Word: manley
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...result of all these things, Jamaica is essentially bankrupt. Foreign reserves are almost nonexistent. More than 90 per cent of export earnings go to service foreign debt and to pay for oil imports. High unemployment, which was a major factor prompting Manley's election in 1972, has skyrocketed. Youth unemployment, which was about 40 per cent in 1972, now hovers around 70 per cent...
...Manley blamed these problems on external factors. Examining his claims superficially, one finds a specious appeal in almost all of his arguments--precisely what would most excite his almost spiritual following. But they do not add up to a convincing case for his PNP. Oil prices have little to do with Jamaica's failures...
...Manley's greatest hypocrisy is to blame the outflow of capital, a situation which both foreign and domestic sources created. Elected on a platform decrying the evils of foreign capital, Manley was practically inviting foreign capital to leave. And his close relationship with the staunchly anticapitalist Cuba did not encourage foreign investors. Manley has so frightened Jamaican businessmen that they, too, have transferred their holdings abroad. For Manley to blam the outflow of capital which he instigated for his country's economic woes is simply a fraud...
EDWARD SEAGA'S STATEMENTS to date are about as "fascist" (as some have charged) as those of John Anderson. Jamaica must work with Western banks, public and private, to emerge from its economic morass. Conditions have actually worsened in the last few months before the election: Manley depleted almost all of Jamaica's remaining foreign reserves to stock the store shelves and give the temporary, but artificial, impression that the economy had improved. Foreign capital, properly regulated, can provide prosperity and well being for the masses, as has been proved in Singapore, Taiwan, and Korea. Oil imports...
Seaga does not have the powerful mystical appeal of Michael Manley, but his performance in government before Manley's tenure did more to help the poor of Jamaica than Manley's violent rhetoric and devastating economic policies did in eight years. Cudjoe claims that Seaga will put Jamaica back 10 years; after nearly a decade of Manley, perhaps this is just what Jamaica needs...