Saturday, April 27, 2013

The similarities between the IMF and a Bailiff

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9 comments:

Anonymous said...

What is the use of telling us that things are bad when you are contributing to making it worse? Isn't that a lot of crocodile tears falling in the face of the heights of sniveling Tartuffism?

April 27, 2013 at 11:56 AM
Anonymous said...

Kenny is a lawyer, he has no knowledge of math, he only knows how to manipulate people.

April 27, 2013 at 8:47 PM
Anonymous said...

A lot of these leaders in business and politics in Saint Lucia are semi-literates and idiots. They are the ones which have created the mess the country is in. And chiefly the Eastern Caribbean Central Bank which monetized the Government debt; by buying their Bonds and Treasury Bills "in finitum" to facilitate the Government's ill conceived projects; year after year, after year, with no end in sight; circulating money for consumer durables; to be purchased abroad and to be paid with foreign exchange.

But the games had to be played by the Head of the ECCB with the politicians because the Politicians are the ones to renew his contract as Governor.


It is now time to replace this Governor of the ECCB.He has been there for almost twenty-five years and he needs to now go.

Now that the IMF has made the world know that the state of Affairs in St. Lucia and other OECS Countries both in terms of the financial sector; and the economies at large; the ECCB is all of a sudden coming out to converse? with the business sector and points to all that is not right? or is ailing?

Where was the ECCB when Stephenson King was there. When John Compton was there? When Vaughn Lewis was there? as Minister for Finance.

Remember the Head of the ECCB, had been the Permanent Secretary and Director of Finance in St. Lucia for many years. He was also the Permanent Secretary of the Public Service in St. Lucia for many years as well.

So when one looks at it, in essence; he can be seen as a great contributor to our problems.

The IMF was the one who first came out in Barbados to let us known about the state of our affairs. It was not the ECCB.

But now we have noted that---"What was sweet in de Goat's mouth is now sour in he bam-bam.

April 28, 2013 at 7:26 PM
Anonymous said...

Blogger, above, clearly you don't understand the role of the ECCB. If the ECCB did not exist, things in the Eastern Caribbean. certainly things would have been a lot worse, a lot earlier.

What do you mean that the ECCB monetize Government debt? What debt are you talking about? Where does the foreign exchange for purchasing consumer durables from abroad, come from? In most cases it is the very firms that earn the foreign exchange that end up using it, eg, those tourism-related businesses. And that's becasuse of the high amount of leakage in that industry.

It's probably time for Governor Venner to step down to allow for an infusion of fresh ideas at the ECCB. But Governor Venner is not the problem. He is not responsible for the structural weaknesses in the economies of practically all EC countries. He is not responsible for the high debt-to-GDP ratios in these countries. Whether he stays or goes, these problems will continue unless those who are actually responsible to addressing them do so.

The ECCB has consistently painted a truthful picture of the state of these economies. And it's in part on ECCB data that the IMF relies for its own analysis.

But as usual, people like you who look through your partisan lenses, are always ready to see political bias everywhere.

April 29, 2013 at 4:02 PM
Anonymous said...

BTW, the deputy Head of the ECCB was once PS in the Ministry of Finance under the Kenny Anthony Administration. What do you have to say about that? Is he trying to make Labour look bad too?

April 29, 2013 at 4:05 PM
Anonymous said...

The international Monetary Fund cannot be compared to any Bailiff> Stop that crap talk. The IMF is a sort of "LENDER OF LAST RESORT" for countries, in much the same way, the Central Bank is the 'lender of last resort" for banks.

When countries, by this I mean Governments spend money in the economy which is not coming from the production of goods or services; and that money is then used to purchase goods and services overseas; which would involve utilizing foreign currency/foreign exchange; and this situation gets worse and worst; to the extent that the foreign exchange of the country begins to lessen and lessen; and the country's dollar; begins to be placed under pressure of a devaluation; to avoid further strain or chronic economic instability, and therefore assisting to stabilize the economy, the IMF comes to the RESCUE; providing foreign exchange called "Special Drawing Rights" [SDRs] to cushion the strain on the country's foreign exchange reserves.

This situation occurs when Government ["prints money] through the Central Bank; who facilitates this by buying the bonds and Treasury Bills from Government; in the process exchanging these bonds for money to the Government to continue their run-away expenditure.

I rather suspect that the Central Bank entertained Treasury Bills purchases from the Government even to meet the inflated expenditure year after year, to accomodate Political hacks in the Civil Service, notwithstanding the Public Service was/is already over-bloated with people who have absolutely no work to do.

So I agree with the blogger that the Central Bank is very much to blame, and worst yet, it took the IMF to tell us right there in Barbados what was really going on in the OECS.

Shame; disappointingly so.

April 29, 2013 at 4:22 PM
Anonymous said...

BLOGGER, that Deputy Head you are talking about has been discounted in the high-end circles from the very commencement of his appointment. This man was a round peg in a square hole both at the Ministry of Finance as well as the ECCB if he is still there. Because for some time now there has been grumbles to relieve him of that position.

I think if he is still there we may do extremely well placing him as Governor. LOL. What a great joke and a good laugh this would be in the Region. Oh boy; you call this instant-degradation. If you will.

We must stop playing jokes with the hard earned funds of our business investments.

Not one of these fellars have any investments in any business in this country. So they have nothing to lose. When you invest your hard earned cah in a business or had to borrow to capitalize your business you cannot stand to see the mess that passes for governance in this country; no matter who is responsible. Investors funds have no party-colours. Excuse me. The eccb should demonstrate much earlier that there was some modicum of independence for the good of all. Now that the cows have all come home; ECCB is crying wolf> I am certainly not impressed. So this guy from ECCB just shut-the-hell-up.

April 29, 2013 at 4:31 PM
Anonymous said...

I am tempted to say, just who he heck is Michael Chastanet writing commentary in a national newspaper. As far as I am told he is not quite a literate person. So what kind of intelligent analysis can he proffer to those who are not literate. Is that money allows people in this country to do and be whatever they wish. This article is just so stupid and dumb.

May 1, 2013 at 6:40 PM
Anonymous said...

How could the ECCB show any form of independence? When John Compton's Eulogy was read by none other than the Governor of the ECCB. One Blogger said that Dwight is a papa-flambeau. And I would agree with that. When we witnessed so much nonsense happening during Stephenson King's administration. Ministers [at least two] evading taxes, a form of recurrent expenditure like Kenny's NICE and STEP etc. etc. We never heard one word from Dwight Venner. He never found it necessary to converse with the Chamber of Commerce. Not once in the FIVE YEARS of King's administration. We never heard one jot of explanation by Venner of poor leadership then.

Ain't that strange? Are we in this Country missing something. Dwight for Prime Minister. Not even in his dreams!

Whe

May 1, 2013 at 6:49 PM

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