Tougher Times Ahead For Barbados: Standard & Poor’s Lowers Outlook From Stable To Negative, Worries About Civil Unrest

S&P Report Uses “Social Cohesion” Loaded Term

Standard & Poor’s has dramatically lowered its outlook for Barbados from “stable” to “negative” — and most worrisome, introduces the concept of civil unrest in Barbados should things get much worse financially. The Wall Street Journal said the following…

“S&P said the ratings could be downgraded if the loss in reserves is higher than projected, which would intensify pressure on the currency peg; if the worsening economy strains social cohesion; or if the fiscal deterioration is longer or more severe than anticipated.”

Riot Gear The Latest Barbados Police Fashion?

Riot Gear The Latest Barbados Police Fashion?

Concern about “Social cohesion” is  something we have never seen mentioned before in relation to Barbados, especially by such a prestigious firm as Standard & Poor’s. I thought I knew what the term meant, but after looking it up in the context in the Standard & Poor’s report it is used as a euphemism that allows the report’s authors to say that which cannot be said. Simply put, Standard & Poor’s is concerned about the glue that keeps our society together.

And when we consider of some of the recent crime stories in the news media plus the unreported carjackings and road robberies especially in the north of the island,  we can see where Standard & Poor’s thinking is coming from.

Looking at the differences in how the Nation and the Wall Street Journal reported the same story is an interesting exercise in agendas.  As we read the Wall Street Journal article, the actual Standard & Poor’s report looked to the future and voiced concerns about the stability and social cohesion of Barbados if the overall financial situation worsened. The Nation story twisted the Standard & Poor’s report to be a vote of confidence in the county’s current “social cohesion and political stability”, and does not mention the report’s concerns for the future.

Been There, Done that...

Been There, Done that...

While we can understand the natural inclination of the government and the news media to put on a happy face, it is done so often and in so many ways with so many issues in Barbados that both the government and the news media have ruined their own credibility. The one thing that Barbadians need to prepare themselves for what is ahead is the truth. Yes, doom and gloom can create a self fulfilling prophecy, but we trust ordinary people enough to know that a healthy dose of reality will inspire most to work harder, smarter and to appreciate the safety net provided by friends and family.

And we had all better appreciate and look after each other and our friends and family because there may come a time very soon when the government elites are forced to admit that they haven’t got a bloody clue AND the piggy bank is empty.

Further Reading

Nation News: Outlook Slides

Wall Street Journal: Standard & Poor’s changes outlook on Barbados to negative from stable

42 Comments

Filed under Barbados, Barbados Tourism, Business & Banking, Offshore Investments

42 responses to “Tougher Times Ahead For Barbados: Standard & Poor’s Lowers Outlook From Stable To Negative, Worries About Civil Unrest

  1. Rumplestilskin

    Interesting. It is relevant to note however, that there is not a country that will not be a potential candidate for ‘civil unrest’, in this crisis, even the US and UK.

    Indeed, a number of countries have already witnessed such occurences, in the past year, mainly as a result of food shortages or prices.

    Even the USA, will not be exempt from this unfortunate effect of the recession, much worse and city streets could be worrying indeed.

    It is just human nature, survival.

    For survival, what is important, but food and shelter? Without these, mankind becomes wild again and will resort to all necessary actions to survive.

    This is not rocket science.

    Having said that, I would rather be here on an island, than in a major city such as NY, in such crisis.

    Peace & Live Strong

  2. Rumplestilskin

    Headline from the BBC ‘People planning to spend their dream holiday lounging on the idyllic palm-lined beaches of the Seychelles might have to look elsewhere after the government decided to make food security a priority over the lucrative tourist sector. ‘

    While the headline simplifies the issue, it makes for interesting thought.

    Basically the issue was centred on using arable land for potential tourism projects. Local residents won the argument with Government.

    Certainly, food security is seen as important to the minds of the residents of the Seychelles.

    Yet, we still have many here who scorn agriculture, which is ever more important with the current world crisis.

    Pay attention to the importance of assisting small farmers, whether they be farming ground produce, livestock including pig, sheep, goats or chicken.

    A plan, together with financial assistance either through tax reductions or direct grants for equipment purchases, should be developed for both small farmers and fishermen, to further our production of food, not only at this time, but on a continuing basis.

    Peace & Live Strong

  3. FLOWER POWER

    “And we had all better appreciate and look after each other and our friends” ha! ha! ha! BFP ~ where you living? Not in Barbados, for sure.

  4. sarahpalin

    Never trust analysts who monitor the economy and speak ungrammatical gobbledegook.

    “S&P analyst Olga Kalininia, who monitors the economy, said in a statement: “The negative [economic] outlook on Barbados reflects the growing imbalances that the inconsistent fiscal and monetary policy mix has caused.””

    She has as much insight as my bike.

  5. Hants

    BFP you have an opportunity to help Barbados and Barbadians.

    Post positive helpful topics.

    I am concerned about food security. An intensive program should be started to grow more food.
    “Fake” rab land should be brought back into production.

    People should be encouraged to do like Owing and grow food in their backyards.
    Pumkins,melons,cucumbers,passion fruit all grow easily almost anywhere in Barbados.

    Save money by driving your car less. Take the bus sometimes.

    The recession is real and things are getting more difficult.

    April 9. Canada’s unemployment rate hit 8 percent, lost 61,000 full-time jobs in March,

    Since October, the unemployment rate has increased every month with a total of 357,000 jobs lost, the largest employment decline over a five-month period since the 1982 recession, StatsCan said.

  6. Crusty

    At risk of tarring all with the same brush, I suggest it will be difficult to find writers with a positive spin on any subject posted at BFP.

    The “sky is falling” mindset is so entrenched that I, for one, spend little time visiting BFP anymore. Wunna should get out more often – Martinique and Guadaloupe had riots recently, Trinidad and Jamaica have MUCH higher per capita crime rates.

    Yes, we have increased unemployment and slowdowns in various industries, but if you talk to many of your neighbours about changes in their situation, I think you will find that the majority are still “gettin thru”.

    It’s not as bad as 1993, so let’s not even mention 1937.

  7. Green Monkey

    Video:

    Adrian Salbuchi presents an Argentine opinion on the Global Financial Crisis, describing the whole Global Financial System as one vast Ponzi Scheme. Like a pyramid, it has four sides and is a predictable model. The four sides are: (1) Artificially control the supply of public State-issued Currency, (2) Artificially impose Banking Money as the primary source of funding in the economy, (3) Promote doing everything by Debt and (4) Erect complex channels that allow privatizing profits when the Model is in expansion mode and socialize losses when the model goes into contraction mode.

    http://informationclearinghouse.info/article22371.htm

  8. bad boy jim

    There you go again.putting your own spin on things you know nothing about.It seems to me you would like to see bad things happen to Barbados.Are you and your staff barbadians by the way.dont seems so to me.Come on report the news.

  9. waxman

    “Social cohesion” will be of concern if a recession in Barbados is ‘deep and prolonged’ (as the central bank governor puts it). The finances of the Barbados government are completely at the mercy of sentiment in countries such as the UK (escpecially the UK) … and the UK is one of the worst hit of the major economies. Sandi better do a great job in China because they will come out of this first. The UK will be one of the last.

  10. Rev Dr. Dick Hertz

    I believe dictatorship is on the horizon. It is the only likely response to the mess we are in. If not dictatorship then a Somalia like state. I have noticed of recent an upsurge in the collection of information. My bank just yesterday sent me a form on the behest of the Central Bank requesting information that the bank already has! The new online Inland Revenue system is also suspect. The IRD is practically insisting that one must file online yet not everyone has access to computers and their system is collapsing under the present demand! What about the proposed Constituency Councils? Their primary stated purpose is to establish a database on constituents! Shades of the Committees for the Defense of the Revolution!

    OK call me paranoid but then are we in global economic meltdown or is it all just a bad dream? Mr. Salbuchi predicts nuclear world war, is he paranoid too? I would like to be wrong and paranoid. I prefer to be in the the nut house and my children are happy and free than for me to be correct and my children are enslaved in the future.

  11. Kofi

    When all is said and done Barbados could have avoided some of this economic hardship on our people if only our government knew what to do and did it earlier. There is always a price for waiting too late.

    Now all the signs of the early 1990s when the now Prime Minister was Finance Minister is here again and Barbadians will be the sacrificial lamb just as they were back then.

  12. Sargeant

    It’s interesting that the analyst used the loaded phrase “social cohesion” in relation to Barbados. With similar outlooks on the economy in the industrial world i.e. North America and Europe that phrase is noticeably absent. These are tough times for Gov’ts all over the world and they’ll be hard pressed to maintain “social cohesion”

    As for the carjackings etc.; why are you linking those crimes to the economic crisis? Criminals are criminals; those crimes weren’t undertaken by laid off hotel or construction workers, the perpetrators were bandits looking for their next opportunity. The fact that some of these crimes go unreported reflects on the competence on the RBPF as many other breakings and muggings also go unreported.

    Things will improve in Barbados when the economic situation improves in North America and Europe the country’s main source of credit and visitors, until then its going to be a bumpy ride.

  13. 2009

    Tough times indeed…….tough times ahead for Barbados and other countries around the world.

    Patience , sacrifice and prudence will take us through …though it will take some time.

  14. art

    Things would have to get pretty bad to have riots. In the 30s there was widespread hunger in Barbados.

    We need to grow more food and get our lands back into agricultural food production, in my humble opinion. Incentives to do so would be a great benefit to the economy.

    Have no idea what it means when government owes the NIS 44% of its debt. I hope my pension is safe.

    art

  15. Trained Economist

    What I find interesting is how do the comments from S&P square with comments from Mottley, Mascoll, Avinash persaud and others for a dramatic and large fiscal stimulus.

    I remember Owen saying that the stimulus recommended by the special working group was way too small. S&P seems to be suggesting that a large stimulus may endanger the fixed exchange rate.

    There was also loud criticism of the attempts to raise revenue in the last budget.

    It would be interesting to hear these persons in light of the S&P comments.

  16. Fieldmouse

    Art, no one can argue about the need to grow more food. However we seem to be getting ready to take more land out of agricultural production.

    I heard that there is an application before Town Planning to Convert 136 acres of agricultural land at Staple Grove to 900 house spots. Anyone have more info?

    I remember seeing an ad in the press a week or two ago about a “consultation” sometime in April at St David’s Church to discuss the matter. Usually this is part of an EIA and Social Impact Study.

    One wonders what the position of the Ministry of Agriculture, Minister Benn, Government and the agriculturalists will be.

    Ministry of Agriculture and Benn did not seem to care abut the change in classification of the agricultural land at Graeme Hall to residential so who knows if they will have any position on Staple Grove.

  17. reality check

    Is this the same Standards and Poor that rated asset backed paper ( sub-prime ) on near par with bank term cerificates and put the world credit markets on a slippery slope to near collapse?

    These people really have little credibility or is it that there are no international bonds to flog at the moment.

  18. WildyCoyte.

    Seeing that we are pegged to the US dollar and everything that goes on over there affects us,this article here should be interesting to the sheep that are still sleeping.

    [URL=”http://www.law.cornell.edu/uscode/28/3002.html”]http://www.law.cornell.edu/uscode/28/3002.html[/URL]
    Look at (15)

    United States Congressional Record March 17, 1993 Vol. #33, page H-1303
    [The] Speaker [is]-Senator James Traficant, Jr. (Ohio) addressing the House:

    “Mr. Speaker, we are here now in chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise.”

    It is an established fact that the United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; declared by President Roosevelt, being bankrupt and insolvent. H.J.R. 192, 73rd Congress in session June 5, 1933 – Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the Sovereign Authority of the United States and the official capacities of all United States Governmental Offices, Officers, and Departments and is further evidence that the United States Federal Government exists today in name only.

    The receivers of the United States Bankruptcy are the International Bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States Offices, Officials, and Departments are now operating within a de facto status in name only under Emergency War Powers. With the Constitutional Republican form of Government now dissolved, the receivers of the Bankruptcy have adopted a new form of government for the United States. This new form of government is known as a Democracy, being an established Socialist/Communist order under a new governor for America. This act was instituted and established by transferring and/or placing the Office of the Secretary of Treasury to that of the Governor of the International Monetary Fund. Public Law 94-564, page 8, Section H.R. 13955 reads in part: “The U.S. Secretary of Treasury receives no compensation for representing the United States.”

    United States Congressional Record May 4, 1992, page H 2891, Senator and Chairman of the House of Representatives Committee on Banking, Finance and Urban Affairs, Senator Henry Gonzalez (Texas) speaking on “NATIONAL AND INTERNATIONAL THIEVERY IN HIGH PLACES” “We are bankrupted. We are insolvent on every level of our national life, whether it is corporate, whether it is just plain you and I out there with the life of debt that we have all piled up, private debt, credit cards and what not, or whether it is the government. We are insolvent. How long will it take before that nasty Mega-truth is conveyed?”

    United States Congressional Record January 19, 1976, page 240 Marjorie S. Holt (Maryland):

    “Mr. Speaker, many of us recently received a letter from the World Affairs Council of Philadelphia, inviting members of Congress to participate in a ceremonial signing of “A Declaration of INTERdependence” on January 30 in Congress Hall, adjacent to Independence Hall in Philadelphia. A number of Members of Congress have been invited to sign this document, lending their prestige to its theme, but I want the record to show my strong opposition to this declaration. It calls for the surrender of our national sovereignty to international organizations. It declares that our economy should be regulated by international authorities. It proposes that we enter a “New World Order” that would redistribute the wealth created by the American people. Mr. Speaker, this is an obscenity that defiles our Declaration of Independence, signed 200 years ago in Philadelphia. We fought a great Revolution for independence and individual liberty, but now it is proposed that we participate in a world socialist order. Are we a proud and free people, or are we a carcass to be picked by the jackals of the world, who want to destroy us? When one cuts through the high-flown rhetoric of this “Declaration of INTERdependence,” one finds key phrases that tell the story. For example, it states that ‘The economy of all nations is a seamless web, and that no one nation can any longer effectively maintain its processes of production and monetary systems without recognizing the necessity for collaborative regulation by international authorities.’ How do you like the idea of “international authorities” controlling our production and our monetary system, Mr. Speaker? How could any American dedicated to our national independence and freedom tolerate such an idea? ….America should never subject her fate to decisions by such an assembly, unless we long for national suicide. Instead, let us have independence and freedom….If we surrender our independence to a “new world order”……..,we will be betraying our historic ideals of freedom and self-government. Freedom and self-government are not outdated. The fathers of our Republic fought a revolution for those ideals, which are as valid today as they ever were. Let us not betray freedom by embracing slave masters; let us not betray self-government with world government; let us celebrate Jefferson and Madison, not Marx and Lenin.”

    A dollar is a measure of weight defined by the Coinage Act of 1792 and 1900 which is still in force today. A “dollar” specifies a certain quantity, 24.8 grains of gold, or 371.25 grains of silver. In Black’s Law Dictionary, sixth Edition, Dollar: “The money unit employed in the United States of the value of one hundred cents, or of any combination of coins totaling 100 cents.” Cent: “A coin of the United States, the least in value of those now minted. It is the hundredth part of a dollar.”

    Gold and silver were such a powerful money during the founding of the united states of America, that the founding fathers declared that only gold or silver coins can be “money” in America. Since gold and silver coinage were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. People traded their coupons as money, or “currency.” Currency is not money, but a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes (FRNs) make no such promises, and are not “money.” A Federal Reserve Note is a debt obligation of the federal United States government, not “money.” The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution for the united states of America to issue currency of any kind, but only lawful money, -gold and silver coin.

    It is essential that we comprehend the distinction between real money and paper money substitute. One cannot get rich by accumulating money substitutes, one can only get deeper into debt. We the People no longer have any “money.” Most Americans have not been paid any “money” for a very long time, perhaps not in their entire life. Now do you comprehend why you feel broke? Now, do you understand why you are “bankrupt,” along with the rest of the country?

    Federal Reserve Notes (FRNs) are unsigned checks written on a closed account. FRNs are an inflatable paper system designed to create debt through inflation (devaluation of currency). When ever there is an increase of the supply of a money substitute in the economy without a corresponding increase in the gold and silver backing, inflation occurs. Inflation is an invisible form of taxation that irresponsible governments inflict on their citizens. The Federal Reserve Bank who controls the supply and movement of FRNs has everybody fooled. They have access to an unlimited supply of FRNs, paying only for the printing costs of what they need. FRNs are nothing more than promissory notes for U.S. Treasury securities (T-Bills) – a promise to pay the debt to the Federal Reserve Bank.

    There is a fundamental difference between “paying” and “discharging” a debt. To pay a debt, you must pay with value or substance (i.e. gold, silver, barter or a commodity). With FRNs, you can only discharge a debt. You cannot pay a debt with a debt currency system. You cannot service a debt with a currency that has no backing in value or substance. No contract in Common law is valid unless it involves an exchange of “good & valuable consideration.” Unpayable debt transfers power and control to the sovereign power structure that has no interest in money, law, equity or justice because they have so much wealth already.

    Their lust is for power and control. Since the inception of central banking, they have controlled the fates of nations.

    The Federal Reserve System is based on the Canon law and the principles of sovereignty protected in the Constitution and the Bill of Rights. In fact, the international bankers used a “Canon Law Trust” as their model, adding stock and naming it a “Joint Stock Trust.” The U.S. Congress had passed a law making it illegal for any legal “person” to duplicate a “Joint Stock Trust” in 1873. The Federal Reserve Act was legislated post-facto (to 1870), although post-facto laws are strictly forbidden by the Constitution. [1:9:3]

    The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States government. The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law. The lender or underwriter bears the risks, and the Maritime law compelling specific performance in paying the interest, or premiums are the same. Assets of the debtor can also be hypothecated (to pledge something as a security without taking possession of it.) as security by the lender or underwriter. The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold. There was no stipulation in the Federal Reserve Act for ever paying the principle.

    Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until the Federal Reserve Act (1913) “Hypothecated” all property within the federal United States to the Board of Governors of the Federal Reserve,-in which the Trustees (stockholders) held legal title. The U.S. citizen (tenant, franchisee) was registered as a “beneficiary” of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all of the present and future properties, assets and labor of their “subjects,” the 14th Amendment U.S. citizen, to the Federal Reserve System.

    In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit “money substitute” it needed. Like any other debtor, the federal United States government had to assign collateral and security to their creditors as a condition of the loan. Since the federal United States didn’t have any assets, they assigned the private property of their “economic slaves”, the U.S. citizens as collateral against the unpayable federal debt. They also pledged the unincorporated federal territories, national parks forests, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers.

    Unwittingly, America has returned to its pre-American Revolution, feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property. Once again, We the People are the tenants and sharecroppers renting our own property from a Sovereign in the guise of the Federal Reserve Bank. We the people have exchanged one master for another.
    This has been going on for over eighty years without the “informed knowledge” of the American people, without a voice protesting loud enough. Now it’s easy to grasp why America is fundamentally bankrupt. Why don’t more people own their properties outright? Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and liabilities have been paid? Why does it feel like you are working harder and harder and getting less and less?
    We are reaping what has been sown, and the results of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it.

    This congressman is now in prison because he tried to expose the fraud. The U.S. is a de facto government. That’s why you have all these politicians talking about democracy. The constitution doesn’t say shit about democracy. When you say the pledge you pledge to the republic and your government is suppose to be a republic. It’s a real deep issue but that’s a lil bit of the basics.

  19. WildyCoyte.

    Please release my earlier post,it is very informative.

  20. passin thru

    BFP exposed the spin of the Nation compared with the WSJ and they are correct about the piggy bank being empty too. Go back to sleep bad boy jim. You can believe the guvment but I don’t!

  21. Hants

    The “experts” are spinning top in mud.

    This is a world financial crisis that has no obvious solutions.

    Everybody coming up with “solutions and theories” hoping that they are proved to be right.

    We all have to work harder,smarter, grow food if you can,drive less and do our part to survive.

  22. Newly Joined

    It is true the world is going through an economic crisis but we all have to change our life style and the way we do business. However on the topic of agriculture Barbados is not land scarce take trip through St Thomas,St Joseph or any rural parish and you will see acres of idle land. HOPE WELL PLANTATION HAS TAKEN PRODUCTIVE LAND AT DEANS VILLAGE AND HAS 30PLUS ACRES FOR SALE FOR HOUSING, HOW CAN TOWN AND COUNTRY PLANNING ALLOW THIS?

  23. POOR STANDARDS

    I have been informed that changes in the rating and outlook have occurred as follows:

    1999: rating change to A- (in good economic times)

    2004 August: rating DOWNGRADE from A- to BBB+, stable
    outlook (IN GOOD ECONOMIC TIMES)

    2005 July: rating maintained at BBB+ but OUTLOOK CHANGED
    FROM STABLE TO NEGATIVE (IN GOOD ECONOMIC TIMES)

    2008 JULY: rating maintained at BBB+ but outlook changed
    from negative to stable (when international predictions by
    IMF and others were still fairly positive for world
    economic growth)

    2009 April: rating maintained at BBB+ but OUTLOOK CHANGED
    FROM STABLE TO NEGATIVE (IN WORST ECONOMIC TIMES SINCE
    GREAT ECONOMIC DEPRESSION OF 1930s)

    Are these the same clowns that gave a top of the class ratings only here recently only to see it capsized in a few short weeks, give me a break!!!!

  24. Nostradamus

    NewlyJoined, the decision regarding any change of use by from Agricultural to Housing is made by the Minister responsible and not Town and Country Planning so don’t balme the department.

  25. John

    …. and that minister responsible for Town Planning would be …….. ?

    Trick question.

  26. The Scout

    Newly Joined.
    As I drive across H’way 2A, I see hundreds of acres of land in Bennetts and mass idle lands in Lancaster approaching Westmoreland, St James. Also in Content St Thomas . All these areas were fields of top producing crops including canes, yet when an ordinary fellow just wants to sub-divide a small section of his land that is rab land, yhe request is denied. The more things change the more they remain the same. These fields and hills beyond recall were once our very own. Mr Barrow, PLEASE come to our rescue.

  27. victor

    If the whoIe worId economy coIIapsed and there was no more tourism, Barbados couId easiIy sustain its own popuIation on this fertiIe IittIe isIand just as it was at the end of WW2. We have oiI, gas, cIean water, arabIe Iand a good infrastructure. We can grow and process our own cotton, sugar and vegetabIes and Iivestock, we have the fishing industry and the wood to buiId boats. Enough meat and veg can be grown to feed aII of us and more, here on this spot. The onIy worry wouId be invasion, another power trying to take controI of this IittIe seIf-sustainabIe Paradise. Be gratefuI and try to work out what YOU wouId do, if push came to shove. Some present situations wouId have to be given the big HEAVE HO.

  28. Bajangal

    What you have said is unfortunately true.

    Watch this fascinating but sadly fear inducing documentary:

    http://video.google.com/videoplay?docid=1070329053600562261

    End Game – Alex Jones – Blueprint for Global enslavement

  29. Rohan

    I scrolled down to see if anybody would make this observation. Thanks for saving me the time.

  30. S

    Alex Jones??Do some research and don’t believe the misinformation put out. His documentaries mix too much fiction with too little fact.

  31. S

    See attached.

    http://papers.ssrn.com/abstract=285162

    If BFP was really interested, it could have checked with any finance professor at UWI about S&P ratings. We don’t need the WSJ to tell us what our intellectuals here can tell you i.e. the recommendations of S&P, Moody’s or Fitch sometimes aren’t worth the paper they are written on.

    ***************

    BFP says,

    Yes… but they mean something in all the noise anyway. Most investment is done on perception, not reality – and then perception becomes the reality for a time.

  32. Illuminator

    S,

    I would like u to point me to this research . I have not not heard this before.It would be interesting to see who claims that his work is based on alot of fiction. Look around and see whats happening in the World right now , do u live on this planet.

    Maybe you need to do a little more research before you debunk the man.

    Have you watched the videos by the Argentine economist mentioned earlier in this discussion. He has another part 1&2 video about World Government , u should check it out and all the other posters too .This is not some wild conspiracy theory , this is real and we heading with nuff speed towards it. U think this so called crisis is just about greed and lax regulation.

    I guess the Bilderberg group, Council on Foreign Relations ,and The Trilateral Commission are fiction as well .They are all obviously looking out for the plight of the common man too right. Obama’s team is full of them too and they ain’t give one damn about any common anything.

  33. Illuminator

    Standard and Poor should be renamed Sold and Paid For by the IMF, World Bank, and the Western monied establishment.

    They are quite full of the foulest excrement

  34. Illuminator

    Wow, that is a pretty deep and long read.

    its hard to imagine that a country like America would have a private company printing their money and charging them interest to borrow said money . Its actually very amazing , it shows how hard u can be shafted when the right people (or wrong depending on how u look at it) are in positions of authority.

    What’s more amazing is that it still continues and for obvious reasons the ‘Fed ‘ wields immense power over America and allows the owners to be in a ridiculously profitable position .

  35. Rumplestilskin

    I have not read nor seen the video, nevertheless, look around you and you will see that most of the large corporations here that were locally owned until a few years ago, are now owned by foreign entities.

    What does this mean?

    That re-colonisation has been conducted via economic means. We shall work and produce for foreign owned entities and pay foreign entities for goods and services that we consume.

    Sounds a bit like slavery, no?

  36. art

    Happy Easter holidays, sadly coming to a close, and with them the winter tourist season. We now look forward to whatever happens.

    And whatever happens, happens. Be strong.

    Sustainable:

    1)If I had a fridge full of coconut water and trees full of breadfruits I would not be rich, nor would my land be considered sustainably in production….But there would be nuff to eat and some to share out.

    If someone else had a big house and car, high salaried job, spending less than earning, big concrete house and yard; well that might be sustainable now.. But what if there was a slowdown and our income ceased to be what it was? Still sustainable?

    Errol Barrow always spoke for the masses. Post office stamp said “eat what we grow” for years and years. Trough de eddoes.

    Recent manifesto pledged to preserve agricultural land, pledged integrity legislation, pledged declaration of assets and the cleaning up of our administation by way of disclosure protection laws. Eddoes gone, where we is?

    I know of a business that employs 25 people on less than 1 acre of land.

    We should not hate someone who wants to divide and sell their land for profit, as they only want to be sustainable and rich just like everyone else does. We should not hate someone who allows the subdivision, as if they have broken their covenant. We are flawed but we can yet make good.

    Oh what a sorry world we live in, and where to turn should a catastophe ever occur where 300,000 people are looking for food, or some lesser proportion due to lack of jobs?

    I’m not saying it gine happen, it probably won’t, but what if it did?

    Grow what you eat, and eat what you grow.

    We should be mindful that the land cannot spontaneously come forth in food. Bearing this in mind we should place incentives for landowners to grow food… and disincentives if this is not done.

    If the admin requires funds why not add a subdivision tax of 10% when dividing land, paid on retail value when the land is sold?

    Why not a ‘tree’ tax levied on fallow land, to induce fallow landowners to be planted in bearing trees?

    Think.

  37. art

    Rather long comment in moderation. Hope it is productive.

  38. BFP

    An excellent comment, Art. We’ve released it now. Don’t know why the filter grabs some things and some not.

  39. Hants

    Very good post Art.

    Eat what you grow and grow what you eat is good thinking.

    Also eat what you see.

    “CONOVER, N.C. — Authorities say two Domino’s Pizza workers in North Carolina face felony charges after a video posted on YouTube showed one of them putting cheese in his nostril and waving meat under his rear end while assembling a sandwich.

    Police in Conover say 31-year-old Kristy Lynn Hammonds of Taylorsville and 32-year-old Michael Anthony Setzer of Conover are each charged with distributing prohibited foods.

  40. 122

    Can you tell us more about this? I’d want to find out more details.

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