LETTER OF THE DAY - Is there an economic policy?

Published: Monday | August 3, 2009


The Editor, Sir:

We are once again borrowing money, this time from a leader of last resort. If the International Monetary Fund (IMF) does not lend it to us, then who else will? Have we stopped to ask ourselves why we need to borrow money? Simply put, when we last borrowed from the IMF we did some things right, but certainly not enough. Now we are broke once more. Here we go again. Let us see why and try to learn.

We are borrowing foreign money, not Jamaican dollars. We do not earn enough to keep us as a nation. They key word is not money but nation. As a people we live mainly on the following. First, through the generosity of the diaspora, those from among us who had the courage to go elsewhere to seek a living, and have done well. They send charity back home.

Second, we live on the geographic blessing that we inherited - the sand, sun and sea, that visitors come to enjoy, yes, tourism. Third, we were blessed with bauxite which converts to aluminium, although not so much in demand at present.

Even with all this, we have become a nation of mendicants, a nice word for beggars. We beg for a barrel, a money transfer; we plead with the tourist to visit and beg foreigners to build hotels so that these tourists may have somewhere to stay and lastly, we have sent out willingly, the bauxite and alumina that is a depleting asset. As a result we now live high off the hog, import most of our food, have little other production and those who are not in these loops are still 'sufferers' who beg Government for assistance, some even if they get barrels. We are living beyond our means.

Change of attitude

May I suggest that we have to change our attitude and values. This is not a political statement but a real one. We have to start today to put family, community and nation first. We have to build a society though communities of caring, sensible and productive people, who are feeding ourselves and proud of our heritage. The IMF acronym really means that 'I man first' is how we think now. But this must change if we wish to stop the borrowing with the pain and the uncertainty and create a solid future for our children. Let us really think on these issues.

I am, etc.,

AINSLEY HENRIQUES

ainsley@cwjamaica.com