Should Jamaica adopt an international currency

[sistactry]

Re: Should Jamaica adopt an international currency

personally me no tink it we help anyting,

dem say it work in Chile dow,

but den again...a US study dat....and u dun know, dem waan eggsup inna everyting,

i say no, [img]/forums/images/graemlins/70388-shameonyou.gif[/img]

mek we tek we lick and keep on ticking, [img]/forums/images/graemlins/70384-praying.gif[/img]

[Conaway]

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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I believe that JA should be able to make its own destiny and its own money. I believe it should run the resorts and its tourism industry(not foreigners and that includes American, European, Hispanic and Asian) which is the chief money maker, I believe in the produce and land resources (minerals, etc). I believe in non-interference in a how a country wants to operate and who they wish to deal with in order to keep it running.

So, I believe in the JA currency no matter its value.

[wolmersboy]

Re: Should Jamaica adopt an international currency

I don't think adopting a foreign currency will help Jamaica much. I think it is more important for her industries to become more efficient, have less dependence on foreign goods and to achieve a reduction of the debt load. These are the things that will help to push the economy along and invite more investment--particularly by Jamaica's own citizens.
It's the inherent instability of the country--not the Jamaican dollar,per se--that makes the folks you talked about keep their money off shore. Once the economy is stable and people are assured of a return on their investment, they will re-invest.

[Tuff Gong]

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.

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Well you are the one who introduced the competency question, no?

So taking into consideration the foregoing, have you displayed any more expertise or even competency in answering the questions posed about keeping or letting go of our currency in favour of another?

In other words have you done any better than any poster that has joined the debate regarding this matter?

[neutral]

Re: Should Jamaica adopt an international currency

Jamaica could adopt a thousand international currency but in another 30 or 40 years down the line it will still be up chit street...maybe by no fault of its own,but whatever it is that is preventing it from advancing now will still be around further down the line.

I may be no expert on monetary matters or economics like my other learned friends here,but one thing I do know for sure,...Jamaicans need to stop relying on foreign goods and need to start taking pride in their own industries and home produce.

[neutral]

Re: Should Jamaica adopt an international currency

Could someone sitting in the expensive seats explain to me how adopting an international currency would work, I dont mind admitting that I am a bit daft where these things are concerned.

The objection from britain in joining the euro was that it`s economy was more stronger than a majority of the other countries in the EU,and harmonising currencies would not be in britain`s interest,how would this scenario work in Jamaica who`s economy is far weaker than whichever international currency it would strive to adopt.

[Sinco01]

Re: Should Jamaica adopt an international currency

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Jamaica could adopt a thousand international currency but in another 30 or 40 years down the line it will still be up chit street...maybe by no fault of its own,but whatever it is that is preventing it from advancing now will still be around further down the line.

I may be no expert on monetary matters or economics like my other learned friends here,but one thing I do know for sure,...Jamaicans need to stop relying on foreign goods and need to start taking pride in their own industries and home produce.

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I thought someone else tried that before ..(MM)

how far did it get him .. [img]/forums/images/graemlins/confused.gif[/img]

this is complex ..

we need to keep our own currency until we can be organized into a trade bloc or union [img]/forums/images/graemlins/70390-shhh.gif[/img]

[Dr.Dudd]

Re: Should Jamaica adopt an international currency

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personally me no tink it we help anyting,

dem say it work in Chile dow,

but den again...a US study dat....and u dun know, dem waan eggsup inna everyting,

i say no, [img]/forums/images/graemlins/70388-shameonyou.gif[/img]

mek we tek we lick and keep on ticking, [img]/forums/images/graemlins/70384-praying.gif[/img]

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Google 'Chile and dollarization' and see for yourself it it work.
It is the US who is pushing dollarization. It is just anoyther form of colonization without any political ties that would mean that they would have to use tax dollars to bail out the dollarized countries. In other words it the ideal for of colonization,as from the colonialists point of view.
absolutely no benefit to the colony.
just a lot of promise to thoise who are not knowledgable to realize that it is a three card trick.
the only countries that use another country's cureency has always been a colony of the coubtry that controls the notes. Chile is no different,neither will Jamaica. Panama,and Costa rica used US dollars,but they were created by the US as an economic out post of the USA. The original notes were issued by the US. The Us will not issue their currency to anu country unless the get value for it.
Unless the currency is available without exchange for vbalue,the user cannot aquire enough notes,to establish their trading mecahnism. In other words if th ebank of Jamaica had to sell value for the notes they issue,the economic activity would come to a full stop,because if th ecountry could find that exportable good,it would not be talking about such cock and bull way to solve their economic problem.

[Dr.Dudd]

Re: Should Jamaica adopt an international currency

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Jamaica could adopt a thousand international currency but in another 30 or 40 years down the line it will still be up chit street...maybe by no fault of its own,but whatever it is that is preventing it from advancing now will still be around further down the line.

I may be no expert on monetary matters or economics like my other learned friends here,but one thing I do know for sure,...Jamaicans need to stop relying on foreign goods and need to start taking pride in their own industries and home produce.

[/ QUOTE ]

I thought someone else tried that before ..(MM)

how far did it get him .. [img]/forums/images/graemlins/confused.gif[/img]

this is complex ..

we need to keep our own currency until we can be organized into a trade bloc or union [img]/forums/images/graemlins/70390-shhh.gif[/img]

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It brough their economy to a full stop. They couldn't pay any bills by cash. they couldn't pay their government workers. They had to create barter notes to solve their trading problem. this happen about 5 years after i stated that that would have been the case if introduced. It was the first option to the FTAA,but it proved afailure so the opt for the FYAA,just another economic three card trick.

[Morpheous]

Re: Should Jamaica adopt an international currency

Doc... I still say Jamaica will only get better in a Caribbean union with a single currency. What about investments markets aimed at the Caribbean you didn't address that scanrio.

As a humble expert on currency issues and monetary/fiscal issue are you saying Jamaica is better off with the $JA? I too would love Jamaica to keep her dollar with Garvey, Bogle, Nanny, Sharp and all the heroes faces prominent on the bills but as you know Jamaican dollar have been in a relatively steady decline since independence. (yes it fluctuates like all currencies but still declining)

You mentioned the US colonising certain countries via their dollar well... America done colonise Jamaica already because the $US is spent in Jamaica as if Jamaica is another state of america. Many businesses wanting the $US dollar over their own Jamaican currency too. Surely this mentality/demand for foreign currency (though understandable given Jamaicas plight) is adding salt to the wound. The same business people who demand the $US foreign currency over $JA also chanting to keep the $JA this is contradicting. They can't have their cake and eat it!

I am no expert on currencies so explain to us what is your suggestion to put the Jamaican currency in a better stead be it Jamaican or some other single currency. What ideas do you have/suggest would/could make things better for Jamaica where currency is concerned. What about a Jamaican Central Bank (JCB) or a Caribbean Central Bank (CCB)? Any thoughts?

Let's not just say...

1. Oh I want to keep the $JA without addressing the how and the why?
2. Jamaica gone bad already so we are doomed
3. We don't want foreign currency and that's that
4. It gonna cost too much so let's sit back and do nothing.

Doc you are the kind of individuals and folks like Lee-Chin that need to use your expertise to effect changes. If you defeat the argumenent as the experts then what hope has Jamaica got in terms of new breed of thinking and solutions.

[Morpheous]

Re: Should Jamaica adopt an international currency

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The objection from britain in joining the euro was that it`s economy was more stronger than a majority of the other countries in the EU,and harmonising currencies would not be in britain`s interest

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Neut this is not entirely true. I will explain 2morrow. It is late now...

[bigbooie]

Re: Should Jamaica adopt an international currency

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Could someone sitting in the expensive seats explain to me how adopting an international currency would work,

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[img]/forums/images/graemlins/704555_dwl.gif[/img] [img]/forums/images/graemlins/704555_dwl.gif[/img] Yu no easy at all. But mi hear yu pon di 30 40 year ting

[sistactry]

Re: Should Jamaica adopt an international currency

tanks Doc, i tink any fool can see dat adapting smaddy else currency is foolishness, thanks for your insight, [img]/forums/images/graemlins/70409-waytogo.gif[/img]

[Tuff Gong]

Re: Should Jamaica adopt an international currency

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It is the US who is pushing dollarization. It is just anoyther form of colonization without any political ties that would mean that they would have to use tax dollars to bail out the dollarized countries.

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Foolishness. Prove this?

Before we go any further let declare my hand!
I think we should keep our currency, but I do live in Jamaica so I have no say so.
I am also not an expert in any way shape or form, I barely graduated from High School, all I know is Negroes and Comic Books.

Now I am humbled by the presence of experts, but when people start talking unadulterated nonsense then it is time for some clarity.
So far other than a few anecdotal references and the rantings of an obviously confused mind you have not shown any kind of expertise at dealing with the matter of whether or not we should give up our currency.

Since you mentioned Chile example, tell why were the factors that:

A. led Chile to be Dollarized.
B. caused the failure of Dollorization in Chile?

One suspects that this could not have happened in a vacuum and that there were some other factors (other than mere Dollarization) that caused the grand experiment to fail.

I find it rather amusing that almost every topic that comes up which mentions Jamaica's problem(s), some of us take the argument offshore and rarely mention Jamaica again other than in passing.
The same arguments you chose to make about the expected fate of a Jamaica under Dollarization can easily be made for a Jamaica under it own beleaguered Ja$.

In the first place Jamaica's economy is largely a Dollarized Economy, rarely do we ever recon trade in anything but the USA$, even when such trade originates in other countries.
There are a lot of local services (certainly all foreign goods and services) that are quoted in the local market place in USA$.

We have already imported the USA inflation, when there is price movement in the USA due to inflation a number of Jamaican entities are allowed to increase their rates to correct for result of USA Inflation on their bottom line.

The so-called NIR that is mainly used to defend the Ja$ is largely made up of USA$ Loans which is then on lend and repaid in USA$s.

A currency of a country is more than simply its face value, it is also the storehouse of wealth, when there is loss of confidence in the local instrument people holding that security dumps it in favour or another that they can trust.
The extent of that loss of confidence is one reason why the $Ja has lost so much of its value over the last 17 years.
Another indicator is inflation. The cost of the mainly imported goods and services is eating away at $Ja as more USA$s have to be found to import the same basket of goods and services.

Of course the #1 reason why $Ja is not seen, as a good currency to hold is the lack of positive movement in the economy. After 17 years of Blackman Time Now, more factories and other industries have simply taken flight on the wings of the night.
Again I suggest to you that until we fix the economy then all arguments about whether we should hold or fold are sine die.

[Dr.Dudd]

Re: Should Jamaica adopt an international currency

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It is the US who is pushing dollarization. It is just anoyther form of colonization without any political ties that would mean that they would have to use tax dollars to bail out the dollarized countries.

[/ QUOTE ]

Foolishness. Prove this?

Before we go any further let declare my hand!
I think we should keep our currency, but I do live in Jamaica so I have no say so.
I am also not an expert in any way shape or form, I barely graduated from High School, all I know is Negroes and Comic Books.

Now I am humbled by the presence of experts, but when people start talking unadulterated nonsense then it is time for some clarity.
So far other than a few anecdotal references and the rantings of an obviously confused mind you have not shown any kind of expertise at dealing with the matter of whether or not we should give up our currency.

Since you mentioned Chile example, tell why were the factors that:

A. led Chile to be Dollarized.
B. caused the failure of Dollorization in Chile?

One suspects that this could not have happened in a vacuum and that there were some other factors (other than mere Dollarization) that caused the grand experiment to fail.

I find it rather amusing that almost every topic that comes up which mentions Jamaica's problem(s), some of us take the argument offshore and rarely mention Jamaica again other than in passing.
The same arguments you chose to make about the expected fate of a Jamaica under Dollarization can easily be made for a Jamaica under it own beleaguered Ja$.

In the first place Jamaica's economy is largely a Dollarized Economy, rarely do we ever recon trade in anything but the USA$, even when such trade originates in other countries.
There are a lot of local services (certainly all foreign goods and services) that are quoted in the local market place in USA$.

We have already imported the USA inflation, when there is price movement in the USA due to inflation a number of Jamaican entities are allowed to increase their rates to correct for result of USA Inflation on their bottom line.

The so-called NIR that is mainly used to defend the Ja$ is largely made up of USA$ Loans which is then on lend and repaid in USA$s.

A currency of a country is more than simply its face value, it is also the storehouse of wealth, when there is loss of confidence in the local instrument people holding that security dumps it in favour or another that they can trust.
The extent of that loss of confidence is one reason why the $Ja has lost so much of its value over the last 17 years.
Another indicator is inflation. The cost of the mainly imported goods and services is eating away at $Ja as more USA$s have to be found to import the same basket of goods and services.

Of course the #1 reason why $Ja is not seen, as a good currency to hold is the lack of positive movement in the economy. After 17 years of Blackman Time Now, more factories and other industries have simply taken flight on the wings of the night.
Again I suggest to you that until we fix the economy then all arguments about whether we should hold or fold are sine die.

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As usual you post a lot of non information.
You admitted that you know nothing about economics.
Lesson one. The primary use of a country's Net Internal reserve is to defend the parity of the country's currency. Talk about it being how many weeks of import is only that pure talk. That is not th eintent.
Itis just like a person buying a gun. The type and caliber is not as important as to create a deterrent to attackers. Yes all the large NIR is primarily to deter those who would like to push the local currence down. It's a deterrent that's all,and it has been working. that is why there is so much hollering about it not being a positive action. Those who it deters are the ones initiating the hollering.
If this was not done any person, group or cartel could force the the country's exchange rate by buying up all the available foreign currency on the market, thus causing a scarcity and the resultant rush will force down the value of the local currency to the point where US $100 cold buy up all the local real estate.
You see Tuff Gong your theory is based on voo doo economics. All what your talk show guru is postulating is vunk. This is why they have been blabbing for decades,and the only benefit is themselves. They can't even influence enough jamaican peasants to be worth their pay. One of these days their bankrollers will pull the plug,because sooner or later they will realize that they are not getting their money's worth.
the problem is that the product they are selling are bogus. they only appeal to those with personal vandetta's in which those views create soime feilng of comfort,but it is a fool's paradise to think that the GURU is even influencing even a minority of the unwashed.