Santo Domingo.– The Central Bank held its key interest
unchanged at 5.0 percent as inflation is forecast to remain within the
central bank’s target range this year and in 2014.
The Central Bank, which
cut it benchmark Monetary Policy Reference (MPR) rate by 175 basis
points in 2012, said its inflation target for 2013 is 5.0 percent,
plus/minus one percentage point, and 4.5 percent for 2014, also with a
one percentage point band.
The Dominican economy expanded by around 4 percent in 2012, above the average for Latin
America, based on a moderate recovery in the second half of the year but
still below trend, the central bank said. The Gross Domestic Product rose by 3.9 percent in the third
quarter, compared with a 3.8 percent growth rate in both the first and
second quarters.
The Central Bank said it expects the country’s
production to remain below potential this year and then expand further
in 2014 “supported by an improvement in private consumption and
investment, as total credit recovers and boosts economic activity,” the
bank said in a statement from Jan. 31.
The inflation rate rose slightly to 3.9 percent in December from
November’s 3.7 percent and the impact on inflation from tax reform is
estimated to be temporary so inflation will remain around the bank’s
goal this year.
Written by: rokete, 2 Feb 2013 1:54 AM
From: Dominican Republic, Santo Domingo
Way to go, the future is bright in Dominicana.
From: United States
actually, rokete, if the economy expands 4%, and inflation rises to 3.9%, there is no gain
Written by: Atabey, 2 Feb 2013 9:31 AM
From: United States, NYC
Still better than Jamaica, old Chap. :)
Top of the morning
Written by: Atabey, 2 Feb 2013 9:44 AM
From: United States, NYC
A debt downgrade foretold
Sunday, January 27, 2013
ONE of the most widely read books by the justly renowned Latin American author Gabriel Garcia Marquez is entitled Chronicle of a Death Foretold. Predicting a death is a no-brainer, because eventually the prediction will come to pass. Predicting that Jamaica's debt would be downgraded by the rating agencies was a certainty under the prevailing circumstances.
The unfortunate analogy goes further. In Marquez's fictional story the whole society knows of the impending killing but nobody does anything to stop it. Similarly, the downgrade of Jamaica's credit rating, like death, was certain to happen, given the debt situation and the unfinished negotiations with the International Monetary Fund. But nobody did anything to prevent it.
A week ago, Jamaica's credit rating was lowered from stable to negative by Fitch, the least influential of the credit rating agencies.
Written by: Atabey, 2 Feb 2013 9:45 AM
From: United States, NYC
At the time of the announcement Fitch stated that its decision was influenced by "Jamaica's rising financing constraints in the context of elevated fiscal and external imbalances. The sustained erosion of the country's international liquidity position has sharply reduced the authorities' manoeuvre capacity to manage external and fiscal pressures, thereby increasing the urgency of reaching a new agreement with the IMF".
They failed to predict the global financial crisis, institutions they pronounced sound collapsed, and ones they warned against prevailed. However, in extreme cases, the rating agencies are simply articulating what everybody already knows, as is the case of Jamaica.
Written by: Atabey, 2 Feb 2013 9:46 AM
From: United States, NYC
It will not be long before similar actions are taken by Moody's and Standard & Poor's. The public is being informed about something of which local and international financial cognoscenti are already fully aware. No panic there, because the local financial and business circles have already made adequate preparations based on a range of scenarios of exchange rate, interest rates and fiscal consolidation.
International financial interests will therefore charge the Government of Jamaica higher interest rates and fees when next it borrows, which could be as early as February.
Apart from planning ahead, the local and international markets have remained calm because Jamaica has always paid its debt, no small achievement given the large share of the budget which is required for debt service. Even when there has been a restructuring of the debt, notably the Jamaica Debt Exchange, participation of creditors was voluntary.
Written by: Atabey, 2 Feb 2013 9:47 AM
From: United States, NYC
This is in contrast to the default of Argentina, which is still being contested by recalcitrant creditors in the courts of the United States nearly 10 years later. Jamaica's impeccable record of paying its debts has been invaluable in forestalling panic about its debt sustainability. There is no question that Jamaica will continue to pay its debt. Anything else would be financial and political suicide.
Add to all of the calming influences the reputation of Dr Peter Phillips, even when his technical team and the Cabinet have forced him to repeatedly announce yet another date for the completion of the negotiations of the Letter of Intent with the International Monetary Fund. Nobody else in Jamaican politics could have done what Dr Phillips has had to do and be believed.
The downgrade by Fitch does add to the perception that Jamaica's economic situation is deteriorating. While it does not set off panic, it is a reminder that it is past time to set our economic affairs in order.
Written by: danny00, 2 Feb 2013 10:15 AM
From: United States, syosset, key west, santo domingo AND NOW THE GLOBE TROTTER
world wide growth is going to be around 2.5.......
Way to go, the future is bright in Dominicana.???
ok! so u can sleep well tonight........jobs for all that want one....... 24/7 luz for all........
new police force to take over in 1214....... now the honest hard working dominicans can remove the bars that surrond their homes and business.
and as the new pres said "all stupid will be gone by the year 2014"
yes the future is very bright for all dominicans...
choo choo
all aboard the "bright future look out" express....
From: United States
says Atabey
Written by: Atabey, 2 Feb 2013 9:31 AM
From: United States, NYC
Still better than Jamaica, old Chap. :)
Human Development Index
#80...Jamaica
#98...DR..
oh, Atabey, since education is in the current issue bucket, let's check
University Rankings
#910..University of the West Indies
#5250...PUCMM.
by the way, Atabey, what is the world rank of the University that gave you a Magna Cum Laude?
From: United States
an excerpt from Atabey's posting
Jamaica's impeccable record of paying its debts has been invaluable in forestalling panic about its debt sustainability. There is no question that Jamaica will continue to pay its debt. Anything else would be financial and political suicide
impeccable record of paying debts. see that, Atabey? how many times have you defaulted on sovereign debt?
Written by: Atabey, 2 Feb 2013 10:49 AM
From: United States, NYC
Here's some advise:
IMF: Real or imagined enemy?
Wednesday, January 30, 2013
IN his most recent book, Inventing the Enemy, Mr Umberto Eco, Italian savant and prolific author, poses the question - does a society or country need to have an enemy?
By his own reckoning: "Having an enemy is important to not only define our identity but also to provide us with an obstacle against which to measure our system of values and, in seeking to overcome it, to demonstrate our own worth...So when there is no enemy, we have to invent one."
For our part, Jamaica's early history of slavery and colonialism — Spanish and English — was a situation in which there were clearly savage divisions in the society and the majority of the population recognised a tangible enemy in the slave-owner and the colonial power ruling the country. There was an enemy and no need to invent one. Rebelling against the colonial enemy helped to unify a class-divided society, gave a mission to the political process,
Written by: Atabey, 2 Feb 2013 10:50 AM
From: United States, NYC
Rebelling against the colonial enemy helped to unify a class-divided society, gave a mission to the political process, helped to ignite nationalism, and contributed to the formation of what is Jamaican, although the elite remained anglophile for a long time after political independence.
The self definition of who we are as a nation or people is made easier by who we are not and who we are against. The enemy of necessity must be defined to have all the qualities we despise and those we are not. Naturally, we hated the Nazi as the antithesis of freedom which, as former slaves, we valued above all else. Sir Alexander Bustamante's "We are with the West" statement was as simplistically tactical as it was imbibing the anti-Communism of the period. Communists were against Christianity, individual freedom and private property.
The enemy in Jamaica was always been blamed for the failures of the country as manifested in growing and persistent poverty.
Written by: Atabey, 2 Feb 2013 10:51 AM
From: United States, NYC
The enemy in Jamaica was always been blamed for the failures of the country as manifested in growing and persistent poverty. So by the 1970s, along with much of the Third World, the cause of all our problems was the global system of capitalism. This was a perspective which was a key tenet of the People's National Party (PNP) world view. World capitalism was the cause of economic dependency, imperialist exploitation of our bauxite and the impoverishment of the working class. The Jamaica Labour Party (JLP) of the 1980s reinvented an old enemy, citing socialism -- local and Cuban — as one and the same and the real enemy.
Who the enemy is and who is responsible for our impoverishment and falling behind the rest of the developing countries has always been external. One of these perennial enemies has been the International Monetary Fund (IMF). This perceived enemy unifies the country and was one of the few things that even Messrs Michael Manley and Edward Seaga agreed on.
Written by: Atabey, 2 Feb 2013 10:52 AM
From: United States, NYC
The PNP and JLP have in common blaming the IMF for fiscal compression, cutting social programmes and emasculating our economic sovereignty.
Is the IMF the real problem or just an imagined enemy useful for avoiding an honest and critical examination of our own failings? Our economic situation over successive PNP and JLP administrations is in large measure the result of self-inflicted wounds as direct consequences of mismanagement and inept policies.
The real enemy of economic progress is not external, it is internal and until we as a country face that fact we will not begin the process of economic recovery.
Let us stop inventing enemies including the IMF and as is written in Matthew 7:5 of the King James version of the Bible:
"First cast out the beam out of thine own eye; and then shalt thou see clearly."
The ending is sooooo in keeping with my own advise to you Dready.
:)
From: United States
my advice to you is to stop worrying about Jamaica, and start concentrating on how you are going to educate people who come last in the world, year after year, in math and science testing. how do you plan to educate people who cannot pass the math entrance exam for a community college. 90% of the applicants failed the math sector, and 70% failed SPANISH!!! yes, their native language. you need to teach some of your high school graduates that the earth is not flat. they need to learn that Nueva Yol is not in Europe. that, however, might be irrelevant, since you stated that learning geography is no longer important, since we have GPS. that statement alone exemplifies the education deficit. number 168 in the world in geographic aptitude testing. think you can fix that, Atabey ?not in this century.
Written by: Atabey, 2 Feb 2013 11:24 AM
From: United States, NYC
"Is the IMF the real problem or just an imagined enemy useful for avoiding an honest and critical examination of our own failings?
Our economic situation over successive PNP and JLP administrations is in large measure the result of self-inflicted wounds as direct consequences of mismanagement and inept policies.
The real enemy of economic progress is not external, it is internal and until we as a country face that fact we will not begin the process of economic recovery.
Let us stop inventing enemies including the IMF and as is written in Matthew 7:5 of the King James version of the Bible:
"First cast out the beam out of thine own eye; and then shalt thou see clearly."
The ending is sooooo in keeping with my own advise to you Dready.
Methinks you should try your luck in Old Jamaica; they really need it. Wait, you did once and it turned out this way! Yikes.
From: United States
see the difference in the op ed pieces, Atabey? when things go wrong, in Jamaica, we blame it on our own mistakes. when they go wrong in the DR, they blame it on everybody, and everything. no es mi culpa. really adult!!
From: United States
This is all a bunch of BS. A bunch of numbers which can be made to look like whatever anyone wants. No sense paying any attention to it.
How can a country that basically imports 75% of what it buys and exports at most 25% of what any other country be doing so well?
How can a country where most every official is corrupt be doing so well? Corruption is rampant and in your face. Drug cartels run their business as they wish with impunity.
Corrupt government officials laugh at the justice system and flaunt their impunity in everyones face.
Our country has survived the global crisis because of drugs and money laundering and corruption.
Written by: anthonyC, 2 Feb 2013 1:58 PM
From: United States
VeronicaDR,
You answered your own question,
Take away the millions in Narco-Dollars going through the D.R. and the economic crash would be loud and violent.
From: United States, Fresh Water Paradise-NY Finger Lakes
@Editor,
Would it be possible to impose a limit on number of successive, adjacent postings to avoid monoplizing and hijacking of commentary, encourage balance of audience participation and rational exchange of ideas? Furthermore, to encourage us all, definitely myself included, to be more original and succinct?
Please help, as there are some notable contributors who often regale us with expansive discourse that typically spills over extensive serial entries. They are generally members of the "Cut & Paste Sect" and don't realize that most of us, we our very busy schedules, just skip right over their commentaries.
Please help.
Thank you in advance for your consideration.
MJEV.
Written by: rokete, 2 Feb 2013 2:54 PM
From: Dominican Republic, Santo Domingo
Helloooooo !!!
Some people in this forum simply ignored what was posted, in order to have a say.
I said the future is bright in Dominicana !!!
Not the present is bright.
I am an optimist.
I see the glass half full.
LOL
JAJAJA
From: United States, Fresh Water Paradise-NY Finger Lakes
@Veronica,
I often wonder how much credibility could be placed on any figures coming from this entity. The problem lies in the meaning of GDP and how it could be calculated just by the aggregate of all income versus the aggregate of all expenditures. In DR's case this might just mean that corruption and cronyism prevailed and the Inner Party members, to borrow a term from George Orwell's "1984", grossly inflated their salaries, while the proletariat lost purchase power and likely spent the same (inflated cost of necessities, to compensate for cascading effects of aforementioned salary inflation). So, you see, the difference between income and expenditures could lead to the wrong conclusion of actual expansion; however, we do have a discriminant here: inflation. Fundamentally, because growth rate was about same as inflation, there was really no expansion of the economy.
I'll leave any further clarification to the emminent Dr. Dread (I am out of my league!)
MJEV.
From: United States
Glomar, GDP is a meaningless statistic when it comes to defining an economy. in the first case, it is a quantitative measurement, not a qualitative one. it does not express development. it is simply a measure of
1...consumption
2...investment
3..government expenditure
4...net exports
so, mathematically represented, it is I+C+G+NE
you can use several combinations of the same components, and arrive at the same figure. if you lower I and increase G, you can get the same figure as if you lower G and increaseI I. increasing I and decreasing G is far more desirable. however, you can decrease G, and C, decreasing GDP, and still have a better economy. that is what Japan is doing. it is called intertemporal saving, it leads to slower growth, but better preparatory steps for a revived economy
the other thing, Glomar, is that GDP is only additive, but there is no subtractive component. so, if you make 10 billion from something such as mining, it does not subtract anything
From: United States
it does not factor in health care costs from chemical poisoning, loss of life from chemically induced diseases, loss of habitat, destruction of the environment, and all the negatives. it treats economic growth as if there are no negatives. if there was some mine explosion, and 100 people got killed, it would not register on the GDP index.
that is, among other reasons, why GDP is a useless, outdated metric. only those who do not know better rely on it.
Written by: ingle23 
, 2 Feb 2013 7:20 PM
From: United States, brooklyn, NY
HE PURPLE DRAGON MEDAL RIBBON. Daily Update as of DTG: 2 FEB 13 (18172EST)
CITATION:
THE PDMR is awarded to the following ignorant, functional illiterates, third world morons; for their contribution and dedicated effort in support of the Purple Dragon thugs and corrupt Dominican ruling elite. This group of dedicated rabid ASS-KISSERS, BOCA DE BURROS, are the pundits of the Purple Dragon cause in DT.
DANILO/Pajaro del Tordo (climbed up to # 1; has shown great potential to stay on this spot)
Anthony AC (wanted in Juan Dolio, Guavaberry and SPM area)
IMARTINEZ
JHC-
CARLOSFRANCO
DON B DUMB (SILENT)
JARABACOA
BERNIES
AnthonyC (same as John, MEGA A***Hs)
TRUJILLO
ATABEY
LAREGLA
DREAMKILLER AKA: Sandusky
LV ROD
IMARTINEZ
PEPE32
OHHHVICTOR (still Purple but defending the colors regarding the Barrick)
NOTE:
If you feel that you need to be part of this distinguished, award winning group of idiots; please let us know, and we will be delighted to make you part of this p
Written by: rokete, 2 Feb 2013 8:06 PM
From: Dominican Republic, Santo Domingo
Dready
You have a but kisser ??
He must be Haitian.
You pompous ass !!
Really bombastic !!
EXPEL ALL ILLEGAL HAITIAN FROM QUISQUEYA !!!
VIVA TRUJILLO !!!
The Haitian Zombie !! Boooooh !!
LOL
JAJAJA
From: United States
says rokete
From: Dominican Republic, Santo Domingo
Dready
You have a but kisser ??
i do not. even if i did, it would not be you. i am very fearful of contracting syphillis.
Written by: rokete, 2 Feb 2013 8:26 PM
From: Dominican Republic, Santo Domingo
Definetly.
Your ass kisser.
He must be Haitian, smoking your ass.
LOL
JAJAJA
From: United States
rokete, please try to prove me wrong. i made a bet with another poster that you do not possess either the IQ, nor level of maturity, to make an intelligent remark. so far, i am winning.
From: United States, Fresh Water Paradise-NY Finger Lakes
@ingle121,
Please add danny00 to list, with highest honors-please!!!!
MJEV.
Written by: rokete, 2 Feb 2013 11:26 PM
From: Dominican Republic, Santo Domingo
Dready
The only thing that you do in this forum is insult Atabey, and anything Dominican.
Turning this forum into a vent, where you can personally attack other participants with slur.
You are pissed with me in particular because I don' t agree with you Rastafarian beliefs.
I am not seeking your approval, you shouldn't seek mine.
I do want you to know, that I am 100% Dominican, living in my country, interested in my peoples well being.
Commenting on the issues that affect me, my family, my friends and my compatriots Dominicans.
This forum is about Dominican Today.
You are Jamaican, advocating Haitian illegal migration to our country.
You don't understand the problem with clarity from a Dominican living it.
There is nothing constructive that you can contribute in this forum, as far as that issue is concerned.
With the exception of putting Dominicans down.
Written by: rokete, 2 Feb 2013 11:46 PM
From: Dominican Republic, Santo Domingo
Dready
On the other hand, I am here to lift my people up, and to provide hope for the future of my country.
Insulting your fellow forum participants with slur, is not proper decorum for the scholar you profess to be.
If you treat others with the proper respect , you will be respected in kind.
Again you don't need to agree with anyone, but place your comments about the issues and not about personal denigration.
By you, or anyone insulting me, and my point of view, is not going to stop me from posting my opinion in this forum.
If you like, and if you feel I have offended you in any way shape or form.
We can start over with an amicable attitude of mutual respect.
Would you like to compromise and agree ??
From: United States
actually, rokete, i make gentlemen's agreement with gentlemen. i have had disagreements with other members, and we have patched them up, and moved on. people like you, and Atabey, do not fall into the category of people with whom i want any kind of relationship. i do not deal with liars, and misrepresenters. i have written more articles about illegal Haitian immigration than anyone here in this forum. then you come along, and state that i ADVOCATE illegal Haitian immigration. i do not make pacts with lowlife. i prefer it when we keep the status quo. that way, you will not ambush me, and stab me in the back, like Atabey. we just have different standards, and different upbringing. i admire honor. you are unfamiliar with it.
From: United States
rokete, you might not care about this, but this is one of my postings about Haitian illegal immigration
Written by: dreadlocks, 21 Oct 2012 11:48 PM
From: United States
this is not going to sit well with some, but everybody knows that Dreadlocks speaks his mind. the problem is aggravated by the fact that Haitians breed like rabbits. i was on a minibus some weeks back, and six Haitian girls came aboard near Montellano. all six...pregnant! heaven only knows how many more children each one has. how on God's earth can this invasion be stemmed? it is exponential growth. if this keeps on like this, in 25 years they will outnumber Dominicans.
Written by: rokete, 3 Feb 2013 12:28 AM
From: Dominican Republic, Santo Domingo
Dready,
If you read carefully you will notice the following:
Never said I was a gentleman, but thank you for the compliment.
Never wanted a relationship with you, you are not worthy of my friendship.
Never lied to you.
Never misrepresented anything.
The only low life in this forum is you.
Status quo it will be.
We do have different standard, yours very low, mine very high.
We do have different upbringing, you in the shakes of Kingston, I in Manhattan.
I am more honorable than you, You disrespect others with your slur
You lost the bet. Rasta boy.
EXPEL ALL ILLEGAL HAITIAN FROM QUISQUEYA !!!
STOP THE HAITIAN INVASION TO OUR COUNTRY !!!
From: United States
you just proved my point. you accused me once of advocating illegal Haitian immigration, and i stated my position. you repeated it today. then you claim that you did not misrepresent me. see? you do not know the difference between the truth , and a lie. so, chopo, i am totally happy to keep the status quo. if you do not have basic morality, how can you be trusted? finally, i lived more than half of my life in the USA. when did you get off the yola?
From: Canada
Glomar, Veronica, and Dreadlocks,
I agree that accounting in numbers can be a case of "Don't pay any attention to that man behind the curtain" - meaning smoke and flash can be made to infer anything. So often, the implications of trade and investment connote real money, when in reality, there are letters of credit and other vehicles at play - therefore no cash is truly within in the transaction.
Certainly these posted quantifiers - in a language common the world over - help to bolster credit ratings and trade. But they seem to be relatively meaningless to a population when it comes to personal economy - which is also universal when 'average' people think of the connotation of 'growth'.
To me, the word 'growth' is significant only if applied to something non-nebulous - meaning a real, tangible, and visible effect. So I wonder if the real 'growth' indicators would be; primarily - Employment Rate, and ultimately, therefore - Average Discretionary Family Income.
ThoughtS?
From: United States
originalmrb, you said exactly what needs to be said. i do not celebrate a bunch of hooey coming out of some government statistician's office. do not tell me how great the economy is doing when infant mortality is high, almost half the population lives below the poverty line, and hordes of children go to bed hungry, and cannot afford to buy books to go to school.. too many guys here celebrate too many things they think are good news, when, in reality, they are a camouflage for disaster. i remember some guys here celebrating the news of the sale of the Presidente company to Ambev. wonderful, they said. we just got a big inrush of money. really? what happens when the bean counters at that company decide that it will be better to shut down the plant in the DR, take the equipment to Brazil, make the beer there, and ship it back to the DR? how many jobs will be lost? not everything that glitters is gold, as my friend Bob Marley used to say
Written by: josean, 4 Feb 2013 7:15 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Dr. Melgen sees that picture and his mouth waters like Menendez when he sees a 16 year old!
Written by: ingle23 , 4 Feb 2013 7:17 PM
From: United States, brooklyn, NY
HE PURPLE DRAGON MEDAL RIBBON. Daily Update as of DTG: 4FEB 13 (18172EST)
CITATION:
THE PDMR is awarded to the following ignorant, functional illiterates, third world morons; for their contribution and dedicated effort in support of the Purple Dragon thugs and corrupt Dominican ruling elite. This group of dedicated rabid ASS-KISSERS, BOCA DE BURROS, are the pundits of the Purple Dragon cause in DT.
DANILO/Pajaro del Tordo (climbed up to # 1; has shown great potential to stay on this spot)
Anthony AC (wanted in Juan Dolio, Guavaberry and SPM area)
IMARTINEZ
JHC-
CARLOSFRANCO
DON B DUMB (SILENT)
JARABACOA
BERNIES
AnthonyC (same as John, MEGA A***Hs)
TRUJILLO
ATABEY
LAREGLA
DREAMKILLER AKA: Sandusky
LV ROD
IMARTINEZ
PEPE32
Danni00 (Haitian displaced laborer, first cousin of Mr Coon)
OHHHVICTOR (still Purple but defending the colors regarding the Barrick)
Written by: ingle23 , 4 Feb 2013 7:18 PM
From: United States, brooklyn, NY
cont,
NOTE:
If you feel that you need to be part of this distinguished, award winning group of idiots; please let us know, and we will be delighted to make you part of this pack of plague infested RATS.
Written by: ingle23 , 4 Feb 2013 7:23 PM
From: United States, brooklyn, NY
Team,
The reality here in DR is far from the issues that are discussed on DT !!!!. Thanks God that we are safeguarded by the " ********.
Written by: ingle23 , 5 Feb 2013 7:02 PM
From: United States, brooklyn, NY
HE PURPLE DRAGON MEDAL RIBBON. Daily Update as of DTG: 5FEB 13 (18172EST)
CITATION:
THE PDMR is awarded to the following ignorant, functional illiterates, third world morons; for their contribution and dedicated effort in support of the Purple Dragon thugs and corrupt Dominican ruling elite. This group of dedicated rabid ASS-KISSERS, BOCA DE BURROS, are the pundits of the Purple Dragon cause in DT.
DANILO/Pajaro del Tordo (climbed up to # 1; has shown great potential to stay on this spot)
Anthony AC (wanted in Juan Dolio, Guavaberry and SPM area)
IMARTINEZ
JHC-
CARLOSFRANCO
DON B DUMB (SILENT)
JARABACOA
BERNIES
AnthonyC (same as John, MEGA A***Hs)
TRUJILLO
ATABEY
LAREGLA
DREAMKILLER AKA: Sandusky
LV ROD
IMARTINEZ
PEPE32
Danni00 (Haitian displaced laborer, first cousin of Mr Coon)
OHHHVICTOR (still Purple but defending the colors regarding the Barrick)
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Way to go, the future is bright in Dominicana.
Still better than Jamaica, old Chap. :)
Top of the morning
A debt downgrade foretold
Sunday, January 27, 2013
ONE of the most widely read books by the justly renowned Latin American author Gabriel Garcia Marquez is entitled Chronicle of a Death Foretold. Predicting a death is a no-brainer, because eventually the prediction will come to pass. Predicting that Jamaica's debt would be downgraded by the rating agencies was a certainty under the prevailing circumstances.
The unfortunate analogy goes further. In Marquez's fictional story the whole society knows of the impending killing but nobody does anything to stop it. Similarly, the downgrade of Jamaica's credit rating, like death, was certain to happen, given the debt situation and the unfinished negotiations with the International Monetary Fund. But nobody did anything to prevent it.
A week ago, Jamaica's credit rating was lowered from stable to negative by Fitch, the least influential of the credit rating agencies.
At the time of the announcement Fitch stated that its decision was influenced by "Jamaica's rising financing constraints in the context of elevated fiscal and external imbalances. The sustained erosion of the country's international liquidity position has sharply reduced the authorities' manoeuvre capacity to manage external and fiscal pressures, thereby increasing the urgency of reaching a new agreement with the IMF".
They failed to predict the global financial crisis, institutions they pronounced sound collapsed, and ones they warned against prevailed. However, in extreme cases, the rating agencies are simply articulating what everybody already knows, as is the case of Jamaica.
It will not be long before similar actions are taken by Moody's and Standard & Poor's. The public is being informed about something of which local and international financial cognoscenti are already fully aware. No panic there, because the local financial and business circles have already made adequate preparations based on a range of scenarios of exchange rate, interest rates and fiscal consolidation.
International financial interests will therefore charge the Government of Jamaica higher interest rates and fees when next it borrows, which could be as early as February.
Apart from planning ahead, the local and international markets have remained calm because Jamaica has always paid its debt, no small achievement given the large share of the budget which is required for debt service. Even when there has been a restructuring of the debt, notably the Jamaica Debt Exchange, participation of creditors was voluntary.
This is in contrast to the default of Argentina, which is still being contested by recalcitrant creditors in the courts of the United States nearly 10 years later. Jamaica's impeccable record of paying its debts has been invaluable in forestalling panic about its debt sustainability. There is no question that Jamaica will continue to pay its debt. Anything else would be financial and political suicide.
Add to all of the calming influences the reputation of Dr Peter Phillips, even when his technical team and the Cabinet have forced him to repeatedly announce yet another date for the completion of the negotiations of the Letter of Intent with the International Monetary Fund. Nobody else in Jamaican politics could have done what Dr Phillips has had to do and be believed.
The downgrade by Fitch does add to the perception that Jamaica's economic situation is deteriorating. While it does not set off panic, it is a reminder that it is past time to set our economic affairs in order.
Way to go, the future is bright in Dominicana.???
ok! so u can sleep well tonight........jobs for all that want one....... 24/7 luz for all........
new police force to take over in 1214....... now the honest hard working dominicans can remove the bars that surrond their homes and business.
and as the new pres said "all stupid will be gone by the year 2014"
yes the future is very bright for all dominicans...
choo choo
all aboard the "bright future look out" express....
Written by: Atabey, 2 Feb 2013 9:31 AM
From: United States, NYC
Still better than Jamaica, old Chap. :)
Human Development Index
#80...Jamaica
#98...DR..
oh, Atabey, since education is in the current issue bucket, let's check
University Rankings
#910..University of the West Indies
#5250...PUCMM.
by the way, Atabey, what is the world rank of the University that gave you a Magna Cum Laude?
Jamaica's impeccable record of paying its debts has been invaluable in forestalling panic about its debt sustainability. There is no question that Jamaica will continue to pay its debt. Anything else would be financial and political suicide
impeccable record of paying debts. see that, Atabey? how many times have you defaulted on sovereign debt?
IMF: Real or imagined enemy?
Wednesday, January 30, 2013
IN his most recent book, Inventing the Enemy, Mr Umberto Eco, Italian savant and prolific author, poses the question - does a society or country need to have an enemy?
By his own reckoning: "Having an enemy is important to not only define our identity but also to provide us with an obstacle against which to measure our system of values and, in seeking to overcome it, to demonstrate our own worth...So when there is no enemy, we have to invent one."
For our part, Jamaica's early history of slavery and colonialism — Spanish and English — was a situation in which there were clearly savage divisions in the society and the majority of the population recognised a tangible enemy in the slave-owner and the colonial power ruling the country. There was an enemy and no need to invent one. Rebelling against the colonial enemy helped to unify a class-divided society, gave a mission to the political process,
Rebelling against the colonial enemy helped to unify a class-divided society, gave a mission to the political process, helped to ignite nationalism, and contributed to the formation of what is Jamaican, although the elite remained anglophile for a long time after political independence.
The self definition of who we are as a nation or people is made easier by who we are not and who we are against. The enemy of necessity must be defined to have all the qualities we despise and those we are not. Naturally, we hated the Nazi as the antithesis of freedom which, as former slaves, we valued above all else. Sir Alexander Bustamante's "We are with the West" statement was as simplistically tactical as it was imbibing the anti-Communism of the period. Communists were against Christianity, individual freedom and private property.
The enemy in Jamaica was always been blamed for the failures of the country as manifested in growing and persistent poverty.
The enemy in Jamaica was always been blamed for the failures of the country as manifested in growing and persistent poverty. So by the 1970s, along with much of the Third World, the cause of all our problems was the global system of capitalism. This was a perspective which was a key tenet of the People's National Party (PNP) world view. World capitalism was the cause of economic dependency, imperialist exploitation of our bauxite and the impoverishment of the working class. The Jamaica Labour Party (JLP) of the 1980s reinvented an old enemy, citing socialism -- local and Cuban — as one and the same and the real enemy.
Who the enemy is and who is responsible for our impoverishment and falling behind the rest of the developing countries has always been external. One of these perennial enemies has been the International Monetary Fund (IMF). This perceived enemy unifies the country and was one of the few things that even Messrs Michael Manley and Edward Seaga agreed on.
The PNP and JLP have in common blaming the IMF for fiscal compression, cutting social programmes and emasculating our economic sovereignty.
Is the IMF the real problem or just an imagined enemy useful for avoiding an honest and critical examination of our own failings? Our economic situation over successive PNP and JLP administrations is in large measure the result of self-inflicted wounds as direct consequences of mismanagement and inept policies.
The real enemy of economic progress is not external, it is internal and until we as a country face that fact we will not begin the process of economic recovery.
Let us stop inventing enemies including the IMF and as is written in Matthew 7:5 of the King James version of the Bible:
"First cast out the beam out of thine own eye; and then shalt thou see clearly."
The ending is sooooo in keeping with my own advise to you Dready.
:)
"Is the IMF the real problem or just an imagined enemy useful for avoiding an honest and critical examination of our own failings?
Our economic situation over successive PNP and JLP administrations is in large measure the result of self-inflicted wounds as direct consequences of mismanagement and inept policies.
The real enemy of economic progress is not external, it is internal and until we as a country face that fact we will not begin the process of economic recovery.
Let us stop inventing enemies including the IMF and as is written in Matthew 7:5 of the King James version of the Bible:
"First cast out the beam out of thine own eye; and then shalt thou see clearly."
The ending is sooooo in keeping with my own advise to you Dready.
Methinks you should try your luck in Old Jamaica; they really need it. Wait, you did once and it turned out this way! Yikes.
How can a country that basically imports 75% of what it buys and exports at most 25% of what any other country be doing so well?
How can a country where most every official is corrupt be doing so well? Corruption is rampant and in your face. Drug cartels run their business as they wish with impunity.
Corrupt government officials laugh at the justice system and flaunt their impunity in everyones face.
Our country has survived the global crisis because of drugs and money laundering and corruption.
VeronicaDR,
You answered your own question,
Take away the millions in Narco-Dollars going through the D.R. and the economic crash would be loud and violent.
@Editor,
Would it be possible to impose a limit on number of successive, adjacent postings to avoid monoplizing and hijacking of commentary, encourage balance of audience participation and rational exchange of ideas? Furthermore, to encourage us all, definitely myself included, to be more original and succinct?
Please help, as there are some notable contributors who often regale us with expansive discourse that typically spills over extensive serial entries. They are generally members of the "Cut & Paste Sect" and don't realize that most of us, we our very busy schedules, just skip right over their commentaries.
Please help.
Thank you in advance for your consideration.
MJEV.
Helloooooo !!!
Some people in this forum simply ignored what was posted, in order to have a say.
I said the future is bright in Dominicana !!!
Not the present is bright.
I am an optimist.
I see the glass half full.
LOL
JAJAJA
@Veronica,
I often wonder how much credibility could be placed on any figures coming from this entity. The problem lies in the meaning of GDP and how it could be calculated just by the aggregate of all income versus the aggregate of all expenditures. In DR's case this might just mean that corruption and cronyism prevailed and the Inner Party members, to borrow a term from George Orwell's "1984", grossly inflated their salaries, while the proletariat lost purchase power and likely spent the same (inflated cost of necessities, to compensate for cascading effects of aforementioned salary inflation). So, you see, the difference between income and expenditures could lead to the wrong conclusion of actual expansion; however, we do have a discriminant here: inflation. Fundamentally, because growth rate was about same as inflation, there was really no expansion of the economy.
I'll leave any further clarification to the emminent Dr. Dread (I am out of my league!)
MJEV.
1...consumption
2...investment
3..government expenditure
4...net exports
so, mathematically represented, it is I+C+G+NE
you can use several combinations of the same components, and arrive at the same figure. if you lower I and increase G, you can get the same figure as if you lower G and increaseI I. increasing I and decreasing G is far more desirable. however, you can decrease G, and C, decreasing GDP, and still have a better economy. that is what Japan is doing. it is called intertemporal saving, it leads to slower growth, but better preparatory steps for a revived economy
the other thing, Glomar, is that GDP is only additive, but there is no subtractive component. so, if you make 10 billion from something such as mining, it does not subtract anything
that is, among other reasons, why GDP is a useless, outdated metric. only those who do not know better rely on it.
CITATION:
THE PDMR is awarded to the following ignorant, functional illiterates, third world morons; for their contribution and dedicated effort in support of the Purple Dragon thugs and corrupt Dominican ruling elite. This group of dedicated rabid ASS-KISSERS, BOCA DE BURROS, are the pundits of the Purple Dragon cause in DT.
DANILO/Pajaro del Tordo (climbed up to # 1; has shown great potential to stay on this spot)
Anthony AC (wanted in Juan Dolio, Guavaberry and SPM area)
IMARTINEZ
JHC-
CARLOSFRANCO
DON B DUMB (SILENT)
JARABACOA
BERNIES
AnthonyC (same as John, MEGA A***Hs)
TRUJILLO
ATABEY
LAREGLA
DREAMKILLER AKA: Sandusky
LV ROD
IMARTINEZ
PEPE32
OHHHVICTOR (still Purple but defending the colors regarding the Barrick)
NOTE:
If you feel that you need to be part of this distinguished, award winning group of idiots; please let us know, and we will be delighted to make you part of this p
You have a but kisser ??
He must be Haitian.
You pompous ass !!
Really bombastic !!
EXPEL ALL ILLEGAL HAITIAN FROM QUISQUEYA !!!
VIVA TRUJILLO !!!
The Haitian Zombie !! Boooooh !!
LOL
JAJAJA
From: Dominican Republic, Santo Domingo
Dready
You have a but kisser ??
i do not. even if i did, it would not be you. i am very fearful of contracting syphillis.
Definetly.
Your ass kisser.
He must be Haitian, smoking your ass.
LOL
JAJAJA
Please add danny00 to list, with highest honors-please!!!!
MJEV.
The only thing that you do in this forum is insult Atabey, and anything Dominican.
Turning this forum into a vent, where you can personally attack other participants with slur.
You are pissed with me in particular because I don' t agree with you Rastafarian beliefs.
I am not seeking your approval, you shouldn't seek mine.
I do want you to know, that I am 100% Dominican, living in my country, interested in my peoples well being.
Commenting on the issues that affect me, my family, my friends and my compatriots Dominicans.
This forum is about Dominican Today.
You are Jamaican, advocating Haitian illegal migration to our country.
You don't understand the problem with clarity from a Dominican living it.
There is nothing constructive that you can contribute in this forum, as far as that issue is concerned.
With the exception of putting Dominicans down.
On the other hand, I am here to lift my people up, and to provide hope for the future of my country.
Insulting your fellow forum participants with slur, is not proper decorum for the scholar you profess to be.
If you treat others with the proper respect , you will be respected in kind.
Again you don't need to agree with anyone, but place your comments about the issues and not about personal denigration.
By you, or anyone insulting me, and my point of view, is not going to stop me from posting my opinion in this forum.
If you like, and if you feel I have offended you in any way shape or form.
We can start over with an amicable attitude of mutual respect.
Would you like to compromise and agree ??
Written by: dreadlocks, 21 Oct 2012 11:48 PM
From: United States
this is not going to sit well with some, but everybody knows that Dreadlocks speaks his mind. the problem is aggravated by the fact that Haitians breed like rabbits. i was on a minibus some weeks back, and six Haitian girls came aboard near Montellano. all six...pregnant! heaven only knows how many more children each one has. how on God's earth can this invasion be stemmed? it is exponential growth. if this keeps on like this, in 25 years they will outnumber Dominicans.
If you read carefully you will notice the following:
Never said I was a gentleman, but thank you for the compliment.
Never wanted a relationship with you, you are not worthy of my friendship.
Never lied to you.
Never misrepresented anything.
The only low life in this forum is you.
Status quo it will be.
We do have different standard, yours very low, mine very high.
We do have different upbringing, you in the shakes of Kingston, I in Manhattan.
I am more honorable than you, You disrespect others with your slur
You lost the bet. Rasta boy.
EXPEL ALL ILLEGAL HAITIAN FROM QUISQUEYA !!!
STOP THE HAITIAN INVASION TO OUR COUNTRY !!!
I agree that accounting in numbers can be a case of "Don't pay any attention to that man behind the curtain" - meaning smoke and flash can be made to infer anything. So often, the implications of trade and investment connote real money, when in reality, there are letters of credit and other vehicles at play - therefore no cash is truly within in the transaction.
Certainly these posted quantifiers - in a language common the world over - help to bolster credit ratings and trade. But they seem to be relatively meaningless to a population when it comes to personal economy - which is also universal when 'average' people think of the connotation of 'growth'.
To me, the word 'growth' is significant only if applied to something non-nebulous - meaning a real, tangible, and visible effect. So I wonder if the real 'growth' indicators would be; primarily - Employment Rate, and ultimately, therefore - Average Discretionary Family Income.
ThoughtS?
Dr. Melgen sees that picture and his mouth waters like Menendez when he sees a 16 year old!
CITATION:
THE PDMR is awarded to the following ignorant, functional illiterates, third world morons; for their contribution and dedicated effort in support of the Purple Dragon thugs and corrupt Dominican ruling elite. This group of dedicated rabid ASS-KISSERS, BOCA DE BURROS, are the pundits of the Purple Dragon cause in DT.
DANILO/Pajaro del Tordo (climbed up to # 1; has shown great potential to stay on this spot)
Anthony AC (wanted in Juan Dolio, Guavaberry and SPM area)
IMARTINEZ
JHC-
CARLOSFRANCO
DON B DUMB (SILENT)
JARABACOA
BERNIES
AnthonyC (same as John, MEGA A***Hs)
TRUJILLO
ATABEY
LAREGLA
DREAMKILLER AKA: Sandusky
LV ROD
IMARTINEZ
PEPE32
Danni00 (Haitian displaced laborer, first cousin of Mr Coon)
OHHHVICTOR (still Purple but defending the colors regarding the Barrick)
NOTE:
If you feel that you need to be part of this distinguished, award winning group of idiots; please let us know, and we will be delighted to make you part of this pack of plague infested RATS.
The reality here in DR is far from the issues that are discussed on DT !!!!. Thanks God that we are safeguarded by the " ********.
CITATION:
THE PDMR is awarded to the following ignorant, functional illiterates, third world morons; for their contribution and dedicated effort in support of the Purple Dragon thugs and corrupt Dominican ruling elite. This group of dedicated rabid ASS-KISSERS, BOCA DE BURROS, are the pundits of the Purple Dragon cause in DT.
DANILO/Pajaro del Tordo (climbed up to # 1; has shown great potential to stay on this spot)
Anthony AC (wanted in Juan Dolio, Guavaberry and SPM area)
IMARTINEZ
JHC-
CARLOSFRANCO
DON B DUMB (SILENT)
JARABACOA
BERNIES
AnthonyC (same as John, MEGA A***Hs)
TRUJILLO
ATABEY
LAREGLA
DREAMKILLER AKA: Sandusky
LV ROD
IMARTINEZ
PEPE32
Danni00 (Haitian displaced laborer, first cousin of Mr Coon)
OHHHVICTOR (still Purple but defending the colors regarding the Barrick)