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Floating the dollar will be our only hope!

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Floating the dollar will be our only hope!

Postby Ben_spanna » November 27th, 2017, 10:48 am

Discuss, how many think that the only way to solve our lack of Forex is to Float the Dollar.

Yes there will be many pros and cons, but if they were to float it a lot of people that have been hoarding their US dollars will in fact bring it back and finally cash in their investments. Local companies that export will have a better chance as they will be able to compete better in their pricing.
And before you cry that everything will go up, if we continue to depend on imports and not strive to support our local markets then it will never change no matter what you do.

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Re: Floating the dollar will be our only hope!

Postby hydroep » November 27th, 2017, 11:01 am

It's doubtful that an economy as small as ours could withstand the price shocks brought about by drastic changes in a floating exchange rate (and by changes I mean increases because in all likelihood no Government or Business in this country is going to drop prices when the rate goes down - they're too greedy and well the population doh riot...:|).

But regardless of the exchange rate policy, its doubtful anyone would bring back their US$ because apart from the difficulty in accessing it, there are very few instruments to grow such investments here. Granted interest rates across the board are low but those on US$ funds are even lower.

If they want to help the situation start by examining the way Banks and other financial institutions treat with Forex and adjust regulations accordingly.
Last edited by hydroep on November 27th, 2017, 1:14 pm, edited 1 time in total.

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Re: Floating the dollar will be our only hope!

Postby abducted » November 27th, 2017, 11:04 am

Yes devalue to $9TT to $1US but remove the dumb taxes like Online Purchase Tax and some Duties, put Consumer Affairs Division to work and have them ensure price gouging is eradicated and fair pricing implemented across the board, local businesses and Banks are raping consumers, offer better tax breaks on raw material importation to further reduce the cost of basic items, stimulate the economy.

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 11:07 am

Increase exports . Decrease taxes . Increase oil production. Seek new markets .
Eliminate ALL tax barriers . Govt should seek international investors with no tax incentives .
Follow thru with Manning's dream of a Financial Center like London etc.

Open up the economy and stop interfering with the private sector . Gov't joint venture - No.

What does TT have to export ?

What do we have that is in demand abroad ?

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Re: Floating the dollar will be our only hope!

Postby zoom rader » November 27th, 2017, 11:10 am

The PNM prime minister will not take that chance as it make his government look bad.
Plus the 1% will not allow it

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 11:35 am

zoom rader wrote:The PNM prime minister will not take that chance as it make his government look bad.
Plus the 1% will not allow it


PM is fooling his supporters . With failed ideologies .

But not the international business community .

Hence Sandals not coming :D

PM put all his eggo in one Tobago mason hall made straw basket and Butch know it :D

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Re: Floating the dollar will be our only hope!

Postby Skanky » November 27th, 2017, 11:36 am

There is no forex shortage. Do you hear any of the PNM owners complaining about not getting US?
The 'recession', much like the 'forex shortage', is the PNM owners, who just happen to be some of the largest businesses in the country, attempting to take over even more of the economy, by squeezing the smaller businesses(forex shortage) to the point that they either scale down,are forced to close down or forced to sell to the larger conglomerates ie PNM owners.

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Re: Floating the dollar will be our only hope!

Postby The_Honourable » November 27th, 2017, 12:06 pm

So i guess we have a "good politics is bad economics" case.

If floating the dollar is our only hope, it should have started since the 2016 budget. Devalue to $7.00 last year or to $7.50 this year. If the economy remains stagnant and/or oil prices fall again, the medicine will be harsher or a trip to the Emergency Room.

Imbert and rowley gambling for energy prices to recover 2+ years now. I get why they don't want to devalue, but it's more a political thing than an economic one.

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Re: Floating the dollar will be our only hope!

Postby redmanjp » November 27th, 2017, 1:35 pm

devalue=more $$ for everything we importing though

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Re: Floating the dollar will be our only hope!

Postby 6 killa-killa » November 27th, 2017, 2:04 pm

Just received from ScotiaBank --- CC Limits now reduced to 5K USD per month

Dear Sir/ Madam,

NOTICE TO CUSTOMERS- CREDIT CARD AND SCOTIALINE GOLD TERMS AND CONDITIONS

As a result of foreign currency shortages, effective immediately and until further notice, foreign currency limit restrictions shall apply to your total credit card and Scotia Line Gold transactions. The total foreign exchange transactions, per customer, during a two (2) month period may not exceed the lesser of your total Credit Card and Scotia Line limits or USD 10,000.00, whichever is applicable to you, whether or not you clear the balance.

These limits do not apply to your TT dollar transactions within your existing credit card or Scotia Line Gold limit.
We remind customers that personal and business funds should not be co-mingled and this applies to credit card usage.
Scotiabank reserves the right as stated in our Terms and Conditions to revise applicable limits from time to time or to cancel credit cards at any time with notice to you.

Kindly note this information is also located on our Scotiabank T & T website: www.scotiabanktt.com or http://www.scotiabank.com/tt/en/0,,417,00.html

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Re: Floating the dollar will be our only hope!

Postby Dizzy28 » November 27th, 2017, 2:28 pm

6 killa-killa wrote:Just received from ScotiaBank --- CC Limits now reduced to 5K USD per month

Dear Sir/ Madam,

NOTICE TO CUSTOMERS- CREDIT CARD AND SCOTIALINE GOLD TERMS AND CONDITIONS

As a result of foreign currency shortages, effective immediately and until further notice, foreign currency limit restrictions shall apply to your total credit card and Scotia Line Gold transactions. The total foreign exchange transactions, per customer, during a two (2) month period may not exceed the lesser of your total Credit Card and Scotia Line limits or USD 10,000.00, whichever is applicable to you, whether or not you clear the balance.

These limits do not apply to your TT dollar transactions within your existing credit card or Scotia Line Gold limit.
We remind customers that personal and business funds should not be co-mingled and this applies to credit card usage.
Scotiabank reserves the right as stated in our Terms and Conditions to revise applicable limits from time to time or to cancel credit cards at any time with notice to you.

Kindly note this information is also located on our Scotiabank T & T website: http://www.scotiabanktt.com or http://www.scotiabank.com/tt/en/0,,417,00.html


This seems tailored to go after those micro and small businesses that using CCs to survive.

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Re: Floating the dollar will be our only hope!

Postby Allergic2BunnyEars » November 27th, 2017, 3:05 pm

RedVEVO wrote:Increase exports . Decrease taxes . Increase oil production. Seek new markets .
Eliminate ALL tax barriers . Govt should seek international investors with no tax incentives .
Follow thru with Manning's dream of a Financial Center like London etc.

Open up the economy and stop interfering with the private sector . Gov't joint venture - No.

What does TT have to export ?

What do we have that is in demand abroad ?


Increase what exports?

Increase oil production how?

Seek new markets like?

International investors/investment like Sandals that had multi year tax break?

What interfering in the private sector does the government currently do?

What does open up the economy mean?

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Re: Floating the dollar will be our only hope!

Postby VexXx Dogg » November 27th, 2017, 3:27 pm

Wait nah, RedVEVO is a PEPper or wah? That sounds like PEA almost verbatim

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 3:39 pm

Allergic2BunnyEars wrote:
RedVEVO wrote:Increase exports . Decrease taxes . Increase oil production. Seek new markets .
Eliminate ALL tax barriers . Govt should seek international investors with no tax incentives .
Follow thru with Manning's dream of a Financial Center like London etc.

Open up the economy and stop interfering with the private sector . Gov't joint venture - No.

What does TT have to export ?

What do we have that is in demand abroad ?


Increase what exports?

Increase oil production how?

Seek new markets like?

International investors/investment like Sandals that had multi year tax break?

What interfering in the private sector does the government currently do?

What does open up the economy mean?


You need to read a book :D

And stop stoning people cars on Beetham .. :?

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 3:42 pm

VexXx Dogg wrote:Wait nah, RedVEVO is a PEPper or wah? That sounds like PEA almost verbatim


Graduate from PNM education.

Sometimes you people cannot write a complete sentence :D ?

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Re: Floating the dollar will be our only hope!

Postby paid_influencer » November 27th, 2017, 3:42 pm

If other banks follow Scotia with a hard $5,000 USD/month limit, we're all screwed

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Re: Floating the dollar will be our only hope!

Postby VexXx Dogg » November 27th, 2017, 3:45 pm

RedVEVO wrote:
VexXx Dogg wrote:Wait nah, RedVEVO is a PEPper or wah? That sounds like PEA almost verbatim


Graduate from PNM education.

Sometimes you people cannot write a complete sentence :D ?



Never graduated, but thanks for calling me out on my lack of formal education. Makes you feel really good, huh?

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 3:48 pm

VexXx Dogg wrote:
RedVEVO wrote:
VexXx Dogg wrote:Wait nah, RedVEVO is a PEPper or wah? That sounds like PEA almost verbatim


Graduate from PNM education.

Sometimes you people cannot write a complete sentence :D ?



Never graduated, but thanks for calling me out on my lack of formal education. Makes you feel really good, huh?


It does not float my dollar :D

You have a sister ?

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Re: Floating the dollar will be our only hope!

Postby VexXx Dogg » November 27th, 2017, 3:49 pm

Rajeshwar is not really my sister, but he does wear dress and makeup sometimes.
Want his digits or wah?

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Re: Floating the dollar will be our only hope!

Postby originalbling » November 27th, 2017, 3:59 pm

paid_influencer wrote:If other banks follow Scotia with a hard $5,000 USD/month limit, we're all screwed


its not 5k per month. Its $10,000 every 60 days/2 months.

So you can spend the 10k but u will have to wait till the time up then to have that amount available again.
The date varies for each cardholder so check with them to make sure, its not calendar days.

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 4:01 pm

VexXx Dogg wrote:Rajeshwar is not really my sister, but he does wear dress and makeup sometimes.
Want his digits or wah?


So what you think of the fiscal policies of the current administration and their paradoxical view of the a pending
diabolic relationship with international investors with special emphasis on the tax structure ?

Want to whisper that to ya Sister :D

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Re: Floating the dollar will be our only hope!

Postby VexXx Dogg » November 27th, 2017, 4:03 pm

I doh understand them big fancy words (recall: lack of formal education)
Rajeshwar worse, he drop out after standard two to plant rice - so when I show him your words he was initially excited at the thought of finding love on this internet thing.

Can you break it down to basic english so simpletons like myself can understand? Thank you in advance good sir/madam/both.

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Re: Floating the dollar will be our only hope!

Postby matr1x » November 27th, 2017, 7:21 pm

Floating dollar is an idea . similar to something else that floats

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Re: Floating the dollar will be our only hope!

Postby Allergic2BunnyEars » November 27th, 2017, 7:40 pm

RedVEVO wrote:
Allergic2BunnyEars wrote:
RedVEVO wrote:Increase exports . Decrease taxes . Increase oil production. Seek new markets .
Eliminate ALL tax barriers . Govt should seek international investors with no tax incentives .
Follow thru with Manning's dream of a Financial Center like London etc.

Open up the economy and stop interfering with the private sector . Gov't joint venture - No.

What does TT have to export ?

What do we have that is in demand abroad ?


Increase what exports?

Increase oil production how?

Seek new markets like?

International investors/investment like Sandals that had multi year tax break?

What interfering in the private sector does the government currently do?

What does open up the economy mean?


You need to read a book :D

And stop stoning people cars on Beetham .. :?


Right so once it’s time for details you run and hide basically. Nice.

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Re: Floating the dollar will be our only hope!

Postby megadoc1 » November 27th, 2017, 7:46 pm

I think I heard the finance minister said that they are gonna let the market determine the cost of us dollars
why isn't this a good approach?

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Re: Floating the dollar will be our only hope!

Postby sMASH » November 27th, 2017, 8:13 pm

Allergic2BunnyEars wrote:
RedVEVO wrote:Increase exports . Decrease taxes . Increase oil production. Seek new markets .
Eliminate ALL tax barriers . Govt should seek international investors with no tax incentives .
Follow thru with Manning's dream of a Financial Center like London etc.

Open up the economy and stop interfering with the private sector . Gov't joint venture - No.

What does TT have to export ?

What do we have that is in demand abroad ?


Increase what exports?

Increase oil production how?

Seek new markets like?

International investors/investment like Sandals that had multi year tax break?

What interfering in the private sector does the government currently do?

What does open up the economy mean?

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sMASH
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Re: Floating the dollar will be our only hope!

Postby sMASH » November 27th, 2017, 8:25 pm

megadoc1 wrote:I think I heard the finance minister said that they are gonna let the market determine the cost of us dollars
why isn't this a good approach?

while i support this, it should be slowly done, like how they do the fuel subsidy removal.
the problem that will happen after, is that due to demand driven inflation, the price of USd WILL increase. when that happens, every thing that will be purchased with USd will also increase. that would mean for the importers, they would have to fork out more TTd to get the same amount of products that they are accustomed buying, and for the typical local customer, they would have to fork out a lot more to pay for the same things they bought before.
not too bad, except that oil, channa and flour are imported. most of our stuff are imported. cost of living will instantly rise.

but we need to face reality. we need to live in the real world.
the main good POTENTIAL we have to look forward to, is that locally produced goods may now be able to compete on a level playing field.
all the time, it was not cost effective to produce a lot of foods, cause importing it was easier.
Food Basket imports a lot of the vegetables they sell, and others sell. they are the suppliers for a vast number of re sellers. JTA, and even Massy i think get their stuff through Food Basket.



it will force us to monitor our spending, but open up the pathway for local innovators to produce locally.

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 9:29 pm

megadoc1 wrote:I think I heard the finance minister said that they are gonna let the market determine the cost of us dollars
why isn't this a good approach?


What wrong with you people ?

Do you understand the ramifications ?

Let me give you a hint.

Which country just loves TT dollars with a side of fries ?

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Re: Floating the dollar will be our only hope!

Postby RedVEVO » November 27th, 2017, 9:42 pm

Allergic2BunnyEars wrote:
RedVEVO wrote:
Allergic2BunnyEars wrote:
RedVEVO wrote:Increase exports . Decrease taxes . Increase oil production. Seek new markets .
Eliminate ALL tax barriers . Govt should seek international investors with no tax incentives .
Follow thru with Manning's dream of a Financial Center like London etc.

Open up the economy and stop interfering with the private sector . Gov't joint venture - No.

What does TT have to export ?

What do we have that is in demand abroad ?


Increase what exports?

Increase oil production how?

Seek new markets like?

International investors/investment like Sandals that had multi year tax break?

What interfering in the private sector does the government currently do?

What does open up the economy mean?


You need to read a book :D

And stop stoning people cars on Beetham .. :?


Right so once it’s time for details you run and hide basically. Nice.


Ok I will keep it simple.

Never in this country we have had so much Taxes . So much bleakness in business & TT society

Even under PNM ANR with his draconian measures .

We have chased away investors and everyday PNM is destroying the financial sector.

The Gov't is sitting and doing absolutely nothing .

Are we better off today than we were 2 years ago ?

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Re: Floating the dollar will be our only hope!

Postby Allergic2BunnyEars » November 27th, 2017, 9:45 pm

RedVEVO wrote:
Allergic2BunnyEars wrote:
RedVEVO wrote:
Allergic2BunnyEars wrote:
RedVEVO wrote:Increase exports . Decrease taxes . Increase oil production. Seek new markets .
Eliminate ALL tax barriers . Govt should seek international investors with no tax incentives .
Follow thru with Manning's dream of a Financial Center like London etc.

Open up the economy and stop interfering with the private sector . Gov't joint venture - No.

What does TT have to export ?

What do we have that is in demand abroad ?


Increase what exports?

Increase oil production how?

Seek new markets like?

International investors/investment like Sandals that had multi year tax break?

What interfering in the private sector does the government currently do?

What does open up the economy mean?


You need to read a book :D

And stop stoning people cars on Beetham .. :?


Right so once it’s time for details you run and hide basically. Nice.


Ok I will keep it simple.

Never in this country we have had so much Taxes . So much bleakness in business & TT society

Even under PNM ANR with his draconian measures .

We have chased away investors and everyday PNM is destroying the financial sector.

The Gov't is sitting and doing absolutely nothing .

Are we better off today than we were 2 years ago ?


No need to keep it simple but not answer the easy questions I asked.

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