e-Con e-News

A Quicky World History of Fake Debt, Default & Destruction


They lend us money in order that we do not develop ourselves.

blog: eesrilanka.wordpress.com

Before you study the economics, study the economists!

A Quicky World History of Fake Debt, Default & Destruction

e-Con e-News 06-12 February 2022


Bloomberg News falsely proclaimed, ‘Russia invades Ukraine, on Friday, February 4. Bloomberg left this headline up for 24 minutes on its digital frontpage. At least 100,000 contracts were being traded when stocks plunged, due to that headline. Bloomberg later apologized: ‘We prepare headlines for many scenarios and the headline ‘Russia Invades Ukraine’ was inadvertently published. We deeply regret the error.’ Yet Bloomberg owns trading platform Tradebook linked to Goldman Sachs. Bloomberg Data Terminal made its majority owner Michael Bloomberg, a billionaire and a New York Mayor. On February 10, Bloomberg was nominated to be the next chairman of a key Pentagon advisory panel. Bloomberg’s largest customers include Wall Street megabanks JPMorgan Chase, etc. (see ee Finance, Bloomberg)!

On February 3, a day before the fake headline, Facebook shares slumped, robbing millions from public & private pension funds. This week, the Colombo Stock Exchange ‘lost’ Rs100 billion in 2 days. Lost? Who gained? We’re not told if any public or private pension funds lost money. But the same traders, etc., who wished to throw pension funds on the stock exchange, are now crying against a 25% tax on such funds (Random Notes).


The debt of our nations is the product of perverse mechanisms that

lend us money in order that we do not develop ourselves.

We are not going to pay our debt by making our people hungry.

– Argentina President Raúl Alfolsín, 1983


Fake news. Fake strikes. Fake capitalists crying for fake dollars. Fake exports (using expensive imports!) Fake debts! This ee provides a short history of the link between modern imperialism and the so-called national debt. It starts with England’s 1848 genocide in Sri Lanka, when they decided to cloak colonial slavery, as ‘free trade’, how England took over Argentina’s economy without invasion, how they sent gunboats to Venezuela to collect debts, etc.

Headlines this week had a government MP calling on people to ‘band together and treat those on strike to sticks and stones’, and another cried, ‘Strikes – another form of terrorism’. But the real terror comes from the capitalist class, and their lawless bankers, who wish to promote strikes that have no national support.


  • What do Sri Lankans in Sri Lanka own? Do we own the national banks? Do we decide where they invest their money? Do they invest in making machines? No! They invest in importing machines and inflating property prices. Just look at who is clogging the roads and our minds.


  • Sri Lanka Charges Grand Theft! Sri Lanka sits and stands at the crossroads of the world’s major maritime economy, geography and history. We should lead an international charge, beginning inside Sri Lanka, gathering Africa, Asia and the real Americas, to take back the United Nations,. To expose the sham of a ‘human rights’ minus humans as imperialism promotes 21st century underdevelopment, hurling future generations into servitude.


  • Sermons about ‘democracy’ and despotism never end. But beneath lurks the dictatorship of the foreign bankocracy. The so-called Greek debt crisis ended with Greeks having no control over their own banks or laws! Here, US, European central and other banks are stealthily (well, it’s quite open for those in the know) taking over local banks, and finance companies. This grab is led by the World Bank’s International Finance Corporation (IFC), and their master, the US Treasury. The IFC cloaks itself in all the corporate ‘woke’ business: the UN’s sustainable goals (sustaining capitalism), corporate responsibility (responsible to their owners), gender sensitivity (sensitive to gonads), etc.

Sri Lankans only own the national debt. Most of the money Sri Lanka is supposed to owe white banks is money borrowed to pay for white overpriced industrial goods – fuel and all these vehicles clogging the roads, the devices nestled in everybody’s hands.

Marx, Capital Vol 1, Chapter 31: ‘The only part of the so-called national wealth that actually enters into the collective possessions of modern peoples is their national debt. Hence, as a necessary consequence, the modern doctrine that a nation becomes the richer the more deeply it is in debt. Public credit becomes the credo of capital. And with the rise of national debt-making, want of faith in the national debt takes the place of the blasphemy against the Holy Ghost, which may not be forgiven…

The public debt becomes one of the most powerful levers of primitive accumulation. As with the stroke of an enchanter‘s wand, it endows barren money with the power of breeding and thus turns it into capital, without the necessity of its exposing itself to the troubles and risks inseparable from its employment in industry or even in usury. The state creditors actually give nothing away, for the sum lent is transformed into public bonds, easily negotiable, which go on functioning in their hands just as so much hard cash would. But further, apart from the class of lazy annuitants thus created, and from the improvised wealth of the financiers, middlemen between the government and the nation – as also apart from the tax-farmers, merchants, private manufacturers, to whom a good part of every national loan renders the service of a capital fallen from heaven – the national debt has given rise to joint-stock companies, to dealings in negotiable effects of all kinds, and to speculation, in a word to stock-exchange gambling and the modern bankocracy.’


  • State & Stats How much do MPs owe Banks, how many have defaulted on their loans? asks an Island editorial this week. What about bankers themselves? Who do they owe, to whom? The media is silent about the total lack of relevant economic data. It’s the mandate of the Ministry of Finance to institute a solid system of data collection: for example, on the purpose of imports. How much of ‘debt’ we owe is for imported industrial goods, machines, services, experts, etc? The import mafia, etc, opposes publicizing such statistics. The Central Bank, overflowing with PhDs, what are they counting? An MP this week said, ‘prices of some essential goods vary significantly from district to district’.

Instead, the media gives regular publicity to the sniping of the World Bank and the UN, US Human Rights Watch, England’s Amnesty International, etc. Their pronouncements should be framed in thick boxes, like ads clearly stating ‘sponsored’ or ‘advertisement’.

Capitalist economists and their media, so full of doom & gloom about debt & default, yet demand more foreign investment (FDI). Investment for what? To play the casino called the stock market.

The media cannot utter one word about the vital need for higher investment in productive (modern industrial) employment. They do not know what these words mean. And if they do, they’re not allowed to say so, or do not give a damn. All their talk is debt & default. Power & water cuts. Doom & Gloom. Some complain about money printing. Yet the issue is not printing but, printing money for what?

Capitalist media are shedding tears about 74 years of independence & misrule on the Diyavanna, wailing about debt & default. And yet they’re demanding that Sri Lanka be openly ruled by bankers & bureaucrats in Washington & London, Brussels & Berlin, via stock market traders in NY, Frankfurt, Paris, London. This ee Focus looks at how, while blustering loud about ‘human rights’ etc, European parliaments have been rendered napunse!

It’s quite simple. Let’s rid ourselves of this millstone called debt daily and hourly garrotted around our necks. All the Sri Lankika government must do is embark on a program of modern industrialization. All white countries who wish to be our allies, should enable this program by investing whatever expertise they have to offer – for free, as reparations for underdeveloping us for so long – 516 years!


continued on: eesrilanka.wordpress.com

Leave a Reply

Your email address will not be published. Required fields are marked *