US Economist Says IMF Won't Solve Jamaica's Economic

[Sir X]

"No, no! You have had many agreements with the IMF and none has ever worked. This one won't work; none will work. Until you change the currency regime, nothing is going to work in Jamaica, period - end of story. We have enough experience with the IMF and they always end in failure," he concluded.

http://jamaica-gleaner.com/gleaner/2...ead/lead4.html

[Sir X]

Steve H. Hanke is a Professor of Applied Economics and Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C.; a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing; a Special Counselor to the Center for Financial Stability in New York; and a contributing editor at Globe Asia Magazine. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and the Financial Advisory Council of the United Arab Emirates.

http://www.cato.org/people/steve-hanke

[Muadib]

I agree.. wi haffi change the current regime..

[Sir X]

Regime yuh mean shitstem ?

[Rockman]

More like having a preference for a specific artificial colour of the same pill.

[Islandman]

Currency regime is a good idea in principle, but unlikely to happen as it would mean govt would give away their ability to print money and "Run Wid it" when election time comes.

[Gamma]

it won't??!! blody hell! is NOW dem choose fi tell wi?!! does our government know this?

[Sir X]

Didnt I tell you ?

[Assasin]

Anybody looking to IMF for solution have no idea. Just imagine where we would be without the IMF in the last 4 years. The IMF playing its part, are we????

The fact is we have to find ways go grow our economy and govern properly. Is that the IMF fault???? Last mi hear, Greece deh back pon tract all a sell bonds on the open market and it is over subscribed. If IMF can't help we, who can????

[Sir X]

What is it yuh nuh overstand, me and you run through this already and I gave you panama as an example 16 IMF agreements with total failure,Brazil same ,give me one success story.

No, no! You have had many agreements with the IMF and none has ever worked. This one won't work; none will work. Until you change the currency regime, nothing is going to work in Jamaica, period - end of story. We have enough experience with the IMF and they always end in failure,"

[Assasin]

It takes leadership, and again it shows, that is what Jamaica is lacking. We have no idea. Even if IMF reduce our debt stock, how long will it be before we run it back up?

[Sir X]

....... We have enough experience with the IMF and they always end in failure

[Assasin]

We don't have enough experience to run our country or we wouldn't be needing the IMF to bail us out so many times.. Some people have 20 years of 1 year experience while others have twenty years experience. It seems like we stuck inna bad leadership and run out of ideas.

[Islandman]

Jordan had been impacted by its wars with Israel, civil war and a major economic recession. In 1989 the country had a 30-35% unemployment rate and was struggling with its inability to pay its loans. The country agreed to a series of five-year reforms that began with the IMF. The Gulf war and the return of 230,000 Jordanians because of Iraq's invasion of Kuwait put strain on the government, as unemployment continued to increase. In the period from 1993 to 1999, the IMF extended to Jordan three extended fund facility loans. As a result the government undertook massive reforms of privatization, taxes, foreign investment and easier trade policies. By 2000 the country was admitted to the World Trade Organization (WTO), and one year later signed a free trade accord with the United States. Jordan was also able to bring down its overall debt payment and restructure it at a manageable level. Jordan is an example of how the IMF can foster strong, stable economies that are productive members of the global economy. (For an interesting perspective on the WTO, take a look at The Dark Side Of The WTO.)

http://www.worldpress.org/Mideast/3610.cfm

The strict implementation of the 2001 IMF program has played an important role in Turkey’s much-praised economic performance, while it also presents a success story for the international organization whose recipes continues to be controversial, according to a prominent economist.

Turkey paid the last installment of its debt to the IMF last week, ending a period that goes as far back as the 1950s.

Turkey will no longer need the IMF, Professor Taner Berksoy said, but added that additional reforms were necessary in order to continue to grow.

http://www.hurriyetdailynews.com/tur...=238&nid=47180

[Islandman]

We just don 't get it. The IMF cannot solve our problems, NOBODY CAN except us.

We could easily decide not to borrow from the IMF. Why don't we? because we don't want the pain and social chaos that will cause.