Recalling the Butch Stewart Initiative
Over yesterday and today, we have recalled in the pages of the Observer some of the high points of a story that ignited our people 17 years ago. It was not merely to lionise our chairman, Hon Gordon ‘Butch’ Stewart.
The circumstances in which we find ourselves, as a country today, are demanding that we summon every ounce of patriotism and nationalism that we can, to tackle the many challenges that we will take into the New Year.
In April 1992 when Mr Stewart launched the save the dollar campaign which came to be popularly known as the Butch Stewart Initiative, the country was in a tailspin from the erratic movement of the dollar.
With each downward movement of the currency, prices skyrocketed. The currency became so unstable that business planning became all but impossible. Predictably, currency speculators grabbed the opportunity to clean up.
The central bank found itself competing with the black market for United States dollars and it appeared that nothing could be done to break the free-fall of the Jamaican currency.
Out of a great sense of patriotism, and may we add, enlightened self-interest and just plain good sense, Mr Stewart embarked upon a plan to put US$1 million a week into the foreign exchange market, at a rate of J$25 to one, against the prevailing rate of J$31 to one.
That action captured the imagination of the Jamaican people who, encouraged by Dr Leahcim Semaj, joined in with their widow’s mite, to drive the exchange rate down to J$22 to one and stabilise the Jamaican currency, thus securing vital breathing space for the economy.
Confidence returned to the business community and to consumers, and investors started to find Jamaica an attractive place to put their money, thus boosting employment.
Mr Stewart’s action would, by itself, have failed to achieve its objective, had the country not rallied behind it. That is the lesson which we wish to highlight in this space.
The tax package announced by the Bruce Golding administration, is among other things, a clear indication of the poor state of our economy. Next year is going to be a real test of the true mettle of the Jamaican people.
Our well-established tendency to try to find an individual to blame for our problems, or to act as saviour, will not work this time. For example, the call for the removal of Finance Minister Audley Shaw, while it could serve to satisfy one’s political appetite, will not move us one inch closer to the Promised Land.
We will not have the luxury of being able to sit back and blame any one individual or organisation or political party for the country’s problems. The true greatness of the Jamaican man and woman is the only solution that will take us forward.
If we enter 2010 with the mindset that it is others who must find the solution, then we might as well suggest that the last person to leave turn off the lights.