Jamaicans have gone through hell financially over the past few years. Today I talked to a Jamaican businessman who dared to create his own business, for which he paid dearly for doing so. His failure was not due to his own actions but due to the actions of those who presided over the economy.
We must not forget our history, or else we will be inclined to make the same mistake again. We will be having a new government in a few days. A clear message must be sent to them that we need to have a country where there is the rule of law and order, participatory democracy, and prudent management of the economy. If our leaders fail to do this, then alarm bells must be heard and the signals must be sent to our leaders to pack their bags and go.
What is this FINSAC?
This FINSAC hurricane started to increase in strength and speed and its effect was devastating on the people. Jamaica has still not recovered, and many of those who have been FINSACed have died or are still here with us feeling the pain. Did anyone say we made a mistake, and we are sorry?
FINSAC continued to take over the country like a cancer, and people started to lose their houses and other properties. Mr. Maragh lost his house.
Mr. Maragh had to head to New York to earn some money in order to pay down on a one-bedroom house.
People laughed at those businessmen who lost their assets. When politicians started talking about a recession recently, it made Mr. Maragh felt that Jamaica was entering into FINSAC II.
We must learn from the FINSAC period and the other bad experiences that we have had. Let us join as citizens and say, "FINSAC, never again," and let us say, "We must reduce the crime rate to an even lower level." The two powers in the world are money power and people power. The greater of these two is people power. The people just need to unite and be powerful.
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We all suffered as a country when our economy collapsed in 1997 - though it started a few years before with liberalization around 1993. We all experienced the declining value of the Jamaican dollar, the high interest rate, the closure of over 44,000 businesses, the non-productivity as people were no longer investing in production but in high-yielding government paper - which caused our debt to skyrocket and left only 30 cents out of the dollar from our national budget to run the country. The rest of it was to pay debt. We also experienced the explosion of the informal sector and the rise in crime as the economy was in tatters. But, despite the fact that we were ALL victims, there are some Jamaicans who would make excuses for the people who were responsible for it happening because of politics. That is just SO SAD. As such, you will never get an apology nor even an acknowledgement of the harm it caused or how it set us back as a country. In fact, I thought it insensitive that a member of the recent political debating team said that FINSAC was 30 years ago and so we should forget it and move on. I guess by that reasoning we should stop observing Emancipation and stop teaching about slavery in schools.
ReplyDeleteI would say that we are still reeling from the effects of FINSAC. Our economy is still trying to recover. Not to mention the high level of crime that we are still trying to tame. If you destroy an economy so quickly and so massively, you are bound to have social consequences and a main result of that was crime. Check our murder rate before the 1990s and you'll see what I'm talking about.
ReplyDeleteThat part of our History I pray to God that this part of history it does not rear its ugly head in Jamaica AGAIN SMH
ReplyDeleteFinsac may be thirty years old but what about some pple who never recover and some who end up dead and some comitted SUICIDE dear Jesus how can we forget WICKED.
ReplyDeleteExactly. Wealth was transferred from the poor to the rich through excessive taxation to pay holders of high interest rate government paper. One of those beneficiaries then ran to be Prime Minister of Jamaica.
DeleteHonestly; am Honestly trying to wrap my mind around something like this. Did I see or heard someone saying, that, over 44, 000 thousand . businesses in Jamaica 🇯🇲 has lost their businesses. Please let us stop 🛑 for a while and process this properly. Was this a very big fat joke or a delebrat attempt to wreack our beloved country of Jamaica. However; if there was no apologies from these leaders or the PM of the day. Then something radically is wrong with our leaders and their type of leadership ideology. Just imagine, if one (1) business can earn $10,000 dollars per day , so for 5 days, they would earn $50,000, so for the month that small business could make over $200.000, Per month and then from one bad policy which leads to over 44,000 businesses being wipe out. That would have being billions been lost into somebody's Accounts. So now I understand why we had to run to the IMF to bale us out. So we had to drink the bitter medicine for our country to start the recovery process. However; why is it so hard for our people in Jamaica🇯🇲 to see that it is very dangerous to follow our leaders that is heartless and wicked to take from the poor and feed the rich. Yet, so many of our people are blind. They still hold on to these leaders. Even when they see and know that they can not run this our beloved country. Jamaica 🇯🇲 land we love 😍. I pray that God will continue to bless us from strength to strength as we continue to grow again. Remember this is not about one person hunger for power. The question is do we pray every hour. I rest my case.
ReplyDelete