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| The Hon Gordon Buch Stewart OJ |
A number of things have happened within our country that hold the secrets to the past evil deeds of some of our leaders. Is it that there is an organized plan to cover up these evil deeds and consequently protect the names of evil people..
Our children need to be told the truth so they know where they are coming from. We certainly don't want our country to fall into those potholes ever again.
There was a period when foreign exchange was very scarce in Jamaica. If you were going to the United States, for example, you were only allowed to purchase USD 50.00 from the bank. This purchase was recorded in your passport.
Taking more than USD 50.00 with you when you travelled was a serious crime. At that time business had major challenges meeting their foreign exchange needs. One can just imagine what people had to do to get foreign exchange. The system then forced our people to become criminals. We are talking about the post 1972 period.
One gentleman reminded me that BOJ led the way in purchasing foreign exchange illegally. Persons were contracted to buy foreign currency on the corner. There are stories of persons being given millions of Jamaican dollars to purchase foreign exchange on the corner.
I understand that there was little control over the rates paid for the foreign exchange. Accountability was also a major challenge.
I understand that there were few players in the market purchasing funds for BOJ. These players did well financially, and officials became jealous.
The BOJ fired those few BOJ foreign exchange purchasers and replaced them with new purchasers. These new purchasers lost millions when it is alleged that criminals stole the funds. Did they steal the funds from themselves?
Opening the system to these new purchasers did not work. It would be interesting to note how many millions of taxpayers' funds were lost in this system.
During this time, many businesses failed, while others survived by purchasing goods and raw materials from informal commercial importers (ICI). The question is how the ICIs earned the foreign exchange to take in commercial goods on the island. The national airline benefited from all the ICI travel, yet it made a loss, which resulted in it crashing, never to fly again.
An informant said he received a dishonoured cheque from the BOJ. I found this very unusual because the central bank is the bank for all banks.
I lack the resources to dig deeper into this matter. It was not easy to verify the accuracy of some of these stories.
The country needs to know about the level of corruption that took place in the past. To what extent is the BOJ still allowed to have a system of letting third parties purchase foreign currency on the open market?
An informant reminded me about the Bush-Stewart initiative to save the Jamaican dollar. The informant says the initiative was to deal with the illegal purchase and sale of foreign exchange. He asked how this was possible when the exchange market was already deregulated.
Finally, the rates of exchange cannot be controlled by one man putting foreign exchange into the market. In a deregulated environment, the cost of foreign exchange is determined by the demand and supply for foreign exchange. At that time, the Jamaican dollar was going for JAD 5.50 to USD1.00. The Butch Stewart initiative did not stop the rate of exchange from going to JAD 160.00 to USD 1.00. Was the nation duped into believing this rubbish, and was Butch Stewart showered with accolades and national awards for doing nothing?
The country has had a peculiar history in recent times. Who will tell us the truth and nothing but the truth? Only the truth will set us free. The people must know the truth!
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Scamming Fram tap to battam in a place weh running run tings,Jah know Missa D.
ReplyDeleteThat is nowhere near the full story! It's mostly hearsay with little substance if any!
ReplyDeleteI get my stories from Jamaicans who are willing to tell their stories. Why not write an article and refute the story told here. If it is of a good standard I will publish it.
DeleteI often wonder why people took it so calmly for the longest time.
DeleteBut came to boiling point with the GAS RIOT of the 90ties
It's the same question I asked regarding the FINSAC high interest rate policy that undermine our economy, destroyed 44,000 businesses. I wondered to myself, why us as Jamaicans sat down and took it for so long? One horrible consequence of this episode in our ecenomic history is the horrible level of crime that it spawned. This is something that we should not forget, lest we repeat it.
DeleteMr Derby clearly you have time on your hands to dig up irrelevant old news.
ReplyDeleteWhy would you think it's irrelevant? "A people with no knowledge of it's history, origin and culture, is like a tree without roots" - Marcus Garvey. "Those who do not learn from the mistakes of the past are condemned to repeat them" - George Santayana. Truth be told, your comment is really what's irrelevant.
DeletePart of the problem with us in Jamaica is that we do not value our seniors. Also, because our family connectedness is so weak and fragile, we don't benefit from the wisdom or experiences of those who went b4 us. Hence, we don't learn from their mistakes, and frankly, we don't care to learn anything from them. Therefore, we build on nothing. We are constantly starting from ground zero because we fail to borrow from the wisdom of the past. We are wise in our own eyes. That's why, as a people, we seem to be running on the spot. We shut our ears to the wisdom of the past. Quite unlike the Chinese and Japanese cultures. No wonder they are a prosperous nation.
DeleteI have time to dig it up and you have time to read it and respond. Would you say you are a time waster?
DeleteMost intriguing. Just scratch a of the surface indeed! Please keep digging and share ... Everything is connected. Who is the true owner of the Sandals empire? Which was the company that FINSAC purchased Billy Craig bank for? Ask Google. Limitation is that ai can only read the news and the local journalists nowadays publish only what they are given in a press release - no one is doing the digging... It seems there has been a general agreement to leave things undug... And so we spin and spin
ReplyDeleteYou can now help to dig. This is the people's blog. You can send information by WhatsApp to (876) 816-5261.
DeleteGoogle gave the following information about the sale of the Billy Craig Bank. This is not hearsay; this is readsay.
ReplyDeleteBilly Craig Finance & Merchant Bank Limited was acquired by Dehring Bunting & Golding Limited (DB&G) in 1996.
The acquisition was part of a broader recapitalization effort involving the Financial Sector Adjustment Company (FINSAC) during the Jamaican financial crisis of the late 1990s. DB&G agreed to acquire the total operations of Billy Craig Finance & Merchant Bank and Billy Craig Investments in September 1996.
Subsequently, in an agreement with FINSAC in 1998, FINSAC injected capital into the acquired companies and received shares, while DB&G held a 51% controlling interest.
Information without context is just words & figures on a page and we can manipulate the figures to control the ‘story’. That is why we need a Truth & Reconciliation Commission to unearth & reveal the underbelly of corruption, deception and wickedness upon which our systems function. The many agendas that are at play, what about the NIS & NHT funds? There are so many plots, plans and schemes and who suffers, who cares . . .
ReplyDeleteIt should be clear by this that there will be no Truth and Reconciliation Commission. What can you do besides making a general statement.?
ReplyDeleteNeed Basil Buck and John Jackson to "help is understand"
ReplyDeleteAll of us can work together to get the information and to understand it. We don't have to wait on any individual. This article and the comments made have given us quite a bit to chew on.
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