The Editor, Sir:

While listening to Gordon Brown at a press conference sometime last week, he surprised and educated most of the audience with a single line. Prime Minister Brown was asked if the British economy was finished because of the massive slippage in the value of the pound against the US dollar. The PM responded by saying that the Government doesn't target exchange rate because that has proven to be a failed policy.

It is my belief that the falling dollar will help Jamaicans to become more productive and appreciative of what they can do for themselves. It may even accelerate spin-offs of the kind of sustainable, agri-processing cottage industries we need, to cut our food import bill. I find it disgusting and shameful that Jamaicans sit down looking at large expanses of land while American and Canadian farmers toil to feed us. When they charge us high prices, we turn around quarrel about the costs. Who do we think we are?

BOJ's mission

"The mission of the Bank of Jamaica is to formulate and implement monetary and regulatory policies to safeguard the value of the domestic currency and to ensure the soundness of the financial system by being a strong and efficient organisation with highly motivated professional employees working for the benefit of Jamaica."

In light of this, I feel less constrained to ask why this relatively new administration finds it difficult to review the management skills, philosophy and technical capabilities of the central bank in so far as the needs of a developing country's economy are concerned.

Second, why not review the policy of the Bank of Jamaica to focus on inflation or a mixture of inflation and exchange rate skewed in one direction or the other. The governor of the Bank of Jamaica's mandate seems clear, but his best is obviously not good enough when set against the backdrop of the hardship most Jamaicans have faced over the past decade.

The mantra of change should be judiciously encouraged, especially in a society where value for money is not forthcoming. The Government should be courageous in a culture where too many in the public sector remain unproductive.

While Gordon Brown or no one for that matter has a monopoly on economic models, I would implore the Government to change both BOJ's mission and governor. I think it would be acceptable to employ an ex-governor from one of our sister islands, such as Barbados.

The predicament that Jamaica is in should see Obama taking cues of change from Golding and not necessarily vice-versa. Try something different, if nothing works get an 'A' for effort Mr Golding.

I am, etc.,

GARNETT WAITE

iamgarnete@yahoo.com