Saving our dollar

Letters to the Editor

Saving our dollar

Thursday, October 31, 2019

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Dear Editor,

A good and caring captain of a vessel will quickly recognise and accept that the rough, stormy sea is unmanoeuvrable and immediately make the steps to avert disaster.

His first option, of course, is to change course before engaging other extreme measures at his disposal, such as sending out an 'SOS', authorise the employment of lifeboat or helicopters, or outright abandoning the ship.

With the Jamaican dollar reaching the frightening level, in the past week, of J$138 to US$1, isn't it clearly a case that the Government of Jamaica will have to take immediate action/steps that any good captain of a vessel would do, in this case to avert economic catastrophe.

I would want to think that the only creditable option at our Government's disposal is to change course — dollarise; adopt the currency of China ,USA, or European Union, as our official currency.

The writing is on the wall. Since Independence, our currency has been depreciated by over 120-fold to the US dollar. We must recall that the first day of trading after Jamaica got Independence; our dollar was stronger that the US counterpart — J$1.20 to US$1.

What a turmoil the people of this country have been through. No wonder our murder rate is so high. One just has to travel on the newly constructed bridge at Six Miles, St Andrew, to see what the people are enduring. This is quite evident across other areas of Jamaica as well. Parallels can be drawn with the famous American religious/cult leader Jim Jones, who led his followers to Jonestown, Guyana. The followers were subjected to lives of pain, suffering, and hopelessness. Today, we are more fortunate to have the Internet and social media.

Dalgalish Henry Sr

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