e-Con e-News

The World Bank Driving Madness on Our Roads

Summary

30 people are killed or seriously mangled every day on Sri Lanka’s roads, wails the World Bank. 38,000 people annually. But they don’t blame themselves or the IMF. They plan to make it worse.

Before you study the economics, study the economists!

e-Con e-News 26 December 2021 – 01 January 2022

 

30 people are killed or seriously mangled every day on Sri Lanka’s roads, wails the World Bank. 38,000 people annually. But they don’t blame themselves or the IMF. They plan to make it worse.

This ‘mass murder on wheels’ accelerated with IMF-guided ‘explosive growth’ of Finance Companies (FCs) after 1977. The Central Bank of Sri Lanka linked this motorized mayhem to the larger banking system providing ‘ market space’ to Non-Banking Financial Institutions (NBFI). The FCs exploited demographics, the banks feared to tread. Bankers however financed imports to serve this burgeoning ‘market’: the tsunami of Japanese vehicles, TVs, etc.

By 1978 a parasitic import boom had led to a staggering balance of trade deficit of Rs 2.2 billion, the highest in Sri Lanka’s foreign trade history, after 2 consecutive years of trade surplus (an unacknowledged legacy of the previous Sirimavo Bandaranaike government – favorite demons of the Black-white Colombots).

The World Bank in October this year blamed our ‘highest-in-South-Asia’ accident rate on: ‘The contracting structure in the public bus/taxi industry… a completely unregulated industry with no discipline because of the demanding work schedules and 24×7 operation.’ The WB blames bus drivers for using drugs. Roads (rather than rail) carry around 95% of passengers and 98% of cargo. What’s the WB solution? They are providing $500 million for better ‘rural’ roads, saying we need $2 billion to fix the problem, by financing more imports of foreign machinery and goods, and ‘experts’.

The World Bank, after all, will not blame themselves for promoting privatization, deregulation or the destruction of a rational though underfunded public transport system, the busting of trade unions led by dedicated workers, midst the recolonization of the country. Nor do they blame the ruling merchants and moneylenders (see ee Economy, Accidents).

England’s first ‘finance companies’ were quite different. They invested in their own heavy industrial production, trains etc. And despite all the bull about ‘free trade’, the loans were guaranteed by the English government. This solidified Sri Lanka’s underdevelopment, with merchant capital dominating productive capital (ee Focus, Productive Capital). Merchant banks (eg, Standard Chartered, HSBC) and conglomerates (Keells, Aitken Spence, Steuart, Mackwoods) thus arose, in the 1860s, stunting us to this day. These agencies interwove with England’s ‘Devil Business’ – the massive trade in rice and opium, linking Sri Lanka, India, Myanmar, & China (ee Focus, Rise of Banks).

 

  • ‘Nightmare Scenario: a Default on Sovereign Debt – a Pathfinder Perspective’ was blared by the World Bank’s former Chief Economist for South Asia this week. Pathfinder is a front for the US Rockefeller Foundation – tax hideout for Rockefeller oil interests, Exxon, etc., who direct US foreign policy (ee 23 Jan 2019, Tillerson). Rocky’s Pathfinder has its operators both within the government (eg, Ministry of Foreign Affairs Permanent Secretary Jayantha Colombage, High Commissioner to India Milinda Moragoda, etc) as well as in the so-called opposition.

This Pathfinder article (carried faithfully by all English rags) parrots the daily ‘Lord’s Prayer’ (‘debt & default’, ‘doom’n’gloom’) of the capitalist media, their economists, and US ratings agencies, etc. They demand we submit further to the WB’s fellow capo, the IMF. The IMF has already imposed 16 ‘packages’ since 1950, which have flung us into deeper debt bondage.

The World Bank would rather spread horror stories than tell us how they have prevented investment in modern industry. How they’ve made us a dumping ground instead for imperialists’ outdated machinery, goods, ‘expertise’, and a recipient of their never-ending loans and debts.

The big bankers refusing to invest in industry, promote the rule of merchants and moneylenders. Pathfinders, trackers and scouts have an infamous bloody colonial history, betraying their own people.

 

  • While the US creeps up on summits of what they call democracy, US President Biden this week announced $768 billion for their 2022 Pentagon war chest. US-funded thinktank Advocata declares that SL SOEs have lost trillions of rupees etc. The IMF and funded thinktanks will not question why white countries divert trillions of dollars to war and mass murder. What about such ‘SOE’ waste? Meanwhile, the US dollar is driving up the price of oil and commodities.

 

  • Across the Pond 1: The ‘Boys’ are Back! An unsigned Wijeya Group Sunday Times article demands ‘No rice from starving Myanmar, please!’ It argues against rice imports from Burma (an old colonial English practice, ee Focus). It praises ‘600 Myanmar rebel fighters’ who tried to cross into neighboring Thailand, calling these ‘rebels’ (some would say ‘foreign-funded terrorists’): ‘The brave young people of Myanmar, the Burmese, as they are known [sic!], are standing up to the thugs in Khaki who have been suppressing them ever since Gen Ne Win staged a coup d’etat in 1962’.

The Anglomaniacal ST article weeps: ‘Sri Lanka’s leadership which won 2 elections to safeguard Sinhala Buddhists have not shown any concern with the fate of 55 million people of Myanmar of whom 94% are Theravada Buddhists like in this country… Mahinda Rajapaksa takes great pride in being the founder of the Sri Lanka Palestine Association for solidarity with Palestine. But Buddhists who often threaten to shed their last drop of blood to safeguard Buddhism are not shedding even a tear for the Burmese Buddhists.’ Meanwhile the ST’s fraternal English paper, Sunday Island (island.lk/magazine-memories) fondly recalls the attempted coup by kalu-suddhas in the same year of 1962, later celebrating Christmas in Welikada with Chablis!! (ee Sovereignty, Myanmar)

 

  • Across the Pond 2: Hoping to provoke China, the US government is setting up a marine attack base on Nansei Islands (aka Ryukyu), a chain stretching toward ‘renegade’ Taiwan. Meanwhile, Japan (which raised its rising sun flag in Colombo recently) is set to formally ditch the ‘pacifist constitution’ imposed by the US 7 decades ago – with US backing. Japanese militarism arose out of Japan wanting to grab more natural resources and create its own economic empire in the Pacific. Japan then invaded China, Korea and Manchuria. Japan was fully backed by the whites, until they stepped out of line. So the US closed the Pacific to Japanese shipping and were attacked at Pearl Harbor. Japanese militarism will now be also anchored in the US Quad strategy against China and Russia. Meanwhile, the ‘world’s largest petition platform’ change.org has deleted a pro-China petition (ee Sovereignty).

 

  • Across the Pond 3: The US was set to deny Ethiopia – African Growth & Opportunity Act (AGOA) ‘trading privileges’ on January 1, claiming concern for human rights. US Senate & House subcommittee chairs on Africa urged Biden to reconsider the ‘abrupt’ move: ‘This decision invites China to strengthen its economic foothold in the Horn of Africa.’ Both chairs represent electorates with up to one million Ethiopian-Americans. Biden also removed Mali and Guinea from AGOA. In the last 3 years diasporic Ethiopians have sent home $9billion using the legal banking system, backing the Government of Ethiopia’s plea to use the formal banking system. Black-market operators changing hard currency in Ethiopia and abroad are affiliates of the terrorist TPLF (Tigray Peoples Liberation Front) trying to destabilize the country.

 

  • Those who wish to gather better international news, should check out Radio Havana (radiohc.cu). Those who wish to know how English justice keep their own people in check, should check out Craig Murray, who just spent a spell in Her Majesty’s Hotel (prison), which he says are designed to kill (see ee Media) Many of the economists (Roberts, Harvey, Gindin) ee presents fall into the NATO-politan HML category. So ee’s glad to now present the work of Roland Boer, who like Domenic Losurdo, does not worship at NATO’s pandemonium (pantheon) – ee Economists.

continued on: https://eesrilanka.wordpress.com/2022/01/01/the-world-bank-driving-madness-on-our-roads/

Leave a Reply

Your email address will not be published.