “Geary, it obviously means that, not being Barbadian, ur not sufficiently well acquainted with our affairs to speak or even write, sensibly, about them!! Transparent logic!! I may be in the UK but retain close connections with Bim (u don’t even know what that is, do u!!) and, at the highest levels!! Barbadians know who Barbadians are, and u do not quality!” So, transparent logic, how is it you as a Barbadian can speak so wisely about other Caribbeans? Jamaicans seem to be your expertise but you say you are not one, so should we just ignore all you say about them? Or do you have close connections to some, but are afraid to show that?
A lot of politicians say a lot of things so the words of Maggie T are just the ones you like, but they are no more meaningful. I think Rumplestiltskin when he says to you “You are in England of all places now and are optimistic? Either you are in real good company financially, or you have your eyes closed, surely?” I would say eyes closed definitely.
Rumplestiltskin, the argument was about the governor talking about likely impact in the short term. Her assessment was not wrong, but there were impacts felt later, that is clear, and she acknowledged them from what I have read. But your prime minister keeps playing down that you have economic problems and by saying with glee that no need to go to the IMF or whatever gives people the idea that all is well. You all clearly do not believe him.
BIMBRO, I looked at Manicou report and Trinidad & Tobago news blog. They are interesting. But like this blog it seems that comments come from very few ‘names’. I wonder if there is really much interest in the blogs or if the comments are noisy additions but not much else. I guess I will have to guess at that.
You talk about not bucking the market but I just read that your prime minister is going to get involved more in CONTROLLING OR MANAGING the market. He is going to buy up an old hotel that obviously no one else wants. He is also going to get involved in price controls, see http://www.nationnews.com/news/local/hotel-help. I read that at his press conference the “Barbados’ hard-hit hotel sector is in line for more Government aid. [INTERVENTION]
Consumers will also get some relief from sharply rising food prices with a state agency to intervene in the market to import goods and cut out the middle man [MORE INTERVENTION].
In the wide-ranging Press conference Thompson also defended a number of controversial decisions taken by his Government – on immigration, the acquisition of Sam Lord’s Castle [MORE INTERVENTION] and financial support for the troubled CLICO insurance operation [EVEN MORE INTERVENTION].”
Dear David, your name comes with a BU symbol so I take it that you are the moderator. So, how can you write “Beware of those who are trying to derail the conversation they tried in the past and failed.”? You are the one who lets the comments pass, so you must be willing for whoever is making the comments to take them in a particular direction. Is this another example of wanting cake and eating it too?
And what about all that stuff the people write about free speech. How can free speech derail a conversation?
Take Eric with a pinch of salt and have a laugh. In 1991 I sat in the living room of 5 Trinis in Goodwood Park and they predicted with glee that Barbados would have to devalue!
When we didn’t, and sent the IMF home in 1994 without even drawing down all the allocation, they were extremely chastened and actually tipped their hats to our people. Eric is just adopting the typical Trinidadian jealousy of Barbados.
Its not harmful. It is the parable of the wise and foolish virgins!
This is an age-old rivalry with Trinidad – an unmanageable country with plenty money and little brains – that has been endowed and has little to show for it. A foolish virgin!
Barbados has had infinitely less and come through worse. Personally I think that David Thompson fully understands where we are and what we have to do and adopts the Nelson Mandela strategy of keeping hope alive.
Rumplestilskin, what is a Minister of Finance to do in these circumstances? Most of our problems are inherited … can he change that overnight? He has had no elbow-room to put his imprint on a new strategy and therefore has to focus on post-recession growth.
Also, Barbados has done relatively well with average moderate levels of GDP growth over the last three decades. We are able to do more with less and that is a national characteristic that can help.
Rumplestiltskin, I think you are right that some want to see no evil and hear no evil. It means a person does not have to do anything themself. I was reading the papers again and see talk of an upsurge in gang violence (http://www.nationnews.com/comments/editorial/friday-editorial-july-31-copy-for-web). Is this reflecting harder economic times or is there some other sickness that needs the holistic approach that you favour?
A friend in England just sent me a link to some letters from economist to the Queen about the economic problems in the UK, but another person blames the problems on the economics profession, http://www.guardian.co.uk/commentisfree/2009/jul/31/queen-letter-financial-crisis. So why would you have so much faith in Governor Williams to steer you through? Your former prime minister, Mr. Arthur was an economist, so he should be even worse placed to help steer out of the ‘crisis’. What do you have to say on that?
@eric
You are not a Trini continue to goad us and we may start to challenge what you are trying to do.
So david this so called ‘eric gairy’ blogger is not a trini?
Perchance is he a member of her majesty’s loyal opposition?
Hogsqueal,royal rumble,kerrie simmons,liz thompson eh?…..hmmmm
Is that an answer to the question about what to think of the economic leadership? Trini’s PM says ‘loosen belts’. The opposition immediatly say ‘keep belts’ tight. What are people supposed to think with views that extreme? Your PM
oops…Your pm and governor say no crisis. The oppostion argue the opposite. What are people supposed to think? Some of your commentators say leave the economy to fix itself. Others say that is nonsense. What are people to think?
Bimbro et al
Lissen, dis Gairy fella seems to be one dat ‘hates a war but adores a riot’, or sumting so, so we cud put he pun ‘ignore’. Simple.
He doan undastan dat dis BU family is curse one anedda in one instance an gree like fam’lee in de nex.
Stupseeeeeeeeeeeeeeeeee.
Eric Gairy,
Come, it’s time for your ‘pill’. Yes, darlin, time to relax and calm de nerves.Yes, come darlin, open wideeeeeeeeeeeeeeeeeeeeeeee. Good boy.
Wait!! David … How you could tell where somebody come from??
I mean I know ya could tell from de IP address where de person live, but how you could find out where he born?????
So, transparent logic, how is it you as a Barbadian can speak so wisely about other Caribbeans?
****************
Gairy, I don’t pontificate on their economies only their personal or communal behaviour! JAs economy is of no interest to me, at all!!
***************
You all clearly do not believe him.
****************
I clearly, believe our PM, G, and would advise that u did, too!!
************
Eric, economic tinkering-at-the-edges, is permissible. More is inviting trouble, sooner or later!
Interesting points about ‘derailing and free speech’! I noticed the remark as well, G, and, although I’m not certain, suspect may have been aimed at me! I don’t think he’s too keen on me, for some unknown reason!! Probably becuase I criticise his ‘sweet-boy’, Technician!!
Laaaaaaaaddddddddddd!! fagive me, David!!
Geary, it’s just occured to me; where do u draw the line between ‘intervention’ and simply, normal, sound governance! I’m not so certain the instances u referred to do qualify as ‘intervention’!!
G, to reiterate Veritas’ point; I trust u will give us fulsome excuses for Trini’s dismal economic performance before u leave, Mr expert on Barbadian affairs!!
Gang violence, like all things evil in Bim, is a Jamaican importation!! Simple!!
We only take heed of the sensible, economists which is why our country did so well, economically at least, under principal-economist, Arthur!! In some other matters, he was found to be wanting!!
Boony, Laaaaaaddddddddd!!
When’s he due his nex dose!! lol!!
Bimbro
He nex’ dose due ‘rong 12.
Bonny, I’ll be there!! I’ll be there!! Tuh open e mout wide fuh yuh!!
Laaaaadddddddddddddddd!!
Dave, open a new thread nuh?!! I keen to talk bout dis ‘racial profiling’ bizniss!! Yuh c, it’s a new terminology in the UK, we’re really only jus hearing bout it now properly, since dis incident wid Obama fren! I in 100% sure yet wha it mean!! Does it mean dat if yuh black an yuh’re seen brekking inta a house dat yuh mus be a robber?!! Well, Dave, tell yuh d trute, if I c a black man brekking inta a house, unless it was known fuh a fack dat it was his house, well, I would assume dat he wus a robba and, if I c a white man brekking inta somebody house an it in known fuh a fak dat it is he house den again, I would assume dat he wus a robba too, an I could n’t blame nuhbody else fuh tinking so, eida!! So, wha is all d fuss about ’bout racial-profiling an d professor, etc!! Song like a lot uh foolishniss tuh me!!
Dave, did I tell u dat it was only after having been in the UK for several years dat I realise dat Kolma-rock was really Collymore Rock!!
Doan laugh!!
Yuh c, ova hay we English pronounce everyting properly!! D Queen’s english at all times!!
Laaaaaaaadddddddddddddddddd!!
Barbadians!! Bless um!!
Nothing to do with IPs. A careful read of the comments tell it all.
Eric Gairy, there is always an upsurge in gang violence when illegal drugs are in short supply. But it is a chicken and egg situation and I think the Police are doing a great job in stemming illegal drug shipments. Eventually, once they are successful, the gangs will dissipate.
Gangs are businesses that faciliate sale of drugs! Simple. And illegal drugs are business.
When you going to do the same to deal with illegal drugs in Trinidad? Or does the conclusion of the Scott Report – that most Trinis in high places are involved in drugs – still hold under Manning?
Just asking.
Eric, I told u not to worry. Between us, the Brits and the Bajans will save your skin! You can be happy again now. Just to make sure u understand – if it’s ok in London then it’ll be ok, eventually, in the caribbean! We’ll drag u up with us, ok!!
http://www.telegraph.co.uk/finance/markets/5952111/FTSE-100-stock-market-has-best-month-in-more-than-six-years.html
Governor has stated our reserves are adequate but what is the context?
What are Barbados obligations loan repayment obligations over the next 12 months?
David, the Governor’s focus on the gross international reserves is presumably because she (and the government?) believe that is Barbados
Achilles heel in times of economic trouble. But is that right? I did not hear the full remarks, but I wonder whether she justified that. In many cases, the cautious view is focused on the NET international reserves (NIR), which looks at the official foreign assets minus short term obligations. I have not had a chance to look at the level or the trend. Ideally, the NIR would be positive–meaning the country sees clear air in paying its way in the short term. If it is negative, one would be worried if they continued to fall and ‘happier’ if they become less negative. I’ll let you and others review the figures.
I’m pondering PDC’s comments about opportunity costs of not earning enough foreign exchange. I don’t really understand it, so have left it hanging. But I would be interested if others found that this was a gem of wisdom, or not.
@Bimbro,
At the risk of your ignoring my comments, read, the article “Irrational Exuberence Continues”, http://dailyreckoning.com/irrational-exuberance-continues/. Movements in the stock market are supposed to indicate a forward looking assessment of the economy. But is it right? The prevailing view since the start of 2009 has been that the world recession is coming to an end. Data show that things are stabilising but that’s a long way from their turning around. The latest US GDP data, which was heavily revised for past perioeds, showed that the recession was deeper in late 2008/1st quarter 2009, making it more likely that growth in 2009 will be positive. As the article suggests, the US consumer is beaten up. The UK housing market seems on better footing, but lending by banks is still a dribble. The world’s real hope is that China will drag it up, and Australia looks set to benefit more from that than say the US and UK.
But the stock market’s rise need to be looked at in the light of still rising unemployment, which lags other developments (ie it can keep rising when other things have started to turn around). Unemployed people are usually the angriest people in the economy, and if their ranks swell rapidly they pose a major social risk. It is totally unknown if these unemplyed can get jobs from any economic upturn.
In Barbados, what has struck me is that job creation is not happening, so the government is trying to do job preservation–stop lay offs, sometimes with dubious actions. But how long can that last if an economy is not growing? It is the tax payer who is paying to keep jobs in place. But would the tax payer rather have other things done with the money?
When I look at developments over the past 6 months, sentiment has been shifting so that data are looked at in ‘second derivative’ terms. The absolutes are bad, but if they show a situation less bad than expected the stock markets and foreign exchange markets interpret that as positive (ie less bad = good, now). But, there is a body of opinion that says the situation is still dire and think markets have run ahead of themselves. If that view is right then the markets may still have a new down leg to go, as people’s sentiment focus more on the absolute rather than relative situation. That too may lead to a slower recovery, if any at all over the next 12 months.
Financial market sentiment is on an edge and can turn quickly. Investors in those markets can make $ or lose their shirts. BUT, countries like Barbados are not living on short term sentiment (longer term sentiment matters and could be seen as negative–look at foreign investment and tourism). They have to deal with a slower moving reality of a bad current and possibly not improving future situation. That’s where my concerns get high, because I do not see what is being done to change the real economy.
Not going to the IMF has been put up for a long time as a sign of strength by Caribbean countries. I don’t share that view (but I have a bias). IMF oversight does more than provide money: it impose a degree of good governance over financial activities that is often at least as important as having the financial cushion. It also gives the world ‘confidence’ that good policies are in place, and is a signal for other lenders to go where they previously would not tread.
Food for thought.
Got to miss Crop Over and focus on rabbits in Dominica.
@Veritas, I’m seeing your comments about wise and foolish virgins and will give that thought from the comfort of the LIAT waiting lounge. It’s well known that natural endowments have often been squandered (Nigeria and Guinea the worst? Botswana, Norway and Chile far the best?), while meagre resources have been well harnessed (Singapore and Hong Kong the best? But there are also many examples where meagre in means dependence for ever, as with several Caribbean small islands, Djibouti, and small Pacific islands. But I have to see if I can step aside from a ‘jealousy’ analysis and think about what else may be going on between the Soca Warriors and The Flying Fishermen.
On gangs, I think you make a lot of sense with regard to their facilitating illegal activities: they are another economic circuit and often not just limited to a local playing field. That latter aspects is bothersome, because the pawns (small, local, happy with their little deals) are what are seen easily and tackled often, but the kings and queens (national, international, often well connected politically, focused on control of major aspects of social life) make big moves behind the scene that are unseen and rarely easy to tackle (look at how intractable the drug business is because it is national business–major suppliers: eg, Mexico, Colombia, Pakistan, Afghanistan; major demanders: eg, USA, western Europe).
@Veritas, part of the answer about the virgins lies in the counterfactual. Should Barbados have devalued and what would have been the results? Should they have drawn IMF resources and made the recommended policy changes that would have allowed the drawings? Should Trinidad not have drawn on the IMF resources in 1989 and 1991?
You cannot escape also the problems of managing a commodity economy, especially one driven by petroleum products, and the difficulty of managing the exchange rate, fiscal and monetary policies. Just looking at the past 24-36 months when crude prices have roller coasted from lows to ridiculous highs (US$147/barrel) back to recent lows ($30-70/barrel), and oil and gas revenues swinging similarly. Try imagining managing Barbados with tourism revenues taking similar swings.
OMG, LIB’s back!! LIB, ur a natural sceptic who finds disagreeing useful to propounding ur economics’- views! Look, even ur fren Obama today, or yesterday, announced the end uh d recession in d US!! Want me tuh find the videa clip fuh yuh – as viewed on CNN just dis mornin hay in d UK!!
Steupse!!
@Bimbro,
“LIB, ur a natural sceptic who finds disagreeing useful to propounding ur economics’- views! Look, even ur fren Obama today, or yesterday, announced the end uh d recession in d US!!” [Skepticism is healthy. Adam could have used a good dose of it.
President Obama said something a bit different from what you suggest; I heard the remarks in full yesterday, and the Bloomberg report highlights some key points, http://www.bloomberg.com/apps/news?pid=20601087&sid=aKJ8pd.VoTyc.
Note: “Important steps that we have taken over the last six months have helped put the brakes on this recession,” ...“As far as I’m concerned, we will not have a recovery as long as we keep losing jobs,” The US is shedding around 570,000 new jobs a week and has over 6 million people making continuing claims. So, the recession is far from over.
But, for Barbados read today's Nation: Dacosta Mannings layoffs/closures; LIME job losses. Think about the sacking of managers at the Paradise hotel project and what that means.
Too horrible to contemplate? Let's wuk up then, it's Crop Over.
I'm a technocrat not a politician and do not need to massage my message.
Remember last week President Obama said the police acted "stupidly". He then spent the whole week walking back from that remark. Did he have an Epiphany?]
@Bimbro:
So touching that you missed me, but end of month is a bit tricky in financial markets, especially when it comes on a Friday. I’ll try to make up for lost time as I plan to take the next week off from such activities and will be able to focus fully on all-in wrestling with you. I was also trying to locate transcripts or recordings of the PM’s and Governor Williams’ remarks, which I missed as I was othewise engaged on both occasions. VOB are supposed to be getting me a recording, so I may have more to say once I have heard the full commentaries.
Epiphany or not, it’s people like u who voted for him because he’s black. I’ve never been impressed by slow-mout Obama. He talks at 0 miles per hour!!
I did n’t say I missed u. In fact, I’m horrified that ur back! Wrestling wiv me? Please don’t make me sick!! When’s the next flight to Kingston??
LIB
• I’m a technocrat not a politician and do not need to massage my message.
************************************
Glad to see you agree with my assessment (technocrat) in an earlier post. Re Obama what he said was correct but the media fixated on it and it wasn’t in his best political interest to have that as the focus at this time.
@Sargeant
I will look back to that assessment (and feel free to repeat or remind me which). No disagreement on Obama, but that is politics.
@Bimbro
“…it’s people like u who voted for him because he’s black. I’ve never been impressed by slow-mout Obama. He talks at 0 miles per hour!!”[It will be over remarks like this that I will happily be Mick McManus or Jackie Pallo, and drop kicks will fly. I do not have a vote in the US, as I was not a citizen. So, your glib 'people like you' needs better direction. It is also one of your typical, I do not like what you say so I will throw out some garbage remarks. Remember, Obama got more votes from white voters than Gore or Kerry before him. We can adduce reasons, but it's hard to say that it was because he is black. Thinking should not be a part time job. It is full time work. Sometimes it means that your mouth has to slow down so that the words are clear and in synch with your brain, otherwise, the babble will be all we hear. Try it.]
“I did n’t say I missed u. In fact, I’m horrified that ur back!”[You did not need to say it. It was clear. You need foils and I am a willing one. Next week, the moderator permitting, I may have to become a weapon of mass destruction and make sure that my Exocets are well armed and targeted. Remind yourself about the Falklands War, if you need.]
VERITAS
Eric is just adopting the typical Trinidadian jealousy of Barbados. THIS IS SUCH FOOLISHNESS. JEALOUS OF WHAT.
THAT YOU DID NOT INVENT THE STEEL PAN (THE ONLY NEW INSTRUMENT OF THE 20TH CENTURY)?
YOU DONT HAVE ENOUGH OIL TO BUILD YOUR COUNTRY SO YOU TRY TOURISM? BUT YOU STILL HUNTING FOR SOME OIL, THOUGH?
THAT YOU COULD NOT PRODUCE MANY WORLD CLASS ATHLETES AND A WORLD CUP QUALIFYING FOOTBALL TEAM? ALRIGHT, I GO GIVE YOU CRICKETERS THAT YOU PRODUCE ENOUGH OF, BUT AS YOU DON’T PRODUCE OTHER ATHLETES EXCEPT IN ONES OR TWOS IN ANY OTHER SPORT, I GUESS WE SHOULD BE WELL JEALOUS.
THAT YOU DONT HAVE CARNIVAL? WELL, I’M HERE FOR A CONFERENCE AND WILL STAY FOR CROP OVER TO SEE IF THE WUK IS GOOD ENOUGH TO MAKE ME JEALOUS.
Its not harmful. It is the parable of the wise and foolish virgins! SOUNDS GOOD BUT THE STORY DEAD WRONG
This is an age-old rivalry with Trinidad – an unmanageable country with plenty money and little brains – that has been endowed and has little to show for it. A foolish virgin! SO LITTLE? HOW MANY COMPANIES IN BARBADOS ARE NOW RUN BY TRINIS OR CONTROLLED BY TRINIS? IT’S THE MONEY TALKING I GUESS.
SO UNMANAGEABLE THAT THE SUMMIT OF THE AMERICAS WAS JUST HELD HERE? WHY NOT IN BARBADOS?
Barbados has had infinitely less and come through worse. I WONT WORRY ABOUT THE EXAGGERATION AND INFINITELY LESS IS MEANINGLESS.
WORSE LIKE WHAT? YOU DON’T EVEN GET LICK BY HURRICANE.
BAJANS SEEM TO FEEL THAT THE WORLD OWES THEM HOMAGE. MAN, YOU NOT REAL.
VERITAS
AS FOR ‘LITTLE BRAINS’, I ASK YOU WHAT DO YOU THINK OR ERIC WILLIAMS (I’M SURE HE FOOLED THE PEOPLE UP AT OXFORD TO GIVE HIM THAT FIRST CLASS DEGREE) AND CLR JAMES? IDIOTS?
My god, can u imagine Obama in a crisis!! “Mr President, the rockets are on the way! What shall we do!” By the time he finished speaking Washington would be history!!
Lord!!
***************
THAT YOU DID NOT INVENT THE STEEL PAN (THE ONLY NEW INSTRUMENT OF THE 20TH CENTURY)?
***************
E, u think that ‘inventing the steel pan is worthy of praise, do u?!!
Laaaaaaddddddddd!!
Listen, I had d bigges laugh uh my life so far dis year when I saw some announcement that the Trinidad govt. was now making it compulsory for all Trini schoolchildren to learn to play the steel pan!!
I had to laugh so much!! I thought, is this for real?!! – only West Indians!! Every way else in the world people r becoming virtuosi in playing the violin, piano and other classical instruments but no, trust the stupid W. Indians, they’re FORCING their children to learn the STEEL-DRUMS!!
I tell yuh!! To this moment I still can’t believe it!! The stupidity is mind-boggling!! Even the Africans would laugh at you to scorn!!
So, tell me, for a country with a population of your size, wha world-class athletes u produce?!! I can only think of two!!
Gairy
Please don’t talk about brains everyone will admit that the Bajan educator was a constant throughout the Caribbean. I will grant you CLR I can see his book “Beyond a Boundary “ from where I perch but Williams of the famous maths -One from ten leaves zero? I am not sure . There is also a Bajan whose name escapes me now I think his name is Springer who got a double first at Oxford. For a country of 166 sq miles we hitting way above our weight.
But I don’t want this to disintegrate into a Trini bashing or I would ask why does Sir Vidiadhar dislike Trinidad so? Or I might just bring up Michael Jackson’s doctor:-).
But this is all in good fun “Tek yuh meat out me roice”.
Disintegrate s/b degenerate in above post
But, Sargeant, foolishness is food for fools. Eric Williams maths was not standard but memorable. My own blog will be a place to continue this.
As I look at this thread I see in Bimbro’s last comment that smug ignorance that could hold back this region. Celebrate nothing that we have created, but hail all that is alien. Skill in music and rhythm is skill-piano, violin, recorder, bells, or steel pans or djembe drums. Of all days to demonstrate such crass attitudes as Bimbro’s Emancipation is so ironic. Let’s spend as much time as we can dragging down each other’s achievements and placing higher our own and the achievements of others. Bredda Nancy wha wi go do? How about accepting that each country and people are seeking a way to move ahead, and it happens at different paces and in different ways? As I sit waiting for a taxi I live the unpleasant experience of Dominican taxi drivers cursing each other over passengers. As if the potential passengers care. But the waiting people are not oblivious of the stream of f- words. Let’s keeping biting the hands that feed. No one else had the wit to make music out of oil drums. Now the piece can be included in orchestral music. No one else finds the
… finds ways to cook or sing as we do but we struggle to value such uniqueness. Foreigners do and reap the profits. That’s one reason why our economies grow slowly and why we may get past the recession more slowly. But let me enjoy the bumpy mountain drive.
LIB
Relax and enjoy the fauna and flora of Dominica. From what I’ve heard the island could be in the forefront of eco tourism in the Caribbean.
Looks like you have an issue with Taxi drivers, they are the same the world over whether at Logan Airport, DC or Bridgetown, make sure he doesn’t take you on the scenic route:-).
It’s only a weekend till you get back to Paradise.
@Sargeant, I shall enjoy it all and the rabbit festival, which a wag callled a cultural met-a-fur. I had no issues with the cabbies; they were fighting each other over passengers. Reminds me of the lush hills of Jamaica (sorry Bimbro). Sweet air, too. I’ll try to be patient pending my resurfacing from Hades.
LIB, u revel in being able to play STEEL DRUMS! U West Indians, are the only ones likely to do so! I might revel in playing marbles too, but it’s not going to get me anywhere on the international-stage except being ridiculed but then, that probably does n’t matter to u!! Leh me go an get my oboe do, and play a few tunes!!
@Bimbro, I think you have well defined YOUR problem. I would gladly be ridiculed for holding up to the world a creation of this region, especially if it’s unique. You lack that courage.
Speaking of lush hills and valleys I know the Fern Gully is not what it used to be.Trying to get my head around a “Rabbit Festival”. Is Peter Rabbit the “guest of honour” or the main entrée? Does PETA know?
My neighbour just returned from Malta and he told me that in addition to fish the Maltese consume a lot of rabbit.
Eric Gairy,
stupseeeeeeeeeeeeeee, it’s getting late, come for your evenin ‘dose’.
@Sargeant, do your research. I will get observations. One interesting insight: local radio analysis, not call in. Presentation of key info and comments, then leave the public to ponder. The case? PM involved with Chinese co. and deal gone bad, now in BVI courts. Similar to Ronnie Thwaites in Jamaica. Hard hitting and factual, not just unbased opinions. Lessons for Bim?
Here is a video giving some details on the Rabbit Festival supplied by Livinginbarbados
David
After LIB made his comment I googled and found the video. The rabbits are the “Guests of Honour and the main Entrée” . I take instructions well.
@David/Sargeant, I have not been able to watch the video but have visited the site for the events. It includes rabbit racing! I hear the PM and ‘president’ will be present. Intriguing side of Caribbean island living. I have yet to explore the role of treaties with China, Japan, Venezuela, and ALBA.
What the video shows and provides learning for Barbados is the symbiosis of developing industries in parallel with community tourism.
LIB, so would I be proud to. I simply don’t c the merit in playing old oil-drums! U might but I don’t! and, neither, I suspect, would 99% of the international community!! However, I would n’t expect u to understand that!!
Old oil-drums = legacy of slavery = something to be proud of?!! Only u would think so!! The rest of the world would laugh at u behind ur back – however, as with so many things, ur too, stupid to understand!!
@Bimbro: “Old oil-drums = legacy of slavery = something to be proud of?!!” [I dont know how you equate oil drums with slavery, but in any event, WE ARE OURSELVES LEGACIES OF SLAVERY. That is how history has left us. Sorry if you not realised that. So, however, you slice it, you cannot escape it.]
@David: Thanks for posting the video. I understand that Venezuela has strengthened its economic ties with Dominica through this festival, including by sending chefs to show different recipes (Venezuelans eat a lot of rabbit dishes. This year the festival will do more to raise local income generation by having locals prepare and sell dishes rather than having others do that. The village has a population of 251, but the number of visitors reaches into the thousands, including contingents from overseas. Remember that Dominica is classified as a poor country and that may have something to do with its willingness to go in certain directions. Venezuela is in the process of providing a coffee processing plant: the equipment is due to be assembled soon. Of course, there will be questions about the political price of the economic ties, but that’s nothing new. The day starts fittingly with an ecumenical service at mid morning.
For those who can follow the implications of higher umeployment in the US, read http://www.nytimes.com/2009/08/02/us/02unemploy.html?hp
BIMBRO, world class means able to compete at the highest level, elite, if you wish. Trinidad has many world class athletes; some have even become champions. You could also take heed of the Sports Minister’s recent confirmation that her ministry’s business is to develop world class athletes from cradle to grave.
LIB, ur such a nutter! It’s nuh wonda I feel sorry fuh wunna!! U think everything’s about how we see ourselves, don’t u?!!
Laaaaaaaddddddddddd!!
Wais uh my time talkin tuh wunnah!!
Chavez softening dum up (Dominica) before d invasion!!
Laaaaaadddddddddd!!
Shortsightedness gun kill wunna!!
Eric, as a layman, I only know of 2 world class Trini athletes and, as far as I know they’ve both now retired! = Nil world class athletes for Trini!! whereas, Jamaica, roughly the same size and presumably, same population, has a million world class athletes!! Please explain the differential!! And, just before ‘some idiot’ says so, it’s nothing whatever to do with ackee and saltfish!!
So, Eric, to conclude; world-class athletes who no one has heard of and degrees in playing old, oil drums!! The caribbean’s really doing well for itself!!
Laaaaaaadddddddddddddddd!!
Boom! Boom! as the Brits (my people) might say!!
LIB, I’m a world-class athlete in playing hop-scotch!! but I doan boas bout it!!
Laaaaaddddddddddddddd!!
Jamaicans!!
@Bimbro (still LIB): Olympic 100 m final-1st Bolt, JamJ 2nd Thompson, Trinidad…West indies play Test cricket, ie world class: count Trinis who play and played. Football: Manchester United, one of world’s best club teams: count Trinis who made 1st team. Just for brief good measure. Sorry, squire, I don’t fink you got a clue what’s going on in the real world.
@Bimbro: I should have added that if it’s recognized that the level at which you excel I’d the highest then there’s np need to be coy about your skill. Cricket is not such a popular game worldwide but those who play it at top level are so recognized. Few countries play American football but the Americans hail their winning Super Bowl teams world champs. I could add croquet to the mix or curling. Open yer eyes, mate.
@Bimbro: For your information, and remembering that you only see recent history. Venezuela was the first country to recognize Dominica when it became independent in 1978. Hugo Chavez was only twenty then, and he only became president in 1998. But I guess that’s not so important if you wish to remain oblivious to what is really happening aroud you.
Look foolish LIB, footballers an cricketers are n’t classed as athletes. They’re normally classed as footballers and cricketers!! Excep maybe in Jamaica and, u know dem!! Only u could talk such foolishness bout curling and croquet!! It proves my point – deluded!!
I’d still like somebody tuh tell me why it is dat JA got 6,649,541 accredited athletes when d rest uh d worle only got 2!!
Someting very strang happen dere!!
What’s his DOB got to do with anything. He’s shut down the radio stns today, invade Dominica tommorrow! Open ur eyes my people and stop being deceived!!
@Bimbro, the dates are relevant to point out that Venezuela has been a constant 3 decade friend of Dominica, not a Jose come lately or fair weather friend. Chavez’s merely continues a relationship. Seemed obvious. But some countries like to feel free to blow with the wind.
As you say, Bimbro, footballers aren’t athletes. I guess that’s why they run anout 10km during a match. Clueless. What do I know? I’m only a stupid FIFA qualified football coach.
LIB, I did n’t say they are n’t but are n’t regarded as such certainly not by me and most other people on the face of the earth. Maybe that’s why ur a football coach!! My only advice to Bim is to get ready for a flood of boat refugees when the invasion starts!! Got a spare room?!!
Lord!!
Many recent commentaries point to the very weak immediate economic prospects for the UK. Here is another, http://www.newsweek.com/id/209953. Those who think that flying on the UK’s coattails will take them higher may wish to think again.
I honestly think there are lots of lessons to learn about community involvement in economic development from the Cockrane rabbit festival. I have included a few pictures that I uploaded to Twitter: http://www.twitpic.com/cm60b, http://www.twitpic.com/cm5wa, http://www.twitpic.com/cm5v1, http://www.twitpic.com/cm5xn Barbados/Barbadians can think about their [1] willingness to get value and foreign exchange from simple local agricultural activities [Is Holetown festival viewed that way; more over is the annual agricultural fair at Queen's Park really used to its fullest in that way?]; [2] willingness to accept ‘alien’ foods as a source of revenue and addition to diet [the whole approach to the Africa snails problem comes to mind]; [3] involvement in local not national direction of tourism projects; and [4] acceptance of their history and ways to exploit that, see http://www.lennoxhonychurch.com. LLennox went to Lodge School and has recently spent time renovating a fort in Dominica, which was where slave-soldiers had an uprising and gained their freedom BEFORE Emancipation. It is now an historical monument and cultural/social events site. Lennox gave a lecture series at UWI about 18 months ago.
LIB, will u let me rest in peace!! ‘Newsweek’!! Is n’t dat American?!! An, did n’t they start dis whole disaster? An, u want fe listen fe dem?!!
U just go along an follow dem, LIB!! I’ll stick to my proved and tested PM Brown, acknowledged, saviour of the western world by his shrewd economic policies, thank u very much!!
@Bimbro: Of all the sinking ships to hold onto, HMS Gordon Brown is one from which many of the rats have already fled.
Images from Cockrane annual rabbit festival**** http://www.twitpic.com/cm60b,http://www.twitpic.com/cm5wa, Apologies if these comments or a form of them appear twice.******Images from Cockrane annual rabbit festival**** http://www.twitpic.com/cm60b,http://www.twitpic.com/cm5wa, http://www.twitpic.com/cm5xn, http://www.twitpic.com/cm5v1*******Lessons: 1. Getting income/value and perhaps foreign exchange from non traditional local agricultural activities. 2. Benefits from embracing ‘alien’ foods and making them economic as well as adding to diet [at least occasionally]. Think about what Barbados is doing with African snails, which is to destroy and devalue. My Nigerian friends have mentioned that proposals to do business with the snails have been met with “we looking at it”… 3. Local/community direction of economic projects [albeit with government assistance at the outset; the festival is less than 1 years old]. 4. Think how local Bajan events such as Holetown festival and annual agricultural fair at Queen’s Park build economic activities.
I see that a combination of WordPress and Twitter garbled the links. For those interested, I hope it’s obvious that each link should start http://. Or read my blog to see the same pictures.
Is that right, LIB, but I bet ud give anything to have him as PM of Jamaica though! to help rescue that sinking-ship!!
@Bimbro, when you look at the debt and fiscal deficit burden Chancellor Brown bequeathed to the UK, which PM Brown and Chancellor Darling now have to deal with, I would say that you must be joking. Perhaps you missed the news a few weeks ago of S&P downgrading its assessment of the UK to ‘negative’ from ‘stable’ [first such move in over 3 years--remember the UK going to the IMF?] and likely debt downgrade for the UK. See http://news.bbc.co.uk/2/hi/business/8061019.stm
I had sent an earlier comment on linking history, current cultural interests, and tourism, and pointed to the work of Lennox Honychurch, a Dominican, who also studied at The Lodge School, see http://www.lennoxhonychurch.com/aboutme.cfm. He has redeveloped as a historical and cultural site a fort where slave-soldiers rebelled and gained emancipation before the laws were changed in Britain. He was a guest speaker at UWI Cave Hill about 18 months ago, if my memory is good.***Barbadians often talk about having done a lot with little [which can sound like sitting on your laurels if read a certain way]. I would argue that notwithstanding there is a lot more that can be done.
Further rosy, economic news for Britain today. Pound on the climb! Not long before hits $2:£1!! – an I’ll b rich again but ull be poor!!
Laaaaaaadddddddd!!
LIB, keep on dreaming!! IMF? Wha is dah?!!
Lord!!
LIB, when’s the next flight to Kingston!! Day need u dere!!
Laaaaadddddddddddddd!!
But LIB why don’t you give “jack e jacket” and call the man Dr. Honeychurch?. I thought that was your preference based on the recent discussion.
About Bajans acceptance of “alien” foods. Bajans have always eaten rabbit so it can’t be classified as alien, but there is no way on God’s green earth that Bajans will prepare or have Afican snails on their menu, it is just not part of our culture. So if the Nigerians are a bit put off by the Bajans lack of commitment for “snail farming” perhaps someone was being polite and didn’t want to tell the Nigerians to go fly a kite.
However you are a cosmopolitan man so you can keep your escargot
@Sargeant, when I was introduced to him it was not as “Dr” and he shunned the use, referring to himself as “Mr”. On snails, the point is more that Bim is shunning the harvesting of them, that’s what Nigerians cannot undersand given the market that exists and good prices. Throwing away FX? Point taken on rabbit.
@Bimbro, streling’s rapid rise is not good news for the economy: ut was bouyed before by relatively high interest rates and attracted a lot of ‘hot money’, and its steep fall reflected that as rates fell. Brown and Darling and King agree that weaker sterling has sped a possible turn around but that its rapid ris again is likely to stymie that. Yes, you may be rich but that wealth is not what will boost the economy not least by maiking imports more attractive. I’m neutral, as I like with a fixed rate and did not lose nor look to gain against the US$.
@Bimbro, of course your ‘richness’ is an illusion: you lost when the pound fell from $2 in Aug 2007 down to around 1.35/1.40; now you’ve recouped a part of that loss as it moves to 1.65/1.70. I imagine if you had a house its value is still in the pits. If you had shares they too are still much lower in value. You got crunched when oil was @ $147? Now it’s only $70, but how much you paying for gas and the other increased taxes?
Sargeant, as for Bajans eating and enjoying snails – as with most things, it’s probably only a matter of time before the habit catches on! My hope is that we’ll kill all the snails before it does and the hooligan who first brought them to Bim would be caught and punished!! Idiot person, whoever he/she was!! Reminiscent of the idot who released African bees in America – now they’ve taken-ove the whole country!!
LIB, I doan know why I waising my precious, god-given time engaging wid u in conversation!! Yuh caan onstan Bajan, anyway!! But, fuh some reason dis mornin, the thought of my very firse girlfren (a Jamaican) returned to me! I grew up in England and so normally speak like a Brit! Anyhow, one day, my sweet little Jamaikian darling says to me, Fred, can u speak with a Bajan accent?!! So, I replied, “yes, of course I can my darling” and started to regale er wid some real, Bajee talk!! My baby thought it was so funny she was rolling all over the place with laughter and would tell her JA friends that I can talk like a Bajan!! She finally emigrated and I have n’t seen her since but, can u onstan d Bajan accent, yet?!!
Laaaaaaaaadddddddddddddddd!!
LIB, ‘thank u very much’ for the economics lesson or should I say reminder, which I first had, by the way, when I first left school and so am well aware of the principle! As I’ll be taking my money and returning to settle in my darling Bim, it does n’t matter what happens to British imports or exports, to me as long as I’ll b a millionaire, in Bim, that’s all that matters to me!! Tanks fuh d lesson but it was n’t needed in my case!!
Laaaaaaadddddddddddddd!!
LIB, the other economic problems to which u allude are a matter for our esteemed Chancellor and PM! I in worried bro!! Dat’s what they’re paid to do. I’m sure they’ll handle it successfully!!
LIB, u still have n’t told me the time of the next flight to Kingston!! Don’t u want to be on ‘Air-Jamaica’?!!
Laaaaaaaaaaaddddddddddddd!!
Anyway, it’s understandable dat ur in love wid Bim!! Jes doan stay too long, dat’s all!
Laaaaaaaaddddddddddddddd!!
@Bimbro, I never like to presume when it comes to other people’s knowledge, so I’m glad the economics lesson was not needed; never wasted as others might be less educated than you. As you will be return to Bim and as a millionaire, I may just have to see if I can stay on. Better still, I may have to advice the government how to get some revenue out of rich returning residents, as every dollar in the coffer is precious–you know how big and widening is the deficit here–and you’d expect that the returnee would love to do all he could to help keep the nation strong.
@Bimbro, given the high cost of living in Bimshire, I’d strongly suggest that you stock up well before leaving England. A visit to Poundland would be in order, http://www.guardian.co.uk/lifeandstyle/2009/aug/04/poundland. Even though many British staples (such as baked beans, Jaffa cakes, and Cadbury’s chocolate) are available here, their costs, even with the pound falling over the past two years, have not shown any decline. The government has talked a lot about curbing the cost of living, but you should strongly think about the cost of LEAVING Hingland. Local goods are no substitute, except for ice cream, where BICO is much better. I really wonder, if you are a lover of English beer, whether you have thought this move through: Banks is nothing compared to the wide range of bitters you have on tap in England, and even after several bottles, you are still sober and thirsty–the worst of all worlds. But, of course, you will ignore my advice, but don’t let anyone say I did not warn you.
@Sargeant
“However you are a cosmopolitan man so you can keep your escargot” [I guess the cross I bear for being ‘cosmopolitan’ (better than ‘uppity educated newcomer’, for sure) is that I can easily slip into new ways. While I have enjoyed immensely escargots elsewhere, I have not eaten the snails here. I have on good authority–albeit from a very sane Jamaican lady–that a French lady here has perfected a recipe that is to die for. Though it has nothing to do with wealth directly, I think that as these similarly cosmopolitan people diversify what they eat, and Bajans with their less cosmopolitan ways flounder to fill their stomachs with macaroni pie, we will hear “It’s the rich what gets the pleasure, it’s the poor what gets the pain”. Despite his protestations, I detect in Bimbro’s “Sargeant, as for Bajans eating and enjoying snails – as with most things, it’s probably only a matter of time before the habit catches on!” a hint of the corporate greed of the returnee-come-lately, and would not be surprised if, once he finds his UK millions dwindling in Bimshire, that he will rise like a phoenix, full English accent flowing, and start a processing plant for snails. We know that once the idea comes from forrin, it will be taken to heart. Mark my words. I can see it now, soused snails, with all the features.
as a millionaire, I may just have to see if I can stay on.
***************
big disappointment! I keep telling u ur req’d there, not in Bim!!
‘Thank u for the advice, LIB, but, as u intimated, HI WILL IGNORE IT!!
Laaaaaadddddddddddddddddd!!
Re: the snails; please leave d Bajees alone, day doan need nuh advice from u!!
@Bimbro, one of the great things about the modern world is the absence of a need to move to do things. So, much of what I need to do with Jamaica I can do via the Internet and telephone: it’s much better use of time and money (and I’m no millionaire in pounds or even B$). It means that I can also do things in MoBay at the same time as in Kingston, through my electronic contacts. The real obstacle is moving money, which is less simple, and too costly. That I am figuring out how to fix.
I often wonder if I am observing or advising; the line is fine. But as with all things, it’s there to be ignored, as you also do with your own counsel. But, that’s what makes people interesting.
Never let it be said that people would look a gift horse in the mouth and as people have noticed when countries have resources they often do less well with them than countries without. Will the snails be in the same mould? Why bother to use what you have in abundance when you can spend scarce foreign exchange to bring in fine things from abroad? Therein lies another lesson on the road to success. Time was that no one wanted that sticky stuff seeping through the soil in Texas…
LIB
I don’t know who described you as “an uppity educated newcomer” but it looks like it stung, however it seems like you can’t stop help yourself from getting into hot water. I mentioned in passing that you have a fondness for a certain mollusk and you proceed to attack Bajans by criticizing their gastronomic preferences. I didn’t mention “mannish water” but you felt comfortable in attacking the ne plus ultra of Bajan epicurean delights i.e. “the macaroni pie”.
Let it be known that I bear no responsibility when Thompson phones to inquire about your immigration status; lord knows I tried to help but you seem to be driven by forces beyond my control.
If you ever aspire to work in Barbados you have just committed what we call a CLM or “Career Limiting Move”.
I hope you enjoyed your rabbit fritters in Dominica, next time you visit you should try the mountain chicken (of course being a cultured man you probably know them by the other name “frog legs”.)
@Sargeant,
Have a closer read. It is not the culinary habits that are at issue. My point is that there is a known demand for the things that Barbados is trying to destroy. Nigerians have approached the government with a view to harvesting those and the results and responses have been at best lukewarm. I even heard one Nigerian potential investor discuss it on VOB/Brass Tacks. So, if you say you have an economy that is about increasing value and incomes, looking to innovate, etc., then you need to ask why such opportunities are not taken. I had a conversation with the PS dealing with agriculture several months ago and can attest to the lukewarm attitude. It’s not much different to staying with say sugar or banana when the industry continues in decline and then wondering why your economy is stagnating. If flowers or other fruits were produced for export would that not be good?
The macaroni pie aspect is another one of those cake and eat it too aspects. People complain or opine about health issues and expect something miraculous to happen without changing diet and life style. It’s not even being devil’s advocate.
I quite like the ‘uppity educated newcomer’ moniker because I find that I am in quite illustrious company, which I’m sure was not its original intention.
As for working in Barbados and career limiting moves, I resigned my job and now that I work for myself, I guess I am not into self limitation.
I never found rabbit fritters: sweet and sour, jerk, stew in broth, baked, water (like mannish), smoked rabbit were all on offer, and they were all excellent.
LIB, having now got that off ur chest, do u know the way to the airport!! If not, take a taxi!!
Laaaaaaadddddddddddddd!!
@Bimbro, you seem to not grasp how the world I deal with works. Here I am in Barbados, but I am attending a conference in Denver. As I need to go to the British High Commission here to see someone, I cannot go to Jamaica. Then I have a meeting in Tokyo this evening.
When you leave Blighty you’ll also appreciate that intra regional travel is as hard as tooth extraction without Novacane: to be avoided at all costs–and it is very costly. Ask Adrian Loveridge. Anyway, I’m sure you’ll get the hang of it when you make the big return home. We’re advanced down here, even without the Underground or the Millenium Dome.
Also, I have to be honest, the Jamaican food at Kingston 10 is so good that I have no real need to head to Yard to even get the essential nutritional needs. Yabba!
Cheers!! Ga long an tek all d reggae wid u!!
Laaadddddddddddddd!!
I have just seen the Advocate (p3), which goes directly to your question about use of reserves, but with an ominous conclusion. The PM is reported to have said that BOP support loans are no longer hidden/concealed. I’m not sure when that practice ended but it means that the BOP data were falsified and to make that consistent then data on debt service was also falsified. For completeness, the CBB’s accounts were possibly falsified. It will be interesting to know if this is picked up by the IFIs and rating agencies. This may lead to a request for the auditors to be questioned, and possibly fresh audits if Barbados goes to borrow from IFIs.
I’m not in the mood to play Sherlock Holmes. But assuming the PM did not misspeak about the recent borrowing, someone may have some explaining to do.
I quickly noted the IMF’s 2007 report, Barbados: Report on Observance of Standards and Codes—Fiscal Transparency Module
Barbados: Report on Observance of Standards and Codes—Fiscal Transparency Module, http://www.imf.org/external/pubs/ft/scr/2007/cr07338.pdf. The matter of public borrowing for projects is known to be murky:
para 20. A number of PPP infrastructure projects have been initiated in recent years, without a surrounding framework law. As a result, the process for agreement on such a contract is unclear, and while the nature of the contract (e.g. to build a prison or hospital) is made public, the exact nature of the financial agreement is unclear, as is the precise allocation of risk. PPP arrangements are off-budget. In some cases the difference between
the PPP arrangement and a bond-financed government investment project is unclear, save that under the former, no debt is acknowledged in the government accounts.
Para. 57: Information on gross public debt for the central government is published monthly and annually; however this may provide only a partial picture of public sector indebtedness. The Accountant General’s monthly financial report which is tabled in Parliament provides details of debt raised during the month and for the year to date, by debt class and lender/project. The report also provides a detailed composition of debt service for the month and year to date, by debt class. A statement of outstanding loans’
sinking funds also is provided. The annual Report of the Accountant General, which is audited and tabled in Parliament, provides similar debt information for the year. In addition it provides a detailed analysis of debt on issue and outstanding loans, including
interest rate and principal outstanding. The Monthly Digest of Statistics produced by the Barbados Statistics Service provides information on debt charge only. None of the reports
provides information on debt arrears and debt swaps, nor do they provide a statement of past and future debt service requirements and strategies to manage the future service requirements.
The very curious can follow the money trail.
Some of the obvious questions are:
What happens if there is no record of the borrowing? Then, it seems that there cannot be a record of the spending.
How can this go on unnoticed? Some collusion needs to take place, and more than one set of accounts needs to be doctored.
I’m sure that those with financial and legal nous can figure out some more questions and possible answers.
@LIB
Are you not being hasty in your use of the word ‘falsified’?
Isn’t the change linked to the accrual system of accounting implemented recently?
@David,
“Are you not being hasty in your use of the word ‘falsified’?”[Read what the Advocate reported: “Years ago when governments used to conceal borrowing for Balance of Payments support they would list a whole set of projects. That is not the modern approach to this exercise. See
http://www.barbadosadvocate.com/newsitem.asp?more=local&NewsID=5349. We do not know how many years ago, but we know that this exercise is different. But to conceal you must falsify. The IMF report points to gaps in information, and I got a copy of the AG's report yesterday, which I think mentions similar--but I need to read again.]
“Isn’t the change linked to the accrual system of accounting implemented recently?”[No. Accrual broadly means recognising things as they are scheduled to happen, not just when the cash flows. For example, recording that you have debt service DUE not just that you have debt service PAID. It's prudent, so that you acknowldge an obligation ahead of having to settle it in cash.
This is different. If, for example, you do not record the debt there is no debt service to record. Zero in, zero out. What the PM's statement suggests that is the the level of true government indebtedness was systematically UNDERRECORDED. But he does not clarify when that might have stopped and if it was corrected. It aslo suggests that investors and the public were duped because there were no projects undertaken to match the 'project loans'.]
The way that financial accounts work at the national level is that every thing has to add up at least in flow terms; getting stocks right may be tricky if the start point is not right.
So, if government misrecords then for things to add up, another sector (domestic banking system, domestic private sector, and/or foreign sector) needs to adjust for this. It’s easier for the official sector to square things between itself (eg government/public corporations and central bank). It’s hard to get the private sector (enterprises or persons) to mess up their accounts, and foreigners are no less problematic. The easiest ‘cheat’ is to lump the misrecording into some ‘unidentified/other’ category.
You are saying the government’s banker ie Central Bank has no oversight?
The central bank does not oversee the government; that’s Parliament’s job (see the AG’s report: Public Accounts Committee, etc.),and for the electorate.