1.00 USD = $86.00 LRD FELLOW PATRIOTIC LIBERIANS SEVENTY SIX DAYS HAS ELAPSED SINCE I POSTED THIS ESSAY. (THE EXCHANGE RATE IS A PROBLEM THAT LIBERIANS CREATED FOR THEMSELVES.) THE LIBERIAN EXCHANGE RATE HAS FLOWED RIGHT BACK TO WHERE IT WAS WHEN OUR MINISTRY OF FINANCE OF LIBERIA DROVE THE EXCHANGE RATE TO $80.00 LIBERIAN DOLLARS TO A MERE $1.00 UNITED STATES DOLLAR. TODAY IS MARCH 27, 2014. IN LESS THAN NINETY DAYS OUR EXCHANGE RATE HAVE GONE UP BY FIVE DOLLARS, FROM JANUARY 27, 2014 $(1.00 USD FOR $80.00 LRD) TO MARCH 27, 2014 ($1.00 FOR $85.00 LRD). THE EXCHANGE RATE OF THE LIBERIAN DOLLARS TO THAT OF THE UNITED STATES OF AMERICAN DOLLAR STANDS AT $85.00 LIBERIAN DOLLARS FOR A MERE $1.00 UNITED STATES OF AMERICA DOLLARS. WHAT DOES THIS MEAN FOR LIBERIANS AND LIBERIA? WHAT IS IT THAT IS DRIVING THE EXCHANGE RATE THAT IT IS EVER INCREASING? WHAT IS IT THAT LIBERIANS CAN DO TO REVERSE THIS TREND? THE EXCHANGE RATE IS A PROBLEM THAT LIBERIANS CREATED FOR THEMSELVES. LIBERIA REALLY NEVER HAD THIS PROBLEM DURING THE GOVERNANCE OF THE FIRST REPUBLIC. THE DISPOSAL OF THE GOVERNANCE OF THE FIRST REPUBLIC GAVE BIRTH TO THIS PROBLEM OF THE EXCHANGE RATE. THE VICES THAT STRENGTHENED THE OPPOSITION IN THEIR QUEST AND ENDEAVOR IN THE DISPOSITION OF THE GOVERNANCE OF THE FIRST REPUBLIC WAS ABSOLUTE GREED. IT WAS OPPOSITION THAT TERMED THEIR GREED AS CAPITAL FLIGHT AND RAMPANT CORRUPTION. LET US UNDERSTAND CAPITAL FLIGHT BEFORE WE PROCEED. CAPITAL FLIGHT IS THE REMITTING OR GIVING OUT RESOURCES OR MONEY AWAY FROM AN ECONOMY WITHOUT IT RETURNING TO WHERE IT CAME FROM. THE LAST PRESIDENT OF THE GOVERNANCE OF THE FIRST REPUBLIC SOUGHT TO MAKE LIBERIA A NATION THAT WOULD BE VERY SELF RELIANT IN ALL ITS ECONOMIC ENTERPRISES. LIBERIANS WHO WERE IN OPPOSITION CAMPS DID NOT FULLY UNDERSTAND THE LEADER’S QUEST AND VISION, THEY ONLY UNDERSTOOD AND INTERPRETED IT AS THE LEADER WAS ONLY GOING TO ENRICH HIMSELF. LIBERIAN ECONOMICS IS OVERWHELMED WITH FOREIGN COMMODITIES. LIBERIANS HAVE THIS NOTION AND PERCEPTION THAT ANYTHING ORIGINATING FROM LIBERIA IS NOT GOOD. IT WAS THE OPPOSITION, WHO WERE NOT LIBERIANS THAT INFLUENCED THE OPPOSITION THAT WERE LIBERIANS, AND THEY TOOK IT…HOOK, LINE, SINKER AND THE GOVERNANCE OF THE FIRST REPUBLIC IS HISTORY. NOW, HERE WE ARE, WE CAN NOT GROW OUR OWN STAPLE FOOD. A CHILD LIVING IN A HOME WITH HIS PARENT OR PARENTS IS AT THE WHIMS AND CAPRICES OF THE PARENTS OR PARENT, BECAUSE THE CHILD SOLELY, WHOLLY AND FULLY DEPENDENT ON THE PARENTS FOR HIS OR HER DAILY SUSTENANCE. THE ATTEMPT BY THE LAST LEADER OF THE GOVERNANCE OF THE FIRST REPUBLIC TO BREAK THAT DECOY AND PSEUDO COLONIAL TIES, ONLY PROVE TO BE THE WATERLOO OF THE FIRST REPUBLIC OF LIBERIA. THE REGIME OF THE PEOPLE REDEMPTION COUNCIL (PRC) CAME AND IT DELIVERED MORE PROBLEMS THAN SOLUTIONS. THE PRC INHERITED A FUNCTIONING ECONOMY. THE PRC WITH HER NEW FOUND GIFT (THE LIBERIAN ECONOMY) DID NOT EVEN KNOW WHAT TO DO WITH IT. THE PRC DRAG THE ECONOMY INTO THE MUD AND SET A TIME BOMB IN IT THAT WE LIBERIANS ARE FEELING THE FEEDBACK OF THE EXPLOSION. THE FEEDBACK OF THE EXPLOSION IS THE EXCHANGE RATE. TAKE A LOOK AROUND. WHAT ARE THE LEGACIES LEFT BY THE PRC REGIME THAT IS PUTTING END TO CAPITAL FLIGHT OR MINIMIZING IT LIKE THEY PROMISED? THE TENURE OF THE PEOPLE REDEMPTION COUNCIL (PRC) WAS SHORT LIVED AND DID NOT LAST FOR MORE THAN FIFTEEN (15) YEARS. THE NATIONAL PATRIOTIC FRONT OF LIBERIA (NPFL) CAME ON THE SCENE AS OPPOSITION TO THE PRC. THE NPFL WAS SUCCESSFUL IN OVERWHELMING THE PRC. THE NPFL WAS NEVER GIVEN THE CHANCE TO REPAIR THE DAMAGES OF THE PRC AND THAT OF HER OWN. THE TENURE OF THE NPFL WAS ALSO SHORT LIVED AND MARRED WITH INSTABILITIES WHICH EXACERBATED THE EXCHANGE RATE. THE EXPATRIATION OF THE NATIONAL PATRIOTIC FRONT OF LIBERIA THE EXCHANGE RATE STOOD SOMEWHERE IN BETWEEN $45.00 AND $50.00 LIBERIAN DOLLARS FOR ONE MERE $1.00 UNITED STATES OF AMERICA DOLLAR. IT WAS DURING THE TENURE OF THE NPFL, THAT OPPOSITIONS WHO WERE NOT LIBERIANS DECIDED TO TAKE LIBERIANS FOR A RIDE BY HIKING THE PRICE OF THE NATION STAPLE FOOD EVEN THOUGH IT WAS IMPORTED. THE NPFL STEPPED IN WITH AN AUTHORITARIAN APPROACH AND TODAY THE NPFL IS LANGUISHING BEHIND BARS FOR THE NEXT FIFTY (50) YEARS TO COME. NOW LET US START TO GET CURRENT WITH PRESENT DAY REALITIES. THE CURRENT REGIME WITH ITS LEADER BEING BORN IN THE GLORIOUS DAYS OF GOVERNANCE OF THE FIRST REPUBLIC, WHO REFUSE TO WORK WITH THE PEOPLE REDEMPTION COUNCIL (PRC), INHERITED AN ECONOMY THAT WAS A COMPLETE SHAMBLES. IN THE EARLY DAYS OF THIS REGIME I SAW AND READ THAT THIS CURRENT REGIME ISSUED AN EXECUTIVE ORDER ALLEVIATING THE TAXES IMPOSED ON THE IMPORTATION OF THE STAPLE COMMODITY RICE. NO SOONER THAT TOOK PLACE WE SAW THE CONTRACT BEING INKED WHERE APM TERMINAL WAS TAKING OVER THE FREEPORT OF MONROVIA. NOWADAYS AS YOU PASS BY THE FREEPORT OF MONROVIA, YOU WILL SEE LORRIES OR CONTAINER TRUCK LINED UP ALONGSIDE THE FENCES OF THE PORT WAITING TO BE LOADED WITH THE PRECIOUS CARGO “IMPORTED RICE”. THIS PRECIOUS CARGO LEAVES THE FREEPORT OF MONROVIA AND ITS DESTINATIONS ARE THE BORDERING TOWN AND VILLAGES OUTSIDE OF LIBERIA. IT IS UNDER THE WATCH OF THIS REGIME THAT EXCHANGE RATE GENTLY AND BRISKLY WALKED FROM $60.00 LIBERIAN DOLLARS TO WHERE IT STANDS PRESENTLY TODAY. THE QUESTION IS WHAT THE CURRENT REGIME IS DOING TO REVERSE THE TREND OR DIFFUSE THIS AUTOMATIC TIME BOMB THAT KEEPS ON RESETTING ITSELF. THE REAL QUESTION IS DO THE CURRENT REGIME, ADMINISTRATION, AND GOVERNED PEOPLE KNOW AND BELIEVE THAT THEY DO HAVE A PROBLEM WITH DUAL CURRENCIES IN THEIR ECONOMY? SO HERE IS A BATTERY OF QUESTIONS. 1. IS THE EXCHANGE RATE A PROBLEM? 2. IS THE IMPORTATION OF THE NATION STAPLE FOOD A PROBLEM? 3. IS IMPORTED RICE BETTER THAN THE LOCALLY GROWN AND PRODUCE RICE? 4. IS YOUR CURRENT LEGISLATURE PUMPING MONEY INTO THE LOCAL PRODUCTION OF YOUR STAPLE FOOD? 5. DO WE LIBERIANS WANT TO BE PRODUCERS? 6. IS THE PRINTING AND MINTING OF THE LIBERIAN DOLLAR DONE IN LIBERIA? 7. IS THE A MINT IN LIBERIA THAT PRODUCES THE ALMIGHTY USA DOLLAR? MY PEOPLE IF WE KNOW AND BELIEVE THAT IMPORTED FOOD IS BETTER THAN OUR LOCALLY PRODUCED FOOD, THEN WHY ARE WE COMPLAINING THAT THE EXCHANGE RATE IS HIGH. MA ELLEN THE EXECUTIVE ORDER THAT I PRAY AND HOPE TO HEAR COME FROM THIS ADMINISTRATION AND REGIME THAT WILL BE FULLY IMPLEMENTED TO THE LETTER IS “ THAT THE ONLY IMPORTED RICE THAT SHOULD COME INTO LIBERIA IS SEED RICE FOR THE ONLY PURPOSE OF FARMING AND RICE PRODUCTION AND IT SHALL BE TAX FREE”.
Posted on: Thu, 27 Mar 2014 19:27:32 +0000
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