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Should JA adopt an international currency as it's own? My reason for posting this question is that the Jamaican worker is a very hard working individual and could hold there own with any worker in the "developed" countries of the world. However the fruit of their labor is witheld from them partially because of the uncertainty of the future value of teh Jamaican dollar. I say this and give as an example having worked in management at a leading Jamaican hotel. Our vacations were sold overseas and we were reimbursed only for what was budgeted to take care of the guest during their stay with us. At the time this was $12US per person and this took care of food, drinks and all amenities. This was a super luxurious property and still operates today as an all exclusive destination. I could give many other examples of comapnies that operated on a similar principle with regard not sending profits back to the island. In each case the owners resided in Jamaica but only took back there what was required to maintain operations. I could not personally fault them as everyone wants to protect their profit as well as their capital. My point here is that we maybe sacrificing a higher level of economic success for the sake of our pride in having our own currency. In many ways I am proud to be a Jamaican and hold my head high for the being from such an awesome country as I think we all should be. I am pleased to see us having a a female Prime Minister and wish her and her administration every success. I believe in supporting the administration in power unless they have proven themselves egregiously unworthy of my support. I invite everyone to express their views on this subject and to invite otehr to do so as well. In particular I would like to see responses from people with an economics background, but all are encouraged to respond regardless.
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Re: Should Jamaica adopt an international currency
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Should JA adopt an international currency as it's own? My reason for posting this question is that the Jamaican worker is a very hard working individual and could hold there own with any worker in the "developed" countries of the world. However the fruit of their labor is witheld from them partially because of the uncertainty of the future value of teh Jamaican dollar. I say this and give as an example having worked in management at a leading Jamaican hotel. Our vacations were sold overseas and we were reimbursed only for what was budgeted to take care of the guest during their stay with us. At the time this was $12US per person and this took care of food, drinks and all amenities. This was a super luxurious property and still operates today as an all exclusive destination. I could give many other examples of comapnies that operated on a similar principle with regard not sending profits back to the island. In each case the owners resided in Jamaica but only took back there what was required to maintain operations. I could not personally fault them as everyone wants to protect their profit as well as their capital. My point here is that we maybe sacrificing a higher level of economic success for the sake of our pride in having our own currency. In many ways I am proud to be a Jamaican and hold my head high for the being from such an awesome country as I think we all should be. I am pleased to see us having a a female Prime Minister and wish her and her administration every success. I believe in supporting the administration in power unless they have proven themselves egregiously unworthy of my support. I invite everyone to express their views on this subject and to invite otehr to do so as well. In particular I would like to see responses from people with an economics background, but all are encouraged to respond regardless.
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What do you know about currency?
Only some one who knows nothing about the use of currency notes,or paid by those who wish to fully recolonialize Jamaica again would even think of the use of another country's currency as as the medium of trade in Jamaica.
Where would Jamaica get the original notes to issue in exchange for the Jamaican currency in circulation and in reserve at the central bank?
If you knew that the Jamaican currency cost much less than it's face value to the government. Jamaica would go from having the power to issue notes as demands warrants.
Will this inmternational notes be issued to Jamaica,or will Jamaica have to exchange value to the tune of the face value of notes it requires to conduct trade?
Any country that controls your currency controls your destiny.
That is just colonial thinking.
What you stated is a problem,but your proposal is not the solution.
Proper accounting controlls will have to be introduced by the government. Not further tying the hands of the government as your proposal would have done.
I worked in the bauxite industry as a youth too,and i saw the most outrageous forms of double billing to keep the profits abroad. So it has been going on for decades,and in much wider sphere of the economy than you realize. -
Re: Should Jamaica adopt an international currency
I think every 3 years or so on this board this question comes up.
I think we should keep our currency. The problem is the Jamaica economy is in stagnation, until we fix the economy the all or most other arguments is mute.Comment
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Re: Should Jamaica adopt an international currency
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I think every 3 years or so on this board this question comes up.
I think we should keep our currency. The problem is the Jamaica economy is in stagnation, until we fix the economy the all or most other arguments is mute.
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I could not agree with you more! I am not an economist, but I believe that until Jamaica's productivity in more in balance with its consumption habits, the value of our currency will always be dictated by outside forces.Comment
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Re: Should Jamaica adopt an international currency
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I think every 3 years or so on this board this question comes up.
I think we should keep our currency. The problem is the Jamaica economy is in stagnation, until we fix the economy the all or most other arguments is mute.
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I could not agree with you more! I am not an economist, but I believe that until Jamaica's productivity in more in balance with its consumption habits, the value of our currency will always be dictated by outside forces.
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It is very difficult for this to change being that those who controls the heights of the Jamaican economy hase no allegience to the country. All you have to do is closely examine the economic history of the country,and yoy will discover that the motivation of those who are in economic control is to stay in control at all cost.
They will destroy the rest of the country to achieve this goal. they make all their monies off the back of the majority,but hold such disdain for them,that they take every opportunity to block any act that will improve their lot.
Tas i have been saying and t now confirmed to the experience of the post starter. they see Jamaica just like a fishing ground. only enough to bait theor traps are put in the country,and they take all their catch else where.So it has been since slavery,and so it is today until some groyp decide to harness the economic strength of the majority,and create a basis for real economic growth in the country.Comment
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Re: Should Jamaica adopt an international currency
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I think every 3 years or so on this board this question comes up.
I think we should keep our currency. The problem is the Jamaica economy is in stagnation, until we fix the economy the all or most other arguments is mute.
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I could not agree with you more! I am not an economist, but I believe that until Jamaica's productivity in more in balance with its consumption habits, the value of our currency will always be dictated by outside forces.
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It is very difficult for this to change being that those who controls the heights of the Jamaican economy hase no allegience to the country. All you have to do is closely examine the economic history of the country,and yoy will discover that the motivation of those who are in economic control is to stay in control at all cost.
They will destroy the rest of the country to achieve this goal. they make all their monies off the back of the majority,but hold such disdain for them,that they take every opportunity to block any act that will improve their lot.
Tas i have been saying and t now confirmed to the experience of the post starter. they see Jamaica just like a fishing ground. only enough to bait theor traps are put in the country,and they take all their catch else where.So it has been since slavery,and so it is today until some groyp decide to harness the economic strength of the majority,and create a basis for real economic growth in the country.
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Blah...blah..blah.
You started off wrong by berating the topic starter personally (something you complain about been done to you, but which you do to certain Newbies all the time), you have compounded it with this bit of arrant nonsense.
The GOJ controls the commanding heights of the economy, not only that the GOJ have been consistently fixing the price of the Jamaican Dollar for more than a decade, quite expensively as it turns out through the so-called NIR.Comment
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Re: Should Jamaica adopt an international currency
Hmmm [img]/forums/images/graemlins/70402-thinking.gif[/img] So you are not in favour of a change in currency. Well let's look at the economic situation in Jamaica, the developed countries and the international trading currencies.
Yes my heart says keep the $JA. My head says if Britain along with the rest of the EU have accepted trade in Euros and not forgeting that each of those european countries - many of them are developed countries with currency value much higher than the Jamaican dollar; yet they saw the vision to switch.
Then look at countries that trade on the stock market and the currencies that dominate: euros, $US, £Sterling and Yen. This is so because these countries are large economies of scale and they print their own currencies.
Now in reality poor little Jamaica don't stand a chance on the international stage even if she prints her own currency (I am in favour of jamaica printing her own currency btw). Even if we control most of our own resources (which I am also in favour of).
These two factors are not enough. The solution comes in economy of scale the USA, Europe and China know it and made the necessary steps to implement their union.
Jamaica need to first control its own resources (so do the rest of the caribbean islands), then it has to form a union with the entire caribbean. Then as a unified caribbean it has to have a single currency that it is able to print and issue in the Caribbean. Then it will be able to stable its currency more effectively against the other major players.
Of course a regulator would need to be in place along with a Caribbean Central Bank (CCB) that would issue currencies accordingly and facilitate the various banks within the caribbean union. It would be prudent to also have a Caribbean Investment Market(CIM) where caribbean islands including cuba could trade with each other (Caricom or whatever) and attract overseas investment. I could go on and on about how we as a Caribbean unit could do sooooo much to attain a higher and stable currency...
The sooner tiny Jamaica along with ALL the tiny islands in the caribbean recognise this the better it will be for all including Jamaica. Change isn't easy and often frowned upon but it's the way to expand and improve.Comment
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Re: Should Jamaica adopt an international currency
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What do you know about currency?
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lawks ..yuh juss cut to the chase eeh... [img]/forums/images/graemlins/704555_dwl.gif[/img] [img]/forums/images/graemlins/704555_dwl.gif[/img]Comment
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Re: Should Jamaica adopt an international currency
well Economics was one of my majors but mi still nuh qualify fi gie up nuh answer [img]/forums/images/graemlins/frown.gif[/img]Comment
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Re: Should Jamaica adopt an international currency
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Hmmm [img]/forums/images/graemlins/70402-thinking.gif[/img] So you are not in favour of a change in currency. Well let's look at the economic situation in Jamaica, the developed countries and the international trading currencies.
Yes my heart says keep the $JA. My head says if Britain along with the rest of the EU have accepted trade in Euros and not forgeting that each of those european countries - many of them are developed countries with currency value much higher than the Jamaican dollar; yet they saw the vision to switch.
Then look at countries that trade on the stock market and the currencies that dominate: euros, $US, £Sterling and Yen. This is so because these countries are large economies of scale and they print their own currencies.
Now in reality poor little Jamaica don't stand a chance on the international stage even if she prints her own currency (I am in favour of jamaica printing her own currency btw). Even if we control most of our own resources (which I am also in favour of).
These two factors are not enough. The solution comes in economy of scale the USA, Europe and China know it and made the necessary steps to implement their union.
Jamaica need to first control its own resources (so do the rest of the caribbean islands), then it has to form a union with the entire caribbean. Then as a unified caribbean it has to have a single currency that it is able to print and issue in the Caribbean. Then it will be able to stable its currency more effectively against the other major players.
Of course a regulator would need to be in place along with a Caribbean Central Bank (CCB) that would issue currencies accordingly and facilitate the various banks within the caribbean union. It would be prudent to also have a Caribbean Investment Market(CIM) where caribbean islands including cuba could trade with each other (Caricom or whatever) and attract overseas investment. I could go on and on about how we as a Caribbean unit could do sooooo much to attain a higher and stable currency...
The sooner tiny Jamaica along with ALL the tiny islands in the caribbean recognise this the better it will be for all including Jamaica. Change isn't easy and often frowned upon but it's the way to expand and improve.
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Morpheous,The question 'what do you know about not just currency in your case,but what do you know about the mechanism of adopting the Euro?
Do you know that the european unoin had to give every country that adopt the currency,a quantity to the value of their tradr in Euro for nothing in exchange?
..and do you know that the European union had to also infuse enough Euroe in economies that was too poor to trade as equals?
Now what international currency block will be willing to give Jamaica the introductory notes { fi nutten in exchangeThat is necessary, to adopt a currency. If you simply read what i wrote about the mecahnics of introducing the currency and why it will not work in Jamaica,and then go and read up on the mechanism of the introduction of the Euro,you would have a different view,because i am sure you wish the best for the country's economy. don't be confused by people who have a lot of chat,but limit their content to personal attacks,and what they heard on talk show.
This is a very advance subject to discuss. You have to understan the principles of monitaizing a currency.
What a country adopt a currency,all the notes that are introduced to that economy must be issued to the economy at zero or the cost of printing the notes. No country will do that unless you are a part of an economic block.
Many people write about the growth,some call it miraculous of Ireland, and how jamaica shopuld adopt their policies,but they fail to add that Ireland was subsidezed by the injection of European currency way above their GDP and that gave them the push they needed. Who is going to give Jamaica that jump start??In the case of a caribbean unoin currency the same in required. Now the question is about adopting some foreign economy's cureency without the relevant mecahnisms to guarantee the introduction and availabillity of the notes in circulation in the economy.
Now hopw do you know that i am against Jamaica's use of any other currency?
I don't care as longs as the country's elected leaders and not some stooge representing some other body that the voters has no control over is incontrol of the currency. It is very easy for the currency comptroller to create havoc in an economy,to influence the will of th epeople if it is against their selfish goals.
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Re: Should Jamaica adopt an international currency
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Morpheous,The question 'what do you know about not just currency in your case,but what do you know about the mechanism of adopting the Euro?
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One question.
Is it that only currency experts and economics can speak on this issue?Comment
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Re: Should Jamaica adopt an international currency
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Morpheous,The question 'what do you know about not just currency in your case,but what do you know about the mechanism of adopting the Euro?
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One question.
Is it that only currency experts and economics can speak on this issue?
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Anyone can sopeak on it,but only those with knowledge of the mecahnism of minetarization will offer usefull information.Comment
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Re: Should Jamaica adopt an international currency
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Morpheous,The question 'what do you know about not just currency in your case,but what do you know about the mechanism of adopting the Euro?
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One question.
Is it that only currency experts and economics can speak on this issue?
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Anyone can sopeak on it,but only those with knowledge of the mecahnism of minetarization will offer usefull information.
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Okay thanks for answering.
Next question.
Are you such and expert?Comment
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Re: Should Jamaica adopt an international currency
Reading, readingComment
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Re: Should Jamaica adopt an international currency
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Morpheous,The question 'what do you know about not just currency in your case,but what do you know about the mechanism of adopting the Euro?
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One question.
Is it that only currency experts and economics can speak on this issue?
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Anyone can sopeak on it,but only those with knowledge of the mecahnism of minetarization will offer usefull information.
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Okay thanks for answering.
Next question.
Are you such and expert?
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I have knowledge enough of it to have taught it during my 20's at college at the first degree level.
I also did talks on Tv in jamaica on economics in my time. So you could say that,if you need to .
Me on the other hand do not carry labels, so I would not label myself. There too many experts going around these days anyway.Comment
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