Dear Editor,

I am not an economist. I never even studied it as a subject, but from my layman perspective a nation’s currency is designed to bring about a sense of national pride in the international marketplace.

When Jamaica became independent in 1962, the currency in use then was the British pound. By September 1969 it gave way to the Jamaican dollar, which had a high exchange rate when matched nicely against other great nation’s currency. Back then it was even higher in rate than the mighty American greenback. Sadly, now in our 59th year of Independence, the dollar is valued less than $o.o1 when compared to the United States dollar. When Allan Greenspan was US federal reserve chairman, he asserted that, “The soundness of a nation’s currency is essential to the soundness of its economy. And, to uphold our currency’s soundness, it must be recognised and honoured as legal tender and counterfeiting must be effectively thwarted.” This truism reflects how badly we are rated and treated in the international marketplace. It is unbelievable that the Haitian dollar, the poorest nation in the Western Hemisphere, has a higher rate of exchange when compared to the US dollar. I took pains to research all the other currencies in the region only to discover that Jamaica is at the very bottom on the exchange rate chart.

I have observed that most items listed for sale are quoted in US dollars. I have also observed that there is no demand for coins anymore and even $1,000 is not enough to meet a child’s lunch and travel needs for a day.

Politics and the International Monetary Fund (IMF) under orders by the Central Intelligence Agency (CIA) have really damaged us financially. No wonder scamming has become one of the major sources of income for the nation. Work has become a disincentive because hard, honest work is not providing a worthwhile living wage. People are overworked and underpaid. Corruption abounds in the nation and those who are skillful in carrying out their white-collar crimes and other disingenuous activities tend to go free while the little person is imprisoned and punished

It’s against this background that I am proposing that the Jamaican Government follow the example of Mexico and revalue the national currency. This would give the citizens a psychological boost and keep a check on inflation and curb the instability of fluctuating prices.

Burnett Robinson

blpprob@aol.com