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ravishingravi

Bangladesh approaches IMF

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14 hours ago, ravishingravi said:

Think libbies might avoid talking about GDP per capita for few days. So effectively apart from China and Bhutan India is surrounded by countries in economic trouble. 
 

https://www.news18.com/amp/news/world/bangladesh-seeks-imf-support-to-ride-out-financial-crisis-5628979.html

 

https://www.reuters.com/business/finance/china-probes-banking-inspector-henan-province-after-fraud-case-protests-2022-07-24/

 

Widespread banking Fraud which meant Chinese citizens have lost close to $6BILLION in deposits with protests seen. This could effectively mean the end in confidence in chinese banks and the financial system which its growth relies on. Banks have already started to restrict withdrawals and if you stop common people from accessing their own money this could lead to a bloody fightback against the CCP and if China is fked then the world is Fked

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20 minutes ago, LordPrabhzy said:

 

https://www.reuters.com/business/finance/china-probes-banking-inspector-henan-province-after-fraud-case-protests-2022-07-24/

 

Widespread banking Fraud which meant Chinese citizens have lost close to $6BILLION in deposits with protests seen. This could effectively mean the end in confidence in chinese banks and the financial system which its growth relies on. Banks have already started to restrict withdrawals and if you stop common people from accessing their own money this could lead to a bloody fightback against the CCP and if China is fked then the world is Fked


China is in deep deep trouble. But they have scale. Even if you don’t have margins but have scale, a lot can be managed. For India also, scale matters. 

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7 hours ago, ravishingravi said:

 

Probably they read Shekhar Gupta and believed the story 

 

They probably underestimated the power of Dr. Shiva.

 

https://www.mattridley.co.uk/10808

Eco-extremism has brought Sri Lanka to its knees

 

An obsession with organic farming ‘in sync with nature’ triggered an unsustainable but predictable economic crisis

At the time, Rajapaksa's organic decision was widely praised by environmentalists. Sri Lanka scored 98 out of 100 on the “ESG” – environmental, social and governance – criteria for investment.

 

Vandana Shiva, a feted environmentalist, said: “This decision will definitely help farmers become more prosperous.” She has been silent recently.

 

Dr Shiva has led relentless criticism of the Green Revolution of the 1960s, which brought fertiliser and new crop varieties to south Asia, banishing famine for the first time in history even as population increased. Her (and others’) claims that traditional, organic farming could feed the world more healthily remain wildly popular among environmentalists. Sri Lanka has tested that proposition and found it wanting.

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4 hours ago, BacktoCricaddict said:

 

They probably underestimated the power of Dr. Shiva.

 

https://www.mattridley.co.uk/10808

Eco-extremism has brought Sri Lanka to its knees

 

An obsession with organic farming ‘in sync with nature’ triggered an unsustainable but predictable economic crisis

At the time, Rajapaksa's organic decision was widely praised by environmentalists. Sri Lanka scored 98 out of 100 on the “ESG” – environmental, social and governance – criteria for investment.

 

Vandana Shiva, a feted environmentalist, said: “This decision will definitely help farmers become more prosperous.” She has been silent recently.

 

Dr Shiva has led relentless criticism of the Green Revolution of the 1960s, which brought fertiliser and new crop varieties to south Asia, banishing famine for the first time in history even as population increased. Her (and others’) claims that traditional, organic farming could feed the world more healthily remain wildly popular among environmentalists. Sri Lanka has tested that proposition and found it wanting.

 

As much as organic farming cost SL and it did play a role, the country was looking down the barrel anyway. At best it fastened the process. 

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1 hour ago, ravishingravi said:

 

As much as organic farming cost SL and it did play a role, the country was looking down the barrel anyway. At best it fastened the process. 

 

They were bending at the back. This brought them to their knees.  If you can't produce food that your own people can eat and sustain the agricultural exports that are a significant source of your income - do the math.  Rice yields fell over 20%.  They spent $450 mill in a year to import rice. Tea production fell 20% or so.  Not only export losses, but running out of cash to subsidise farmers who couldn't get plants to grow and pests to die ... bcoz Vandana?   

Edited by BacktoCricaddict
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6 hours ago, BacktoCricaddict said:

 

They were bending at the back. This brought them to their knees.  If you can't produce food that your own people can eat and sustain the agricultural exports that are a significant source of your income - do the math.  Rice yields fell over 20%.  They spent $450 mill in a year to import rice. Tea production fell 20% or so.  Not only export losses, but running out of cash to subsidise farmers who couldn't get plants to grow and pests to die ... bcoz Vandana?   

I understand you dont like her but one woman wont change the mind of a govt.Seed and fertilizer imports costs a lot ,sl may have been trying to cut costs but then all these big corporations and their media wont like it.

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16 hours ago, nevada said:

Another SL in the making? This can't be good, with economies collapsing left and right in our neighborhood.

 

Probably not, just that they're not resilient enough for the currently challenging circumstances.

 

In case of SL it was one thing after another: Terror attacks, covid, tax cut blunder, farming blunders. They were struggling big time last year even before the war affected worldwide prices. BD was seemingly ok last year. 

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9 hours ago, MultiB48 said:

I understand you dont like her but one woman wont change the mind of a govt.Seed and fertilizer imports costs a lot ,sl may have been trying to cut costs but then all these big corporations and their media wont like it.

Certainly plausible, bhai. They probably did not want to admit that they didn't have the money to buy fertilizer and decided to spin it a different way.  Who knows? All we know is that Dr. Shiva was advising them, publicly celebrated the decision and boasted about it when it was made, but is trying to wiggle out of the situation when it became clear it was an atrocious decision.

 

 

 

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