THE EDITOR, Sir

In the context of the laws of supply and demand, I don't think there is any merit in support for the float of our dollar as recently advocated by Dr Adrian Stokes.

There must either be dollarisation or fixed exchange rate.

The latter is more feasible.

At this time and for the foreseeable future, demand for the dollar will far exceed supply.

The economic conditions which ground this fact, have been in the public domain over an extended period and should be too well known for me to either state or particularise them here.

However, what I can say is that the net international reserves will be wiped out if the Bank of Jamaica is forced to continue in the obvious futile attempt to defend the sliding dollar.

Improve the value

It is the intelligent (called entrepreneur) who, in the final analysis, is the source of economic growth and development to stabilise or improve the value of our currency.

Without more, I think the Senate should be constituted of essentially successful men and women of business and have much more say in the financial affairs of the country, such as the right to originate and to defeat money bills; and so control political power — which in my considered opinion is a principal organ of economic disaster as politicians too often spend to gain and maintain power in reckless disregard for economic growth.

However, I support Dr Stokes in his call for independence of the Bank of Jamaica as I have always advocated.

Owen S. Crosbie

osss@cwjamaica.com