Sri Lanka’s Economy Completely Collapsed

Guest Post by Martin Armstrong

Protestors swarmed President Gotabaya Rajapaksa’s palace in Sri Lanka, forcing him to flee and step down. The entire government in Sri Lanka will be restructured. When the people are hungry, no amount of rules and restrictions will prevent them from protesting. Sri Lanka ran out of food and ran out of fuel to cook whatever happened to be available.

The country’s foreign reserves were depleted. The government began to cut the power grids daily for increasingly longer periods. There was not enough fuel to power generators. Inflation soared to 45.3% in May, with food costs rising 58%. The United Nations estimated that 22% of the entire population had become food insecure and 86% of families  “are resorting to at least one coping mechanism, including eating less, eating less nutritious food and even skipping meals altogether.”

“Gota Go Gama” (Gama meaning village) or GGG protests arose throughout the nation. Labor migration rose 286% this year, according to the Sri Lanka Bureau of Foreign Employment. The government owes $51 billion in debt and cannot make any payments on loans. Their currency collapsed 80% and was basically worthless. Tourism halted after the pandemic, adding to the crisis. The people had hit rock bottom and knew exactly who to blame. President Rajapaksa and his brother, former Prime Minister Mahinda Rajapaksa, are extremely corrupt. They allowed the problem to become a crisis; living lavishly as their people starved.

The revolutionary wave has only just begun. I warned that it would first come for emerging countries. However, do not think this incident will be isolated to one nation. Unrest is rising as living standards decline.

-----------------------------------------------------
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal

-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
Click to visit the TBP Store for Great TBP Merchandise

47
Leave a Reply

avatar
  Subscribe  
Notify of
Llpoh
Llpoh

If food runs out in Chicago, Phillie, Detroit, this little protest will look like a toddler’s birthday party in comparison. The ghetto dwellers will destroy everything in sight. Try to live outside waddling distance, just in case.

Crawfisher
Crawfisher

Six years ago, I bought 5 acres in rural NC mountains. Just wanted to be somewhere with less people, nothing else. Since then, Trump got elected, we had BLM / Antifa riots, Covid, significant increase in urban violence and mass casualty events. I did not see all this coming, but sure am glad I got out of a small city area. When EBT cards quit working or their is food / gas shortages, it’s going to be awful.

Anonymous
Anonymous

MORE AMMO.

Colorado Artist
Colorado Artist

You cannot ever have too much.

Winchester
Winchester

RELOAD AMMO!

Anonymous
Anonymous

MORE AMMO.

Harrington Richardson: Gimme Sachwerte!
Harrington Richardson: Gimme Sachwerte!

Make sure you have the means to deliver that ammo effectively as far away from your pos as possible.

bigfoot
bigfoot

The pols banned the fertilizer used by the farmers, causing yields to plummet. Nitrogen bad, starving good, hungry people work more better.

Solution: round up all the pols, grind them up, and use ’em for fertilizer.

Llpoh
Llpoh

Not quite that simple. The govt banned fertiliser because the farmers were importing large amounts of fertiliser, which must be paid for with foreign currency that Sri Lanka did not have. In their massive stupidity, the idiots in charge thought that banning the import of fertiliser would help preserve their foreign currency reserves. Unfortunately the farmers stopped growing food as the yields were 1/3 what they were previously, so the farmers would be growing food at a loss. Oops. And so imported food needs exploded, and the foreign currency on hand disappeared entirely.

Starvation is on the cards, truly, and even the IMF is balking at giving them any more money as the corruption levels are so high they know that any money handed over is likely to be stolen. The IMF is saying if in six months Sri Lanka can show that corruption is under control, they may fund a “bail out “. Six months with no food is a long time. It is going to get ugly without an inflow of foreign money as the farmers can’t grow food without high quality fertiliser.

The folks in charge of Sri Lanka, in addition to being entirely corrupt (now there is a surprise), were also monumentally stupid.

~L
~L

I couldn’t help but think you’ve just described the “leaders” of every nation that is kow towing to the WEF, the UN, the IMF, the Gates’ and other foundations that pitch PC and the green agenda.
CA, US, NZ, OZ, FR, UK…
essentially, western civilization.

The effects have just been delayed in those parts of the world, but, their time is coming.

Fleabaggs
Fleabaggs

L…Exactly.

Marty claims “The people had hit rock bottom and knew exactly who to blame.” No they didn’t. Two corrupt puppets are not the source, onl the symptom. IMF strikes again.

Harrington Richardson: Gimme Sachwerte!
Harrington Richardson: Gimme Sachwerte!

Sri Lanka has an ESG score of 98, highest in the world which means they implemented every f’ing Green, WEF, tree hugger loon program. The government at behest of WEF decreased fertilizer use 90%. I suppose some jiz receptacle like AOC will say it failed because they didn’t go the last 2%. Sri Lanka is an object lesson for all willing to see.

Fleabaggs
Fleabaggs

WEF-IMF-BIS, all the same Beast.

Aunt Acid
Aunt Acid

Same Beast SYSTEM.

Ginger
Ginger

Sri Lanka gives public-sector workers extra day off to grow food.

https://www.weforum.org/agenda/2022/06/sri-lanka-public-workers-extra-day-off-worst-economic-crisis/#:~:text=REUTERS%2FDinuka%20Liyanawatte-,Sri%20Lanka%20has%20approved%20a%20four%2Dday%20work%20week%20for,worst%20financial%20crisis%20in%20decades.

Notice it is public workers. Guess it saves them a day of having to pay them but public-sector workers must make enough to own land so they can grow something on it. On the bright side the unemployed guy can grow food six days a week.

Anonymous
Anonymous

MORE AMMO.

Daddy Joe
Daddy Joe

Pardon the almost pun but with government you reap what you sow. In farming, you don’t reap what you don’t sow

Anonymous
Anonymous

MORE AMMO.

Thaisleeze
Thaisleeze

The msm narrative blames the problem in large part on the Chinese debt trap. However of the total debt burden 48% is in the form of bonds, mainly owed to Western banks and the likes of Blackrock. Of the rest a large chunk is owed to the World Bank and Asian Development Bank, institutions controlled by the West, bringing the total owed to the West to around 80%.

The balance is made up of around 10% owed to Japan and 10% to China who are proving to be the most flexible in renegotiation talks.

The banksters strike again and there are plenty of others in similar dire straits.

The New Atlas Channel has a detailed primer video.

Harrington Richardson: Gimme Sachwerte!
Harrington Richardson: Gimme Sachwerte!

Blackrock-#1 pusher of ESG scoring.

Daddy Joe
Daddy Joe

Yes, government makes things bad, then the banks make things worse. The god of Usury never sleeps. It must be paid 24/7/365 paving the way for slavery and ruin. Where there is usury the land never rests nor do the workers. There is no Sabbath rest, no cancellation of debt every seven years, No Jubilee. The only reason slaves are ever freed is so they can borrow and start the business cycle over again. Nothing new under the sun. We will get our turn soon.

Llpoh
Llpoh

Sri Lanka has 341 people per sq kilometre. 22% of their land is arable. There are 247 acres per sq kilo. Only 50 acres per sq kilometre is arable in Sri Lanka. So each arable acre needs to support 7 people. The international minimum is generally taken at 1/4 acre per person to meet basic needs. Sri Lanka only has 1/7 of an acre. That is around. 550 sq meters.

They are truly fucked. If the world feeds them they will breed, in an area that is already incapable of feeding the population they currently have.

Oh well. Back to my single malt.

~L
~L

Ahh, priorities…taking pleasure in the simpler, finer things to focus on.

In my part of Shangri-la, it’s a bit too early for a glass of Oban.

Enjoy your preferred brand, Chief.

Llpoh
Llpoh

Oban is nice. I like a nice Highland Park at the moment.

realestatepup
realestatepup

While black and white numbers may tell this story, Sri Lanka also has A LOT of coast line and fishable waters. This can support the farming. And using “intense acreage” farming can make a difference.
Of course the people have to have the want to take back their land and their waters and kick the corrupt assholes to the curb.
How much arable land has been used for useless buildings? How much food can be grown inside these useless buildings? Things like this must be explored, not just hand out more money that will not solve the problem.
Decades of easy money through borrowing and tourism has taken away the people’s drive to do for themselves. Corruption didn’t happen overnight…but no body cared when bellies were full.

Llpoh
Llpoh

Realestate – please take brain out of reverse. Guess what you need to fish? Gas or diesel. Guess what they don’t have, besides food? Gas and diesel. So no fish for you. And let’s not talk about engines, spare parts, etc.

They need high quality fertiliser to grow food given the small amount of arable land, and cannot buy it as they have no foreign currency. They need fuel to fish, but cannot buy it for the same reason. Drivers are lining up literally for days, sleeping in their tuktuks for days, to get 2 gallons of fuel that lasts them for two days, then repeat the process.

The Sri Lankans have no fuel, no food, no foreign currency, and little farmland. They are screwed, and they ain’t taking back shit, as they will literally starve without foreigners giving them, er, loaning them money (which they won’t pay back because they don’t have an economy). The corrupt bastards stole the foreigners money, who were idiots to lend them $51 billion, because the Sri Lanka don’t have any money.

Having ten times the population density of the US on smallish island has consequences. Combine that with stupid, corrupt leaders, and you have a disaster.

Llpoh
Llpoh

Gotta revisit this. Cannot help it.

Sri Lanka has always been corrupt. It has always been poverty stricken. Its best days have been while it blew through the $51 billion of loaned money, some of which filtered down to the rice paddies, the tuktuk drivers, and the subsistence level fishermen. It has a GDP of $3600 per capita, that was $1000 in 2000, before the $51 billion started to flow in, which has all been blown and stolen. And most of that GDP was made by the top twenty percent. The rest of the country are peasants.

They aren’t taking back shit. There is no shit to take back. There never was any shit. They have always been corrupt. They have always been peasants. They have hardly any resources, no arable land to speak of, there is no land to take back, are poorly educated, are highly agrarian, have no money to buy anything, the IMF is at least saying they aren’t giving them more money because they blew the last $51 billion, etc.

And your answer is to kick the corrupt assholes to the curb. For sure that is a good idea. Then what? No food, no fuel, no resources, no education, no foreign money, no tourists, no decent leaders, no nothing.

august
august

This could mean boom times for Sri Lanka sex tourism.

Visit the Arthur C. Clarke memorial playground, and meet the local children!

flash
flash

“They have always been peasants.”
Damn those stupid peasants . Peasants have no place in a capitalist society. Push them all into the sea and sell Sri Lanka to Hyatt Hotels . The free market demands it.

Daddy Joe
Daddy Joe

Almost makes me feel bad here eating popcorn while I watch from the cheap seats.

Anonymous
Anonymous

Our oligarchy knows this could happen here. Thus the coup against Trump and the nationalists.

WTF
WTF

Hang them all.

Anonymous
Anonymous

Gotta catch ‘em. And it is hard when they are on a navy gunship.

Winchester
Winchester

A country with no guns, now imagine what a country with 300 million guns could do….

monger
monger

Not to worry, the USG prob has a plan for situations like this. Print billions, we don’t have, give it to NGO’s and International Orgs,to provide food and solve the problem, the wealth can trickle up and be used to buy up arable land to put in the hands of better stewards, the elite.
Also it will be a great way to test out new techniques of feeding millions beyond tried and true methods, like synthetic foods or cricket farms, and of course there will be a health, security, and leadership crisis, the medical community, military would need to be involved, and trusted leadership installed.
And after it stabilizes the media can assure the rest of us how fortunate that Governments stepped up and ended the suffering. It could be a win win for the future of mankind. A great example of Building Back Better. People just need to have a little faith in leadership to handle these crisis’s.
No need to have these people suffer needlessly without pushing the agenda forward, never let a good crisis go to waste. Everyone get’s there cut and business as usual. And if they end some human suffering along the way it will just be the price they need to pay.
Did i leave anything out ?

GNL
GNL

Pretty good.

Montefrio

Probably prescient. Kudos!

august
august

>>>Also it will be a great way to test out new techniques of feeding millions

Plenty of protein biomass in Sri Lanka; it just need proper processing.

brian
brian

If I remember correctly Sri Lanka is one of those countries that took billions from china and china built a port. Trapping them in the Belt & Road debt trap. Perfect scenario for the US to send billions in aide moneys to further add to the string pullers pockets and wring out every last drop of wealth from US citizenry. Pedojoe will certainly get a cut….

n
n

And the stories haven’t even started to come in yet of long pig dinners.

Stucky

“Sri Lanka” is actually a Hindi word meaning “Dumfuk Sheep”.

Oh, Sri Lanka, an island in the ocean
Eternal Land of “Gota Go Gama”
The Green New Deal became your devotion
Now all you have to drink
Is titty milk from your Mama!

Aunt Acid
Aunt Acid

Where are all of the lamppost decorations?

m
m

Shouldn’t the headline read “Sri Lanka’s color revolution is on track”?

Aunt Acid
Aunt Acid

Are you also waiting for the next “democratically elected” leader of Sri Lanka to be Jewish?

It could happen. A WEPH “young leader” no doubt.

Daddy Joe
Daddy Joe

So when our fellow Americans complain of the same problems do we now say “Welcome to Sri Lanka” or is it OK to keep saying “Welcome to Venezuela”? How about Zimbabwe? I guess it’s just a multiple choice question, but most Muricans won’t relate because they couldn’t find them on a map even if all the other countries were erased.

Stucky

Here is an interesting comment from one of the Saker articles from a poster named “A Sri Lankan citizen”

=======

Sri Lanka’s bankruptcy was an engineered one. The pro-western regime that ruled the country from 2015-2019 took USD 12.5 IMF loans and had sunk the economy to 2.3% when they left.

The new nationalist govt had only four months to rectify all the wrongs of the previous regime. The pandemic struck when Sri Lanka was at a precarious situation. The President tried to avoid lockdowns but the medical mafia and the 5th columnists were able to force a lockdown. SL lost its revenue from the tourist industry as a result. In the meantime, the govt foolishly cut the taxes of big businesses and lost a large revenue. They also printed money and gave handouts (Sri Lankan people are used to govt subsidiaries).

Then there was a new economic minister who was a dual citizen of the US. This guy was a sibling of the president, but he acted totally against the interests of the country. He promoted illegal money transferring methods. Sri Lankan workers abroad got used to these methods and as a result, the country lost the last lifeline – revenue from foreign labour.

Afterwards, SL had to pay the USD 12.5 billion loans and while paying for energy and drugs imports depending on its forex reserves. It quickly dried up. That’s how Sri Lanka’s financial crisis sprang up.

The globalists were able to install the PM of the previous regime as a result, and right now, he’s one of the candidates considered for the post of the President.

flash
flash

Don’t knock it . It’s capitalism, buh. The market weeds out the weak . The weak have no place in a free market. …duh.

Discover more from The Burning Platform

Subscribe now to keep reading and get access to the full archive.

Continue reading