I now understand why the PM said Marla is talking jackassness and I concur! How would devaluing the currency result in more US? How would that build reserves? How would that do anything except increase the cost of living? How is low inflation a bad thing and why is she equating that with economic stagnation? So runaway inflation like Zimbabwe some years ago meant a booming economy??? Jackassness oui!
Low inflation is a bad thing to persons who have assets, because the "dollar value" stays low. Rich and wealthy individuals love inflation because they get richer every year and the poor get poorer every year. Deflation or stagflation is good for the poor and middle class because the cost of living stays low and the price tag to buy assets are low
Trump said he will "drill, baby drill"......Rowley rename Petrotrin and became a retailer of fuel, instead of managing and expanding the oil sector. Anyone with a brain and an adult age can understand that the current government is the worst. Grooming citizens to accept less. Their supporters like to kick the "world" football anytime they want to make comparisons to manipulate a point or narrative. So let me take a kick at the ball, in America, you would never hear their leaders saying ban yuh belly, tighten yuh belt, hold strain.......they tell their people to live the american dream, seek enterprise, work hard, the land of the free while creating and doing things with a vision. We hire a government to manage and seek our interest, not close down and lock up and control.
Trinidad is fucked. They failed to use their oil wealth to diversify their economy. Now they will face the consequences. They squandered and wasted most of their resources. A cautionary tale. Similar to Vanuatu Island. While Guyana will become like Singapore.
Trinidad's economy has diversified. It's not the same economy as the oil boom years. Secondly we have no idea where Guyana is headed. Hopefully in the right direction.
The plain and simple answer is that Petrotrin the main earner of forex for the country was shut down and no other entity has been able to fill the void. All these " solutions" is like applying duct tape to a failing wall and hope it fixes it. Bottom line is that if we do not find a way to generate large amount of foreign currency then we are doomed. Step 1 in doing so is to get the PNM out of government.
All I know is that on the Morning Jo show in America the man did not know that butter moved from 4.00 to US7.00 . Well in Trinidad its US 9.00 . Can you imagine if the Trinidad government floated the exchange butter would go through the roof ! People would be upset !
We have a crises all over the world with high inflation. You forget the USA reserve currency is used as a printing press. Lots of dollars floating around no backing for it so when it crashes it would not affect our country as others. Let's start start creating and revving the local economy for future international setback.
The credit card use is the main issue and she is just speaking for one side. Many countries has pegged or fixed their currencies but doesn’t have the same issue. I do not understand what the hell she’s talking about.
Remittances and tourism across the Caribbean are the two largest sources of foreign money….. Exports are not in the same league . We need to grow our own food and cut down on foreign imports for starters .
Please talk about the "Arrangements" between Car Dealerships and Commercial Banks. Although the law provides for a citizen to import a vehicle every 4 years, the banks will not "sell" him the US to purchase it, but somehow Car Dealers are getting US bringing in vehicles by the containers, by the warehouses, by the parking lots. Why? The Car Dealerships will hike up the price and the only way citizens can now afford vehicles is through loans from the same banks who would not sell US to them, but somehow it's available to the Car Dealerships.
she is totally correct. Trinidad and Tobago is on a Managed Float. The official exchange rate is not a reflection of the true needs of the countries market. The Central bank is subservient to the Ministry of Finance which the Minister in Charge is a political Appointment. USD distribution is not determined by true needs but by Financiers who has similar political patronage.This and the main Local Oligarch's need to crush the up and coming Businesses who they see as Competitors by weaponizing the access of these business to get FOREX .The Main Oligarchs are major shareholders of the main Banks that operate in Trinidad and Tobago.
While the TT government does inject 2.4 billion US into the system yearly, be mindful of the fact that commercial banks inject 4 billion US dollars. US distribution therefore would be guided by other considerations like supply and demand. Not everything is a conspiracy!
Forex scarcity was manufactured by the pnm government. The closing of petrotrin, caroni and major importing of food by their financiers is what consumes this forex. Purchasing unnecessary vehicles for ttps and other ministries.
What we need is new sources of income. Maybe a Smelter plant or maybe a big international hotel chain to come here like Sandals. Wait what happened with those two?...... I remember!!!!!!! UNC destroyed both with petty politics....... They could sell their mansions and get us some US
This is extremely poor economic analysis. Her explanations are not representative of reality. If having guests on to explain a situation, please ensure that they are better informed.
EVERY citizen by right should be given a yearly allowance for their personal reasons such as for miscellaneous purchases, travel, medical etc that they can access when their need arises, when you cross a limit, you then join the line like they have in place now. It is unfair for persons who use very little US in a year period. Most people just want a little US to buy something online for a birthday gift or christmas and maybe to travel. The people who need US regular for business is in another level. But of course to do this you need a government who cares about everybody and have vision and performance accountability, something the current government does not have.
Build a train line B4 the oil money runs out please. NYC Transit funds New York State. Also, the pitch lake is gone, and somebody lives in. Huge mansion for it. Sugar dead, Petrotrin....smh. You know whose wife has millions in England. Yet the little man has to show ID for everything. T&T, you better get tech savvy.
The Foreign Exchange Control Act as well as the fact that the banks are a law onto themselves is the real problem If the entire Caribbean is trading in US why the conversation of dollarisation is not being started?
The FECA is the biggest problem we have. Dollarization is by far the best option but it will be hindered by the lack of investment in tourism and the difficulty foreign investors face in doing business locally. Simple changes could be so effective but we lack the leadership to make it happen.
Some of the comments here show why Trinidad and Tobago is finished. I can tell those apart who are economically inept aside from those who actually understand economics and how currency pegs work. For those who believe she is wrong, continue to listen to your PM and maybe consider educating yourselves in the interim because I CAN ASSURE YOU, when our leaders finally break this economy (and they will), the illiterates will suffer most... and that same PM will migrate..
I live in trinidad 10 years now and this prob exist since I can remember 2016 money gram close down for months western union basically u had make an appointment so it's not new wen it talk about is wen some big companies can't get enough forex then it come a talking point after it go quiet .reason why the problem exist the country not earning enough forex to supply the demand devaluation will not help hence the reason we suffering in jamaica so much over the years
We don't need more manufacturing companies to export good's to bring in USD what the government has to make sure is that export money come back home and they're not going to stay in the USA and others countries like the Bahamas because this is what is taking place in this country because she must speak the truth about this nonsense with the private sectors exporting companies
Typical academic apolitical theorizing in their ivory towers and comfort zones of speculative conjecture devoid of reality… These individuals don’t live in a real world.
The manufacturing sectors are very large in Trinidad and Tobago and can bring in the forex to run this country economy but they don't want to say that and the government does not do anything about when it comes to the manufacturing sectors companies ho bring in forex that will be enough to get things done for this country because I cannot believe that it has a forex problem facing Trinidad and Tobago and that business ho depends on forex cannot get it it's time the PM speak truth when it comes to the private sectors forex earnings and put the USD in the banking system and let others business get the forex they need so for me they are just simply playing games with this country money because forget about the oil and gas sectors Jamaica alone import about 1-+ billion dollars and this is only one country in the Caribbean you are not talking about us and the wider other countries that they exporting goods to so I don't think that everyone is that naive to think that the government of the day doesn't know that forex is not the main problem facing this country but them because they are taking care of their partners first and then others and for educated people like marla to just take on the government side and talk about the gas and oil sectors is not bringing in forex for this country it's time to speak the truth because what about the high gas prices that we injoy for years and they will never mentioned anything about that all you will ever heard from the government is oil is this but nothing else not even the private sectors you have companies ho is some of the largest exporters in this country and they're just going to say that we make so much TT dollars but they don't say that they make hundreds of thousands USD in exporting goods so iwould like you to know that donkey days are over they're just fooling the people that we have a forex market problem and if they are saying that we are a open market economy why's that the PM if he really wants to grow this country economy and put this black market rate to and end all he has to do is open the ustd forex trading market but no i don't care about nobody else but themselves and partners any leader ho really want to see good for his people and country go the right direction he will be very happy to see that this country forex problem solve but not this wicked leader God just get this evil people out of this country politics
I believe she did and what she’s not saying is the government is basically playing a balancing game,on one end we have a country that is running through USD like water,living above its means creating a shortage within the system,on the other hand what she’s not saying is that if the government allows the TTD to float or any type of devaluation the cost of living will automatically skyrocket over night,so it’s better to limit the access of foreign exchange to individuals prioritizing the use of it,limiting the import of foreign goods while keeping the cost of living down at home …. Some small and medium businesses might suffer because of the lack of forex to import goods and raw materials,she is leaving out the fact that the government had no other choice but to draw down on the H&S fund because of COVID 🤷♂️ remember that?? My only thing is how and why are the New car dealerships being allowed to use up most of the forex importing cars like we still earning forex like we were in 2007?
Dukharan contradicts herself: in one breath she says the reserves is comprised of borrowed money and in the other she says it's the difference between the budgeted and actual.
This is not an expert and does not make much sense. Trinidad always imported sugar even when they produced sugar, because of how the country independence was setup with the sugar companies in England, I know this for a fact because as a youth doing custom brokage work for Caroni 1975 LTD, I personally exported the dark sugar and imported and cleared the imported refined sugar and distributed to all the local manufacturers. One of the main purposes of foreign exchange management is to avoid devaluation during global instability. I could go on, but she is just a waste of talk.
I have no clue what this economist is trying to explain. I wish you had a panel of other economists to assist with explaining this issue in layman terms. She didn't seem to answer questions directly and clearly
What about the societal demands that citizens are making for foreign goods and services ?? Foreign goods has to be paid for in foreign currency. How does she not understand that ? Why would the government allegedly create a crisis that would make it look bad ?
Hmm a country that has been way more prosperous than its neighbors for all of your existence as an independent nation,bought and sell some of your most important companies,have had a higher standard of living,a higher literacy rate 99%,has the largest conglomerates in the English speaking Caribbean,the largest bank in the English speaking Caribbean the largest airline in the Caribbean and these ppl managed all this because they dumb 🤣🤣🤣 stfu🤫
I now understand why the PM said Marla is talking jackassness and I concur!
How would devaluing the currency result in more US? How would that build reserves? How would that do anything except increase the cost of living? How is low inflation a bad thing and why is she equating that with economic stagnation? So runaway inflation like Zimbabwe some years ago meant a booming economy???
Jackassness oui!
😂😂😂😂😂
Me tooo....lol
😂@@junioralfred-vw3sv
Low inflation is a bad thing to persons who have assets, because the "dollar value" stays low. Rich and wealthy individuals love inflation because they get richer every year and the poor get poorer every year. Deflation or stagflation is good for the poor and middle class because the cost of living stays low and the price tag to buy assets are low
Trump said he will "drill, baby drill"......Rowley rename Petrotrin and became a retailer of fuel, instead of managing and expanding the oil sector. Anyone with a brain and an adult age can understand that the current government is the worst. Grooming citizens to accept less. Their supporters like to kick the "world" football anytime they want to make comparisons to manipulate a point or narrative. So let me take a kick at the ball, in America, you would never hear their leaders saying ban yuh belly, tighten yuh belt, hold strain.......they tell their people to live the american dream, seek enterprise, work hard, the land of the free while creating and doing things with a vision. We hire a government to manage and seek our interest, not close down and lock up and control.
Trinidad is fucked. They failed to use their oil wealth to diversify their economy. Now they will face the consequences. They squandered and wasted most of their resources. A cautionary tale. Similar to Vanuatu Island. While Guyana will become like Singapore.
You're wrong
Trinidad's economy has diversified. It's not the same economy as the oil boom years.
Secondly we have no idea where Guyana is headed. Hopefully in the right direction.
It wasn't wasted, it was stolen!
Im from trinidad, please help me understand where's the diversification you speak off.@theoccasionalvideo
@@theoccasionalvideo into what?
Politician's greed for black market exchange and over night success will now cause an entire country to suffer self imposed inflation.
The plain and simple answer is that Petrotrin the main earner of forex for the country was shut down and no other entity has been able to fill the void. All these " solutions" is like applying duct tape to a failing wall and hope it fixes it. Bottom line is that if we do not find a way to generate large amount of foreign currency then we are doomed. Step 1 in doing so is to get the PNM out of government.
This was very informative for me. I live in Trinidad and am one of those affected by this issue.
Sorry bro, get more information because this ain't it.
Well said Mrs Marla
All I know is that on the Morning Jo show in America the man did not know that butter moved from 4.00 to US7.00 . Well in Trinidad its US 9.00 . Can you imagine if the Trinidad government floated the exchange butter would go through the roof ! People would be upset !
This video is one of the best explanations and solutions of this problem I have seen.
Surely your kidding!
BRICS may be a future option. But the US will Venezuelarize or asses if we only pivot at the wrong time
We have a crises all over the world with high inflation. You forget the USA reserve currency is used as a printing press. Lots of dollars floating around no backing for it so when it crashes it would not affect our country as others. Let's start start creating and revving the local economy for future international setback.
Didn't think about it like that nah. Maybe you are right cuz the US dollar crash is coming very soon.
The credit card use is the main issue and she is just speaking for one side. Many countries has pegged or fixed their currencies but doesn’t have the same issue. I do not understand what the hell she’s talking about.
Please get a better ambassador for Trinidad
Remittances and tourism across the Caribbean are the two largest sources of foreign money….. Exports are not in the same league . We need to grow our own food and cut down on foreign imports for starters .
How much food can we grow? We're islands!
Please talk about the "Arrangements" between Car Dealerships and Commercial Banks. Although the law provides for a citizen to import a vehicle every 4 years, the banks will not "sell" him the US to purchase it, but somehow Car Dealers are getting US bringing in vehicles by the containers, by the warehouses, by the parking lots. Why? The Car Dealerships will hike up the price and the only way citizens can now afford vehicles is through loans from the same banks who would not sell US to them, but somehow it's available to the Car Dealerships.
Who closed down petrotrin
People seems to be so onto misinformation!! petrotrin was loosing billions every year !!!!! Billions..
she is totally correct. Trinidad and Tobago is on a Managed Float. The official exchange rate is not a reflection of the true needs of the countries market. The Central bank is subservient to the Ministry of Finance which the Minister in Charge is a political Appointment. USD distribution is not determined by true needs but by Financiers who has similar political patronage.This and the main Local Oligarch's need to crush the up and coming Businesses who they see as Competitors by weaponizing the access of these business to get FOREX .The Main Oligarchs are major shareholders of the main Banks that operate in Trinidad and Tobago.
While the TT government does inject 2.4 billion US into the system yearly, be mindful of the fact that commercial banks inject 4 billion US dollars. US distribution therefore would be guided by other considerations like supply and demand. Not everything is a conspiracy!
All the usd going towards ansa and the pnm ppl... no forex for citizens but ansa buying usa company for 300+ million usd
Truth
Long n short of d matter is these governent ministers bad spendin it and bankin it in foriegn bank accounts...
Forex scarcity was manufactured by the pnm government. The closing of petrotrin, caroni and major importing of food by their financiers is what consumes this forex. Purchasing unnecessary vehicles for ttps and other ministries.
great is d pnm 😅
What we need is new sources of income. Maybe a Smelter plant or maybe a big international hotel chain to come here like Sandals. Wait what happened with those two?...... I remember!!!!!!! UNC destroyed both with petty politics....... They could sell their mansions and get us some US
Who shut down Petrotrin? Caroni 1975 ? Train 1 ?
@varleesingh5598 Petrotrin was loosing billions every year allur must stop talk shit and lies 😒
@@eliling9841 petrotrin returned an after tax profit of 155m the same quarter it was shut down. A simple Google search would show that ...
We are one of the few countries not with the IMF
The price would have to spike to 12$ to 1$ to balance things out
This is extremely poor economic analysis. Her explanations are not representative of reality. If having guests on to explain a situation, please ensure that they are better informed.
It seems like she's well informed as an economist
EVERY citizen by right should be given a yearly allowance for their personal reasons such as for miscellaneous purchases, travel, medical etc that they can access when their need arises, when you cross a limit, you then join the line like they have in place now. It is unfair for persons who use very little US in a year period. Most people just want a little US to buy something online for a birthday gift or christmas and maybe to travel. The people who need US regular for business is in another level. But of course to do this you need a government who cares about everybody and have vision and performance accountability, something the current government does not have.
Saying that if we were allowed to buy more, we wouldn’t spend as much is the literal heights of stupidity btw, removed her credit action immediately
Well said
Build a train line B4 the oil money runs out please. NYC Transit funds New York State. Also, the pitch lake is gone, and somebody lives in. Huge mansion for it. Sugar dead, Petrotrin....smh. You know whose wife has millions in England. Yet the little man has to show ID for everything. T&T, you better get tech savvy.
Greed and corruption...simple
The Foreign Exchange Control Act as well as the fact that the banks are a law onto themselves is the real problem If the entire Caribbean is trading in US why the conversation of dollarisation is not being started?
The FECA is the biggest problem we have. Dollarization is by far the best option but it will be hindered by the lack of investment in tourism and the difficulty foreign investors face in doing business locally. Simple changes could be so effective but we lack the leadership to make it happen.
PREACH......LOL
@@kbaldeoTruth as it is.
Some of the comments here show why Trinidad and Tobago is finished. I can tell those apart who are economically inept aside from those who actually understand economics and how currency pegs work. For those who believe she is wrong, continue to listen to your PM and maybe consider educating yourselves in the interim because I CAN ASSURE YOU, when our leaders finally break this economy (and they will), the illiterates will suffer most... and that same PM will migrate..
I live in trinidad 10 years now and this prob exist since I can remember 2016 money gram close down for months western union basically u had make an appointment so it's not new wen it talk about is wen some big companies can't get enough forex then it come a talking point after it go quiet .reason why the problem exist the country not earning enough forex to supply the demand devaluation will not help hence the reason we suffering in jamaica so much over the years
You are still getting $200 US when you go to the bank with your ticket. What is everyone problem???
Government said there is no crisis! Why is everyone saying this?????
Really? But can you trust the government?
You seem to be living in your own little fantasy bubble. Sycophants believes everything their government tells them
Believing the government is like believing a prostitute when she says she loves you
We don't need more manufacturing companies to export good's to bring in USD what the government has to make sure is that export money come back home and they're not going to stay in the USA and others countries like the Bahamas because this is what is taking place in this country because she must speak the truth about this nonsense with the private sectors exporting companies
All currencies will ultimately go to zero, and the last currency to fail will be the USD.
Trinidad should have listened to Peter George Jr and divested into bitcoin. They could have mined it with cheap energy and stranded gas
while it is a great idea,the issue is that we do not have any extra Gas for that
We don't the government messing up
The 38 KFC and the 20+ Subway soaking up the US$ supply with the need for Franchise fees
Great discussion. Good questions and straightforward answers. Excellent content
i blame it on trini time. if people don't show up to make the money on time, then why do they expect the money to do so. 😂
Get rid of pnm
Typical academic apolitical theorizing in their ivory towers and comfort zones of speculative conjecture devoid of reality… These individuals don’t live in a real world.
Agreed with Mala . The economy is crap
Trinidad, our government has no new income sources
Manufacturing sector, petro sector, new gas deals......
The bank selling on the black market, so certain individual makes money. FRAUD?
What we Trinidads bote The Syrians Via Pnm .
The manufacturing sectors are very large in Trinidad and Tobago and can bring in the forex to run this country economy but they don't want to say that and the government does not do anything about when it comes to the manufacturing sectors companies ho bring in forex that will be enough to get things done for this country because I cannot believe that it has a forex problem facing Trinidad and Tobago and that business ho depends on forex cannot get it it's time the PM speak truth when it comes to the private sectors forex earnings and put the USD in the banking system and let others business get the forex they need so for me they are just simply playing games with this country money because forget about the oil and gas sectors Jamaica alone import about 1-+ billion dollars and this is only one country in the Caribbean you are not talking about us and the wider other countries that they exporting goods to so I don't think that everyone is that naive to think that the government of the day doesn't know that forex is not the main problem facing this country but them because they are taking care of their partners first and then others and for educated people like marla to just take on the government side and talk about the gas and oil sectors is not bringing in forex for this country it's time to speak the truth because what about the high gas prices that we injoy for years and they will never mentioned anything about that all you will ever heard from the government is oil is this but nothing else not even the private sectors you have companies ho is some of the largest exporters in this country and they're just going to say that we make so much TT dollars but they don't say that they make hundreds of thousands USD in exporting goods so iwould like you to know that donkey days are over they're just fooling the people that we have a forex market problem and if they are saying that we are a open market economy why's that the PM if he really wants to grow this country economy and put this black market rate to and end all he has to do is open the ustd forex trading market but no i don't care about nobody else but themselves and partners any leader ho really want to see good for his people and country go the right direction he will be very happy to see that this country forex problem solve but not this wicked leader God just get this evil people out of this country politics
It is mÿ belièf is the selling of the ŕefinery cost that problem
Trinbago is bleeding ++++++
She is talking facts
People who want the TT dollar to be devalued would like you to believe that........see through the scam
A hater who has let her personal biases totally destroy her recommendations and her credibility. So unfortunate.
She misrepresented Trinidad
How so?
Yes, enlighten we deh..!!!
HOW?
I hope this was not intentional
I believe she did and what she’s not saying is the government is basically playing a balancing game,on one end we have a country that is running through USD like water,living above its means creating a shortage within the system,on the other hand what she’s not saying is that if the government allows the TTD to float or any type of devaluation the cost of living will automatically skyrocket over night,so it’s better to limit the access of foreign exchange to individuals prioritizing the use of it,limiting the import of foreign goods while keeping the cost of living down at home ….
Some small and medium businesses might suffer because of the lack of forex to import goods and raw materials,she is leaving out the fact that the government had no other choice but to draw down on the H&S fund because of COVID 🤷♂️ remember that??
My only thing is how and why are the New car dealerships being allowed to use up most of the forex importing cars like we still earning forex like we were in 2007?
What about credit card wild abuse
Dukharan contradicts herself: in one breath she says the reserves is comprised of borrowed money and in the other she says it's the difference between the budgeted and actual.
This is not an expert and does not make much sense. Trinidad always imported sugar even when they produced sugar, because of how the country independence was setup with the sugar companies in England, I know this for a fact because as a youth doing custom brokage work for Caroni 1975 LTD, I personally exported the dark sugar and imported and cleared the imported refined sugar and distributed to all the local manufacturers. One of the main purposes of foreign exchange management is to avoid devaluation during global instability. I could go on, but she is just a waste of talk.
I have no clue what this economist is trying to explain. I wish you had a panel of other economists to assist with explaining this issue in layman terms. She didn't seem to answer questions directly and clearly
Because she's misrepresenting the facts.
So what is the real facts @rdhill
@@afrikanrunner mi wah know to
A panel is a good idea but the more you ask people the more diverse will be the answers . Might still leave you dumbfounded .
Jamaica can learn from Trinidad
Join the brics
Kieth lieeeeeeeeeee
This economist might actually be evil. You study this subject, and yet you say these things?
Get rid of Keith rowley and his band of Duncey heads out of government that is. The start to. The solution
So typical
To put another set of dunce and thieves in government to finish the job?
And the problem was started in 2014.
What about the societal demands that citizens are making for foreign goods and services ??
Foreign goods has to be paid for in foreign currency. How does she not understand that ? Why would the government allegedly create a crisis that would make it look bad ?
The host is miles ahead of the guest in terms of class and brilliance. TT ppl so dumb 😂
Hmm a country that has been way more prosperous than its neighbors for all of your existence as an independent nation,bought and sell some of your most important companies,have had a higher standard of living,a higher literacy rate 99%,has the largest conglomerates in the English speaking Caribbean,the largest bank in the English speaking Caribbean the largest airline in the Caribbean and these ppl managed all this because they dumb 🤣🤣🤣 stfu🤫
Largest English caribbean economy and you think Trini ppl dumb 😅😅 moreover i think your the stupid one !!!
?? Foreign taste you said ask yourself what does Trinidad and Tobago produce.... nothing but nothing
Natural Gas, Downstream petrochemicals and Manufactured goods are surely not nothing, but I get your point
Wĥy not move away from USA and move to BRìC
I disagree with this speaker. She says that there’s a crisis, then blames the govt.