I have never complained about Finance or BOU!
Dec 07, 2006
SIR — I wish to comment on Mr D. M. Nyende’s letter entitled “cheeye oversimplifies issues†published on Wednesday. I have never complained that nobody at the Ministry of finance or Bank of Uganda writes a rejoinder to my articles.
SIR — I wish to comment on Mr D. M. Nyende’s letter entitled “cheeye oversimplifies issues†published on Wednesday. I have never complained that nobody at the Ministry of finance or Bank of Uganda writes a rejoinder to my articles.
I challenge Mr Nyende to give an example of when I did. Secondly, I did not expect such a letter to be published in the New Vision because you have an editorial policy of not commenting on issues raised by the rival Daily Monitor.
I do not simplify issues. I agree with Nyende that the printed money should be channelled through production and not consumption. But this is one of the many details and does not negate my advice that Government should print money or borrow domestically in order to finance budget deficits. The two are different.
We must agree on principles. Is it true or false that countries get money through three economic conventional ways — tax, domestic borrowing and printing of money? Printing money can only create inflation if the economy has gained full capacity like 4% unemployment rate, and industries producing at full capacity.
Before I opened the debate on printing money the issue had been branded ‘poison’.
Now at least we are talking about details.
To me this is positive. That is why I am happy with Mr Nyende’s observation.
Teddy Seezi Cheeye
Director of Economic Affairs and Monitoring
Office of the President
I challenge Mr Nyende to give an example of when I did. Secondly, I did not expect such a letter to be published in the New Vision because you have an editorial policy of not commenting on issues raised by the rival Daily Monitor.
I do not simplify issues. I agree with Nyende that the printed money should be channelled through production and not consumption. But this is one of the many details and does not negate my advice that Government should print money or borrow domestically in order to finance budget deficits. The two are different.
We must agree on principles. Is it true or false that countries get money through three economic conventional ways — tax, domestic borrowing and printing of money? Printing money can only create inflation if the economy has gained full capacity like 4% unemployment rate, and industries producing at full capacity.
Before I opened the debate on printing money the issue had been branded ‘poison’.
Now at least we are talking about details.
To me this is positive. That is why I am happy with Mr Nyende’s observation.
Teddy Seezi Cheeye
Director of Economic Affairs and Monitoring
Office of the President