Will lawmakers ever hold Dr. J. Mills Jones (Central Bank Governor) accountable for debasing our national currency and economy?
Hey, if you don’t believe Dr. Jones is debasing our currency, just look at the historical chart of the Liberian Dollar! From 2002 to 2013, the Liberian Dollar averaged L$74 to 1 US$ — but in 2014, it spiked to L$90 to 1 US$!
Because in 2013/14, Governor Joseph Jones started printing money recklessly to lend to Liberians, who in return are now chasing the almighty US dollars! (Re “THE LOAN-GIVER’: CBL’S JONES’ VISIT LURES HUNDREDS IN BUCHANAN”)
When Governor Jones started printing millions and millions of NEW Liberian Dollars out of thin air, and giving them as “loans” to his buddies in LIBA, it diluted the value of the old money that was already in circulation in the economy, thus leading to inflation and the depreciation of the Liberian Dollar by 20 percent!.
Today, the poorest of Liberians have seen 20 percent of the value of their money vanish into thin air, all because of Jones’ micro- loan scheme! My free-loading family in Liberia are catching hard time! They’re struggling to put food on the table!
Before 2014, L$75 could buy 2 cups of rice, even after market women have beaten in the bottom of the cup! But after Joseph Mills Jones started printing fake money and “lending” it to his buddies in LIBA—L$75 now buys one cup of rice (and one vote for Mills Jones for president) because of the steady depreciation of the Liberian Dollar!!
But depreciating the value of money by creating more is nothing new. Irresponsible heads of state and voodoo economist central bank governors have been doing it for decades! So Governor Joseph Mills Jones is not the first one!
In 2007, President-for-life, Robert Mugabe of Zimbabwe, ordered his Central Bank Governor to print an additional Z$1 trillion to pay for civil servants’ and soldiers’ salaries that were hiked by 600% and 900% respectively! Of course that meant Zimbabwean soldiers and civil servants had lots and lots of “access to capital”, but at whose expense?
Every Zimbabwean, poor or rich, saw the value of their money vanish! Today, the Zimbabwean dollar is worthless! Many business owners do NOT accept Zimbabwe dollars, instead they request U.S. dollars or South African rand for their goods and services!
Look. If we allow Governor Joseph Mills Jones to continue pumping fake money (unsecured micro-loans) into our economy, Liberia would be just like Zimbabwe! Cronyism beneficiary like Binyah Kesselly would need a Brink’s truck (armored car) to pick up his bi-weekly pay check from the Central Bank (in L$)!! By the way, can we please pay Dr. Jones in L$$?? Just wondering…
The infusion of new money causes inflation and erodes the purchasing power of our national currency!
The CBL Act of 1999 specifically states that “the principal objective of the Central Bank shall be to achieve and maintain price stability in the Liberian economy. To this end, it shall devise and pursue policies to…(a) preserve the purchasing power of the national currency.”
But every time you read the news, you see itchy beard Mills Jones playing Santa doling out money! That’s an abuse of power!
The CBL Act prohibits the Central Bank from making “secured and unsecured advances, whether by loans or overdraft” to anyone, except in few cases! And those few exceptions do NOT include making unsecured loans to Jones’ buddies in the LIBA (Liberian Business Association)!
It’s time for lawmakers to jack up Jones before he turns Liberia into an economic basket case!!