Capitalism dropped the ball, stumbled over it and is staggering badly in a desperate attempt to regain its balance. The epicentre of the earth-shaking repercussion of unregulated greed was in the United States (US)(Wall Street). The effects spread across the entire globe like a malevolent, self-propagating, giant tsunami. No country was spared. Economies as far away as China and Japan are seriously affected.

America's real estate market is on life support and its banking and auto industries are being subsidised by taxpayers. Over 10 mil-lion Americans lost their jobs and many more are on the way. My Christ-mas morning calls to friends there revealed that at least two of them are slated to be let go in the near future.

Jamaica has already begun to feel the devastating effects of the sweeping economic shock waves. Our already-weakened economy has now come under severe pressure. When a country has to spend more than 70 per cent of its earnings to service external loans, precious little is left to keep the country going.

In his national broad-cast on December 14, 2008, Prime Minister Bruce Golding meticu-lously outlined the inter-national economic crisis and Jamaica's serious financial woes, deficits and liabilities before announcing a raft of economy-saving measures. The intended 'stimulus package' includes billions in low-interest business loans, temporary tourist sector, small business and manufacturer tax-cuts and National Housing Trust mortgage suspension, restructuring and rescheduling.

BIG TROUBLE

The prime minister explained that the J$47.7 billion needed (to float the raft) would be sourced from multilateral lending agencies. I'm no economist. However, although I see the wisdom in this rescue plan and even though I can appreciate the expected benefits of such a manoeuvre, I am very concerned about our ever-increasing debt burden and the effects that this will have on generations to come. Any way that you look at it, we are in big trouble.

The economic forecast for 2009 is extremely gloomy but I'm certain that Jamaicans can overcome this crisis. When it comes to finding ways around the 'system', we are wily, tough, sneaky and tenacious. If we employ these same characteristics in a positive way, we would be smart, resilient, innovative and hard-working. If properly motivated, we can achieve anything.

Jamaicans brave rain, sleet and snow to show up to work regularly and on time when in America, yet a little drizzle results in many people getting to work late or missing work entirely here at home.

Jamaicans in America often study and hold down two or even three jobs to make ends meet, but here in Jamaica it is not uncommon to hear workers gripe while performing their single job with malaise. Perhaps it's the culture of hard work that predominates in the US; perhaps it's the expectation of meaningful financial rewards or, perhaps it's the sense of security in knowing that hard work can achieve the 'American dream'. Whatever it is, we need to provide similar incentives here in Jamaica.

Faith in the people

Vice-president-elect of America, Joe Biden, expressed faith in their recovery because he has faith in the people. I, too, have always felt that the true strength of any nation does not lie in its economy, natural resources, military might or geographic location; it lies in the strength (resolve) of its citizens.

I agree with Prime Minister Golding when he expressed confidence in our ability to 'face the crisis' and prevail. However, for this to work, he must provide more than a monetary injection - we need a safe environment with real opportunities for financial security for everyone.

Garth A. Rattray is a medical doctor with a family practice. Feedback may be sent to garthrattray@gmail.com or columns@gleanerjm.com.