These Celebrations
Cabinet has
approved a special budgetary allocation of $200 million to support the
execution of Jamaica 55 celebrations. What are we celebrating 1300 murders in
2016 or the 63 in 1962 55years ago or the ruination of the Jamaican economy?
Abandon these costly celebrations until we get the country back on a decent
civilized path. A waste of money/expenditure
that benefits only a few.
22/02/17
Scotia The Best
For me
Scotia is still among the best Bank for safe local and international business
and I have been getting great service for years. I ask myself which sane person
is going to join long bank lines to change Ja$5000 dollars and pay a fee of
$385.You just go buy something for 385 or buy 2 jelly for 260 or two patties
for $300. All scotia is doing is to discourage idiocy. If you have an account,
lodge it to your account and withdraw $4615 so you earn that $385. You could
even charge yourself less by withdrawing $4950.
High Interest Rates
My problem
is the high interest rates and the dependence on collateral now that we have
the credit bureau. You can avoid some fees but when you borrow money for
business, you can’t escape the enslaving high interest rates and our
politicians are not talking about that. They are using FEES as a SCAPEGOAT and
the banks are just laughing to prosperity while the customers are in misery,
poverty and fear.
Check out
which bank charge the most disincentive on lodgements of $500,000 and over in
cash of the big two banks. Our banks however need to behave like banks in the
civilized world that do not become and stay profitable from interest rates but
by way of service fees and low or no interest on either savings or loans. What
we have is low interest on savings and high interest on loans. Bring a Japanese
bank into the mix and then you may see civilized competition who presently have
interest rates.
I heard
Michael Lee Chin once say "The only way you keep lots of money in the bank
is if you plan to buy the bank". He should say it again with a clear
explanation. If interest rates are consistently high there is little incentive
to invest. What I gathered from his utterance was that money must be invested
and not remain idle. The Bank of Japan
left their interest rate unchanged at 0.1 percent as at January 2017. Our Central
bank is planning to raise interest rates and I consider that a backward move.
Interest
Rate in Japan averaged 2.93 percent from 1972 until 2017. Jamaica needs loan programs
aimed at boosting lending to industries with growth potential, deepen the
economic processes creating, investments, employment, wealth for its people and at the same time
reducing crime . Not the sopping up of liquidity with high interest rate
foolishness that has consistently destroyed the people and the economy of
Jamaica. Civilized/lowered interest rates is my call to the Bank Of Jamaica,
Bankers Association and the commercial banks that operate here. We need to hear
our leaders in the business sector and the political directors push for that
constantly so we can make Jamaica and its people proud and great.
Michael
Spence 04/03/17
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