Happy New Year 2014: Forbes announces that Barbados is on its knees, in a financial meltdown.

Barbados Finance Minister Sinckler

“Barbados has credit rating equal to Gabon and Nigeria.”

“That is very bad news for 126,000 long-time contributors to Barbados’ National Insurance Fund…

At least 60 percent of the Barbados National Insurance Fund’s $2 billion is invested in this dodgy Bajan junk – it now finances a third of Barbados’ entire public debt.”

There’s not much more to say when the truth slaps you hard in the face – in this case delivered by one of the most respected financial publications: Forbes.

You see that photo above of Finance Minister Christ Sinckler, “the Grinchler who soiled Christmas” ???

Forbes printed that. Wuhloss!

It looks like BLP Member of Parliament Dr. William Duguid knew something when he pulled the ejection handles on Barbados, moved his family to Canada and his assets offshore. You can bet that Owen Arthur has his Swiss bank account number memorised too!

And although the DLP blames the BLP and the BLP blames the DLP, it really doesn’t matter anymore. This is where we are…

Postcard from Barbados — a.k.a. ‘Cyprus West’

Barbados, “the Jewel of the Caribbean,” the tiny easternmost island in the Lesser Antilles with 288,000 year-around inhabitants and lots of very rich foreign visitors and investors, is in the throes of a financial meltdown.

While its entire GDP is now only worth about $4.2 billion, and its population is smaller than that of Duluth Minnesota, this crisis is worth examining closely. For here we have a very precise example of the “finance curse,” where excessive dependence on high debt, an aggressive offshore haven industry, very low tax rates for high-net worth investors, foreign companies, and banks, and high tax rates for everyone else, have essentially brought this little country to its knees.

(snip)

At 94 percent, Barbados’ ratio of public debt to GDP, already the Caribbean’s second highest, is fast approaching Cypriot levels.

Not surprisingly, in October, a $250 mm Bajan bond offering in the US market had to be yanked after it was greeted with howls of derision. In late November, S&P downgraded the long-term rating on Bajan bonds for the third time in two years  to BB-, below investment grade, the same rating as Gabon and Nigeria…

… continue reading Forbes Postcard From Barbados — a.k.a. ‘Cyprus West’

17 Comments

Filed under Barbados, Disaster, Economy, Offshore Investments

17 responses to “Happy New Year 2014: Forbes announces that Barbados is on its knees, in a financial meltdown.

  1. Red Lake Lassie

    Dear God, has it really come to this?

    3000 fired. Shops closing. Hotels half empty.

    Can civil unrest be far behind?

  2. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    You all will soon know what we say is true, Be ready for the pain that lies bring ,
    The flood are coming and no one listen , The sky is falling and no one looked up,
    Watch the words of our heading , Soon all will have time to listen and to know why , No lies just truth ,
    Keep your CBC , NATIONS PAPER , ADVOCATE , AND YOU RADIO STATION BRASS TACKS , LIARS , CROOKS AND SCUMBAGS,
    We will hold you all a seat to listen , after all , you have no work to do ,

    Learn some thing for a change and not DBLP lies,
    When you Ready ,, We Done

  3. Bajans always said God was a bajan, though many never went to church. Well they can start praying that Barbados does not end up like Jamaica or Haiti

  4. Just shipped a missive toe Forbes… “Dear James;
    Thanks for using my image at top of article, “3000 Gone (Grinchler)” but could you at least credit my website in your bibliography? Many thanks… Ian Bourne, BajanReporter.com http://www.bajanreporter.com/2013/12/the-grinchler-who-soiled-christmas/

  5. Party Animal

    A Government must be run like any other Business. If a Business has a bad Manager it will sink, we have a bad Management team running our Business, and I blame both sides.
    The Governments have sold off our main assets starting with BNB, then allowed Trin’s to continue to buy out all the major Companies like Brydens, Stokes and Bynoe, Banks, Cement Plant, B S & T, etc.,where will the profit made by these Companies go ?? all will go into foreign exchange to Trinidad ( in US currency ) of course.! All the major Companies in Barbados are now owned by Trinidadians. One of the biggest shame’s is what CLICO did for the Plantations, buy them up and shut them down just like what they did with the Store “Plantations Ltd”.
    My biggest grudge is that both Governments stick their hands into the N.I.S. funds, are they not making enough money with the high import Taxes and VAT, what di the Government do before VAT ? with the proposed lay offs and encouraging others to become Entrepreneurs the N.I.S. will suffer bad.
    I what to become a Coconut Vendor, sell 1.000 coconuts a Sunday and make $ 2.000 profit..no over heads, no Taxes.
    I am again begging the Private Sector and the Unions to shut the Country down, and oust The Government, I also ask the Private Sector not to fund either Party with give away money like they did in the last Election, this is playing a major part of our problem today.

  6. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    Party Animal
    January 4, 2014 at 11:52 am @ CLICO did not buy the Plantations , that was a way to launder the paper work and hide it , for 20 years then to come out with a Good title of fraud ,We find not records of being sold as yet but may have changed hands in the back room deal, We know the owners of most of the plantations as CLCICO put them on the books as they do when running PONZI , if this was true , they be able to sell them to cove the bills , But in todays world no one buying back door fraud,Assets made up by property tax transfers , none can show source of FUNDS and BANK movements for the large amount of money paid for such,
    We know who own what in 1756, 1913, 1920 1926 now today ownership drop off the books. Sir COW cant even show who he bought all the land he claim he bought from . No Clear titles .The only to show up under COW name was Canefield 1970 238 acres , We even Question that,

    We now study the work of the late , Mr . Ronald Hughes and the late Mr. Cecil Queree ?
    was there Work use to find out then to cover up , or did the crooks use there work and make changes ,
    National Trust not to be trusted , their hands and books is a good back drop for CLICO

  7. Party Animal

    Plantation Deeds
    Thanks for your information, I did not realize the tiefing was soooooo big bout here.
    Of course nuff Politicians involved

  8. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    Party Animal
    January 4, 2014 at 2:23 pm @ We dont have enough time on the net to write all we know, We will have to do question and answer period , Just to fill in what you dont know , many people small part that will put the puzzle together for them , Questions where you can never can get answers or even reply by mail, So Big ?
    This will blow your mind , Nothing on this World is bigger than what a small nation of crooks , liars and scumbags, did to us , many will loose work,
    Exchange land for US dollars .
    Ask you question we will answer it , We have the names ,
    Most think this is about me or Violet and her Aunt Beatrice,
    This is About Barbados and crooks,
    The People who on this net , think it have nothing to do with them , They feel that is about other people and their and our problem ,
    When you see the IMF ,WB Moodys, S&P did their AUDIT , They can see better than us here for not Free Press , tv , radio , All Barbados must come from out side information ,Most who think they are rich is Poor, Most selling out and off to recover as much money as they can before the gig is UP,
    When a new party take over government the people will be see no More VAT in store for bajan made or home grown , Maybe only Imports,
    House will be less, UWI free, All schools Free , as long you are here legal , Hospital Free , Road TAX drop from $900 back to $400 or less,
    Barbados will be first and Bajan first ,
    Party Animal you have no idea what they are blocking for there PVT use ,
    We have our Marching orders from Beatrice and Violet ,
    No matter what they say , VOTE anyone but the DBLP fraud parties .
    With in 90 Days all will be done , 30 days at a time ,
    When you READY , We DONE ,

  9. Sunshine Sunny Shine

    People Like Duguid, Arthur, Motley, Lynch, Lashley, Payne, Lowe, Sinckler, Stuart, Marshall, past and previous crooks of both the DLP and BLP should all be brought to justice for their crimes. What is the crime. Lack of vision blinded by arrogance and corrupted by money.

  10. Islandflyer

    Power corrupts. Absolute Power corrupts absolutely. The King is dead, long live the King!

  11. Party Animal

    I admire the Late Dame Eugenia Charles for throwing Douglas in Jail.
    The previous Prime Minister

  12. Freundel is making all the right moves in my book in cutting expendtiure!

  13. We have often boasted of our long history of parliamentary democracy and good governance, but in reality,we have long been a “thugocracy”.Successive governments, BLP and DLP, have been strikingly similar to The Mafia in terms of their organization and modus operandi.We have a “godfather” (Prime minister),his lieutenants (ministers),and henchmen/enforcers (backbenchers) who are all practitioners proficient in the art of “midnight shopping” (backroom deals and robbing the public purse).Integrity, accountability, transparency and certainly, freedom of information are alien to the culture and philosophy of The Mafia (successive governments). We profess to be an educated and sophisticated people”, believing that our leaders are honest and have our collective best interests at heart and so,we are long-suffering, and more patient than Job’s turkey. In reality,we are a bunch of jackasses. We drank the Kool-Aid for too long ! Now wake up ! It’s not Folger’s (coffee) in your cup ! They’re now pissing in your cup and telling you it’s Kool-Aid !

  14. Anonymous

    You know its funny that Trinidad takes over the barbados companies, considering the fact that Trinidad does everything to get us away from them, thus its obvious that they dont like us and yet barbados still draws up under them, i guess that this is one time that a dog likes to be kicked.

  15. Following laying off of thousands, there will also be thousands of additional unemployed following 2014 Schools and Universities Leavers seeking employment upon a Sinking Ship, one must also consider the government will still have to find money to pay those dismissed from somewhere? Barbados is a country with a population less than 300,000, however, Barbados has 30 serving Members of Parliament and 30 Opposition along with numerous Senators. What is the avage weekly wages for a Minister who has less than 3000 people in his constituency? Why does Barbados require so many serving Members of Parliament? A population of 285,000 divide by 30 represents Barbados shameful unnecessary number of MP’S. Understanding of what I am getting at is expressed by any G7 Country, check the numbers of constituent each Member of Parliament has in comparison to Barbados very few, more importantly check out the responsibilities of a G7 MP! In Barbados it appears to take 30 MP’S to agree construction of a road, a housing project, transport buses, etc. etc. 1 G7 Member of Parliament has responsibilities more than 300,000.

  16. Sunshine Sunny Shine

    Duguid is lying stinking thieving dog but nonetheless a dog that ensured his bones where well buried and his destination well set for quick exit,

  17. Red Lake Lassie

    Sunshine: And Duguid is different how from all the others?