Malamin,

This is almost funny. It would have been extremely funny if the guy did not
mean what he is saying; our omnipotent 'Great Leader' it seems, is a Jack of
all trades but master of none. Even if economics is 'common sense,' as he
seems to want it to be, he is not known for his demonstration of common
sense. Besides, economics, like any other discipline has it basics that must
be grasped in order to have a minimum understanding of its dynamics.

The downward spiral of the economy will not be helped by this latest gaffe.
Jammeh just cannot tear down the small private sector that exists. Investors
will simply bolt and when the chickens finally come home to roost, he may be
forced to bolt too and practice his economics somewhere else.

Regards,

Kabir.


<[log in to unmask]>


> Please try not to laugh as you read.
>
> MJohnson
>
> Jammeh Warns Banks To Stop Outlaw Tactics
> by Malick Mboob - Daily Observer
> President Yahya Jammeh has said that the focus of his 'Operation No
> Compromise' will turn to the country's commercial banks, some of which are
> selling the dollar and other foreign currencies at high rates.
> He made this remark yesterday at the airport on his arrival from a
two-week
> tour of South-East Asia.
> President Jammeh said if the parallel market is controlled, there is no
> reason why the banks should behave like outlaws.
> "My next phase is the banks. I see no reason why if the parallel market
> which is more difficult to control is controlled, banks should behave like
> outlaws. I am going to deal with them very drastically, there is no
> compromise.  I have [just] arrived, wait till tomorrow (today) you will
see
> what I am going to do," he stressed.
> President Jammeh warned that the banks should either do what is in the
best
> interest of Gambians and themselves, or leave the country. "There is no
> compromise with regard to the economic measures we are taking. I know that
> certain banks are selling the dollar at D25, others at D27, and then
others
> still selling at D33.  That is unacceptable," he said.
> He reaffirmed that 'Operation No Compromise' will be a relentless
operation.
> "That is what I have decided to do because I have given Gambian officials
> one year to do something and they did not do anything. Now that I have
taken
> full charge of everything, there is no compromise and nobody will come up
> with bogus economic principles that are non-existent anywhere in the
world.
> Nobody can fool me in economics because economics is common sense," he
> noted.
> "The banking institution is supposed to be a tertiary institution where
all
> businessmen have a level playing field.  If the banks do not level the
> playing field, some businesses will operate to the detriment of others,
> which is unacceptable.  They [bankers] must level the playing field," he
> said.
> President Jammeh said that his 'electric broom' will not spare anybody and
> called on the banks to regulate themselves before he regulates them. "Let
> them not try to scare us by economic formulae that do not exist anywhere
in
> the world.  'Operation No Compromise' has not ended. I know what is going
on
> in the banks. They have different rates and there are unscrupulous people
in
> the banks who set their own rates to make more money without the bank
> administration knowing it," he said.
>
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