Printing More Money Out Of Thin Air

first_imgThe Editor,The decision to print more money represents a clear and present danger to the Liberian economy and its people!! (Re “House Approve Printing of Additional Money,” Daily Observer)When a government prints more money without a corresponding increase in its economic output, it unleashes hyperinflation. And hyperinflation debases your currency.Memo to economically-illiterate Liberian Lawmakers: Look, we all know that you people (Lawmakers) think money grows on trees and you have the power to “issue currency” (Article 34-d) out of thin air….But at whose expense should you “issue currency” out of thin air?Printing more money out of thin air and without a corresponding increase in your economic output also means that you are stealing other people’s life savings. How?Because with more money in circulation, prices of goods and services will definitely skyrocket! Many people’s life savings would not be enough to buy a loaf of Fanti bread to feed their family or buy access to Speaker Tyler’s office. For all practical purposes, the Liberian people would have been robbed, big time, by the stupidity of their own leaders.But the Liberian government won’t be the first to have stolen their people’s money this way. For thousands and thousands of years, elected leaders have been stealing from their own people – from Nero in ancient Rome to Doe in Liberia to Mugabe in Zimbabwe.If you don’t believe what I just said, look at what happened to Zimbabwe: In 2007, President-for-life Robert Mugabe of Zimbabwe ordered his Central Bank Governor to print an additional Z$1 trillion to pay for civil servants’ and soldiers’ salaries that were hiked by 600% and 900% respectively. Of course, that made Zimbabwean soldiers and civil servants millionaires and zillionaires, but at whose expense?Every Zimbabwean, poor and rich, saw the value of their money vanish because of hyperinflation. People needed a wheelbarrow full of money (Zimbabwean dollar) just to buy a loaf of Lebanese bread.Today, the Zimbabwean dollar is useless and worthless. Many business owners DO NOT accept Zimbabwean dollars – instead, they request U.S. dollars or South African rands for their goods and services.What lesson must we LEARN from Zimbabwe? Don’t print more money, you idiots!! Why? Because the most insidious way to destroy a country is to destroy its currency (John Maynard Keynes)!Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Protesting Schools Ordered Closed

first_imgA number of students who demonstrated in Margibi County, vandalized properties and blocked major highways trying to claim government’s attention—all in an effort to see their teachers back in the classrooms—have definitely missed the mark.This is because their action has caused President Ellen Johnson Sirleaf to order those teachers who had protested, dismissed, while she promised to deal with students who were part of the demonstrations.An outraged President Sirleaf upon her arrival from the United States at the Roberts International Airport (RIA) in Margibi County yesterday, called on the Ministry of Education (MOE) to close with immediate effect, those schools that carried out the strike actions. She also said that if teachers of those schools were involved, they should be dismissed as well. On Tuesday, protesting students in Unification Town (Smell-No-Taste) near RIA blocked the airport-Monrovia highway demanding the return of their teachers to class.This was preceded by another strike action on Monday, when normal commercial activities and the free-flow of traffic were brought to a standstill in Kakata, Margibi County’s political capital. Those students took to the streets in solidarity with the leadership of the National Teachers Association of Liberia (NTAL) demanding the resignations of Minister Werner and MCSS Superintendent Jacobs.The students’ actions, however, turned violent, resulting in ransacking of several public buildings in Kakata. Also, they reportedly vandalized government facilities, including the 13th Judicial Circuit Court, offices of the National Elections Commission, the county’s Service Center and part of the fence that surrounds the Ministry of Education (MOE) facilities in Kakata. As to the fate of the striking students, President Sirleaf said the students’ actions have caused a lot of loses to the government, private citizens, companies and organizations, especially airlines and as such, the students would have to bear the consequences of their actions. “I’m going to instruct the Ministry of Education to close those schools immediately. We are going to ask for those students who were involved in the protest and deal with them,” she declared, adding, “And if there were teachers involved, they too will be dismissed until we see them handle themselves as leaders in the classrooms.”The President indicated that her government will begin a program of discipline in the country, noting, “I heard the news of the students’ strike action while I was in Ghana on Wednesday.”“It was brought to my attention that on Tuesday students blocked the RIA road, our major highway. As a result of that, many people came to their flights by changing from cars to riding on motorbikes, carrying their luggage in their hands and on their heads. Some of them also ended up missing their flights,” she said.The President was concerned because most of the airlines left RIA without taking their required passengers which was a loss to them. Some of the schools to be affected by the President’s pronouncement are the Lango Lappaye High School, E. J. Yancy, the Kakata Rural Teacher Training Institute (KRTTI) Demonstration School, all in Kakata, and the Harbel Multilateral R. S. Caulfield High School in Harbel and Smell-No-Taste.Although the President’s decision could be referred to as generic because not all of the students in those schools went out to protest, all of them will now bear the same consequences. The Liberia National Police attempted to calm the rising tension when the newly appointed Inspector General, Gregory Coleman, began discussions among the MOE, NTAL and the MCSS Teachers Association to end the hostilities, but the President’s pronouncement might have scuttled those talks.Coleman, during his intervention, said the sporadic blocking of major highways in the country, including the Monrovia-Kakata highway and the RIA-Monrovia highway by protesting students was worrisome.Coleman encouraged the belligerent parties to find ways to get the students to return to their classrooms as soon as possible.He said finding a quick and amicable solution to the standoff was important for the country’s peace and security, and also for the benefit of the innocent students who are victims of the unfortunate situation.Some local radio stations, including the Liberia Broadcasting System, have reported that other than Margibi, some public school students and teachers in Lofa, Gbarpolu, River Cess, and other counties also joined in the demonstrations to demand Werner’s resignation.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more