by Rick Lowe (http://www.weblogbahamas.com)
A friend sent this article from the Jamaica Observer with the author lamenting the fact that his country now has to pay the piper (IMF), and of course the fault does not lie with the Jamaican government.
That's pure hog wash of course, but I guess most of us need a scapegoat when our actions finally catch up with us. The writer even blames Margaret Thatcher, Ronald Reagan and Ayn Rand for Jamaica's economic failure!
The third paragraph of the article is confirmation that the article is not common sense as the by line is called. The writer says:
"Since there is no Chapter 11 bankruptcy protection for countries, it is my view and has been for years that we should default, divert the interest payments from Cayman and Zurich to the Consolidated Fund and start making ourselves economically autonomous. At one stroke we could double or triple the money available for government expenditure."
Of course I am no fan of the IMF, but to suggest that a country ignore its debt is simply irresponsible. To add insult to injury he suggests this should be done so the Jamaican government can "double or triple the money available for government expenditure".
It is Jamaica's voracious appetite for government spending that caused the equally prodigious borrowing that has placed them in their current dilemma.
Lauding Castro or beating up on ratings agencies like Moody's etc does not wash Jamaica's hands of her profligate spending and borrowing sins.
Beating up on Capitalism is easy, finding a better economic system is a little more difficult.