The Editor, Sir:

I read with some amusement an item carried in the Sunday Gleaner of December 2. In it, Bishop Morgan sought to draw a distinction between investment schemes and gambling. It seems that the Church has rabidly opposed gambling for so long without any discussion on what constitutes gambling and why it is opposed, that even some among its leadership are at a loss.

It was amusing because in trying to separate his foreign exchange trading activities from gambling, Bishop Morgan used the following definition for gambling: "Gambling is when you put your money at risk to win at the expense of others". He further went on to state that forex trading happens every day and the risk can be reduced. Well, here is a clarification for you Bishop Morgan, when you bet on a currency going higher relative to the other, don't you think someone has to be betting in the other direction? In addition, the money you gain, has to be lost from someone else in order for you to gain it.

Horse racing

Let's also look at another popular form of gambling in Jamaica, horse racing. If I go to the track to place a bet on one horse beating another (as in one currency outperforming another), I can reduce my risk of losing by analysing the horse's history, past performances, the jockey, his weight, the conditions on the day and compare that with similar conditions for the other horses in the game. That is very similar to your analysis that is done on the currency indicators (GDP, growth rates, trade figures, interest rates, etc.). Now, I ask you Bishop Morgan, how is currency trading different from gambling again?

I am, etc.,

RICARDO SMALLING

rsmalling@sympatico.ca

Ontario, Canada