Wed | Aug 23, 2017

Political spin ‘tun up’!

Published:Wednesday | December 23, 2015 | 12:00 AM
Guest columnist Rajendra Jadusingh asks: "Can these financial gurus who propagandise daily on Peter Phillips’ behalf please explain why exports have continuously fallen as the dollar has devalued?"

I find it interesting, but not particularly surprising, that the media's bias towards the People's National Party (PNP) is becoming more blatant as each week passes.

I say not surprising as the corporate interests it represents are no doubt some of the many bondholders gleefully looking on as the International Monetary Fund (IMF) ensures their pound of flesh is extracted from a hapless citizenry.

Let's call a spade a spade. The Big Business class' unwavering and vocal support of this administration's slavish adherence to the IMF's repayment dictates is motivated by raw self-interest. Despite the token sentiments occasionally mentioned by the IMF country representatives regarding social infrastructure and growth, the harsh reality is that the IMF's primary concern (and goal) is to ensure repayment of debt. Everything else is secondary.

Now, how does that IMF goal sync with a nation's growth and development? Certainly, debt should, and must, be repaid. Valid arguments can be made about debt forgiveness, but, ultimately, the fact remains that we did borrow the money and are obligated to pay it back. It is how to best achieve this while still maintaining social stability that seems to be the greatest challenge.

The Economic Programme Oversight Committee and its principals are firmly on the government bench. So, too, is the financial sector and most of the major corporate players. What is it that these persons and groups have in common? Obviously, they have the most to gain from these policies, as they make up the vast majority of the holders of local debt.

I'm no economist, but I can read and comprehend. As such, I have a few questions.

 

Please explain

 

Some of the data I've seen recently doesn't match up with what is being publicly expressed. Can these financial gurus who propagandise daily on Peter Phillips' behalf please explain why exports have continuously fallen as the dollar has devalued? If the policies being pursued are correct, isn't the opposite supposed to happen?

Why is the inflation rate being touted as an example of successful policies, but no mention is made of the effect of lower international oil prices? Why is no direct correlation being made between the successful passing of IMF tests and chronically underfunded health, security and social services? That's akin to a man who boasts about not missing a single loan payment on the new BMW he speeds around town in while at home, his children's school fees aren't paid, electricity is cut off, and his wife's supermarket budget has been halved.

Let's be clear: I'm no rabid Jamaica Labour Party fan. I don't think much of Andrew Holness' leadership skills and I believe some of the older guard needs to go. Their inability to unify unless compelled to do so would be laughable if it wasn't so dangerous for democracy.

However, when faced with a choice of a lesser of two evils, to somehow see this PNP administration as the answer is ludicrous. The 'run-wid-it' mentality is alive and well. In fact, its chief proponent is still a Cabinet member. There's absolutely no accountability from the top down.

Where else in the world could Davies, Azan, Ferguson, Paulwell, Hylton and the other parliamentary delinquents still have a job? As a society, we need to wake up and assess for ourselves what's going on.

Swallowing the pill being fed to us isn't going to make us better. It may very well kill us all.

- Rajendra Jadusingh is self-employed with a backround in architecture, construction, telecoms, and motorsport. Email feedback to columns@gleanerjm.com and Rajendra Jadusingh rjadusingh2@yahoo.com.