e-Con e-News

‘Give me control of a Nation’s money supply, and I care not who makes its laws’

– Mayer Rothschild

‘There should be no room left for monetary policy decisions to become popular decisions.’

– Central Bank Governor N Weerasinghe on the latest Monetary Law Act (ee Economy)

‘The Central Bank of Sri Lanka is no longer independent.

It constitutes a clear and present danger to the country as an agent of the IMF.’

– Ahilan Kadirgamar ( ee Economists, Inflation, Interest Rates & Economic Depression)

‘One political leader who represents a certain political party said he will

be able to convince ‘the international community’ through his English language skills.

Another says that they will convince ‘the international community’

by doing away with perks given to ministers and MPs.

These are just petty remarks made in response to complicated issues.’

– MP Patali Champika Ranawaka (ee Economists, No Commitment from Opposition)

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‘When they get some money from the World Bank, they light skyrockets & fireworks.’

– National People’s Power (NPP)’s Sunil Handunnetti

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‘They talk of transparency & democracy. But they are now gazetting a new Monetary Law Act,

which is actually going to eliminate democratic control over

Sri Lanka’s most important institution – the Central Bank.

The US Federal Reserve is portrayed as our role model, and they say it is independent.

What most people don’t realize is that it is controlled, and was set up

by private US commercial banks, to bypass scrutiny of the US Congress.

This ‘US Fed’ is called the most undemocratic institution in all of the USA.

It does not present any accounts.

No one is allowed to question its policies in the US Congress…

Oh, the US says, ‘We are a democratic country’ and so on.

The most powerful body in the US & the world, is unelected!

Before Donald Trump became President, he made this one of his most

important election promises: ‘I am going to force an audit of the US Federal Reserve’.

He gets elected, calls Janet Yellen. She goes to the White House, to the President’s room.

15 minutes later, Yellen walks out, & Trump walks behind her, head bowed.

‘I am perfectly satisfied what I have heard from the head of the Federal Reserve’.

Because he was told: ‘You can touch anything you want but you don’t dare touch this.

Because this is the bank of the rich elites. This is the bank we use all over the world’.

They want this shift towards ‘Central Bank independence’, for us to lose

democratic control over the most important institution, and after we lose that

we can elect who we want, but we will not be able to control our country any longer.

– Howard Nicholas (ee Focus)

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Dollar Outflows Restored –

London’s Financial Times Stock Exchange Group, now FTSE Russell,

a subsidiary of the London Stock Exchange Group, linked to Unilever, is thrilled.

It informs ‘global investors that investing in listed equities of Sri Lanka

is business-as-usual from now on…

FTSE Russell said it has received feedback from market participants

that the repatriation issue for Sri Lanka no longer exists

and all the backlogs have been cleared,

therefore all corporate actions/events & review changes for Sri Lanka

will be implemented as normal with immediate effect.’

– ee Economy, FTSE Russell tells global investors

business as usual now at the Colombo Stock Exchange

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‘The Central Bank of Sri Lanka Bill, if passed,

would enable President Ranil Wickremesinghe

to come to Parliament one day and state that

there had been no Central Bank robbery

for there had been no Central Bank to rob…

The Latvian Central Bank Governor was accused

of bribery and money laundering.

The Latvian Parliament voted 55 to 0 against him.

However, when he was barred, the European Union stated

it was against the EU law because

the Latvian Central Bank was an ‘independent’ institution.

– Frontline Socialist Party, ee Economists

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‘Central Bank data shows the Rupee has also appreciated

against the Euro, the Pound Sterling, the Australian Dollar,

the Indian Rupee, the Canadian Dollar and the Japanese Yen’

(ee Finance, Rupee continues upward climb)

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This ee examines the hijacking this week of the Central Bank by the US government. Set up by the US Treasury in 1950, the Central Bank of Sri Lanka, with the highest concentration of PhDs per-square-foot, has always opposed the country’s true independence. More precisely, the CB has always been aimed at preventing the industrialization of the country. In this issue, economist Howard Nicholas argues for export-oriented industrialization, while offering fascinating insights into the rush to ensure the Central Bank remains an instrument of foreign powers.

     ee also begins excerpting in this issue, SBD de Silva’s final chapter in his classic, The Political Economy of Underdevelopment. In this chapter, de Silva examines the changes that took place that sabotaged the weak import substitution policies enacted in the 1960-70s, and the ‘orchestration’ of export-oriented industrialization, and began to impose what is more like foreign-controlled export-substitution.

     This export substitution is laid bare by a contrived scarcity-comedy, which appears more like deathly satire, when we see headlines like ‘59% families in SL unable to meet food requirement’, and it turns out that this statistic is from the US Soya Bean Export Council (USSEC).

     The US Soya lobby’s local agents discussing the matter include: ‘The Regional Agricultural Attaché, US Department of Agriculture, and Regional Director of South Asia & SubSaharan African USSEC, Sri Lanka’s representative, Agricultural Science & Food Technology of Peradeniya University Prof Iresha [Eresha?] Mendis and other ‘scholars!’ Agricultural institutions in this country have clearly been hijacked & undermined. Another Peradeniya agriculture professor, Buddhi Marambe, who turns out to be a director of English multinational and chemical importer CIC-ICI, led the attack on organic fertilizer policy (ee Agriculture,59%).

Full Story

US Federal Reserve Hijacks Sri Lanka’s Central Bank to Hinder Industrialization