The Fiji Sunday Times carried the following article:
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Save, FPSA tells members
People must save their money for rainy days given that the Fiji dollar is likely to be devalued, says Fiji Public Service Association general secretary Rajeshwar Singh.
Addressing his members in Lautoka yesterday, Mr Singh said Fiji was in dire economic straits.
Mr Singh said the foreign reserve was dwindling.
“If the foreign reserve comes down to one month’s buying power, then everyone knows that devaluation will be the only answer to sustain our existence,” he said.
Mr Singh said that unless there was offshore borrowing to resolve the tight liquidity situation, there would be problems.
“This country will be a failed state,” he said.
Mr Singh said that would affect everyone in this country.
“So you must save your money, you only buy your needs, and not fancy things,” he said. “Be careful in spending money, save it for the rainy days. This is the time to have needs and not the wants.”
You are a silly man, Mr Singh. The world’s financial experts, particularly those in the USA, know that even high NEGATIVE foreign reserves do not threaten a country with becoming a failed state.
Save? No sir, when one is in a hole one must continue digging, only faster! Increase borrowing to increase spending on bailing out investors and on foreign military adventures, that’s the ticket.
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Spend and borrow,
borrow and spend,
there’s no tomorrow,
it’s a world without end.