e-Con e-News

‘The irrationalities & inhumanity of the world order are essentially a problem of vested interests both on a national & international scale, not to be resolved as a problem in logic by argumentation or as a problem in ethics by appeals to righteousness.’– see ee Focus, SBD de Silva, Political Economy of Underdevelopment

For every $1 the IMF encourages a set of poor countries to spend on public goods, it has told them to cut 4 times more through austerity measures.– see ee Economists, The IMF’s ‘Austerity Drive’

It’s as if the IMF is really operating out of a small basement in the Pentagon in Washington.– ee Economists, Michael Hudson

‘Perhaps, the controversy surrounding the ‘Central Bank of Sri Lanka’ Bill should be examined taking into consideration how the Yahapalana government abolished time-tested exchange control laws in 2017 and how it contributed to the current crisis.

Then what about private foreign exchange dealers who continue to enable the international drug mafia to freely convert their ill-gotten lucrative drug proceeds from rupees to hard currencies without any questions being asked?’– Shamindra Ferdinando, ‘Is Speaker’s Announcement on CBSL,Consistent with Supreme Court Determination?’ (ee Focus)

‘In my humble view the country becomes bankrupt when our credit rating was downgraded & when people started suffering. Many international credit agencies have mentioned we are almost bankrupt. We had only few days for a bond payment due. It could have been a hard default otherwise.’– Dhananath Fernando, US Advocata COO, 9 April 2023 (twitter.com/BasnayakeM/status/1645046950893596675)

Dhananath (lord of the wealthy) v Wanshanath (lord of the people) – US Advocata’s Fernando was reacting to MP Wimal Weerawansa’s revelation that ‘Sri Lanka could have prevented bankruptcy if the authorities had handed over the nation’s debt to China, which is an existing debt restructuring model’. (see ee Economy, SL should have handed over all debt to China)

     One Suvin Wettimuny (‘former pilot’, ‘avid investor’) tweeted: Weerawansa is ‘talking garbage as usual. He mentions El Salvador took such an option. But it is denied by the Chinese foreign minister in the [Bloomberg] article.’

     In fact the Chinese FM did no such thing. And the Bloomberg story is clearly dissembling. In fact, the entire corporate media is lying, as numerous economic analysts show (see ee Economists).

     The truth is more – as this week’s ee Focus reveals – the USA and their sharking twins (WB/IMF) have been covering up the move to make Sri Lanka totally dependent on Wall Street borrowing, lying to the media about China’s anti-colonial debt position. The capitalist media (NYTimes, Thomson Reuters, Bloomberg) marches in goosestep, as obsequious stenographers. Recall: Bloomberg News owner Michael Bloomberg was made chair of a key Pentagon advisory panel, the Defense Innovation Board, previously led by Google cofounder Eric Schmidt (ee 12 Feb 2022).

     Worse. The Speaker of Sri Lanka’s Parliament has been caught lying about the Supreme Court’s decision, claiming Parliament has approved the new Central Bank Act. In fact, it hasn’t (ee Focus).

For Full Report

IMF, Media Caught Lying about China & Sri Lanka’s Debt