It is quite revealing to read the submission of Godwin Emefiele, the Governor of Central Bank of Nigeria on his insistence that it will be economically unwise and against the CBN Act, if he followed the suggestions of some economic experts that postulate: “to grow the economy and create jobs, the CBN must allow exchange rate to free-float, and also allow inflation to rise; while at the same time allowing interest rates to come down.”
And more revealing is the counter arguments in favour of a free floating currency that is supposed to remove the various man made distortions and unrealistic fiscal mechanisms that are doing more harm than good to the economy as opined by Economic Columnist, Henry Boyo.
Reading the submissions of the two economists is like watching the circus show of a wrestling match where all the participants are privy actors playing along to the script written for them.
But who wrote the scripts of this economic wrestling show of whether or not to allow Naira as a free-floating currency in Nigeria?
Are the two economic titans slugging it out in the arena of public debate aware that the pros and cons on monetary policy they are backing profusely and professing fanatically are mere illusions created to fool the common people of the world?
Are they aware that economic “principles or ideology” are not in any way different from mythological assertions and metaphysical/religious beliefs?
We need to remind the two gentlemen that economics as a discipline has much more in common with religion where every interpreter of the “revealed” principles of faith or the accompanying man made dogmas has a right, mostly based on self interest, to hold his/her viewpoint as the absolute truth.
Similar to religion, the revealed truth of both prophets Adam Smith and Karl Marx have various sectarian interpretations and fanatical followers. It is on this basis that we need not take these debaters on monetary policy in Nigeria too seriously. There is no absolute or any figment of truth in the positions being held by either of them.
In as much as the secret behind money creation and the clever hands of its creators are jealously hidden from the plebs and even from majority of the so-called economic experts, who are yet to be initiated into the cult of money creation; and regardless of the pedigree of expertise these uninitiated economists are claiming, we must accept that they are only wasting their time, and our time as well, in the analysis of myth and fiction.
Unfortunately, it is our lives the economists are playing with as chips on the board of the global casino games instituted by the secret cult of the unknown god mammon, the true ruler of the world.
It is indeed true that economics is a “dismal science” and it is now looking more like a “magical dark science”. The more you look, the less you see of what exactly is the truth of economics that was supposedly based on a simple logic of “demand and supply”.
In The Spirit of Truth
SAM ABBD ISRAEL