The IMF & Economic Division of the World

Before you study the economics, study the economists!

e-Con e-News 21-27 August 2022

A large number of white people continue to be raised up as mediators

to settle the squabbles of the ‘primitive brained’ and ‘repulsive’

– see ee Sovereignty, Repulsive

Whites need to shut their loud obnoxious mouths

and let wiser counsel (most of the world) speak.

Be quiet for a few centuries and they might grow up to be adults.

They lie so easily, it’s unbelievable.

– Anon

Who, where or what on earth is Rory McGovern? What is he doing in Colombo at the same time as another IMF delegation hit squad? Other rich North Atlantic whites are enjoying the peaks of their summer vacation before September’s industrial rebooting. It isn’t even autumn or winter yet in Geneva or Ireland or Boston or wherever he’s from, and needing a tan. Why has he, or the IMF, been even coterminously allowed into the country, and why even talk of them?

     This ‘UNHRC Director of the Asia Pacific Division’ descends here on ‘a fact-finding mission’ to compile another file on human rights, while parked in a luxury hotel. A search for this McGovern on the empire’s Google search engine unearths absolutely no results. What Asian-Pacifican of the 5-eyed Quad kind is he, to be afforded such amnesia and teflon? And in which ghetto did this white boy pick up such sensitivity?

     McGovern is another McDiversion. What is more unrighteous and corrupt than the UN, its officials and agencies remaining a white supremacist fortress in lowland Manhattan and alpine Geneva? The UN is still an instrument of minority white genocidal power.

     On 7 July 1950, the UN joined the US war on Korea illegally. The USSR was not in attendance due to the refusal by the whites to admit the People’s Republic of China, and consequently Sri Lanka, into the UN. This ‘UN-led police action!’ mass-murdered several million people, to divide Korea, installing 100,000s of US troops in their south, in Japan, Taiwan, and the Pacific etc to this day. McGovern should tell us why he sees it fit for US and allied European war machines to keep disturbing the tranquillity of these seas, thus failing to fathom much of our human discontent.

     Indeed, McGovern looks away from the ongoing anti-US protests in the still-troubled south of Korea, happily ignored by white media. Even as the US and South Korea are holding ‘their largest military exercise in years’, scheduled to end September 1. Their US overlords, and South Korean President Yoon Suk-yeol, who took office in May, want Pyongyang to denuclearize. Kim Yo Jong, sister of North Korean leader Kim Jong Un, described Yoon’s proposal as foolish and stressed her country has no intentions to barter away its nuclear arsenal. North Korea has long been demonized in the white media (with methods now widely used in their toolkit – see Random Notes, Twitter).

     The US, South Korea and Japan also participated in a recent ballistic missile ‘defence’ exercise off Hawaii’s coast. In West Asia, more US airstrikes hit in Syria, with Iran rockets responding at 2 US Bases in Syria’s Deir Ezzor.

     Maybe MGovern is concerned as to why the US World Bank and IMF seek to maintain such a backward colonial status quo here while blathering about human rights. In Sri Lanka this has amounted to rousing frequent upheaval, as they seek to thwart the modern industrialization that has taken place in their own settler colonies. The US, Japan and India’s actions have also made abundantly clear they are determined to ensure development banking never happens here.

     Preserving us as a sun, sex & sand resort, and a minelode for workers and other natural resources. This ee Focus looks at how this economic division of the world has come to take place.

     McGovern should rather tell us, as a result of the proposed IMF policies, how many people will be stunted, maimed, and murdered.

In virtually every colonial territory a certain number had to be killed

before the survivors would accept the new prospects. This might even be said

to introduce a new concept into the study of political economy

– the indispensable minimum of murder

The Political Economy of Underdevelopment, SBD de Silva

As to the murder, it will begin with mass sell-offs of valuable assets, (purposely run into the ground) mass sackings like in July 1980, and consequent terrorism.

• Ranil Wickremesinghe recently gave an interview to The Economist (London). Here’s an excerpt:

     ‘RW: We need a public-finance bill on the new taxes, then on state-owned enterprises [SoEs]. My idea is to do a deep cut and make a legislative framework for a highly competitive export-oriented economy, and then ensure the recovery takes off by 2024. It’s not worth dragging this out. Take a deep cut, but ensure that you can get recovery going so…

     TE: What do you mean by deep cut?

     RW: So that when you make changes, make it deep, make all the changes you have to make and then allow it to come up…

     TE: Apart from Sri Lankan airlines, what are some of the marquee SoEs that could be privatised?

     RW: Well, you can sell Sri Lanka Insurance, there’s telecoms. What we do with the petroleum corporation is another question. (ee Economists, How Sri Lanka’s new president)

• Harsha & Eran, the US Assembly of God’s Holy Duet, call their panacea, ‘a socialist market economy’! …Don’t get too excited: the country also calls itself, ‘Democratic Socialist’, and the UNP from time to time also declare for socialism. As did Hitler and Mussolini, etc. So what kind of socialism?  Check Marx & Engels’ Communist Manifesto for varieties.

• Recall when Japan Ambassador in Colombo Mizukoshi Hideaki, after having met new Premier Ranil Wickremesinghe immediately after his appointment, left for Tokyo in late May.

     Recall when ‘Hideaki met the Tamil National Alliance (TNA) and reportedly said there is a risk of financial assistance to Sri Lanka being mismanaged and hence Japan will not support the country at this point. However he’s said Japan might consider it later’ (ee July 2). Now maybe later. President Ranil Wickremasinghe is in Japan seeking their assistance with the latest euphemism for colonialism, earlier ‘structural adjustment’ and now ‘debt restructuring’. The ghost of Prabhakaran maybe wondering if he could have just bought it all from the IMF.

• Profits of banks come down due to large-scale provisioning for bad debts headlines the Sunday Times’ Kussi Amma Feizal: due to high impairment provisioning (for bad debt) as industries struggle to survive’. The Sunday Times dare not tell us exactly what these ‘industries’ are. And why the banks chose to lend them money.

• IMF’s Predictions Fail Again – At the annual summer symposium of central bankers this week in Jackson Hole, Wyoming, US, commenting on the state of capitalist economies and on the efficacy of monetary policy, former IMF chief economist Gita Gopinath admitted the IMF had failed to predict any rise in inflation rates (not just in energy & food but in what are called ‘core prices’ in the shops & services)…And Jay Powell, chair of the US Federal Reserve, made the keynote speech declaring the US is going to suffer a hit to jobs and living standards as a result of the Fed’s ‘tightening policy’,  – Random Notes

• Unsigned and unattributed media, attacking China and praising the US, abound. Take the Sunday Times story, ‘Govt makes policy commitments, convince China on IMF bailout’. Mass propaganda escalated this week, as the IMF continued to stall, blaming China, while demanding the government bailout Wall Street by selling off national assets. The 5 IMF officials here must be costing at least 1.5 million rupees each a day in Sri Lanka, and they wish to know why we are in debt!Will the media add it all up?

• People wonder why war-torn Ukraine has ‘little difficulty in receiving IMF assistance running into tens of billions of dollars. The Sri Lankan government’s recent moves indicate that tough IMF conditions are already subtly and sometimes aggressively being introduced’. Ukraine’s massive agricultural abundance has already been sold off by the IMF: ‘3 giant corporations – Cargill, DuPont, Monsanto  – have bought 17 million hectares of Ukraine agricultural land. That’s 60% of the total agricultural land in Ukraine!’ – Random Notes

• Another unsigned (no byline, no agency) article only citing ‘sources said’: ‘9 absconding Navy personnel’ who jumped ship after a joint exercise in the US… have been referred to US law enforcement authorities’. In 2018, during a similar US joint exercise, an SLN sailor went missing and ‘his whereabouts are still unknown’.

     A Sri Lankan Navy crew consisting of more than 100 Navy sailors under a Commanding Officer is currently stationed in Hawaii and engaged in training alongside with their US counterparts while the former US Coast Guard Cutter vessel was undergoing refit.

     The Australian Department of Immigration said Ukrainian visas are being processed as a priority. Meanwhile media reported again that Australia was paying India to supply Sri Lanka’s navy with fuel, in order to prevent Sri Lankans from seeking work in places that only wish to sell us dairy and prevent our own dairy industries. (ee Sovereignty, 9 Deserting)

• Anyone reading weekly ee Finance (see below) links to news on banks and finance companies and the stock market, will gather that the media has never investigated the President’s assertion that the Colombo Stock Exchange is rigged. So what does this say about media’s umbilical collusion with corruption, and a politician’s more honest appraisal? The media after all are big flayers of so-called corruption: We don’t call it corruption. We call it business.

     This recalls that the English parliament was and is all about talking, and it has kept talking while England goes about waging war on its own people to advance its industrial revolution, and waging continuous wars on the world. The other aspect is how the ruling class and media manipulated parliament through setting up fake bogeymen like utopian socialism and corruption.

• It’s open season for politicians. Epitome of all evil. Or so the media would like us to think.

     President Ranil Wickremesinghe, chief guest at the Organisation of Professional Association’s annual conference ‘and awards ceremony’, mockingly bemoaned, ‘There is one profession you all have left out in the OPA. The professional politicians and I don’t think that you’ll be anxious to have us either, which is quite understandable.’

     While most of his speech was about girding our loins to pay off debts, all he had to say about industry was this: ‘We have to get ready for the 4th Industrial Revolution and you all know what those technologies are. How it can be used and how you can make money’.

     So there it is. Industrial revolution, technology etc, is not something to invest it, enhance skills and make, but to use and make money.

     Ranil is made out to be intelligent. So why is Ranil, who claims not to be a populist, making such purportedly demagogic pronouncements, when he knows that it is ‘politicians’ who truly decide, yet it is not the elected ones who the media call politicians, who really decide. But the parallel politicians, the corporate handlers, who are never heard from or exposed.

perp walknoun, North American, informal: an instance of a person in police custody

being led into a police station, courthouse, etc

in such a way as to enable the media to publicize the event

There were no thrusted microphones nor drums when the IMF entered the country for the 17th time. But it was all ‘Lights! Action! Camera!’ as ‘A handcuffed MP Ranjan Ramanayake was brought to the Abans-owned Colombo City Centre Cinema to watch his film The Game, in which he plays the lead role. The film was completed before he was sent to prison.’ – Sunday Times

     A Game indeed! This and other perp walks, involving police and courts, lawyers and ‘rebel’ padres and doctors – are all done in full glare of media cameras. So were the summons and arrest of whole set of lesser mortals. Meanwhile, the Communist Party points out: ‘It is farcical to go after people who ate and swam at President’s House, Temple Trees.’ Even as England seeks to install a native Guy Fawkes who sought to, or acted like he wished to, burn down Parliament on July 9.

• As Lanka plans to celebrate our 75-year ‘Independence Day’ on February 4 next year, an ee Reader points out the reigning insanity: The English (and other whites) are still giving us advice on democracy and rights. She was referring to England’s unelected House of Lords, and that they have no constitution, even as they impose such imbroglios on Sri Lanka.

     This House of Lords recalls the attempts to impose an unelected civil society on parliament to protect certain undefined interests of youth, women, etc,. It also recalls the various ways the English sought to thwart the popular will, with an unelected Senate.

     It was 51 years ago, on 2 October 1971, Sri Lanka (still Ceylon) would abolish the unelected Senate, the upper chamber of the Parliament of Ceylon. The Senate was one of the 5 constitutional ‘safeguards’, the English included in the 1946 Constitution. They said it was to remove the fear of ‘domination and oppression’ by a ‘permanent and unassailable majority’ which existed especially in the minds of Ceylon’s ‘ethnic and religious minorities’, writes law expert Nihal Jayawickrama (on a UN salary, lost his job in Hong Kong because he was deemed an English agent). What the colonial legalist Jayawickrama does not say is, those safeguards were actually to camouflage and preserve white rule in Sri Lanka, particularly the agency houses.

       ‘The other entrenched safeguards were multi-member constituencies in those electorates in which a substantial minority, whether racial, religious or otherwise, lived; 6 nominated members of the House of Representatives to represent interests which were either not represented or were inadequately represented; an independent Public Service Commission which would guarantee strict impartiality in all matters affecting appointments; and a prohibition on Parliament enacting legislation either to confer a privilege or to impose a disability on persons of any particular community or religion.’ (colombotelegraph.com/index.php/the-abolition-of-the-senate/)

The True Minority – Robert Singleton-Salmon, the ‘Appointed MP’ represented ‘English interests’ through 1948-72 in successive parliaments after ‘independence,’ He was the head of the British Ceylon Corporation. BCC owned a soap factory, a drum plant, as well as the biggest coconut oil mill in the country. A BCC worker recalls the huge pipeline carrying the oil directly from the factory premises to the port. The Mill produced 110 tons of oil every day, for local use and for export, working nonstop through the 365 days of the year. Singleton-Salmon used his position in the government to benefit his private company:

     ‘When the Petroleum Corporation made arrangements to get machinery from abroad to fabricate drums, he prevailed upon the government and got the order to turn out the drums for the Petroleum Corporation at the BCC Factory.’ English ‘free trade’ at its best.

Contents:

A1. Reader Comments

• USAID Advocata’s Rehana Thowfeek • English media readers = 3% • Indi in NYTimes • Parsee Money • TB Ilangaratne & CPC • Nomura & Blackrock have same debt portfolio • Capital gains tax in the interim budget • Chip-making machines • US pressure on Dutch machines • 5-Eyes IMF • England’s UnConstitution

A2. Quotes of the Week

• India’s 18th Invasion • Free Seas & China • Continental shelf is 20 times land area • Market prices are not natural • Kalu-Suddha Incoherence • Stupa & Warrior • India’s statistical heritage • SOEs are China’s backbone • China leads in Solar • Ukraine’s Fake Media • Stop Diplomacy

A3. Random Notes

• CIA’s Rock’n’Roll Superstars • Mexico battles US e-vehicles • Small Garages & Electric Shift • Adani’s BlackRock & Cement Empire • World Bank’s fertilizer import rules • IMF Blaming Inflation on Wages • A Very Nano-History of Recent Debt & WB Flattery • US rouses Kosovo • Ukraine, IMF & Foreign Agribusiness

B. ee Focus       

B1. The Colonial Economic Division of the World – SBD de Silva

C. News Index

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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: econenews@gmail.com

• ‘U$ Advocata economist Rehana Thowfeek is a U$AID research assistant, under project director Charles Conconi in Colombo’

• ‘According to a survey conducted by a distinguished emeritus professor (not the present US stooges) about 20 years ago, the percentage of adult readers who read English newspapers in Sri Lanka was less than 3%. The least-read category was Features. I can’t recollect the price of a newspaper then. May be less than Rs5. As the prices have risen to over Rs50 now what would be the present percentage? In that survey, a reader was defined as a person who browses any one of the national newspapers at least twice a week and could recollect at least one news item that had received prominence during the week receding. How many read from beginning to end?’

• ‘Wow real eye-opener, last week’s ee.’

• ‘Re: Parsees, our ruling elite/oligarchy is oddly just like India. Don’t they too have a crazy Parsee ruling elite? Wiki calls Aban’s owner Pestonjee, a rag-to-riches life story! LOL! ‘Started selling used appliances from a small corner store’, like Otara selling clothes from the boot of her car. All fake stories. Sadly when younger I used to believe them! They are not oligarchs, they’re simply entrepreneurs! Abans got the urban street-cleaning contract after July 1983. One of their children married into the Mathews family. Parsee oligarchs like Keells’ Captains are quite obscure, by design I think. Not-that-rich people like Dhammika Pereira like to flaunt… India’s foreign minister Jaishankar worked (works) for Parsee Tata. Are Lanka Parsees connected to India Parsees? But India’s Tatas are not anti-industry like our oligarchs. There they own steel companies and war production companies.’

• ‘I think it is timely to understand the objectives and sacrifices our predecessors have made, at least since 1956, to develop/build “national economic sovereignty”, particularly by establishing national industries (misnamed State-owned Enterprises, SoEs) in strategic areas. The Ceylon Petroleum Corporation (CPC) is one of those.

     The Budget speech of 1963-64 by Minister of Finance TB Ilangaratne is enlightening. Read the entire speech, and perceive for yourself what duty you have towards upholding the very value of developing Sri Lanka as an economically sovereign State.

     If we have failed to make the SoEs, ‘economically and financially viable’, the fault is with the Governments which managed those, and not with the concept or the establishments per se. There are models available in the world which work, and ensure SoEs earn surpluses to the extent they could pay dividends to the “true owners” (the general public).

     That foreign powers would offer to buy out those (at least shares, or on lease basis) means they are not acquiring these assets to incur losses, and know they could manage those “profitably”. If they can, why not us?

     Those who think they cannot, please step down, and let the proper structures be put in place by those who think they can, enabling “depoliticised and professional management” of these SoEs on profitability basis. Otherwise, it is a crime to even think of selling these national assets belonging to our future generations!’

• ‘The best option is for both SL and China is to go for debt to equity swap. That way these underperforming assets will perform better. But there will be international backlash. Secondly there is an effort both by western fund managers and India to asymmetrically distribute haircuts so that China will have to take the biggest haircut. This is why Japan wants to create the creditor committee. Nomura and Blackrock have the same debt portfolio.’

• ‘Is there going to be a capital gains tax in the interim budget?’

• ‘I remember ee talking about chip-making machines. Not a simple product by any means. This thread on the company, machines & tech is super interesting – twitter.com/trungtphan/status/1560290568499892224?s=24&t=aW-Y4ncgTYYRwFoPsZJ1gQ’

• ‘Apparently the US is exerting pressure on the Dutch to stop them exporting these machines to China. To bypass this, China is considering to change the design of semiconductors. (see, ee 13 Jan 2021, Semi-Conductors Wars – the brain behind machines that make machines?)

• ‘Bhadrakumar says the 5-eyes failed in Sri Lanka, and they are instead stirring up China-India conflict here. Re: New Zealand, Advocata & CBSL, it looks like the entire 5-eyes are involved in trying to gain control of SL’s economy. Former NZ central banker Grant Spencer worked for ANZ banking group, and former chair of the Executives’ Meeting of East Asia-Pacific Central Banks launched in 1991 was at an US Advocata forum pushing for CB ‘independence’.’

• ‘You should see legalist Asanga Welikala talk about constitutionalism. He’s a real coconut. So much to say about SL’s constitution while living in England, a country with no constitution!’

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A2. Quotes of the Week_

• ‘Looking back at the great history of the island, Sri Lanka who overcome aggression from its northern neighbour 17 times, colonisation by the west for 450 years, and an anti-terrorism war for nearly 3 decades, is now still standing in the world bravely and proudly.’ – Chinese Ambassador, ee Sovereignty, From One-China principle

• ‘Former Indian Chief of Naval Staff Admiral Arun Prakash (retired) points out in Indian Express , the 1982 UNCLOS agreement permits unfettered freedom of navigation on the high seas and a foreign warship has as much right to be in the Indian Ocean as a similar Indian vessel would in the South China Sea. “Vessels enjoy right of innocent passage” even on territorial waters of another state, and docking in foreign ports with prior consent is allowed.’ – see ee Sovereignty, Anxieties

• ‘Sri Lanka needs a National Maritime Strategy for the following reasons: In 2011 around 86% of Lanka’s fish supply came from the sea. The recent discovery and exploration of oil and gas reserves could easily open a host of new economic opportunities. SL is located on one of the most important international shipping routes. It has to become a major hub for container handling and transshipment. For this a maritime strategy is essential.

     The delimitation of the continental shelf (DECOM,) as provided in the United Nations Convention on the Law of the Sea (UNCLOS), was initiated in 1999 by Sri Lanka and completed in 2009. This unique feature spans an area of 3,000km in length and 830 -1,430km in width. Sri Lanka’s claim of the extended continental shelf is about 20 times its land area.’ – ee Security, Plugging

• ‘Those who support the IMF way of doing things believe that all goods & services must be sold at market prices. They believe that everyone must buy goods & services at market prices. Let’s for a moment ignore that market prices are not natural & are set by powerful interest groups. The proponents of the IMF say, the government must make direct cash handouts to those who can’t afford market prices. OK, who can find the money? MP Nanayakkara said, the increase in the price of kerosene and electricity would have a serious impact on nutrition and education.’ ee Economists, Vasu Says

‘They typically are anglicised, speak English and can hardly cobble together 5 Sinhala or Tamil words into a coherent sentence, are often virulently anti-Buddhist and are somehow ashamed of their Sinhala or Tamil ancestry. In short, the kalu-suddhas.’ee Media, Beware the NEDdas!

• ‘Although most of the stupas we see in Sri Lanka were built for the purpose of veneration for Buddhists, there are a number of stupas which were not built for this purpose. These rare stupas were built to commemorate heroic warrior kings, their birthplaces, or notable incidents history. These stupas could be the result of the age-old practice of building memorial mounds for the dead, especially if they were prominent warriors. While building a stupa or mound in memory of a prominent figure is not that uncommon a practice in history, what is surprising is to witness is a special stupa in Kotte built for a queen which could be the only stupa built for a queen in Sri Lanka. Also it must be noted that these stupas are built in the style known as Kota Vehera – identified as tombs rather than Buddhist stupas. There is no koth karalla or chathras (umbrellas) in such stupas. Another interesting fact of such memorials is that most were built in memory of warrior king Dutugemunu. His birth, his historic battles and his death were remembered through these monuments.’ (2020, ceylontoday.lk/news/stupas-in-memory-of-warriors)

• ‘The modern Indian state has a proud statistical heritage. Soon after the country gained independence in 1947, the government resolved to achieve its development through comprehensive 5-year plans. The strategy, though economically inadvisable, nonetheless required the creation of a robust data-gathering apparatus. In 1950 PC Mahalanobis, the leading light of Indian statistics, designed the National Sample Survey, which sent staff to the far corners of the vast country to jot down data regarding its mostly illiterate citizens. The survey’s complexity and scope seemed “beyond the bounds of possibility”, reckoned one US statistician.’ – ee Economists, India’s once-vaunted

• ‘State-owned enterprises (SoEs) have long been the backbone to China’s socialist market economy. But Xi pledged to make them bigger and stronger.’ – ee Economists, Jackson

• ‘While China leads the world in coal use, it also leads the world in “wind and solar installation, in wind and solar manufacturing, in electric vehicle production, in batteries, in hydro, in nuclear, in ground heat pumps, in grid transmission and distribution, and in green hydrogen. They literally lead the world in every zero-emissions technology today.’– ee Agriculture, What if

• Behind Ukraine’s public relations war is an army of foreign political strategists, Washington DC lobbyists, and a network of intelligence-linked media outlets… more than 150 PR firms have joined the propaganda blitz. The international effort is spearheaded by PR Network co-founder Nicky Regazzoni and Francis Ingham, a top PR consultant with close ties to the English government. Ingraham previously worked for England’s Conservative Party, sits on the English Government Communication Service Strategy and Evaluation Council, is Chief Executive of the International Communications Consultancy Organisation, and leads the membership body for English local government communicators, LG Comms.’ – ee Media, Ukraine Propaganda War

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A3. Random Notes (‘Seeing Number in Chaos’) _

CIA’s Rock’n’roll Superstars – US Twitter hires former feds and spies, mainly from their Federal Bureau of Investigation (FBI), but not only. In 2019 they were found employing Gordon Macmillan from the English Army’s notorious 77th Brigade – which conducts online warfare and psychological operations.

     Facebook partners with the Atlantic Council’s Digital Forensics Research Lab, which decides what content to promote and what content to suppress. FB also hired former NATO Press Secretary Ben Nimmo as its head of intelligence.

     TikTok hires alumni of the Atlantic Council, NATO, CIA & State Department, as does Reddit, Thomson Reuters, etc. (radiohc.cu/en/noticias/internacionales/291774-report-points-to-alarming-number-of-ex-fbi-agents-hired-by-twitter)

     National Endowment for Democracy (NED), a ‘vehicle’ for US government ‘propaganda’, funds Bellingcat, Index on Censorship, Article 19, Finance Uncovered, and the Thomson Reuters Foundation.

     In 2020, Bellingcat was one of 4 founding ‘partners’ in the Open Information Partnership, an alliance of organisations ‘to counter & expose disinformation’ funded wholly by England’s Foreign Office. Members of the alliance include the NATO Strategic Communications Centre of Excellence.

     England’s Index on Censorship‘s funders include the Charles Koch Foundation, Facebook, Google.

     NED funds the Thomson Reuters Foundation, which trains journalists, and London-based investigative group Finance Uncovered, which supposedly examines illicit finance.

     No NED grants are given in any of the 6 US-backed dictatorships in the Gulf, eg Saudi Arabia and the United Arab Emirates. By contrast, the NED spent $9.4mn on 162 grants in Venezuela to remove the Nicolás Maduro government, in 2016-19 alone.

     One NED grant in 2011 funded 10 rock groups in Venezuela to produce new songs promoting freedom of expression. – ee Media, CIA sidekick; Beware the NEDdas!

• Those looking to understand the behavior of USAID-hijacked Bar Association of Sri Lanka (BASL), may examine how the US has destabilized other governments by such means. Peru’s President Pedro Castillo last week exposed the Prosecutor’s Office attempt to arrest his wife. Investigations of alleged corruption are ‘the result of a conspiracy between the Prosecutor’s Office and sectors of the Parliament and the press that since the beginning of his administration have been trying to have the Congress dismiss him, due to his humble origins and for being an outsider to the power groups.’ – ee Sovereignty, Peru

Meanwhile Mexico outlined their concerns with a proposed visit of Antony Blinken: ‘Washington approved an anti-inflationary package that initially contained a very complex provision for Mexico because it favored the production of electric vehicles in US, putting Mexico at a disadvantage.’ ee Sovereignty, Mexico Outlines

• With the IMF’s move to hike electricity and water prices, comes fake environmental concern, and the US embassy’s promotion of electric vehicles, promising to reduce dependence on ‘imported’ transport fuels, which use up one-third of Sri Lanka’s primary energy.

     To prevent small garages from converting, they are handing over ‘conversion of internal combustion-engine’ to multinational company agents, claiming only they have ‘the sound financial capacity to import necessary equipment and material for the conversion process on a bulk scale and must ensure all of it comply with the national (& international) standards as well. An official ‘technical panel’ will assess the conversion technology and shortlist companies, who will be invited to a meeting on 30 August to present their technology at the BMICH. (ee Industry, Govt revs up)

The Economist claims Gautam Adani, ‘Asia’s richest man’, has ‘an uncanny ability to raise capital.’ Economist is of course acting coy. Adani’s big partner is vulture fund BlackRock, largest holder of Sri Lanka’s ISB ‘debt’, and the largest ‘public’ shareholder in Unilever. The SL government recently handed Adani, a terminal in Colombo port, and 2 wind-power projects in strategic Mannar and Pooneryn (see last ee, Privatizing SL ex-ante? IMF Bailing out BlackRock amid Adani Greenwash in Mannar & Pooneryn? D Rajasingham).

     In May, Adani bought Ambuja Cement, India’s 2nd-biggest cement-maker, controlled by Holcim, Swiss building-materials behemoth. The Adani Group owns power utilities, useful in running energy-hungry kilns, and India’s biggest network of ports to ship the stuff. Its coal-fired plants provide a byproduct, fly-ash, required for cement-making. Paired with vaulting ambition, it is a hard mix to beat. (ee Industry, Gautam Adani wants) Holcim Lanka was rebranded as Insee Cement. Insee has begun building in strategic Hambantota port, the ‘largest warehousing facility in Sri Lanka for raw materials used in the production of cement.’

• Sri Lanka this week opted to import urea fertilizer chemicals from England (CIC-ICI?) for the upcoming Maha season, just as the US World Bank imposed ‘tough anti-corruption rules’ for fertilizer imports, with all transactions to be inspected and audited by Bank officials. (ee Agriculture, World Bank imposes)

• Gita Gopinath also told the Jackson Hole symposium of central bankers: ‘Existing (mainstream – MR) models cannot explain the inflation surge’. eg, the so-called Phillips curve which purports to show that tight labor markets and rising wages cause inflation, does not fit the facts, said Gopinath, as economies have experienced rising inflation without wages leading it.

     Further signals of the IMF’s intentions come from US. Jay Powell, chair of the US Federal Reserve, made a keynote speech declaring the US is going to suffer a hit to jobs and living standards as a result of the Fed’s ‘tightening policy’, but that could not be avoided. Powell claimed, ‘The first lesson is that central banks can and should take responsibility for delivering low and stable inflation.’ But central banks still cannot deliver on low inflation with their monetary tools of higher interest rates and withdrawing liquidity in what is called quantitative tightening (QT).  …Inflation depends on the relation between supply and demand for goods and services. That’s obviously a truism of capitalist economics. But while central banks may affect aggregate demand to some extent, monetary policy has little or no effect on aggregate supply. That depends on productive investment, which in turn depends on the profitability of that investment. And that’s the problem.

     The current inflationary spiral is mainly due to constrictions on supply, particularly in energy, food and other commodities, as well as global supply chain blockages for many components and products needed to meet demand. But underlying these immediate causes is the long-term decline in productive investment and labor productivity growth in the major capitalist economies, as I have argued before. So the Fed and other central banks can do little but sink their economies further into the Jackson Hole by raising the cost of borrowing for investment and consumption.’ – ee Economists, Down the Jackson Hole

A Very Nano-History of Recent Debt & World Bank Flattery

The Sri Lankan media’s control by western capitalists became even clearer with the amplified attempts to divert from white financial interests (ISBs etc) who ‘own’ almost all of Sri Lanka’s debt, and blame China instead, demanding China take a bigger haircut.

     US banks want IMF to get China to bail out their loans to Sri Lanka. The media is remaining silent about what exactly was bought with those loans, and which foreign industries benefited from those loans.

     The white media is now making out that it is China stalling ‘debt’ talks, but China’s embassy told the Daily Mirror that China told the Finance Ministry 3 months ago, in June, about its readiness to discuss how to address the debt issue with Chinese banks, but the FM had ‘insisted it should complete the agreement with the IMF first! ‘The Chinese position was also communicated during the phone conversation between China’s Premier Li Keqiang and then Sri Lanka PM Mahinda Rajapaksa.

     President Ranil Wickremasinghe is now in Japan purportedly attending the funeral of assassinated former premier Shinzo Abe but for talks with PM Fumio Kishida. A strange Reuters report citing numerous unnamed ‘sources’ has this to say: Tokyo ‘has a stake in rescuing the island nation, not just to recoup its $3billion in loans but also its diplomatic interest in checking China’s growing presence in the region.‘ Citing sources with knowledge of the planning… Tokyo is open to hosting talks among all the creditor nations…However, it is not clear whether top creditor China would join and a lack of clarity remains about Sri Lanka’s finances, the news agency quoted one source as saying…Wickremesinghe had told Tokyo-based Nikkei Asia on August 24 that Sri Lanka would like China to dramatically change its stance on debt relief’ calling it ‘no simple task.’

     …The International Monetary Fund (IMF) team met Wickremesinghe on Wednesday to discuss a bailout, including restructuring $29bn in debt, as Colombo seeks a $3bn IMF aid program. The president met the same day with Japan’s ambassador and, according to the source cited by Reuters…the source had told Reuters ‘China was baulking at taking a haircut on its loans and at reducing Colombo’s debt burden’.

     Japan hopes to see a new debt restructuring framework resembling one set up by the G20 big economies targeting low-income countries, reported Reuters. Sri Lanka does not fall under this ‘common framework’ because it is classified as a middle-income emerging country.

     The common framework, launched by the G20 and the Paris Club of rich creditor nations in 2020, provides debt relief mainly through extension in debt-payment deadlines and reduction in interest payments. Some people involved think an initial creditors’ meeting could be held in September, but one source said it would ‘take a little while, possibly several months’. Restructuring talks are only possible after the IMF scrutinizes Sri Lanka’s debt, the sources told the agency.  (ee Economists, Japan seeks)

 • US President Biden is generously pouring weapons and money to Ukraine. Rather than assisting Sri Lanka at the G20 meeting in Bali, the whites tried to embarrass Russia, making its foreign minister walk out. The P5 (permanent members of UN Security Council ), G20, IMF, World Bank and ADB (Asian Development Bank) could invite Sri Lanka to present its urgent needs, with donors making an immediate decision. Instead, the IMF demands that China first agree to reschedule debt, before the IMF agrees to an EFF (Extended Fund Facility). The IMF will only agree to EFF only if the government agrees to implement clearly unpopular reforms, including reducing or removing government subsidies on daily necessities.

Chronology:

– 1997, the World Bank moved Sri Lanka up from ‘low income’ to ‘lower middle income.’  

– 2017 July, the ADB’s report, 2018-22: Transition to Upper-Middle-Income Country Status, proclaimed, ‘With robust growth over the last decade (2007-16), averaging about 6% per annum, Sri Lanka is close to becoming an upper middle-income country (UMIC)’.

– 2018, the World Bank moved SL higher to UMIC, disqualifying us from low-interest loans.

– 2019 July, WB published an assessment expressing reasonable optimism about Sri Lanka’s further progress:

The country is much more developed than at independence. This is borne out by the fact it has moved into a middle-income country with a much higher real per-capita income than in the 1950s.’, reported Sunday Times shareholder and economist Nimal Sanderatne (sundaytimes.lk/190707/columns/reflections-on-the-economys-long-term-growth-and-development-357271.html)

– Per-capita income (PCI) is a useless indicator: DD Kosambi observed, ‘It is the rare Indian who eats the grain assigned to him by the statistical averages.’ That very day, the eminent Sunday Times economist noted, the World Bank has all of a sudden declared us an upper-middle-income country because of high PCI (see above). Yet, digging deeper shows there are huge disparities between Colombo and the rest of the country.

     A fulsome critic declares that such praise from the WB – or Lonely Planet declaring SL (not the people maybe) the most beautiful destination in the world – or the largest private US banks taking our bonds hostage, is because these arbiters are directed by the US government, and we have been handed over to be their playground. – ee, 7-13 July 2019

– 2020 July, Sri Lanka was downgraded to World Bank lower-middle-income country, as per-capita income dropped amid real effective exchange rate and flexible inflation targeting, which brought currency collapses and growth rates below inflation.

     WA Wijewardena then reported, ‘The World Bank in its latest country classification by incomes, released last week, has downgraded Sri Lanka from upper middle income to lower middle income. This was just one year after Sri Lanka had been elevated to the status of an upper middle-income country in July 2019…based on the per-capita Gross National Income or GNI per capita, calculated according to WB’s Atlas Method, for 2018… [despite] the wide disparity in income distribution across citizens…[with] a large segment of Sri Lanka’s population was not enjoying living standards attributable to those living in an upper middle-income country.’

– ft.lk/Columnists/SL-s-descent-to-lower-middle-income-Strategise-to-move-up-to-high-income-level/4-702627

– The World Bank downgraded Sri Lanka … (Why? The only tenable explanation is Gotabaya Rajapaksa’s election as President in November 2019 and the policies he pursued. – K P Fabian, India’s Deputy High Commissioner in Lanka, 1979-82).

• The English media in Sri Lanka, no doubt fueled by dollared largesse, has been ‘maintaining the narrative’ or the lie that it is China who ran Sri Lanka into debt. This week Sunday Times headlined: Almost half of Lanka’s bilateral debt from China; Beijing’s position vital for IMF deal, quoting ‘an official presentation to creditors prepared by the Finance Ministry’. Now, the foreign debt consists of bond debt, multilateral loans, bilateral loans, and bank loans. Yet ST insists, ‘China’s position on debt restructuring will, therefore, have a significant bearing on Sri Lanka’s efforts to secure an early deal with the IMF.

     Yet the Finance Ministry states, the Government’s next step is to finalize discussions with the IMF to reach a Staff-level Agreement followed by a public investor presentation to update creditors… IMF board approval is crucial as it will ‘unlock much-needed multilateral financing’ the presentation points out. Negotiations on debt treatment with creditors are included in the restructuring perimeter. The final step will be to execute restructuring agreements.

     The IMF is visiting ‘Colombo’ August 24-31 ‘to continue discussions with the Sri Lankan authorities on economic and financial reforms and policies’.

     ‘Because Sri Lanka’s public debt is assessed as unsustainable, approval by the IMF Executive Board of the EFF [Extended Fund Facility] program would require adequate assurances by Sri Lanka’s creditors that debt sustainability will be restored,’ a statement said (see ee Economists, Almost Half)

• US President Biden dispatched bombers to Europe. Serbia’s FM in Moscow met with Russia’s FM Lavrov. Russia supports Serbia and ‘the need for a settlement in the province on the basis of strict observance of the norms of international law, based on UN Security Council Resolution 1244, with full respect for the sovereignty and territorial integrity, legitimate rights and interests of Serbia.’ NATO however is pushing Kosovo to attack Serbs; if Serbia responds, NATO will then justify ‘intervention and open a second front against Russia’.

• ‘In February 2014 a US Government-backed coup d’etat forced the elected president of Ukraine to flee for his life to Russia. In December 2013 President Viktor Yanukovych had announced following months of debate that Ukraine would join the Russian Eurasian Economic Union on promise of a $15billion Russian purchase of Ukraine state debt and 33% reduction in cost of imported Russian gas.

     The competing offer had been a ‘paltry associate membership’ in the EU tied to Ukraine acceptance of a draconian IMF and World Bank loan package that would force the privatization of Ukraine’s invaluable agriculture land, allow planting of GMO crops, as well as imposing severe pension cuts and social austerity. In return for a $17bn IMF loan, Ukraine would also have to raise personal income taxes by as much as 66% and to pay 50% more for natural gas. Workers would have to work 10 years longer to get pensions. The aim was to open Ukraine to foreign investment.’ The usual IMF rape of the economy on behalf of globalist corporate interests.

     A key provision of the US and IMF demands on the post-coup government of US-picked PM Arseniy Yatsenyuk, a leader of US-backed Maidan protests against Yanukovych, was to finally open Ukraine’s rich agriculture land to foreign Agribusiness giants, above all GMO giants including Monsanto, DuPont.’ – ee Agriculture, Whose Grain

_____________

B. Special Focus_

B1. The Colonial Economic Division of the World

`     A correlative to the terms of admission of the underdeveloped countries into the world economy was the division of activities between them and the advanced countries. Referring to India, Vera Anstey wrote: the economic changes under English rule ‘brought about a peculiar interdependence between India and the West whereby India tended to produce and export in the main raw materials and foodstuffs, and to import iron and steel goods, machinery and miscellaneous manufactures of the most varied description’ (The Economic Development of India (1957, p5).

      The underdeveloped countries were a hinterland to the industrialized nations of the West – in JS Mill’s oft-quoted dictum, places ‘where England finds it convenient to carry on the production of sugar, coffee and a few other tropical commodities’ (Principles of Political Economy, 1873, p414). ‘All the capital employed is English capital; almost all the industry is carried on for English uses; there is little production of anything except the staple commodities, and these are sent to England … for the benefit of the proprietors there’ (ibid, in this discussion Mill referred to the West Indies as an example)

      They were drawn into the world economy as appendages of the metropolitan countries rather than as partners. An improvement occurred in aggregate output and income in these countries alongside a relative deterioration on a world scale. Also, the overwhelming mass of the people, even those employed in plantations & mines (the ‘advanced’ sector of the economy), were at a bare subsistence level.

      In distinguishing between ‘underdeveloped’ natural resources and ‘backward’ people, [Myanmari economist] Myint considered the latter as essentially a problem of distribution of economic activity and incomes. While acknowledging the existence of resource underdevelopment, he considered economic backwardness as the central problem. ‘The natural resources have… been as fully and rapidly developed as market conditions permitted while the inhabitants have been left out, being either unable or unwilling or both to participate fully in the process.’ He thus advocated ‘a clean break with the ‘underdevelopment’ approach [and a need] to recognise the problem of ‘backwardness’ as a major problem in its own right which may occur even when there is no important underdevelopment of resources’.

      (‘Thus in order to push our analysis farther to the heart of the problem, it would seem desirable to make a clean break with the ‘underdevelopment’ approach and to recognize the problem of ‘backwardness’ as a major problem in its own right which may occur even when there is no important ‘underdevelopment’ of resources’, H Myint, An Interpretation of Economic Backwardness, ‘Oxford Economic Papers’, June 1954)

      This hypothesis has considerable merit in the case of the settler colonies, discussed in later chapters.

      These colonies [US, Canada, Australia, South Africa, New Zealand, etc) tended to develop along the lines of the metropolitan societies [colonial empires), from whose control the settler investors became increasingly detached. The settler investors developed as a bourgeoisie in its own right; free from the control of merchant capital, it tended to replicate the investment patterns of the metropolis, developing secondary production for domestic and regional markets.

      All the same, while the resources of these territories became relatively developed, a monopoly of political power by the settlers led to a total repression of the indigenous people. Their condition of poverty was thus essentially the result of the ‘disequalizing forces’ to which Myint referred. On the other hand, in the nonsettler colonies, where the European nationals lived as expatriates, investing only in trade and primary production for export markets, productivity and per-capita incomes were low even in the predominantly European sector of the economy. Investment &production activities were metropolitan oriented. Merchant capital dominated, mediating between the production structures of the metropolis and the colony. The development of the forces of production was feeble.

      Such a pattern of development had its origin in the opening up process of these countries. This process, unlike the classical vision of countries with different factor endowments trading with one another under conditions of competition, was brought about by the metropolitan powers through physical force and monopolistic privileges. The case of China was referred to by Harold Isaacs:

Treaties were exacted by foreigners at the cannon’s mouth… coastal and river ports [were] opened to trade… Chinese tariff [was limited] to a nominal 5%… territorial footholds and concessions [were granted] whence later came the different ‘spheres of influence, and… the system of extraterritoriality which exempted foreigners from the jurisdiction of Chinese taxes. (The Tragedy of the Chinese Revolution, 1950. pp4-5)

In other underdeveloped countries, eg, India, Sri Lanka, Malaysia, where subjugation preceded foreign enterprise (trade followed the flag), the basis of absorption into the world economy and its results were no different. In virtually every colonial territory a certain number had to be killed before the survivors would accept the new prospects. This might even be said to introduce a new concept into the study of political economy – the indispensable minimum of murder.

      (After the English had suppressed the Kandyan uprising in Sri Lanka, the Governor warned the people of other districts of the consequence of any disloyalty. ‘To the Headmen of the Village… in the Province of Uva from the Dessave of the Mahagam patto by order of HE the Governor of Ceylon…. You will do well to benefit by the dreadful experience of your neighbours in the Walapane and Velasse districts…. The people of Velasse and Walapane were as you are now, in the quiet enjoyment of their property and personal security, until the disturbance of the public peace appeared among them – and what have they gained by it? Their houses are burnt to the ground, their gardens and fields are laid waste, and themselves forced to wander about the jungles, living on wild fruits’ (date indecipherable, June 1818, Sri Lanka National Archives (SLNA), 6/562). ‘It is by fear alone’, wrote Simon Sawers, ‘that the Kandyans are to be won. We are therefore driven to die necessity of either carrying fire and sword at every district village or hut that gives shelter to the Pretender‘: from S Sawers, Revenue Agent, Badulla, to his Excellency, the Governor, dated 13 Nov 1817. SLNA 6/548)

      The opening-up process also led, especially in the nonsettler colonies, to the compartmentalization of investment and trade flows according to the respective metropolitan nodes to which the various countries of Asia, Africa and Latin America were attached. The division of labour, based on an agriculture-industry dichotomy, while being optimal from the. standpoint of each metropolitan country was sub-optimal from that of its constituent but subordinate units.

      The role of the colonial state in the opening-up process was unique both in its scope and its character. In the developed countries, the supremacy of new classes, and the replacement of old forms of production by the new were achieved basically within a framework of market competition whereby the survival of the productive system became contingent on its renewed vitality, at a higher plane of technique and productivity. The superiority of capitalism over the pre-capitalist forms of production enabled it to secure the latter’s productive resources. In this way the factory triumphed over the small artisan just as a system of capitalized agriculture superseded peasant farming. There was at the time a disintegration of the feudal mode of production, brought about by a stagnation in productivity and later by the desertion of the manors as the lords’ exactions on the peasantry increased. Feudalism as a system of production was thus ceasing to be viable and had entered a stage of internal crisis when the forces of capitalism were beginning to overwhelm it. The decline of the pre-capitalist forms of production furnished a growing labour supply to the capitalist sectors. Furthermore, though the capitalist state resorted to extra-economic pressures to exclude competitors and secure markets and raw material sources, and never wholly renounced its support of private business, by the mid-19th century such intervention had become greatly reduced in scope. Technological processes from this time onwards conferred on the already developed countries a self-reinforcing advantage. The strength of external economies, the lumpiness of capital investment and relations of direct (non-market) interdependence ruled out, in the case of the late developers, a gradual progression from simple techniques and small workshops to complex technology. The economic hegemony of the metropolitan powers and the structuring of world markets in their favour imbued existing production and trading patterns with an automaticity which was devoid of any conscious element.

      Though, as Marx pointed out, in the metropolitan countries themselves the use of state power underlay ‘the transformation of the feudal mode of production into the capitalist mode’, shortening the transition of one mode to the other, to see such intervention in its perspective it must be contrasted with that in the colonial economies. State intervention in the colonies was immeasurably greater in scale and more blatant in character, and it was predominantly on behalf of the metropolitan investors. An informal relationship often existed between investors and the Colonial Office in London; the votaries of free enterprise, sometimes directly and at other times through their organizations, made use of the machinery of government to influence economic trends in the colonies. In taxation and trade a double standard prevailed at home and in the colonies. The revenue measures in Sri Lanka, said Sir John Elphinstone in 1865, were maintained, ‘in the face of an Imperial policy of an entirely opposite character’. ‘A large proportion of the Revenue of Ceylon is drawn from sources condemned and disused by the Home Government. ‘ (Elphinstone to Mr Cardwell, dated London, 31 January 1865, Colonial Office Papers)

      Chapter 13 shall discuss the framework and mechanisms of metropolitan intervention and control.

      In colonial situations where the government was the direct agency for the diversion of resources – labour and land – from traditional activities, this function was due partly to the character of the new forms of production – which did not grow out of or replace the old, inheriting by virtue of a technological superiority the productive forces of the latter. In a detailed discussion of this, chapters 11 & 12 shall show the backward nature of the plantations in terms of their technology as well as their social relations of production; and chapter 10 it will be explained that the plantations had no inherent superiority over smallholdings. Governmental intervention was also aimed at checking the growth of forms of production that would compete with the parent economy.

      State intervention in colonial societies was basically due to the comparative stability of their pre-capitalist economy, which enabled it to withstand market pressures for the release of its productive resources – principally labour. As Rosa Luxemburg explained, the ‘social and economic ties of the natives’ had to be ‘relentlessly’ severed.

Accumulation, with its spasmodic expansion, can no more wait for, and be content with a natural internal disintegration of non-capitalist formations and their transition to commodity economy, than it can wait for, and be content with, the natural increase of the working population. (‘The Accumulation of Capital’, 1951, pp370-1)

(excerpt from Chapter 1, The Political Economy of Underdevelopment, SBD de Silva, 1982)

__________________________________________________________

B. Special Focus____________________________________________

B1. The Colonial Economic Division of the World

A correlative to the terms of admission of the underdeveloped countries into the world economy was the division of activities between them and the advanced countries. Referring to India, Vera Anstey wrote: the economic changes under English rule ‘brought about a peculiar interdependence between India and the West whereby India tended to produce and export in the main raw materials and foodstuffs, and to import iron and steel goods, machinery and miscellaneous manufactures of the most varied description’ (The Economic Development of India (London, New York, Toronto, 1957), p. 5).

The underdeveloped countries were a hinterland to the industrialized nations of the West – in J. S. Mill’s oft-quoted dictum, places ‘where England finds it convenient to carry on the production of sugar, coffee and a few other tropical commodities’. (Principles of Political Economy (London, 1873), p. 414. ‘All the capital employed is English capital; almost all the industry is carried on for English uses; there is little production of anything except the staple commodities, and these are sent to England … for the benefit of the proprietors there’, ibid. In this discussion Mill referred to the West Indies as an example.)

They were drawn into the world economy as appendages of the metropolitan countries rather than as partners. An improvement occurred in aggregate output and income in these countries alongside a relative deterioration on a world scale. Also, the overwhelming mass of the people, even those employed in plantations and mines (the ‘advanced’ sector of the economy), were at a bare subsistence level.

In distinguishing between ‘underdeveloped’ natural resources and ‘backward’ people, Myint considered the latter as essentially a problem of distribution of economic activity and incomes. While acknowledging the existence of resource underdevelopment, he considered economic backwardness as the central problem. ‘The natural resources have… been as fully and rapidly developed as market conditions permitted while the inhabitants have been left out, being either unable or unwilling or both to participate fully in the process. ” He thus advocated ‘a clean break with the “underdevelopment” approach [and a need] to recognise the problem of “backwardness” as a major problem in its own right which may occur even when there is no important underdevelopment of resources’.

      (‘Thus in order to push our analysis farther to the heart of the problem, it would seem desirable to make a clean break with the “underdevelopment” approach and to recognize the problem of “backwardness” as a major problem in its own right which may occur even when there is no important “underdevelopment” of resources’, H. Myint, An Interpretation of Economic Backwardness, ‘Oxford Economic Papers’, June, 1954)

This hypothesis has considerable merit in the case of the settler colonies, which I will discuss in later chapters.

These colonies [like the USA, Canada, Australia, South Africa, New Zealand, etc.) tended to develop along the lines of the metropolitan societies [colonial empires], from whose control the settler investors became increasingly detached. The settler investors developed as a bourgeoisie in its own right; free from the control of merchant capital, it tended to replicate the investment patterns of the metropolis, developing secondary production for domestic and regional markets.

      All the same, while the resources of these territories became relatively developed, a monopoly of political power by the settlers led to a total repression of the indigenous people. Their condition of poverty was thus essentially the result of the ‘disequalizing forces’ to which [Myanmari economist] H. Myint referred. On the other hand, in the nonsettler colonies, where the European nationals lived as expatriates, investing only in trade and primary production for export markets, productivity and per capita incomes were low even in the predominantly European sector of the economy. Investment and production activities were metropolitan oriented. Merchant capital dominated, mediating between the production structures of the metropolis and the colony. The development of the forces of production was feeble.

Such a pattern of development had its origin in the opening up process of these countries. This process, unlike the classical vision of countries with different factor endowments trading with one another under conditions of competition, was brought about by the metropolitan powers through physical force and monopolistic privileges. The case of China was referred to by Harold Isaacs:

Treaties were exacted by foreigners at the cannon’s mouth… coastal and river ports [were] opened to trade,… the Chinese tariff [was limited] to a nominal 5 per cent… territorial footholds and concessions [were granted] whence later came the different ‘spheres of influence1, and… the system of extra territoriality which exempted foreigners from the jurisdiction of Chinese taxes. (The Tragedy of the Chinese Revolution, Stanford, 1950. pp. 4-5.)

In other underdeveloped countries, India, Sri Lanka, Malaysia, for example, where subjugation preceded foreign enterprise (trade followed the flag), the basis of absorption into the world economy and its results were no different. In virtually every colonial territory a certain number had to be killed before the survivors would accept the new prospects. This might even be said to introduce a new concept into the study of political economy – the indispensable minimum of murder.

(After the English had suppressed the Kandyan uprising in Sri Lanka, the Governor warned the people of other districts of the consequence of any disloyalty. ‘To the Headmen of the Village … in the Province of Uva from the Dessave of the Mahagam patto by order of H.E. the Governor of Ceylon…. You will do well to benefit by the dreadful experience of your neighbours in the Walapane and Velasse districts…. The people of Velasse and Walapane were as you are now, in the quiet enjoyment of their property and personal security, until the disturbance of the public peace appeared among them – and what have they gained by it? Their houses are burnt to the ground, their gardens and fields are laid waste, and themselves forced to wander about the jungles, living on wild fruits’ (date indecipherable, June 1818, Sri Lanka National Archives (hereafter SLNA), 6/562). ‘It is by fear alone’, wrote Simon Sawers, ‘that the Kandyans are to be won. We are therefore driven to die necessity of either carrying fire and sword at every district village or hut that  gives shelter to the Pretender‘: from S. Sawers, Revenue Agent, Badulla, to his Excellency, the Governor. Dated Badulla, 13 November 1817. SLNA 6/548.)

      The opening up process also led, especially in the nonsettler colonies, to the compartmentalization of investment and trade flows according to the respective metropolitan nodes to which the various countries of Asia, Africa and Latin America were attached. The division of labour, based on an agriculture-industry dichotomy, while being optimal from the. standpoint of each metropolitan country was sub-optimal from that of its constituent but subordinate units.

      The role of the colonial state in the opening up process was unique both in its scope and its character. In the developed countries, the supremacy of new classes, and the replacement of old forms of production by the new were achieved basically within a framework of market competition whereby the survival of the productive system became contingent on its renewed vitality, at a higher plane of technique and productivity. The superiority of capitalism over the precapitalist forms of production enabled it to secure the latter’s productive resources. In this way the factory triumphed over the small artisan just as a system of capitalized agriculture superseded peasant farming. There was at the time a disintegration of the feudal mode of production, brought about by a stagnation in productivity and later by the desertion of the manors as the lords’ exactions on the peasantry increased. Feudalism as a system of production was thus ceasing to be viable and had entered a stage of internal crisis when the forces of capitalism were beginning to overwhelm it. The decline of the precapitalist forms of production furnished a growing labour supply to the capitalist sectors. Furthermore, though the capitalist state resorted to extra-economic pressures to exclude competitors and secure markets and raw material sources, and never wholly renounced its support of private business, by the mid-nineteenth century such intervention had become greatly reduced in scope. Technological processes from this time onwards conferred on the already developed countries a self-reinforcing advantage. The strength of external economies, the lumpiness of capital investment and relations of direct (non-market) interdependence ruled out, in the case of the late developers, a gradual progression from simple techniques and small workshops to complex technology. The economic hegemony of the metropolitan powers and the structuring of world markets in their favour imbued existing production and trading patterns with an automaticity which was devoid of any conscious element.

      Though, as Marx pointed out, in the metropolitan countries themselves the use of state power underlay ‘the transformation of the feudal mode of production into the capitalist mode’, shortening the transition of one mode to the other, to see such intervention in its perspective it must be contrasted with that in the colonial economies. State intervention in the colonies was immeasurably greater in scale and more blatant in character, and it was predominantly on behalf of the metropolitan investors. An informal relationship often existed between investors and the Colonial Office in London; the votaries of free enterprise, sometimes directly and at other times through their organizations, made use of the machinery of government to influence economic trends in the colonies. In taxation and trade a double standard prevailed at home and in the colonies. The revenue measures in Sri Lanka, said Sir John Elphinstone in 1865, were maintained, ‘in the face of an Imperial policy of an entirely opposite character’. ‘A large proportion of the Revenue of Ceylon is drawn from sources condemned and disused by the Home Government. ‘ (Elphinstone to Mr Cardwell, dated London, 31 January 1865. Colonial Office Papers.)

      In chapter 13 I shall discuss the framework and mechanisms of metropolitan intervention and control.

      In colonial situations where the government was the direct agency for the diversion of resources – labour and land – from traditional activities, this function was due partly to the character of the new forms of production -which did not grow out of or replace the old, inheriting by virtue of a technological superiority the productive forces of the latter. In a detailed discussion of this in chapters 11 and 12, I shall show the backward nature of the plantations in terms of their technology as well as their social relations of production; and in chapter 10 it will be explained that the plantations had no inherent superiority over smallholdings. Governmental intervention was also aimed at checking the growth of forms of production that would compete with the parent economy.

      State intervention in colonial societies was basically due to the comparative stability of their precapitalist economy, which enabled it to withstand market pressures for the release of its productive resources – principally labour. As Rosa Luxemburg explained, the ‘social and economic ties of the natives’ had to be ‘relentlessly’ severed.

Accumulation, with its spasmodic expansion, can no more wait for, and be content with a natural internal disintegration of non-capitalist formations and their transition to commodity economy, than it can wait for, and be content with, the natural increase of the working population. (‘The Accumulation of Capital’ (1951), pp. 370-1)

(Excerpt from Chapter 1, The Political Economy of Underdevelopment, SBD De Silva, 1982)

__________________________________________________________

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’:

C1. Sovereignty

(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.

• 100 Navy sailors in Hawaii ‘training alongside’ their US counterparts

– sundaytimes.lk/220821/news/nine-deserting-navy-personnel-face-legal-action-in-us-492536.html

• LTTE Diaspora funds should compensate victims of LTTE before investing in SL – Waduge

– lankaweb.com/news/items/2022/08/26/ltte-diaspora-funds-should-compensate-victims-of-ltte-before-investing-in-sri-lanka/

• Why we must repeal the 13th Amendment – Garvin Karunaratne

– lankaweb.com/news/items/2022/08/26/why-we-must-repeal-the-13-th-amendment/

• Emergency ends, Govt. requests foreign countries to lift travel advisory warnings

– sundaytimes.lk/220821/news/emergency-ends-govt-requests-foreign-countries-to-lift-travel-advisory-warnings-492532.html

• China pledges support to Sri Lanka at UNHRC session in September

– lankaweb.com/news/items/2022/08/26/china-pledges-support-to-sri-lanka-at-unhrc-session-in-september/

• Some countries always make various groundless excuses to bully Sri Lanka: China

– dailymirror.lk/latest_news/Some-countries-always-make-various-groundless-excuses-to-bully-Sri-Lanka-China/342-243787

• Will not tolerate any infringement on Sri Lanka’s sovereignty, territorial integrity: China

– adaderana.lk/news/84554/will-not-tolerate-any-infringement-on-sri-lankas-sovereignty-territorial-integrity-china

• Countries like Sri Lanka would be in deep trouble if US and allies allowed to subvert principles

– island.lk/countries-like-sri-lanka-would-be-in-deep-trouble-if/

• From One-China principle to ‘Yuan Wang 5’

– ft.lk/columns/From-One-China-principle-to-Yuan-Wang-5/4-739147

• South Africa president congratulates Sri Lankan counterpart, wants enhanced ties

– economynext.com/south-africa-president-congratulates-sri-lankan-counterpart-wants-enhanced-ties-99012/

• India Urges Citizens to Examine Relevant Factors before Undertaking Visit to Sri Lanka

– dailymirror.lk/top_story/India-urges-its-citizens-to-examine-relevant-factors-before-undertaking-visit-to-Sri-Lanka/155-243748

• “Exercise Caution, Examine Fuel Situation”: India To Nationals In Lanka

– bizenglish.adaderana.lk/exercise-caution-examine-fuel-situation-india-to-nationals-in-lanka/

• England and Norway join bandwagon in relaxing travel advisory to Sri Lanka

– dailymirror.lk/latest_news/UK-too-relaxes-travel-restrictions-on-SL/342-243782

– ft.lk/front-page/UK-relaxes-travel-advisory-giving-much-needed-boost-for-SL-tourism/44-739178

– dailymirror.lk/business-news/UK-and-Norway-join-bandwagon-in-relaxing-travel-advisory-to-Sri-Lanka/273-243838

• Several European governments relax travel advisories issued for Sri Lanka

– economynext.com/several-european-governments-relax-travel-advisories-issued-for-sri-lanka-99054/

• UNHRC here on another fact-finding mission

– sundaytimes.lk/220821/columns/mahinda-says-he-would-have-advised-gotabaya-not-to-flee-the-country-492475.html

• US Ambassador: Govt. should uphold rights of people to express their views

– dailymirror.lk/breaking_news/Govt-should-uphold-rights-of-people-to-express-their-views-US-Ambassador/108-243497

• The dangerous betrayal of trust – USAID NPC Perera

‘The recent arrests of Chintaka Rajapaksa, head of the Movement for Land and Agricultural Reform (MONLAR) a mainstream NGO, is an indication that the government has begun targeting NGOs. It has already transferred the National NGO Secretariat from the Foreign Ministry to the Ministry of Public Security….The forthcoming session of the UN Human Rights Council in Geneva early next month will give an indication of who is living in a fool’s paradise.’

– island.lk/the-dangerous-betrayal-of-trust/

• EU concerned about using PTA

– dailymirror.lk/latest_news/EU-concerned-about-using-PTA/342-243504

• PTA a must to tackle terrorism: Cabinet Spokesman

– dailymirror.lk/breaking_news/PTA-a-must-to-tackle-terrorism-Cabinet-Spokesman/108-243581

• SL faces global censure over detentions under PTA

– ft.lk/top-story/SL-faces-global-censure-over-detentions-under-PTA/26-739010

• US, EU, Amnesty slam use of PTA

– themorning.lk/us-eu-amnesty-slam-use-of-pta/

• Ambassador Samarasinghe assures US Congressmen peaceful protests will not be stifled in SL

– ft.lk/front-page/Ambassador-Samarasinghe-assures-US-Congressmen-peaceful-protests-will-not-be-stifled-in-SL/44-739003

• Sri Lanka is not a boxing arena for India to curb China’s influence

– lankaweb.com/news/items/2022/08/23/sri-lanka-is-not-a-boxing-arena-for-india-to-curb-chinas-influence/

• Prabhakaran looked upon as client of India – RAW insisted he could be whipped into line

– sundaytimes.lk/220821/sunday-times-2/high-drama-at-bangalore-summit-prabhakaran-gives-rajiv-a-slip-492337.html

• Abolish the white elephant and the national curse, “The Provincial Councils”

– lankaweb.com/news/items/2022/08/24/abolish-the-white-elephant-and-the-national-curse-the-provincial-councils-an-open-letter/

• Indian delegates trip to Jaffna as a part of the AmCham TIFA Talks leave happy

– ft.lk/Business/indian-delegates-leave-happy/34-3828

• English Tamil Lobby promised Russia-like treatment for Sri Lanka by England’s Sunak

– sundaytimes.lk/220821/columns/namal-fails-to-get-things-done-says-all-mps-make-recommendations-492485.html

• Sri Lanka Protest Leader Caught Lying about US Funding

– lankaweb.com/news/items/2022/08/21/rumble-exclusive-sri-lanka-protest-leader-caught-lying-about-us-funding/

• Australia working with India to provide fuel for SL navy and air force

– dailymirror.lk/breaking_news/Australia-working-with-India-to-provide-fuel-for-SL-navy-and-air-force/108-243489

– island.lk/australia-provides-more-fuel-to-sln/

– economynext.com/australia-to-work-with-india-to-provide-fuel-to-sri-lankas-navy-air-force-98867/

• Australia pays India for fuel supplied to Lankan military

‘The unprecedented Australian move was meant to ensure the continuation of Sri Lankan efforts to thwart fishing craft smuggling Lankans to that country.’

– island.lk/australia-pays-india-for-fuel-supplied-to-lankan-military/

• White South African International Truth and Justice Project wants Gota’s arrest

– sundaytimes.lk/220821/columns/gotas-life-on-the-run-492325.html

• JVP: Chinese ship controversy exposes Sri Lanka’s foreign policy mismanagement

‘assistance should not be leveraged to pressure Sri Lankan authorities to privatise national assets; this was exposed during the sittings of the parliamentary Committee on Public Enterprises’

– island.lk/jvp-chinese-ship-controversy-exposes-sri-lankas-foreign-policy-mismanagement/

• Extremely difficult phase’: Jaishankar’s status check on India-China relations

– newsfirst.lk/2022/08/19/%e2%80%98extremely-difficult-phase%e2%80%99-jaishankar%e2%80%99s-status-check-on-india-china-relations/

• Sri Lanka given US$4.0bn dollars of support from India: envoy

– economynext.com/sri-lanka-given-us4-0bn-dollars-of-support-from-india-envoy-98886/

• Resetting diplomatic compass – Bhadrakumar

‘India has handled the docking of Chinese ship in Sri Lanka with maturity: Jaishankar’s message is that there is enough space in the ‘emerald island’ for Indian and Chinese presence.’

– tribuneindia.com/news/comment/resetting-diplomatic-compass-423979

• Controversial Chinese ship leaves Sri Lanka

– dailymirror.lk/print/front_page/Controversial-Chinese-ship-leaves-Sri-Lanka/238-243537

• Yuan Wang 5 leaves Sri Lanka after 6-day replenishment

– newsfirst.lk/2022/08/22/yuan-wang-5-leaves-sri-lanka-after-6-day-replenishment/

• Chinese spy ship left Sri Lanka but it portrayed an India plagued by chronic insecurities, anxieties and self-doubt

– lankaweb.com/news/items/2022/08/26/chinese-spy-ship-left-sri-lanka-but-it-portrayed-an-india-plagued-by-chronic-insecurities-anxieties-and-self-doubt/

• Yuan Wang 5 mapping Indian Ocean after leaving Sri Lanka – Hindustan Times

– newsfirst.lk/2022/08/27/yuan-wang-5-mapping-indian-ocean-after-leaving-sri-lanka/

• The dawn of an Asian Cold War?

– newsfirst.lk/2022/08/23/the-dawn-of-an-asian-cold-war/

• Japan-Sri Lanka Foreign Ministers’ Meeting (August 4, 2022)

– mofa.go.jp/s_sa/sw/lk/page1e_000433.html

• Former Pakistan Prime Minister Charged Under Terrorism Act

– nytimes.com/2022/08/21/world/asia/pakistan-imran-khan.html

• Former prime minister Imran Khan alleges ‘neutrals’ behind crackdown on party

– dawn.com/news/1706166/pti-chief-alleges-neutrals-behind-crackdown-on-party

• Pakistan court grants interim bail to former PM Imran Khan

– island.lk/pakistan-court-grants-interim-bail-to-former-pm-imran-khan/

• It’s Time to Help Myanmar’s Resistance Prevail – United States Institute of Peace

‘The international community can be divided into 3 camps in dealing with Myanmar’s brutal coup regime. One consists of a shameless group that includes Russia, China and India that supports the junta…A second is a divided ASEAN…The third is the West, which has imposed sanctions, offered humanitarian aid’

– usip.org/publications/2022/08/its-time-help-myanmars-resistance-prevail

• Thai court suspends PM Prayuth Chan-ocha from duties

– adaderana.lk/news/84522/thai-court-suspends-pm-prayuth-chan-ocha-from-duties

• The Unknown Connection Between Marcus Garvey and Ho Chi Minh

– blackagendareport.com/unknown-connection-between-marcus-garvey-and-ho-chi-minh

• US Foreign Policy and the Perilous Logic of Zero-Sum Competition

– foreignaffairs.com/china/china-trap-us-foreign-policy-zero-sum-competition

• Japan showed that no Western colonial country was invincible

– lankaweb.com/news/items/2022/08/22/japan-showed-that-no-western-colonial-country-was-invincible/

• US and South Korea kick off biggest military drills in years

– radiohc.cu/en/noticias/internacionales/297389-us-and-south-korea-kick-off-biggest-military-drills-in-years

• South Korea’s Presidential Snub of Pelosi Was an Unforced Blunder

https://foreignpolicy.com/2022/08/05/south-korea-presidential-snub-pelosi/

• UN rights chief under ‘tremendous pressure’ over Xinjiang report

– island.lk/un-rights-chief-under-tremendous-pressure-over-xinjiang-report/

• U.S. military tankers smuggle crude oil from Syria’s Hasakah to bases in Iraq

– radiohc.cu/en/noticias/internacionales/297312-report-says-us-military-tankers-smuggle-crude-oil-from-syrias-hasakah-to-bases-in-iraq

• US airstrikes on Syria

– cbsnews.com/news/us-airstrikes-syria-iran-backed-militia-infrastructure/

• Iranian Forces Strike Back: Rocket Attacks Hit Two US Bases In Syria’s Deir Ezzor

– southfront.org/iranian-forces-strike-back-rocket-attacks-hit-two-us-bases-in-syrias-deir-ezzor/

• Erdogan repairs Syria ties with eye on Eurasianism – Bhadrakumar

– indianpunchline.com/erdogan-repairs-syria-ties-with-eye-on-eurasianism/

• Where JCPOA, oil conjoin stands OPEC+

– indianpunchline.com/where-jcpoa-oil-conjoin-stands-opec/

• No. Russia’s Iran Relations Do Not Change With The Nuclear Deal.

– moonofalabama.org/2022/08/no-russias-iran-relations-do-not-change-with-the-nuclear-deal.html

• The West is trying to replicate the Ukrainian scenario in the Balkans

– news.cgtn.com/news/2022-08-02/The-West-is-trying-to-replicate-the-Ukrainian-scenario-in-the-Balkans-1cajxSooBry/index.html

• An Assassin’s Bomb and the Death of the West  

– christopher-black.com/an-assassins-bomb-and-the-death-of-the-west

• Ukraine – Dugina Killer Identified – War Of Attrition Continues

– moonofalabama.org/2022/08/ukraine-dugina-killer-identified-war-of-attrition-continues.html

• What will Russia do after accusing Ukraine of Dugin bombing? – analysis

– jpost.com/international/article-715284

• Russia assesses possibility of ending Ukraine conflict

– rt.com/russia/561279-gatilov-ukraine-conflict-peace/

• John Mearsheimer’s latest article on Ukraine in “Foreign Affairs” – a critique

– gilbertdoctorow.com/2022/08/20/john-mearsheimers-latest-article-on-ukraine-in-foreign-affairs-a-critique/

• Ukraine – Wrong Assumptions, Wrong Conclusions – And A Lot Of Dead Soldiers

– moonofalabama.org/2022/08/ukraine-wrong-assumptions-wrong-conclusions-and-a-lot-of-dead-soldiers.html

• Kiwi soldier killed in Ukraine was a ‘warrior until the end’

‘Dominic Bryce Abelen of the Burnham-based Royal NZ Infantry Regiment’s 2/1 Battalion, was killed in Ukraine while on leave without pay from the New Zealand Defence Force.’

– stuff.co.nz/national/300670217/kiwi-soldier-killed-in-ukraine-was-a-warrior-until-the-end

• Sanctions war isn’t going as planned – The Economist

– rt.com/news/561634-sanctions-ukraine-china-economist/

• In Brussels, Pan-Africanism Faces Eurafrica

– blackagendareport.com/brussels-pan-africanism-faces-eurafrica

• Letter from Republic of Mali to UN on French Aggression and Support for Terrorism in Region

– blackagendareport.com/letter-republic-mali-un-french-aggression-and-support-terrorism-region

• Haiti: Beware of Washington’s Trap!

– blackagendareport.com/haiti-beware-washingtons-trap

• U.S. court backs Conoco’s $8.7 billion award for seized Venezuelan assets

– radiohc.cu/en/noticias/internacionales/297400-us-court-backs-conocos-87-billion-award-for-seized-venezuelan-assets

• Peruvian president denounces attempt to imprison his wife

– radiohc.cu/en/noticias/internacionales/297316-peruvian-president-denounces-attempt-to-imprison-his-wife

• Brazilian police raid business backers of Jair Bolsonaro

– ft.com/content/c7827f20-192e-4902-b705-8b6b733b6d08

• Finland hosts talks with Sweden, Türkiye over NATO bids

– news.cgtn.com/news/2022-08-26/Finland-hosts-talks-with-Sweden-T-rkiye-over-NATO-bids-1cOLskx0ItW/index.html

• On ‘Black Ribbon Day’ Canadian politicians whitewash the Holocaust, by pushing ‘double genocide’ theory

– thecanadafiles.com/articles/cpbrd

• US Hegemony and the Politics of Provocation

‘They used the existing architecture of cold war institutions like the UN, NATO, the EC, the WB, IMF, and WTO to spread liberal values, and to “addict people to capitalism.’

– original.antiwar.com/Jim_Fitzgerald/2022/08/16/american-hegemony-and-the-politics-of-provocation/

• In USA, a civil war 2.0 could be quietly unfolding

– news.cgtn.com/news/2022-08-26/In-America-a-civil-war-2-0-could-be-quietly-unfolding–1cMNX0zA3Qc/index.html

• United States to appoint first Arctic Ambassador

– newsfirst.lk/2022/08/27/united-states-to-appoint-first-arctic-ambassador/

________________________________________________________________

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.

• Plugging loopholes in Sri Lanka’s maritime security architecture

‘Yuan Wang 5 was given permission to dock at Hambantota without informing India with which Sri Lanka has a Maritime Domain Awareness (MDA) understanding along with the Maldives.’

– dailymirror.lk/opinion/Plugging-loopholes-in-Sri-Lankas-maritime-security-architecture/172-243667

• India-Sri Lanka should build framework to discuss maritime concerns

– newsfirst.lk/2022/08/27/india-sri-lanka-should-build-framework-to-discuss-maritime-concerns/

Shared Situational and Domain Awareness as an Initial Framework for Strengthening the Quadrilateral Security Dialogue – Agnihotri, Indian Air Force

‘The Indian Navy (IN) has set up the National Command, Control, Communication, and Intelligence network that hosts the Information Management and Analysis Centre (IMAC)…for vital operational data from the coastal radar stations, automatic identification systems, long-range identification and tracking data from IOR countries of Maldives, Mauritius, Seychelles, Sri Lanka, Bangladesh, and Myanmar through white shipping arrangements.’

– tribuneindia.com/news/comment/resetting-diplomatic-compass-423979

• Sri Lanka cabinet nod for president’s state sector cyber security policy

– economynext.com/sri-lanka-cabinet-nod-for-presidents-state-sector-cyber-security-policy-98911/

– ft.lk/front-page/Information-and-Cyber-Protection-Policy-for-all-State-institutions/44-739026

• Corruption: The House in a bind

‘In the absence of a proper ‘mechanism’ to tackle the massive waste, corruption, irregularities and mismanagement, disclosed by the parliamentary watchdog committees, COPE, COPA and COPF, they are quietly suppressed.’

– island.lk/corruption/

• SLID enters into strategic collaboration with TISL to launch ‘Business Against Corruption’

– island.lk/slid-enters-into-strategic-collaboration-with-tisl-to-launch-business-against-corruption/

• Communist Party: Farcical to go after people who ate & swam at President’s House, Temple Trees

– island.lk/communist-party-it-is-farcical-to-go-after-people-who-ate-and-swam-at-presidents-house-temple-trees/

• JVP demands release of Aragalaya activists detained under PTA, no evidence against them

– island.lk/jvp-demands-release-of-aragalaya-activists-detained-under-pta-insists-there-is-no-evidence-against-them/

• JVP says there is no evidence against Aragalaya activists

– island.lk/jvp-says-there-is-no-evidence-against-aragalaya-activists/

• Crime rate has increased while police search for protesters – Opposition

–island.lk/crime-rate-has-increased-while-police-search-for-protesters-opposition/

• Sri Lanka to replace controversial anti-terror law with new ‘National Security Act’

– economynext.com/sri-lanka-to-replace-controversial-anti-terror-law-with-new-national-security-act-98899/

– ft.lk/front-page/National-Security-Act-to-replace-PTA/44-739021

• PTA no solution

‘Curiously, the government is using the PTA against protesters, having delisted several pro-LTTE outfits despite media reports quoting Indian intelligence sources that attempts are being made to revive the LTTE.’

– island.lk/pta-no-solution/

• Significance of Kesavananda case to discussions on constitutional reform in SL

– island.lk/significance-of-kesavananda-case-to-discussions-on-constitutional-reform-in-sl/

• SLPP defends PTA, calls for probe into ‘terror’ angle

‘the whole May 9 operation must have been planned over several weeks, if not months, in advance.’

– island.lk/slpp-defends-pta-calls-for-probe-into-terror-angle/

• BASL urges RW not to abuse draconian PTA; calls for rescinding of detention orders of Aragalaya activists

– ft.lk/front-page/BASL-urges-RW-not-to-abuse-draconian-PTA-calls-for-rescinding-of-detention-orders-of-Aragalaya-activists/44-739020

• NMSJ condemns abuse of PTA

– island.lk/nmsj-condemns-abuse-of-pta/

• Sumanthiran reminds Ranil of an unkept promise to repeal the PTA

– ft.lk/front-page/Sumanthiran-reminds-Ranil-of-an-unkept-promise/44-739098

• 50,000 hospitalised with dengue in eight months

– sundaytimes.lk/220821/news/50000-hospitalised-with-dengue-in-eight-months-492464.html

• Unidentified bodies: The case for dignity and reform – Mirak Raheem

– sundaytimes.lk/220821/sunday-times-2/unidentified-bodies-the-case-for-dignity-and-reform-492331.html

• 3,500+ arrested so far over 9th May Violence

– newsfirst.lk/2022/08/22/3-500-arrested-so-far-over-9th-may-violence/

• Assault on Deshabandu: Eight suspects plead guilty, and released on bail

– newsfirst.lk/2022/08/22/assault-on-deshabandu-eight-suspects-plead-guilty-and-released%c2%a0on-bail/

• Defence Ministry signs detention orders to detain IUSF convenor and two others for 90 days

– dailymirror.lk/top_story/Defence-Ministry-signs-detention-orders-to-detain-IUSF-convenor-and-two-others-for-90-days/155-243494

• Aragalaya trio moved to Tangalle detention centre

– ft.lk/news/Aragalaya-trio-moved-to-Tangalle-detention-centre/56-739017

• Court issues arrest warrant on Pathum Kerner

‘He cannot survive without publicity. Deliberately not showing up as this would definitely make news with a warrant’

– dailymirror.lk/breaking_news/Court-issues-arrest-warrant-on-Pathum-Kerner/108-243562

– adaderana.lk/news/84480/court-issues-arrest-warrant-against-pathum-kerner

– dailymirror.lk/latest_news/Court-recalls-arrest-warrant-against-Pathum-Kerner/342-243641

• Woman arrested over pushing SLPP supporters into Beira Lake remanded

– lankaweb.com/news/items/2022/08/25/woman-arrested-over-pushing-slpp-supporters-into-beira-lake-remanded/

• Police Log August 23, 26, 27, 2022

– timesonline.lk/news-online/POLICE-LOG-August-23-2022/2-1138483

– timesonline.lk/news-online/POLICE-LOG-August-26-2022/2-1138532

– timesonline.lk/news-online/POLICE-LOG-August-27-2022/2-1138540

• Nine Sri Lankan flyers detained with gold in their rectums at Hyderabad airport

– dailymirror.lk/breaking_news/Nine-Sri-Lankan-flyers-detained-with-gold-in-their-rectums-at-Hyderabad-airport/108-243747

• President orders removal of English Instagrammer from SL

– dailymirror.lk/front_page/President-orders-removal-of-British-Instagrammer-from-SL/238-243472

• Sri Lanka to set up rehabilitation bureau for ‘addicts, militants, extremists’

– economynext.com/sri-lanka-to-set-up-rehabilitation-bureau-for-addicts-militants-extremists-98931/

• GR could face obstacles in entering US

– island.lk/gr-could-face-obstacles-in-entering-us/

• Arjuna Mahendran responds to The Island editorial

– island.lk/mahendran-responds-to-the-island-editorial/

• Contempt of judiciary: Case to be filed against SLPP lawmaker

– island.lk/contempt-of-judiciary-case-to-be-filed-against-slpp-lawmaker/

• Putin issues decree to increase army’s standard strength by 137,000 as of 2023

– tass.com/politics/1498157

• USA’s Korea Aerospace Industries (KAI) is one of the world’s biggest arms manufacturers.

– island.lk/east-west-tensions-heighten-and-take-on-new-dimensions/

• Israeli spyware company NSO Group CEO steps down

– adaderana.lk/technology/84466/israeli-spyware-company-nso-group-ceo-steps-down

• London-based organisation endangers lives in Ukraine by publishing personal details on online ‘traitors’ list

– morningstaronline.co.uk/article/w/london-based-ukrainian-organisation-accused-of-endangering-lives-with-traitors-list

• Criminal barristers in England, Wales to go on strike

– radiohc.cu/en/noticias/internacionales/297391-criminal-barristers-in-england-wales-to-go-on-strike

• Nearly 50,000 U.S. Prisoners Face Prolonged Solitary Confinement

– radiohc.cu/en/noticias/internacionales/297585-nearly-50000-us-prisoners-face-prolonged-solitary-confinement

• J. Edgar Hoover’s Evil Brainchild

– blackagendareport.com/j-edgar-hoovers-evil-brainchild

• Roaming Charges: Nuclear Midnight’s Children

‘Teller plotted to detonate 100 atomic bombs in northern Alberta to extract oil from the Athabasca tar sands. The plan, which went by the name Project Oilsands, was only quashed when intelligence agencies got word that Soviet spies had infiltrated the Canadian oil industry.’

– counterpunch.org/2022/08/26/roaming-charges-67/

_____________________________________________________________

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.

• IMF asks for more information from govt. before any deal

– dailymirror.lk/business-news/IMF-asks-for-more-information-from-govt-before-any-deal/273-243831

• Alleged privatisation of SLIC, SLT: SLPP rebel slams govt.

‘clandestine moves to sell off profitable ventures in the state sector’

– island.lk/alleged-privatisation-of-slic-slt-slpp-rebel-slams-govt-demands-restructuring-of-loss-making-ventures/

• IMF forced Greece to sell archaeological treasures – Bimal

– island.lk/imf-forced-greece-to-sell-archaeological-treasures-bimal/

• How Sri Lanka’s new president plans to revive the economy – The Economist

– economist.com/asia/2022/08/16/how-sri-lankas-new-president-plans-to-revive-the-economy

• Deep cuts, pain and PTA: President Ranil’s de-stabilising dogma

‘As the veteran JVP Politbureau member K.D. Lal Kantha said pithily, “The answer to loss making state enterprise is profit-making state enterprise”.’

– ft.lk/columns/Deep-cuts-pain-and-PTA-President-Ranil-s-de-stabilising-dogma/4-739058

• US Advocata wants New Zealand-type ‘independence’ of Central Bank from Treasury

‘The reforms included ensuring the independence of the Central Bank (with Treasury oversight but not control) for longer-term monetary stability, which allowed for bold reforms to be taken such as the floating of the New Zealand dollar, inflation-targeting measures, and financial market deregulation….attended by the CB Governor Nandalal Weerasinghe; the High Commissioner of New Zealand Michael Appleton; the former Acting Governor of the Reserve Bank of New Zealand (RBNZ), Professor Grant Spencer, Chairperson of the Advocata Institute, Mr Murtaza Jafferjee; CBSL officials; and a number of prominent economists.’

– bizenglish.adaderana.lk/advocata-institute-organizes-monetary-policy-roundtable-with-cbsl-and-the-new-zealand-high-commission/

• Ukraine war, Sri Lanka and IMF prescriptions

‘It appears Western leaders have mixed up priorities when they put geopolitics ahead of moves to alleviate hunger and economic hardships.’

– dailymirror.lk/opinion/Ukraine-war-Sri-Lanka-and-IMF-prescriptions/231-243750

• IMF staff in town on Wednesday on second visit

– ft.lk/front-page/IMF-staff-in-town-on-Wednesday-on-second-visit/44-738964

• China says Ball is in Sri Lanka’s court
‘We sent proposals to the Finance Ministry 3. months. But, there was no response from them. Also, Sri Lanka insisted that it should complete the agreement with the International Monetary Fund (IMF) first.’

– dailymirror.lk/latest_news/China-says-Ball-is-in-Sri-Lankas-court/342-243846

• Govt. makes policy commitments, convince China on IMF bailout

– sundaytimes.lk/220821/business-times/govt-makes-policy-commitments-convince-china-on-imf-bailout-492001.html

• Sri Lanka urges China to change tune on debt – Nikkei Asia

– adaderana.lk/news/84518/sri-lanka-urges-china-to-change-tune-on-debt

– ft.lk/front-page/President-urges-China-to-change-tune-on-debt-as-IMF-visits/44-739081

• Japan seeks to organise Sri Lanka creditors’ meeting on debt crisis – Reuters

– dailymirror.lk/latest_news/Japan-seeks-to-organise-Sri-Lanka-creditors-meeting-on-debt-crisis/342-243780

– economynext.com/japan-seeks-to-organise-sri-lanka-creditors-meeting-on-debt-crisis-reuters-99050/

• Japan keen on chairing SL creditors’ conference

– dailymirror.lk/business-news/Japan-keen-on-chairing-SL-creditors-conference/273-243832

– island.lk/japan-to-organise-creditors-conference-for-sri-lanka/

• Sri Lanka president wants China to dramatically change stance on debt relief

– economynext.com/sri-lanka-president-wants-china-to-dramatically-change-stance-on-debt-relief-99002/

• Debt plan not ready despite IMF team’s arrival tomorrow

– themorning.lk/debt-plan-not-ready-despite-imf-teams-arrival-tomorrow/

• Sri Lanka expecting IMF funding by year-end if all goes to plan: CBSL chief

– lankaweb.com/news/items/2022/08/22/sri-lanka-expecting-imf-funding-by-year-end-if-all-goes-to-plan-cbsl-chief/

• CBSL Governor to conduct special program for MPs on Sri Lanka’s economic situation

– lankaweb.com/news/items/2022/08/25/cbsl-governor-to-conduct-special-program-for-mps-on-sri-lankas-economic-situation/

• Tough challenge for CB Chief

‘Making most MPs understand what he has got to say about the economy and the budget will be the toughest challenge for Dr. Weerasinghe.’

– island.lk/tough-challenge-for-cb-chief/

• Prez as FM will present second reading of interim budget on Aug 30

– island.lk/prez-as-fm-will-present-second-reading-of-interim-budget-on-aug-30/

• Sri Lanka President meets IMF to hammer out credible plan for creditors

– economynext.com/sri-lanka-president-meets-imf-to-hammer-out-credible-plan-for-creditors-98982/

• Sri Lanka President meets IMF in talks for a credible deal to meet creditors
– economynext.com/sri-lanka-president-meets-imf-in-talks-for-a-credible-deal-to-meet-creditors-98982/

– dailymirror.lk/breaking_news/IMF-representatives-meet-President/108-243652

– dailymirror.lk/business-news/IMF-team-meets-Prez-RW/273-243696

– adaderana.lk/news/84562/imf-delegates-holds-another-meeting-with-president-and-fin-min-officials

• Another round of talks between President, IMF

‘Another round has been scheduled for next Wednesday (31). Peter Breuer, Head of the International Monetary Fund’s Negotiation Panel, Deputy Head Masahiro Nozaki, Tubagus Feridhanusetyawan, Permanent Representative of the International Monetary Fund in Sri Lanka, and Chief of Staff to the President and Senior Advisor to the President on National Security Sagala Ratnayake, President’s Secretary Saman Ekanayake, Central Bank Governor Dr. Nandalal Weerasinghe and several other Central Bank senior officers were present ‘

– dailymirror.lk/latest_news/Another-round-of-talks-between-President-IMF/342-243793

– timesonline.lk/news-online/Another-round-of-talks-between-President-IM/2-1138539

– ft.lk/front-page/IMF-staff-President-hold-another-round-of-talks/44-739175

– timesonline.lk/news-online/Another-round-of-talks-between-President-IMF/2-1138539

• Govt. readies 2023-25 fiscal framework to lead SL out of crisis’

– ft.lk/top-story/Govt-readies-2023-25-fiscal-framework-to-lead-SL-out-of-crisis/26-739014

• New revelations over SL’s foreign debt default

‘sudden declaration of a pre-emptive negotiated default of external debt on April 12 this year has been made at a time where there was an expected forex inflow’

– sundaytimes.lk/220821/business-times/new-revelations-over-sls-foreign-debt-default-492034.html

• Sri Lanka’s foreign debt – 81% debt held by West & Allies not China – Waduge

– lankaweb.com/news/items/2022/08/24/sri-lankas-foreign-debt-81-debt-held-by-west-allies-not-china/

• Will IMF Help Ever Come?

– lankaweb.com/news/items/2022/08/24/will-imf-help-ever-come/

• Kerosene hike: Setting the rural and urban periphery on fire – Kadirgamar & Gunawardena

‘no doubt in line with the recommendations of the IMF to implement “cost recovery energy pricing’

– ft.lk/columns/Kerosene-price-hike-Setting-the-rural-and-urban-periphery-on-fire/4-738982

• Sri Lanka’s sovereign debt restructure as it stands now – Manjuka Fernandopulle

‘The Japanese will insist on the Paris club terms applying to the restructuring of Chinese debt. The bondholder’s committee is advised by White and Case and Rothschilds. The White and Case sovereign debt restructuring practice is led by Ian Clark… a veteran restructuring lawyer.. involved either on the sovereign side or the creditor side in every sovereign restructure that took place in the last thirty years. He is currently advising Zambia, Suriname, and Ukraine. In Zambia and Suriname, he is assisted by Lazard as a financial advisor…’

– ft.lk/columns/Sri-Lanka-s-sovereign-debt-restructure-as-it-stands-now/4-738940

• Cabinet Spokesman rules out domestic debt restructuring

– ft.lk/front-page/Cabinet-Spokesman-rules-out-domestic-debt-restructuring/44-739015

• A highly competitive export-oriented economy is the only way out: President to OPA

– sundaytimes.lk/220821/news/a-highly-competitive-export-oriented-economy-is-the-only-way-out-president-492498.html

• Egg in the face of Sri Lanka President’s ‘Social Market Economy’

– economynext.com/egg-in-the-face-of-sri-lanka-presidents-social-market-economy-98944/

• Haircut does not mean shaving off welfarism – Sunday Times Editorial

– sundaytimes.lk/220821/editorial/haircut-does-not-mean-shaving-off-welfarism-492467.html

• Sri Lanka has not approached creditors officially – CBSL Chief

“… for the next 3 to 4 years, and the medium-term…We are coming closer to reaching an agreement on the macro & fiscal policy framework…the second task with the IMF is to agree and negotiate the debt targets, for Sri Lanka to make its debt in the medium and long terms more sustainable’

– newsfirst.lk/2022/08/22/sri-lanka-has-not-approached-creditors-officially-cbsl-chief/

• Under Constitution Article 148, Parliament has full control over public finance.

‘The Committee on Public Finance (CPF) is the most powerful committee in Parliament and no finance bill can go to the Chamber without the committee’s approval’

– sundaytimes.lk/220821/news/public-finance-com-gets-new-chairman-but-uncertainty-over-cope-and-copa-492521.html

• Harsha appointed Chairman of Public Finance Committee

– dailymirror.lk/breaking_news/Harsha-appointed-Chairman-of-Public-Finance-Committee/108-243576

– newsfirst.lk/2022/08/23/dr-harsha-de-silva-chairs-committee-on-public-finance/

• SJB’s Harsha, Eran and Kabir default the party leader and align with the President

– dailymirror.lk/news-features/SJBs-patriotic-threesome-and-Ranatungas-green-green-grass/131-243446

• SJB agrees tough economic reforms a must but insists on cash handouts to poor people

– island.lk/sjb-agrees-tough-economic-reforms-a-must-but-insists-on-cash-handouts-to-poor-people/

• Dayan Jayatilleka, Harsha de Silva, and the SJB – Devapriya

‘Silva’s plan is a template straight out of Suharto’s Indonesia (and, quite naturally, Pinochet’s Chile)’

– island.lk/dayan-jayatilleka-harsha-de-silva-and-the-sjb/

• Hunger, malnutrition and starvation must be averted by international assistance – Sanderatne

– sundaytimes.lk/220821/columns/challenging-task-of-minimising-hunger-malnutrition-and-starvation-492494.html

• Child’s guide to England’s trade concessions to developing countries – Wijewardena

‘Since around early 1970s, the developed world had been supporting, under the auspices of United Nations Conference on Trade and Development (UNCTAD), the developing countries to promote their exports…’

– ft.lk/columns/Child-s-guide-to-UK-s-trade-concessions-to-developing-countries/4-738931

• Debt Sustainability Analysis ready, says W.A. Wijewardena

‘Sri Lanka’s attempt to reach staff-level agreement with the IMF is being delayed due to discrepancies in the calculations of the CBSL and the IMF with regard to certain parameters in the DSA.’

– themorning.lk/debt-sustainability-analysis-ready-says-w-a-wijewardena/

• SOEs very important because they mismanage public funds – Abeyratne

– sundaytimes.lk/220821/business-times/pitiful-state-of-soes-492010.html

• Profits of banks come down due to large-scale provisioning for bad debts – Samath

– sundaytimes.lk/220821/business-times/economy-in-a-tailspin-492015.html

• Much-needed economic reforms and SOE restructuring – Ranga Jayasuriya

– dailymirror.lk/opinion/Sri-Lankas-lost-peoples-revolution/172-243534

• Cushion IMF effects to prevent even more violent uprisings – Daily Mirror Editorial

– dailymirror.lk/opinion/IMF-facility-and-future-burdens-EDITORIAL/231-243448

• Free health-care, debt restructuring and subsidy cuts

‘The poorest of the poor need to be protected from the worst effects of subsidy cuts. Or will we emulate the US policy of denying quality treatment to most needy sections of our society?’

– dailymirror.lk/opinion/Free-health-care-debt-restructuring-and-subsidy-cuts/172-243666

• The Sri Lanka paradox

‘Sri Lanka has long been admired by development economists, international financial institutions, public intellectuals for leading South Asia in all economic and social indicators.’

– dailymirror.lk/business-news/The-Sri-Lanka-paradox/273-243598

• IMF Loan Talks: Here’s how we need to prepare

– island.lk/imf-loan-talks-heres-how-we-need-to-prepare/

• Sri Lanka: Questions & Lessons – Indian Deputy High Commissioner in Lanka, 1979-82

– madrascourier.com/opinion/sri-lanka-questions-lessons/

• Amended plaint to be filed against former CB Governor Cabraal

– dailymirror.lk/business-news/Amended-plaint-to-be-filed-against-former-CB-Governor-Cabraal/273-243595

• Bangladesh – IMF Loan Talks: Here’s how we need to prepare

– island.lk/imf-loan-talks-heres-how-we-need-to-prepare/

• India’s once-vaunted statistical infrastructure is crumbling

– economist.com/finance-and-economics/2022/05/19/indias-once-vaunted-statistical-infrastructure-is-crumbling

• ‘Freebies’: Economist Venkatesh Athreya Exposes Political Flaws in Narrative

‘revenue spending on people’s development and welfare should be seen as investment rather than expenditure’

– newsclick.in/freebies-economist-venkatesh-athreya-exposes-political-flaws-narrative

• Political Economy of Colonial and Post-Colonial India by Aditya Mukherjee

– newsclick.in/book-review-political-economy-colonial-and-post-colonial-india-aditya-mukherjee

• Jackson Hole summit has market holding its breath, & China has financial war with US on its mind

– scmp.com/economy/china-economy/article/3190332/jackson-hole-summit-has-market-holding-its-breath-and-china

• Down the Jackson Hole – Roberts

– thenextrecession.wordpress.com/2022/08/27/down-the-jackson-hole/

• U.S. financial hegemony adds economic woes to Mideast countries amid serious inflation

– english.news.cn/20220823/426b67c250c64345954f25d56aa6efef/c.html

• Blame West for global inflation — former Czech president

– rt.com/news/561640-inflation-energy-ukraine-klaus/

• Why the Inflation Reduction Act is Less a “Climate Bill” and More a Poison Pill for Black and Indigenous Communities and Movements
– blackagendareport.com/why-inflation-reduction-act-less-climate-bill-and-more-poison-pill-black-and-indigenous-communities

____________________________________________

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.

• Iran, Russia exchange rial, rouble for the first time to trade

– en.irna.ir/news/84864149/Iran-Russia-exchange-rial-rouble-for-the-first-time-to-trade

• Temporary Suspension on series of nonessentials

– newsfirst.lk/2022/08/23/temporary-suspension-on-series-of-nonessentials/

• Govt. slaps ban on import of products from over 360 categories

– ft.lk/front-page/Govt-slaps-ban-on-import-of-products-from-over-360-categories/44-739027

– economynext.com/sri-lanka-halts-imports-of-over-300-items-98937/

• Deadly bans, opposition blind spots and Dullas-GL group as factor – Jayatilleka

– island.lk/deadly-bans-opposition-blind-spots-and-dullas-gl-group-as-factor/

• Govt. should have discussed with SMEs before bringing import ban on 300 consumer goods: SLUNBA

– dailymirror.lk/latest_news/Govt-should-have-discussed-with-SMEs-before-bringing-import-ban-on-300-consumer-goods-SLUNBA/342-243795

• Anger over Sri Lanka’s ban on balls

– economynext.com/anger-over-sri-lankas-ban-on-balls-99070/

• July inflation soars to 66.7%; food inflation tops 82%

– ft.lk/front-page/July-inflation-soars-to-66-7-food-inflation-tops-82/44-739008

• Lanka continues to pay World Bank, International Monetary Fund & Asian Development Bank

– economynext.com/sri-lanka-continuing-payments-to-multilateral-creditors-minister-98920/

• Exporters sending in more dollars as grey market for exchange rates gradually shrinking

– sundaytimes.lk/220821/business-times/sri-lankan-banks-increasingly-honour-lcs-492031.html

• More dlrs with easing rules on export proceeds

‘unlike in export goods, service exports are difficult to monitor like the tech sector, tourist destination management companies, etc.’

– sundaytimes.lk/220821/business-times/more-dlrs-with-easing-rules-on-export-proceeds-492019.html

• Central Bank recommends Finance Ministry to ban all open account imports

– dailymirror.lk/business-news/Central-Bank-recommends-Finance-Ministry-to-ban-all-open-account-imports/273-243464

• Lanka’s share of foreign debt at 47% of total debt by April

– dailymirror.lk/business-news/Lankas-share-of-foreign-debt-at-47-of-total-debt-by-April/273-243549

– ft.lk/front-page/Foreign-debt-share-on-the-rise/44-739004

• Profits of banks come down due to large-scale provisioning for bad debts – Samath

– sundaytimes.lk/220821/business-times/economy-in-a-tailspin-492015.html

• Almost half of Lanka’s bilateral debt from China; Beijing’s position vital for IMF to deal

– sundaytimes.lk/220821/news/almost-half-of-lankas-bilateral-debt-from-china-beijings-position-vital-for-imf-deal-492538.htmlª

• Sri Lanka parliament panel approves Rajapaksa regime cascading levy

– economynext.com/sri-lanka-parliament-panel-approves-rajapaksa-regime-cascading-levy-98915/

_________________________________________________________________________

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

• Consumers ‘shocked’ by CEB tariff hike

– dailymirror.lk/expose/Consumers-SHOCKED-by-CEB-tariff-hike/333-243258

• Vasu wants govt to help 60% of Lankans reeling from high inflation

– island.lk/vasu-wants-govt-to-help-60-per-cent-of-lankans-reeling-from-high-inflation/

• Mercantile Industrial & General Workers Union (CMU) demand wage increase i

– timesonline.lk/news-online/In-pixs-Trade-Unions-demand-wage-increase-in-keeping-up-with-increased-cost-of-living/2-1138533

• Sri Lanka canteen association to launch consumer rights political party

– economynext.com/sri-lanka-canteen-association-to-launch-consumer-rights-political-party-99019/

 • 16 year old domestic aid dies after falling into swimming pool

– timesonline.lk/news-online/16-year-old-domestic-aid-dies-after-falling-into-swimming-pool/2-1138478

• Labour Dept. probing underage domestic worker girl’s death

– themorning.lk/labour-dept-probing-underage-domestic-worker-girls-death/

• GMOA study finds shortage of 91 essential meds

– themorning.lk/gmoa-study-finds-shortage-of-91-essential-meds/

• Allow children aged 16-20 to do part-time work: Ministry of Labour

– dailymirror.lk/opinion/People-who-were-in-the-Aragalaya-without-any-political-agenda-were-not-harmed-Manusha-Nanayakkara/172-243325

• Sri Lanka may have to shut loss making SOE, give VRSs: Minister

– economynext.com/sri-lanka-may-have-to-shut-loss-making-soe-give-vrss-minister-98935/

• 37 Port unions ask Minister to probe corruption at SLPA

– island.lk/port-unions-ask-minister-to-probe-corruption-at-slpa/

• FUTA strongly condemns the arbitrary arrest and detention of protesters

– dailymirror.lk/news-features/FUTA-strongly-condemns-the-arbitrary-arrest-and-detention-of-protesters/131-243535

• Immorality of attack on university students – Robinhood Sri Lanka

– ft.lk/columns/Immorality-of-attack-on-university-students/4-738939

• Security forces should be equipped with technological knowledge – President

– island.lk/security-forces-should-be-equipped-with-technological-knowledge-president/

• Lanka Association of Ship Owners (LASO) signs MoU with YoungShip Sri Lanka

– island.lk/laso-signs-mou-with-youngship-sri-lanka/

• Dearth of Science, technology enrollment in faculties caused unemployment: Minister

– dailymirror.lk/breaking_news/Dearth-of-Science-technology-enrollment-in-faculties-caused-unemployment-Minister/108-243500

• Weerawansa urges President to fast-track interest-free university student loan scheme

– island.lk/weerawansa-urges-president-to-fast-track-interest-free-university-student-loan-scheme/

• New Australian HC launches landmark educational programme for Ladies’ College

– island.lk/new-australian-hc-launches-landmark-educational-programme/

• Sri Lanka to cut transaction costs, compete with Undiyal with remittance app

– economynext.com/sri-lanka-to-cut-transaction-costs-compete-with-undiyal-with-remittance-app-99073/

• CBSL-SLBFE promote LankaRemit application

‘to improve the inflow of workers’ remittances into the national economy… Minister of Labour and Foreign Employment Manusha Nanayakkara, CB Governor P. Nandalal Weerasinghe, Vice Chairman, SLBFE A A M Hilme on behalf of Chairman Mahendra Kumarasinghe, Pradeep Banduwansa, Head of Retail Products and Digital Channels, Commercial Bank, Dinuka Perera, Chief Operating Officer, LCPL, Kenneth De Zilwa, Chairman, LCPL, RPA Wimalaweera, Secretary, Ministry of Labour and Foreign Employment, D Kumaratunge, Assistant Governor, CBSL, Channa de Silva, Chief Executive Officer, LCPL, D D P Senanayaka, General Manager, SLBFE, Vasantha Alwis, Director/Payments and Settlements, CBSL, BHPK Thilakaweera, Director/Foreign Remittance Facilitation, CBSL, Rajendra Ranasinghe, Assistant General Manager, Sampath Bank, Rangika Chandrasena, Senior Manager-Digital Banking, Commercial Bank, Kanishka Weeramunda, Founder/Chief Executive Officer, PayMedia’

– bizenglish.adaderana.lk/central-bank-of-sri-lanka-joins-hands-with-the-foreign-employment-bureau-to-promote-the-lankaremit-mobile-application/

– dailymirror.lk/business-news/CBSL-SLBFE-promote-LankaRemit-application/273-243835

– bizenglish.adaderana.lk/central-bank-of-sri-lanka-joins-hands-with-the-foreign-employment-bureau-to-promote-the-lankaremit-mobile-application/

• Urgent measures needed to halt exodus of skilled personnel

– island.lk/urgent-measures-needed-to-halt-exodus-of-skilled-personnel/

• Some missing Sri Lanka Commonwealth athletes found by England, locations not disclosed

– economynext.com/some-missing-sri-lanka-commonwealth-athletes-found-by-uk-locations-not-disclosed-99045/

• Two Sri Lankan origin Canadians among Top 25 Canadian Immigrants of 2022

– dailymirror.lk/latest_news/Two-Sri-Lankan-origin-Canadians-among-Top-25-Canadian-Immigrants-of-2022/342-243505

– island.lk/two-lankans-among-top-25-canadian-immigrants/

• Labour Minister appoints Ranjan as Goodwill Ambassador of migrant workers

– ft.lk/front-page/Labour-Minister-appoints-Ranjan-as-Goodwill-Ambassador-of-migrant-workers/44-739173

• Sri Lankan Fishermen continue protests for Kerosene

‘Fisheries Minister Douglas Devananda said a subsidy will be awarded for fisherfolk from the Interim Budget that will be presented next week’

newsfirst.lk/2022/08/26/sri-lankan-fishermen-continue-protests-for-kerosene/

• Tamil Nadu CM urges Centre to secure release of fishermen from Sri Lankan custody

– island.lk/tamil-nadu-cm-urges-centre-to-secure-release-of-fishermen-from-sri-lankan-custody/

• Navy rushes ashore fisher for treatment

– island.lk/navy-rushes-ashore-fisher-for-treatment/

• Give us our own funds, says ‘Director of the Directorate’ of Mental Health

– sundaytimes.lk/220821/news/give-us-our-own-funds-says-director-492430.html

• Sri Lanka’s private bus owners go to UNHRC, EU over unpaid arson compensation

– economynext.com/sri-lankas-private-bus-owners-go-to-unhrc-eu-over-unpaid-arson-compensation-99004/

• UNICEF Regional Director for South Asia meets Foreign Minister

– newsfirst.lk/2022/08/26/unicef-regional-director-for-south-asia-meets-foreign-minister/

• While two former Central Bank governors decline offer, Cabraal gets a pension

– sundaytimes.lk/220821/news/while-two-former-central-bank-governors-decline-offer-cabraal-gets-a-pension-492540.html

• Ukraine to pass laws wrecking workers’ rights

‘Zero-hours contracts are set to be legalised and 70 per cent of the workforce exempted from workplace protections.’

– socialeurope.eu/ukraine-to-pass-laws-wrecking-workers-rights

• Ukrainian government launches war on workers

– peoplesworld.org/article/ukrainian-government-launches-war-on-workers-under-cover-of-russian-invasion/

• Australian Department of Immigration said Ukrainian visas are being processed as a priority

– abc.net.au/news/2022-08-19/ukrainian-refugees-settle-in-community-of-orange-nsw/101347984

• South Africa United Front to Address Power Cuts

– aidc.org.za/united-front-to-address-loadshedding/

• Independent Unions Can Help Break Through the Economic Crisis and Labor’s Paralysis

– socialistproject.ca/2022/08/independent-unions-break-through-economic-crisis/

• Ontario Government’s Plans for Healthcare Privatization & Seniors: Health Coalition Responds

– socialistproject.ca/2022/08/ontario-government-plan-healthcare-privatization-ohc-responds/

• Over 70% of migrants arriving in small boats found by English state to be genuine refugees

– craigmurray.org.uk/archives/2022/08/ever-further-right/

• Reproductive Justice, Human Rights and the Failure of Electoral Politics

– blackagendareport.com/reproductive-justice-human-rights-and-failure-electoral-politics

• The Peculiarities Of The English – E. P. Thompson

“One has to put up with the crude English method of development, of course.”—Marx on Darwin’

– socialistregister.com/index.php/srv/article/download/5963/2859/7890

• 15 Jobs You Can Get with A Development Studies Degree

– tools4dev.org/blog/jobs-development-studies-degree/

_________________________________________________________________________

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.

• Unlocking Sri Lanka’s Land for Corporate Exploitation

– dailymirror.lk/insight/Unlocking-Land-for-Development/374-242818

• SL has fifth highest food price inflation in world

– island.lk/sl-has-fifth-highest-food-price-inflation-in-world/

• Lanka moves to address high inflation of food prices

– timesonline.lk/news-online/Lanka-moves-to-address-high-inflation-of-food-prices/2-1138485

• Rising food prices are Sri Lankans’ biggest worry

– island.lk/rising-food-prices-are-sri-lankans-biggest-worry/

• 16 key private sector leaders come together to support SL’s food security efforts

‘MAS’ Mahesh Amalean, Softlogic’s Ashok Pathirage, Hemas’ Kasthuri Chellarajah Wilson, Hirdaramani’s Mahesh Hirdaramani, Ceylon Biscuits’ Shea Wickramasinghe, UN Global Compact Network’s Rathika de Silva, Citi’s Ravin Basnayake, Akbar Brothers’ Tyeab Akbarally, Hela Apparel’s Dilanka Jinadasa, HSBC’s Mark Surgenor, Amana Bank’s Fazly Marikar, Standard Chartered Bank’s Bingumal Thewarathanthri, Daraz (Alibaba Group) ’s Rakhil Fernando, John Keells’ Nadija Tambiah, Virtusa’s Naresha Supramaniam and Platinum Realty Investments’ Kishore D. Reddy. Co-chaired by Brandix CEO Ashroff Omar and UNDP’s Malin Herwig, with Food and Agriculture Organisation (FAO)’s Vimlendra Sharan and UNDP’s Fadhil Bakeer Markar’

– dailymirror.lk/business-news/16-key-private-sector-leaders-come-together-to-support-SLs-food-

– island.lk/john-keells-group-initiates-accelerated-crisis-response-programme-to-address-food-and-educational-challenges/

• US donates 3,000 metric tons of food to feed Sri Lankan school children

‘through the U.S. Department of Agriculture (USDA) and in partnership with Save the Children, received 320 metric tons of split yellow peas’

– timesonline.lk/news-online/US-donates-3-000-metric-tons-of-food-to-feed-Sri-Lankan-school-children/2-1138535

– dailymirror.lk/latest_news/U-S-donates-3000MT-of-food-to-feed-Sri-Lankan-school-children/342-243852

• World Bank imposes tough rules for fertiliser imports

– sundaytimes.lk/220821/news/world-bank-imposes-tough-anti-corruption-rules-for-fertiliser-imports-492543.html

• Sri Lanka fertilizer tender fails amid banking concerns: Minister

– economynext.com/sri-lanka-fertilizer-tender-fails-amid-banking-concerns-minister-98992/

• Lanka receives more fertiliser from India

– island.lk/lanka-receives-more-fertiliser-from-india/

• Chinese Company refuses to refund or substitute chemical fertilizer: Amaraweera

– dailymirror.lk/latest_news/Chinese-Company-refuses-to-refund-or-substitute-chemical-fertilizer-Amaraweera/342-243662

• Consumer Affairs Authority (CAA) offers rice at affordable prices – farmers allege privatisation conspiracy

– sundaytimes.lk/220821/news/caa-ready-to-provide-rice-at-affordable-prices-but-farmers-allege-privatisation-conspiracy-492455.html

• Sri Lanka paddy cultivation hit record in Yala: Minister

– economynext.com/sri-lanka-paddy-cultivation-hit-record-in-yala-minister-98967/

• Sri Lanka paddy cultivation hit record in Yala: Minister • ‘Unseasonal’ release of water to Minneriya

‘The reasons attributed were increased hydro-power generation to overcome the fuel crisis and decreased cultivation due to the fertilizer problem’

– sundaytimes.lk/220821/news/irrigation-ready-to-work-with-others-492404.html

• Water tariffs up from 1 Sept.

– ft.lk/front-page/Water-tariffs-up-from-1-Sept/44-739170

• Water Board pushes for northern desalination ADB project

– island.lk/water-board-pushes-for-northern-desalination-project/

• Water Board complains to Speaker about VIPs’ Rs. 13 mn water arrears

– themorning.lk/water-board-complains-to-speaker-about-vips-rs-13-mn-water-arrears/

• 50,000 acres of uncultivated paddy fields in the Western Province can be recultivated.

– island.lk/problem-of-uncultivated-lands-in-eight-districts-resolved/

• Sri Lanka to change laws to facilitate State Timber Corporation exports

– economynext.com/sri-lanka-to-change-laws-to-facilitate-state-timber-corporation-exports-98914/

• Fish prices continue to soar

– island.lk/fish-prices-continue-to-soar/

• Reappointed minister draws ire from National Fisheries Solidarity Movement

– sundaytimes.lk/220821/news/reappointed-minister-draws-fishing-community-ire-492391.html

• Poultry Farmer associations allege egg mafia

– newsfirst.lk/2022/08/23/poultry-farmer-associations-allege-egg-mafia/

• Makers of bakery & confectionery goods blame ingredient costs for pricey biscuits & buns

– sundaytimes.lk/220821/news/producers-blame-ingredient-costs-for-pricey-biscuits-and-buns-492413.html

• Tea auction offerings record lowest volume since April 2020 final sale

– dailymirror.lk/business-news/Tea-auction-offerings-record-lowest-volume-since-April-2020-final-sale/273-243834

• Tea exports value soars to record on low volume

– ft.lk/top-story/Tea-exports-value-soars-to-record-on-low-volume/26-739181

• Sri Lanka’s Experiment with Organic Farming Fails Miserably

– lankaweb.com/news/items/2022/08/23/sri-lankas-experiment-with-organic-farming-fails-miserably/

• A totally different world from Kandy where the cycle of life continues as it did in ancient times.

– sundaytimes.lk/220821/plus/a-city-still-evoking-a-bygone-era-492051.html

• ADB-funded Upper Elahera Canal Project – Wildlife Management Plan kill elephants

– sundaytimes.lk/220821/news/the-bell-tolls-for-the-gathering-492406.html

• Hemas partners with Clean Ocean Force to safeguard Negombo’s threatened ecosystems

– island.lk/hemas-partners-with-clean-ocean-force-to-safeguard-negombos-threatened-ecosystems/

• Japanese government to keep imported wheat prices unchanged

– japantimes.co.jp/news/2022/08/15/business/economy-business/wheat-prices-inflation/

• What if China saved the world and nobody noticed?

‘while China leads the world in coal use, it also leads the world in “wind and solar installation, in wind and solar manufacturing, in electric vehicle production, in batteries, in hydro, in nuclear, in ground heat pumps, in grid transmission and distribution, and in green hydrogen. They literally lead the world in every zero-emissions technology today.’

– smh.com.au/environment/climate-change/what-if-china-saved-the-world-and-nobody-noticed-20220818-p5bavz.html

• Whose Grain Is Being Shipped from Ukraine? US GMO Agribusiness Giants to Take Control of Ukraine Farmland

– lankaweb.com/news/items/2022/08/21/whose-grain-is-being-shipped-from-ukraine-americas-gmo-agribusiness-giants-to-take-control-of-ukraine-farmland/

_____________________________________________________________________

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.

• Patali wants experts to investigate irregularities in oil procurement

– island.lk/patali-wants-experts-to-investigate-irregularities-in-oil-procurement/

• Government can’t justify privatizing profitable Sri Lanka Telecom & Insurance Corporation

– island.lk/wimps-heroes-and-litmus-test/

• Export Production Villages: A Good Concept Rejected in Sri Lanka but Welcomed Abroad

– lankaweb.com/news/items/2022/08/24/a-good-concept-rejected-in-sl-but-welcomed-abroad/

• Ways and means of adopting new technologies to add value to local products discussed

– island.lk/ways-and-means-of-adopting-new-technologies-to-add-value-to-local-products-discussed/

• No Queues as People can longer afford cooking gas cylinders despite reduction in prices

– dailymirror.lk/news-features/Thrifty-consumers-going-for-options-affects-gas-industry/131-243536

• Chances are that CPC will trigger the next popular uprising.

– island.lk/an-oil-scam/

• Lanka IOC signs agreement with Spectrum Trading

‘Spectrum Trading Co. Ltd., a leader in the marketing and distribution of automotive products is a member of the diversified Stafford Group.’

– ft.lk/business/Lanka-IOC-signs-agreement-with-Spectrum-Trading/34-739110

• COPE calls for investigation into cancellation of gas tenders

‘Cabinet was to buy from Siam Gas at US$ 96 per MT but got gas at $129 from UAE’s OQ Trading’

– sundaytimes.lk/220821/business-times/oq-trading-siam-gas-compete-for-lpg-contract-492028.html

• LPG does not fall under category of essential imports

– island.lk/lpg-does-not-fall-under-category-of-essential-imports/

• Disproportionate electricity price rise raises accuracy issues

– sundaytimes.lk/220821/business-times/disproportionate-electricity-price-rise-raises-accuracy-issues-491991.html

• Police officers collecting fuel stocks to be sold in the black market

– sundaytimes.lk/220821/columns/mahinda-says-he-would-have-advised-gotabaya-not-to-flee-the-country-492475.html

• After massive 290% hike, Govt. to provide cash subsidy for low income families that depend on kerosene: Minister

– dailymirror.lk/breaking_news/Direct-cash-subsidy-for-low-income-families-Minister/108-243490

– ft.lk/front-page/After-massive-290-hike-Govt-to-provide-cash-subsidy-for-kerosene/44-739006

• Mano welcomes direct cash subsidy by govt. in the wake of kerosene price increase

– dailymirror.lk/latest_news/Mano-welcomes-direct-cash-subsidy-by-govt-in-the-wake-of-kerosene-price-increase/342-243510

• Sajith says electricity tariff hikes ‘exorbitant’

– ft.lk/front-page/Sajith-says-electricity-tariff-hikes-exorbitant/44-739022

• Diesel shortage persists

– island.lk/diesel-shortage-persists/

• Russian firm picked by Technical Evaluation Committee (TEC) to provide coal to Lakvijaya; further approval sought from Ministry of Finance

‘Suek AG/Black Sand Commodity has come forward to supply coal at USD 328.22 per metric tonne (including freight charges) on a six-month credit facility.

– sundaytimes.lk/220821/news/russian-firm-picked-to-provide-coal-to-lakvijaya-further-approval-sought-492526.html

• Ministry of Power and Energy cites Dialog, MillenniumIT & ICTA for National Fuel Pass system

– sundaytimes.lk/220821/sunday-times-2/people-and-events-492342.html

• Hydro-power; the miracle of water becoming energy

– ft.lk/front-page/Hydro-power-the-miracle-of-water-becoming-energy/44-739149

• Is nuclear power appropriate for Sri Lanka?

– lankaweb.com/news/items/2022/08/22/is-nuclear-power-appropriate-for-sri-lanka/

• Karu and expert opinion on Norochcholai Coal Power Project

– island.lk/karu-and-expert-opinion/

• Sri Lanka coal deal awarded on 6-month credit amid queries

– economynext.com/sri-lanka-coal-deal-awarded-on-6-month-credit-amid-queries-99081/

• Lanka Coal Company responds to ToL story on 22/08/2022 titled “Lanka Coal Clarification on Controversy over $ 1.5 billion coal tender”

– timesonline.lk/business/Lanka-Coal-Company-responds-to-ToL-story-on-22082022-titled-Lanka-Coal-Clarification-on-Controversy-over-1-5-billion-coal-tender/10-1138526

• If no diesel supply by tomorrow, no school vans on Monday – Assn

– dailymirror.lk/latest_news/If-no-diesel-supply-by-tomorrow-no-school-vans-on-Monday-Assn/342-243861

• Cabinet awards Trinco solar project to 3W Power Management

– ft.lk/front-page/Cabinet-awards-Trinco-solar-project-to-3W-Power-Management/44-739025

– dailymirror.lk/business-news/3W-Power-Management-secures-solar-power-project-at-SLBC-land-in-Kuchchaveli/273-243694

• Rooftop solar sector demands substantial tariff hike

– dailymirror.lk/business__main/Rooftop-solar-sector-demands-substantial-tariff-hike/245-243759

• ADB halts funding for rooftop solar power generation project

– dailymirror.lk/latest_news/ADB-halts-funding-for-rooftop-solar-power-generation-project/342-243833

• 2100+ businesses installed their own fuel storage tanks, many without permission: Minister

– dailymirror.lk/latest_news/2100-businesses-installed-their-own-fuel-storage-tanks-many-without-permission-Minister/342-243739

• No fuel distribution for businesses: Kanchana

– dailymirror.lk/business-news/No-fuel-distribution-for-businesses-Kanchana/273-243756

• Sri Lanka President allows imports of electrical bikes

– economynext.com/sri-lanka-president-allows-imports-of-electrical-bikes-98941/

• Govt. revs up efforts to boost electric mobility

– ft.lk/front-page/Govt-revs-up-efforts-to-boost-electric-mobility/44-739095

• Only 50% of private buses on roads today due to fresh diesel crunch

– island.lk/only-50-of-private-buses-on-roads-today-due-to-fresh-diesel-crunch/

• Trains gather moss, public transport stands still

– sundaytimes.lk/220821/news/trains-gather-moss-public-transport-stands-still-492369.html

• Sri Lanka to cut damage payments to passengers by domestic airlines

– economynext.com/sri-lanka-to-cut-damage-payments-to-passengers-by-domestic-airlines-98906/

• Israeli container ship fire shortly after departing Colombo unreported

– sundaytimes.lk/220821/columns/namal-fails-to-get-things-done-says-all-mps-make-recommendations-492485.html

• Hema’s Morison begins local production of three high-in-demand medicines

– dailymirror.lk/business-news/Morison-begins-local-production-of-three-high-in-demand-medicines/273-243757

• Sri Lanka receives medical aid worth one million dollars from Turkiye

‘Sri Lanka, going through a severe forex crisis, has also received medical supplies and medicine from Thailand, Japan, Australia, Austria, India and Bangladesh’

– economynext.com/sri-lanka-receives-medical-aid-worth-one-million-dollars-from-turkiye-98891/

• Jayantha De Silva removed as Technology Ministry Secretary

– themorning.lk/jayantha-de-silva-removed-as-technology-ministry-secretary/

• Sri Lanka property developers allowed to import tiles

– economynext.com/sri-lanka-property-developers-allowed-to-import-tiles-99005/

• New ALFT Packaging plant primarily consists of European German machinery

‘Opening attended by Hajar Alafifi – Unilever, Ramya Wickramasingha – CBL, Sajith Gunaratne – Prima Group, Jason Avancena – Nestle Lanka and Russel Fonseka – BOC.’

– sundaytimes.lk/220821/business-times/alft-packaging-facility-marks-new-milestone-491994.html

• JAAF supports technology-intensive solutions to build resilience in supply chain disruptions

– dailymirror.lk/financial-news/JAAF-pledges-support-for-technology-intensive-solutions-to-build-resilience-in-supply-chain-disruptions/265-243548

• Browns Fabric supports USD earning apparel industry – signs BOI agreement

– island.lk/browns-fabric-supports-usd-earning-apparel-industry-signs-boi-agreement/

• DIF managed by BOV Capital leads LKR 205 million funding round for IFINITY

– island.lk/dif-managed-by-bov-capital-leads-lkr-205-million-funding-round-for-ifinity/

• How Sri Lanka’s wealth is getting siphoned out through garbage imports

– island.lk/how-sri-lankas-wealth-is-getting-siphoned-out-through-garbage-imports/

• PM requests Daraz CEO to expand Saubhagya programmes through ‘Daraz Connect’

‘to explore possibilities of venturing into renewable energy, production of electric bicycles and marketing rural agricultural and cottage industries products.’

– dailymirror.lk/business-news/Prime-Minister-requests-Daraz-CEO-to-expand-Saubhagya-programmes-through-Daraz-Connect/273-243758

• The wonder material graphene may have found its killer app

‘It will help decarbonise industry, produce greener concrete and make hydrogen’

– economist.com/science-and-technology/2022/05/18/the-wonder-material-graphene-may-have-found-its-killer-app

• There are fashions in science from time to time and one should not be misled

– kalaya.org/2022/08/blog-post_25.html

• How The Fossil Record Shows The Rise Of Machines

– indi.ca

• Gautam Adani wants to cement his grip on India’s heavy industry

– economist.com/business/2022/05/19/gautam-adani-wants-to-cement-his-grip-on-indias-heavy-industry

• South Korea’s Yoon pardons Samsung’s Jay Y. Lee to counter ‘economic crisis’

‘Tech- and export-dependent South Korea, Asia’s fourth-largest economy is grappling with soaring inflation, weakening demand, poor sentiment and slowing spending.. Lee had returned to the limelight, appearing in May with President Yoon and U.S. President Joe Biden when they visited Samsung’s Pyeongtaek chip production facilities. He has also visited Europe in June to meet ASML Holding NV CEO Peter Wennink, discussing the adoption of key high-end chip equipment

https://www.reuters.com/world/asia-pacific/skoreas-yoon-pardons-samsung-leader-jay-y-lee-2022-08-12/

• Mexico outlines issues to be discussed during visit of Antony Blinken

‘Washington approved an anti-inflationary package that initially contained a very complex provision for Mexico because it favored the production of electric vehicles in the United States, putting Mexico at a disadvantage.’

– radiohc.cu/en/noticias/internacionales/297519-mexico-outlines-issues-to-be-discussed-during-visit-of-antony-blinken

• Gas prices in Europe reaches around $3,400

– tass.com/economy/1498683

• Don’t sacrifice Germany for Ukraine’ – German trade association asks Chancellor Scholz to end sanctions against Russia to save economy

– rmx.news/germany/dont-sacrifice-germany-for-ukraine-german-trade-association-asks-chancellor-scholz-to-end-sanctions-against-russia-to-save-economy/

• CHIPS on the table: US doubles down on techno-nationalism

‘The statute’s proponents include a who’s-who of semiconductor companies such as Qualcomm, Nvidia, Broadcom, AMD, Xilinx, Applied Materials, ASML, Global Foundries, Intel, Samsung, and TSMC. Other giants included Ford, General Motors, Alphabet, Apple, Dell, HP, and Microsoft.’

– hinrichfoundation.com/research/article/tech/chips-us-techno-nationalism/

• President Biden signs executive order to implement CHIPS ACT

– newsus.cgtn.com/news/2022-08-27/President-Biden-signs-executive-order-to-implement-CHIPS-ACT-1cPg08fk8Y8/index.html

• Moderna suing Pfizer over Covid-19 vaccine technology

– adaderana.lk/news/84571/moderna-suing-pfizer-over-covid-19-vaccine-technology

______________________________________________________________________

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.

• Foreign Direct Investments will gain brains

‘Sri Lankans battled with each other for 30 years costing an estimated $ 200 billion (Ref. S. Menon, former foreign secretary of India).’

– ft.lk/columns/Foreign-Direct-Investments-will-gain-brains/4-739122

• High impairment provisioning hurts ComBank 1H2022 results

– sundaytimes.lk/220821/business-times/high-impairment-provisioning-hurts-combank-1h2022-results-491998.html

• ComBank to raise up to Rs.10bn via debentures

– dailymirror.lk/business-news/ComBank-to-raise-up-to-Rs-10bn-via-debentures/273-243695

• Sharp drop in NDB H1 2022 profits

– sundaytimes.lk/220821/business-times/sharp-drop-in-ndb-h1-2022-profits-492004.html

• Commercial Credit posts Rs. 4.52 Bn PAT for FY 2021/22

– island.lk/commercial-credit-posts-rs-4-52-bn-pat-for-fy-2021-22/

• Sarvodaya Development Finance after-tax profit LKR 33.83 million Q1 FY 2022-23.

– island.lk/sarvodaya-development-finance-records-an-impressive-first-quarter/

• ICRA Lanka upgrades Asia Asset Finance PLC credit rating

– bizenglish.adaderana.lk/icra-lanka-limited-upgrades-asia-asset-finance-plc-credit-rating-to-an-impressive-sla-amidst-pandemic-conditions/

• Sri Lanka bond yields flat (A26)

– economynext.com/sri-lanka-bond-yields-flat-99064/

• Sri Lanka Treasuries yield flat, peg steady (A23)

– economynext.com/sri-lanka-treasuries-yield-flat-peg-steady-98927/

• Sri Lanka 3-month Treasuries yield up 107bp, not all offered bills sold (A24)

– economynext.com/sri-lanka-3-month-treasuries-yield-up-107bp-not-all-offered-bills-sold-98970/

• Sri Lanka bills yields up, rupee peg steady

– economynext.com/sri-lanka-bills-yields-up-rupee-peg-steady-98979/

• Sri Lanka Treasury bill yields edge lower, peg steady (A24)

– economynext.com/sri-lanka-treasury-bill-yields-edge-lower-peg-steady-99030/

• Ban on open accounts on imports pepping share market

– island.lk/ban-on-open-accounts-on-imports-pepping-share-market/

• Sri Lanka shares slip on profit taking in LOLC, JKH (A23)

– economynext.com/sri-lanka-shares-slip-on-profit-taking-in-lolc-jkh-98930/

• Sri Lanka shares steady in mid-day trade

– economynext.com/sri-lanka-shares-steady-in-mid-day-trade-98890/

• Sri Lanka shares gain for third straight session to 1-wk high; market heavyweights lead

– economynext.com/sri-lanka-shares-gain-for-third-straight-session-to-1-wk-high-market-heavyweights-lead-98885/

• Sri Lanka shares slip in mid-day trade on banking and retail shares (A24)

– economynext.com/sri-lanka-shares-slip-in-mid-day-trade-on-banking-and-retail-shares-98961/

• Profit-takings in Lanka IOC, Expolanka Holdings and Lankem Development

– island.lk/profit-takings-in-lanka-ioc-expolanka-holdings-and-lankem-development-turnover-rs-4-9-billion/

• Sri Lanka shares close weaker; ASPI down on retail and banking counters

– economynext.com/sri-lanka-shares-close-weaker-aspi-down-on-retail-and-banking-counters-98990/

• Indices close in red

– dailymirror.lk/business/Indices-close-in-red/215-243601

• Speculation on impending tax hikes brings down bourse (A25)

– island.lk/speculation-on-impending-tax-hikes-brings-down-bourse/

• Sri Lanka shares slip over 1-pct in mid-day trade

– economynext.com/sri-lanka-shares-slip-over-1-pct-in-mid-day-trade-99003/

• Oil price worries negatively impact share market (A26)

– island.lk/oil-price-worries-negatively-impact-share-market/

• Sri Lanka stocks end week down 2-pct ahead of interim budget (A27)

– economynext.com/sri-lanka-stocks-end-week-down-2-pct-ahead-of-interim-budget-99076/

• Share market recovers in mid-session subsequent to starting on negative note (A27)

– island.lk/share-market-recovers-in-mid-session-subsequent-to-starting-on-negative-note/

• Colombo stock market suffers another week of losses

– ft.lk/front-page/Colombo-stock-market-suffers-another-week-of-losses/44-739176

• US$18tn wiped off from global markets in H1 2022: World Federation of Exchanges data

– dailymirror.lk/business-news/US-18tn-wiped-off-from-global-markets-in-first-half-of-2022-WFE-data-reveals/273-243551

___________________________________________________________________________________

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’

• Sri Lanka hotels, software firms with German partners to face human rights law

– economynext.com/sri-lanka-hotels-software-firms-with-german-partners-to-face-human-rights-law-99009/

• US Ambassador Keynotes Capacity-building Event for Local Women Business Owners

– bizenglish.adaderana.lk/u-s-ambassador-to-sri-lanka-keynotes-capacity-building-event-for-local-women-business-owners/

• Ceylon Chamber’s National SME Forum 2022 highlights Resilience Measures for SMEs

‘Deputy Governor of the Central Bank T.M.J.Y.P. Fernando, CEO – Lanka Clear, Channa De Silva, economist Anura Ekanayake and veteran entrepreneur Nirmal de Silva…’

– bizenglish.adaderana.lk/ceylon-chambers-national-sme-forum-2022-highlights-resilience-measures-for-smes/

• Sri Lanka Insurance makes record profit of Rs. 7.7 billion before taxation for 2022 first half

– island.lk/sri-lanka-insurance-makes-record-profit-of-rs-7-7-billion-before-taxation-for-2022-first-half/

– ft.lk/front-page/Sri-Lanka-Insurance-stands-among-most-profitable-State-entities-with-record-Rs-7-7-b-PBT-in-1H/44-739019

• Tyeab Akbarally joins Sunshine Holdings Board

‘Director of Akbar Brothers since 1979, former Chairman of The Colombo Tea Traders Association, and Spices and Allied Products Producers’ and Traders’ Association, now Director of Amana Bank and the Chairman of Amana Takaful, Trustee of the M H Kanji Charitable Trust. Akbar Brothers hold 10% stake in Sunshine Holdings. Sunshine Directors: Chairman Amal Cabraal, Group Managing Director V. Govindasamy, S. Ratwatte, H.D. Abeywickrama, A.D.B. Talwatte, S. Shishoo, G. Sathasivam, S.G. Sathasivam, S. Jain, W.Y.R. Fernando, S. Renganathan and T. Akbarally.

– ft.lk/business/Tyeab-Akbarally-joins-Sunshine-Holdings-Board/34-738997

• Dhamitha Cooke and Ranil Angunawela join Continental Insurance Board

‘Cooke is presently Chief Financial Officer of the Stassen Group…Angunawela is a founding partner of LexAG – Legal Consultant, and began at Julius & Creasy, and F.J. & G. de Saram…’

– ft.lk/financial-services/Dhamitha-Cooke-and-Ranil-Angunawela-join-Continental-Insurance-Board/42-738947

• Number of constructions have ceased

– island.lk/number-of-constructions-have-ceased/

• Sri Lanka developers halt new condos after currency collapse, costs skyrocket

– economynext.com/sri-lanka-developers-halt-new-condos-after-currency-collapse-costs-skyrocket-99031/

• Sri Lanka housing hit by protectionist taxes, monopoly power: Developers

– economynext.com/sri-lanka-housing-hit-by-protectionist-taxes-monopoly-power-developers-99039/

• Critical condominium industry makes compelling case for support

– ft.lk/top-story/Critical-condominium-industry-makes-compelling-case-for-support/26-739093

• Kerry Properties project on Beira Lake site remains under review

‘The Kuok Group founded by Robert Kuok Hock-Nien of Malaysia owns Shangri-La luxury hotels. The Kuok Brothers began in 1949 in Johor Bahru, Malaysia trading rice, sugar and wheat flour. Wilmar International, with business in Sri Lanka, is a part of Kuok Group.’

– sundaytimes.lk/220821/news/kerry-properties-project-on-beira-lake-site-remains-under-review-492528.html

• Reyaz Mihular appointed to Port City Commission

‘former Managing Partner, KPMG Sri & past Chairman – KPMG Middle East and South Asia.’

– ft.lk/front-page/Reyaz-Mihular-appointed-to-Port-City-Commission/44-739097

• Aussie Parliamentarian Ondarchie visits Port City Commission

– ft.lk/news/Aussie-Parliamentarian-Ondarchie-visits-Port-City-Commission/56-739075

• Abans Finance records PBT of Rs 114 million in quarter one of FY 2022 / 2023

‘With assets over Rs. 10 billion, Abans Finance PLC is one of the most innovative finance companies’

– island.lk/abans-finance-records-pbt-of-rs-114-million-in-quarter-one-of-fy-2022-2023/’

• Allianz Life Lanka forges partnership with Cargills Bank

– island.lk/allianz-life-lanka-forges-partnership-with-cargills-bank/

• Sudath Perera Associates and Singapore FastCorp webinar on setting up offshore companies

– dailymirror.lk/financial-news/Sudath-Perera-Associates-and-FastCorp-to-host-webinar-on-setting-up-offshore-companies/265-243547

______________________________________________________

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.

• It’s Chandrasena’s task to force Ranil to bring Gotabhaya back with full security

– kalaya.org/2022/08/blog-post_59.html

• Exploitation of Jathikathvaya

‘Ranil is neither the first nor the last to exploit nationality. Who’s his Advisor?

– kalaya.org/2022/08/blog-post_49.html

• Sirimavo became head of government under leadership of Maha Sanga – Nalin de Silva

– kalaya.org/2022/08/blog-post_59.html

• Spring and Lanka Spring

– kalaya.org/2022/08/blog-post_23.html

• Philip, Kusuma blended the Sino-Lanka bond – Hettige

– sundayobserver.lk/2022/08/21/philip-kusuma-blended-sino-lanka-bond

Do we need so-called diaspora dollars?

– kalaya.org/2022/08/blog-post_22.html

• 24 out of 26 Christian countries in Europe don’t accept Hinduism. How about Buddhism?

– kalaya.org/2022/08/blog-post_56.html

• Gotabhaya and the anti-Sinhala Buddhist camp

‘The aim of the struggle was to destroy the place of Sinhala Buddhist culture’

– kalaya.org/2022/08/blog-post_95.html

• Families of misguided JVP youth must file legal action against JVP – Waduge

– lankaweb.com/news/items/2022/08/26/families-of-misguided-jvp-youth-must-file-legal-action-against-jvp/

• Political disasters followed thick and fast on our war victory – Rajiva Wijesinha

– island.lk/downhill-after-2009-victory/

• Group Formation and Culture of Galle Face Protesters – Part I

– lankaweb.com/news/items/2022/08/23/group-formation-and-culture-of-galle-face-protesters-part-i/

• ‘Udin Ranil, Yatin Basil’ (Apparently Ranil, but really Basil) government

– sundaytimes.lk/220821/columns/taking-stock-thinking-ahead-492469.html

• PM in fresh bid to rally support for All-Party Govt.

– sundaytimes.lk/220821/news/pm-in-fresh-bid-to-rally-support-for-all-party-govt-492524.html

• People’s peaceful struggle shook off the feudal yoke

– sundaytimes.lk/220821/columns/gotas-life-on-the-run-492325.html

• Sajith meets Ranil, says NO to positions

– newsfirst.lk/2022/08/22/sajith-meets-ranil-says-no-to-positions/

• Legislator should focus be policy maker, not policy implementer

– island.lk/resetting-sri-lanka-and-the-inadequacy-of-22a/

• Suppression of dissent won’t help reach consensus on all-party govt. – SJB

– island.lk/suppression-of-dissent-wont-help-reach-consensus-on-all-party-govt-sjb/

• Dissident SLPP faction issues warning over Geneva, IMF and GSP+

– island.lk/dissident-slpp-faction-issues-warning-over-geneva-imf-and-gsp/

• Imithiaz calls out President on his duplicity concerning the ‘Aragalaya’

– ft.lk/news/Imithiaz-calls-out-President-on-his-duplicity-concerning-the-Aragalaya/56-739001

• Aragalaya call for People’s Council

– island.lk/aragalaya-call-for-peoples-council/

• First tribal woman president symbolises India’s pluralist legacy

– ft.lk/columns/First-tribal-woman-president-symbolises-India-s-pluralist-legacy/4-739016

• The ‘tough guy’ President and the Aragalaya

– ft.lk/columns/The-tough-guy-President-and-the-Aragalaya/4-738979

• Sri Lanka: Hope May Be A Firefly But It Has Replaced Darkness Of Last Couple Of Months

– lankaweb.com/news/items/2022/08/23/sri-lanka-hope-may-be-a-firefly-but-it-has-replaced-darkness-of-last-couple-of-months/

• Mangala, a genuine politician of our time

– dailymirror.lk/news-features/Mangala-a-genuine-politician-of-our-time/131-243752

• Is another Yahapalanaya in the making?

– dailymirror.lk/news-features/Is-another-Yahapalanaya-in-the-making/131-243749

• Dullas: Ranil making same mistakes as Gotabaya

– island.lk/dullas-ranil-making-same-mistakes-as-gotabaya/

• Some SLPPers haven’t learnt from past mistakes – Charitha

– island.lk/some-slppers-havent-learnt-from-past-mistakes-charitha/

• EC members discuss electoral reforms with officials, civil society members

– island.lk/ec-members-discuss-electoral-reforms-with-officials-civil-society-members/

• The spirit of the 9 July uprising in Sri Lanka remains alive

– ft.lk/columns/The-spirit-of-the-9-July-uprising-in-Sri-Lanka-remains-alive/4-739057

• Appapillai Amirthalingam From Enfant Terrible to Elder Statesman – Jeyaraj

– dailymirror.lk/plus/Appapillai-Amirthalingam-From-Enfant-Terrible-to-Elder-Statesman/352-243845

• How Pohottuwa activities were boosted using public funds

– dailymirror.lk/news-features/How-Pohottuwa-activities-were-boosted-using-public-funds/131-243841

• Protests, arrests and gutted assets

– island.lk/protests-arrests-and-gutted-assets/

__________________________________________________________

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.

• Beware the NEDdas!

http://www.malindwords.blogspot.com

– lankaweb.com/news/items/2022/08/25/beware-the-neddas/

• An experience with snakes and the BBC – Nalin de Silva

– kalaya.org/2022/08/blog-post_75.html

• Sajith warns govt. may use PTA against media

– island.lk/sajith-warns-govt-may-use-pta-against-media/

• India’s Adani Group to acquire NDTV

– dailymirror.lk/business-news/Indias-Adani-Group-to-acquire-NDTV/273-243612

• How Brown People Run The White Empire

– indi.ca

• Free election advertising on radio and television starts in Brazil

– radiohc.cu/en/noticias/internacionales/297588-free-election-advertising-on-radio-and-television-starts-in-brazil

• How To Manipulate Readers With ‘Expert’ Slanted Reporting

‘Several low level manipulations are used in ‘reporting’ by the New York Times and other media. Sneaking opinionated voices into factual reporting reveals the perception media intends to impose on their readers.’

– moonofalabama.org/2022/08/how-to-manipulate-readers-with-expert-slanted-reporting.html

• Ukraine Previously Cited High Casualty Rates – It Is Now Lowballing Those Numbers

– moonofalabama.org/2022/08/ukraine-previously-cited-high-casualty-rates-now-it-is-now-lowballing-its-numbers

• Ukraine’s Propaganda War: International PR Firms, DC Lobbyists and CIA Cutouts

– mintpressnews.com/ukraine-propaganda-war-international-pr-firms-dc-lobbyists-cia-cutouts/280012/

• Dissecting fact from fiction: Is there hope?

– dailymirror.lk/insight/Dissecting-fact-from-fiction-Is-there-hope/374-243664

• MTV goes to HRCSL against intimidation of Senior Management of Capital Maharaja Group

– newsfirst.lk/2022/08/22/mtv-goes-to-hrcsl-against-intimidation-tactics-used-to-harass-the-senior-management-of-capital-maharaja-group/

• MTV joins Freesat – a Digital Satellite Television Platform

– newsfirst.lk/2022/08/23/mtv-joins-freesat-a-digital-satellite-television-platform/

• The Impact of Buddhism in Europe

– lankaweb.com/news/items/2022/08/24/the-impact-of-buddhism-in-europe/

• 30 Days of Akuru challenge and the Akuru Collective

– sundaytimes.lk/220821/plus/beyond-the-literal-letter-492072.html

• Preserving for Posterity In search of Aragalaya art

– dailymirror.lk/news-features/Preserving-for-Posterity-In-search-of-Aragalaya-art/131-243842

• Thousands turned up for annual chariot festival of Nallur Kandaswamy temple

– timesonline.lk/news-online/Thousands-turned-up-for-annual-chariot-festival-of-Nallur-Kandaswamy-temple/2-1138519

• National Trust lecture: Ameena Hussein to speak on Ibn Battuta

– sundaytimes.lk/220821/plus/national-trust-lecture-ameena-hussein-to-speak-on-ibn-battuta-492065.html

• English sanctions against journalist Graham Phillips

‘An English citizen has had his property seized by the state, his assets and bank accounts frozen, his ability to earn a living crashed by the blocking of funding mechanisms. All this for publishing opinions on a foreign war contrary to those of the English government’

– craigmurray.org.uk/archives/2022/08/freedom-of-speech-and-graham-phillips/

• CIA sidekick’ gives £2.6m to England’s media groups

‘National Endowment for Democracy (NED) has funded groups such as Bellingcat, Index on Censorship, Article 19, Finance Uncovered, and the Thomson Reuters Foundation…’

– declassifieduk.org/cia-sidekick-gives-2-6m-to-uk-media-groups/

• The English Natural History Museum Is A Tomb

– indi.ca

• If comic actor Jon Stewart after the end of hosting The Daily Show ran for president

– pamho.medium.com/servant-of-madness-8d40f9889485

• The Social Basis and Logic of Trotskyism (1935)

‘Trotskyism is being reborn on every stage of the revolutionary movement because it is the expression of the attitude of a certain class, namely, the petty bourgeoisie.’

– redsails.org/the-social-basis-and-logic-of-trotskyism/

• What should modern independent India be and how can it get there?

‘pre-modern India never experienced Western-style national democracy, it harbored genius in what some might call “decentralized democracy.’

– economynext.com/what-should-modern-independent-india-be-and-how-can-it-get-there-98907/

_________________________________________________

email: econenews@gmail.com

blog: eesrilanka.wordpress.com

_________________________________________________

Published by ee ink.

This site is inspired by the dedicated scholarship and work of S.B.D. de Silva, author of "The Political Economy of Underdevelopment"

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