6/25/2009

(1) Comments

Billie Jean is crying now
For the King has breathed his final breath.
His beaded clothes, white glove, white socks -
Eccentric dress,
Never was a stage more blessed
Than when Jackson chose to be the best.

Live, we will hear him never more
So much for his final London tour.
We are, a little poorer now -
At whom will late night comics poke
Their wacky setup racist joke?
The pop start that became a quack
His death has left the world in shock.

But Barack has shown that
He should have kept
His nose, his chin, his hair in tack.
Nonetheless, we call confess:
Thriller will always be the song
By which the young of this world rock.
Michael, we will miss you much
Your greatness no one can ever touch.

© Sheldon D. Channer, June 25, 2009, 7.25PM

Rennach

Air Jamaica, Government Bonds and Suppliments

6/10/2009

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Its been just two months now since the Minister of Finance laid out the 2009-2010 budget. Back then I suggested that the whole exercise was a farce (particularly the estimates of expenditures) which we need not pay too much attention to. Invariably the government will show up in November to table a "supplementary estimates," in November (usually) which would largely undo the one outlined in April/May. The original estimates of expenditures laid out in April was $548 Billion, and by the end of the 'debate' process, it had mysteriously grown to just over $555 Billion.

Recently
the government announced that it will be providing $9 Billion dollars worth of loan guarantees to the hapless Air Jamaica. In the Gleaner news story, this little gem sneaked in: "...at least six financial institutions have lined up to provide the loan to the national airline." Now why, pray tell would these financial institutions be tripping over themselves throw money at an entity which has accumulated over US$ 1 Billion in losses over the last decade? Clearly Air Jamaica is a bottomless pit, so whats the deal? Are these financial institutions 'lining up' because they believe that Air Jamaica, will turn things around and repay them? Do they anticipate an extraordinary boom in air travel in the midst of the global economic downturn? Are they being altruistic or maybe driven by a sense of nationalism? Do they think that Air Jamaica's switch to serving pretzels and peanuts will do the trick and bring it to profitability? No, no no and no. Its because of the government guarantees! They know they are going to get this money back. As far as I can tell, they aren't really making loans to the national airline, in actuality they are purchasing government bonds! Who wouldn't want to get in on the sweet action? Bank of Nova Scotia is said to be charging 22.5% interest, while National Commercial Bank is charging 23%. No wonder the banks are tripping over each other to make these loans.

Here's the rub, IF the government finally divests Air Jamaica, Prime Minister Golding has already stated that the government would have to absorb the airline's debts as a part of the sale agreement. So here's a guarantee for you; just go ahead and stick that $9 Billion (plus interest) to the budget tally... $564 Billion and counting.

Until the Finance Minister's power to table a retrospective 'supplementary' budget is curtailed, the April/May Budget exercise will continue to be an ineffectual waste of time. They could shorten the whole process by simply announcing what new taxes they are going to introduce, have to Opposition oppose it and call it a day. The whole thing could be done in about fifteen minutes.

Cops Gone Wild!

6/07/2009

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Last week in the Jamaican news, there were a rash of bad news stories featuring the Jamaica Constabulary Force. The corruption embedded within the force was on full display for all to see in these various news stories and it was does not look good at all. The extent to which these are the works of a 'few bad apples' is irrelevant at this time. What seems clear is that the 'bad apples,' however few or many of them there are, have been acting with impunity for quite some time and have seriously undermined the crime fighting work of the police.

In a short documentary film on extra-judicial killings by Jamaican police, released earlier this year, Deputy Commissioner of Police Mark Shields stated that the Jamaica Constabulary Force is 'in parts a criminal organization itself.' When I first heard him make that statement about 'criminal organization,' I thought it to be a bit of hyperbole. However recent controversy surrounding the Mount Salem Police Station would suggest Mr. Shields' characterization was indeed accurate.

Jamaica is facing an crime pandemic and the worst thing to have is a corrupt law enforcement apparatus. How can this situation be resolved? How can the violent crime problem be mollified with the Constabulary Force as it is? I really don't know the answers to this. One thing seems clear to me is that increasing the size of of the police force or granting them greater powers is not the way to go. Not until the bad apples can be isolated. Not until the good, well meaning officers take charge of their force.

Rolin Oliver

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