₦airaland Forum

"It takes some brass to attack a guy for doing what you did".- Bill Clinton at the DNC 2012

OBJ talks about contractionary monetary policies.

When OBJ increased taxes time and time again on petroleum products, was that not a contractionary fiscal policy? When he raised VAT before leaving office, was that not a contractionary policy?

If OBJ had invested the savings accumulated on building the domestic capacity in the economy, we would not have been in this mess today. We would not have felt the effect of the global recession as hard as we feel it today. If the NIPP was sincerely completed, we would have gone a long way today. So let Baba shove his talk inside that place.

Monetary policies is about what is optimum at a particular point in time. You can decide to expand the economy and put pressure on your foreign reserves. The other option is to devalue the exchange rate. But for an import dependent economy with a limited capacity for output, devaluing at once would speed up the loss of the reserves and so it has to be done gradually whilst contracting the economy.

Finally, the lasting solution is to tell your politicians to be responsible. Monetary policies are not figures but rather a reflection of activities in the economy. Where your governments from the Local government to the Federal level decide to be irresponsible with spending, there is very little a monetary policy would achieve.

Garbage journalism by the Nigerian media. I have read through this piece time and time again, I have not seen any quote by OBJ that "N5000 notes will kill production".

All I hear is "removing money from circulation was improper". Now how does reforming a currency translate to removing money from circulation?

The level of ignorance being spread by some of these Journalists is alarming and you must be wary of what you read in the media.

I listen to some of the guys you see daily on TV who pose as "Financial Analysts", they talk trash. Unfortunately the level of literacy on economic issues in Nigeria is very low. No wonder it was so easy to defraud people with the NOSPECTRO and Pennywise schemes. They tell you invest N5,000 you get N100,000. Why not give me the address of the Baba in Ijebu to double my money.

Garbage journalism by the Nigerian media. I have read through this piece time and time again, I have not seen any quote by OBJ that "N5000 notes will kill production".

All I see is "removing money from circulation was improper". Now how does reforming a currency translate to removing money from circulation?

The level of ignorance being spread by some of these Journalists is alarming and you must be wary of what you read in the media.

I listen to some of the guys you see daily on TV who pose as "Financial Analysts", they talk trash. Unfortunately the level of literacy on economic issues in Nigeria is very low. No wonder it was so easy to defraud people with the NOSPECTRO and Pennywise schemes. They tell you invest N5,000 you get N100,000. Why not give me the address of the Baba in Ijebu to double my money.

This issue has led me to understand that Nigeria is filled with miseducated people. When you see so called 'Financial Analysts' on TV talk about inflation without a concrete evidence, you want to weep for the country.

Nigeria has a long way to go.

violent: Are you reading or even capable of reading at all?

Okay, here's a dumbed down version for you: 6 months ago, i would normally be wary of keeping 10 million in my room for two nights.

in the next couple of months, i can do this without breaking a sweat, and so can my friends, and their friends...

Do you even understand the terms: Liquidity and cost pull inflation at all? where did you school if i may ask?..

How about educating us on the macroeconomic indicators that apply in this case as you will have us believe? I intend to flog you intellectually.

Road side argument again. No reference to fiscal and monetary policies and the present position of the economy.

Mr man go to bed and stop showing you tried real hard to pass elementary macroeconomics.

violent: This isn't an issue that can be resolved using macroeconomic indicators as we are only discussing potential effects of a policy change. Nigerian Inflation rate is currently reportedly at 12.8% and it's had an all time high of 15.6%. I believe most students of economics will expect that an a regime of rising oil price, reduced liquidity, higher costs and a benchmark interest rate at 12% may potentially force a cost push inflation....to what extent may remain open to debate.

Now with your ATM card and ATM machine, you can easily access money and "keep it in under your bed". Any effect on inflation and the stability of the monetary system as you want us to believe?

Stop your 'bolekaja' analysis.

van bonattel: getting worked up already? go ahead, burst an artery and suffer a stroke, it will add or remove nothing from nowhere

HAHA stroke? I laugh when responding to ignorant people like you. It is only right that you are put in your place so you don't mislead millions of people.

I ask you again, what do you know is inflation? And how did a dunce like you come to the conclusion that it has inflationary consequences on the system without any valid analysis.

violent: It may be hard to tell. But it isn't entirely unreasonable. The Total credit in the system is an accumulated sum and if more people decide to hold on to cash then by logic, this will be expected to propagate through the system. Why should i find a reason to keep 50k in the bank when i can simple hold on to 10 notes?...My 50k and those of my friend will have to be replaced one way or the other by my bank if they are to maintain their capital ratio....that takes liquidity out of the system.

Any analysis of the present position of the monetary system? How then did you come to the conclusion that it would contract credit in the system?

Oga please stop this your garri and groundnut analysis.

van bonattel: no matter how small the percentage is, right now banks hardly lend, how much more when there is an incentive to hoard since you can easily hide it. Even 10 percent hoarding will wreck havoc in the system.

Mr man please stop disgracing yourself with this you groundnut and garri analysis. Go to bed and stop wasting your time.

None of you point to any macroeconomic indicator, no assessment of the current position of the economy but you just jump ignorantly with a garri and groundnut "it will cause inflation" argument. What do you even know is inflation?

In your attempt to deride the man because "he is an aboki who knows nothing", you show how ignorant you are.

violent: So let's think about this ill conceived idea for a second from the perspective of the guy with little idea of economics.

The immediate effect of introduction of higher denominated currencies will be a massive dry up of liquidity from the financial system since people can easily keep their millions at home without hassles. Not only will this mean that capital can no longer flow easily from individuals with surplus (i.e those guys now keeping their billions in a brief case under their beds) to SMEs that require funding through banks, it will also mean that banks will in effect become squeezed to hold off lending and maintain their level of capital ratio.

The effects multiplies easily through the system along with the recent consistent increase in prices due to oil subsidy removal. This results into what some guys call cost pull inflation and and kaboooom, fast forward to 2025.....we are now Zimbabwe!

What percentage of funds from those people who would keep money under their bed make up the total credit in the system and what percentage of credit in the system is accessed by SMEs at the moment?

Sorry Sir, this your analysis is in the most elementary form.

van bonattel: may i ask, why did he not introduce 20,000 note mr economist dunce

When it's time you get a proper education, he would introduce 100,000 naira notes for you to pay your fees. I laugh because I see a dolt like you running your mouth over what you know nothing about and in the process exposing your ignorance.

"and you support inflation" you say? How ignorant.

manny4life: coming from someone who claims a bank risk manager performs macroeconomic analysis, I'm def not surprised. Perhaps, you can further expand your theory, I really wanna learn.

Don't you have a life? Get your gayness out of my way and stop stalking me.

There is no point explaining a thing to a dullard who runs his mouth over a policy without any valid analysis of the plan.

Get a life you scum.

van bonattel: and you support the inflation? may some insect fly into your nose

What the hell are you saying? You better go to bed and stop exposing your ignorance.

The 5000 naira youhave today when you deflate and put it in real economic prices may be equal to the 1000 naira of 2005.

So what is the whole hullabaloo for. I'm yet to see any sound economic argument against the plan.

What I see is road side argument.

[quote author=Okija_juju]The truth is that you white folks deserve to be beat down...

I was in Ghana a few years ago and was visiting one of the slave castles in Cape Coast.. While on the tour, I heard a white man whisper to his his fellow group "No wonder we were able to take them as slaves" and they all burst out laughing heartily!!

Just the other day in Port-Harcourt, a whiteman was driving with a Mobile police escort sitted in front and was being an arsehole.. Driving so rough as he would never do in his own country.. Anyways, his cup ran over when he tried to bully me.. Unfortunately for him, I was in a bad mood and driving my run around vehicle.. Long story short is that I intentionally ran into him.. Trust his low Life Nigerian Mopol to try and cause a scene.. I simply sat in my vehicle and radioed for a van of Mobile police men.. When he saw my own police, the arrogance in him disappeared..

Fhuck white people..

When I was in Canada, Myself and a white guy applied and interviewed for the job of a sales person at a furniture shop.. Mind you, I was a graduate and the whiteboy wasnt.. Whiteboy gets the job with pay and sales commision.. I also get the job but would only be paid based on myu sales..

At the Canadian U.S Border, My parents were arrested for entering the U.S illegally.. All explanations fell on deaf ears until a Black border police came and listened to them. Then he lifted their passports and saw that they had U.S H1 visas into the U.S and that the illegal crossing thing was a silly mistake that could have been easily resolved. [color=#990000]Meanwhile, the useless white immigrations man had already entered it into the system.. So now whenever my Parents have to be in the U.S again, they would have to explain why they entered the U.S illegally when the had the highest type of Visa shy of a permanent resident..

The most racist countries in the world include BRITAIN, the entire former Soviet Union and South Africa.
[/color][/quote]Clear yourself of racist traits before accusing others of racism.

[size=18pt]Another mumu thread.[/size]

2mch: Yes. Go to NY, Chicago and all the big cities in America. Walmart is in the suburbs. Away from small businesses. Small businesses are the backbone of any economy. And most economy's come out of these big cities. Those big chains kill jobs and businesses. This is a fact. See for yourself. Plus they have to be heavily regulated because they will do anything for a profit. So the job the government is running away from, is still the job they will have to do to protect Nigerians. This job could have been done on indigenous business owners. Not everything foreign is best. Walmart is crap.



Just because you are ignorant doesnt make you relevant.

BIG LIAR! BIG LIAR!! BIG LIAR!!! You should be ashamed of yourself that you keep spreading LIES.

Small businesses are the backbone of any economy, really?

lol at your ignorance.

2mch: You are a very big fool. You should have used your brain if it was working and in the right order to advise yourself before replying my post. Me and my father can sell what we like in Lagos because it is my state. Fool. If you understand economics you will know that what you wrote there is the most foolish thing ever. I am not going to educate you, I did not send you to school. Even developed cities in developed countries are smart enough to keep walmart and shoprite out!Especially in the big cities. These stores are located on the outskirts of the city, outside of the commercial center. Lagos is a commercial center. It is up to the state government to create standards. Instead of supporting the substandard and unregulated products being sold by these budget chains. If you have ever visited or gone abroad you will know shoprite and walmart are substandard. Stupid infant.

LIAR! LIAR!! LIAR!!! Why una dey lie like this sef, Ahn ahn.

ASDA UK is owned by Wal-Mart Stores INC and their stores are located in most UK shopping centers. TESCO UK has its outlets in Japan.

Abeg make una take am easy with una lie O.

Billyonaire: This is biased Reporting. China is planning for the future. During the time of economic growth and Oil windfall, this is what Abacha was supposed to do, massive infrastructural developments. If China does not invest in infrastructural developments, where else do you expect them to plough back the excessive liquidity in the system. In foreign reserves in USA, Switzerland and UK like Nigeria and other third world countries do? I think what the government needs to do now is introduce mortgage subsidy in the housing market and make it available to the poor. China is building for the future and its admirable. Its a monumental display of positivism to keep building more even when there are many ghost towns, and its quite a lesson to learn from such courage. Even if its a way of providing jobs for the teaming population. USA needs to start learning from China in this regard instead of criticizing. I know they are using their press in the last attempt to rubbish China. The China I know, can not be stopped via propaganda.

Hehehehe Billygoat why do you keep spreading ignorance all over the internet? China holds the bulk of its over $2 trillion reserves in US treasury bills. It also puts some into oil exploration in Africa and the middle east to meet its growing industrial base. In addition it has development funds such as the China Africa development fund to help it maintain its large reserves whilst also taking advantage of US partnership with developing countries such as the African Growth and Opportunity Act (AGOA) initiative to boost Chinese exports.

Why does China hold large reserves? China focuses on attracting labour intensive FDIs to provide employment for its large population. One way of doing this is to prevent an appreciation of the Chinese RMB yuan by reducing demand for the RMB and thus reducing Chinese labour cost (See Krugman et al (2011) International Economics: Theory and Policy).

If they were as foolish as you and your anti-US thoughts, development would continue to elude them. They are partners as well as competitors. It's a win win.

Err Okupe, a confirmed rogue.

Obasanjo fired him for stealing estacode during his time. The man is a confirmed rogue. How Jona appoints such a crook as an aide beats my imagination.

"When I saw him, he shook my hand and told me he was sorry, that he regretted what happened."

You see the animals in uniform.

honeric01: you're lying, ike oda of red garri is 350 naira. White is 380 naira.

Shut up! Shut up!! Over sabi. How e take concern you now.

Na the same market me and you dey buy from?

one 'ike oda' for 800 naira!

Life done spoil O, I remember when we dey buy am for 20 naira. SMH

Naijapundit PFFFFFFFF

So Bashir El-Rufai the ex-CEO of Intercellular is not qualified and cannot validly own a land in Abuja. You hungry men should look for another story to sell.

With this horrible UK weather, life can never be rosy. See, we did not get the sunshine till mid July and now is early August, it seems winter is around the corner. As far as I am concerned whoever is responsible for fixing the country has failed if he cannot fix the weather. Did I hear someone say "nothing can be done about the weather"? I don't care, just fire whoever is responsible.

birdman: Stop making stuff up just to make your (invalid) point - you just named some of the worst offenders. They laugh at the notion of civil rights in these countries, and this is a documented fact. Just because some ppl refuse to bury their heads in the sand, sing kumbayah and hope everything just works out doesnt make them bigots.

Mr man are you finding it difficult to understand basic english? China is moving is not the same as China is there. China may not have gotten everything right but it is moving. These countries are open to partnership through trade and investments. What have you apart from whin over being "conquered" whilst keeping your "black supremacy" card close to your chest.

All you bigots need to get a life. Get busy, you are not different from those you condemn!

Rossikk: You're very naive. ''Partnering'' while black graduates in America are three times more likely to be unemployed than white graduates? When black graduates are three times more likely to be paid less than white grads for doing the same job? While blacks are five times more likely to be stopped and searched by police in the UK and USA even with its black president? When black scientists are routinely denied research grants compared to white scientists in the USA? I could go on all night. When the western media propagate an image of nothing but suffering and blight in Africa, ignoring all signs of progress and development in a deliberate program of disinformation to the point where in 2012 people around the world are surprised to learn we have cars, phones, airports and well built houses in Africa? There is a white supremacist program underway, and that's been underway for several centuries. It is the jobs of blacks to RECOGNISE and FIGHT this and not shy away from it, or worse, like you, pretend we're all ''happy partners''.

Pffff another looser who can't compete and then ends up playing the race card. I can show you loads of black and African researchers who have received grants from universities in the West. So what proof have you got that those your researchers were denied grants because "they are black". I can also show you white neighbourhoods that are routinely being searched by the Hampshire Police in the area I live. So what are you on about that they are "searched because they are black"?

Western media? What happened to your own media? The Russians have Russia today, the Chinese CCTV, Aljazeera for the Quatari's, there is Saudi TV, there is DSTV. What happened to your own NTA. Your politicians loot the funds for developing NTA then you cry about "deliberate disinformation" to the world about Africa. Stop being a cry baby Mr man, if you want your "black supremacy" then you must organise yourselves. However, the truth about the media in this part of the world is that they feast on bad news irrespective of the country concerned. If in doubt watch the BBC panorama and see some teribble things about Britain. They hardly even show 2% of the bad side of Africa. If they do, no one would come to Africa again. In fact there are programs on CNN such as Isha Sesay's African voices that show the good sides of Africa. So why are you whining?


We would not deny that there are bigots like you that exist in all races. However, the existence of such bigots only spur us to seek equality and diversity. No race shall be superior to the other as you and your President would wish. We would continue to fight for a world where all humans are seen as equal irrespective of race, colour, gender, religious belief e.t.c

Races are moving together for the sake of humanity, not even a bigot like you and your President that believe in "black supremacy" can pull progressive minds back. We are moving, China is moving with the help of all races, same as Malaysia, same as the UAE and Qatar. What have you to contribute to humanity apart from your hate filled life?

Get a life you bigot!!!

cap28: Actually i attended Kings College London.

China was under attack from the western powers for the better part of the 19th century - ever heard of the boxer rebellion? Try and research it. The so called foreign investment you talk about in China only came about AFTER China was able to demonstrate that it could defend itself militarily.

You obviously know nothing about the history of south korea - what has openness got to do with south korea's current situation - south korea was merely a country that america acquired following the defeat of the japanese who previously controlled it. How can a country that was seized from one conqueror (the japanese) and then passed onto to a new conqueror(the US) be looked up to as a country to emulate? what is positive about being in such a situation? South Korea is an occupied country with no control over its political or economic destiny - actually just like nigeria.

You have no clue about racism or what it even means - so i won't waste any more of my time on you.

Bla bla bla Kings college. Haha is it the one at Obalende? If you don't know the story of South Korea's development and the role of openess to trade and investment then sorry I can't help but let you dwell in your hate filled world. Is Brazil's FDI induced growth as a result of its ability to "defend itself militarily"? The World is moving, the only problem we've got is ignorant and hate filled minds like you that would be gone over time. I ask you again, where is your domestic investment and technology? Blaaaaa, you're still looking for those who conquered you. That we fought wars in the 19th century does not mean we can't be partners today. That is what the world is about today. Unfortunately you are still in your 19th century world.

cap28: misfortune? with a masters degree, self employed dual nationality and the ability to travel all over the world whenever i want? hardly the lifestyle of someone who is suffering misfortune mate. No unlike you I am intelligent, well read, politically aware and capable of seeing the wood for the trees. Races are partnering where - give me examples? Europe, Australia, Canada, South Africa and North America are economic and military partners - can you work out what they all have in common? let me help you out - they are all europeans - when was the last time China or Japan were allowed to be part of NATO? when was the last time china, japan, saudi arabia, qatar or kuwait were allowed to have controlling votes at the world bank or the IMF? when was the last time any african nation was given veto powers to block any decisions made by the united states or europe in the UN?

You need to get not only a life but an education.

Bla bla bla, who cares about your masters degree from the University of East London -LASU London Campus. So you stay in your 'corner shop' at Dagenham and call for black emancipation instead of going back home to lead the struggle. Ovoko, ignorance is bliss!!! If there is anything China and S.Korea has thought us, it is that openness is critical to development. China and those countries you mentioned were built with a combination of Domestic and Foreign investment. Where is your domestic investment Mr Black emancipation? Oh I forgot, you are still looking for "white enemies" while your politicians smile to the bank with your childrens future. hahaha

You need to get a life and stop being ignorantly racist.

If you have the money and think he is going to be committed to his studies then why not. I tell you if you've never had to study in a University in Europe and North America, you won't understand how flawed Nigeria's education is in terms of methodology, personnel and infrastructure. In addition, the fact that such people have not done well in Nigeria should not be a deciding factor. It is very difficult to study in these schools and not learn a thing. Even if you don't learn a thing in your field, one thing I am certain of is that UK education seems to give the individual more confidence as he is made to study independently.

antitpiah: lots of words, too little sense. Americans talk of American exceptionalism all the time. Its no different from what GEJ was hinting at. Get a life, old man!

You should get a life! In your foolish mind America is a race. America is made up of races that have parnered for the development of the country. Only ignorant minds preach the domination of one race over the others.

cap28: There is nothing mixed about my message - I am stating categorically that GEJ is 100% correct in this instance. We africans are in dire need of a political re education because we do not understand how important it is to maintain a position of solidarity with our fellow africans scattered all over the globe. I dont know what you mean about fantasy - I am aware of what africans accomplished in the past and i know that if we did it in the past we can do it again - but we need to rid ourselves of this crippling self hatred that continues to plague us. the europeans are well aware of our past glory and that is why they are constantly working overtime to keep us in a position of subservience.




You've got it totally wrong - Obama does not represent the progress of the black race - he represents the cunning and craftiness of the white race - you see Obama was groomed by the white power elite in america to fool and trick blacks all over the world into beleiving that america is now a post racial society - nothing could be further from the truth. Try researching Obama's background - google a guy by the name of Zbigneiew Brzinski - this guy was Obama's college professor at Columbia university - he groomed and prepared Obama for this role - who were Obama's largest campaign contributors? wall street okay not black people. Obama is a wall street puppet serving the purpose of the banking elite - why did obama give billions of dollars in bail out funds to all of the major banks that were deemed too big to fail? because they were the biggest donors towards his presidential campaign thats why, open your eyes and stop falling for the lies and propaganda being churned out by the media stations that are all owned by corrupt american billionaires who have a vested interest in hiding the truth from you.

Has Obama done anything to improve the lot of his fellow african americans since assuming office? isnt this the same Obama who presided over the invasion of Libya an african nation? isnt this the same Obama who gave Sarkozy former president of france the go ahead to invade Ivory Coast and overthrow a democratically elected president and kill thousands of innocent ivoriens? Even his most ardent african american supporters have lost faith in him, come on guy you need to wake up and stop allowing yourself to be bamboozled.




GEJ's statement sends out a very clear message to those racist indian trinidadians who hate black african people like you and I, that there is a big black african brother who can actually make life hard for them if they carry on subjugating their so called fellow trinidadian brothers and sisters. You must understand that these indians are very very clannish - they do not even inter marry with their fellow african trinis and yet they have the nerve to accuse GEJ of being a racist, if only you know how thiese people view african people you would never ever criticise GEJ's stance on this matter.




Look, I will be the first to put my hand up and say that GEJ is not getting it right with regard to his relationship with the western powers but everything must be viewed in the correct context. GEJ is where he is today because of US and British backing - he is afraid to step out of line because if he does he will be overthrown - its that simple - GEJ is not my ideal leader because he is for all intents and purposes a western puppet however western puppets do sometimes turn against their god fathers (with dire consequences) This highlights the need for african nations to continue to forge alliances with fellow africans and non european allies all over the world. For example we need to have some kind of military backing from China in order to ensure that if push comes to shove we will not go the way of Libya if we decide that we no longer want to remain puppets of america and europe.

Haha this racist man that blames his misfortune in the UK on white people again. Mr man sincerely you need to get a life and stop looking for "white witches" chasing you. Races are partnering, moving beyond borders to ensure humanity is uplifted while you are here moaning. The Chinese government have nationals in the UK studying for the benefit of China. They see them as partners while you see them as an enemy. The world is moving ahead of this "black domination" nonsense.