One of the very most painful legacies that the Jammeh program would be the emptying from the Gambia of its youthful population. It pains me to say that a disproportionate number are of these economic and human rights migrants are non-Jolas. We can not discuss the Jammeh regime without discussing tribalism as a musical instrument of suppression by playing one tribe against another. It’s important to notice at this time our beliefs in the Gambian people is unshakable. Many politicians of past years who tried using tribe as a divisive tool have failed, and Jammeh will fail also.
The Daily Observer warned us this morning of the scourge of economic migration and the chance involved with venturing in small watercraft and canoes on their journey to Europe via Italy – a trip that usually end up in tragedy. The regime’s public mouth piece, blames the youth’s insufficient “strong commitment” to the Motherland, implying these young people are more focused on their particular families.
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After all, these economic migrants are making the trip because “they may be seeking work in foreign countries in order to aid themselves and their own families” according to the Daily Observer. Nothing from our friends at the Daily Observer about the sources of this frantic speed of adventurism into the unknown at amazing risks. Could it be that the regime’s lack of ability to make it attractive for these teenagers to remain at home?
Unemployment is high and getting higher, as the lucky few to be used have seen that wages stagnate, eroding their purchasing capacity to a level that cannot sustain life. Yet they see their Great Leader ride around town in a Rolls Royce. The insensitivity and the tone deafness of this routine is bordering on insanity.
Why are businessmen/women fleeing Gambia for friendlier and safer locations for their investments; included in these are Jammeh closest business partners. The Gambian economy is contracting because of its mismanagement, and the contraction will continue. Actually, the economy is headed for a whole collapse. The teenagers and women venturing out at seas see the bleak future, and they’re voting with their feet, and it is seen by them worth the risk.
But why be “near” when you could be inside? LME shadow storage space is the answer, an evolving arbitrage between the cost of holding metal on LME warrant or off-warrant in the same warehouse. The lease on the second option can be as low as 10 cents per day. Moreover, the owner of the metallic reaps the same financing and insurance increases as if it were on warrant. Tiny no-brainer, isn’t it? Which is why LME warehouses are seemingly thriving even while noticeable stocks are grinding relentlessly lower.
The LME itself allows that shadow storage space is an efficient and flourishing business. Nor is the exchange in the business of establishing stock holding targets. But its consultation document released Thursday demonstrates the concerns of several elements of the LME user bottom that what’s in the LME warehouse system should ideally not be just the amount necessary for physical arrangement of contracts. True, sometimes of market tightness shadow steel is designed for warranting but the price will come in the form of time-spread tightness, sometimes severe. 295 per tonne to suck that metal in to the LME warrant world.
Lower on-warrant stocks imply more frequent intervals of time-spread volatility, which may or might not be reflective of physical market tightness. Market transparency, in the mean time, is much diminished. This isn’t only a problem for experts endeavoring to interpret LME stock motions that often appear random because the motorists are storage space not market dynamics. Physical customers are remaining disadvantaged by the looks of low LME inventory and the shadow truth they can not see.
