We will soon be voting for persons to represent us in Parliament. Their role will be to direct the affairs and resources of Barbados for our benefit. However, if our representatives use their elected positions to mainly benefit themselves and their business friends, then our concerns will likely be distractions to their real desires.
In the past, if our elected representative became a Cabinet minister, then we would have a reasonable hope that our concerns would more likely be addressed than if he or she sat on the backbench or in Opposition. However, with Barbados being in an unsustainable debt, and challenged to repay loans, our politicians know that they will not have the resources to properly represent us this time. So every spending promise will likely be broken.
Our financial professionals are warning us to prepare for the bitterest of medicine for at least the next five years. They recommend that we go cap-in-hand to either China or the International Monetary Fund (IMF).
We are already indebted to China, but the details of these loans are secret. Secret dealings rarely benefit the public, and the public normally realizes this when it is too late. However, going to the IMF with no good options left is to surrender Barbadians to extreme austerity.
The IMF’s role is to protect any foreign currency earned by Barbados from Barbadian consumers. The two most efficient and effective means of doing this are currency devaluation and increasing taxes. Currency devaluation makes the foreign currency more expensive to purchase, and raising taxes leaves families with less money to purchase foreign currency, after paying their monthly expenses.
Since our banks are foreign owned, the home mortgage interest rates will rise so that the banks’ shareholders can maintain their profits. Since most homeowners borrowed to their borrowing limit, they are unlikely to afford a significant increase in their mortgage rates. Therefore, unless they are earning foreign currency, every person paying a home mortgage will likely lose their house within three years, and most of the middle class will be reduced to poverty. That is easily foreseen, so why are other political parties proposing this nightmare scenario for us? We need not despair.
About three years ago, Solutions Barbados published their economic and social plans for the public to examine, criticize and improve, on Solutions Barbados.com. To give the public sufficient confidence in their plan, they sent it to several independent non-partisan economists and accountants to critically examine. They recently received their first report from a Fellow of the Institute of Chartered Accountants of Barbados. He confirmed that this plan results in Barbados running a surplus in their first year, without the need to go to the IMF or other countries for external funding.
This means that Barbados reverses all the downgrades and returns to investment grade in their first year. The independent analyst also confirmed that the plan does not require the laying off or salary reduction of a single public worker – but they are to be properly managed.
Finally, he recommended that the other parties pushing austerity need to look at the plan, which is the only non-austerity plan on the table. Why are professionals recommending austerity when a non-austerity plan has been verified? There are some who worship political parties to the extent, that they see nothing wrong with recommending that we should all unnecessarily endure the misery of an IMF austerity programme.
Barbadians should not be misled on this issue. Solutions Barbados is a group of 25 experts in their fields, each with approximately 20 years of experience, and each of whom love God and people. They are offering themselves as a competent alternative to what we have had to endure for far too long. They are an elite group, but they are not, in any way elitist. Their plans are very simple so that they can be implemented easily, but they are not, in any way simplistic.