Letters to the Editor

Seaga's analysis was brilliant!

Thursday, August 09, 2018

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Dear Editor,

Edward Seaga's commentary in the Jamaica Observer, July 29, 2018, 'How the financial crash of the 1990s happened and why', was a brilliant piece of financial analysis. It was lengthy, but worth the time to read.

Seaga is indeed a financial genius; someone who continues to teach us. He is a visionary in his own right and someone whose achievements can neither be denied nor challenged.

It is very important to share these types of analyses, and we hope those in leadership, regardless of political affiliation, will at least pause, read and reflect (and hopefully learn a thing or two) as they try to find innovative ways to move the country forward.

It is so important to learn from the past, correct errors, and stop repeating them as this only causes more hardships. The modern economy is impacted by other factors, including greater influence by global markets, but the key drivers remain. The ongoing devaluation of the Jamaican currency, for instance, should be of concern to all, especially its negative impact on the economy, prices, inflation, interest rates, gross domestic product, investments, etc.

Also worth note one Observer reader's response to Seaga's column, Errol Townshend, wrote an interesting letter to the editor, published on August 8, 2018, 'Not an 'ism' in Seaga's analysis'. Townshend summed it up best, as he wrote: “Halfway through Andrew Holness's mandate there is not even a hint of the cultural transformation, which is a prerequisite for any insignificant national development. Indiscipline and coarse behaviour run rampant. Agriculture still performs well below par. Imports are still on the rise. The road network is woefully below par, especially farm roads. The currency continues to sink. The grotesque income inequality, which has such deleterious effects on so many aspects of national life, is unchecked. The brain drain continues. Meanwhile, we want to construct a new parliament building with borrowed money, instead of extending and modernising the current one.” Thanks to the Jamaica Observer for continuing to share these types of analyses!

P Chin

chin_p@yahoo.com

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