‘The largest transfer of property ever’
‘Before you study the economics, study the economists!’
e-Con e-News 15-21 January 2023
What is the relationship between the 19th-century origins of the Bank of Ceylon (BoC) and the Oriental Bank Corporation (OBC). The BoC & OBC were first set up to exploit Sri Lanka’s recently stolen lands and impose the coffee plantations, whose HR (human resources) expertise was based on American (yes, this term includes the Caribbean) chattel slavery. OBC in 1863 was then involved in ‘the largest transfer of property ever in Ceylon’.
The OBC later lent 500,000 silver dollars in 1868 to the Japanese government ‘to finance its path of modernization’ to industrialization, as ee reported last week.
That loan to Japan did not prevent the Oriental Bank Corporation from soon declaring bankruptcy. So where did the interest from that huge loan of silver dollars go? And what did all this have to do with setting up an English spy network alongside its mercantile ‘agency houses’? (see ee Focus)
• India’s Foreign Minister Subramaniam Jaishankar buzzed in to Colombo imposing the usual conditions for India’s support for the US IMF’s debt restructuring. The IMF wishes to delay any assistance as long as possible to buy off some of Sri Lanka’s top national assets for a song (rock’n’roll perhaps?).
In exchange for India’s playing along with Washington, Sri Lanka has to fully implement the 13th Amendment imposed by the bloody 1987 Indo-Lanka Accord. Sri Lanka will also have to conduct local government elections ‘as soon as possible’.
India itself could not fulfil its part of the accord and disarm the Tigers they armed and trained. The media refuses to mention these discomfiting truths. Nor was there was any clamor for local elections when the US- and Indian-installed Yahapalana regime kept postponing them.
• More and more questions are being asked about the so-called bankruptcy declared by the present Central Bank leadership. And also about the demand to rob national assets for a mere $3billion bailout by the IMF.
This week, it was reported the IMF is purposely delaying their pittance, so as to get the best discounts from a Sri Lanka driven to & up the wall. This was their tactic & playbook in the 1997 Asian Financial Crisis (ee Random Notes)
The Minister of Justice Wijeyadasa Rajapakshe said $53billion has been stolen from the country by the Import-Export sector. The Central Bank after promising to demand the return these dollars, apparently participated in a flimsy coverup claiming they had returned 2 months’ worth of dollars! (ee Economists, $53million)
• As if to reinforce India’s imperial message, a US warship sailed into Colombo harbor to take part in war games with a Japanese shiba (poodle?) in tow, from January 19-26. There was no hullabaloo, not even a whimper, yelp or squeak by the anti-social media, only so prickly about China’s ‘intrusions’.
This week’s US & Japanese naval and aerial war games will also intrude into strategic Trincomalee and energy-rich Mannar (Mullikullam). The US & Japanese warships splash in the tinkling of US naval spy chief ‘Rear Admiral’ Eileen Laubacher’s visit last week. As noted, Laubacher, the US ‘National Security Council (NSC)’s South Asia Senior Director’, is an expert in their ‘Integrated Undersea Surveillance System’.
It was a busy week at Sri Lanka’s ports and airports. India’s External Affairs minister was joined not just by US marines & Japanese samurai: Visiting English ‘Permanent Undersecretary of the Foreign, Commonwealth & Development Office ‘sir’ Philip Barton, arrived. Barton is apparently worried about Sri Lanka’s ‘policy priorities in Indian Ocean engagement, as well as the country’s assumption of the Chair of the Indian Ocean Rim Association this year’. (Barton’s visit recalls an old Irish saying, that if 2 neighbours are fighting, an Englishman must have visited them!)
New Zealand High Commissioner Michael Appleton also visited Sri Lanka’s Navy Commander, Vice Admiral Priyantha Perera. High Commis Appleton’s intrusion was lubricated by New Zealand’s Fonterra Brands Co donating milk powder (which is banned in NZ) to 70,000 low-income families. Meanwhile all of the countries’ chemical fertilizer needs are now being supplied by the World Bank and USAID (see ee Agriculture). Sri Lanka is being donated to death & debt.
Meanwhile, Jaishankar’s entry was also greased by the announcement that several Buddhist prelates had been invited to India to visit the Dalai Lama. The Dalai Lama promising to visit, though not right ‘now’. After all, a delegation from China’s Communist Party (CPC) was also visiting this week to explain their view of the US-monopolized IMF. The coincidences (or is it serendipities?) are stunning. India armed and trained Tiger terrorist outfits in the same hilly locale where the CIA trained terrorists to attack Tibet (ee Sovereignty, LTTE – Explained in 18 minutes by Indian Commando). Anyway, ee wishes the delegation and our Sri Lankan readers in Southeast and East Asia, a productive and reproductive Hoppy New Year of the Rabbit!
• What’s with the 3rd week of January? Is it because the novel veneer of the Gregorian calendar has worn off, and the new year aint that new anymore and ends up exposed as a mere extension of the same-old same old?
A charade was played out at the annual World Economic Forum in Davos. A child Greta Thunberg was again abused in public. No, not in the way you may think. A fake arrest by Swiss police was arranged for the child star who wants ‘clean energy’. Greta is actually a paid lobbyist for Sweden’s very expensive electric ‘green energy’ corporations.
The European Union has 40,000 corporate lobbyists in Brussels. Their job is to wine and dine EU politicians and then together screw the world (ee Economists, 40,000). Theirs is also not considered bribery and corruption. Corruption is dark-skinned and does not speak the King’s English or EU-ese or yankee-doodle-do-do.
The other fakery was the release of Oxfam’s annual report: Survival of the Richest, with the tagline, ‘How we must tax the super-rich now to fight inequality’. This report is also timed for the WEF annual fest. And its job is to shake down some moral currency from the capitalists.
Perhaps the earnest letter by the 182 economists & development experts appealing to the morality of capitalists was also timed for this late January gathering in the snowy Alps.
This January appears different though. Russia’s famous General Winter has arrived and their expected offensive to wipe up NATO’s playthings in the Ukraine has finally begun. In this regard, ee highly recommends the history provided by Sinhala-speaking Russian Foreign Minister Sergei Lavrov. Speaking on the 80th anniversary of the Soviet Red Army’s lifting of the Leningrad Siege in 1944, he clearly shows, this war and this economic crisis have long been planned, long before Covid 2020, long before Russia’s SMO of 24 Feb 2022. (ee Sovereignty, Lavrov)
• The Why-of-Why (WoW) Brigade: ‘I Don’t Know Why’ was a famous song by the now-deceased Sunil Perera. A scion of the Usvatte Seenibola fortune, we also did not know why this rich boy Perera did not know why or how a mercantile system works. The media is full of seemingly naif WoWs!
There are mourners who those who have the money may buy for their funerals, to pull their hair and grind their teeth. The media too is full of fake wailers who act as if we were all traipsing sunnily and smoothly towards heaven, when we accidentally stubbed our toe on this all-of—sudden outa-d-blue-horror now unfolding before us.
ee’s issue with all this moralizing is this: The timeframe and amounts of dollars lost come from the US government-linked and Washington-based NGO, Global Financial Integrity. These numbers are repeated by anti-national aragalists. The timeframe seeks to only target the Rajapakses etc?
The issue that needs also be addressed is, why there’s no internal investment framework in capital machinery to guide these dollars even if retained? Even then, we lack the conditions for a full circuit of capital. As with the old critiques of Aid & FDI, infusing money into an underdeveloped economy is useless because the basic conditions for capital accumulation don’t exist. Our other demurral is that the main culprits are the MNCs like Unilever who bleed money not just thru illegal ferreting but very legally thru IPR, etc.
So as we approach the 75th anniversary of Soulbury Independence, let’s recall the famous cry at a 1948 Communist rally in Galle Face: ‘Lord Soulbury is here to bury our soul’). The ‘great’ ‘sir’ Nicolas Jennings’ constitution was so written as to allow the English to continue to bleed the country:
‘Trading firms, however, were typically partnerships or sole-proprietor concerns
whose owners usually resided in the country of investment.
In Sri Lanka after WW2 most of the expatriate trading firms were made private
limited liability companies, but without any real broadening of capital ownership & management.
Incorporation enabled the original proprietors, when retiring from the colony,
to withdraw a portion of their assets or even to sort out
and separate some of their private funds which had become merged in the business.’
– SBD de Silva, The Political Economy of Underdevelopment
A1. Reader Comments –
• Preventing Industrial Proletariat • Fake Greta Arrest • Congrats at 250 • Second the Award • Archeologically New • Trincomalee Going Indian • 182 Economists • Same old IMF • China’s Cult Revo
A2. Quotes of the Week
• Anagarika & Industry • HSBC’s ISB Custody • 725 US Bases • Anglomania & Advertising • Malays as England’s Best Friend • Mahaweli Blockage • Quality Assurance Games • Their Dollar Our Problem • GDP Fictions • Lula Rags CB Independence • Land Rights & Poverty • Train Accidents & Workers • Breeding Capitalists
A3. Random Notes –
• New Eastern School of Political Science • China Responds to US Envoy • Unions Write to Paris Club • Prima on Constitutional Council • IMF Firesales in 1997 Asia • Japanese Charity in Hambantota • Somalia’s White Pirates
B. ee Focus
B1. Sharp Philanthropy: England’s Spy Network in Sinhalé & the Bank of Ceylon
C. Building Blocks
• Guaranteed Rice Price for Industrialization • Creation of a Home Market for our Industry • Japan’s Limits to Industrial Exports • Smallholding & Science • The Extraordinary Culture of Machine Tools
D. News Index
continued on eesrilanka.wordpress.com