29 September, 2020

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An Open Letter To Professor Joseph E. Stiglitz

By Michael Fernando

Dr. Michael Fernando

Dr. Michael Fernando

Dear Prof. Stiglitz,

I sincerely appreciate your ideas on the present-day global economic situation. You have served as an economic advisor to the president of the US and the chief economist of the World Bank. You have also shared the 2001 Nobel Prize in Economic Science. I was really happy to see you take part in an economic forum in Colombo a few months ago, thinking that your advice to the present government, and your observations about Sri Lanka’s economic situation, would help those taking economic policy decisions and who are struggling to find solutions to the mess created by previous regimes.

However, the present government does not seem to follow any of your warnings. It does not state a clear economic policy and only speaks about implementing the third phase of the neoliberal policies introduced in 1977. Furthermore, it has sought help from the IMF to solve the immediate economic crisis in the form of a bailout package.

A staff team of the IMF is already in Sri Lanka and is in the process of preparing a three-year programme to reform the economy. Do you think that the IMF has changed its adherence to policies that were responsible for bringing the world to the verge of a global meltdown at the end of the 1990s, as you observed in your book Globalization and Its Discontents, let alone the intensification of them that led to the more serious global crash of 2008? Has it developed new strategies that can help a country that has suffered from more than 30 years of civil war, and a regime that was responsible for destroying all democratic institutions and the rule of law? As you are aware, the previous regime followed a more blatant policy of crony capitalism, obtaining huge loans that created a real debt trap.

Unfortunately, the present government has no clear economic policy except to follow the outdated neoliberalism. As an example, it wrongly continues to prioritise huge and expensive projects, such as the Megapolis and Port City, while the country has so many more pressing needs. As a person who has won the confidence of current Sri Lankan government leaders, please make them understand that their policy is dangerous; it will only increase hardship and likely bring about a backlash and another dictatorship, destroying the hopes of the people who voted for something else on 8 January 2015.

This is now very urgent, as the government plans to declare its economic policy by July, most probably following advice from the IMF.

With Best Regards,

Michael Fernando
A concerned citizen of Sri Lanka

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  • 10
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    It does not state a clear economic policy and only speaks about implementing the third phase of the neoliberal policies introduced in 1977.

    I suppose “neoliberal policies” means opening of markets in 1977. The markets were open between 1948 – 1962. Under Srimawo everything was closed.

    The following were the consequences of a closed economy.

    – Profit making enterprises from tea, transport to manufacturing begin to make large losses as nationalised enterprises.
    – The local production was not adequate to meet demands. The food prices spiral, food rationing is introduced and food queues ensue.
    – The faltering economy fuels political instability creating insurgency in north and south.
    – Singapore beat Sri Lanka in terms of GDP growth for the first time.

    Its not rocket science. The systems theory explains why this happens. Closed systems stagnate and deteriorate. Open systems grow and flourish.

    So understand who you are. You are a donkey that is espousing regressive Socialist cum Commie ideas for Ceylon. The calamity of 1962 which Ceylon has barely recovered.

    • 0
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      Vibhushana,

      Finally, you have said something that makes sense.

      I had lost all hope on you.

      • 3
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        Contrary to Prof. Stiglitz advice, orrupt clown and insider trader, Arjuna Mahendran is on a borrowing spree, rather than tracing the 18$ billion looted by Mahinda Jarapassa, family, brothers, sons and cronies like Nivard Cabral who is the other crook who ran Central Bank.

        Mahendran is boasting about being able to borrow 3 $ billion after an IMF agreement, while pretending that the Panama Papers revelations are false. Mahendran is a crook and has no plan to reduce borrowing or the Sri Lankan National Debt, which is the reason for massive currency depreciation which will continue after the IMF loan. IMF conditionalities will further increase DEBT, impoverish the poor and promote corruption in Lanka.

        If IMF wants to really help Lanka, the first AID CONDITIONALITY SHOULD be corruption investigations and tracking and bringing back funds looted by corrupt politicians and the Jarapassa family and cronies from illegal overseas bank accounts overseas in tax havens – to pay off national debt of Sri Lanka. But this will not happen because the IMP is CORRUPT and wants to cut back on health, education ans social sector spending.

        IMF with its Washington twin the World Bank, has legalized corruption, tax evasion, rent seeking in the global financial system. IMF and World Bank which calls itself the Knowledge bank (Ha, ha, ha!) have watched the looting of poor third world countries and the transfer of those funds to boost western economies by corrupt crooks like Arjuna Mahendran and associated political elites, and never said a word or BLOWN A WHISTLE to stop this looting poor countries including Greece which is suffering under IMF austerity measures..

        IMF and WB publish copious reports on remittances of migrant workers from rich countries to poor countries, but never a word on the funds that flow from the global south to the global north via off shore tax havens that benefit the global north. IMF and World Bank are supposed to be in charge of the global financial system and have legalized corruption, tax evasion and looting of third world countries by their elites through LEGAL NETWORKS OF FINANCIAL CORRUPTION.

        Corrupt clown Arjuna Mahendran talking to the Corrupt IMF for another loan to offset Mahendrans bond scams is a joke! Legalized corruption is the name of the Ayahapalanaya Ranil-Sira govt. Game. Arjuna Mahendran is a colossal DUD and financial criminal who is looting and destroying the Sri Lanka economy!

        Thank you very much Harsha De Silva and Eran for keeping your mouths shut and watching this dirty economic game that is going to cause massive DEBT TRAP and DEFAULT of the Lankan economy, and impoverishment of the Sri Lankan people!

        • 0
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          Panama Papers: How the Seychelles saved Syria
          Panama Papers revealed how a seemingly insular regime has harnessed the tools of globalisation to ensure its survival.

          What do Sri Lanka and Syria have in Common – Seychelles, corrupt dictators and Armed Conflict, past and future perfect…

          Syrian companies close to the government created shell companies in the Seychelles to avoid global sanctions [EPA]
          Syrian companies close to the government created shell companies in the Seychelles to avoid global sanctions [EPA]
          About the Author
          James Denselow

          James Denselow is a writer on Middle East politics and security issues and a research associate at the Foreign Policy Centre.

          @JamesDenselow

          Note: Lawyers for Morgan Additives Manufacturing Co contacted Al Jazeera on April 11, 2016, to inform us that designated individual Wael Abdulkarim resigned as a director of the company on December 30, 2014, and that Morgan is at an advanced stage in challenging its designation by the US Office of Foreign Assets Control.

          Against the backdrop of recent territorial gains, the cessation of hostilities and a peace process in Geneva that is rumbling along, President Bashar al-Assad seems more secure than ever after five years of conflict in Syria.

          When people ask how he managed to stay in power despite the country having its economy collapse in half, hundreds of thousands killed, one in two Syrians being forced from their homes and the conflict dragging in four of the five UN P5 members of the Security Council, you wouldn’t necessarily think about the Seychelles.

          Yet as the Panama Papers, the biggest leak in global history, has shown, the idyllic archipelago of 115 islands in the Indian Ocean off East Africa has played its part in keeping Assad in the Presidential Palace in Damascus.
          Inside Panama Papers: How the rich hide their money

          What this demonstrates is that what appears from a distance to be an insular, authoritarian regime far more proficient in the tools of medieval warfare than modern capitalism, has actually used the levers of globalisation well to protect its interests.
          Evasion of sanctions

          What the 11.5 million leaked documents reveal is that three Syrian companies close to the government – Maxima Middle East Trading, Morgan Additives Manufacturing and Pangates International – used the already infamous Panama-based law firm Mossack Fonseca to create shadow or shell companies in the Seychelles to avoid the increasing pressure of global sanctions.

          Considering how near the regime was to collapse before the Russian intervention, this evasion of sanctions is fairly significant. The Panama Papers suggest it paid for fuel that kept Syria’s Air Force helicopters and airplanes in the air.

          READ MORE: Privilege and the Panama Papers

          Modern tactics of moving money through tax havens, loopholes and front companies allowed for pre-modern tactics of dropping barrels filled with explosives on urban areas.

          Modern tactics of moving money through tax havens, loopholes and front companies allowed for pre-modern tactics of dropping barrels filled with explosives on urban areas.

          Another way of looking at it is that tax-dodging has cost lives.

          The state and nature of Syria’s economy was among the triggers of the conflict back in 2011. David Butter’s major Chatham House report into the Syrian economy outlined how “economic grievances were an important factor underlying the uprising against the Assad regime”.

          Aron Lund, from Carnegie, explained that “for decades, the Syrian regime has been mired in corruption, benefiting from the exploitation of state regulations, bribery, and organised crime at every level of the system”.

          Bashar al-Assad’s presidency saw an opening up of the Syrian economy with the introduction of private banking and a stock exchange among a huge raft of changes.

          Yet as the renowned Syria scholar Raymond Hinnebusch wrote back, in 2012 the pressures of privatisation led the Syrian leadership to appropriate public sector assets for themselves, to enrich presidential families and ministers and private investors allied with them in “networks of privilege”.
          Network of privilege

          Nowhere is this network of privilege more apparent than in Assad’s maternal cousins Rami and Hafez Makhlouf. Some estimates put their worth at $5bn before the war, with control of up to 60 percent of the Syrian economy.
          Syrian President Bashar al-Assad [AP]

          They have been the target of international sanctions, including US sanctions, since 2008 and 2007 respectively, and the EU since 2011, suspected of controlling key gateways to Syria’s oil and telecoms business.

          Yet via a firm in Panama, the Makhloufs were able to continue to operate.

          Frederik Obermaier, co-author of the Panama Papers story and an investigative reporter at the German newspaper Suddeutsche Zeitung, told Democracy Now: “they [Mossack Fonseca] realised that he [Makhlouf] was the cousin, and they realised that he was sanctioned, and they realised that he’s allegedly one of the financiers of the Syrian regime. And they said, ‘Oh, there is this bank who still does business with him, so we should still keep with him, as well’.”

          READ MORE: Panama Papers – Why should we care?

          A focus on the traditional attributes of the economy of the state (ie, its industries, export and imports, etc) needs to be complemented by an understanding of the economy of the regime and the networks of privilege and corruption that comprise its core.

          What has happened in Syria is that a corrupt economy became a corrupt war economy that was able to take advantage of a system blown open by the Panama Papers.

          It’s worth remembering that this is not the first leak to embarrass the regime. Another set of leaks, emails from 2011, showed Minister of Presidential Affairs Mansour Azzam sending Assad potential options for Russian private jets among rumours of an exit strategy being put together.

          It would appear that Assad is no longer in urgent need of an exit strategy. However, he could use the private jet to visit the Seychelles or Panama to thank those who have helped him to remain in power.

          The Panama Papers have shone a light on the economic activities of the regime that have stayed for too long in the shadows and, with the amount of information leaked, we know that there is lots more to come.

          James Denselow is a writer on Middle East politics and security issues and a research associate at the Foreign Policy Centre.

          The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial policy.

          Source: Al Jazeera

      • 0
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        Keynes! ,

        It would be the biggest coup if IMF lends without the devaluation of SLR by 30%.
        In all it would be a bad debt for IMF.- her position is delicate July.
        Music CD buddy merkel is reeling with Briexit and future shock this summer – 1/2 million from Libya.
        Boris will be the new PM soon.
        http://www.independent.co.uk/news/people/boris-johnson-instructs-vote-leave-audience-member-to-interrupt-live-channel-4-news-broadcast-a6987106.html

        • 1
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          I am yet to master the Original Sin hypothesis.

          Cannot comment.

    • 0
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      @vibushana

      Absolutely true – under communo-socialist Siri Mao the country underwent the worst of times plunging it into the bowels of hunger and deprivation and triggering off the insurgency in the south as well as the terrorism in the north later on. Thank heaven for not thrusting another Bathalawathy on us. And by the way,you certainly can recognize a donkey when you come across one.

    • 0
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      What Socialism for this man Michael? When he fell sick he sought treatment overseas and not in the local hospitals.

      • 1
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        I suppose you don’t have tools that can do it without butchers knives.
        Why are overseas hospitals for only unp pappas??

        • 1
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          Siva Sankaran, because these buggers who denounce should not seek foreign comforts. These buggers are nothing but Hypocrites and Humbugs.

          • 0
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            Gamini,
            Appreciated but the UNP has much to do with policing control by having a checks and balances system as in the UK- its not perfect but it works so that the folk at the bottom can be free of assault and stop these stupid `extreme left wing folk from luring them in to their fold like drug dealers do.
            This I think is the immediate priority.

  • 2
    1

    We should never stray from our natural main-stay of the national economy, namely Tea, Coconut and Rubber. But what is the proportion of the budgetary allocation in Minister Karunatilleke’s Budget?!!? What is the emphasize on other cash crops, vegetable and fruit cultivation? What about fisheries, specially inland fishery? Learned doctor and professor, the emphasize (as usual misplaced) is the megapolis, port city. This adds unbearable burdens to our voters. But then, I am not an economist so maybe I am wrong!! I am not even a politician. So I am definitely wrong. And so are you, Dr. Fernando.

    • 5
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      ‘…….We should never stray from our natural main-stay of the national economy, namely Tea, Coconut and Rubber…..’ What;s this, some kind of death wish?

      Sri Lanka’s future lies in high tech, niche markets, and more than ever, opening up.

      Our biggest earner today is the remittances of housemaids and artisans. WE can, and must, do better.

      WE are NOT ‘little’ Sri Lanka. Comparing ourselves (as we love to do) to little Singapore, WE are 91 times the size of Singapore, with a population just over 4 times (our population is nearly that of Florida, the 3rd most populous state in the US).

      Singapore can only dream of having what we have in natural resources. Yet the Singaporeans clearly have more grey matter upstairs than we have. AND infinitely more vision. THEY treat the world as their canvas. Singapore Airlines v SriLankan; who will win? Don’t bother, it’s a NO contest.

      WE must stop being afraid of taking on the world. First clear the decks of the the shitty politicians who are bleeding the country dry. Then let people go free; unshackle them and let talent flourish. Let the ‘foreigners’ come and we will learn from them. Let us stop being little islanders.

      Listen to Prof. Stiglitz, and others, by all means, but where are our brains? They should be at the forefront of our planning. They should be driving our economic course.

      • 3
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        Spring Koha

        Are you being serious.

        Aren’t you afraid of being told off by ultra nationalists Douglas and SJ/sekera both of whom still believe in the idealism of Siri Mao and NM’s self sufficiency drive, import substitution, Indian Ocean Zone of Peace (which means “We shall fight them on the beaches ….”)?

        • 2
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          Deadly serious, Native Vedda.

          The longer we keep ourselves isolationist, the weaker we will remain.

          You mention that old chestnut, import substitution. Well, it is about high time the government practised it and started to use some of the brains from our ‘minority’ communities. Our Tamil brethren in particular continue to be as rare as hen’s teeth in the government departments that I wander about in. They can’t all be in Mississauga, can they?

          • 0
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            “”They can’t all be in Mississauga, can they? “”

            the ones at foundation ivy league scoring above 90’s are self made and are not in truck with the Vadukottai class or JT’s but are from Colombo- Like the powerful Indians in the USA.
            They do believe that there has to be reasonableness its for the majority to put that in place.

            High -Tech. even China does not have high tech but now the Germans are just giving them a taste of it and it is very expensive -$$ billions. It is not being sold because it is western power. The underware you make is semi tech cloth but when that cloth becomes internet accessible and you don’t need to carry a mobile phone that is high tech.
            Even india with all its billionaires living there cannot have technology transferred unless its conducive smart material patent rights cost in Billions. Sony purchased radio tech from USA 1949 but developed it like ducks taking to water- they were a recluse advanced society.
            The stupids tamils fighting may boast about their wealth from cornershops and selling phone cards.- that is their only tech.
            There is high tech for graphite but not with JT’s in the brawl. Any material that you have there can be made used for high tech -who is going to bell the cat. Grow slowly in agro industry and there is much in horticulture engineering. you have to select you have to collaborate to market it and make it.
            I had market for essential oils so in 1969 manufactured and sold it to Scandinavian nations. I know someone is doing it and is big there but mine was exclusive.

          • 1
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            Spring Koha

            “”The longer we keep ourselves isolationist, the weaker we will remain.””

            Are you from Golden Balls Banda Island??

      • 2
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        Spring Koha,

        “Sri Lanka’s future lies in high tech, niche markets, and more than ever, opening up.”

        High tech is high bull!

        Potato chips will beat micro chips.

        Switzerland makes Cuckoo clocks and has become one of the richest countries in the world.

        • 4
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          Keynes!

          “High tech is high bull!”

          NASA Really Is Trying to Grow Potatoes on Mars
          Scientists cooking up test with potato pros in Peru; 65 varieties, red desert dirt

          By RYAN DUBE
          Biographyryan.dube@wsj.com
          April 13, 2016

          Walls Street Journal

          It is high tech potato for you.

          If Siri Mao was able to import free rice from moon why not high tech potato chips from Mars.

          Tell us as to why high tech is high bull.

          Are you a Tamil/Sinhala/Pali/Sanskrit language or Religious studies graduate attached to Central Bank or planning ministry?

          • 2
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            Native Vedda,

            “Tell us as to why high tech is high bull.”

            Why can’t you take my word it?

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              Socialista Spring Koha is just singing that Sinhala song `balanda enda kiyanna`
              What he does not realise is there won’t be Indians coming there to donate kidneys because human limbs and organs would be printed, 2020 – 3D printing (layer printing) 2025 it would function as the original. Simple thing as stenting for heart it functions like the normal valves by thinning the blood with aspirin.
              2025 global industrial network – there won’t be sewing girls as garments would be 3D printed then on the decline. Instead of buying a dress made by a designer I could order alter the design with few clicks to suit my profile and voila it is made 3D printing and shipped
              Hobbyist can buy a 3D printer was as little as $1000 and it is getting cheaper. This is like the dawn of CD writer at $5000 today we don’t need it as USB is there.
              3D printing started in the 80’s. it is printing by layers or adding. now we are extruding by machine in industry.
              Socialist cannot stop the world like Indira did to India (did not even have a calculator or soap)
              The Sangha is stopping Lanka.- You are right!

          • 0
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            There is something called addiction- Women are chatter boxes and wanted to mind their children so the cell phone picked up. (Cell/radio was for ambulance, police etc) You know we do banking too and cloud has made it secure (without anti- virus because Microsoft has the cell operating system in different layers unlike Android)
            High tech means latest on earth. Not kussi amma Lankans rice from moon. Not collector’s items from space which is rare. The most expensive metal Titanium if processed in space cost less.

  • 0
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    Neo-liberalism opens up rather more than just “markets”. Coincidentally, just before reading your comment, I happened to read “Neo-liberalism: the ideology at the root of all our problems” by George Monbiot in the current Guardian online. It’s just one of so many critiques available now.

  • 1
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    Please don’t forget:
    i. The successive governments have their eyes on the next elections and not on the progress of the country: https://regfollower.com/?s=sri+lanka
    ii. The Minister for Rehabilitation and Resettlement is adamant that the war victims of the North live in metal houses without ventilation.
    iii. In an International Herald Tribune interview in 2007 the late Mr Lee Kwan Yew said:
    ”The mistakes of Sri Lanka and other newly independent ‘failed states’ made Singapore go in a different direction. When Singapore broke off from the Malayan Federation it had a hostile neighbor and a population made of Chinese, Malays and immigrants from the Indian subcontinent. The basis of a nation just was not there. But the advantage we had was that we became independent late. In 1965, we had 20 years of examples of failed states. So, we knew what to avoid – racial conflict, linguistic strife, and religious conflict. We saw Ceylon.”

    Why not have ”reverse lessons” and respect the dignity of ethnic minorities?

    • 0
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      Your prayers should be answered by July.
      Your Vadukotte stupidity has made 2 of the greatest Indian Tamil men to be ignored for the moment because of Hillary Billary.

  • 3
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    Dr Ferdando seems like you are talking about low quality Sri Lankan Economics Departments Economic jokes. See how they work. Visit Sri Lankan Public University system. This is the real truth in University recruitment for academic positions and promotions: First they find a person and then advertise according to his/her requirement and send aboard for their friends’ places for PhDs. More than 40% University Lecturers are relatives to each others and they give PG degrees to each other (Husband gives PhD to wife and girlfriend/mistress getting PG degree, sons, daughter and son-in law and daughter- in-law). Some Dept are family trees and even after retirement still they are in Universities and leave approval mainly based on sex other other outdoor ways in Sri Lankan Universities. Check minister inside please. As a tax payer to run this business, I like to propose following measures to clean Universities and get back to old golden days. 1) Identify and transfer all family members work in same University/Dept/Faculty as Lecturers. Recheck how these all family members came to system and penalize the responsible. Sometime wife is writing articles putting husband’s name for articles and husband getting professorship without shame (what ethics) presenting these to promotions. 2) Recheck all Lecturers and Professors qualifications and publications based on that re-grade them. 3) Never sent job applications received for academic positions to the respective academic depts. If you sent these applications they remove qualified PhD people and only interview henchmen. 4) Remove good business subjects from Arts faculty and hand over to Science and Technology faculties. See how Arts faculty destroyed good names of many good disciplines. Today Arts faculty products (graduates) are a symbol of unemployment. 5) Famous family dept must be closed and appoint President Commission to check inside and FCID must be called to checked inside for last 20 year period. 6) Never give professorships for jokers. 7) Reduce retirement age for academics 65 years to 60 or 58. 8) Follow strict rule while appointing Professors: In order to be a real international professor your PhD from world top 100 University, minimum 20 articles in ISI/SCOPUS indexed journals, 10 text books with international publishers and three countries have to appoint you as a Visiting professor. 9) Never allow any dept to issue first degree if you do not have sufficient number of PhDs in that dept. Take some Universities many Deans do not have PhDs. This is a recipe for disaster. 10) UGC can directly take task of recruitments of lecturers and give to respective Universities. This must be done quickly. 11) Select the best Lecturers with help of private sector independent body and sent to world top 100 universities with strict bond requirements. 12) Many of these so called academic jokers are now entering into professional bodies or they themselves create own fake professional bodies and they destroyed that profession also. 13) Develop comprehensive web sites for each University and say to show Publications with indexing place to public by each academics (not joke conference papers) and degrees where (Country and the University and international ranking of that University) they got their PHD. Today the most important thing is your PhD must come from accredited, ranking (at least 100) best University of the world to recognized your University basic products. Now see Sri Lankan local Universities are rotten to death. Somebody has to clean it.

  • 0
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    ” the mess created by previous regimes.”

    and didn’t this regime add to the mess?

    ” the previous regime followed a more blatant policy of crony capitalism, obtaining huge loans that created a real debt trap.”

    no crony capitalism under this regime?

    read this and other social media to get some idea. Just look at how the government advertisements are distributed.

    what about loans this regime obtained?

    So, in fear of a ” backlash and another dictatorship” you write to Stiglitz to tell Ranil to give up neo-liberalism?

    What is Maithri and Chandrika who are part of this regime going to do about this?

    And Left Centre? The Communist Party breakaway group? Aren’t they working together with this regime?

  • 1
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    By Michael Fernando,

    The looks in your photo betray the ideological throes you are entangled in! I assume you a one from the dead left, the kind of parasite colony living off the left overs of roguish MARA and his deformed economic, ideological, political, familial and personality tweaks.

    I don’t see any signs present RW led policy and action paradigm moving away from those Stiglitz involved deliberations and directions-they are looking for investors, job creation, export orientated, immediate short term and long term oriented, restructure bent (Chinese projects and loans), tourism and value addition oriented, long term planning too are touched (Mega police) and they are being very kind too of the Rajapaksha bigoted deformed children like Port City and Norochcholai etc. I don’t really understand what the hell you are talking about. Could you be more specific and also mention your alternative solutions you propose?

  • 2
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    Seems like Colombo University Economics dept sociology PhD holding fake professors’ and out door recruited Lecturers’ joke economic analysis.

  • 1
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    Joseph Stiglitz is an over-rated economist.

    His Nobel prize was for showing that “asymmetric information can provide the key to understanding many observed market phenomena, including unemployment and credit rationing.” Big deal.

    Stiglitz hangs around with George Soros, who launched the Institute for New Economic Thinking (INET) in 2009 by contributing USD 50 million. Seven years later, I have serious doubts as to whether INET has brought any new thinking to the table.

    The founding of INET was probably fashioned along the Solvay Conference of 1911, which is considered a turning point in the world of physics.

    72 years ago, my namesake John Maynard Keynes referred to a similar conference as the “most monstrous monkey-house assembled for years,” thereby declaring his reluctance to attend the Bretton Woods Conference.

    I don’t think that INET is a Trojan Horse. It seems more like a Vanity project.

    In 2006, the Cour de Cassation (one of the highest courts in France) upheld the conviction of Soros for insider trading in 1998. His subsequent appeal to and the decision of the European Court of Human Rights is also interesting.

    I have a few words for Michael Fernando. Give up your Communism and try embracing libertarian socialism.

  • 0
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    To some who would call themselves “Patriots” but with “Hidden Agenda” the present economic situation that the country is “bombarded” with is all they “Wanted” and “worked” for. In real form this is the “Second Elam War” that “Behind Closed Doors” operatives were waiting for and now emerging as “Friends” of the present RW & MS led Government. These “Behind Closed Door” operatives will “resist” and direct lethal attacks on any one who makes any attempt to correct the course of the present Government by way of pointing mistakes and misdoings to make this country regain its standings. In that “Behind Closed Door” operatives, we will not see any of our “Native Veddas” from Dambana, Sevanagala, Kumana etc. those far off villages. No doubt, they are mostly from far distant outside of our country and they now “Plan” to get their “Ultimate” goal of nothing but a “Separate Country” as reportedly proclaimed by the Chief Minister of North.

    Be that as it is, but all the PEOPLE need to be aware of that danger of a “impending” real emergence of the “Economic War” unleashed. We have been “Bombed” with a huge National Debt load of Rs. 9.25 Trillion; mind you that is a portion of what has been calculated on a very conservative basis; but the REAL DEBT is not yet known. To pay only the “Interest Potion” of that Loan Debt, the country needs Rs. 600 billion. What amount of net return on the investments made from that LOAN CAPITAL is not known and these figures are “climbing” on a daily basis. This situation is very detrimental to the country and if our National Gross earnings are not sufficient to service the debt commitments, we will be faced with a “Bankrupt” situation. So one option the Government has is to convert all those “Debts” into “Equity” holdings and transfer the management to the “Creditors” and thereby “Import” all those “Foreign” stake holders into the country.

    This situation was created by no other person than the previous President and his regime. He knew that we are unable to meet these loan repayments and with his defeat at the last elections, he has palmed the legacy to the present Government. Now when we are struggling to find solutions to get out of the mess, all such people are labelled Nationalists and in extreme Ultra nationalists. Yes, we willingly accept that title; because it is our “Country and Nation” and the future generations to come are going to be the victims and not the “PSEUDO” Vedda from the “Diaspora”. I know real VEDDALATHTHO from Kumana, Dambana, Sevanagala etc will join in our struggle to free this country and the nation from this “Economic Ealam War” that has been unleashed already.

    • 2
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      Douglas

      “I know real VEDDALATHTHO from Kumana, Dambana, Sevanagala etc will join in our struggle to free this country and the nation from this “Economic Ealam War” that has been unleashed already.”

      That is the very reason as to why I am exposing the Ultra Economic Nationalists who insist on tried and failed economic policies which partly contributed to violent conflict from 5th of April 1971 to 2009. There won’t be second Eelam War, economic or otherwise.

      If the state want to prevent another 1971 and between 1987 and 1991 the politicians need to double the size of the economy within the next 10 or so years.

      You better realise kakkuru and hatata days are gone. People need/wantdemand more.

      Douglas put your horse before the cart. Stop exporting women to medieval middle east kingdom before chest thumbing, finger wagging, petty pride, gusto, bravado, imagined sovereignty and all other little things the ultra economic nationalists proud of.

      Here is some evidence for your Economic Ealam War that you believe has already been unleashed:

      Stolen Weapons From Laggala Police Station Found At A Buddhist Temple

      Over US $ 19,000 Million Pilfered Out Of Sri Lanka In 10 Years

      Impunity Continues: Champika Ranawaka Must Be Arrested

      The Financial Crimes Investigations Division has commenced investigations into the multi million rupees worth Carlton Sports Network (CSN) office at Denzil Kobbekaduwa Mawatha in Battaramulla.

      CID To Question Wimal, Dinesh Over Suicide Jacket

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      Douglas man

      You have been sitting on the fence for quiet sometime it now appears that you have already joined the smart ass patriots. Smart ass patriotism is the best place to hide crooks and sins. I am not saying you are a crook however it appears that you are trying hard to defend the crooks, racists, who mismanaged the country and its economy at least for 60 years…. who used petty nationalism and smart ass patriotism to hide all their sins.

      I asked you in my earlier comment elsewhere to give us the economic model you are in favour of. If you can’t think of one its alright. It does not mean you have to bury such non existent model under “Economic Ealam War”.

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    Mechil fernando is not an Economist in his academic skill,no doubt that he is belongs to group of elties by ordhox leftist of reformist line of political-economist.

    Dear Mechial……
    What Stiglitz said his book Free Falll “..but problems of that have to be addressed are not just within the borador of United State. The golbel trade imbalances that marked the world before the crisis will not go away by themselves .In golblized economy ,one cannot fully address the Amrerican ‘s problems withing viewing those problems brodaly.It is global demand that will determined global growth ,and it diffculit for USA to have robust recovery —-rather than slipping into Japanese -style malaise unless the world economy is strong….”

    Mechial before you need address yourself on or before write Stiglitz give answers to what you seek truth from him? “The current crisis has uncovrered fudamental flaws in the capitalism system or at least the peculiar version of capitalism that emeraged in the latter part of 20th century in United State.
    It is not just matter of flawed individuals or specific mistakes ,nor is it matter of fixing a few minor problems or tweaking a few policies….”

    What we need a new emerging forces to stage of next debate to look for the sustanability of econimc developemnt for Sri lankan in the eye and say.
    These political system are lying you and me.They cannot tell the truth becuuse thet are each trapped in decades of special interest of foreing capital.

    But I am not going to tell you want to hear.I am going to tell you what you need to hear,if we want to be democratic development and new policies by leaders ,not that by line with new Hegemonist of Indians.

    Should not we rather try to expose embezzlement and misapporprition on going regime rule of law and good goverances? That make certain sense!

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    The economic strategy of the government must be consistent with the IMF recommendations. The Prime Minister’s visit to China is perhaps the best performance of the government that, consulted Economists of the stature of Joseph Stiglitz, in preparing the framework for the economic strategy.Port City based economic strategy must be the centre of the Megapolis development project.

    However, the government has no focus on the need for a multi-lingual educational strategy to develop the young people to work in the Megapolis. Wasting scarce resources on producing more mono-lingual unemployable graduates is only hastening the next youth insurrection. If so, the nephew will be repeating the tragic legacy of his uncle in creating the conditions required for a youth insurrection.

    He should get the help of his wife, who is a professor of English, President Kumaratunga & the International School entrepreneur MP Grero, to address this critical issue.

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    Native Vedda: Tank you. I am still for preserving the “National Identity” and the country called “Sri Lanka”. There are no questions to be answered on that. As regards the “Economic Model” for consideration, it is already with the people concerned and I only do a follow up and comment on as and when necessary, especially when wrong signals are transmitted. That too is done with the intention of safeguarding the “Nation” and the “Country”. I referred to “Economic War” having considered the sudden withdrawal of funds from the country and the reasons for doing so, which I do not intend to discuss here. That we will wait to discuss in the future. In regard to the those weapons lost from Laggala Police station and finally to be found near water tank of a Buddhist Temple is under investigation and let that be solved by the Law Enforcement.

    Your statement that I am “trying hard to defend the crooks, racists who mismanaged….” Please read my comment dated Apri 16, 2016 in connection with the article titled “Post Avurudu Shock -VAT to be increased in May”. You will understand me better then. For your information, I am carrying on a vigorous campaign through various sources to expedite punishments to all those crooks including the “Big Sharks” who are trying to “CUT” DEALS with the present day Authorities. These “BIG SHARKS” are now “Negotiating” to extend “SUPPORT” to present administration and I suspect and believe those moves are intended to make DEALS.This MOVE, I am watching carefully.

    In regard to “racists”. That word I hate from whoever it comes. This came to light when MR lost the election and his “pandith” goons analysed the voting patterns of Tamils and Muslims. I reacted very strongly against such “Stupidity” and received damning electronic mail messages. Yet, I will not bow down to such and change to be a “racist” at any cost. That is my stand on this “racists” issue brought up. But please remember, I stand firm for THE NATION called SRI LANKAN and for the country called SRI LANKA.

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      I am not Sri Lankan. I am Ceylonese.

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