Should Jamaica adopt an international currency

[RichD]

Re: Should Jamaica adopt an international currency

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sounds like you have confidence in the policies that have misgoverned the country for the past 17 years...

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not saying that at all.

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I put it to you that the factors that have caused the instability of the dollar are not simply investor confidence and such to which you have pointed. I put it to you that factors such as crime, govt unpredictability (as in making fiscal policies(that affect investors) without viable opposition at whim ),high overhead of utilities(caused by monopolies such as JPS),Public(govt) Corruption, lack of security and the attractiveness of buying govt papers at high interest rates(caused by govt printing excess dollars for election purposes [img]/forums/images/graemlins/smirk.gif[/img]) are the reasons for the instability and weakening of the Jamaican dollar and those factors are yet to be removed or even threatened...

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i didn't say investor confidence. i

everything you have outlined results in loss of confidence that im talkign about
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caused by govt printing excess dollars for election purposes [img]/forums/images/graemlins/smirk.gif[/img])

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if govt was printing excess dollars to pay for these promises why would they have to issue paper to borrow money from ppl to also pay for them?

[niceniss]

Re: Should Jamaica adopt an international currency

u serious wid u last question? [img]/forums/images/graemlins/70456-eyebrows.gif[/img] J'can govt noh beleive in logic and they didnt print the money to deliver on promises. [img]/forums/images/graemlins/smirk.gif[/img] they printed to spend during campaign to win...

[RichD]

Re: Should Jamaica adopt an international currency

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u serious wid u last question? [img]/forums/images/graemlins/70456-eyebrows.gif[/img] J'can govt noh beleive in logic and they didnt print the money to deliver on promises. [img]/forums/images/graemlins/smirk.gif[/img] they printed to spend during campaign to win...

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hmmm....it would be interesting to see some evidence of this....did the opposition call them on it?



im not questioning wether thet spent money they didnt have on election promises they could not afford...im questioning the fact as to wether they printed additional money for this.

[niceniss]

Re: Should Jamaica adopt an international currency

by all means, please dont take my word for it. research for yourself.
you can check Perkins's records for the debate/scandal on this or some media records...

[RichD]

Re: Should Jamaica adopt an international currency

jus gi mi di synopsis nuh...


i reall di "run wid it" an seem to recall them going to borrow soem money to cover this..but is the printing part that throw mi

and di foolish investors did not even twitch at this? (cant recall any serious additional pressure on the currency which would usually result from information of unwarnated printing becoming public)

[niceniss]

Re: Should Jamaica adopt an international currency

big enough scandal at the time to warrant Perkins to speak on it but as usual the govt had its own media ppl trying to play down what happened. I recall that it did cause some investors to withdraw, but the lure of high rates on govt papers was too much for some to withstand. But my memory of the events arent as exact as I'd like(except for the printing of paper fallout) so its a good idea to do further research...

[RichD]

Re: Should Jamaica adopt an international currency

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(except for the printing of paper fallout)

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ahhh!!!..pringing of paper and printing of money are significantly different things!!

[niceniss]

Re: Should Jamaica adopt an international currency

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(except for the printing of paper fallout)

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ahhh!!!..pringing of paper and printing of money are significantly different things!!

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the MINT noh print nutten but jamaican currency as far as me know... and me use paper fi interchange with money in this instance. [img]/forums/images/graemlins/70456-eyebrows.gif[/img] [img]/forums/images/graemlins/smirk.gif[/img]

[RichD]

Re: Should Jamaica adopt an international currency

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(except for the printing of paper fallout)

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ahhh!!!..pringing of paper and printing of money are significantly different things!!

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the MINT noh print nutten but jamaican currency as far as me know... and me use paper fi interchange with money in this instance. [img]/forums/images/graemlins/70456-eyebrows.gif[/img] [img]/forums/images/graemlins/smirk.gif[/img]

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so mi really confused...di that gov issue bonds to cover these promises or did they have additional currency printed to cover these promises(in which case since there was no investor fallout its no big deal since they would actually make a profit on it and they shoudl do it more if they can get away with it)

[niceniss]

Re: Should Jamaica adopt an international currency

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(except for the printing of paper fallout)

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ahhh!!!..pringing of paper and printing of money are significantly different things!!

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the MINT noh print nutten but jamaican currency as far as me know... and me use paper fi interchange with money in this instance. [img]/forums/images/graemlins/70456-eyebrows.gif[/img] [img]/forums/images/graemlins/smirk.gif[/img]

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so mi really confused...di that gov issue bonds to cover these promises or did they have additional currency printed to cover these promises(in which case since there was no investor fallout its no big deal since they would actually make a profit on it and they shoudl do it more if they can get away with it)

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ok. u soun confused fi true.

step one: print excess cash to service campaigns(as in issue 'election work' money for votes)

step two: after the consequential inflation for printing valueless dollars, they needed to mop up liquidity.

step three: create high interest rates to mop up liquidity.

step four: high rates caused fallouts in the financial sector-- you do remember the number of banks going under, dont you?

step five: govt needs money for various reasons brought on by the fallouts from the interest rates.

step six: create CDs, Bonds and other lending instruments at exhorbitant interest rates

step seven: well... you know about the lure away from the manufacturing sector...


clear as mud? [img]/forums/images/graemlins/70456-eyebrows.gif[/img]

[RichD]

Re: Should Jamaica adopt an international currency

yuh si all di moves from far eh...why ppl at places like di IMF staff monotoring program nuh sight dem moves deh too?

[niceniss]

Re: Should Jamaica adopt an international currency

actually I was much closer to it than the IMF...

btw all the IMF concern demself about is di repayment of dem loans so dem issue ways of how fi spen di money. memba say at one time dem(govt) didda brag say dem a get rid of the IMF(borrowing)? well di IMF neva waan fi len dem afta di crash but dem(govt-wid tails between legs) beg dem(imf) hawd.

[RichD]

Re: Should Jamaica adopt an international currency

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actually I was much closer to it than the IMF...

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yuh was runnin one of the banks that went under due to high interest rates ( wonda how any of dem did survive wid demhigh rates)

[niceniss]

Re: Should Jamaica adopt an international currency

annoh jus di high rates alone(dem own internal management help sink dem too, but wid summuch dat go dung at the same time u must look at the outside factor whey dem all had in common) and u trying to be clever wid me points, noh true ? [img]/forums/images/graemlins/70456-eyebrows.gif[/img] [img]/forums/images/graemlins/grin.gif[/img]

[RichD]

Re: Should Jamaica adopt an international currency

i don't agree that the high interest rates were the cause of the bank failure.