{"id":132876,"date":"2023-03-12T17:00:03","date_gmt":"2023-03-13T00:00:03","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=132876"},"modified":"2023-03-12T17:00:03","modified_gmt":"2023-03-13T00:00:03","slug":"us-federal-reserve-hijacks-sri-lankas-central-bank-to-hinder-industrialization","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2023\/03\/12\/us-federal-reserve-hijacks-sri-lankas-central-bank-to-hinder-industrialization\/","title":{"rendered":"US Federal Reserve Hijacks Sri Lanka\u2019s Central Bank to Hinder Industrialization"},"content":{"rendered":"

e-Con e-News<\/a><\/em><\/span><\/h2>\n\n\n

\u2018Give me control of a Nation\u2019s money supply, and I care not who makes its<\/em> laws\u2019<\/p>\n\n\n\n

\u2013 Mayer Rothschild<\/p>\n\n\n\n

\u2018There should be no room left for monetary policy decisions to become popular decisions.<\/em>\u2019<\/p>\n\n\n\n

\u2013\u00a0<\/strong>Central Bank Governor N Weerasinghe on the latest\u00a0Monetary Law Act<\/strong>\u00a0(ee Economy<\/em>)<\/strong><\/p>\n\n\n\n

\u2018The Central Bank of Sri Lanka is <\/em>no longer independent<\/em><\/strong>.<\/em><\/p>\n\n\n\n

It constitutes a clear and present danger to the country as an agent of the IMF<\/em>.\u2019<\/p>\n\n\n\n

\u2013\u00a0<\/strong>Ahilan Kadirgamar (\u00a0ee Economists<\/em><\/strong>, Inflation, Interest Rates & Economic Depression)<\/p>\n\n\n\n

\u2018One political leader who represents a certain political party said he will<\/p>\n\n\n\n

be able to convince \u2018the international community\u2019 through his English language skills<\/strong>.<\/p>\n\n\n\n

Another says that they will convince \u2018the international community\u2019<\/p>\n\n\n\n

by doing away with perks given to ministers and MPs.<\/p>\n\n\n\n

These are just petty remarks<\/strong> made in response to complicated issues.\u2019<\/p>\n\n\n\n

\u2013 MP Patali Champika Ranawaka (ee Economists<\/em><\/strong>, No Commitment from Opposition)<\/p>\n\n\n\n

\u2022<\/strong><\/p>\n\n\n\n

\u2018When they get some money from the World Bank, they light skyrockets & fireworks.<\/em>\u2019<\/p>\n\n\n\n

\u2013 National People\u2019s Power (NPP)\u2019s Sunil Handunnetti<\/p>\n\n\n\n

\u2022<\/p>\n\n\n\n

\u2018They talk of transparency & democracy<\/em>. But they are now gazetting a new Monetary Law Act<\/strong>,<\/p>\n\n\n\n

which is actually going to eliminate democratic control over<\/strong><\/p>\n\n\n\n

Sri Lanka\u2019s most important institution \u2013 the Central Bank<\/strong>.<\/p>\n\n\n\n

The US Federal Reserve<\/strong> is portrayed as our role model, and they say it is independent<\/em><\/strong>.<\/p>\n\n\n\n

What most people don\u2019t realize is that it is controlled, and was set up<\/strong><\/p>\n\n\n\n

by private US commercial banks<\/strong>, to bypass scrutiny of the US Congress.<\/strong><\/p>\n\n\n\n

This \u2018US Fed\u2019 is called the most undemocratic institution in all of the USA.<\/strong><\/p>\n\n\n\n

It does not present any accounts<\/strong>.<\/p>\n\n\n\n

No one is allowed to question its policies in the US Congress<\/strong>\u2026<\/p>\n\n\n\n

Oh, the US says, \u2018We are a democratic country\u2019 and so on.<\/p>\n\n\n\n

The most powerful body in the US & the world, is unelected!<\/p>\n\n\n\n

Before Donald Trump became President, he made this one of his most<\/p>\n\n\n\n

important election promises: \u2018I am going to force an audit of the US Federal Reserve<\/strong>\u2019.<\/p>\n\n\n\n

He gets elected, calls Janet Yellen. She goes to the White House, to the President\u2019s room.<\/p>\n\n\n\n

15 minutes later, Yellen walks out, & Trump walks behind her, head bowed.<\/p>\n\n\n\n

\u2018I am perfectly satisfied what I have heard from the head of the Federal Reserve\u2019.<\/p>\n\n\n\n

Because he was told: \u2018You can touch anything you want but you don\u2019t dare touch this.<\/strong><\/p>\n\n\n\n

Because this is the bank of the rich elites<\/strong>. This is the bank we use all over the world<\/strong>\u2019.<\/p>\n\n\n\n

They want this shift towards \u2018Central Bank independence\u2019<\/em><\/strong>, for us to lose<\/p>\n\n\n\n

democratic control over the most important institution, and after we lose that<\/p>\n\n\n\n

we can elect who we want, but we will not be able to control our country<\/strong> any longer.<\/p>\n\n\n\n

\u2013 Howard Nicholas (ee Focus<\/em><\/strong>)<\/p>\n\n\n\n

\u2022<\/p>\n\n\n\n

Dollar Outflows Restored \u2013<\/strong><\/p>\n\n\n\n

London\u2019s Financial Times Stock Exchange Group, now FTSE Russell,<\/p>\n\n\n\n

a subsidiary of the London Stock Exchange Group, <\/strong>linked to Unilever, <\/strong>is thrilled.<\/p>\n\n\n\n

It informs \u2018global investors that investing in listed equities of Sri Lanka<\/p>\n\n\n\n

is business-as-usual from now on<\/strong>\u2026<\/p>\n\n\n\n

FTSE Russell said it has received feedback from market participants<\/p>\n\n\n\n

that the repatriation issue<\/strong> for Sri Lanka no longer exists<\/strong><\/p>\n\n\n\n

and all the backlogs have been cleared<\/strong>,<\/p>\n\n\n\n

therefore all corporate actions\/events & review changes for Sri Lanka<\/p>\n\n\n\n

will be implemented as normal with immediate effect.\u2019<\/p>\n\n\n\n

\u2013 ee Economy<\/em><\/strong>, FTSE Russell tells global investors<\/p>\n\n\n\n

business as usual now at the Colombo Stock Exchange<\/strong><\/p>\n\n\n\n

\u2022<\/strong><\/p>\n\n\n\n

\u2018The Central Bank of Sri Lanka Bill, if passed,<\/p>\n\n\n\n

would enable President Ranil Wickremesinghe<\/p>\n\n\n\n

to come to Parliament one day and state that<\/p>\n\n\n\n

there had been no Central Bank robbery<\/p>\n\n\n\n

for there had been no Central Bank to rob\u2026<\/p>\n\n\n\n

The Latvian Central Bank Governor was accused<\/p>\n\n\n\n

of bribery and money laundering.<\/p>\n\n\n\n

The Latvian Parliament voted 55 to 0 against him.<\/p>\n\n\n\n

However, when he was barred, the European Union stated<\/p>\n\n\n\n

it was against the EU law because<\/p>\n\n\n\n

the Latvian Central Bank was an \u2018independent\u2019 institution.<\/p>\n\n\n\n

\u2013 Frontline Socialist Party, ee Economists<\/em><\/strong><\/p>\n\n\n\n

\u2022<\/p>\n\n\n\n

\u2018Central Bank data shows the Rupee has also appreciated<\/p>\n\n\n\n

against the Euro, the Pound Sterling, the Australian Dollar,<\/p>\n\n\n\n

the Indian Rupee, the Canadian Dollar and the Japanese Yen\u2019<\/p>\n\n\n\n

(ee Finance<\/em><\/strong>, Rupee continues upward climb)<\/p>\n\n\n\n

\u2022<\/p>\n\n\n\n

This ee<\/em><\/strong> 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\u2019s true independence. More precisely, the CB has always been aimed at preventing the industrialization of the country<\/strong>. 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.<\/p>\n\n\n\n

     ee<\/em><\/strong> also begins excerpting in this issue, SBD de Silva\u2019s final chapter in his classic, The Political Economy of Underdevelopment<\/em><\/strong>. 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 \u2018orchestration\u2019 of export-oriented industrialization, and began to impose what is more like foreign-controlled export-substitution<\/strong>.<\/p>\n\n\n\n

     This export substitution<\/strong> is laid bare by a contrived scarcity-comedy, which appears more like deathly satire, when we see headlines like \u201859% families in SL unable to meet food requirement\u2019, and it turns out that this statistic is from the US Soya Bean Export Council (USSEC)<\/strong>.<\/p>\n\n\n\n

\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>The US Soya lobby\u2019s local agents discussing the matter include: \u2018The Regional Agricultural Attach\u00e9, US Department of Agriculture<\/strong>, and Regional Director of South Asia & SubSaharan African USSEC, Sri Lanka\u2019s representative, Agricultural Science & Food Technology of Peradeniya University Prof Iresha [Eresha?] Mendis and other \u2018scholars!\u2019 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<\/em><\/strong>,59%).<\/p>\n\n\n\n

Full Story<\/p>\n\n\n\n

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US Federal Reserve Hijacks Sri Lanka’s Central Bank to Hinder Industrialization<\/a><\/blockquote>