Should Jamaica adopt an international currency

[RichD]

Re: Should Jamaica adopt an international currency

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RichD, I see your point but I have to disagree with you on this one.

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i understan...because i have been told dat i struggle wid di language [img]/forums/images/graemlins/grin.gif[/img]


mek i siif i can draw an picture:


you remeber back when the Jamaican dollar was worth $1.20 US?


i think backthen you could pay a domestic helper about $10 per week($12 US per week)

a pound of flour was about $0.10.

so fast forward to today ..the jamican dollar is worth less then $0.02 cents US .a domestic hellper earns about $5000 a week ( $80 US) and a pound of flour is about $18...

how has the exchange rate affected this person..are they better or worse off?

[Morpheous]

Re: Should Jamaica adopt an international currency

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RichD, I see your point but I have to disagree with you on this one.

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i understan...because i have been told dat i struggle wid di language [img]/forums/images/graemlins/grin.gif[/img]


mek i siif i can draw an picture:


you remeber back when the Jamaican dollar was worth $1.20 US?


i think backthen you could pay a domestic helper about $10 per week($12 US per week)

a pound of flour was about $0.10.

so fast forward to today ..the jamican dollar is worth less then $0.02 cents US .a domestic hellper earns about $5000 a week ( $80 US) and a pound of flour is about $18...

how has the exchange rate affected this person..are they better or worse off?

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As mi sey mi undstand where yuh a come from but mi havi disagree wid yuh caw the pitchta biggah dan dat...

[RichD]

Re: Should Jamaica adopt an international currency

so how would jamaica benifit from a dollar at par?

[Dr.Dudd]

Re: Should Jamaica adopt an international currency

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RichD, I see your point but I have to disagree with you on this one.

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i understan...because i have been told dat i struggle wid di language [img]/forums/images/graemlins/grin.gif[/img]


mek i siif i can draw an picture:


you remeber back when the Jamaican dollar was worth $1.20 US?


i think backthen you could pay a domestic helper about $10 per week($12 US per week)

a pound of flour was about $0.10.

so fast forward to today ..the jamican dollar is worth less then $0.02 cents US .a domestic hellper earns about $5000 a week ( $80 US) and a pound of flour is about $18...

how has the exchange rate affected this person..are they better or worse off?

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As mi sey mi undstand where yuh a come from but mi havi disagree wid yuh caw the pitchta biggah dan dat...

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Explain fi mi.

[RichD]

Re: Should Jamaica adopt an international currency

jus want to mek sure morphesus nuh miss it...

[niceniss]

Re: Should Jamaica adopt an international currency

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RichD, I see your point but I have to disagree with you on this one.

[/ QUOTE ]

i understan...because i have been told dat i struggle wid di language [img]/forums/images/graemlins/grin.gif[/img]


mek i siif i can draw an picture:


you remeber back when the Jamaican dollar was worth $1.20 US?


i think backthen you could pay a domestic helper about $10 per week($12 US per week)

a pound of flour was about $0.10.

so fast forward to today ..the jamican dollar is worth less then $0.02 cents US .a domestic hellper earns about $5000 a week ( $80 US) and a pound of flour is about $18...

how has the exchange rate affected this person..are they better or worse off?

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$5000 a week? that's a stretch. try $1200-$1500 instead.

Are you trying to make the point that even with her wage being higher in numbers the value is much less because she will only be able to afford fewer goods and services than she would've with the $12?

[RichD]

Re: Should Jamaica adopt an international currency

which part a tyard yuh a get sombody fi work fi $1500 a week?


the official minimum wage is like $2800 a week.


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Are you trying to make the point that even with her wage being higher in numbers the value is much less because she will only be able to afford fewer goods and services than she would've with the $12?

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if that is what yuh get from this im doing alot worse that i thought.
[img]/forums/images/graemlins/704555_dwl.gif[/img]

The p0int im trying to make is that the exchange rate is irrelevant..as long as the currency is stable ( not changeing value significnatly over time)...what diffrence does it make if you have $1 dollar in your pocket worth 1 US or $65 in your pocket worth 1 US.?
what you need to know is that whatever you are getting aid has the same reletive value over time.

[niceniss]

Re: Should Jamaica adopt an international currency

when dem mek it two eight?

well me neva get u point then. u have a point re stability like the Japanese yen that has remain with the 100 and 115 range over the past two or more decades(right now its at 113 to 1). however, the jamaican dollars is somewhat different, in that the stability alone is not enough. the value of the dollar is of greater importance and that erroroneous scenario I made in reading your point(from that single post, I must admit not reading the thread in its entirety) to me is a more valid point.

someone might have made less in numbers some years ago than what he makes today, but the number and quality of the goods he could have baught those years aback far exceeds what he can buy now.

[RichD]

Re: Should Jamaica adopt an international currency

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when dem mek it two eight?

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end of january this year
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well me neva get u point then. u have a point re stability like the Japanese yen that has remain with the 100 and 115 range over the past two or more decades(right now its at 113 to 1). however, the jamaican dollars is somewhat different, in that the stability alone is not enough.

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i agree that stability alone is not enough however it is very important.

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the value of the dollar is of greater importance and that erroroneous scenario I made in reading your point(from that single post, I must admit not reading the thread in its entirety) to me is a more valid point.

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why?
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someone might have made less in numbers some years ago than what he makes today, but the number and quality of the goods he could have baught those years aback far exceeds what he can buy now.

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yuh mean dem did have better flour an sugar back in di day?

[Tuff Gong]

Re: Should Jamaica adopt an international currency


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The p0int im trying to make is that the exchange rate is irrelevant..as long as the currency is stable ( not changeing value significnatly over time)...what diffrence does it make if you have $1 dollar in your pocket worth 1 US or $65 in your pocket worth 1 US.?
what you need to know is that whatever you are getting aid has the same reletive value over time.

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I agree with you.... there is one problem however. With regards to Jamaica it is not such a linear equation as most of Jamaica's goods and services is imported and therefore has a ForeEX value to it.

In Italy, Japan, China and other countries with weak currency to the USA$ they are able to satisfy a lot of their needs locally and they have positive exports against their imports, therefore for the man in the street the local currency only has local value implications.

[RichD]

Re: Should Jamaica adopt an international currency

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The p0int im trying to make is that the exchange rate is irrelevant..as long as the currency is stable ( not changeing value significnatly over time)...what diffrence does it make if you have $1 dollar in your pocket worth 1 US or $65 in your pocket worth 1 US.?
what you need to know is that whatever you are getting aid has the same reletive value over time.

[/ QUOTE ]

I agree with you.... there is one problem however. With regards to Jamaica it is not such a linear equation as most of Jamaica's goods and services is imported and therefore has a ForeEX value to it.



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this i whay it is even more true for a place like jamaica

you see is not like you can use jamaican money to pay for these imported good...so as long as the price of these good stays stable relitive to th earnings and costs in jamaican dollars inflation can be controlled..and business can plan and grow.

[Tuff Gong]

Re: Should Jamaica adopt an international currency

[ QUOTE ]
[ QUOTE ]

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The p0int im trying to make is that the exchange rate is irrelevant..as long as the currency is stable ( not changeing value significnatly over time)...what diffrence does it make if you have $1 dollar in your pocket worth 1 US or $65 in your pocket worth 1 US.?
what you need to know is that whatever you are getting aid has the same reletive value over time.

[/ QUOTE ]

I agree with you.... there is one problem however. With regards to Jamaica it is not such a linear equation as most of Jamaica's goods and services is imported and therefore has a ForeEX value to it.



[/ QUOTE ]

this i whay it is even more true for a place like jamaica

you see is not like you can use jamaican money to pay for these imported good...

[/ QUOTE ]...but there is a necessary conversion and this happen all day every day because so many goods and services are imported.

[niceniss]

Re: Should Jamaica adopt an international currency

[ QUOTE ]
[ QUOTE ]

[ QUOTE ]
The p0int im trying to make is that the exchange rate is irrelevant..as long as the currency is stable ( not changeing value significnatly over time)...what diffrence does it make if you have $1 dollar in your pocket worth 1 US or $65 in your pocket worth 1 US.?
what you need to know is that whatever you are getting aid has the same reletive value over time.

[/ QUOTE ]

I agree with you.... there is one problem however. With regards to Jamaica it is not such a linear equation as most of Jamaica's goods and services is imported and therefore has a ForeEX value to it.



[/ QUOTE ]

this i whay it is even more true for a place like jamaica

you see is not like you can use jamaican money to pay for these imported good...so as long as the price of these good stays stable relitive to th earnings and costs in jamaican dollars inflation can be controlled..and business can plan and grow.

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so u see that stability is only a single part of solution and not the solution in and of itself?
inflation and earnings are important variables.

[RichD]

Re: Should Jamaica adopt an international currency

yes...but in terms of day to day operation/living...if the converasion rate remains stable and allows salries to adjust to this rate ( whichis what has been going on over th past 5 or so years) what effect does it have on a person if somthing cost him 20% of his pay ..does it matter that that 20% is denoted as $30,000, $3000 or $300? all that matters is that its not changing from day to day..and he can plan for and afford it.

seems to me ppl get caught up when they hear dollar and see the big numbers.

[RichD]

Re: Should Jamaica adopt an international currency

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so u see that stability is only a single part of solution and not the solution in and of itself?
inflation and earnings are important variables.

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but stability is the primary building block