e-Con e-News



Selections from this week’s e-Con e-News, interestingly titled ‘Benito Cereno & Sri Lanka.’

1. Have you heard of the war for the Paddy Lands Act in 1958? If you have you may go, “My oh my! How things change!” See how LOLC wallows in and bellows about superprofits from rural microfinance! This week saw Litro Gas thrilled that government co-ops will be distributing their products! And Commercial Bank and AMW will sell New Holland tractors! Yet, why can’t we make tractors?

2. How about a Ministry of Steel, Machine Tools & Capital Goods? Read about the early hopes for industrialization and the relationship between Engineer Wimalasurendra, Anagarika Dharmapala and Cumaratunga Munidasa.

3.USAID gave pencils, pens & exercise books to MPs in parliament? Yet, don’t we have graphite and wood for pencils? And what happened to Vallachennai paper? Sigh! (

4. “The US unilaterally controls the global reserve currency, the US dollar. In theory, the US$ is a global public good but, in practice, it is an instrument of US domestic and foreign policies. There’s therefore the big danger of the US using global public goods, like the US$, international banking transactions, and the Swift system, for unilateral purposes and ends.

This will encourage the world, especially China, to work towards creating an alternative global order. If that happens, the world will become a far messier place.”.

5. The latest wail against import controls is that capitalists are worried about people’s nutrition. Heavy artillery is being hauled out to oppose controls, despite the fact there is no industrial policy or plan yet. The import-export monopolies still rule, and how they oppose any steps towards real industrialization!

Is the entire purpose of the propaganda blitz calling GR a despot because they’re afraid he’ll have to go after the real criminals, the CEOs, bankers, etc, whose village names do not precede their cognomen? Grandpass Jafferjee? Thulhiriya Amalean? Instead, they wear sober ties instead of garish gold chains, and claim to do all things socially responsible, sustainable and inclusive, etc.

Yet, if you examine their business news, their claims to high quarterly profits, etc, are more than anything garish Angoda Lokka may sport (Sampath hits 1 trillion!). This may be the law of financial capitalism. Everything has to be upbeat when they’re trying to lure the greed of investors and promote extravagance of borrowers. Unless capitalists are trying to avoid taxes and claim losses to beg for public bailouts (aka robbery!)

6. The anti-Sinhala, anti-Buddhist, anti-majoritarian rhetoric of the white media, appears largely designed to provoke anti-state dissension, and great-nation chauvinism. There’s also a great ignorance of vital history. How did the Catholic Church become the largest landlord in Sri Lanka, or the Anglican Church the largest property owner per Anglican? Why are there 5 mosques in Kalaveva alone? What happened to the temple lands? They were the largest owners of land and offered the possibility for greater agricultural production!

As far as ee knows there have been no confessions or even paltry apologies , let alone land and cash handovers by the Churches or others, for what they have done. Honest Christians are the first to admit such cardinal sins.
The claims to the superprecedence of Tamil over Sinhala, and Shaivism and its kovils over Buddhism and temples, can only bring an equally valid claim that much of Sinhala and Buddhist remains have been violently erased over the years. Which brings us back to the use of nationalist claims to hide attacks on the working class.

Visit https://eesrilanka.wordpress.com for in depth analysis of economic issues and of course the economists!

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