The Wealth of Nations & Liberia’s Widening Trade Deficit


The Editor,

Because of the widening trade deficit, Liberia's Central Bank Governor (Mills Jones) wants a "reverse in the country's export policy towards non-traditional exports"………Ok, great.

But why do we have an export policy for "non-traditional exports" in the first place?? (Re "Liberia's Trade Deficit Widens")

Promoting the free trade of ALL goods and services (traditional and non-traditional exports) is the best export policy for our prosperity!

In the "Wealth of Nation",  Adam Smith, the Father of Modern Economics said that "In every country it always is and must be in the interest of the great body of people to buy whatever they want of those sell it cheapest…"

He also argued that in a free exchange of goods and services, both sides became better off! Because trade benefits both sides (importer and exporter), it increases our prosperity!

But our imperial President (Madam Sirleaf) have issued several executive orders (#44 and #50), banning private citizens from trading (exporting) their private property (timber, unprocessed rubber, and other natural resources)!

Don't we the people have the right to use, transfer, and trade property that we deem ours? If so, then why is the President using her executive orders to make life a living hell for private citizens who want to trade their goods and services with others in the global economy??

Hey Madam President, the hard currency (U.S. dollars) we get from trading our exports is what we use to pay for our imports—(Heinekens, Guinness Stout, bottled water, and Governor Jones's fabulous salary)! So why are you hostile to free trade??

Um, is there any way can we pay the Governor and the President in Liberian Dollars, since they are the ones wreaking havoc with our monetary policies? Since Jan. 1 2013, the Liberian Dollar have depreciated (rise in exchange rate) from L$72.5/US$1.00 to L$83/US1.00 in Dec 2013!..

And that depreciation of the Liberian dollar is the direct result of our monetary and trade policies. 

Look, if the President continues to ban private citizens from exporting (trading) their private property to willing buyers around the world, Liberians will soon start living like Zimbabweans! Hint  Z$10,000,000,000,000 = 1 US Dollar! 

(Binyah Kesselly could be our first Liberian Dollar Billionaire!)

But the best export policy is for lawmakers to pass legislation that nullifies the ALL executive orders that ban private citizens from trading (exporting) their private property (timber, unprocessed rubber, etc) with whomever they choose to around the world! Free trade is the best trade policy for our prosperity!


Martin Scott

Atlanta, GA



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