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New money, same old story (Read more)

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New money, same old story (Read more) on Fri Sep 18, 2009 10:56 am



king A new 5000 dollar Jamaican bank note, is not much to celebrate.

king It is, in economic terms, a sign that inflation is happening. That the money in your hand (or till) is worth less.

king You can hardly buy much with your one Jamaican dollar any more, so you need a higher denomination note to buy things.

king It is a sign of the times, showing how Jamaica’s economy is suffering, devalued you could say. Rather than accept this fate, you would think that the Finance Minister would at least try to put a positive spin on things, to give the markets some sense of confidence, or shred of hope to hang onto. He actually is quoted as saying,
“The dollar is losing its value because we are losing our competitive
advantage … because we as Jamaicans are becoming less and less productive as the years go by!”

king Not the most constructive of comments. The note will be released in September.

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