Ralston Hyman says ” Get rid of the management of Bank Of Jamaica”

Ralson Hyman as far as I am concerned has no credibility and should shut up and go and try resurrect his political paper which he cannot seem to keep afloat despite his financial acumen.

Mr Hyman has praised the economic model practiced by Dr Omar Davis despite the fact he(Dr Davis) policies led to a total collapse of the financial sector and cost the country over $140b and counting . He has publicly stated the economic model embarked upon, which has brought stability to the Jamaican dollar , low interest rate and borrowing at rates between 1 -3% was completely wrong !

I personally consider Mr Hyman a political hack whose has a political agenda , which  has overshadowed his so called expertise, resulting in lack of objectivity in his so called financial or economic analysis.

One therefore cannot take Ralston Hyman seriously, which is the reason very few  news media seeks his opinion on economic of financial issues these days. This man quotes from every economic book or paper ever written, yet he has been unable to use any of this knowledge in a practical sense.

I guess its freedom of express and as such everyone is entitled to his or her own opinion.


11 Responses

  1. Jay, have you checked the “numbers” before your accusations of Mr. Hyman??????? You are still bitter with the coming to power of PSM and the PNP and will be bitter for a long time to come… it is showing as clear as crystal…I guess it’s freedom of expression and as such everyone is entitled to his or her own opinion.

  2. Jay,
    I know this is your blog and I respect your right to express your views.I hate to disappont you but Omar Davies is a small part of the cause of the financial meltdown on the 1990s.
    I was in Jamaica then and I know of practices in the private sector that were so unethical I decide to migrate.
    If Audley and the JLP had listened to warnings from people like Ralston and Dennis Chung maybe they would not be in opposition today.
    Even when you factor in the off budget expenses like Air Ja, the sugar companies loss etc that accounts for roughly $250 B of the $630B increase in the debt.
    maybe the learning curve was too steep , maybe the JLP were in opposition for way too long but they too a very long time to actally govern. By then the mistakes were too much and the results speak for itself.
    This so call stability in the macro economics fundamentals is driven in large part by the compressed demand and the inelasticity in disposable incomes. through in the hugh losses from Olint and cash plus people really hurting.

  3. I really do not care which political party is in power, for me that is not important.
    What is important is that the interest and welfare of the Jamaican people are taken care of, which is sadly lacking when one looks back at almost 50 yrs of independence.

    Some persons would not mind their preferred party keeps power for ever, not recognizing that such a situation would be bad for democracy.

    I firmly believe that those politicians who by virtue of their stewardship cause great hardship for the Jamaican people should NEVER be rewarded with leadership down the rd, to me that is an untenable situation.

    We keep making excuses for the failure of leadership and seek to always blame our failings on the others, who we hold responsible for our failure..
    I am not suggesting that we won’t fail at some things, since that suggest that we are trying new things.. When, we however keep making the same mistakes, it suggest we are not learning and failing will be the reward for our efforts.

    When you are in leadership you accept responsibility if the unit under your stewardship fails, it happens most places but not here in Jamaica.

  4. The “JDX” was not accepted “voluntarily.” That was a big lie. Review that fact Holness if you want to know how you feeling empty since the recent polls. The institutions holding the bonds may have made decisions but NOT the owners of the money.

    We don’t really have a media in Jamaica. That’s a big part of the problems and why the problems will continue to stick to us like glue.

    When media calls a spade a spade the people are not left confused. Ralston Hyman calls a spade a spade. Do you Jay?

    Markets also reacted badly to an announcement from a global banking lobby group that efforts to persuade Greece’s private creditors to agree to a steep reduction in the size of the country’s debts had failed.

    While large European banks are prepared to agree to a “voluntary” restructuring of their Greek bonds, smaller hedge funds have refused to accept a writedown in the value of their investments.

    “Discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach,” said Charles Dallara, managing director of the Institute of International Finance. The wording of the message hinted at the possibility that Greece’s official backers in the IMF and Europe might impose a writedown on the country’s creditors, which could destabilise nervous financial markets more. The other threat is a Greek default. Germany, the largest contributor to the bailout of Greece, has warned that without a restructuring deal, the next instalment of rescue funds Athens needs to pay back €14bn of debt on 20 March will not be delivered.


  5. Some hedge funds – identified as York Capital, Och Ziff and Marathon Asset Management – are reported to have led the resistance to an agreement on a 50 per cent “haircut” in the value of their Greek loans. It has been suggested that managers of these funds have taken out insurance policies on their bonds. This means that if Greece were forced into a default, the funds would not lose out, and is believed to have emboldened the managers to refuse to co-operate.

  6. Sound familiar?

    “If France loses its AAA, I’m dead,” Sarkozy told aides in October, according to Le Canard Enchaîné. The president has staked his re-election on convincing France that he is the only person with the guts, strength and character to save it from economic doom. The rating cut will seriously dent his image as the Caped Crusader of the financial world.

    Defending the rating became Sarkozy’s mission as he raced between international summits, claiming he would save the eurozone and solve the sovereign debt crisis.

    “There’s a triple failure by Sarkozy: failure in his obligation to increase growth, we’re in a recession; failure to reduce unemployment; and failure to reduce the deficit.”

    Sarkozy will no doubt reply that the Socialists have not done enough to support his efforts to draw up a law on balancing state budgets.


    The polls are upon you Sarkozy. Time to try the “AUSTRALIAN MODEL?”

  7. Jay do some home work tell us and illustrate to us what lies or something Mr Hyman as said that is not true, for the mere fact you mention that Omar Davis policies cause the financial collapse show that you are not informed but you have a political bias you might say other wise but we can see through you HAVE YOU READ THE CAUSE for finsac dont you think ppl learn, then my friend you just growing to be a bitter man

  8. i for one am upholding jays thinking on ralston hymans tirade , we have been following his keynes model and by the book economics and it has not worked over the years in jamaica under then boj gov and min of finance.We have to start thinking outside the box with common sense economics and even though audley shaw has had a checkered past in running his own business i think on the surface he has illustrated sober and effective management of the finances of this country.For those who say we have aparently not done so well with the imf under the jlp and audley shaw i say remember eddie seaga who is credited to have been the best finance minister facing down the imf and refusing their austerity measures insomuch as not paying them , didnt we fail those imf tests at that time.I say shut up ralston or reccomend some policies for the govt which are attainable measurable and which will benefit the jamaican populace,Keynes and his theories are good for studying for your degree but not for the jamaican economy.

  9. You take Wynter and/or Roper Seriously? Is who dem friend with…..

    According to Roper, Issa brought his unease about Smith to Donovan Davis Jr., the Managing Partner of Capital Blu Management, an asset management firm based in Melbourne Florida that has a currency trading division.

    According to Roper, Davis asked Smith if he could see Olint’s financial records, which Smith refused. Davis then asked to see Smith’s currency trading platform and strategy, which Smith also refused. Davis allegedly told Issa and Bovell to pull their money out of Olint, fearing Smith might be a fraud. Issa and Bovell may have had up to USD 500 million combined in Olint; the withdrawal caused a run on the scheme’s funds leading it to collapse. Roper said the USD 500 million appears to have been deposited with Davis for currency trading in the U.S.


  10. Jay I know you are very bitter that your Party lost the Election, Take it easy on Mr.Hyman he is on target all the time. Hyman.Dennis Chung.and Ann Sherley are the only analyst who was right on the button with their analysis of the Jamaican Economy.Stay calm my friend Jay you will get over it.

    • I support Jamaica and what I consider to be right . I will always comment on how I see things regardless of the party in power or opposition. This is unlike many, who refuse to comment when their party does something wrong , but are quick to crucify the other guys at every opportunity.

      Just look at the many post since 2009/2011 t which were very critical of the JLP whenever they made a move which I thought was wrong. Just look around and form your own opinion vs piggyback on other view points.

      The level of objectivity I have displayed on this blog is unlike anything many persons are capable of, as their political leaning inhibits their ability to think or write objectively. 🙂

      Jamaica needs to get over JLP vs PNP and focus on what is right for Jamaica. Whenever we start thinking this way, we can begin to move Jamaica forward.

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