Letter of the Day | Call it as you see it, Governor Byles
Published:Wednesday | August 30, 2023 | 12:06 AM
THE EDITOR, Madam:
The Governor of the Bank of Jamaica, Richard Byles, must be feeling quite lonely these days.
After all, his recent comments on the need for restraint in the granting of wage increases have landed him in hot water.
But isn’t it the job of a meteorologist to watch the development of weather patterns and to warn the nation of an impending hurricane? In this regard, the governor of the central bank should be seen as our economic meteorologist.
Do we really understand the devastating impact that runaway inflation can have on a country and its people? The dire shortages of food, medicines and other essential items; the inability to pay one’s bills and to plan ahead.
The truth is that not many ‘poor people’ have an understanding of economics and the consequences of violating the rules that guide economic principles. The laws of economics do not react to emotional platitudes; they follow strict market principles and if these are violated, then comes the consequences.
I would bet my bottom dollar that the very persons who are willing to crucify the governor today, would just as easily call for his hanging if he did not point out the dangers of having too much money chasing too few goods (a simple definition for inflation), and the resultant misery that would occur as prices keep heading north.
While there may be grounds to argue against the level of increases given to our parliamentarians, the inflationary effect of their combined increases will likely pale into insignificance when compared to the wholesale granting of non-productivity-driven increase handed out to a working population of almost 1.3 million people.
Call it as you see it, governor, don’t let it be said you never warned of an impending ‘hurricane’.
PATRICK WALKER