by Rick Lowe (http://www.weblogbahamas.com)
A friend sent this article from the Jamaica Observer with the author lamenting the fact that his country now has to pay the piper (IMF), and of course the fault does not lie with the Jamaican government.
That's pure hog wash of course, but I guess most of us need a scapegoat when our actions finally catch up with us. The writer even blames Margaret Thatcher, Ronald Reagan and Ayn Rand for Jamaica's economic failure!
The third paragraph of the article is confirmation that the article is not common sense as the by line is called. The writer says:
"Since there is no Chapter 11 bankruptcy protection for countries, it is my view and has been for years that we should default, divert the interest payments from Cayman and Zurich to the Consolidated Fund and start making ourselves economically autonomous. At one stroke we could double or triple the money available for government expenditure."
Of course I am no fan of the IMF, but to suggest that a country ignore its debt is simply irresponsible. To add insult to injury he suggests this should be done so the Jamaican government can "double or triple the money available for government expenditure".
It is Jamaica's voracious appetite for government spending that caused the equally prodigious borrowing that has placed them in their current dilemma.
Lauding Castro or beating up on ratings agencies like Moody's etc does not wash Jamaica's hands of her profligate spending and borrowing sins.
Beating up on Capitalism is easy, finding a better economic system is a little more difficult.
Why are you disrespecting my Country. Every Government worldwide does overspending. We never disrespect Capitalism and neither do we ever talked bad things about Cuba and Mr. Castro and so why are you insinuating this. Cuba is our closet neighbour and we always have a good relationship with that country to talk like this then it would seem that we in the Caribbean are at war with each other. Jamaica has always pay off our debts and we will continue to do so. We have borrowed money from the IMF before and we paid it off before the agreed time.
I wonder why Jamaica is so dislike in the Caribbean. We love all our Caribbean citizens but they always display hatred towards us. Jamaica will bounced back once again. Our fighting spirits will enable us to move from this what we are going through. We were always fighting on the Athletic Stage but now we are No 1 in sprints. Love is what we want in the Caribbean and stop this bickering.
No disrespect meant to the people of Jamaica.
My remarks are directed toward your politicians/government.
However, many of the people that could help turn Jamaica around left because of the policies of your government, not unlike Cuba.
Right on Rick… As one that has spent many years in Jamaica and lives there in my youth, I can remember, before independence, when that beautiful island was the “Pearl of the Caribbean”.. It was self-sufficient in the production of food and had a growing industrial base.. Today the country is an economic basket case.. You don’t know if you should laugh or cry.
True Jamaica has world class sprinters and relay teams, but for the past forty-five years Jamaicans have been “sprinting” out of their nation.. Today more Jamaicans live outside of Jamaica than live in their country.. One out of every five Jamaicans or about twenty percent live in the New York City metropolitan area.. Shall I go on..
Talented Jamaicans have left their country for economic opportunity and to escape the social problems of drugs and crime.. Shall I go on..better not, I have said enough.. But as my father use to say, “it is not the people stupid, it is the corruption in government” by the power grabbing Socialists..
May God save Jamaica and our Bahamas as well.