‘Before you study the economics, study the economists!’
e-Con e-News 03-09 July 2022
The most valuable colonial possession on the globe,
giving to our Indian Empire a security
it had not enjoyed from its first establishment
– English PM William Pitt, after the Dutch ‘ceded’ Ceylon, 1802
Far from Ukraine, Sri Lanka is the epicenter of a global crisis
– Washington Post, 6 July 2022
Epicentre. Bullseye. Canary. Guinea pig. Lab rat. Domino. An example. A lesson and more.
‘If Sri Lanka is going to be the first to be pushed, to fall, it should be the first to stand up and push back with Asian, African and other countries…’ – see ee Comments
The perfect storm. A tempest not that natural, rages out of an old teapot.
These wars waged around us. Let’s raise our heads and look: From East Africa to West Asia, from Myanmar to Korea. They are not new nor are they that old. Wars of currencies. Wars of fuel. Wars of food. Wars of fools. Wars of leadership. These wars waged on us.
China. Korea. Vietnam, Laos, Cambodia. Cuba, Palestine. Nicaragua, El Salvador, Guatemala, Iraq, Yugoslavia, Liberia, Libya, Syria, Haiti, Congo, Somalia, Ukraine, Yemen, Myanmar: A roll call of nations, long enduring white military annihilations. A punishment for nations seeking to, or even just proclaiming, ‘nationhood’, ‘independence’, ‘nonalignment’, ‘strategic autonomy,’ etc, midst imperialism. Nations who dare choose their own leaders. Let alone those who seek a path to modern industrialization.
It is too early to tell how this soup has been cooked, and how it’s been brought to a boil.
The IMF is not a bridge over troubled waters. It is what’s troubling the waters.
English is not a link language, drawing people closer. It is used as a wedge.
MCC. It’s not just cricket.
Selling off unprotected workers. Casino. Brothel. Resort. Tax hideout.
Money laundry. Drug entrepot.
Is this our designated future?
Dollars would not be a problem then. But, are dollars really the issue? 16 IMF loans later, the IMF is still depended upon to deliver one more goblet of old poison that has pushed Sri Lanka to this pass. A massive US-led campaign is concealing their undermining of the economy and the country, and instead blames China, Russia, etc.
This effort became clear with the US state department’s move to appoint a kalusuddha aka Envoy Julie ‘Banana One’ Chung, to front their war against China from Colombo. Chung, who plays the ultimate role that Asian and African diasporas in those white countries have to play, by serving as a ‘buffalo soldier’ – is said to be a leading expert on ‘regime change’. Chung is credited with coordinating the choking of essential goods into Sri Lanka.
The stampede of US, Indian and other white officials into Sri Lanka has been to threaten Sri Lanka, that we cannot deal directly with China and Russia. Meanwhile, who benefits from unleashing Sri Lanka’s ample reserves of anarchists, nihilists, romantics and utopians, who are setting the stage… while Maharaja’s Sirasa TV stands accused of sacrificing reporters to provoke arson, etc. The churches also are being exposed (see ee Quotes, Bhadrakumar).
Foreign banks are still refusing to open letters of credit to obtain fuel directly from Russia, etc. It remains to be seen how long it will take to expose the links between the ‘energy mafia’ that operates as middlemen between the large US-led monopolies that control fuel (Exxon, etc.) and food (Cargill, Archer Daniels Midland, etc.).
‘It is essential to determine whether Russian crude oil
is in line with the specifications of Ceylon Petroleum Corporation’:
Minister of Education Susil Premajayantha, also President of SL-Russia Friendship Association
Joke? No. The wise minister may be anticipating the power of a bureaucratic mafia to sabotage shipments – as they did with the imported organic fertilizer incident. After all, it’s possible that the Russian oil, well received in India, may suddenly become cruder if it comes here directly:
‘When Russia is offering fuel at a reduced price,
a price even India has accepted & is purchasing,
Sri Lanka doesn’t want to anger the US
and is buying fuel from India at a higher price
while India is buying from Russia at a discounted price.
What is stopping Sri Lanka from going to Russia
for our energy requirements? Are we a State of India or a US colony?…
The question is simple enough –
if we can get 50,000 MT for $11m from Russia,
why are we buying from LIOC?
See ee Industry, Artificial
This week, the much-touted ‘international community’ was more precisely defined as: ‘friendly funders!’ This parallels the unelected though foreign-funded ‘civil society’ of fluid diversities, that is being repeatedly put forward, as more representative and democratic than elected politicians. The real NGOs, who employ this civil society, turn out to be multinational corporations (see: “We’re the world’s biggest NGO,” Paul Polman, Unilever CEO, ee 15 November 2019).
So! We are to be entwined further in a con game. A confidence game. The powers-that-aim-to-remain apparently have no faith in us. Somehow the country’s vast archive of land, seas and air, our evident reservoirs of human skill – our real treasures – just do not measure up as collateral. Any full accounting, even of more recent bloody history, is shoved off the edges, and outside the lines of the ledgers (see Random Notes, Yoshino).
The first IMF salvo aims at workers in the state sector. Money is printed to pay them. Workers overall are also being blamed for the failure of current capitalist strategies that heighten that well-exercised explanation – inflation. Inflation that is then blamed on Russia, as white envoys keep reminding us. Even as it’s the US and its yipping poodles who war on Russia and almost everywhere else.
Their multinationals and banks monopolize international trade. They are artificially jacking up prices of dollars, fuel, and food. They also control the English media, to frame the debate and choose our priorities.
• The Daily Mirror this week headlined the ‘dilemma…between free market economy & welfare state.’ They do not wish us to even consider what a planned modern industrial socialist society may look like. It’s beyond their narrow petty cashier’s window. We are once again, post-nationalization. The Sunday Times editorialized triumphant, ‘The recovery from the ruin: Rolling back nationalisation!’
Wijeya Group’s Sunday Times even scolded Opposition Leader Sajith Premadasa of the UNP-linked Samagi Jana Balavegaya (SJB) for his feign to the Left:
‘Surprising enough, who should oppose the privatisation of the petroleum sector? Believe it or not… Many of his parliamentary colleagues are livid… Some even accused him of following the JVP-led National People’s Force policies.’
‘Livid’ colleagues are the SJB’s so-called ‘liberal economic rightwing’ demanding the total selloff of all national enterprises (aka SOEs). This, so as to seduce their suitor, the IMF, who’s apparently left in a huff. Such is the present charade enacted from the Kollupitiya junction.
We’ve also not been told what the US Treasury tag team, here recently, exactly demanded, other than downgrading local accountants by saying we need their technical assistance. All we then hear is that the US wishes to ‘feed’ ‘more than 800,000 children and 27,000 pregnant and lactating women.’ Kollupitiya junction appears to have a fetish, no doubt sincere, with the bodily fluids of darker women (see ee Agriculture).
Still, with all this hunger and thirst to appease, the Sunday Times states ‘the exact reasons are not known’, why the whites in Washington appear displeased. Perhaps, it has to do with even darker fluids apparently, like oil (Random Notes).
‘How did you go bankrupt? Two ways. Gradually, then suddenly.’
– Ernest Hemingway, The Sun Also Rises
‘Government leaders are concerned over India
for what they say are new conditions to the already agreed
in principle of bridge finance of around $US2bn in 3 tranches.
Though details of the conditions are still not clear,
Sri Lanka has no alternative but to agree to the terms set.
India is the only country that has committed
to any significant amount as bridge finance.
In return, India is also seizing the opportunity to consolidate
its foothold by securing as many strategic assets as possible.’ – Sunday Times
Hanuman & Bridge Finance – Our media economists and politicians have learned a new term to costume short-term loans in fancy dress: bridge finance.
So what’s with the white push for Sri Lanka to use short-term loans that must-not-be-called loans? ‘Bridge finance’ (BF) is needed pronto, they say, to stanch Sri Lanka’s so-called thirst for loans. Constant repetition of this BF betrays their eagerness to further inveigle Sri Lanka into the coils of their deadly embrace.
Bridge finance aka short-term loans were the spark for the 1997 ‘Asia Crisis, ignited by foreign bankers (esp. Japan) who became ‘suddenly unwilling’ to rollover short-term loans. From 1993 to mid-1998 private foreign bank loans to Asia had outpaced capital inflows such as securities (int’l money-market instruments, bonds & paper) by at least two to one.
Yet from 1996-7, private banking funds to Asia were decreased from $79.8billion to $7.6bn due to ‘widespread nonrenewal of interbank credit lines.’ There were ‘negative flows’, 3Q 1997 – 2Q 1998, with losses from outflows of bank credit from Asia reaching $80.8bn. Total debt was thus increased, much of it short-term, increasing vulnerability. Short-term debt is most sensitive to a rapid fall in currency exchange rates. The heavens indeed caused a mood change among fund managers on ceasing ‘rollovers’ of short-term debt.
This ee looks therefore at where this fancy moody euphemism for short-term loans – Bridge Financing, has travelled (see Random Notes)
A1. Reader Comments –
• Ask Unilever for the Dollars • ee causes trauma • Temple lands robbery • Colombia wants Mazzucato, Colombo wants Coomaraswamy • Anuradhapura’s Economics • Superpower in the dark too • Need world view • Sri Lanka first to stand up
A2. Quotes of the Week
• India must intervene? • Enter the strong man • India dictates • Private car, National sell out • 2017 Exchange Control Act • 2015’s Evangelicals • Japan innovation down • Argentina wants State that Plans • Developed means Public Bus • Two Types of Infrastructure
A3. Random Notes –
• Media’s US Economist Dogma • How England Stole from Sri Lanka • International and civil – Final Definitions • Bridge Finance • Private vs Public Managers • Accountants Can’t Count • De Mel, Jafferjee and Theagarajah • Rainforests for Dollars • Bankers’ Aragalaya • Fiscal Management (Responsibility) Acts Once More • Strategic autonomy
B. ee Focus
B1. CPC Hedging Robbery, Citibank (US), SCB (England) & Deutsche Bank (Germany)
B2. Jigsaw Oil Mafia & US Architecture for War in Asia
C. News Index
A1. Reader Comments
ee thanks Readers who send articles of interest. Please excerpt or summarize what is important about any news sent, or your comments, and place any e-link at the end. Email: email@example.com
• ‘How is it that the government asks migrant workers to remit, but does not request foreign multinational firms like Ceylon Tobacco, Unilever Bros, Baur’s etc. and the foreign banks in Sri Lanka who have made good money in this country to form into a consortium, and loan us a sufficient amount of dollars to buy fuels to tide over the current crisis in fuel? Bringing some normalcy in the country without it escalating further is good for their health too. In a desperate situation they could also become targets of wanton attacks’ – see ee Focus.
• ‘ee causes trauma to readers, with no solutions.’
• ‘ee needs to explain more about the 19th century robbery of temple lands.’
• ‘Colombia’s new President wants Mariana Mazzucato as economic advisor, we get Commaraswamy’
• ‘Re: Somadeva & the Fall of Anuradhapura, we need more economics to understand the shifts in political alliances.’
• ‘So US envoy Julie Chung says she also sits in the dark due to the powercuts. What a ‘poor’ country we are that even the mighty ‘sole superpower’ embassy cannot afford generators.’
• ‘We can understand people’s dire need to grab at straws in a sinking situation. But we also need to understand the broader worldwide implications of the current US/NATO-forced international crisis. They are trying hard to tear apart and spread lies through our world cos theirs is collapsing.’
• ‘How can all still-colonized countries finally rise out of these ruins, without uniting and finally together repudiating their old deadly debts? If Sri Lanka is the first to be pushed, to fall, then let us be the first to stand up and push back with Asian, African and other countries, and tell the IMF, etc., where to go!
A2. Quotes of the Week_
• ‘Anarchy in SL greatly concerns India…India should muster international support but cobbling new governance authority first task.’ – Former Indian Foreign Secretary Kanwal Sibal
•, ‘Sri Lanka military sources say evacuation of Rajapaksa was per Plan B. What’s Plan C? In anarchic conditions, the strongman appears, inevitably, at the appropriate moment. It happened in Sudan…As usual, it will take time to figure out a colour revolution. All we know so far is the role of the Christian Church, first time ever overt involvement in politics. ‘Who stands to gain?’ (Lenin). Indian media coverage is pathetic.’ – Former Indian envoy MK Bhadrakumar
• ‘A high-level official Indian delegation, that was in Colombo recently, appeared to dictate terms to Sri Lanka’s current political leadership about what should be done, and not be done. Clearly exploiting the pitiful plight of the Government they were asking for more Indian ‘projects’ in the country and implicitly if not explicitly calling for a downgrading of China’s influence not just in the North but everywhere in the island.’ – ee Economists, Editorial
• ‘Today we have to please the USA. We cannot do anything to make the USA unhappy. Similarly, we cannot do what makes India unhappy. Whether we like it or not, the only way we have to get oil today is to assign more distribution to the Indian Oil Company (IOC) and assign 2 US companies to import and distribute oil to Sri Lanka. For that, a certain amount of filling stations will have to be leased to those companies. Now some Marxist will shout, Nalin de Silva is talking about betraying the country to India and the USA. Such is our literacy. What I mean is what we, the oil drinkers and the oil distributors, have to do to please the USA and India. It is not a solution I propose.’ – ee Politics, The Cause
• ‘If the SJB’s economic point of departure is 2015-9, it inherits the twin burdens of culpability for the $12bn borrowing from the private international money-markets with little to show for it, and the 2017 tampering with the Exchange Control Act, which FSP Education Secretary Pubudu Jagoda brilliantly argues, enabled the paradoxical foreign exchange outflow (drain) of export earnings and the consequent ‘dollar bankruptcy’ currently wrecking the country.’ – ee Economists, SJB Rightwing
• ‘The January 2015 elections were the first since the nation’s devastating 30-year civil war ended in May 2009. Several evangelical Christians entered Parliament for the first time, including Eran Wickramaratne, former CEO of US Citibank and the son of pastor Colton Wickramaratne, head of the Assemblies of God Sri Lanka.
‘I believe that the Christian calling in politics is to help the structures of government to uphold justice and work for the common good – the good of everyone in society,’ Wickramaratne says.
Other Christians include Rosy Senanayake, an active women’s rights campaigner, and MP Ravi Karunanayake, a Catholic who represents the Colombo District.’
• ‘Japanese capital’s image of innovating technology appears to be long gone. A mainstream measure of ‘innovation’ is called total factor productivity (TFP). TFP growth has faded from over 1% a year in the 1990s to near zero now, while the huge capital investment of the 1980-90s is nowhere to be seen. Now Japan’s potential real GDP growth rate is close to zero.’ – ee Economists, Japan
• ‘There is no dignified poverty. It is just poverty, and we must fight it. It is fought with a state that plans & intervenes, and with a society that imposes it as a social goal.’Silvina Batakis, Argentina’s new Minister of the Economy
• ‘A developed country is not a place where the poor have cars. It’s where the rich use public transportation.’ ― Gustavo Petro, President of Colombia
• ‘There are 2 kinds of infrastructure spending. The USA in the late 19th century developed the whole philosophy of infrastructure spending. And Simon Patton, who was the first economics professor in the US at a business school – at Wharton School – said: ‘Infrastructure is a 4th factor of production alongside labor, land and capital. But the purpose of infrastructure isn’t to make a profit, it’s for the government to invest and provide low-cost essential needs education, transportation, communication and to provide low-cost infrastructure so that US industrialists can employ labor that doesn’t have to pay a high cost for education, for healthcare, communications or cable TV or telephones or anything else.’ Well, all this changed after the 1980s with the neoliberalism of Margaret Thatcher and Reagan and Bill Clinton. They said: ‘We want to privatize infrastructure instead of having the government provide low-cost infrastructure. Our political campaigns are paid for by the big monopolies’.’ – Michael Hudson, Endless Deficits, ee Economists
A3. Random Notes (‘Seeing Number in Chaos’) _
Why? Readers ask ee. Why? Why painstakingly, if not painfully, recount the English, largely business news media’s nattering? Deployers of English inside the country – if it is actually English they wield – represent the real minority, a very tiny minority, that exercises and exaggerates their real power in the country and even the world. ee calls them colombots (robots repeating the imperial algorithms) or kalusddho (whitened Blacks).
The last few weeks reveal even more how the dogma of the US imperial economy and their nano-size world view, is faithfully mimicked, if not eerily divined, by economists and a host of other commentators, scholarly or pecuniary, thinktank and echo chamber:
The UN, World Bank, IMF, US and other white embassy – essentially, corporate – press releases are given glossy pride of place over the nation’s conversational real-estate. 75% of the mass capitalist news is apparently written by actual robots, and sizeable numbers of the rest quickly parrot the lines and tropes of the financial-advertising complex, itself a subset of the larger military industrial complex.
There has never been an exposé of how these institutions shower largesse to grease the propaganda machinery, pimping imported chocolates & tarts, visas for their children’s scholarships, jaunts, etc. (ee Focus)
• ‘During WW2, the English imposed a system of forced loans to finance their war. The Ceylon Currency Board had to issue as much currency as the English needed, against pound-sterling credits accumulated in the Bank of England. By 1944 these ‘loans’ totalled Rs435million, almost a quarter of the country’s national income. They also imposed their misnamed ‘fair price contracts’ to fund their war machine, for bulk purchasing of tea in 1939, and of rubber, coconut, plumbago/graphite and cinnamon by 1943, governing 97% of exports. They then tripled the prices of imports – food, consumer goods, raw materials, capital goods. Despite this blatant inequality, between 1939-45, Sri Lanka amassed Rs1billion in foreign assets.
After WW2, England, suffering from the war, got Sri Lanka to agree not to utilize credit balances in England to help bolster English balance of payments instead. Between 1945-51 the colonies were forced to accumulate 1billion pounds-sterling balances in London.
After 1948 the English set up local directors as front men to purchase their agency houses, but control remained in English hands. They were chosen from the so-called white-Black elite, who had gained incomes and social position through the plantation game. Locals in the Ceylonese Chamber of Commerce in 1939 proudly accepted the collective reference to themselves as the gosling of the English goose that laid the golden eggs!
Between 1952-69 Private Capital Transfers from England to Sri Lanka Rs87.2million, while England grabbed Rs315.7mn from SL. Profits & Dividends Rs6.8mn to Sri Lanka, and Rs741.1mn taken from SL. The other method of robbery was aid, tied to buying English goods & services. Devaluation tied to the sterling was yet another ploy.
Until 1957 foreign companies in Sri Lanka were allowed to remit their profits and capital to England. In 1957, due to a fall in SL’s external assets, the freedom to repatriate capital was suspended. To circumvent exchange-control restrictions, the plantation companies then set up holding companies to remit profits as well as capital under the cover of dividends. Along with agency commission fees, London head office expenses, shipping & insurance commissions and brokerage fees were also repatriated, sucking the blood out of the plantation working class, extending capitalist underdevelopment throughout the economy. Rather than investing in mechanizing plantations here, they also began to invest in plantations in East Africa and Malaysia.’ (ee 17 July 2021)
• Last Sunday’s Times Political Editor penned: ‘The IMF program is crucial to access bridge financing from sources such as the World Bank, Asian Development Bank, and lending from other friendly countries.
Such amigos who in 100s of years have underdeveloped the nation. Meanwhile the USAID-funded National Peace Council director more precisely monetized the ‘international’: ‘The international community in the form of multilateral donors & Western governments have prioritized political stability and a corruption-free administration prior to providing Sri Lanka with the financial assistance it requires.’
‘International community’ and ‘civil society’ strangely seem to bare the same features. They all seem to congregate near Kolluptiya Junction. All bridges lead there. Including the bridge of finance.
• The need for ‘Bridge Finance’ as opposed to the need for long-term investment in modern industry, sparked increased traffic in Sri Lanka’s business news from February 2022, after the Study Group for Tripartite Cooperation (Japan-India-SL), set up by the Rockefeller-funded Pathfinder Foundation, published their ‘Report on Tripartite Dialogue to Address Current Economic Crisis to Minister of Finance’ Their ‘Recommendations for Sri Lanka: Debt Restructuring & Bridge Financing for Humanitarian Purposes’, was fronted by names again seeing increasing play: former CBSL governor, and advisor to Wall-St felon Ranjan Rajaratnam, Indrajit Coomaraswamy; and ‘former acting chief economist of the World Bank’ Shanta Devarajan.
A March news headline SJB urges need for bridge financing quoted SJB MP Eran Wickramaratne: ‘Sri Lanka needs to go for short-term borrowings until the government secures permanent financing to get rid of its financial obligations.’
In April, Indrajit Coomaraswamy was headlined as stating, ‘Sri Lanka needs bridge financing to last next 6 months.’ Those who assemble gods in Kansas or Arkansas have appointed Eran Wickramaratne MP, as their shepherd to baa-baa to the sheep. He has recently taken to revealing, he is not only the son of an assembler of god, he was also a Vice President at Rockefeller’s US Citibank. Candidate Wickramaratne only had to ride crowded trains once with Maharaja TV cameras on board to be transfigured into an elected ‘man of the people’.
At a recent public forum Wickramaratne, who has not climbed into a train since, again noted ‘the need to get bridge finance fast to prevent the public suffering given our import dependency’. He called for ‘the establishment of a debt sustainability baseline’. Eran’s calling is but divine, to hand down the word or words, saturate talking points of almighty finance. He was speaking to the converted: Capitalism’s bishops in Sri Lanka were gracing a June webinar ‘Options for Debt Restructuring in SL’, featuring the International Chamber of Commerce (ICC) SL and Daily FT, the Sri Lanka Institute of Directors (SLID) and Institute of Chartered Management Accountants (CIMA SL).
We often wonder whether SLID truly believes that private managers are more competent and less corrupt than managers in public service? How hard must CIMA work to ignore misinvoicing by multinationals? Why have they not enumerated the ‘opportunity costs’ incurred by not investing in modern production? What does CIMA have to say about the US Treasury agreeing ‘to offer technical assistance for fiscal management’.
How do the leading chartered accountants and legal firms connive to strategically establish corporate structures, appointing nominal shareholders and directors to such companies, and consequently having secret trust instruments with the ‘real owners’ that hide the monies of real owners of other countries as well?
The ICC-FT webinar above was sponsored by First Capital, a ‘brokerage’ linked to the Janashakthi Group. A Janashakthi and Sampath Bank director, Deshal De Mel, erstwhile research guru at Verite, was made an advisor to the Ministry of Finance in May. This was about the same time De Mel’s kinda-uncle Minister of Finance Ranil Wickremasinghe appointed Murtaza Jafferjee, to form an ‘Economic Stabilization Dialogue’ between the Ministry of Finance and the ‘independent economists.’
We haven’t heard from either, ever since. Jafferjee, hailing from the regional Borah merchant network, was already the head of the US-funded anodyne trope-dispenser, Advocata, whose ‘independent economists’ every news medium repeats ad nauseam.
The webinar sponsor, brokerage First Capital’s owner Janashakthi also owns Orient Finance. Orient Finance was one of two companies this week punished minimally (Rs1mn) for violating the Financial Transactions Reporting Act. This CB verdict was again announced on a Saturday (July 2), so assume it was meant to be forgotten. Earlier, on April 28, ‘veteran banker’ Rajendra Theagarajah was appointed Chairman of Orient. Theagaraja is also on the board of the Pathfinder Foundation. Perhaps thanks to De Mel and Theagaraja, the orient is no longer too disoriented.
ee recalls Theagarajah’s role as chairman of the Ceylon Chamber in ‘wooing’ foreign investors to take profits away at whim after a new Foreign Exchange Act No12 was enacted: ‘The concept of foreign exchange control has now disappeared from our dialogue’, Theagarajah then prophesied, like a Fukuyama announcing yet another end of history when an earlier wall came down. Then the dollars came down, or didn’t.
• At last month’s webinar, Theagarajah ‘the Pathfinder’ focused on ‘the State-owned debt in the banking sector and ways of managing the debt’. He ‘highlighted the climate sustainability funding options available to Sri Lanka.’ This should be viewed in the sunlight of the call for Debt for Nature Swaps, to hand over rainforests, river sources and watersheds to (again, Rockfeller-linked eco-) NGOS and their foreign banks to again mitigate the almost mythical and never-ever-to-be ever-paid-back debt.
No coincidence perhaps, that at the very same webinar, ADB Institute Dean & CEO Naoyuki Yoshino recalled, the ‘another key factor’ for Japan was that their government created a ‘national balance sheet’ listing the assets the country had, including all natural resources, mountains, rivers and other natural features, and this was able to create confidence that in fact Japan is ‘rich’. He recommended, Sri Lanka’s government too, create a similar listing of government-held assets. The creditors will be confident that the assets in the island are worth a great deal more than the debt, which will be smaller. This will contribute to confidence on the part of private investor.’
Yoshino had also ‘revealed’ that next to Greece, the country that had the highest quantum of debt was Japan. Japan’s domestic savers survive the debt by investing in government bonds. Whereas two-third of borrowings by Greece were from overseas. Domestic holdings in government bonds, the professor said, was key to the success in Japan.’ Perhaps the good ADB dean went on to describe where those bonds were invested. In modern industry? We are not told.
Ranil Wickremasinghe has also sought to stimulate the young and the woke. The National Youth Corp is to be restructured and reoriented towards climate change and environmental protection. We would have thought they should be reoriented towards a modern (machine-making) producer culture. Instead, the so-called environmental movement is being played against the need for modern industrialization.
• The Washington Post this week reported: ‘bankers in the capital Colombo marched in protest of their inability to get the necessary petrol or diesel to carry out essential work.’ So what ‘essential work’ do bankers carry out? It has so far been ‘essential’ for bankers to prevent long-term investment in the country!
• Setting the Stage – Mid-year Fiscal Position Report-2022, published Thursday under Section 10 of the Fiscal Management (Responsibility) Act No3 of 2003, to be submitted to Parliament by PM Ranil Wickremesinghe in his capacity as Minister of Finance, Economic Stabilization & National Policies. We shall have to depend on more adept observers to show how the FMRA is used to prevent state investment in production.
The IMF-induced FMRA No3, enacted under an earlier RW avatara in 2003, set unrealistic targets, ensuring continued finger-wagging by the great white father in Washington. The FMRA prohibited the budget deficit from exceeding 5% of GDP from 2006 onward (anticipating Ranil facing re-election in 2005).
However, the 2004 tsunami, escalating terrorism, 2007capitalist meltdown, post-2009 reconstruction, ensured the budget deficit remained above the set limit.
In January 2019, again under Wickremasinghe, Sri Lanka had to make an immediate debt repayment of US$5billion, as well as keep the promise made to the IMF to maintain the fiscal deficit at 3.5% of GDP.
The Minister of Finance and the Yahapalana Government was about to face 3 elections, and the ruling parties had to befog voters. Minister of Finance Mangala Samaraweera and Central Bank Governor Indrajit Coomaraswamy flew to Washington to meet IMF Managing Director Christine Lagarde, to plead for a new extended fund facility. Lagarde invoked bad weather to postpone the meeting (according to Harsha de Silva) but eventually the 2-member SL team were summoned. Lagarde, as usual gave no money, telling them to wait until the IMF team’s next visit mid-February 2019.
Sri Lanka had to agree to ‘a strong policy mix’: further depreciation of the SLRupee, weakening workers’ rights (flexibility) in the labor market, further reduction of custom duties and signing of comprehensive trade agreements, increased taxation to raise government revenue, scraping government expenditure, price formulas for electricity & water, and divestiture of public enterprises, almost the same policy package since 1978.
The Government then had to borrow money by selling international sovereign bonds, severely increasing Sri Lanka’s foreign debt by ~$3bn after 2015. The Finance Minister and CB Governor were thus made puppets of international finance capital. With the economy about to tank, another change in colors was set in motion. The rest is not just history. Their goal is to prevent state-led inverstment in industrialization.
The FMRA also set a limit on total liabilities of the government, ie, the country’s central government debt. The original 2003 Act specified a limit of 85% of GDP by end 2006. In June 2021 the FMRA was further amended to extend the central government debt limit of 80% of GDP til 2030. Third, the FMRA also set limits on the government’s contingent liabilities, mainly sovereign guarantees which require the government to repay loans in event of default. Sovereign guarantees are typically given for some liabilities incurred by national enterprises. The original FMRA in 2003 set a limit for guarantees of 4.5% of GDP. As government guarantees increased, the limits were increased to enable compliance. The limits were increased to 7% and 10% in 2013 and 2016. In June 2021 FMRA was amended to increase the limit further to 15% of GDP.
• Strategic autonomy: Türkiye, MK Bhadrakumar writes this week, ‘began to change its perspective on NATO a long time ago due to its strategic autonomy and multilateral foreign policy understanding. For decision-makers, being more inquisitive within the Alliance and making full use of all the institutional privileges offered by the membership to prevent the issues raised in NATO’s transformation from harming Türkiye’s national interests was the top priority.’ The media made it out that Finland and Sweden must deliver 76 Kurdish separatist heads in exchange for Turkey not vetoing their NATO application. Russia meanwhile, mindful these 2 Scandinavian courtiers are already part of that war alliance, and have their own revanchist dreams about each other, noted Russia shares with them no common borders, unlike Ukraine.
B. Special Focus_
B1. CPC Hedging Robbery, Citibank (US), SCB (England) & Deutsche Bank (Germany)
The story of the petroleum-hedging robbery involving the top foreign banks in Sri Lanka, needs recalling, midst the present choking of dollars and fuel. In the midst of raging terrorism involving modern methods of warfare, Sri Lanka was still importing all its petroleum products in 2006: 50% represented crude oil imported by the Ceylon Petroleum Corporation (CPC), and 50% represented refined products imported by the CPC, Indian Oil Corporation, and other private sector companies like Rockefeller’s McLarens.
CPC owed US$775million to the state’s Bank of Ceylon & People’s Bank in 2008, according to a Ministry of Finance & Planning report under the 2003 Fiscal Management (Responsibility) Act No3.
The Central Bank formally requested Germany’s Deutsch Bank to make a presentation on hedging strategies, 1 August 2006, to the CB and CPC.
In September 2006 the CB informed the cabinet of high oil prices. The CB issued a public statement on the need to contract oil at reasonable price, for protection from future increases. The Treasury Secretary then established a committee to study and report: CB, Ministry of Finance & Planning, Ministry of Petroleum & Petroleum Resources Development, Bank of Ceylon, People’s Bank, and the CPC. Within a month, the study group speedily submitted their report. No ‘experts’ on hedging, foreign or local were consulted:
‘The sharp rise and volatility in oil prices generate a series of macroeconomic imbalances. And create uncertainties among consumers, entrepreneurs, investors and planners due to frequent change in utility prices, bus fares, and production costs. This affects the poor the most and could lead to social unrest too. However there exist market mechanisms that could be used to reduce the risk of adverse price movements and instability.’
24 January 2007 the cabinet approved the proposals. The Ceylon Petroleum Corporation then entered into hedging deals with Citibank (US), Standard Chartered Bank (SCB, England), Deutsche Bank (Germany); Commercial Bank of Ceylon, and People’s Bank. These dealings were ‘shrouded in secrecy’, and conducted in haste and in an ‘amateurish manner’. The government of Sri Lanka was enticed into entering ‘into such sophisticated territory of complex financial instruments, often replete with ‘fictitious deals’, just as huge financial ‘scandals’ (subprime etc) were about to rock the financial sectors of many countries, needing the massive infusion of state funds, called ‘stimulus packages’.’
The 3 Foreign Banks were found to have acted in concert and collusion in dealing with their Sri Lankan customer, CPC. The 3 Foreign Banks operate here under Licenses granted by the SL Central Bank, under and in terms of the Monetary Law and the Banking Act, subject to several other Statutes of Sri Lanka.
Ceylon Petroleum Corporation entered into so-called ‘Oil Hedging Deals’, April-Oct 2008, with these banks.
24 November 2008 IPS reported Oil Futures Gamble Burns $300mn Hole: ‘SL government is grappling with a costly $300mn payout to Citibank & Standard Chartered Bank, following a disastrous oil futures contract between the banks and the state-owned Ceylon Petroleum Corporation… SCB & Citibank have been accused of not properly informing the state petroleum supplier of the risks involved, but vehemently deny any wrongdoing… 15 years ago these 2 banks were implicated in a huge stock market scam following flagrant violation of the Reserve Bank of India guidelines on portfolio management services, and ended up paying fines totalling $21mn.’
The Sri Lankan crisis came to the fore 2 weeks ago, after newspaper reports hinted that the CPC may default on its October (monthly) payment to the banks due to a cash problem, and that the banks had not properly advised the CPC on the risks involved in the hedging contract.
Asantha De Mel then called a press conference, flanked by the CEOs of the 2 banks, to deny claims the CPC planned to default, while also saying the corporation was made fully aware of the risks by the banks.
After the SCB and Citibank got involved in the futures contracts, 3 others banks also followed suit – though on a smaller scale – to get into oil futures contracts with the CPC.
The deals were made through a ‘zero cost collar’ instrument, where no premium is paid by the customer, the risks shared with the banks. The CPC decision to hedge on oil as a protection against volatile oil prices came in January 2007, when market speculation that oil prices would rise to as much as $200/barrel in coming months.’
Deutsch Bank requested arbitration 16 February 2009, through their lawyers Allen & Overy, Hong Kong, to the World Bank’s International Centre for the Settlement of Investment Disputes, Washington DC. Citibank commenced arbitration in the London Court of international Arbitration. The SCB instituted litigation in the High Court in England.
‘The banks evaded and avoided disclosing the full, true and correct picture of their purported claims‘, involved in speculating, gambling, betting wagering on the movement of oil prices.
SCB and Citibank had also entered into certain deals with Sri Lankan Airlines.
Citibank had already been accused abroad of creating instruments that played a fundamental role in helping a client fake their balance sheets and hide their real financial situation.
The SCB CEO had made false statements to the Supreme Court. Yet Clive Haswell, SCB SL CEO, was honored among Chevron Lubricants’ Star Award Winners in 2008.
Kimarli Fernando, of recent Tourism Board fame, was former head of SCB Client Relationships. She disclosed: the Oil Hedging Deals had been highly questionable, knowingly perpetrated by SCB CEO Clive Haswell, also the CPC Chairman and other public officers, with the sole objective of making a profit of ~Rs1,000mn for SCB, the CEO and staff getting incentive payments from such profits. Also, the SCB had declined to increase CPC banking facilities for importation of oil and working capital.
SCB’s Hasswell had wanted to get Bank of Ceylon and People’s Bank ‘hooked’ on these deals, on the premise that the Central Bank would not take action against State Banks, stating he had very good relationship with certain People’s Bank officials. Hasswell had recruited the daughter of CPC Chairman Ashantha de Mel, and son of a senior Central Bank Official, and had placed them under Rukshan Dias, SCB Global Markets Head, (who had handled these deals), contravening SCB recruitment procedures.
People’s Bank and CPC executives admitted that SCB, Citibank and Deutsche Bank had invited and financed their foreign trips. They claimed that Lanka IOC, the other player in the market, had entered into similar if not identical hedging agreements with hedge providers. Therefore Lanka IOC, independent private entity, also took similar commercial decisions to hedge the risk of high oil prices.
The SCB Indian Regional Office sponsored l00 CEOs from the region and their families. De Mel claimed he had at no stage accepted any gratification, inducement, enticement or bribe. ‘His daughter Stephanie de Mel followed an internship program with SCB. Such internships are offered by most banks & companies to university students.’
Notwithstanding Central Bank directions not to remit any monies on these deals, SCB SL shoveled out $108mn (Dec 2008 – Apr 2009) to their parent SCB (1 Aldermanbury Sq, London EC2V 7SB) – ‘by utilizing and jeopardizing the public ‘Foreign Currency Deposits’ they obtained from local sources’. They did so even as they did not have the reserves in Sri Lanka to have remitted such a sum exceeding $100mn. They were also seeking to remit a further $20mn.
The Controller of Exchange imposed a fine of $240mn, under the Exchange Control Act, on Standard Chartered Bank for having remitted $107mn. Subsequently a settlement was reached for SCB to pay a reduced amount of $60mn; SCB instituted CA Writ Application No409/2011 to quash such fine.
All the banks involved were said to be in serious non-compliance with CB directives. The cabinet & CPC were found to be unequal to the gaming of financial deals ‘heavily weighted/structured’ for the banks’ benefit.
The Controller of Exchange then imposed fines on Standard Chartered Bank for remitting out of Colombo 100millions of dollars, in violation of the Exchange Control Act. These fines were imposed after Nihal Sri Ameresekere filed cases, after coming to know these 3 foreign banks had initiated legal proceedings overseas. H sought anti-suit injunctions to stop such foreign proceedings, asserting the matters should be adjudicated upon by the SL Supreme Court. The Ministry of Petroleum Industries were given instructions to afford whatever documents, assistance and co-operation. However, business and security officials visited Nihal to tell him ruling politicians were not happy about his lawsuits.
When Sri Ameresekere’s 2 cases came up before the SL Supreme Court, the Attorney General, instructed by Minister of Petroleum Industries to support Sri Ameresekere’s applications, nevertheless opposed his public-interest applications, which were not permitted to be proceed.
The Attorney General informed Court, he vehemently objected to the leave to proceed being granted as he was defending the actions filed abroad vigorously.’ The AG then told the court, the petitioner should lay his head ‘at rest’, and leave him to deal with this matter in foreign jurisdictions. The Supreme Court, citing a missed deadline, refused leave to appeal, 27/01/09, and dismissed those petitions. This judgment was delivered by Justice NG Amaratunga presiding, with Justices S Marsoof and K Sripavan. Justice Sripavan was later appointed Commercial Bank Chairman.
‘The AG defended the 3 foreign banks, vis-à-vis such aforesaid illegality, whilst apparently turning a ‘Nelsonian Eye’ on the 2 local banks and those persons who had perpetrated such illegality/ aided and abetted therewith. Whereas, I cited to Court, instances where the State is arraigning before Courts ordinary villagers for identical, but very minor offences in terms of the law. In addition, was this not a scheming endeavour to defraud the State – a State Corporation – through such misrepresentation, as admitted by him?’
(excerpts from Derivatives/Hedging Deals by Citibank (US), Standard Bank (England) & Deutsche Bank (Germany) with the SL Government’s Petroleum Corporation, Dubious & Illegal? + Unequal Treatment before the Law, Contempt of Court & Judicial Bias, Nihal Sri Ameresekere, 2011)
B2. Jigsaw Oil Mafia & US Architecture for War in Asia
The Gods Must Be Crazy is a white South African propaganda movie from 1980. But why, crazy?
Sunday Times points gravely at a US CNBC ‘main headline story IMF-SL bailout talks end without a deal’: ‘The fact that a senior IMF member for the region took flight and arrived with an intention to sign the staff-level agreement but backed off from signing, raises concerns over the current state of Sri Lanka’s economy and its prospects’ (see ee Economy, Expects).
The Times then dutifully parrots a dictat as if flung off the airport tarmac – ‘Team members Peter Breuer and Masahiro Nozaki issued the following statement before their departure from Colombo. …full text in the light of its importance: ‘Sri Lanka is going through a severe economic crisis. The economy is expected to contract significantly in 2022, while inflation is high and rising. The critically low level of foreign reserves has hampered the import of essential goods.’’
So, here it is again, these gawd-almighty imports. Again. The mountains have labored and given forth a hikmeeya! Notice how phenomena seem natural, like ‘inflation’ with a life of its own, ‘is high and rising’, yet passive and inexorable. Is ‘expected to’: Who expects? Who is pumping this inflation? Who is ‘hampering’? And what is ‘the essential’ – It turns out to be yet another darker fluid.
‘Overseas suppliers have been reluctant to provide fuel to the state-owned Ceylon Petroleum Corporation, which has been blacklisted by some. This makes clear why Energy Minister Wijesekera now wants foreign oil firms to operate from Sri Lanka – a move which drew a protest Thursday in Colombo Fort from CPC employees. He has thus planted the seed for trade union unrest in another sector during these troubled times. Surprising enough, who should oppose the privatisation of the petroleum sector?’ …etc (see above).
A commodity that should merely be an input for production, has been turned into a deadly web of low and high commissioners, by the major oil conglomerates, led by Rockefeller Exxon.
ee has tried to roughly piece together, to reveal how the English (Boustead Bros, Pearson, etc) have prevented the production of hydroelectricity in Sri Lanka. Instead, Boustead helped to set up Shell in Singapore, which now sells refined oil to us to run vehicles & machinery and related experts made in Tamilnadu, Tokyo, Berlin, London and Washington.
The story of preventing energy sovereignty in Sri Lanka would indeed be an absolutely shocking tale. Yet it is part of a larger trajectory. So is the story of preventing food sovereignty. Overall economic sovereignty, if you wish. All of such tales underpin defence sovereignty, the power to control the land, air and seas.
SBD de Silva’s lifework attempted to analyse these prohibitions under a political economy of underdevelopment. Specifically, the flourishing of modern (machine-making) industry in imperialist countries. More specifically in their genocidal settler satellites (US, Canada, Australia, New Zealand). As well as those with a powerful settler enclave (South Africa, Congo, Algeria etc). He scoured the world to gather clues about processes that keep tripping the traction of the relations and forces of modern production in our own world.
He always wondered why our universities, economists & their economics departments did not study the land reforms and industrialization of Japan (as Dharmapala deigned to do 100 years ago), of China, Korea, and the nature of Japan’s imperial economy. Noted how Bangladesh & Thailand were producing pharmaceuticals, their forms of agriculture. Spoke of the dedication of Indian nationalists and industrialists. Yet SBD also saw the larger circumstances, within which they were able to strike their particular paths. Why are there no courses on China’s or Japan’s economy? Academe, just as the recent trained outbursts from professors of agriculture show, are an almost complete claque of colonized cyborgs.
Towards the end of his life, SBD sought to understand the prevention of transformation of rural life from the most dire impoverishment of the peasantry, imposed by the English. He focused on the prevention of modern investment, particularly, of the stealing of surplus of the rural home market (that once built complex irrigation systems & monuments as tall as pyramids), which could form the basis for modern rural industry.
SBD would have subtly smirked at long articles made longer by the academic and business credentials of the authors. Here’s one this week: ‘The writer is a Research Fellow & Head of… Research at… Postdoctoral Research Associate at… University… USA. Research interests include… migration, urbanization, education, labor, development, econometrics & economic modeling, …sports. S/he holds an MA in Economics from …University, US, and MPhil & PhD in Economics from …University, USA…’
‘We are simply dealing with monopoly rent by the oil companies
using the anti-Russian sanctions as an excuse
that an oil shortage will soon develop for the US
and indeed for the entire world economy.’
– ee Economists, US Fed’s Austerity
‘In a series of speeches made at the Ceylon State Council, especially during 1933-34,
Wimalasurendra identified the broad alliance that worked against the Hydroelectric Scheme.
He used different names at times to identify this alliance: ‘Big Business, ‘Oil & Coal Combine, Almighty Oil Interests, Big Business & Alien Combines’,
‘Imperialistic Element, Big Business Element/Party’.‘
– BD Witharana, Negotiating Power & Constructing the Nation: Engineering in Sri Lanka (ee 1 Aug 2020)
• With rationing, including petrol, clothing, during WWII, English colonials issued a rice subsidy for ration cards, which like ‘free’ education, healthcare, wage boards, free fertilizer, were meant to woo us away from the amours of the advancing Japan. Bulk purchasing of tea, rubber, coconut, plumbago/graphite and cinnamon…
In 1948 Ceylon was made an English Dominion, and Don Stephen Senanayake made the first Prime Minister of Ceylon. To be ‘granted’ his independence, DS Senanayake had to sign a Defence Agreement, retaining English bases in Ceylon.
If the English withdrew their claws, it was argued, India or the USA would pounce. The US certainly slithered in.
The colonial import-export plantation agricultural oligarchy (tea, rubber, coconut) continued to monopolize the economy, and dominate the service sector – commerce, finance, transport. Labor-intensive processing of these export plantation crops made up most manufacturing activity. The plantations also influenced government revenues and expenditure. The heavy export dependence was also linked to heavy imports of consumer & capital goods. Imported goods & services amounted to almost 40% of GDP in the early 1950s. This increased employment in non-food production. Failure to invest in agricultural production for local needs (aka non-export production!) lead to heavy imports of foodstuffs. Only 10% of imports were ‘investment goods’ (ie, not for consumption, but for production).
John Exter of the US Federal Reserve System Board of Governors was made an adviser to Minister of Finance of Ceylon JR Jayawardene. Under the Monetary Law Act No58 of 1949 (MLA), they established the Central Bank in 1950. 1950-53, Exter was made the governor of the CB of Ceylon. Sri Lanka’s economic policy then gradually came under International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, World Bank). This World Bank sent an economic mission in 1951; their report opposed industrialization, and demanded removal of the rice subsidy (to encourage the import of US wheat).
Exter’s legacy was to promote a culture of imported consumption in order to bribe ‘the parents and children of 1948’, a demographic niche curiously orphaned by our scholars. He reinforced the CB’s active opposition to independence through industrialization. 1953 Exter was made the division chief for West Asia at IBRD (WB).
• Army Act No17 was passed by parliament, 1949: a ‘regular force ‘was established. The first Army Commander was Englishman Brigadier Roderick Sinclair. Then came the Navy Act (1950) and the Air Force Act (1951). Officer Cadets were sent to the Royal Military Academy in Sandhurst, England, for training, thereafter. (Sinclair retired May 1952, and Brigadier FS Reid took over til Feb 1955; 1st Ceylonese Army Commander, still appointed by their Queen, was Major General Anton Mutukumaru)
• The SLFP was set up under SWRD Bandaranaike, 2 Sept 1951. JR sought refuge in the embrace of the US Pacific ‘architecture’.
• The Treaty of San Francisco aka Treaty of Peace with Japan was signed by 49 nations on 8 Sept 1951, in San Francisco. It was actually a cover to set up US colonialism’s Asia-Pacific web. The USSR & China were excluded from San Francisco. The US excluded China from the UN. The US was invading Korea. Japan had to pay for and station 50,000 US troops, just as occupied Korea had to.
English mythification recounts ‘Ceylonese Finance Minister JR Jayawardene’ as a pacific (as in peace-loving) and forgiving Buddhist. He informed the conference of ‘Ceylon’s refusal to accept the payment of reparations that would harm Japan’s economy’. His reason: ‘We in Ceylon were fortunate that we were not invaded, but the damage caused by air raids, by the stationing of enormous armies under the South-East Asia Command, and by the slaughter-tapping of one of our main commodities, rubber, when we were the only producer of natural rubber for the Allies, entitles us to ask that the damage so caused should be repaired.’ The New York Times: ‘The voice of free Asia, eloquent, melancholy and still strong with the lilt of an Oxford accent, dominated the Japanese peace treaty conference today.’
March 1952, DS died, and son Dudley Senanayake, nephew John Kotelawala (later a ‘sir’) and JR (Yankee Dicky) vied for succession. English Governor General Soulbury chose his son. In the May General Elections, Senanayake’s United National Party (UNP) secured a majority.
In the 1952 election the UNP promised to maintain rice prices at 25 cents a measure. In July 1952 food subsidies were a third of estimated revenue in the coming year’s planned budget. Ceylon depended heavily on rice exports, and the global price of rice was increased because of the US war on Korea. RG Senanayake, Minister of Trade & Commerce, negotiated the Ceylon-China Rubber-Rice Pact, ‘a barter systems which allowed Ceylon to trade its rubber for rice from the People’s Republic of China.’ The pact was opposed by JR Jayewardene, Finance Minister. JB Kelegama’s Address to the 50th Anniversary Celebrations of the historic ‘Rubber-Rice Pact’ between Sri Lanka & China at the BMICH, 20 Dec 2002, noted: ‘The Ceylon-China Trade Agreement of 1952 was undoubtedly the most useful trade agreement negotiated by Sri Lanka and one of the most successful and durable Trade Agreements in the world, having been in operation for 30 years’.
‘The US government invoked the Battle Act which prevented it from giving aid to countries selling strategic materials to Communist countries and cut off aid to Sri Lanka. They also stopped selling sulphur needed by Sri Lanka’s rubber plantations. They then targeted Senanayake.
PM Dudley Senanayake argued: ‘Ceylon’s oil trade pattern has been knocked out by changes in the world market and we have to seek new markets for our needs of essential foodstuffs and for our exports.’ The August 1953 hartal against the rice-subsidy removal resulted in the elevation of Bandung Buruva John Kotelawala over Senanayake. He in turn was replaced by SWRD Bandaranaike, whose attempts to further the country’s independence, through development banking, land reform, and industrialization, resulted in his assassination. Then came the coup…
• ‘Oil remains our largest import bill. The battle to control oil imports continues, despite attempts at nationalization. By 1961 the oil industry in Sri Lanka was still monopolized by Shell (England), Esso (US) and Caltex (US), stealing millions from the country. Caltex (also owned by Rockefeller’s Esso – now Exxon) controlled 20% of the market, Shell 60%. They owned all the retail outlets at strategic locations, and bulk storage plants in Kollonnawa. They did not compete on price in their bulk products, petrol, diesel, kerosene. Competitors were restricted to service (& lubricants). Vital for the government to import bulk oils directly, they established a refinery to convert crude oil to petroleum, diesel, kerosene. The government took over some assets of the oil companies under legislation enacted in 1961, savings millions. (ee 07 March 2020)
The Sirimavo government policy of nationalization, and sending English and foreign capitalists away to ‘Ceylonize’ the economy, caused the not-unexpected colonial backlash. After attempts to control foreign oil companies, Sri Lankans who had taken over for the English – Carson Cumberbatch Chairman Basil Jesudason, Colonel FC de Saram of Leechman & Co, Edmund Cooray of Browns & Co, Mallory Wijesinghe of Bartleet – were prompted to overthrow the government, but failed. The government attempted to nationalize US oil companies, who were behind the coup, kicked out the remaining English bases, furthering a policy of Ceylonization. They also kicked out the US Peace Corps. However, the multinationals easily undermined those policies. Sirimavo’s government was undermined by the usual opportunism and bribery.
Now, the US Peace Corps is back, the oil multinationals still control energy policy, oil remains our largest import bill – and has apparently toppled another popular government… It is now 2022. 2033 will soon make it 100 years of this apocalypse (Greek word meaning, ‘to reveal’).
‘Shell is now the licensee for the largest gas reserves in the world
and the custodian of gas & floating systems technology’
‘Local representatives of a foreign company which is supplying gas were behind the severe gas shortage & manipulations of LPG tenders in the country for a long time as well as several officials who are aiding & abetting them’ – ee Industry, Oman Trading
Capitalist media took the opportunity this week to nostalgize about those good old pre-nationalization days:
‘Royal Dutch Shell Company was one of the multinational oil companies operating in Sri Lanka since colonial times; it too had to leave the business after the nationalization of oil companies. However, as the government offered a 51% stake of Colombo Gas Company in 1996, Shell came into the Sri Lankan market again by purchasing it for $37mn.’
After the attempted coup against the Sirimavo Bandaranaike government, Royal Dutch Shell first set up Lankem Ceylon in 1964 as an agrochemical business. When Sri Lanka started encouraging local ownership, the company acquired local investors and listed on the Colombo Stock Exchange. In 1969, again under Dudley Senanayake, the Import Controller had informed England’s Shell Co that, in order to be recognized ‘as a truly Ceylonese company… it should have its own staff… its own office and be free of control by Shell’.
Shell Co of Ceylon then tried to use ‘Ceylonization’ to terminate other workers. In 1970 workers at the Oil Companies (Shell, Caltex, Esso) struck work in sympathy with the Lankem workers. The Labour Commissioner rendered the strike illegal by referring the dispute to Compulsory Arbitration. Unions noted, ‘The setting up of Lankem Ceylon, illustrated the fake character of so-called Ceylonization in the import trade, in respect of Imperialist Companies like Shell.’
• The recent fuel blockages escalated after the disputed Yugadanavi deal. The deal claims to be a ‘self-funded proposal’ by New Frontier Enterprises, ‘with payment guarantees by the US Government.’ Natural gas prices due to difficulty of transport are set locally or regionally, not globally as for oil. Australia and Qatar are the largest LNG suppliers worldwide. The US, which became a major supplier recently, is looking for markets in Asia, trying to displace Russia’s supply to Europe. Russia’s LNG exports come from Russia. The US also fears, with Arctic floating ice in the polar north melting, north Russia’s LNG could reach the JKT (Japan, Korea, Taiwan) markets. The closest major LNG exporters to SL are in Indonesia, Malaysia, Singapore, a global hub for long-term monopoly suppliers Shell, BP, Qatar, Chevron. Many countries now re-export LNG, including India. India has been planning to export LNG to SL for some time. Yet bulk purchase in a regional alliance with India and China would be a temporary measure, until we rebuild our own energy resources, rather than becoming beholden to the old multinationals.
C. News Index______________________________________________
• ee News Index provides headlines & links to make sense of the weekly focus of published English ‘business news’ to expose the backwardness of multinational, corporate controlled ‘local media’:
(ee is pro-politics, pro-politician, pro-nation-state, anti-corporatist, anti-expert, anti-NGO)
ee Sovereignty news emphasizes sovereignty as economic sovereignty – a strong nation is built on modern (machine-making) industrialization fueled by a producer culture.
• India to supply fuel to Sri Lanka only after advance payment
• India could bail out SL as IMF rescue package appears to take time – Ganeshan Wignaraja
• USAID’s Samantha Power makes Gabriel Grau, mission director for Sri Lanka and Maldives
• Is foreign-funded “Civil Society” attempting to replace the Political System in Sri Lanka?
‘While they project themselves as being better than politicians – how better are they, how trustworthy are they given that their funding determines the initiatives they take up & the topics they raise. It is they who began the ‘Reject 225+1” campaign as early as 2018 & we see that this campaign is in reality to replace politicians with themselves.’
• US forced Sri Lanka to prevent Russian Ship Unloading Fuel?
• Order in Russian Aeroflot flight case fixed for July 15
• President of crisis-hit Sri Lanka asks Russian leader Putin for fuel credit
• Japan’s Altruism: Bombed us on Easter ‘42; we ‘Recompensed’ in ‘51
• Ontario court dismisses motion against Tamil Genocide Education Week Act
• Economic abyss: neutral foreign policy no longer workable for Sri Lanka
‘In broader geopolitical perspective, the interests of the IMF, India, Japan and the U.S. merge.’
• Government should immediately proscribe anti-national foreign agents called “Civil Societies”
• Lessons for Sri Lanka: Libya after US-NATO “liberated Libya”
• Taiwan and the Making of an “Asian” NATO
‘The United States wants to turn Taiwan into an Asian Ukraine. The goal is to use it as a weapon against a China, a country that has been declared an adversary’
• US Contests Chinese Belt and Road Initiative with Private Corporation
‘this new G7 project—the Partnership for Global Infrastructure and Investment (PGII)—was intended to counter the Chinese’
• Chinese, Russian warships approach Diaoyu Islands as Russia ‘sends warning to Japan’
• US, Russian envoys clash over Ukraine crisis at Beijing forum as Chinese experts call on major powers to control ‘spillover effect’
• Reregistration of billion-euro oil and gas consortium Sakhalin Energy threatens Shell, Mitsui and Mitsubishi with loss of shares
• Japan’s Kishida steps on Russian oil slick: Bhadrakumar
Japan is not even remotely connected with Ukraine’s NATO membership, but Tokyo is acting in sync with the US-Japan Treaty, emulating Washington’s sanctions against Russia’
• Shinzo Abe Was ‘Trump Before Trump’—Except He Pulled It Off
• Kremlin weighs in on recent developments in Uzbek region
• Ukraine War: Putin Declares Victory in Embattled Donbas Region of Luhansk
• Russian Foreign Minister Lavrov joint news conference with Belarus Foreign Minister Makei
• Kiev’s use of English weapons makes London complicit in war crimes — Russian envoy
• US and Iranian delegations fail to reach a deal to restore the Iran nuclear deal
• Turkey, NATO joined at hips but think differently – Bhadrakumar
• Canadian Liberal MP Selectively Supports Uygur “Refugees,” Ignores Yemeni Refugees
• EU economies are down on their knees – Bhadrakumar
• EU wants Moscow to choose either butter or guns
• Germany looking for solution to solve gas problem
• Webinar exposes crimes of AFRICOM, and Canada is horribly complicit
• What was BC NDP minister who suppressed Wet’suwet’en land defenders doing in Iraq?
‘working for U.S. government-funded National Democratic Institute for International Affairs (NDI) during the occupation of Iraq.’
• Haiti: The Ransom is Still Being Paid
C2. Security (the state beyond ‘a pair of handcuffs’, monopolies of legitimate violence)
ee Security section focuses on the state (a pair of handcuffs, which sposedly has the monopoly of legitimate violence), and how the ‘national security’ doctrine is undermined by private interests, with no interest in divulging or fighting the real enemy, whose chief aim is to prevent an industrial renaissance as the basis of a truly independent nation.
• 50-member Lankan Navy squad take part in US military RIMPAC 2022 exercise
‘The SL contingent left in early June for Australia on a specially chartered flight arranged by the Royal Australian Air Force. The US Navy stated that 26 nations, 38 surface ships, four submarines, nine national land forces, more than 30 unmanned systems, about 170 aircraft and more than 25,000 personnel would train and operate in and around the Hawaiian Islands and Southern California’
• President instruct Nimal Sripla de Silva to resign amidst bribery allegations; orders for probe
• Parliament to focus on acting against officials who fail to implement COPE decisions
• Public Service Commission backdated Foreign Service minute without legal basis, SC rules
• Legality and implementation of E-signatures in Sri Lanka
• The attempt to create a Revenue Authority demolishing main revenue departments
• Tense situation at fuel station; airman accused of selling tokens
• Army officer seen assaulting civilian at fuel shed, relieved off duties till probe completed
• Bar Association of Sri Lanka (BASL) shows concern on deploying military at filling stations
• Thirteen arrested for attacking filling station in Wellawaya
• Who left on these two naval ships?
• Certain elements attempting to incite violence under guise of peaceful protests – Kamal Gunaratne
• How the “Rule of Law & Democracy” angels removed a Chief Justice in Sri Lanka
• SL’s FDI approval process grants consent in 24 hours, reduced to a single page from 14 pages
• Afghanistan Dominates Global Opium Production. The Taliban Is Shutting That Down
• ‘Drinking The Kool-Aid’ On The War In Ukraine
• NATO Madrid Agreement and the balance policy in Turkish foreign policy
‘Sweden and Finland’s NATO bids allowed Türkiye to include its security concerns to international agenda’
• Policing Toronto: Strip Searching in a Divided City
• US police kill average 3 people every day and one of those victims will be Black
C3. Economists (Study the Economists before you study the Economics)
ee Economists shows how paid capitalist/academic ‘professionals’ confuse (misdefinitions, etc) and divert (with false indices, etc) from the steps needed to achieve a modern industrial country.
• The recovery from the ruin: Rolling back nationalisation: Sunday Times Editorial
‘For the first time, the IMF has also referred to “reducing corruption vulnerabilities”. Today, the ordinary citizen is called upon to pay for the corruption, and the inefficiency, of the many overcrowded, monolith SOEs and the vastly bloated and unmanageable public sector… the current Government is now desperately seeking international traders to import and distribute petroleum products, almost going back to the pre-nationalisation years of the 1960s.’
• PM presents shocking economic forecasts
‘The journey we are on is a good opportunity to change the system that we followed in our country previously.’
• Sri Lanka Prime Minister’s full statement on IMF negotiations
• PM statement as economy ‘completely collapsed’ detrimental to the export industry
• First round of talks with IMF successful: PM
‘he depreciation of the rupee has reduced the value of the money in the Employees’ Provident Fund and the Employees’ Trust Fund by 50% and the real value of pensions has also decreased by 50%.’
• IMF in two minds on bailout loan to Sri Lanka, economists say
• Comprador elite believes we can import a solution for all our economic problems from the IMF
• Sri Lanka in dilemma between free market economy and welfare state
‘people are asking for free and subsided goods, they also ask for other things to maintain their lifestyles, which they have gotten used to—most of which are imported’
• For a Balanced Economic and Foreign Policy: Beyond a self-inflicted fuel embargo – Rajasingham-Senanayake
• Fueling the economic crisis and stifling an economic recovery – Sanderatne
‘Even the International Monetary Fund (IMF) credit facility is still uncertain and expected to take many months. One wonders whether this reluctance is owing to the political conditions in the country.’
• State monopolies have collapsed in delivering supplies to domestic market – Abeyratne
• Ceylon Chamber of Commerce (CCC) urged Govt. in March ‘20 to seek help from the IMF
• No government plans for economic recovery: Ceylon National Chamber of Industries (CNCI)
• Follow Mangala’s successful telecommunication privatisation – Tisaranee Gunasekera
• SJB’s liberal economic rightwing signals total foreignization of SOEs – Jayatilleka
• Sri Lanka, an upper middle income country suddenly crashed to the bottom – Harsha
‘The real breakdown happened when the President cut taxes and now we are running a massive hole in our fiscal budget and also a big hole in our current account and our Balance of Payments (BOP). We have to fix this. Without fixing these two things there is no way out.’
• Sri Lanka has to stop money printing now, not in 2024: Harsha
• Learnings for Sri Lanka on SOE Reforms – Singapore’s Temasek Holdings: CCC & CSE
• Things will get better by September or October, when remittances and export incomes grow
• IMF and foreign governments: SL must get act together to qualify for financial assistance
• Sri Lanka fast on Korea path, interventionists get their malnutrition wish: Bellwether
• Why foreign nations use IMF as a shield to help crisis-hit Sri Lanka?
• List all SOEs in the Colombo Stock Exchange
• Sri Lanka hikes rates in face of record inflation, despite economic contraction
• Far from Ukraine, Sri Lanka is the epicenter of a global crisis
‘For months, Sri Lanka has been in an economic death spiral: A public debt crisis, exacerbated first by the toll of the pandemic and then the disruptions provoked by Russia’s invasion of Ukraine, has led to shortages…Last week, doctors, medical staff, teachers and bankers in the capital Colombo marched in protest of their inability to get the necessary petrol or diesel to carry out essential work’
• Self-inflicted wounds behind Sri Lanka’s bankruptcy, not Chinese loans
• Taiwan claims Sri Lanka’s economic crisis is a consequence of China’s debt trap
• BRICS emerging as strong rival to G7
• BRICS+: Expanding options for the non-Western world
• Xi calls on BRICS to form one big family to reject small circles
• Dedollarization The revolt against the US dollar and the rise of a new financial world order
• Western financial warfare and Russia’s de-dollarization strategy: How sanctions on Russia might reshape the global financial system
• National Currencies in International Settlements
• Japan: the ‘new capitalism’ updated
• West African leaders lift economic sanctions on Mali
• Silvina Batakis: heterodox economist in the hot seat in Argentina
• Turning Endless Deficits into a Power Base – Hudson
• On finance, real estate and the powers of neoliberalism – Michael Hudson
• A Depression Is Coming, Michael Hudson
• The US Fed’s Austerity Program to Reduce Wages – Michael Hudson
• Ukraine Is the Latest Neocon Disaster – Sachs
‘The neocon movement emerged in the 1970s around a group of public intellectuals, several of whom were influenced by University of Chicago political scientist Leo Strauss and Yale University classicist Donald Kagan. Neocon leaders included Norman Podhoretz, Irving Kristol, Paul Wolfowitz, Robert Kagan (son of Donald), Frederick Kagan (son of Donald), Victoria Nuland (wife of Robert), Elliott Cohen, Elliott Abrams and Kimberley Allen Kagan (wife of Frederick).’
• Dysfunction & the US pandemic.
C4. Economy (Usually reported in monetary terms)
ee Economy section shows how media usually measures economy by false indices like GDP, etc., in monetary terms, confusing money and capital, constantly calling for privatization, deregulation, moaning about debt & balance of payments, without stating the need for modern industrial production.
• Galloping inflation forces Sri Lankan households to cut back on meals
‘Sri Lanka is in talks with the International Monetary Fund for a possible US $ 3 billion bailout’
• Private credit collapses as rates go through the roof
‘Banks fear wave of defaults which could deal a massive blow to their asset quality’
• We expect an IMF programme in the latter part of the year:
‘No fresh supplies until end of this month. India sets conditions for bridge financing, Govt. has no options but to agree. IMF assistance delayed for a few months…’
• SL’s economic situation uncertain with high local and foreign debt
‘55% of the total domestic borrowings were raised by way of Treasury Bonds, 29% raised by Treasury Bills and another 16% raised by SLDBs and Provisional Advance of Central Bank in 2021. Proceeds from Syndicate Loan issued in Q1 2021 was utilised to finance foreign currency debt service payments’
• Fiscal deficit widens; expenditure exceeds revenue by 83% in first 4 months of this year
• Analysts raise bets on another bumper rate hike tomorrow (07)
• SL to establish divisional office of China-led Asian Infrastructure Investment Bank (AIIB)
• First instalment of surcharge tax boosts April tax revenues; but gaping budget hole remains
• Banks resort to weekly pricing of deposits as volatility heightens (06)
• Cabinet sub-committee on cost of living reinstituted
• Sri Lanka Treasury bills close at 29.00/30-pct, guidance peg flat
• Sri Lanka Treasuries yields up over 400bp ahead of a monetary policy meeting
• Cabinet nod to present revised budget estimates to Parliament
• Indian rupee has tumbled to record lows against the dollar
• International Monetary Fund (IMF) and World Bank on a collision course with China
• Zimbabwe to introduce gold coins as local currency tumbles
• Gold is up by significantly more in sterling than in dollar terms,
• Euro hits 20-year low against U.S. dollar over recession fears
• US Fed’s Bostic calls for 75 basis point interest rate hike in July
C5. Workers (Inadequate Stats, Wasteful Transport, Unmodern Plantations, Services)
ee Workers attempts to correct the massive gaps and disinformation about workers, urban and rural and their representatives (trade unions, etc), and to highlight the need for organized worker power
• Employers Federation appoints Balendra as Chairman, Weerakkody as Vice Chairman
‘Balendra, who is also Chairman of John Keells…Weerakkody is former Chairman of the Employees’ Trust Fund Board of Sri Lanka, Commercial Bank of Ceylon and Hatton National Bank.’
• By the end of 2024, it is our intention to stop printing money completely – PM
• 140 trains cancelled; no fuel for railway workers to report for duty
• Railways trade unions decide to call off union action
• SLTB workers call off trade union action
• CEB’s breakdown services break down
‘Police had pointed out that the government had not named electricity supply as an essential service. Therefore the CEB has instructed Area Engineering Offices and Break down service depots to stop work as personnel are unable to report to work or carry out their duties without fuel.’
• Public Health Inspectors’ Union accused Health Ministry of undermining smoke-free zones
• FBR – Good riddance! What next to increase migrant remittances to Sri Lanka?
• Don’t send mothers of the very young abroad: Paediatricians
• Navy nabs seven for illegal migration in Talaimannar
• Economic downfall forces students to quit Uni
• VTA and Hatch MakerStudio to pilot apprenticeship programme
• Misfortune Favors The Paranoid
• The future of work 3 – automation: Roberts
‘Only the replacement of the profit motive could allow automation and robotics to deliver real benefits in shorter working hours and increased social goods’
• Nietzsche, the Chinese Worker’s Friend (1999)
‘The most common arguments denying Nietzsche’s essential commitment to any reactionary and exploitative politics, as well as his hostility to socialism and/or to the working class, are the relativist and the anti-political ones, which normally complement each other.’
• 22 Malians, including children, die in boat disaster off Libya
• Massacre of African Migrants by US- Backed Moroccan Armed Forces
• How Cuba is Eradicating Child Mortality, Banishing Diseases of Poor
• Slaveholders Signed the Declaration of Independence: Washington, Jefferson, and the People they Owned
• Abolishing the Family Policing System
• Reproductive justice after supreme court ruling overturned the Roe v. Wade decision
• The White Socialist Left: Seeing a Bleak Future for ‘Black and White Unite and Fight’
• Ford’s Hallway Medicine: Declining Hospital Beds in Ontario
• Orwellian Details of US Patent JPMorgan Got for Sprawling System of Spying on Employees
C6. Agriculture (Robbery of rural home market; Machines, if used, mainly imported)
ee Agriculture emphasizes the failure to industrialize an agriculture that keeps the cultivator impoverished under moneylender and merchant, and the need to develop the rural home market, monetization and commercialization, to produce, rather than import, agricultural machinery.
• Govt. decides to write-off Rs.1.2bn unpaid loans by small-scale paddy farmers
• Fuel on priority basis to harvest paddy cultivations in the on-going Yala season
• US promises Rs 7b more to feed 800,000 children for 15 months
• Massive stocks of chemical fertiliser from Oman bought under the Indian credit line
• ‘Food insecurity’ is just a fancy word for famine.
• Managing 14 estates – in Central and Western Provinces, Horana Plantations annually produces 3 million kg of tea, 1 million kg of rubber and 2 million kg of oil palm
• Production loss in Sri Lanka buoys demand for Indian tea
• Sri Lanka’s Tea exports to Ukraine drops 55% from Jan-May 2022
• Tea factory owners fear closure due to fuel crisis; warn hit on export earnings
• Moragahakanda dam project – an ecological disaster: Sunday Times & Earth Journalism Network (EJN)
• A Green Home Preparing for the worst in Jaffna as the economy collapses
• Peradeniya Botanical Gardens celebrates its bicentenary this year
• Muhudu Maha Vihara: Where history and mystery still lie buried
• Dutch farmers block food warehouses over new environmental rules
‘Nitrogen emissions are to be cut by more than 70 percent in areas close to nature conservation areas. According to government estimates, this could lead to the shutting down of about 30 percent of livestock farms.’
• Farmers in Poland and Italy join Netherlands in mass European protests
C7. Industry (False definitions, anti-industrial sermons, rentier/entrepreneur, etc)
ee Industry notes the ignorance about industrialization (versus handicraft and manufacture), the dependence on importing foreign machinery, the need to make machines that make machines, build a producer culture. False definitions of industry, entrepreneur, etc, abound, and the need for a holistic political, economic and military strategy to overcome domination by merchants and moneylenders.
• Sri Lanka’s energy crisis an artificial one?
• IMF delegation repeatedly underscores urgency of raising electricity tariffs.
• We have to restructure Electricity Board, Ceylon Petroleum Corporation & Srilankan Airlines: PM
• Over 40 vital private renewable energy projects held up
‘Fossil fuel generation had increasingly become unfeasible with the prevailing world market prices,’
• Significant increase in CEB generation costs in first four months of 2022
‘World market price escalations in fuel and coal and the rupee devaluation have seen a 68% increase in direct generation cost of Ceylon Electricity Board (CEB) from Rs. 59,849-Rs.100,615 million’
• Oman Trading dominates supply of LP gas to Litro
• Three days in fuel queue with baby in pram
• Western embassies face closure without fuel: Foreign Ministry blamed for violating Vienna Convention
• CPC to receive only 3 fuel shipments this month; LIOC expects 3 shipments of petrol and diesel
• Jet fuel issue far from being solved; suppliers demand LCs confirmed by international banks
• Summon PUCSL Chairman before COPE over his statement on fuel import: Wijeyadasa
• Vital to determine whether Russian crude oil meets CPC specs: Susil
‘Minister of Education Susil Premajayantha is also the President of Sri Lanka-Russia Friendship Association’
• CEB is a monopoly and therefore we need to have multiple buyers – Eran Wickremaratne
‘The author is a former VP, Citibank and Director/CEO, National Development Bank’
• Kerosene price also set to increase?
• COPE concerned over Litro Gas tender
• Aitken Spence buys Browns solar power venture for Rs.1.4 b
• Purchase of spare parts including tires for SLTB buses is challenging: officials told COPA
• 103 Indian train compartments NOT in use – COPA
‘the vacuum brake system is in operation in this country and some of these train compartments are of the air brake system’
• Brisk sales of bicycles
• Sri Lanka halts repayments of airline bond, airport agency debt
‘Repayment on two loans by the Airport and Aviation Services Sri Lanka taken to expand at airport at the main Katunayake Airport in Colombo and loan from China to build an airport in Mattala in the South was also suspended.’
• State-run Airport and Aviation Services (AASL) operates airport
• SriLankan says no cancellation of flights despite jet fuel shortage
• Weakening demand from apparel due to rising inflation in those markets
• Apparel generated US $ 446mn in May 2022
• Full container trains from Russia to India via Kazakhstan, Turkmenistan, Iran
• Airbus sells 292 A320 aircraft to four Chinese airlines in a blow to Boeing, as US-China tension tips balance in European maker’s favour
• How Canadian resource companies & our foreign ministry drove Colombians towards mass resistance to violent neoliberalism
• Germany looking for solution to solve gas problem
• Oil heads for weekly loss as recession fears trump tight supply
• U.S. power companies face supply-chain crisis this summer
• Northern Graphite focusing on becoming world leader in graphite production
C8. Finance (Making money from money, banks, lack of investment in modernity)
ee Finance tracks the effects of financialization, the curious role of ratings agencies, false indices, etc., and the rule of moneylenders, preventing investment in modern production.
• Bloodbath in stock market inevitable: Subramaniam – Universal Mind Mapper
• SEC overhauls regulations governing market institutions, market intermediaries
• SEC, CSE, and CFA Society to further strengthen ESG focus in capital market
• Stock market turned negative due to macro and micro economic uncertainties (July 07)
• Sri Lanka shares down on fuel shortage, political instability woes amid rate hike fears
• Sri Lanka stocks down over 1-pct in mid-day trade
• More setbacks for stock market; PM’s speech fails to boost investor sentiment
• Internal Charts Show Treasury Agency Assigned to Measure Risk in U.S. Markets Slept through the Repo Crisis of 2019 and the Fed’s $19.87 Trillion Bailout
• Atlanta Fed’s Model Forecasts GDP to Contract by -2.1% in Q2; Morgan Stanley Says S&P 500 Could Drop Another 22% If that Happens
• Crypto Billionaire Sam Bankman-Fried Dangling $1 Billion Political Donations; Wants Dangerous Crypto Derivatives Trading in Return
C9. Business (Rentierism: money via imports, real-estate, tourism, insurance, fear, privatization)
ee Business focuses on the rentier diversions of the oligarchy, the domination by a merchant mafia, making money from unproductive land sales, tourism, insurance, advertising, etc. – the charade of corporate press releases disguised as ‘news’
• Realtors witness sharp increase in land purchases by expatriates after rupee collapse
• Entice more foreign visitors to Sri Lanka on Casino Tours – Sarath Obeysekera Chairman, Advisory Board for EDB to develop Marine and Offshore Industry
• Debt moratorium looms over tourism industry: Hotels Association President M. Shanthikumar
• English advised against all but essential travel to Sri Lanka as Tui cancels more holidays
• Tourism Minister links negative travel advisories to 9 July protest rumours
• Ambeon’s Dankotuwa Porcelain Q1 Profit before Tax at least Rs.465.26 million
• Govt. to streamline casino industry to boost tax collection
• Ideal Group’s Iroshini represents SL at Mumbai World Women Leadership Congress
• Ben & Jerry’s sues Unilever to block sale of Israeli business
C10. Politics (Anti-parliament discourse, unelected constitution)
ee Politics points to the constant diversions and spectacles and the mercantile and financial forces funding the political actors, of policy hijacked by private interests minus public oversight.
• Resignation of govt. prerequisite for political, economic and social stability – DEW
• Why isn’t the COPE-COPA grilling the Politicians?
• Maharaja’s Jockstrap Protest at Galle-Face – A Re-run of Ukraine’s ‘Maiden Square’ False-Flag Operation in February 2014 (Part 1)
• Sri Lanka’s Political Crisis: Name 29 Professionals to be included into National List – Waduge
• Can Cardinal Ranjith elaborate on Church sponsored Eelam Pan-Christian State – Waduge
• Sri Lanka crosses the Atlantic Ocean in 74 years.
‘The pilot was Yankee Dickie. Basil, Namal and the children of 2006 helped’
• The cause of the crisis and the all-party government – Nalin de Silva
• Neither Ranildasa nor Ranil have solutions to the economic crisis – Nalin de Silva
• Making Ranil the President
• Death of a Patriot Gomin Dayasri
• Gomin Dayasiri & JR’s 1987 proclamation merging Northern and Eastern Provinces
• Ready to step down if AKD could revive economy within six months: PM
• It’s 19A minus minus: Opposition slams 22A as a sham
• Cardinal calls for resignation of President and Govt.
• Verbal battle erupts between RW and SP
• Protest near PM’s house demanding him to quit
• Move to assign para-military for MPs’ security at SLPP MPs’ request: Anura
• GotaGoGama activists present six points action plan
• Sri Lanka: An agenda for change – Manikkalingam
• Marking official languages week amidst the economic crisis
• PM should resign as finance minister – Dhammika Perera
‘The finance minister also delays all matters related to dollar earnings, borrowing, bridging finance, available credit lines and credit lines for essential goods’
• The international community as multilateral donors and Western governments – USAID NPC
‘Several foreign governments have said that they will consider larger scale assistance to Sri Lanka, once the IMF agreement is operational. So far the government has not been successful in convincing the international community that its own accountability systems are reliable. This is the main reason why the country is only obtaining millions in aid and not billions.’
• Forming national unity government will help regain confidence of foreign investors, lenders
• One Target: The Autocrat – Jayatilleka
• JVP Leader accuses govt. of hatching plot against his party
• SLPP Weerasekera asks PM to focus on economic recovery instead of constitutional reforms
• Mahinda attends Parliament
• Sri Lanka’s JVP-led NPP ready to form govt under President Rajapaksa pending his removal
• Sri Lanka prime minister tables parliamentary framework for bipartisan governance
• Karu says all political forces must unite to save SL from impending disaster
• Dhammika calls for “Aragalaya for Dollars” from Opposition
• PM says political reforms must go parallel to economic program
• Head of State jeered in Parliament with shouts of “Gota Go Home” by SJB MPs
• AKD takes up RW’s challenge
• NPP issues clarification on allegations against itself and JVP
A video purporting to be from a member of the JVP, supposedly acting on the instructions of the JVP leadership, providing instructions on how to make petrol bombs’
• Mr. President, it’s not too late! – Ensure total dissolution of executive powers
• Day of Open Doors
• Act peacefully and intelligently without getting caught up in wrong ideologies
• Speaker as acting president pending all-party govt, Sri Lanka party leaders agree
• Memories of Pro-China communist leader ‘Shan’
• There’s No Clash Of Civilizations, Just A Crash Of One
• The Death Of A Capable Revisionist
‘Some of the most monstrous Class A war criminals of the second word war, which include Abe’s grandfather, were buried at the Yasukuni Shrine.’
• Amir Khadir: “Progressive” Canadian turncoat who supports sanctions on Iran and Cuba
• The Black Revolution is Part of World-wide Struggle, Malcolm X, 1964
• Nikolai Chernyshevsky
• Catholics v. the US Constitution
‘the steady ascendancy in US public life of a deeply reactionary strain of Catholicism.’
• The Death of the English Imperial State
• Boris’ Fall
• England’s Fake Politics
‘an entirely fake democracy, where a whole generation of right-wing charlatans seeks to follow the footsteps of Tony Blair to massive self-enrichment. That is the “alternative” to the populist English Nationalist Tory Party.’
C11. Media (Mis/Coverage of economics, technology, science and art)
ee Media shows how corporate media monopoly determines what is news, art, culture, etc. The media is part of the public relations (corporate propaganda) industry. The failure to highlight our priorities, the need to read between the lines. To set new perspectives and priorities.
• Mystery social media campaign urged Sri Lanka to show gratitude to Australia cricket
• Fakebook’s Fake Accounts
• When Your Life Becomes News It’s Miserable
• PR Campaign for Pushpika de Silva, Mrs. Sri Lanka for Mrs. World 2021
• NED-supported Canadian anti-DPRK lobby group manufactures support for brutal sanctions
‘In 1950, the U.N. occupation forces entered Pyongyang. 26000 troops from Canada were part of the Western led invasion of the DPRK, in an attempt to kill off socialism in Korea…’
• Under English Law: Ho Chi Minh in Hong Kong (1931-33)
• Reading with Xi Jinping | What Is to Be Done?
• ‘Western’ Media Spread Copium To Prolong The War In Ukraine
• Why Read Chernyshevsky?
• The Aesthetic Relation of Art to Reality (1855) – Chernyshevsky
• Duel Between Two Literatures (1931) – César Vallejo
‘I speak of working class literature in a way that includes all works in which, one way or another, the spirit and interests of the proletariat prevails: be it through theme, through psychological subtext, or due to the sensibilities of the writer.’
• Big Tech ‘Nudges’ Our Behavior for Its Own Greed: Here’s a 4-Step Social Media Self-Defense Class