“The usefulness of money largely disappears if it loses its chief characteristic, which is stability, or constancy of value”.
The business and economic fronts are unstable these days. The unstableness on these fronts in the long-run can lead to political instability in a country. The economy matters. A man’s whole working life is dedicated to his economic needs. Without a stable and growing economy in his country, can a man fulfil his basic needs of food, clothing and shelter?
Economically, things as well as events won’t remain on a steady and growing path all the time. There will always be hiccups in a country’s economic performance. Even a simple layman like me knows that.
Don’t the well-educated and trained professionals in charge of managing a country’s economic performance know that? What are they doing? holidaying? travelling? bungee-jumping? praying? By not coming to grips over things on the economic front, these professionals portray to a simple layman like me that everything is being conducted in a reckless manner. Where does that leave the ordinary man on the street?
When the whole world perceives a nation’s currency in a negative light, what are the policymakers of that country doing to reverse the negative perception? The policymakers can’t just keep reiterating on how good and sound that nation’s economic fundamentals really are. The rise and the fall of a nation’s currency speak volumes.
When a currency loses its constancy of value, can the layman go about his daily routines confidently and peacefully? When the currency keeps depreciating or see-sawing, can a layman be assured that the cost of living will not spiral out of control? Wouldn’t he be worried about how to provide the next meal for his spouse and children? What is the layman going to feed his dependants – dog food? And what are the dogs going to eat then – junk food?
To remain economically relevant and competitive in these trying times, a country needs to project a serious image to address all the negative issues pertaining to its economy quickly. Otherwise, negative perceptions once formed on the economic front will be very difficult to break in the coming future. Perceptions, positive or negative, matter!