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touching on a nerve....
I don't mean to distract you from spinning.. but.. any comment ?
<Financial analyst Ralston Hyman contends that both the Government and the banks must shoulder much of the blame.
He said the P.J. Patterson administration went against sound advice and liberalised the economy.
"The Government of the day must be blamed for the premature liberalisation of the foreign-exchange market … . The country was not ready for that," declared Hyman.
He contended that there was no reserve at the central bank to enable it to intervene on the foreign-exchange market; there was no regulatory oversight to regulate the proliferation of financial institutions that took place after the decision was made.
Ralston also argued that both fiscal and monetary policy were not tight.
"As a result, the exchange rate dropped and inflation rose," he said.>
Shall we file this in the bulging 'Youthful Exuberance' folder ?
I don't mean to distract you from spinning.. but.. any comment ?
<Financial analyst Ralston Hyman contends that both the Government and the banks must shoulder much of the blame.
He said the P.J. Patterson administration went against sound advice and liberalised the economy.
"The Government of the day must be blamed for the premature liberalisation of the foreign-exchange market … . The country was not ready for that," declared Hyman.
He contended that there was no reserve at the central bank to enable it to intervene on the foreign-exchange market; there was no regulatory oversight to regulate the proliferation of financial institutions that took place after the decision was made.
Ralston also argued that both fiscal and monetary policy were not tight.
"As a result, the exchange rate dropped and inflation rose," he said.>
Shall we file this in the bulging 'Youthful Exuberance' folder ?
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