Posted on 07/09/2022 6:25:47 PM PDT by McGruff
Sri Lanka’s prime minister said late last month that the island nation’s debt-laden economy had “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring India and China and from the International Monetary Fund.
Prime Minister Ranil Wickremesinghe, who took office in May, was emphasizing the monumental task he faced in turning around an economy he said was heading for “rock bottom.” On Saturday both he and President Gotabaya Rajapaksa agreed to resign amid mounting pressure from protesters who stormed both their residences and set fire to one of them.
Sri Lankans are skipping meals as they endure shortages and lining up for hours to try to buy scarce fuel. It’s a harsh reality for a country whose economy had been growing quickly, with a growing and comfortable middle class, until the latest crisis deepened.
(Excerpt) Read more at abcnews.go.com ...
“The push for organic farming caught farmers by surprise and decimated staple rice crops, driving prices higher.”
Don’t worry. We can always print as much money as we want - Alan Greenspan.
Who later said he was concerned about the debt.
coming here soon........for same reasons......
The green economy in action.
Good thing we have printing presses to keep us from running out of money.
“In April 2021, Rajapaksa suddenly banned imports of chemical fertilizers. The push for organic farming caught farmers by surprise…”
Not “explained” to the Great Unwashed by the MSM as demonstrated here, is the reasons behind this.
Somewhat reminicent of Mao’s ingenious ideas concerning farming as quick ways to increase the food supply.
C’mon CIA, help us out too.
Indeed a lot of info. While we were funding a proxy war giving hundreds of billions, Sri Lanka had just 25 million left. Shameful!
“ The Finance Ministry said Sri Lanka had only $25 million in usable foreign reserves. That has left it without the wherewithal to pay for imports, let alone repay billions in debt.
Meanwhile the Sri Lankan rupee has weakened in value to about 360 to the U.S. dollar. That makes costs of imports even more prohibitive. Sri Lanka has suspended repayment of about $7 billion in foreign loans due this year out of $25 billion to be repaid by 2026.”
I really wonder how many in the masses that rushed the presidential palace were the same type that instigated 1/6 ( Ie Epps) and the Arab Spring.
The pics I saw of those in the house seemed peaceful and happy. Who burned it down?
Don’t worry.
The Chinese will take over since they are owed money.
Moocher nation. Many more to come.
this all started when this government outlawed use of imported synthetic fertilizer and forced ALL domestic agriculture to use “natural” methods instead, you know, to “go green” AND save money ... the resulting crop failures subsequently depleted foreign reserves when they had to be used to import food (instead of fertilizer) ... consequently, no foreign reserves remained to import anything else, including fuel ... “Go Green, Commit National Suicide” ...
btw, most detailed description of what happened to sri lanka, as well as best description of the vital fole of synthetic fertilizers for human progress ...
https://foreignpolicy.com/2022/03/05/sri-lanka-organic-farming-crisis/
Government borrowing out of control.
They need the rule of law and limited government.
How’s the Morton’s Steakhouse in Sri Lanka doing?
[Sri Lankans are skipping meals as they endure shortages and lining up for hours to try to buy scarce fuel. It’s a harsh reality for a country whose economy had been growing quickly, with a growing and comfortable middle class, until the latest crisis deepened.]
Good thing this can never happen in America.
Our politicians are too smart for that and too dedicated to the American Middle Class workers!
It’s almost like they are trying to kill us all off! Of course that would be a conspiracy theory… pish posh!
What will Pete Buttigieg do when the power goes out, the fuel tanks ran dry, and the A/C stops working?
Mostly a pack of left-wing lies:
https://foreignpolicy.com/2022/03/05/sri-lanka-organic-farming-crisis/
Go on “maternity leave” once again?
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