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<SPAN class=Subheadline></SPAN></TD></TR><TR><TD>Dennis Chung
Friday, March 23, 2007
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<P class=StoryText align=justify>A recent article in Forbes magazine looked at what some of the world's billionaires drive. Of course at the top of the list were Bill Gates and Warren Buffett. Gates drives a 1999 Porsche 911 and a 1988 Porsche 959 coupe. Buffett drives a 2001 Lincoln Town car with the words THRIFTY on the licence plate. The magazine also states that the trend noticed is that billionaires tend not to focus on material possessions such as cars, which depreciate, but rather tend to put their resources and efforts into their businesses.<P class=StoryText align=justify>Recently, I was having a discussion with a well-known Jamaican, who commented that while working in Trinidad in the 1980s, it was very obvious to him that instead of buying fancy cars and houses, as Jamaicans do, what Trinidadians did was to retool their factories and spend most of their money on modernising the businesses. Well, they became the manufacturers for CARICOM and we had FINSAC. This is not to justify the manner with which a Trinidadian, recently being interviewed by Cliff Hughes, pompously stated that the agreement to supply LNG to Jamaica was an MOU and therefore not binding on either party. What happened to the word of a government? Doesn't that mean anything anymore? I am sure that this is not the sentiment of the prime minister, and people like that should be banned from speaking for fear of reversing our CARICOM efforts.<P class=StoryText align=justify>Resource usage<P class=StoryText align=justify>These two accounts bring to the forefront the relationship between cricket, aeroplanes, and poverty, in the Jamaican context. They all compete for the same resources. Of course in true Jamaican style, cricket and aeroplanes (Air Jamaica) get the lion's share, while poverty continues to increase because it is deprived of resources as a result of cricket and aeroplanes. I can say this for the politicians who that are afraid to because it might cost them votes, as no one is going to vote for me.<P class=StoryText align=justify>On the day of the opening ceremony at the expensive Trelawny multi-purpose stadium, TVJ covered this magnificent affair, with all the Jamaicans present enjoying themselves immensely. In true Jamaican style, we showed the world that we know how to party. Two stories later I saw an elderly teary-eyed lady saying that she fell down carrying water in a bucket to her home, because there was no running water. Still another report showed a man saying that his car had been damaged by the police who had borrowed it to chase thieves on many occasions, as they had no vehicle, and he was having difficulty being compensated.<P class=StoryText align=justify>Now this is the same country where we spend J$9 billion to host world cup cricket, and maybe about J$2 - J$3 billion on the Trelawny stadium. This is the same country that has a national airline that lost US$153 million (J$10 billion) in 2006, and US$120 million (J$8 billion) in 2005. This is the same country that runs a sugar company that loses hundreds of millions of dollars each year. As the celebrated IMF report states in paragraph 14 ".the data indicate that the deficit of the JUTC exceeded planned amounts by three-fold; that of the sugar company exceeded planned amounts by almost seven-fold; and that of Air Jamaica has been more than double the expected amount. Altogether, the excesses of these three enterprises amount to almost 1 per cent of GDP this year."<P class=StoryText align=justify>In addition to all these losses, we spend J$ billions on a stadium to host an opening ceremony and some warm-up matches, and which might have some positive revenue impact in the future. In the present, though, the old lady can continue to carry the water, and fall down while doing it, because the money has to be spent on cricket, aeroplanes, and sugar t
<SPAN class=Subheadline></SPAN></TD></TR><TR><TD>Dennis Chung
Friday, March 23, 2007
</TD></TR></TBODY></TABLE>
<P class=StoryText align=justify>A recent article in Forbes magazine looked at what some of the world's billionaires drive. Of course at the top of the list were Bill Gates and Warren Buffett. Gates drives a 1999 Porsche 911 and a 1988 Porsche 959 coupe. Buffett drives a 2001 Lincoln Town car with the words THRIFTY on the licence plate. The magazine also states that the trend noticed is that billionaires tend not to focus on material possessions such as cars, which depreciate, but rather tend to put their resources and efforts into their businesses.<P class=StoryText align=justify>Recently, I was having a discussion with a well-known Jamaican, who commented that while working in Trinidad in the 1980s, it was very obvious to him that instead of buying fancy cars and houses, as Jamaicans do, what Trinidadians did was to retool their factories and spend most of their money on modernising the businesses. Well, they became the manufacturers for CARICOM and we had FINSAC. This is not to justify the manner with which a Trinidadian, recently being interviewed by Cliff Hughes, pompously stated that the agreement to supply LNG to Jamaica was an MOU and therefore not binding on either party. What happened to the word of a government? Doesn't that mean anything anymore? I am sure that this is not the sentiment of the prime minister, and people like that should be banned from speaking for fear of reversing our CARICOM efforts.<P class=StoryText align=justify>Resource usage<P class=StoryText align=justify>These two accounts bring to the forefront the relationship between cricket, aeroplanes, and poverty, in the Jamaican context. They all compete for the same resources. Of course in true Jamaican style, cricket and aeroplanes (Air Jamaica) get the lion's share, while poverty continues to increase because it is deprived of resources as a result of cricket and aeroplanes. I can say this for the politicians who that are afraid to because it might cost them votes, as no one is going to vote for me.<P class=StoryText align=justify>On the day of the opening ceremony at the expensive Trelawny multi-purpose stadium, TVJ covered this magnificent affair, with all the Jamaicans present enjoying themselves immensely. In true Jamaican style, we showed the world that we know how to party. Two stories later I saw an elderly teary-eyed lady saying that she fell down carrying water in a bucket to her home, because there was no running water. Still another report showed a man saying that his car had been damaged by the police who had borrowed it to chase thieves on many occasions, as they had no vehicle, and he was having difficulty being compensated.<P class=StoryText align=justify>Now this is the same country where we spend J$9 billion to host world cup cricket, and maybe about J$2 - J$3 billion on the Trelawny stadium. This is the same country that has a national airline that lost US$153 million (J$10 billion) in 2006, and US$120 million (J$8 billion) in 2005. This is the same country that runs a sugar company that loses hundreds of millions of dollars each year. As the celebrated IMF report states in paragraph 14 ".the data indicate that the deficit of the JUTC exceeded planned amounts by three-fold; that of the sugar company exceeded planned amounts by almost seven-fold; and that of Air Jamaica has been more than double the expected amount. Altogether, the excesses of these three enterprises amount to almost 1 per cent of GDP this year."<P class=StoryText align=justify>In addition to all these losses, we spend J$ billions on a stadium to host an opening ceremony and some warm-up matches, and which might have some positive revenue impact in the future. In the present, though, the old lady can continue to carry the water, and fall down while doing it, because the money has to be spent on cricket, aeroplanes, and sugar t
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