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http://jamaica-gleaner.com/gleaner/2...ead/lead6.html...........................................
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fram mii a yuth, tings inn jamaica wass badd. oldah peeps a bawl bout oww tings wurst butt mii seeeeth as de continuation aff de lawlessness ann corruptshans wey a gawn fram a lang thyme. so y tings inn jamaica so badd today? let discuss itt -
yuh know before we did come on here me an dr dudd used to have some big discussion bout the debt issue. back then i was advocating that there was an opportunity to dollarize the economy and that might have been the best option.
right now i see it going the way of Argentina...a more widespread default is int he cards.When its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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borrow a latt more den fallaw argentina lead as de solution to ja ecyaanyamikk woes. doo yuh tink iff ja go dat route ja misleaderss ave gutt fe do datOriginally posted by RichD View PostComment
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definitely not the comradesOriginally posted by blugiant View PostWhen its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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one reason... a lack of production...
When I first pointed this out, I was told that a balanced budget was not nessesary for an economy to develop....And the US was an example and I was stupid to insist that this was a fundamental. (Dr Dudd basically agreed with me)...What most goverments have done is simple rearrange the debt.... devalued our way to increase the size of the economy....
A visit to the country where I am from over the years drew a comment from my mate, that there was no new infrastructure, same roads, heath service buildings same schools, the JPS light poles became like spaghetti....yet there is new private houses, lots of more cars, less people walking bare foot...
Agentina went through hell during the default : I had an argentine engineer in Africa, he had his accounts frozen, imports frozen.. Argentine was lucky they had a boost as they increased oil production, the price of food commodities rose, soya and beef... Effectively they cut imports cost and exports income increase. ie they spent less and made more money..They also negoaiated their way... And there are those wall street titians that bought the debt.
Jamaica does not have these fundamentals. What exports are we going to increase ?
Default would hurt more Jamaicans than external insitutions as alot of debt is to Jamaican insitution and individuals... if the goverment defaults, it will be the local banks whos make huge profit which service local debts.. (Some local banks have over 80% of their assets is in what they owned by the goverment.. a concept that Tuff Gong repeatedly points out)..
But when I pointed this out in the past I was told I was an idiot and the new economies was not run on the fundamental zero sum game...
my solution was that we had to slash goverment debt.. this would unforunately hit the biggest payers of tax..
increase the tax base. there is a lot of non tax payers....
reeducation teach people a garvey trusism.. A goverment is not infallible (Goverments dont simply print money it gets its money from tax)
Refocus the economy to add value to see that bulk exports but valuable exports be it service
We have to look long and hard at some of the fundamentals ie education, we cannot afford to export 80 % of the tertiary graduates..I
But I am a miss educated, am stupid and an idiotLast edited by Wahalla; 12-13-2012, 02:45 AM.Comment
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also as funny as this seems, yesterday there was a reoport on Argentina.. And it sounds like they are heading for anotehr finacial meltdown.... They are according to the IMF underreporting inflation...over reporting growth....I confess I havent been following Argentina in the news, it seems they are back to where they were in 2001
What a difference a year makes!
here is a report from a year ago....
Last edited by Wahalla; 12-14-2012, 03:54 AM.Comment
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