Fri | Jun 18, 2021

IMF Lagarde's head in clouds

Published:Friday | July 4, 2014 | 12:00 AM


Christine Lagarde's exhortation to stay the course until it takes J$120 to purchase a US dollar is most unfortunate. We import wheat to make flour; as we devalue, the price of bread goes up.

Ms Lagarde is oblivious to her French ancestry. Their 1789 revolution was triggered by the high cost of bread. Marie Antoinette, the French queen, was quoted as saying, "Let them have cake (instead)." The newly invented guillotine was used by the revolutionaries to dispatch the king and queen of France, along with nobles and aristocrats. Fortunately for Ms Lagarde, her head will not be on the block.

I say to our leaders, save our dollar, save your heads, stop the imports that are causing the problem. Your success in borrowing US$800 million is nothing to crow about. It is simply borrowing from Peter to pay Paul. Paul is now holding the empty bag.

Read about the Argentine default. Their President Christine Fernandez de Kirchner called Argentine bondholders vultures for trying to collect their money through the US court.