Extortionist gov't

[Lazie]

Friday, January 22, 2010


Dear Editor,
I am deeply dismayed by the government's debt-exchange package. When did those whom we elected become extortionists?
Mr Golding has said that we have got enough of the high interests. What about the people who recently bought the bonds and have received only one interest payment, or none yet? Should we not be able to have our money refunded without interest or penalties?

I am willing to accept a cut in the interest rates for the benefit of Jamaica, but the forced extension of the maturity to 2013 and 2019 for bonds bought in 2009 is unacceptable. Many of us are elderly pensioners just
trying to supplement meagre
incomes. We may not even live to see 2013.

We are expected to sign an agreement by January 26, 2010 but still have no knowledge of the terms or options.

When contacted, the brokers can only state that if the exchange is not accepted the withholding taxes will be increased to an extent that the principal could be affected.

I actually feel on the point of having a stroke. We the investors helped out when the government needed money and now they are punishing us. We are not all rich, as they are fond of suggesting, and how can they tackle extortionists in Jamaica when they are the biggest ones?

We need more information now.
L Grant

Kingston

[Lazie]

We don't need the IMF


Friday, January 22, 2010



Dear Editor,
As I see it, as anyone with common sense should, the alleged consent of some major financial institutions to accept far less than the amount contracted for with the government to facilitate balance-of-payment support by the IMF has not been properly thought through by either the government or the consenting parties, or even by those of influence who are not holders of the bonds involved and have been manifesting support.

Unlike Finsac, which was successfully created by our previous government in addressing and mitigating the problems of the financial sector and saved it with the courage of employing universally accepted practices regardless of political consequence, the debt swap involving loss of income on interest-bearing instruments (bonds) will result in savagery of the financial sector, particularly those exposed institutions. I think too many have been heavily exposed ignoring the value of diversification as a prudent policy against risk as they seek to scoop wealth for themselves at the expense of those who rely on their paraded professed skill and competence which some of them really possess.

Again, the so-called voluntary debt swap will erode confidence without which no relation can survive, or should even exist. Further, revenue will fall in proportion to loss of profit and Jamaican currency will be converted into hard currency resulting in devaluation, which has always been the main weapon in the armoury of the IMF.

I do not think we need the IMF. What we really need is the paltry amount of about US$3 billion provided by soft loans from our dearest friends - the US, Canada and the UK.

I say paltry, because US$3 billion among the US, Canada and the UK is chicken feed and will in fact fertilise their feeding field as we have never experienced either balance or favourable terms of trade with any of them, our dearest friends and allies. In other words, we are all in this together.

I see Trinidad is trying to take the burden of Air Jamaica off our budget.
Owen S Crosbie
Mandeville, Manchester
osss@cwjamaica.com

http://www.jamaicaobserver.com/letters/Crosbie_7343484

[Karl]

Sir Lazie - Did you say there would be no pain accompanying this measure? ...and suggested I was being merely partisan when I brought that up?

...and Sir Sass would you care to reverse yourself and admit there will be 'fall out' for some businesses, some projects on the drawing board (projects being contemplated), and individuals?

[Don1]

We don't need the IMF


Friday, January 22, 2010



Dear Editor,
As I see it, as anyone with common sense should, the alleged consent of some major financial institutions to accept far less than the amount contracted for with the government to facilitate balance-of-payment support by the IMF has not been properly thought through by either the government or the consenting parties, or even by those of influence who are not holders of the bonds involved and have been manifesting support.

Unlike Finsac, which was successfully created by our previous government in addressing and mitigating the problems of the financial sector and saved it with the courage of employing universally accepted practices regardless of political consequence, the debt swap involving loss of income on interest-bearing instruments (bonds) will result in savagery of the financial sector, particularly those exposed institutions. I think too many have been heavily exposed ignoring the value of diversification as a prudent policy against risk as they seek to scoop wealth for themselves at the expense of those who rely on their paraded professed skill and competence which some of them really possess.

Again, the so-called voluntary debt swap will erode confidence without which no relation can survive, or should even exist. Further, revenue will fall in proportion to loss of profit and Jamaican currency will be converted into hard currency resulting in devaluation, which has always been the main weapon in the armoury of the IMF.

I do not think we need the IMF. What we really need is the paltry amount of about US$3 billion provided by soft loans from our dearest friends - the US, Canada and the UK.

I say paltry, because US$3 billion among the US, Canada and the UK is chicken feed and will in fact fertilise their feeding field as we have never experienced either balance or favourable terms of trade with any of them, our dearest friends and allies. In other words, we are all in this together.

I see Trinidad is trying to take the burden of Air Jamaica off our budget.
Owen S Crosbie
Mandeville, Manchester
osss@cwjamaica.com

http://www.jamaicaobserver.com/letters/Crosbie_7343484

This guy is delusional regarding the "chicken feed" of US/Canada/UK and their good intentions

[Assasin]

so only the people who buy the last bond a screw?

At least they are assured of their investment. Where else in the world there is 20% interest on GOVERNMENT bond over a 10 year period? You nuh realise it is ponzi scheme that can't be sustained.

It is obvious this is the best move as the other choice is DEFAULT. Would you rather get 12 percent on your dollar or none at all?

[Assasin]

"dearest friend"

[Lazie]

Sir Lazie - Did you say there would be no pain accompanying this measure? ...and suggested I was being merely partisan when I brought that up?

...and Sir Sass would you care to reverse yourself and admit there will be 'fall out' for some businesses, some projects on the drawing board (projects being contemplated), and individuals?

Karl, I've never suggested any such thing. It is plain that you are always partisan ... from your days of chanting logon to progress and no black dog fi monkey ... until now.

The debt exchange is one of the pieces to an IMF agreement and if unuh cannot see that now ... then a suh.

[Karl]

so only the people who buy the last bond a screw?

No!

[Karl]

Karl, I've never suggested any such thing. It is plain that you are always partisan ... from your days of chanting logon to progress and no black dog fi monkey ... until now.

The debt exchange is one of the pieces to an IMF agreement and if unuh cannot see that now ... then a suh.

Yuh cudda play dandy shandy till yuh weak - the statement was about some fallout to come.

jus seh, yes a tru! ...some fallout a guh follow! End of story!

[Willi]

Ah we dem people yah come from?

[Willi]

We have endured 15+ years of fallout!