According to Dr DeLise Worrell, Governor of the Central Bank in Barbados, such economies depend on the positive difference between forex earned and that used for general imports when properly utilised to create economic development.

Indeed, such economies depend for their very survival on exporting to generate activity and growth in the onshore, non-commodity sector — the present GDP decline in our onshore is a case in point.

This characteristic shapes the value system of the population.

Consider the circumstance in which there is a fall-off in forex earned, ie, this is insufficient to support the onshore demand for imports.

Given the inability of the economy to respond quickly with new exports or import substitution, the only option left is to reduce aggregate demand onshore. If a devaluation is normally the response to such a shortage of forex (IMF/ World Bank advice), then the pre-emptive move by much of the population with liquid assets is to export these via foreign exchange into offshore banks and in so doing increase the demand for forex — capital flight.

This is done, according to the forex exporters, to maintain the value of the assets.

If a devaluation were to occur, the assets could return to the country at their original value but denominated at a higher rate in the local currency.

Liquid assets that were not exported would have “lost value” when compared with these that benefitted from capital flight.

What this tells us is that a small and open economy that imports the majority of things it needs has a “value” system, not one tied to its own currency, but related to a more stable foreign currency; in particular to the currency or a basket of currencies of countries from which it imports.

Hence, the devaluation of the local currency in a small and open economy, say, in order to match the current demand for forex with the present supply, affects also the value of the accrued wealth of the small and open economy that is held in liquid assets.

In order to retain the value of the accrued wealth it is recommended that in a current imbalance of forex earned and the demand for imports the foreign exchange rate should be kept constant and the balance achieved via fiscal means.

MARY K KING via email

I have observed impressionable young players not knowing and not taught the rudiments of the game. Whether football, karate, billiards, boxing, cricket, stick-fighting, music, dancing or school work, the basic disciplines are the same, meaning, when you do “this” you get “that”.

The simple techniques — travelling and controlling, timing when tackling or defending, or distributing passes with ease, the ability to trap the ball or screen it, and the proper use of inhalation and exhalation — are not effectively taught.

Concacaf teams Mexico, Costa Rica, the US will be able to have over 70 percent of ball possession which will make them four goals or better when playing TT . Honduras will be two goals or more. TT ’s senior team’s offence looks spectacular at times but its defence and all-round composure are weak. The nation’s youths are now wishful thinkers and wishful fools.

The certification of TT coaches will make the papers of Sir Alex Ferguson of Manchester United look like trash.

DANIEL SMART football coach

“I always understood there was flexibility on both sides, in terms of being able to go forward. I think where we may have fallen down a bit is that some of what was taking place may not have been communicated to the banks. So they (banks) were of the view that perhaps nothing was going on when, in fact, sometimes we might be waiting on the US or the US perhaps might be waiting on us.” Howai was responding to Newsday queries about the concern expressed by major business groups and the Bankers Association of TT (BATT) earlier this year about the possible dire implications of TT missing the then September 30, 2016 deadline. Asked why there were delays under the People’s Partnership (PP) administration and what he thought might have been behind delays after the People’s National Movement (PNM) came into office, Howai said one reason may have been the time it takes for the TT Government/ US Treasury to review and respond to proposed changes by the other party.

“We (PP) had been in constant contact with the US Treasury.

In fact, there were times when we were waiting on the US Treasury to come back to us because, remember, the US Treasury itself is dealing with countries throughout the world. So sometimes we would make changes and send it back and they may take a month or two to actually come back with a change.” Howai made it clear though that he could not speak to any such communication delays under the PNM.

“I don’t know where the delays may have occurred in the last year or so; whether it was on their side or our side, but I do know that the US had always signalled and had always shown a willingness to work with us. Understanding there were issues that needed to be addressed, understanding that things needed to be done. From their perspective, there were other countries which were more important to them, some of the larger countries where the amounts (US dollar transactions) involved would’ve been much more significant than for smaller economies like TT.” Howai was speaking to reporters on the sidelines of a Scotia Wealth Management event on Wednesday evening; featuring Scotiabank’s Chief Investment Officer, Nick Chamie. The Foreign Account Tax Compliance Act, a United States (US) Federal Law which came into effect on July 1, 2014, was designed to tackle offshore tax evasion by US citizens with non-US financial accounts.

Local FATCA compliance; via the Tax Enforcement Exchange Bill 2016, would allow financial institutions in this country to inform the US’ Internal Revenue Service (IRS), via the TT Board of Inland Revenue, about accounts held by their US clients.

TT was initially given a deadline of September 30, 2015 by which to become compliant. This was extended by a year, following a request from the then newly- installed Finance Minister, Colm Imbert, who said he needed the extra time put things in place to ensure FATCA compliance.

Six weeks prior to the new deadline of September 20, 2016, Imbert and US Ambassador, John Estrada, signed a Model IA Inter-Governmental Agreement (IGA).

The objective of this IGA is to improve international tax compliance through mutual assistance in tax matters based on an effective infrastructure for the automatic exchange of information.

The IGA also helps to facilitate the implementation of FATCA. However, as was widely reported in the weeks leading up to September 30, 2016, the Opposition’s refusal to support passage of the Tax Enforcement Exchange Bill 2016 meant TT was not able to meet the revised deadline.

Such persons must be given genuine help to be the best that they can be, she implored.

Inclusivity must replace ignorance, insensitivity and indifference, she said.

Carmona said the differently-abled need a higher media profile to proffer new ideas and a clarity of vision. “The differently abled, whether he/she is blind, deaf, autistic or with cerebral palsy, is somebody who has an opinion and has a view and must not become victims of special days celebrating disability,” Carmona said. “It is insensitive to have differently abled persons assume a persona of facelessness outside of these designated international days.” The media must more often get the views of the differently abled on all issues. “No one seeks their opinions on politics, health, economics, climate change, human and drug trafficking and social dysfunction. I noticed that the differently abled was not even given a chance or opportunity to express an opinion on Hilary Clinton or Donald Trump, the President-elect during the US Presidential debates.” While the differently- abled person has skills and expertise to help our society to develop, their constant cry is that they are not given a chance. Carmona said, “We want opportunity, not charity, the opportunity of jobs, yes real jobs that do not patronize one’s competence, qualifications and capacity, one that will facilitate the differently abled person becoming the CEO of any company or the member or Chairman of a Board in the public and private sector.” She called for more zebra crossings plus bells at traffic lights, to empower their mobility and independence.

“The differently abled has a right to aspire and to work in an environment that can create careers and occupational and job mobility. It is all about being given genuine opportunities, not pity, sympathy or charity.” Saying non communicable diseases (NCDs) such as diabetes greatly harm disabled persons who often lack physical mobility, she urged fitness coaches/fanatics to reach out to help this community achieve healthier lifestyles. Carmona implored corporate TT to screen employees every six moths for diabetes and glaucoma, relating the impact of glaucoma on her father in law, Dennis Carmona, father of President Anthony Carmona.

“I have personally seen and experienced the impact of blindness on a person’s sense of independence and autonomy,” she related.

“My 90 year old fatherin- law is visually impaired having suffered blindness for the last 30 years as a result of glaucoma.

I have felt and sensed my husband, His Excellency’s, sense of helplessness and exasperation that his father, Dennis Carmona, a voracious reader, can read no more.”

The THA was dissolved one week ago to make way for the elections which Chief Secretary Orville London said will be held between January 11 and February 11, 2017. Though he gave no date, London said he is expected to meet with both President Anthony Carmona and Prime Minister Dr Keith Rowley after which the exact date of the election will be announced.

Three of the island’s political entities have to date confirmed their participation in the race which will bring a new Chief Secretary to the Assembly dependent on whichever party wins the most number of seats. Leader of the Progressive Democratic Patriots (PDP), Watson Duke has themed his campaign, ‘Rumble in the Jungle.’ “There is a massive launch at Speyside on Saturday (yesterday) and next week, we would head to Bethel to launch our Bethel/ Mt Irvine candidate. The PDP intends to launch our candidates going forward in grand, fine style because we consider our candidates to be among Tobago’s finest and so coming forth there would be a new breed of candidates that will create a new dispensation of Governance within the Tobago House of Assembly for the Tobago People,” he said.

To date, the PDP has announced five of its candidates. Chairman of the Tobago Forwards Hewlett Waldron said 15 nominees were screened and it was no easy task.

“It was not as easy. We have selected our candidates and are gearing up for the elections, we have a variation of candidates young, old, grassroots, all levels so we made sure that we selected the right candidates for the right purpose. All the candidates are expected to be introduced on Sunday (today) at the Tobago Forwards Office in Scarborough.

We have the strongest team of all but we are not about show business, we are about serious business, we are strategic, settled and organised,” he said.

The Tobago Forwards has announced four candidates to date.

Meanwhile, the People’s National Movement (PNM) Tobago Council chairman Stanford Callender said 23 persons have filed nomination papers and are expected to be screened in the upcoming week.

“Our nomination exercise ended on Tuesday 8th November and in total we have 23 nominees for the 12 electoral districts that are to be contested in Tobago. The exercise went smoothly and the next stage of that critical exercise is the screening of those 23 nominees to determine who represents the PNM in each of the 12 electoral districts,” he said.

They received $5,000 and $3,000 respectively.

Boys Town opened the scoring through Shaden Primus early in the first half but ‘Cool It’ hit back through Irvin Reyes and Kelon Valdez to snatch the lead at halftime. Boys Town rang in the changes at the break, using all their substitutions and it was two of their subs that combined to score the equaliser midway through the second half. Right winger Andel Jones found Marcus Chandool unmarked in the box and the nippy forward tapped into the open net. With extra time needed to separate the teams, it would take a setpiece to win the tie. ‘Cool It’ won a free kick close to 22 yards out and Leon Durity, urged to do “nothing fancy” but put his laces through it, did just that and aided by a slight deflection off the wall, left the Boys Town goalie statuesque as the ball nestled into the back of the net. It was a cruel way to settle an exciting final but still a deserved win for the team managed by Sherwin ‘Pigeon’ Joseph.

“The performance was real good, both teams play well but we know they never beat us. They take the lead but I wasn’t panicking at no time. I know them depending on two or three players but I have a team, a complete team,” Joseph declared.

A confident Joseph added that he was prepared to go to penalties as he believes his team had the better penalty kickers at their disposal. And with the majority of the crowd supporting Boys Town, he said the victory was made sweeter. “That does hype up the game. Right now they silent like is a funeral. I ain’t give them no talk before the game but right now is my time,” Joseph said while chuckling.

Earlier, Boys Town started the more aggressive team, finding spaces in the Boys Town defence on the counterattack. Primus fired the first warning shot from the right at the near post but ‘Cool It’ goalie Anderson Weeks was alert to make the save. There was nothing he could do though a few minutes later when Primus and Ian Charles combined on another break with the latter squaring a pass to the former in the penalty area to break the deadlock.

But ‘Cool It’ were soon level courtesy a blast from the past.

Former national player and veteran Alvin ‘Sweetbread’ Boisson was given too much room in the midfield and the 50-year-old needed no prompting, unleashing a vicious shot that the Boys Town goalie could only parry skywards, and Reyes, a former Boys Town player, followed up to knock in the equaliser in the vacant net.

Kendall Nathaniel was having an excellent game for ‘Cool It’ and came close with a header and then a shot from distance as ‘Cool It’ began to take control. Primus, though, was proving a handful with his size and speed and collected the ball on the left flank before drifting past three players infield and lashing a shot that flew just over the bar.

But ‘Cool It’ would take the lead, Boys Town’s Brent Jackson losing the ball cheaply in the ‘Cool It’ half and a long clearance found the run of Kelon Valdez who beat the offside trap and slotted the ball expertly past the goalie.

It could have been 3-1 when Reyes robbed Boys Town rightback Korey Boatswain of the ball and cut on his favoured rightfoot, but shot narrowly wide of the right post as the half ended.

Boys Town came out in desperate search of the equaliser and could have had it through an unlikely source, defender Paul White made a strong run from deep in his half but his left-footed shot was tame and easily held.

They would have their equaliser though, the speedy substitute Andel Jones came on for Jackson on the right and he romped down the flank before sending a low cross into the danger area.

Charles ‘dummied’ the ball at the near post for Chandool who could not miss unmarked at the far post.

But ‘Cool It’ had the best chance to win it in regulation time when a long ball was taken down by Reyes but he took one more touch than necessary and Boatswain closed him down before he could get his shot off.

With extra time needed and penalties looming, Durity’s deflected free-kick proved the difference aided by a little bit of luck to decide the winner.

The young Tobagonians will feature in all three of the league’s finals to be played at Hasely Crawford Stadium on Wednesday. No school from one district in the history of the league, has ever won all three titles in the same season.

And President Anthony Carmona has been invited to see the possibiliity of history unfold.

First up, national champions Bon Accord Government will attempt to defend their Under-15 title when they take on Enterprise Government from 9.15 am.

Bon Accord Government, also national champions, defend against Sangre Grande Government in the Girls Under-15 title match from 10.45 am.

And finally, the Under-12 boys of Whim Anglican meet St Agnes Anglican in the Under-12 final from noon.

Sports Minister Darryl Smith, Minister of Education Anthony Garcia, THA sports and education Assemblyman Huey Cadette and TT FA president David John Williams have al been invited to attend.

They both are experts in their categories. Williams is among the top referees in the World and is a WUKO Referee coordinator. He is the Head instructor for Bas- s a i Karate Dojo-International with members in sev- e n countries.

Boca conducts global seminars in Kyokushin Karate and is known for his innovative training methods while keeping the spirit of Kyokushin Karate alive. He also holds WUKO World Referee and WUKO World Jury President licenses. They both will be conducting free workshops at the Fourth Caribbean Cup Karate Championships which will take place at Maloney Sport complex on Saturday and Sunday.

In the East Zone, San Juan North and St Augustine will oppose each other at the Larry Gomes Stadium, Arima. San Juan North edged Trinity East 2-1 while St Augustine trounced Valencia 4-1 in their respective semi-finals at the Arima venue last Tuesday.

Carapichaima East and Gasparillo will square off at the Ato Boldon Stadium, Couva for a chance to be crowned 2016 Central Intercol champs.

Both teams had easy passages into the final, with Carapichaima East hammering Presentation Chaguanas 5-0 while Gasparillo brushed aside Chaguanas North 4-0 in their semi-final matches last Wednesday.

And, at the Dwight Yorke Stadium in Bacolet, Speyside and Signal Hill will face off for the Tobago Intercol crown. In their semi-final matches last Monday, Speyside got past Goodwood 2-0 and Signal Hill pipped Mason Hall 1-0.

The games in the East and Tobago Zones will each begin at 3.30 pm while the Central Zone decider will kick off at 5 pm.

And, in related news, Carapichaima East and Penal will meet at the Ato Boldon Stadium today, from 3 pm, in the Girls Intercol Final.

Minister Smith who presented awards at the National Open Short Course Championships, praised the Amateur Swimming Association of Trinidad and Tobago (ASATT ) for the successful hosting of the event. He encouraged other National Governing Bodies to also utilize the facilities, which he reiterated belongs to the people of Trinidad and Tobago.

Over the four days, records were broken by Kristen Julien (Areios Aquatechs), Graham Chatoor (Marlins), Jeron Thompson (Atlantis Aquatics), Amira Pilgrim (UTT ), Zarek Wilson (Blue Dolphins) and Nikoli Blackman (Marlins), with the overall team title being won by Tidal Wave Aquatics.

Minister Smith extended congratulations to all the winners and looks forward to hosting of the Atlantic Primary Schools meet in November and the Water Polo Championships and ASATT invitational in December