More oil money, not a good thing for Guyanese?

Jul 15, 2022 Editorial

Kaieteur News – Some things needed to be listened to, heard repeatedly, and read over and over again, so incredible they are. But given that what was so shocking came from the Incredible Hulk of political and financial Guyana, Vice President Bharrat Jagdeo, it is not so unexpected after all. This particular Guyanese leader can move from mice to men to mountains, such are his mental gymnastics and verbal antics. The latest monstrosity from his laboratory of the slippery is over the power and problems with money, more money, for the Guyanese people from their wealth.

It was reported that he said more money now is not a good thing for Guyana since such a development would fuel inflationary pressures. In simple terms, inflation is a general rise in prices over a lengthy period, or intense demand, or too many dollars chasing too few goods Or it could be triggered by some combination involving all those drivers. Similar arguments are part of considerations in the push for higher wages for the people who need it, namely, those who just have to buy to get by. It is not binge buying or luxury shopping, but out of sheer necessity, like food for the family.

Now, Dr. Jagdeo has found another dark alley to lead the gullible Guyanese down. It is one more loophole that sprung up overnight in his fertile, smartly working, brain. It is another example of how he put his mind to work, and cunningly conjures these camouflages to wiggle out of tight corners, with renegotiation being one for more for Guyana, so that Guyanese at all levels have more. An earlier one was where he, the Vice President of Oil in Guyana, was busy preaching the virtues of the right return for the foreign oil businesses (and business interests in general) for the investment risks that they were taking. Now he is talking up bringing in more from our oil to the national treasury (oil fund) would pressure prices. In the Vice President’s own words, “if the money comes in, we can’t spend it all”, which is not an unwise statement.

Further, he talks about saving, a wise thought for sure, yet there is the contradiction of the PPPC Government, most likely under his firm directing hand, withdrawing and withdrawing from the nation’s oil fund to spend in a variety of areas, including one high-cost project after the other. The astute Vice President has suddenly come to his senses, and is touting managing better and saving, while the government is rushing ahead with billions in borrowing.

More is what Guyanese need, and more is what we at this paper have been insisting on, and pushing for, almost daily. Now, being the clever leader that he is known to be, Vice President Jagdeo concocts this beauty about more money for Guyana could mean more bad news for Guyanese, as in contributing to possible inflationary spirals. A surface look may convince the unwary and unknowing that Jagdeo is looking out for Guyanese, and concerned about their welfare. Anyone who ever believes that needs a timely helping hand, and we are glad to extend it. They are guilty of falling for the slickness and craftiness of this national leader renowned for his skills in a certain direction, and laced through with a worrying character. Because the wisdom of what Vice President Jagdeo is now suddenly tabling is nothing but one more design aimed at not pressuring foreign oil companies for more.

It is as if more money from oil would be most unhealthy for Guyanese. It is like giving addicts or derelicts or lunatics something precious, but which they wouldn’t know to use sensibly. Like children, they would splurge, cause shortages, pressure prices, and add to woes. The problem, and it is an acute one, is that too many poor Guyanese are struggling currently, with no end in sight, and which selective PPPC Government relief monies are barely making a dent in their near- and intermediate- term existence. They could use some spending money that aids them for the long haul and in this crisis. But Vice President Jagdeo says that the government must keep a careful eye on prices. Meanwhile, the people punish.

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More oil money, not a good thing for Guyanese?

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