Tap the Wisdom of the Unlearned. Published letter of the day Jan 2009 (Jamaica Gleaner)

The Lion's Roar

Jan 2009 Letter of the Day Published in Jamaica Gleaner.

Tap the Wisdom of the Unlearned

The time has come for us to unlearn all that we think we know about finance and economics. When 60 cents out of every tax dollar in Jamaica goes into paying for debt instead of social services, then I would say that our system has failed us terribly. I am not an economist, so, admittedly, I know nothing about high finance, but maybe that's exactly what the system needs right now, persons uncorrupted by what is taught or perpetuated in schools and universities.

Economists all over the world are predicting a global economic tsunami. It seems inevitable and it makes us afraid. But fear clouds our judgement; it makes us become cowards when bravery is what we need in the times ahead. Older folks said 'every dark cloud has its silver lining' - no exceptions.

If the West is in a mess, then it would not be a priority for them to force Third World countries like ourselves to repay debt. This would give Jamaica a window of opportunity to reboot and do things differently. Therefore, the solution is in not being afraid, but being prepared.

Debt Forgiveness or Default on the damn debt

If an American family were paying 60 cents out of every dollar for debt, they would file bankruptcy or just refuse to pay some of these debts. It is inhumane to have our nation suffer because of the enormous debt burden. It is foolish for Jamaicans to think we can make progress and improve our situation on the 40 cents - but maybe we are just too smart to see it.


Flooding the market with education

Also, our universities cannot continue to flood the markets with more accountants, people with MBAs and other types of 'educated fools'. This strategy simply increases the supply of employees in society without increasing the number of jobs and it doesn't take rocket science to figure out where that road leads.

What the country really needs are entrepreneurs, scientists, farmers,  and improved technology. We can control our destiny if we surrender our intellect and follow common sense and ancient wisdom, ie. We cannot borrow ourselves out of debt.


I am, etc.,
LION COORE MBA.