Devaluation of the dollar may only be the beginning of the end

sinking ship barbados flag DLP

“In the Caribbean most of the leaders are old time Marxist-Leninists, who now like to describe themselves simply as socialists – because it hides the failure of those school boy idiotic idealist beliefs still held by a bundle of old rambling communists.”

Communist idiots!

by Peter Binose

We may all wake up one morning soon and find our EC dollars worth less, or even worthless – our savings and our buying power reduced. Our local pensions worth so much less, and our food bills and everything we buy costing so much more. They won’t tell you in advance in case it causes a run on the EC dollar, with people withdrawing and buying other currencies such as the US dollar etc.

The reason for devaluation will be because of the damage inflicted on the monetary system by Caribbean states that over-borrow and can’t afford to pay back those borrowings. If you consider Saint Vincent and the Grenadines, they borrowed so much money from their national bank and could not repay it that they had to sell the bank. If that bank had collapsed it would of caused the EC dollar to be damaged and would of certainly triggered the devaluation of the EC dollar.

Root causes will remain with us – because too much debt, vast regional financial imbalances, and high energy prices have actually grown worse because of fiscal ignorance, even fiscal duncemanship by the Prime Ministers. 

Many of the Eastern Caribbean group are in financial trouble at this time because of over-borrowing. Prime Ministers borrowing and throwing money about on projects beyond the capacity of the state and their own fiscal capabilities, like men with no arms. Ignorant men who could not run a household budget far less manage the finances of a country.

Then again we must also blame lenders who are driven beyond the realms of reality for profit, for greed. Greedy lenders to incompetent and fiscally ignorant and stupid borrowers.

I am being kind in describing borrowers and lenders as such, because the alternative would be to describe their actions as those of criminals. Because if they knowingly borrow and lend knowing that the outcome will lead to failure of states and banking systems, that must be described as criminal.

High debt and low income must be a formula for financial disaster and ruin.

In the Caribbean most of the leaders are old time Marxist-Leninists, who now like to describe themselves simply as socialists, because it hides the failure of those school boy idiotic idealist beliefs still held by a bundle of old rambling communists.

So it’s far from being a failure of capitalism.  It’s a failure of Marxist-Leninist type communism that the Caribbean leaders have tried to cloak in capitalism.   Oh yes they love to blame capitalism, yet today China has embraced a form of capitalism and now Cuba is creeping in the same direction.

Communist plan or accidental revolution?

The thing that continues to come to my mind is that this collapse of our societies as we know them may well be a part of an overall and group communist plan, or as they like to call it today, ‘scientific socialism’. A part of the plan is to bring about full blown communism in the Eastern Caribbean, a silent revolution without a shot fired [until later]. I remember well what Fidel Castro said in 1966 when he created a slogan “The duty of a revolution is to make revolution” and “The duty of every revolutionary is to create other revolutionaries.”

We must ask ourselves the question; would the collapse of the EC dollar benefit the ALBA? Would it accelerate the final solution – already agreed to adopt and fully use the ALBA banking system and the currency aptly named the Sucre [sugar]?

ALBA is an international cooperation organization based on the idea of social, political, and economic integration between the countries of Latin America and the Caribbean. The future for ALBA is agreed between all the members is to eventually become something like the European Union, or the United States.

ALBA is associated with socialist and social democratic [this description is their own spin, they mean communist minded, Marxism etc.] governments and is an attempt at regional economic integration based on a vision of socialism [communism].

Currently the member nations are Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Nicaragua, Saint Lucia, Saint Vincent and the Grenadines and Venezuela. Since February  2012, Suriname is a guest country to ALBA.

In an attempt to undermine the US dollar, and I suspect the EC dollar, ALBA nations have introduced a new regional currency, the SUCRE. It was intended to be the common virtual currency by 2010 and eventually a hard currency.

On July 6, 2010, Venezuela and Ecuador conducted the first bilateral trade deal between two ALBA countries using the new trading currency, the Sucre, instead of the US dollar.

ALBA may well be ready to throw us a financial parachute, so if the EC dollar collapses, as it may well have been the original intention, what some prime ministers would call a master stroke. Just like the breaking of a national bank was described as a master stroke. We can all look forward in being paid Sucre, with no value anywhere else in the world.

It really is time to rid the Caribbean of all these old Marxist idiots, and when they are gone be sure nothing like we have experienced during the last ten years, is ever allowed to happen again.

Peter Binose


Filed under Barbados, CARICOM, Disaster, Economy, Offshore Investments, Political Corruption

3 responses to “Devaluation of the dollar may only be the beginning of the end


    that is a good thing, then the people will look inward to find the problems , Now they will have time to look and find out for self what went wrong and who to blame, Both parties are to blame ,More Pain the People must feel the PAIN before things will get better, Those who rob the Bajan Public will feel the some pain if any thing flies in the air,

    Land Fraud will be at the base of most ,
    We know many look to bypass the truth ,
    Let the outside banks and reporting agents tell you all what is what ,
    If it was not block from the NEWS in Barbados , Bussa Rebellion would seem like a birthday party.
    PM crook , AG Crook, XC Simmons Crook, MOF crook,Sir COW crook , Sir Cheletenham Crook, Lowe Crook , Todd crook, 90 % of Minister are crooks, Senate 90% are crooks,the other 10 % just blind or paid off to look the other way,
    Some thing is wrong, none will admit it ,

  2. mary

    I have been saying this for years, .People now coming to the realisation of every thing I have been saying.They will soon say that African history, and computer technology needs to be taught from the infant school level, and that our backward education system needs an overhauling. every child is not good at academics, some are are better at using their hand at a trade etc or coming up with ideas and solutions.The children need to be evaluated and trained to be, what they have a talent or gift for and stop being force-fed academics

  3. The Gap

    Meanwhile, the Barbados economy is still struggling, to put it mildly.

    IMF team urges fiscal consolidation for Barbados


    Following a five-day visit to Barbados, an IMF team has emphasised that “the need for fiscal consolidation is urgent” and that government needs to ensure that its proposed budget measures do indeed bring about a reduction in the government’s financing needs.

    A team from the International Monetary Fund (IMF) led by Nicole Laframboise visited Barbados during June 2 – 6, 2014 to review recent economic developments and discuss the main policy priorities. Staff met with Minister of Finance Christopher Sinckler, Governor of the Central Bank of Barbados DeLisle Worrell, other government officials, and representatives from labour and the private sector.

    Ms Laframboise yesterday issued a statement at the end of the visit in which she explained that discussions focused on progress with announced fiscal measures, and the near-term outlook.

    “Strengthened oversight and fundamental reform of the public enterprises are key priorities in the near term. IMF staff welcomes progress in this area and the government’s intention to significantly strengthen the monitoring and control of public enterprises, including through a high-level independent oversight committee and increased resources for the accounting unit responsible for monitoring performance,” she said in her statement.

    Noting that the dialogue between IMF and local officials was “constructive and frank”, Laframboise indicated, “While awaiting the findings of a review of domestic taxation by technical experts, consolidation efforts should also focus on the other components of expenditure, including ways to improve the targeting and effectiveness of social services. This should include scaling back some universal programs available to higher income groups to ensure that they reach the most needy.”

    She also noted that a number of large private and public investment projects in the pipeline should boost capital inflows and productive capacity, but added that efforts will be needed though to remove administrative impediments to doing business and lower production costs in the country, including unit labour costs.

    “This is important for strengthening competitive-ness under the fixed exchange rate regime,” explained the IMF official.