CB Governor says T&T officially in recession

[pete]

Wouldn't the drug trade be done in USD with excess US coming into Trinidad?

*I am not in support of the legal drug trade just don't think that it would cause a depreciation in our currency.

[Redman]

I heard a very pertinent question asked today. Economy class teach u that during a recession the repo rate is reduced to increase lending and a by product is economic activity. If Jawala knew this, why he raised the repo rate couple months ago?

Was it an attempt to "create discord" knowing that the PP govt chances of retaining govt was very slim? This all seems to be part of a plan to mash up the place.

Low interest rates are stimulating generally.

However TnT is at the bottom of an interest rate cycle.

Painting every policy decision with a political brush is a waste of time.

See Wade Mark...and his lack of.credibility.

Our issues today are.due to the fact that all govt s have failed.to put a policy in place to manage our revenues when times are good.

And like every rainy season we are surprised by dark clouds on the horizon.

Are there not funds like Stabilisation & Heritage fund,Green Fund levy, Consolidation fund and Unemployment relief funds? The last two funds, one was depleted to build Pt. Fortin Highway and the other was mortgaged against borrowing of the PP govt.

Yes there the funds...what you think about their usefulness today?

Whats the point if the funds are not MANDATORY allocations every year?

IMHO we should have a policy to live off 75% of the Hydrocarbon revenue generated.

bank/invest the rest as a stabilisation mechanism,with protection as to the triggers to allow releases.

That way they cant mortgage the funds ...like the PP

[Chimera]

Wouldn't the drug trade be done in USD with excess US coming into Trinidad?

*I am not in support of the legal drug trade just don't think that it would cause a depreciation in our currency.

No.

The usd is used to pay the Colombian drug dealers so the money leaves trinidad and never returns. They held a guy in aranguex about 6 months or a year ago with 400 or 500k usd in his van. Plus a gun.

[pete]

At every point in the chain value is added though. US might be paid to the colombians but wouldn't the Trinidadian drug dealers get more US from whoever they sell it to?

[Chimera]

the Trinidadian drug dealers will pass on whatever US they get , to the colombian drug dealers because thats all the colombians accept. USD

Trinidadians accept drugs and guns/ammo and local currency as payment

most of them drug dealers paying 7 or 8 to 1 for USD...they get it more readily than the regular person

[desifemlove]

Let me see if I have this right.

Trinidad's economy is not a standard textbook economy. Our productive sector and our cash flow are not linked.

Oil and drug money (money laundering) increase liquidity . But there is no domestic production to absorb this so it doesnt help employment. So money goes into imports. Causing inflation and depreciation of currency.

Now local production has stalled becuase of the global economy --low oil prices, low demand for steel. Cuasing unemployment . But drug money is still flowing through Trinidad causing inflation.

not many people are in the energy/steel industries, or work there.

people kinda dim if they think people spending so we ent in recession. T&T economy ent like the US or UK or even China's economy.

[bluesclues]

Why they going to make people pay off their mortgage instantly?

depends on the fine print in the mortgage contract. but once allowing, in desperate times.. it is a means of reclaiming assets for the bank to survive. and dont doubt that they wont heartlessly employ it.

i mean its true. im saying this without any real research into the state of banking policies and finance legislature in this country. but im just counting on it being outdated as usual. meaning we didnt plug all the holes after hart and duprey. and if oil continues to drop in price, trinidad will basically now be about to experience what america experienced in 2008. we had a calamity of sorts here, but we pretty much withstood that recession with or reserves and whatnot. but that wasnt it for us. our cycle is a little behind america in the global balancing act. so its only now, a few years later, our local economic recession point will be hitting it's own cycle of rejuvenation. it's no coincidence that oil price is dropping which directly affects our region. that is the effects of the global economy balancing out itself.

either way. we need to start to diversify both our manufacturing and agriculture for export. as well as our investment portfolio for trinidad not to leave it's grandchildren in a debt they have no means of repaying. as pointed out. deficit spending is literally living off the backs of your children. all the money coming in your salary now is actually your children's national budget u spending from. literally. so think about that.

[rspann]

Wouldn't the drug trade be done in USD with excess US coming into Trinidad?

*I am not in support of the legal drug trade just don't think that it would cause a depreciation in our currency.

No.

The usd is used to pay the Colombian drug dealers so the money leaves trinidad and never returns. They held a guy in aranguex about 6 months or a year ago with 400 or 500k usd in his van. Plus a gun.

There was no drugs in the van so it cannot be proven that it had anything to do with drugs. The matter is before the courts ,but no charges were laid for the cash, and he should get back the money any time now.





Published:
Thursday, July 31, 2014
The 51-year-old man who was allegedly held last weekend with over half-a-million US dollars in cash appeared in court yesterday charged with possession of a Tec-9 automatic gun and 75 rounds of ammunition. Derek Beresford-Cooper appeared before Senior Magistrate Indrani Cedeno and was granted $250,000 bail for the weapon and ammunition.

No charges were laid against him for the cash. He will re-appear in court on August 5. The money, amounting to US$500,000, was seized from a car in San Juan by the Northern Division Task Force on Saturday.

Police said Beresford-Cooper was allegedly held with the gun, ammunition and cash around 12.15 am after Nor­thern Division Task Force police, co-ordinated by Senior Supt David Abra­ham and headed by Insp Mark Maharaj and Sgt Harewood, stopped a blue Nissan Navara pickup in Nicholasville, San Juan. After searching the car they found the gun and ammunition in a suitcase in the back seat with the cash beneath.

[Cantmis]

Not all usd goes to columbian drug dealers ! Ttd has no value to south/central Americans. Usd is used for a number reasons ( foodstuffs protection etc).

[BRZ]

Maybe Trinidad will see an exchange of 8:1 or almost 10:1 for USD in 2016, that should be very interesting.

[pugboy]

anything over 7 will see dramatic price increases when it reaches end consumer
after passing through, duty, vat, wholesale markup, retail markup

businesses like pricesmart will have advantage as they don't have middleman for many items.

[roadhog]

Once imbert gets his way and replaces him. We gonna be in for a wild ride. I suspect they would manipulate and hoodwink the population.

[Allergic2BunnyEars]

Once imbert gets his way and replaces him. We gonna be in for a wild ride. I suspect they would manipulate and hoodwink the population.

As opposed to being hoodwinked over the last year? CBTT should have let us know about the negative quarters months ago. Other countries don't keep that sort of stuff secret so why do we?

[Dizzy28]

Once imbert gets his way and replaces him. We gonna be in for a wild ride. I suspect they would manipulate and hoodwink the population.

As opposed to being hoodwinked over the last year? CBTT should have let us know about the negative quarters months ago. Other countries don't keep that sort of stuff secret so why do we?

The CBTT whilst very open with the knowledge they share via the bank's online database suffers from being up to date. Usually the past year's figures are still "projected". Maybe they now finalized the past two quarters figures!!

[Allergic2BunnyEars]

Once imbert gets his way and replaces him. We gonna be in for a wild ride. I suspect they would manipulate and hoodwink the population.

As opposed to being hoodwinked over the last year? CBTT should have let us know about the negative quarters months ago. Other countries don't keep that sort of stuff secret so why do we?

The CBTT whilst very open with the knowledge they share via the bank's online database suffers from being up to date. Usually the past year's figures are still "projected". Maybe they now finalized the past two quarters figures!!

Finalizing the past two quarters doesn't mean they didn't know about the first two though.

[Dizzy28]

According to their website data there was negative growth for only one of the two earlier quarters and no data for the most recent two.
Dec-15 0.1%
Mar-15 -1.2%
Jun-15 n.d.
Sep-15 n.d.

[Habit7]

According to their website data there was negative growth for only one of the two earlier quarters and no data for the most recent two.
Dec-15 0.1%
Mar-15 -1.2%
Jun-15 n.d.
Sep-15 n.d.

GDP.JPG (37.92 KiB) Viewed 2716 times

[Dizzy28]

That's downloaded today Habit??
The figures I put I downloaded it from CBTT on Tuesday evening. I would hate to think they revised it within a day.

[Allergic2BunnyEars]

Regardless of when they update their site they know the figures in house.

[Dizzy28]

Regardless of when they update their site they know the figures in house.

True True.....how long before they let John Public know though?

[Allergic2BunnyEars]

I think they ought to let John Public know earlier especially considering how the CBTT is NOW defending itself and saying it is acting in the public's interest. They weren't acting in the public's interest months ago when people in high positions were saying everything was alright and were spending like if everything was great.

By May 2015 this year they should have been speaking about the previous two quarters. By July-August they should have been saying alot more.

[RASC]

People here making excuses for Jwala... Are we too surprised who they are?

[De Dragon]

People here making excuses for Jwala... Are we too surprised who they are?

Yeah he shoulda hush he skunt If you don't say there is a recession, there is none Even if he did it with an ulterior motive, and regardless of who or what caused it, there is a recession, and Impsbert and company instead of addressing what the strategy or counter measures are going to be, looking to actually spend money to get legal advice to presumably hound him out of office.

[rspann]

That is why they should make these posts in a way that the incumbent should be changed together with the government . The correct thing is for people to be professional and put country first and don't fight the government just because you were appointed by another one.

[desifemlove]

Dunno why UNCs are sticking up for he.

Why does it matter if Nestle or ANSA or Pricesmart does use foreign exchange? ent Jwala or UNCs realise....Nestle and ANSA iz multi-nationals? or they reckon TTD is legal tender in USA? or the world's reserve currency?

surely HE should mek foreign exchange available for all..not try and say Nestle hoarding. why do they need to hoard?

[Redman]

i think Jwala is an arrogant Kant.

Although having read the his address..he eh say anything wrong.

I disagree with naming the organizations.
But having done so....all of them SELL stuff here.
ALL that stuff needs to be bought and imported..with USD.

[RASC]

He and Howai should be charged for treason.
I seriously believe they're enemies of the state.

Both of their messages never matched up.

Both kept a lid on the seriousness of the impending situation.

Both are taking orders from powers who do not hold the countries' interests at heart.

[The_Honourable]

Jwala distracted the population so good to the point that we could be blaming the wrong group for the foreign exchange problem.

He mentioned the companies who uses US dollars... and?

He gave the impression that it was these "greedy" companies that sucking up the US dollars and hence why the small man not getting a chance. But is that the case? These companies were here all the time for years (some longer than others) so they were using US dollars all the time correct? Some of these companies were also complaining of not getting the required amount of US Dollars to complete some of their transactions and are getting into debt.

Jwala never indicated if these companies got an increase of US dollars from last year to justify a disturbance in foreign exchange. He only called out figures for one period but the public can't compare them to previous periods/figures. Suppose the companies named got LESS this year versus 2014 allocations? Suppose 2014 allocations were less than 2013? Suppose these companies got approximately the SAME amount as last year? That would mean the companies he named are not the ones that disturbed the foreign exchange market.

Sometime earlier in the year, the governor said that under the old foreign exchange system, there were 8 authorized dealers. Under the new system, 4 more dealers became authorized bringing it to a total of 12. He never indicated who the new dealers were. Are these "new dealers" the culprits?

[desifemlove]

http://www.guardian.co.tt/news/2015-12- ... 80%94kamla lolol....fools.. http://www.trinidadexpress.com/20150811 ... -recession lolololol...

[bluesclues]

He and Howai should be charged for treason.
I seriously believe they're enemies of the state.

Both of their messages never matched up.

Both kept a lid on the seriousness of the impending situation.

Both are taking orders from powers who do not hold the countries' interests at heart.

aahhh yes. wake up wake up.

he had every right to inform the public of those companies by name. the fact that ANY of these companies would kick up a fuss for being identified as the hole in the bucket where foreign exchange is concerned may be a strong indication that shady work is afoot.

is there some way we can obtain justification for the usd nmbers in demand and passing through these companies? official data from an investigation. not the companies' own pr statements.