e-Con e-News

Random Notes (‘Seeing Number in Chaos’)


While there’s a lot of talk of setting up industries and announcing new inventions, the issue is: are profits invested in making machinery?

world Economists

• We cannot expect capitalist media or election observers (themselves recipients of imperialist largesse) to tell us how multinational corporations deliver “block votes” to their favored candidates. But rumor buzzed this week how an evangelical Assembler of Sunday Gold, linked to that US promised land, delivered 20,000 votes in exchange for a doctoral candidate’s assurance their divine nominee would be added to the national list, knocking out more local suitors.

• Several Damoclean swords swashbuckle menace over the head of the new government and the people’s choices – the sword of the Pentagon policing Trincomalee, of postmodern Trump, sleazy Biden, crass Kamala, Guju Modi, unpayable IMF debt, shrinking US markets, EU paternalism, English hypocrisy, Disaporic intrigue. All for what?

     The banshee wail of the naysayers, the media then deigns to amplify: ‘Despots! Militarization! Sinhala Buddhist Chauvinism! Majoritarian Bullying! Exports! FDI! Debt! No import controls! No import substitution! Sell Public Institutions! Oligarchy! Corruption! Flexible Labor Laws!’… Blah blah.

     ee responds: “Form Village and Workplace Councils! Industrialize! Recapture the Home market! Capital controls!” This is what the capitalist and their media find most haram and unkosher.

• “Government set to probe state banks irregularities over last 5 years” reads this week’s headline. Yet the truth is these banks, including the Central Bank, were strangled at birth, as Philip Gunawardena pointed out in 1958! (see ee 2 Aug, also ee 31 May[, 21])

     There is intermittent talk about an industrial development bank. But it’s only talk apparently, since the whites will not allow it (see ee Industry). While there’s lot of talk of setting up industries and announcing new inventions, the issue is: are profits invested in making machinery?

     The media love to wax about corruption, but none are more corrupt than the media – so-called handmaiden of ‘democracy’, the so-called national confessants. The issue anyway is not simply corruption but underdevelopment. If we had all 330 million gods running this import-export plantation farce, the hemorrhaging will continue! The lack of a class dedicated to capital accumulation is the greatest issue. And the state banks have not helped.

     Isn’t the Colombo Stock Brokers Association and its 18 member companies’ claim this week, they are “striving to develop the Sri Lankan economy” – a sad joke?! Not to make a quicky buck?

• An interview with a highly decorated professor of agriculture mentions none of the key issues brought up over the years by such dedicated observers as Philip G and Hector A. Instead, this tie-coat green-sataka-swathed academic, talking “climate change” rattles off a list of high-tech this and organic that, and of course in between inserts the babble that import controls are bad, etc, and how we must look to the private sector. The private sector is reaping vast profits from drugs, prostitution (worker trafficking) etc, so why on earth would they sully the blood on the hands with good honest work?

In ee Economists section, readers can count for themselves a sampling of how many times the word “exports” was mentioned this week by economists, professors and politicians. At this moment it’s a joke and a scandal to keep mumbling “exports” when the US and EU are closing their markets! More hilarious is the call that we must allow the US military access because they’re a big destination for hopes and highly import-dependent export goods! Meanwhile, ee Workers is our briefest section, evincing the lack of coverage of the country’s greatest ‘resource’.

• Fake Advertising hit another high with the SL Institute of Marketing (SLIM) announcing a “Made-in-Sri-Lanka” campaign to bring inventors into the “limelight”. This comes a week after their annual meeting. It’s meant to whitewash the fact the “Rs151billion” ‘marketing’ business in Sri Lanka is solely dedicated to selling foreign products to Lankans, whereas in other countries, marketers sell local products to their own home market first, and then if necessary to the world.

     As ee keeps noting, every week a headline is splashed about some lonesome invention, by a ‘private -public partnership’. This PPP magic thrills even astute readers. When we all know there’s no producer culture! Most of SLIM’s members are obese, with fat and easy profits, yet promote the paler, anorexic figures of beauty.

You can enjoy the weekly news AND analysis on Sri Lanka and the world economy compiled by ‘e-Con e-News’ at https://eesrilanka.wordpress.com/

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