Paul: Opposition in collusion with ratings agencies

Member of Parliament for St Michel West Central James Paul has slammed international ratings agencies Standard & Poor’s (S&P) and Moody’s for their repeated downgrades of the economy, charging that these agencies were servants of capitalists who wanted to see Barbados fall.

At the same time, Paul appeared to link the Opposition Barbados Labour Party (BLP) to the forces that want to bring the island “to their knees”.

In its most recent announcement on Barbados last week, Moody’s downgraded Government bond and issuer ratings to Caa3, putting the country on par with Greece, Venezuela and the Ukraine.

The New York-based agency highlighted the country’s rising debt and limited prospects of fiscal reform, stating that as a consequence, rising domestic and external financing pressures were very likely to impair the Government’s ability to service its debt.

Six days earlier, S&P had downgraded Barbados to ‘CCC+/C’ based on its limited financing alternatives and low international reserves.

In his contribution to the debate on the 2017/2018 Estimates of Revenue and Expenditure, not only did Paul charge that both agencies wanted to punish Barbados because it had been doing well, but he suggested the BLP was in collusion with them.

“When we listen to the discussion on the rating agencies and we see the attitude, who do the rating agencies in this world serve? The rating agencies in this world serve the owners of capital in the world.”

He added that these owners of capital wanted the best returns on their investment, and “if they have to bring a country to their knees to get it they would do it, and if they have to enlist people within the respective countries to do so, they would do it.

“Hence it is no surprise that we hearing the Opposition taking the stances that they take today, where it seems to me that they feel that the ordinary working class in this country must bear pains of some of their transgressions in the past.”

The Government backbencher also questioned whether former United Nations Secretary General Kofi Annan was sincere when he said in 2002, while here to formally declare open UN House in Hastings, Christ Church, that Barbados was “consistently punching above its weight”.

It is a comment that Barbadians have widely repeated in commending the country’s achievements, but one that Paul viewed with suspicion.

“Very often I hear the discussion about Barbados punching above its weight, and I wonder when the person who made the statement that Barbados is punching above its weight, really on reflection, was he actually congratulating us, or sending us a warning at the time that ‘maybe you are out of your league, and we would pull you down’,” Paul mused.

“There are some people who would like to penalize Barbados for the success that it has achieved over the past 50 years and going onwards. Even our Caribbean neighbours would like to sometimes say that you know we are going too far too quickly,” he added. 

50 Responses to Paul: Opposition in collusion with ratings agencies

  1. Anne Ince
    Anne Ince March 16, 2017 at 2:18 am

    Delusional.Conspiracy ? The blame game.

    Reply
  2. Sundiata WorldTraveller Browne
    Sundiata WorldTraveller Browne March 16, 2017 at 2:26 am

    Yawns

    Reply
  3. Angus Benn
    Angus Benn March 16, 2017 at 3:43 am

    Mr Paul. Do you know what is going on in the country. Its better you stick to chicken wings and chicken. You good at that. This is not chicken wings that we dealing with. No one can pull down Barbados. Where were you when these same people was pushing up Barbados ratings THAT is what these companies are there for. If your economy is going good they rate you and if you are not doing good they down grade your economy. You gone Back talking about Kofi Annan. We don’t want to hear about 2002 we want to hear about now. You way off track.

    Reply
  4. Angus Benn
    Angus Benn March 16, 2017 at 3:49 am

    Mr Paul this is your last year in office. Your seat is already taken. Your contributions is very poor. I can’t see how people with common sense could vote for you. The government refused to give you a ministry. You cannot do nothing for the people in your constituencie. Your DLP government is who pulling down Barbados.

    Reply
    • Randolph March 16, 2017 at 10:56 am

      Well said Angus.My sentiments exactly.

      Reply
  5. Michele Antoinette
    Michele Antoinette March 16, 2017 at 4:57 am

    Sighhhhhhhhh

    Reply
  6. Bradg March 16, 2017 at 5:30 am

    Mr. Paul ought to pull his head out of the azz of the livestock and get real!!. The conversation about the economy may be out of his league though. Wonder if he knows how silly is argument is??? probably not until he gets his head out of the behind of the livestock!!!

    Reply
  7. Mark Adamson March 16, 2017 at 5:53 am

    Angus Benn, whosoever you are, you had better understand neo-colonial imperialist behaviour and recognize it when you see it.

    The government of Barbados is told by Standard and Poor’s and Moody’s what it must do to its so-called fiscal deficit, that it must pursue further fiscal consolidation, that it must reduce its debt, that it must avoid borrowing credits from the Central Bank of Barbados, that it must cut its size, that it must avoid putting pressure on the country’s currency, etc, and that if it does not do those and other things, its supposed creditworthiness would be downgraded further (threats).

    Well, it actually fails to do such – for whatever reasons – and its debt profile gets back to back down grades by two rating agencies and you are suggesting that Mr. Paul is out of his league, when it is so pellucidly clear that such rating actions are neo-colonialist imperialist, and are about cowering this government of a sovereign independent country into submission.

    Meanwhile, the Opposition Leader in the House of Assembly metaphorically cheers on these rating actions, with no known patriotic stances taken by her against such neocolonial imperialist behaviours.

    Also, no government has never defaulted on its debt obligations to any international financial institutions and holders of government paper are not fearing that they would not get what is promised to them. Yet, such rating actions!! Standard and Poor’s and Moody’s behaviour must be condemned, and a strong firm national response delivered to them.

    Well, let me tell you, whereas DLP and BLP governments have over the years been grossly and recklessly mismanaging this country’s affairs and have refused to lead the way in carrying out substantial restructuring and transforming of many of the country’s affairs, still this is MY country and I will NEVER countenance any nonsovereign foreign body – of which Barbados is not a member – SCANDALISING AND PULLING DOWN OUR COUNTRY, under the guise of downgrading the creditworthiness of the government.

    So, rather than message things that make sense, whosoever you are, you message things that make complete nonsense of such international relations behaviour by such nongovernmental actors. Go and read a course in international relations and under what realism means, if you have not as yet.

    This is my Barbados and not the DLP or the BLP or PDC’s!!

    Reply
    • Alana Blackman March 16, 2017 at 6:57 am

      @ Mark Andamson. You are very correct in bringing to the conversation of neo-colonial imperialist behaviour. The hegemony being placed upon this vulnerable island. Barbados being a progressive small state within the global market. Barbados continues to be a target in order to ensure that the Plantation System (social control system) remains in place. Yes, the interests of these systems does want Barbados brought to its knees.

      I asked several questions in another post one being, “Who’s interest does the IMF serve really”? The IMF has been accused in the past as being a tool for free-market countries only.

      I ask again, would the interest of Barbadians be served if we allow our strings to be pulled by these agencies?

      We need to protect ourselves.

      Reply
    • Alana B March 16, 2017 at 6:59 am

      Your comment is awaiting moderation.

      @ Mark Andamson. You are very correct in bringing to the conversation of neo-colonial imperialist behaviour. The hegemony being placed upon this vulnerable island. Barbados being a progressive small state within the global market. Barbados continues to be a target in order to ensure that the Plantation System (social control system) remains in place. Yes, the interests of these systems does want Barbados brought to its knees.

      I asked several questions in another post one being, “Who’s interest does the IMF serve really”? The IMF has been accused in the past as being a tool for free-market countries only.

      I ask again, would the interest of Barbadians be served if we allow our strings to be pulled by these agencies?

      We need to protect ourselves.

      Reply
    • Adrian March 16, 2017 at 11:05 pm

      Well said Mr Adamson. It’s time Barbadians truly understand the motive of these agencies. It’s also time we see this “mashup and buy black politics” as what it is, unpatriotic.

      Reply
  8. Sunil Brome
    Sunil Brome March 16, 2017 at 6:12 am

    What an uneducated thing to say. First of all the firms or countries being rated pay for the rating much like an individual would for their personal use.
    So the payment would be coming from the current administration.
    Just face reality, after hearing how dire the economy is from the MOF himself why would one even bother to question the ratings. The DLP ministers all still seem to be in denial. We don’t have time for denial, accept the situation and get on with the solutions.

    Reply
  9. Cindy Bunting
    Cindy Bunting March 16, 2017 at 6:22 am

    Alternative facts. Desperate.

    Reply
  10. Bradg March 16, 2017 at 6:35 am

    I am no fan of Ms. Mottley, but it is deceptive to say that she “cheers” on the rating agencies. Never characterize someone unfairly especially when there is no evidence to support it, you loose credibility pulling those kind of stunts. Again, I’m not her biggest fan but fair is fair.
    Now, when these very rating agencies gave us favorable ratings we all basked in the glory. I recall people saying for a small developing state with no natural resources Barbados “punches above its weight”. Now that the same agencies ( not just a few, ALL of them) have a negative rating for our performance we start through blame where it does not belong. We can’t have it both ways!!!

    Reply
  11. Santini More
    Santini More March 16, 2017 at 6:38 am

    Delusional, paranoid nonsense. If you James Paul truly think that there is an international cabal focussed on undermining our 166sq mi piece of rock then you need to see a psychiatrist and soon. I love my country with a deep passion, but I also know that nobody really gives a damn about us apart from those who live here or hail from here…Our present economic miseries have been forced on us by 9 straight years of incompetent economic management courtesy of the DLP, and no amount of international conspiracy theories will alter that stark fact.

    Reply
  12. Louis Swann
    Louis Swann March 16, 2017 at 6:44 am

    Thats a wild accusation to throw out there with out proof of fact

    Reply
    • Louis Swann
      Louis Swann March 16, 2017 at 6:46 am

      Digging the hole deeper and deeper..de calypso songs gonna be sweet tunes this year

      Reply
  13. Steve Jemmott
    Steve Jemmott March 16, 2017 at 6:52 am

    Piece of Barbados has to hit you guys in the head for you to get it that the country is crumbling?

    Reply
  14. Lilian Lloyd
    Lilian Lloyd March 16, 2017 at 7:23 am

    JAMES

    Reply
  15. just observing March 16, 2017 at 7:48 am

    @Mark Adamson.Please desist from foolish accusations.I do not see the Opposition cheering anything. I see concern and worry since chances are they might inherit this mess. I do not seriously think that an inexperienced group like third parties can deal with this problem. I saw this coming in 2008 and said that with world wide recession then was not the time to put the country in inexperienced hands. So said, so done and this is the result. Now is not the time for an inexperienced lot. By they time they get the hang of managing we gone through the eddoes. Take yuh time and wait yuh turn. I feel you have good intentions but wait yuh turn. Sometimes God says’wait’. If greedy wait hot will cool. Your time has not yet come.

    Reply
  16. Elaine Vanhuis
    Elaine Vanhuis March 16, 2017 at 8:30 am

    It is amazing how unknowing even polititians are.

    Reply
  17. Mr. Crowley March 16, 2017 at 8:41 am

    Any doubt in the international community that Barbadian leaders might be financially illiterate has all been erased with his comments. It pains me to listen to these ministers of government talk. This country cannot make any progress with people in office that rationalize reality in this manner.

    Reply
  18. Ziggy Blessed
    Ziggy Blessed March 16, 2017 at 9:05 am

    He never had much sense anyway………i aint suprise

    Reply
  19. Jenny Applewhaite
    Jenny Applewhaite March 16, 2017 at 9:14 am

    Goatshemel……a combination of a goat,sheep and camel

    Reply
  20. Krystle Howell
    Krystle Howell March 16, 2017 at 9:44 am

    Wow! Mia more powerful than I thought!

    Imagine we got people in Bim capable of swaying not one, but TWO INTERNATIONAL rating agencies to do her bidding!

    I bow at the awesome powerhouse that is Mia Amor Mottley!

    Reply
    • Simone Alleyne
      Simone Alleyne March 16, 2017 at 10:12 am

      You know, that was my first thought on reading his comments…..Mia large and in charge boy!

      Reply
  21. Cheryl Maynard
    Cheryl Maynard March 16, 2017 at 10:05 am

    This government is imploding

    Reply
  22. Johnathan March 16, 2017 at 10:12 am

    Paul is a bigger clown than I ever imagined..

    Reply
  23. F.A.Rudder March 16, 2017 at 10:22 am

    Put lazing arable lands back into production. Forty acres of coconut grove is now needed for our local consumption supply and processing. Sound water management technique and renewable energy strategy put in place. Soybean production is important as it fulfills many rolls such as food production, animal feeds and bio-fuel.

    Reply
  24. DS March 16, 2017 at 10:24 am

    Collusion? Really? that’s the dumbest thing I’ve heard to date.

    Reply
  25. Randolph March 16, 2017 at 10:54 am

    I really don’t know how to describe James Paul.

    Reply
  26. Justin Moore
    Justin Moore March 16, 2017 at 10:58 am

    Conspiracy theories AND alternative facts. DLP MPs just can’t quit.

    Reply
  27. jrsmith March 16, 2017 at 11:19 am

    Here we go again another clown we have to put up with, money for old rope he opens his mouth and what comes out ………….
    Blame you all selves for barbados failure ,,, try this for size , (Paul) 8 years of your party, an (Audit General’s) report 2016 is showing the world , how our present government cannot account for lots more than 700 millions Bds which is missing from the treasury, would you please ask our Priminister to respond please……………………………

    Reply
  28. Javier Maynard
    Javier Maynard March 16, 2017 at 12:06 pm

    Hahaha this little 2 x 4 rock in bed with a billion dollar institution? Wow

    Reply
  29. Nathaniel Samuels March 16, 2017 at 12:10 pm

    James Paul, you really surprised me with your statement. I never thought you were so ignorant and also delusional. Why would anyone want this country to fail? Surely if it fails there will be less to go around for everyone. We know that there are capitalists here and overseas but a good capitalist system ensures that there is some trickle down of resources for others. Why would the big countries want to punish Barbados for doing well?
    Mr. Adamson, you always come with some theory that really does not make sense and if you want to live in a cocoon, please do so but many others in this country and I want to live in the open and have relationships with other countries. We are dependent on the USA, UK, Germany, Canada to a large degree and you better understand that. What if those countries were to ban their citizens from coming to Barbados? Do you realize what would happen to our poor little country? How would we survive? What you see now would be heaven to that reality.
    We have to accept that our country is sick and needs good doctors. The ones we have at present have not understood the ailment and therefore are unable to prescribe the correct medicine. We have other doctors in the house and we need to give them a chance to get the patients back on their feet and walking however slowly before starting to jog. We owe it to ourselves as patriotic Barbadians to give ourselves a chance of survival and a new direction is required.

    Reply
  30. jennifer March 16, 2017 at 12:10 pm

    @mark A – I can clearly see what u mean. You can tell a goat from far. He will do a lot of climbing on every rock to the very top and will even sit and stagnate. The goat is also very resillient and persistant. The goats have been in the garden a long time eating both the old and young plants. We are currently still in this colonialism era and the plantation mode. So I can also see where the collusion can come in too. What sweeten goat mout ——-
    I personally dislike goats as they will GRAZE on any thing. Goat and sheep dont mix that is the major problem. goat dislike sheep. The sheep also doing a lot of fraying. Big problems.

    Reply
  31. Carson C Cadogan March 16, 2017 at 12:11 pm

    I have asked this question time and again without getting any answers.

    Is the Barbados Labour Party a client of S&P and Moodys?

    These corrupt agencies are always looking for new business once they get it then they go out of their way to work assiduously on the behalf of their clients.

    The Barbados Labour Party is of the opinion that the only way to win the Govt. is to make the country appear to be collapsing, which it is not. They are willing to align to themselves with any entity which portrays the country to be on its kneels.

    This reminds me of a tactic used by the Barbados Labour Party years to win an election. Tom Adams Leader of the Barbados Labour Party at the time created fear in the hearts of Bajans by telling them the country was about to be invaded by mercenaries led by an overseas Bajan and his party was the one put a stop to it. The Barbados Labour Party was to be their saviors.

    Of course years later on we all found out that he was lying about the invasion.It was all part and parcel of Barbados Labour Party electioneering at the time.

    Reply
  32. Tony Webster March 16, 2017 at 12:17 pm

    The back-bench Agriculturalists launches forth on economics; The Min. education, speaks to commerce and business facilitation; the Min. Of Commerce, provides pearls of wisdom, on Health. Etc and ad nauseum. Yawn…this ent even mildly amusing ….it’s pure FARCE. Froon most likely slept right through it all.

    My two favourite comedians, Rum’N’Koke….do a much better job.

    Reply
  33. Mikey March 16, 2017 at 2:48 pm

    When you start wrong, you end up wrong.
    The overriding problem to all of this is that developing nations practice an unsafe and unsound type of economics in the form of deficit financing. Any one knows what that means ???
    Put simple for a primary school boy,,, it is doing business on credit and then not having enough revenue to pay off your creditors.
    That is one of the major reasons why businesses go bankrupt, second only to stealing and fraud.
    You cannot be earning less revenue, spending more and still borrowing, that combination leads to disaster.
    I ONLY DID ECONOMICS AT THE LOWEST LEVEL, BUT UNDERSTAND THAT SIMPLE REALITY. ASK THE PHd’s and Masters in Economics, apparently they do not know, it is to lowly for them to comprehend !!!

    Reply
  34. Alex Alleyne March 16, 2017 at 3:27 pm

    When it’s all said and done , we all still got to live here. It will be just a matter of time before we start killing and eating each other “raw-without-salt”. ….Due to politics. In the end it’s only the yardfowls that will be hurting and mashing up BIM.

    Reply
  35. Tony Webster March 16, 2017 at 4:11 pm

    How do people like this, get into Parliament? We Just celebrated in Grand Style, fifty years…to achieve this? Is intellectual incapacity, another C.N.C.D.? Mr. Paul, please Sir….stick to agriculture!

    Reply
  36. jrsmith March 16, 2017 at 4:40 pm

    We need some form of protection in barbados from our politicians..
    What is so noticeable for the past 9 months we have politicians crawling out of the wood , but sadly the thought of them opening they mouths is the most confusing happening to impose on our bajan people…
    Our politicians in barbados hasn’t learnt anything since (2008), you ask anyone of them and you get the same answer ,since (2008) but that is far from the truth since 4 decades ago the neglect and erosion started….
    Us bajan people must think serious of what will and could happen if we dont think seriously before we vote next time…..
    If we look over our shoulders , we see 2 countries which we depend on for our survival is at strange cross roads…

    The (USA) the (Democrats ) lost an election and to me they have turned into a bunch of boys from the hood thugs, walking around with balaclavas and base ball bats beating up of (Trump ) supporters like if they are blood thirsty…
    The (UK) the mother of the (Empire ) the seat of democracy
    home to her Maj) , (has now become a single party state ) all because of left wing ,right wing centre to what ever , liberal and what ever you want to call yourself, with democracy happening to the individual as to how he/she feels on getting out of bed……
    But where do we stand next to the (Dollar and next to the £)……
    Do we need to dig a certain person up and let him put it right.

    Reply
    • Sunshine Sunny Shine March 17, 2017 at 10:58 am

      That is not possible. The laws of Barbados protects politicians and, the operatives (police agents, judiciary, registrar, wealthy business persons etc) who work on the behalf of politicians, ensures that the system is frustrated long enough to delay justice so it appears like it is being served. Notice that Barbados politicians can talk about vote buying, but no investigation. They can talk about who receive thousands of dollars in their personal bank accounts, but no investigation. They can talk about who have millions in their dead mother’s account, but no investigation. They can buy Plantations and lands, without no investigation. They can build apartments and contract work in the sum of millions, in other family names, no investigation. They can drive in cars given to them for giving contracts for government work to mechanical contractors, no investigation. They can ignore the auditor general’s yearly reports on the millions of unaccounted money, no investigation. They can insult bajans, talk shyte, keep silent, threaten to shoot people, drive in audi 4x4s that cost more than some houses, no investigation. They can collude in several scams like the Grotto High Rise scam, and tell the PAC no body can make me come to hearing, without consequence. Politicians in Barbados have set up the perfect system for pulling off their scams. The only way change will come is when the people rise up.

      Reply
  37. Christine Noel
    Christine Noel March 16, 2017 at 5:36 pm

    Soooooooooo we have Bajans who are powerful enough to collude with Moody’s and S&P …… R e a l l y

    Reply
  38. Tony Waterman March 16, 2017 at 7:00 pm

    About a Year or so ago, those SAME Rating Agencies also DOWNGRADED the MIGHTY US of A, then it was either NOT our Business or we did not care as it was NOT us then.
    Now that it is US, there are all tupes of HOWLS of DEREISION coming from the Likes of CHICKEN WING PAul and other FOOLS.

    People always like to refer to Barbados as Punching above it’s Weight, when it is expediant, well!!!! why the wild accusations of neo-colonial imperialist behaviour, and Being Targeted to ensure that the Plantation System (social control system) remains in place. when we get clobbered??

    why cant we be HONEST and ADMIT, that this bunch of #$$%%^&&& has no Idea what they are doing,thus the mess that we are in, and how about some SUGGESTIONS from all you HIGHLY EDUCATED as to how we can extracate ourselves from this mess we are in.

    ALL i want, is for my ROCK to be there and HEALTHY Every Year for a Month.

    Reply
  39. Sunshine Sunny Shine March 17, 2017 at 1:53 am

    Idiot of the highest order. Never expected to hear Paul join the list of idiotic things said by a bunch of dem clowns who all can be describe as stupid is so stupid does,

    Reply
  40. Ann Thomas March 17, 2017 at 11:41 am

    It is better to keep your mouth shut and be thought a fool, than to open your mouth and prove it.

    Stick to the BAS.

    Reply
  41. SHERRY D JEFFERSON March 20, 2017 at 3:49 pm

    Barbados is the 53rd richest nation in the world which is exceptional for an island-nation with almost zero natural resources. Standards and Poors measures credit-worthiness with respect to borrowing money and is hardly the best indicator of a countries economy. It is entirely possible to have a high Standards and Poor rating as in the case of Hong Kong (a financial powerhouse) and a less than rosy financial picture.

    Barbados needs to be more faithful to the political ideals of Prime Minister Errol Barrow which is to be less subordinate to the United States and its agencies and be a strong independent state like Singapore. Borrowing money will merely put Barbados is a deeper financial bind.

    Almost every large country is experiencing a recession, why should Barbados be any different. From my purview, Barbados has the richest poor people in the world.

    Reply
  42. Victor Callender March 21, 2017 at 12:14 am

    James Paul like many of his DLP colleagues, happen to be fiscally diminutive and reality starved. Barbados has reached an economic conundrum predicated on the colossal failure of the DLP government of Barbados. The rating agencies are not out to sabotage Barbados, because they themselves could not care if they were paid by aliens, as long as the governments of ALL countries are solvent. These politically Jurassic invaders like Mr. Paul and Mrs. Mara Thompson, who have sat in parliament with no voices for almost ten years, have now found the miracle of speech. Barbados is in a mess created by the innumerate Chris Sinckler, and the Rt Hon Prime Minister of Barbados, “Lead from the back of the pack, Freundel Stuart.” The greatest threat to democracy in Barbados, is the DLP. If Barbadians are under siege, it is because of the apathy of the enemy known as the DEMOCRATIC LABOUR PARTY. DESTRUCTION, LIBERTY, PROGRESS (DLP)has placed high inflation and enormously large debt on generations, yet unborn. So Mr. Paul, get use to a long vacation in the political wilderness for the next twenty or so years.

    Reply

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