Dear Editor,
Per the Introduction by Jose Antonio de Aguirre of the book “Monetary nationalism and international stability” by F. Hayek, edited by Ediciones Aosta. An adaptation by me – “Everything seems to indicate that the most urgent task now and in the coming years will be to probe how Guyana can establish the six pillars of economic policy disciplines that were and are subverted by economic & political optimism, unconscious incompetence and errors of commission of past and present years, these being: a) monetary, b) fiscal, c) commercial, d) industrialization and drilling (oil/minerals), e) infrastructure and projects, and f) Maslow’s hierarchy of basic needs of safety and security, shelter, food, clothing and minimization of systemic societal corruption. This is a congruent totality that survives as a whole when its elements are engaged or inevitably collapses when anyone of them is disengaged”.
Past and recent evidence appears to show that Guyana is minimizing this critical engagement to the detriment of: 1). Guyanese, the COL, Crime and lawlessness mitigation, 2). Guyana’s three (3) Economies that of Competitiveness, the Middle Class and Proximity, and 3). Guyana meeting the demand for hard currency, professional and skilled labour. Guyana needs to pay more refined intelligent attention to correcting the incongruences and disengagement between and among the aforementioned policy disciplines, especially the fiscal, commercial, monetary, oil extraction/infrastructure disciplines. Not to do so could result in outcomes and outputs disequilibrium and adversities for Guyana.
Sincerely,
Fernando Balkaran
