Posted on 02/04/2023 7:48:01 AM PST by Oldeconomybuyer
Sri Lanka marked 75 years of independence Saturday in bankruptcy, with many citizens somber, reflective and disappointed rather than feeling festive.
President Ranil Wickremesinghe said in a televised speech, "We have reached the point of destruction."
He added that everyone in the country was to blame for the nation's woes, from politicians to regular citizens as the country had long been divided by race, religion and region since the nation's inception.
Sri Lanka faces its worst financial crisis since it declared independence from Britain in 1948. A severe shortage of dollars has added to inflation woes, a drop in the currency and the country's slide into an economic recession.
Unsustainable debt coupled with a severe balance of payment crisis, in addition to the economic complications brought on by the COVID-19 pandemic, resulted in serious shortages of food, medicine and fuel, particularly last year.
To manage the country's balance of payments, income taxes have been increased sharply and every ministry has seen its budget cut by 6%. The military is to be downsized by half by 2030 after it had grown to more than 200,000 during the country's long civil war.
(Excerpt) Read more at dw.com ...
[[He added that everyone in the country was to blame for the nation’s woes, from politicians to regular citizens as the country had long been divided by race, religion and region since the nation’s inception. ]]
Get with the program rahil, everyone knows it’s Trump’s fault- orange man bad dontchaknow?
This seems to be going well.
Huh…..
A country named after a hot sauce.
To manage the country’s balance of payments, income taxes have been increased sharply and every ministry has seen its budget cut by 6%. The military is to be downsized by half by 2030 after it had grown to more than 200,000 during the country’s long civil war.
Sri Lanka decided to go green, and among other things, rice production fell by half. It wrecked their economy.
Will the United States learn from this? Of course not.
Will Europe learn from this? Of course not.
Will China learn from this? You betcha.
A country named after a hot sauce.
Wasn’t there a big Green, go natural and organic, no fertilizers aspect to their bankruptcy? Like their crops failed due to this, and they had to import a lot of food they didn’t have money for?
You must’ve read some of the same articles I did. See my previous post.
I’m surprised China hasn’t offered them a “deal” by now.
Take up the White Man’s burden
The savage wars of peace
Fill full the mouth of Famine
And bid the sickness cease;
And when your goal is nearest
The end for others sought,
Watch Sloth and heathen Folly
Bring all your hopes to nought.
Kipling
Nothing to see here, just Ceylon...
https://reason.com/2022/09/07/when-sri-lanka-banned-synthetic-fertilizers-the-country-imploded/
When Sri Lanka Banned Synthetic Fertilizers, the Country Imploded
Green activists have some good points. But the pursuit of a chemical-free world hurts vulnerable people the most.
JOHN STOSSEL | 9.7.2022 5:05 PM
Starvation. Poverty. People struggling to buy medicine and fuel.
Disaster happened after one government fell under the influence of the world’s environmental extremists.
Many “experts” say pure nature is best. United Nations officials now tell politicians that the climate “crisis” demands countries make all sorts of sacrifices, like cutting nitrogen waste.
Much of that waste comes from synthetic fertilizer, so activists applauded when Sri Lanka’s government decided to become the first country to really take their advice. Sri Lanka banned all synthetic fertilizers.
Oops.
Suddenly, the same farms produced much less food. Food prices rose 80 percent.
One result: riots. As my new video shows, thousands swarmed the president’s mansion. Some had a cookout on his lawn.
The president resigned and fled the country.
Looks like we beat Sri Lanka by almost 2 century’s. YEH!
“Unsustainable debt coupled with a severe balance of payment crisis, in addition to the economic complications brought on by the COVID-19 pandemic, resulted in serious shortages of food, medicine and fuel, particularly last year.”
No mention of them outlawing “chemical” fertilizers as one of the primary causes.
“I’m surprised China hasn’t offered them a “deal” by now.”
I’m sure they’re working on it. India would go ballistic - it would be the equivalent of the Soviets “helping” Cuba.
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