THE SAGA OF THE US DOLLAR CONTINUES AS PRESIDENT YAHYA JAMMEH THREATENS

MORE SLUMPS

 By Tijan Nimaga, Bronx, New York

KARL MARX, the erudite German philosopher, social scientist, historian and revolutionary thinker had forcefully argued in one of his essays that “the worker becomes all the poorer the more wealth he produces, the more his production increases in power and range. The worker becomes an ever-cheaper commodity the more commodities he creates. With the increasing value of the world of things proceeds in direct proportion to the devaluation of the world of men. Labour produces not only commodities; - it produces itself and the worker as a commodity—and does so in the proportion in which it produces commodities generally.”  If we carefully look at Karl Max’s thesis, it is that the harder we work the less we could expect to gain a capitalist state where the work force becomes dominated by few individuals in all walks of governance especially, in so-called democratic governments, a better example is our very own Gambia. In a truly democratic dispensation, individuals have the rights to own properties regardless of the size of their ownership, are the decision makers of how they want to spend or use their property. Therefore, President Jammeh’s recent threats against businessmen and financial institutions about the exchange rate on the US dollar are totally unacceptable in a democratic nation.

Following the recent slup of the US dollar against The Gambian Dalasi, businessmen and some financial institutions have no choice but to horde whatever amount they have in foreign currency at their own disposal. This simply means that Banks are facing deposit drought in foreign currencies while prominent businessmen and some financial institutions are refusing to deposit their foreign currency at the Banks. According to disclosed information gathered from Banjul, there is a shortage in the supply of foreign currency in the Banks as well as the local markets. Of all the foreign currencies involved in this exchange rate slump, the US dollar is the only currency that businessmen and other financial institutions are interested in hording. The President and his economic officials provoked whatever the cause may be to the whole twisted saga of the foreign currency slump. Jammeh has even issued a warning to businessmen and financial institutions that the reported scarcity of the US dollar was false and that let the businessmen and the financial institutions keep it in millions –meaning the US dollars, but he has one thing to say, the US dollar could slump to a record low, as low as four Gambian Dalasis in the future.

  The President has made his decisions but what he fails to understand or refuse to understand is that when a national currency rises over a hard foreign currency, without any corresponding economic take off as in our case, it is the nation that is loosing in terms of economy. First of all, it will drive away foreign investors and tourism will decline in great numbers. It is not difficult to understand why the Gambian businessmen and financial institutions are keeping the US dollars as a treasure. First the EURO or the British pound have become useless to the businessmen because of the decline in tourism. There are fewer tourists in The Gambia today than it was during the regime of Alhagi Sir Dawda Jawara. With the US dollar, the businessmen can always expect to profit from it either from their American business associates in the United States or from the daily wiring of money from thousands of Gambian dissidents and hustlers living here in the United States. The US has become a champion among all other countries especially for Africans because of its unique system of weekly pay. You don’t have to wait for a whole month to receive your salary. That is why local businessmen in particular rely on the US dollar as the only currency, which they can depend on in their trade with the support from financial institutions such as foreign Banks. It has even been reported that some Banks have even stopped buying or selling until the economic slump becomes fare.

    If Banks are not buying or selling and businessmen are treasuring their foreign currencies, then the looser will be the government because investors will either impose high interest rates or find another ways that will be profitable for them even if the government has to loose. Mr. President if you like, The Gambia doesn’t need the NIA or any law enforcement agencies to force the local businessmen dispose their hidden US dollars. Our Nation needs good economists who can handle our economy a cadre of technocrats who would genuinely battle foreign investors and be able to proof all the lies they put together in an attempt to destroy our economy. Mr. President my advice to you is that no matter how the US dollar slumps in The Gambia, it does not mean anything to the United States Treasury. In fact, the US will be glad if its Mighty dollar is spent elsewhere other that a small country like The Gambia .The Gambia government’s war against the US dollar is just like a pin drop in the middle of the Atlantic Ocean. Finally, I urge all local businessmen and financial institutions not to hide their foreign currencies due to the exchange rate slump, because the investors that persuaded the government to slump the foreign exchange rate will be the same people who will bring it back to their desired rate. Also, the poor unfortunate and disadvantaged Gambians rely mainly on the exchange of the foreign currencies. For the Banks, it is up to them to either buy or sell for their own good. Karl max predicts that one day our society will be govern by democratic socialism rather than capitalism where everyone will be equal in the means of distribution and production. UNTIL THEN COMPATRIOTES MAY ALLAH CONTINUE TO BLESS THE GAMBIA.

Editor's Note: We appeal to members of the Gambian security forces to please help us with a photo of Malick Jatta, the younger brother to Colonel Babucarr Jatta. We now have credible information that Malick Jatta is worse than both Tumbul  Tamba and Musa Jammeh combined. Jatta we are reliably told by our Yundum Barracks correspondent "OX", has killed numerous victims and burried them in the woods of Foni. At one moment, reveals OX, the erstwhile Army Chief Babucarr Jatta threw him out of his home after reports of a damning killing spree that Malick was involved in. Lamentably, after killing his victims, Malick has a reputation of mutilating their body parts and uses their belongings as memorabilia.