Got to love the progress taking place. Mosiah yuh must

[Assasin]

Rockman, it simple that we fail to manage. Our biggest import is oil and oil product. How do we cut that, when car is a status symbol in Jamaica???

Do you know that a part of Petro Carib deal is that we can export goods, I think up to 100million to Venuzula??? We have done not even 1/10 of this yet we talk bout the good deal we have. In a year when we have no storm or drought our import food bill rise by 20% Joke buzniz. talk shop.

[Rockman]

Yep,but our importing oil is understandably substantial regarding...but that isn't the culprit.It does not displace a local sector.
I an I nah eat nuttin from people dat doan like me.
The ten year refrigerated chicken...comes to mind.
It is not just more sound by way of the economy but quite possibly healthwise too.
Animals with growth harmones and GMA food,YUCK!

[Don1]

Yuteman yuh ignorant to all tings except promoting yuh corrupt tribe ... betta yuh kool before mi affi deal wid yuh eediat case proppa

[Assasin]

It is not understandable. We need to live within our means. We have to cut the oil import. We went and import too many cars without thinking of what will follow and the gas requirement.

Yes we have to cut food import but that alone will get us nowhere. We need real solutions, more than just food.

[Don1]

What policy did One Turd have in place that kept the value of our dollar higher than this?

Err... easy...Massive Borrowing of FX to the extent of increasing the external debt stock ~50% in a mere 4 years...That bought (on credit) exchange rate stability 2008-2011 but we'll be paying for that profligacy over the next 20-30 years or so

Unfortunately Shaw reneged on the reform requirements the IMF imposed...leading to the suspension of that deal but only after Jamaica was front-loaded the money

What we see on the forum is an ignorance of basic economics or an inability or unwillingness to be analytical for tribal reasons.
In the short run (1-3 years) Jamaica has zero options to stabilize the economy other than a combination of more massive debt, massive taxes, devaluation or other demand compression policies... along with simultaneously undertaking financial, tax, pension and public sector reforms

I think the previous PM (to his credit) loosely referred to this inevitable direction as "Bitter Medicine"

It's clear to most objective observers and people in finance that Phillips is doing a creditable job... so far


Go figure

[Rockman]

Regarding gass,I think we do buy at a low price and it is sold at the pump at a high pirice ensuring continuity.Also,we know in Jamaica the price of gas will escalate if demand is not met.Industrial use is of concern though.
Cutting food import would level the playing field which today is a HUGE problem facing our hardworking farmers.
We have to embrace the concept of becoming self reliant sah.

[Assasin]

By far Gas is our number one import, unless we cut it, we will continue to lag.

No doubt cutting the food import is critical and it means growth for farmer but don't think because we pay lower price than some places it is not a huge problem.

[Rockman]

Do not get me wrong,we like other nations are burdened by an excessive demand for gas.

[Assasin]

yes but that don't mean we shouldn't plan and do better.

We need better transport system and better ways of saving energy. We are bothered because we fail to plan.

[Lazie]

Yuteman yuh ignorant to all tings except promoting yuh corrupt tribe ... betta yuh kool before mi affi deal wid yuh eediat case proppa

LOL! You realize as a comedian your only purpose here is to provide laughter ... like in the above post?

[Lazie]

Err... easy...Massive Borrowing of FX to the extent of increasing the external debt stock ~50% in a mere 4 years...That bought (on credit) exchange rate stability 2008-2011 but we'll be paying for that profligacy over the next 20-30 years or so

Unfortunately Shaw reneged on the reform requirements the IMF imposed...leading to the suspension of that deal but only after Jamaica was front-loaded the money

What we see on the forum is an ignorance of basic economics or an inability or unwillingness to be analytical for tribal reasons.
In the short run (1-3 years) Jamaica has zero options to stabilize the economy other than a combination of more massive debt, massive taxes, devaluation or other demand compression policies... along with simultaneously undertaking financial, tax, pension and public sector reforms

I think the previous PM (to his credit) loosely referred to this inevitable direction as "Bitter Medicine"

It's clear to most objective observers and people in finance that Phillips is doing a creditable job... so far


Go figure

Hear yah? You clownrades nuh tired fi spin and tell lies? When the previous gov't made harsh decisions they were wicked and uncaring. Now the $ a run whey you want to call it bitter medicine? Hypocrite!

"Unfortunately Shaw reneged on the reform requirements the IMF imposed..."

Again, stop yuh lie Don1. Mosiah and others may dashout as you tell the lies, but it does not change the fact you are lying.

Shaw did no such thing. Nobody wanted to buy CAP especially after the forward sale agreement your genius of a gov't had entered into. The agreement expired at the end of 2012 so it was no longer an issue for this gov't to deal with.

There was the matter of pension and tax reform that the IMF wanted to be done at the speed of light, the gov't then decided to go the route of consultation, but of course you nuh listen the news, so how you ago know?

[Don1]

Lazie your tribal nature disqualifies you from any objective analysis... just be a JLP cheerleader an dun

Here are the facts:

1. The JLP IMF agreement was derailed..i.e it failed

2. The reason it failed is because the JLP regime did not observe the terms AFTER the money was front-loaded. The money was front-loaded because of the global meltdown.
The JLP failure was centered on their unwillingness to undertake the demanded structural reforms... most probably because of fear of backlash at the "Bitter Medicine" at the next election

3. The exchange rate stability was achieved because of the massive run up in new debt and the restructuring of some of the existing debt stock. Shaw increased the external debt stock by a whopping 50% in his term

I don't merely listen to "news". That's mainly political posturing by self-serving & inept JLPNP types... that stuff is for airheads like you to consume and yap incoherently about

Try going beyond the "news" and examine IMF/World Bank/BOJ/PIOJ/STATIN reports on the facts... then again you would probably be too confused

[Assasin]

And you never read that a lot of debt was because of "off budget" expenses such as the whopping debt run up by Air Jamaica, JUTC and other entities?

The recession would also affect our borrowing as bauxite, our number one export at the time shut down and many other areas were affected.

You didn't read that too??? I personally don't think Shaw was a great finance minster and the judgment is out on Peter Phillips but Omar Davis was the worst and his 14 years in office affect us more than any other finance minister.

You think when people have confidence the dollar continue to slide?? and the business confidence become the lowest in history???

Let hope PP can turn things around.

[Don1]

Yep wen mi Tims clobba yuh inna yuh headside yuh wi know bout

[Don1]

And you never read that a lot of debt was because of "off budget" expenses such as the whopping debt run up by Air Jamaica, JUTC and other entities?

The recession would also affect our borrowing as bauxite, our number one export at the time shut down and many other areas were affected.

You didn't read that too??? I personally don't think Shaw was a great finance minster and the judgment is out on Peter Phillips but Omar Davis was the worst and his 14 years in office affect us more than any other finance minister.

By increasing fhe "external debt" is meant INCREASING the obligations payable in FX to counterparties largely outside Jamaica
The narrow questions were asked re what caused exchange rate stability under Shaw and the current status of the economy... I answered those questions

Now you raise other questions which were not asked... i.e. relative assessments of finance ministers

No problem with your views on those MOFOs