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Re: Should Jamaica adopt an international currency
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Hmmm [img]/forums/images/graemlins/70402-thinking.gif[/img] 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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how would you get countries like Trinidad, Barbados and the Bahamas who have stable currencies to go along with this?
what's in it for them? who would be the controlling country?
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That's a good question. Well the short answer is, those islands would prosper even better under such a union. The same arguements were used in europe "for and against" the countries in europe that were richer, better economies, more natural resources to offer than others and more military might than other smaller more fragile countries in europe but those poorer, weaker european countries were let in. One can't descriminate.
As for who would be in charge well... again like in the european union the same issues were raised; the solution is each year/term a new head of state (meaning prime minister/president) of a country within the european union is voted in by the other members as the president of the european union. It seems to work fine. last term it was the french president this term it is tony blaire that was voted in; next term it will be some one else and so on...
No one country is in charge regardless of how strong rich or large their country is and no one country dominate the other because of more natural resources. The methodology is to make europe collectively a stronger world poer economically and militarly. The single currency (euro) is used instead of the francs, marc, sterling pasatos etc. on the trade market. Iy means the euro can now hold it's own even stronger against the $US dollar even better than the £Sterling given the the British £sterling is worth more than the $US from the beginning and continues to do so!!!
Compared to Trinidad etc. these countries are giants yet they saw the need!!! Plus if trinidad etc. decided to stay out like britain did before because it thought it's currency was too good and strong to risk in the union. Trinidad like britain would quickly realise that as the union grows and it would be left out in the cold and with all it's oil it's economy would not progress as fast as the those within the union. hence britain is now a fully pledged member accepting the euro within britain as legal tender!!
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and yet Barbados which lies in the eastern caribbean didn't join Antigua, Dominica etc in using the EC$ (eastern caribbean $) Barbados has it's own currency..
if you really believe that Trini, Barbados & the Bahamas etc will link up with each other & ja in a single currency, and 'share' power - not in this lifetime
how exactly would the more prosperous countries benefit by putting themselves with poorer countries? by intervening in the poorer countries economy? buying up it's assets? would ja want to give up sovereignty?
are you aware that a major stumbling block with the proposed CARICOM CSME (caribbean single market & economy) is that well-off countries dont want free movement of labour provision implemented, they fear being swamped with cheap labour from the poorer countries, and you think such countries will sign off on a single currency?
maybe you should check further and research the proposed CSME provisions and the sticking points, so that you will see that a single currency proposal isn't feasible.
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Hmmm [img]/forums/images/graemlins/70402-thinking.gif[/img] 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.
[/ QUOTE ]
how would you get countries like Trinidad, Barbados and the Bahamas who have stable currencies to go along with this?
what's in it for them? who would be the controlling country?
[/ QUOTE ]
That's a good question. Well the short answer is, those islands would prosper even better under such a union. The same arguements were used in europe "for and against" the countries in europe that were richer, better economies, more natural resources to offer than others and more military might than other smaller more fragile countries in europe but those poorer, weaker european countries were let in. One can't descriminate.
As for who would be in charge well... again like in the european union the same issues were raised; the solution is each year/term a new head of state (meaning prime minister/president) of a country within the european union is voted in by the other members as the president of the european union. It seems to work fine. last term it was the french president this term it is tony blaire that was voted in; next term it will be some one else and so on...
No one country is in charge regardless of how strong rich or large their country is and no one country dominate the other because of more natural resources. The methodology is to make europe collectively a stronger world poer economically and militarly. The single currency (euro) is used instead of the francs, marc, sterling pasatos etc. on the trade market. Iy means the euro can now hold it's own even stronger against the $US dollar even better than the £Sterling given the the British £sterling is worth more than the $US from the beginning and continues to do so!!!
Compared to Trinidad etc. these countries are giants yet they saw the need!!! Plus if trinidad etc. decided to stay out like britain did before because it thought it's currency was too good and strong to risk in the union. Trinidad like britain would quickly realise that as the union grows and it would be left out in the cold and with all it's oil it's economy would not progress as fast as the those within the union. hence britain is now a fully pledged member accepting the euro within britain as legal tender!!
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and yet Barbados which lies in the eastern caribbean didn't join Antigua, Dominica etc in using the EC$ (eastern caribbean $) Barbados has it's own currency..
if you really believe that Trini, Barbados & the Bahamas etc will link up with each other & ja in a single currency, and 'share' power - not in this lifetime
how exactly would the more prosperous countries benefit by putting themselves with poorer countries? by intervening in the poorer countries economy? buying up it's assets? would ja want to give up sovereignty?
are you aware that a major stumbling block with the proposed CARICOM CSME (caribbean single market & economy) is that well-off countries dont want free movement of labour provision implemented, they fear being swamped with cheap labour from the poorer countries, and you think such countries will sign off on a single currency?
maybe you should check further and research the proposed CSME provisions and the sticking points, so that you will see that a single currency proposal isn't feasible.
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