Tony Vieira's Comments
18 October 2017

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Junk Economics
(Aired 27 April 2015)

     In 2009 a UK company on making public comments on Mr. Jagdeo's carbon credit agreement with Norway, accused this nation's managers i.e. the government, of using "junk economics and lies" to represent this country's annual rate of deforestation; ladies and gentlemen when this International firm, which guides the European Union, says that our LCDS is based on junk economics and lies, they are insulting all of us not just Bharat Jagdeo.  This man hires people from the World Bank and the IDB at some very fancy salaries in the office of the president for the sole purpose of cooking our performance books so that they look OK to the International Financial Institutions. But if they were to look carefully they would see that it is all nonsense.  One very prominent Stabroek business columnist in a Sunday issue of the Stabroek news told us, they used junk economics and lies to describe the annual growth in this country during his 2011 budget analysis.

   The PPP have quite a bit of advertising telling their supporters who are wavering, that under their rule and good governance, they have turned the economy of Guyana around by putting in place certain accountability measures and economic practices which allows good governance today, and that prior to 1992 when they came to power, none of these measures existed. At this point I have to stop and come at this from another angle,  On November 14th 2005 President Jagdeo stood in the town of New Amsterdam at the opening of a new hotel, and his illiterate staff which at the time included Robert Persaud did not advise him that the new Hotel and suites which he was opening, was reported ad violating the building codes of New Amsterdam and was intruding illegally into Church Street, one of the main streets in New Amsterdam, it also totally escaped Jagdeo's attention, that the fence for this new Hotel is built over an interlot drain can cause flooding if the town receives any significant rainfall; in addition the hotel was built too close to its fences probably breaking other town  council's and Central Housing and Planning regulations concerning adjoining buildings. By agreeing to go there to open these facilities, he could have been perceived as giving his blessing to the numerous building code violations this building represents. I want to stress all of this again, the President of this country stood in New Amsterdam and opened a building which had numerous code violations and praised the owners for their entrepreneurial drive.

   As if that were not enough Mr. Jagdeo said, and I am extracting it verbatim from the speech he made and which I recorded and played during the commentary of above date, the following lies.

   In his speech Mr. Jagdeo claimed that these large investments of 1 million US dollars didn't  come like that, and that numerous initives and laws had to be passed to make it happen and he listed 6 financial actions for which he was taking credit, which facilitates these investments in Guyana;

1. The Exchange Control Act

2. The Capital Issues Act;

3. A New Banking Act;

4. A New Companies Act;

5. A Modern Insurance Act

6. New Securities Legislation;

 

        But the fact is that  #1 the Exchange Control Act was initiated by Hugh Desmond Hoyte with the Dealers in Foreign Currency Act 1989' establishing the Cambios.

     It completely escaped his attention that #2 the Capital Issues Act' was a Hoyte initiative Act # 29 of 1991.

    It completely escaped his attention that #3 does not exist there was no new Banking Act. In fact the Banking Act was repealed, not introduced by the Financial Institutions Act 1995 by former Minister of Finance Asgar Ally.

    It completely escaped his attention that #4 the New Companies Act was a also a Hoyte initiative through Act no 29 of 1991.

    It completely escaped his attention that #5 the new Securities Legislation # 20 of 1998 was prompted by requirements of the International Financial Institutions when Mrs. Jagan was President.  

   It completely escaped his attention that #6 the Securities Industry Act #21 of 1998 also at the request of the International Financial Institutions when Mrs Jagan was President.

   So the British company commenting on the LCDS was right we cannot trust any information coming from the PPP.

   And the basic fact remains stark in its nakedness, in 1992 we were the second poorest country in the western hemisphere after Haiti and in 2015 we still are the second poorest nation in the western hemisphere.