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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.
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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.
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Yo! fool fool I am not into the tracing match and the carry go bring come. Please just stick to the points raised at this iwah.
I need no lessons on the NIR, I know what Jamaica's NIR is, how it came about and what it has been used for.
Secondly how do Talk-Shows figure in this, why do you keep adding layers of useless fluff?
Thirdly just point out any proposals that I have made, put forward or ask you are anyone else to consider? If you can let deal with those, do go chasing windmills again.
Like I said I know nothing about economics, I am not educated, but I have seen the crap you have written from time to time, plus had the benefit...err misfortune to have listened to you once (was enough), you read, write and comprehend seemingly at the level of a 10 year old, yet you hold yourself out to be some kind of professional.
Again can you please just put forward some valid reasons why Jamaica should not abandon its currency and do so lucidly without all the histrionics? One time please!
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
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.
[/ QUOTE ]
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.
[/ QUOTE ]
Yo! fool fool I am not into the tracing match and the carry go bring come. Please just stick to the points raised at this iwah.
I need no lessons on the NIR, I know what Jamaica's NIR is, how it came about and what it has been used for.
Secondly how do Talk-Shows figure in this, why do you keep adding layers of useless fluff?
Thirdly just point out any proposals that I have made, put forward or ask you are anyone else to consider? If you can let deal with those, do go chasing windmills again.
Like I said I know nothing about economics, I am not educated, but I have seen the crap you have written from time to time, plus had the benefit...err misfortune to have listened to you once (was enough), you read, write and comprehend seemingly at the level of a 10 year old, yet you hold yourself out to be some kind of professional.
Again can you please just put forward some valid reasons why Jamaica should not abandon its currency and do so lucidly without all the histrionics? One time please!
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