SHOCKER: Central Bank Governor says Merricks and Four Seasons Resorts will provide foreign direct investment inflows in 2012… WHAT? !!!

UPDATED: October 31, 2012

In light of the recent disastrous financial performance stats for the Barbados economy and the statements from Dr. Delisle Worrell, Governor of the Central Bank of Barbados – BFP revisits Dr. Worrell’s upbeat commentary from April, 2012.

What happened? How could Dr. Worrell be that wrong?

Or… as we surmised at the time… was he just shining us on?

Well Dr. Worrell? How about just the truth? We’re big boys and girls and we can handle it. What we can’t handle is more bullshit.

Thank you.

BFP’s original article…

Shining it on a bit too much?

Yesterday Dr. Delisle Worrell, Governor of the Central Bank of Barbados, posted a professionally-done video on YouTube that is essentially an advertisement of our economic strategies and long term stability. The script was also published at Business Barbados.

That’s fair enough – but how much shining on can there be before eyebrows start to raise? True, we should be putting our best face forward but at a certain point if you push too far the whole message can start to lose credibility.

As Auntie Moses told Shona as a child, “I catch one lie, I think you all lies.”

How can Dr. Worrell say that Four Seasons and Merricks resorts will “provide foreign direct investment inflows in 2012” ???

How credible is that statement?

Has Dr. Worrell forgotten that government is using our pension money to the tune of 60 million dollars to bail out Four Seasons? Has he forgotten that no private funds – domestic or international – could be found anywhere to restart the project? Has he forgotten that people are suing for their money back?

What is this nonsense about Four Seasons will provide an inflow of foreign direct investment?

And Merricks? Any school child knows that project is on a ‘go slow’ basis and there are serious questions about the whole operation.

Here are a few quotes from Dr. Worrell in the above video, but you really should view it all yourself. What do you think… did the Governor of our Central Bank shine it on a bit too much?

Quotes from Dr. Delisle Worrell, Governor of the Central Bank of Barbados

“The Central Bank Financial Stability report, published online in January reveals a system that is stable, well capitalized, liquid and profitable: even though there was some deterioration of credit quality in 2010.”

“Stress tests revealed no systemic weaknesses among commercial banks, insurance companies, large credit unions or other entities large enough to pose potential risks to the financial system as a whole.

There was also no systemic risk exposure from financial linkages to the rest of the Caribbean, Canada and elsewhere. The resolution of the failed insurance company CLICO has no implications for the stability of the financial system as a whole.   (Editor: Or did Dr. Worrell really mean “as a hole”)🙂

Growth Prospects

“The economy is expected to grow by a little less than 1% in 2012, with the major contribution coming from tourism and construction, much of it tourist related.

Foreign direct investment in tourism projects is expected to by higher this year with inflows from major projects such as The Four Seasons Resort, the Merricks Resort and Port Ferdinand.”

22 Comments

Filed under Barbados, Barbados Tourism, Business & Banking, Economy

22 responses to “SHOCKER: Central Bank Governor says Merricks and Four Seasons Resorts will provide foreign direct investment inflows in 2012… WHAT? !!!

  1. Pingback: Journalist: Harlequin Properties’ David Ames worked with Danish pimp / thief in Thailand rip-off development! | Barbados Free Press

  2. Green Monkey

    Dr. Worrell like he might be one of those “power of positive thinking” types. If you believe in a goal or objecive strongly enough, your very own thoughts can overcome all obstacles and direct the hidden forces of the universe to make it happen. Let us all play our part. All Bajans immedately upon arising please look in the bathroom mirror and repeat 3 tines out loud in a clear, convincing manner: “Day by day, in every way, the economy is getting better and better.”

  3. Green Monkey

    Energy Shock: How Peak Oil Will Change Your Life

    A tip to speed up streaming Youtube videos I just discovered. I have a 1mbps link and noticed that Youtube videos which used to play smoothly now seemed to have to stop to fill the buffer much more frequently. However, if I click on the little icon that looks like a little gear wheel on the bottom right side of the Youtube video, I found I could change the default resolution to a lower resolution setting of 240p and that enabled the videos to stream much more smoothly, and the video quality, as long as you’re not expanding the videos to full screen, is still quite adequate.

  4. yatiniteasy

    The biggest fool is one that fools himself.

  5. 189

    What happen to this POST?
    Journalist: Harlequin Properties’ David Ames worked with Danish pimp / thief in Thailand rip-off development!
    by BFP

    Video documents rip offs of U.K. military veterans and retirees Barbados Central Bank Governor says he’s relying on Mr. Ames for foreign direct investment inflow! Ladies and gentlemen: the mongoose has just entered the chicken pen. If this is true (and who are we to doubt David Ames himself on video in Thailand?) then our […]

    Read more of this post
    BFP | April 22, 2012 at 11:33 pm | Tags: Barbados, Harlequin, Harlequin Hotels and Resorts, Harlequin Thailand, Merricks Resort, Thailand | Categories: Barbados, Consumer Issues, Offshore Investments, Real Estate | URL: http://wp.me/pj3n-7v5

    Comment See all comments

  6. 189

    If All business has hidden Fraud , Just call FRAUD< PONZI for life.

  7. yatiniteasy

    Ames probably got BFP into taking down that post, which I read this morning.It really reveals a lot of dirt on Harlequin.

  8. yatiniteasy

    Its back up

  9. Writing on the wall since 1964?

    Thanks for the link Green Monkey

    It’s always an eye opener when the story that has been with us for so long is simply stated, not to mention that wiki-leaks has to be the source of such fundamental controlled information.

    Ironically gas prices have been going down with oil going up and yet the supply of gas with fracting and other sources seems to be plentiful in the US.

    Are the conversion or infrastructure prices too high and the process too slow, or is the oil monopoly standing in the way of immediate changeover to avoid or miminmize the impending end of cheap oil?

    Also what is the efficiency of oil versus natural gas?

  10. Man from the sea

    What Kermit the frog says…make more sense than Mr. Worrell speech!!
    He lost credibility a while ago (unenployement figures).

  11. Anonymous

    Hmmmmm…maybe he got a pig ot two in the race.

  12. Sam The Eagle

    Man from the Sea, I share your description of the Governor, I always see him on television and he ALWAYS appear to me to resemble Kermit the Frog and I often wonder where are those blasted strings that keeps this puppet moving and I remember, oh yes under those very large suits, some hand is in his ass controlling his every move.hahahahahahahahahah. I think he should given a new title that truly reflects he onstage performance, Muppet of the Central Bank..hahahah

  13. rastaman

    @sam the eagle: You are too much but we all know he is a creature of the Government.

  14. meme

    In the past our location so much further along from the Canadian markets than all other Caribbean islands hasn’t harmed us because we take special care of that tourist market.

    Today though the skyrocketing fuel prices are killing both the airline flights and the cruise ship visits. What do we have to attract tourists from closer markets? Brazil has its own beaches and resorts with prices a third of ours, plus cheaper airfares to get there.

    I think we are in trouble. I don’t know what can be done about it. Tow the island closer to the USA? We would if we could!

  15. PETER WORRY

    DR. W., IF YOU WERE SMART EVEN IN BAD TIMES YOU CAN STILL MAKE MONEY. SHORTING FOREIGN MARKETS, NOW THAT PEOPLE ARE NOT COMING TO YOUR SHORES IN DROVES YOU HAVE TO IMPLEMENT NEW POLICIES TO TAKE ADVANTAGE OF THESE TIMES,
    ARE YOU NOT AN ECONDOKNOWNOTHING HAVE A GREAT DAY…

  16. 158

    When the bs is way past your knees and up over your ears it is impossible to believe it is anything but bs.

  17. Papa

    Either that guy is a complete Idiot or a bullshitter!!!!!!

  18. Adrian Loveridge

    In his media meeting response, the Govenor made a good point about targeting specific areas that have been less recesion effected like Mid-Western Canada. But then WHY would the BTA not renew the contract for the ONLY sales person covering this area?
    There appears to be a huge disconnect between the various Government agencies and policymakers.

  19. yatiniteasy

    @ Papa…why can`t he be both?(idiot and bullshitter)

  20. 182

    Tighen your belts folks, it is going to get a lot worse before it gets better. Relying on Merricks and Four Seasons. What a joke. Turn out the lights the party is over.

  21. Thatz wat happens wen ur brainwashed into thinking tourism is the only saviour of the population, u get tunnel vision coupled with a one track mind equals total disaster for b’dos. Am sorry. And this guy is supposed to be ab economist, the universities have to start combining business with economic degrees, obviously economists don’t understand one iota of business, hence a total mess and misguiding the population.

  22. Due Diligence

    Just stumbled on to this thread

    See recent analysis.

    De world join to hell in a hand basket; but tings fine in BIM