PolyMatter - 2022-06-07
Sign up at https://www.storyblocks.com/polymatter to get unlimited access to Storyblock's collection over over a million high-quality video clips. Watch this video ad-free on Nebula: https://nebula.tv/videos/polymatter-why-sri-lanka-is-collapsing-the-coming-global-debt-crisis Sources: https://pastebin.com/kyD4FGXU Twitter: https://twitter.com/polymatters Reddit: https://reddit.com/r/PolyMatter Email: polymatter@standard.tv How I Make These Videos: https://skl.sh/2OW1YQR Music by Graham Haerther (http://www.Haerther.net) Audio editing by Eric Schneider Motion graphics by Vincent de Langen Thumbnail by Simon Buckmaster Writing & Direction by Evan This includes a paid sponsorship which had no part in the writing, editing, or production of the rest of the video. Music by Epidemic Sound: http://epidemicsound.com Video supplied by Getty Images Maps provided by MapTiler/OpenStreetMap Contributors and GEOlayers 3 Select footage from the AP Archive
I am sad the fertilizer import ban was only covered for 30 seconds. In Sri Lanka, just over 1/4th of the population works in agriculture. That's compared to less than 1% in the United States. When your government is dumb enough to ban fertilizer imports, and massively decrease crop yields, things are going to get very ugly! And that's before the debt, tourism drop, and food and energy prices skyrocketed.
If a fertilizer ban happened in the USA chaos would still occur even if it’s only 1% working since with mechanization and autonomous tractors and drones allow for a lot of food to be produced and if yield were cut in half shit would hit the fan.
@LOLOLOL LOLOL US production would never be halved by a fertilizer import ban. Of the 3 main types of fertilizer: 1. Phosphate, the US is the world's largest exporter of. 2. Potash, if we cut off the Canadian supply of potash fertilizer we would be seripusly screwed in this area, and 3. Nitrogen (the big one), we are a large net importer now, but we do have a relatively massive amount of the raw materials to make it (natural gas), pre-existing plants that can be improved and expanded, people with the technical knowledge on how to increase production, finance and stability to it.
So overall, the US is probably good long term in 2 of the 3 categories of fertilizer. If we allow imports from only one country, Canada, we are good in all 3.
What was their rationale behind banning imported fertilizers? They obviously didn't just do it on a whim
As a Sri Lankan, watching this video made me cry😣. Due to the increase in the dollar to sri lankan rupee exchange rate, all of my university expenses tripled in Sri Lanka. The most upsetting truth is that we never stole dollars from our country; instead, it was the politicians. Due to something we did n't even do, we are today suffering greatly.🥺
Sounds and feels so true and real I fear unfortunately
WHO voted these politicians into power? Who voted to pay lower taxes or for lower, subsidized prices?
I feel bad for you. Next time, vote wisely. Never choose a family to power. The power should be distributed to different people.
To my friends in Sri Lanka, hang in there!
We in Indonesia experienced the same thing in 1997-1998, we toppled a corrupt & authoritarian regime of 32 years after people fed up of the situation.
We couldn't afford fuel, food, milk, as Indonesian Rupiah currency devalued by 600% in a short time. Many people who had money left the country but our family who barely had anything had no where to go but staying put and fight for a change.
Keep yourself & your household safe. The storm will pass. 🙏
Abdulaziz Mohammed You have plenty yourselves
Suharto time ur ppl had food to eat! After Suharto gone many beggar around Indonesia now! Hunger and poverty too
Yes the storm will pass
Thanks
Yep and replaced with another corrupt one
This can happen anywhere. Protect your rights as citizens, vote local to national, and “tend to your garden.” Appreciate your community and rise above adversity, corruption, and evil.
Great message ❤️
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@Rajesh UpadhyayThink long term, personally i ventured into the market so i won’t be stranded after i retire. A colleague of mine introduced me to CFA " Priscilla Dearmin-Turner " who drew out retirement plans and they all aligned with what i wanted and had to pick one plan and with her exit and entry strategies on commodities , securities and digital assets, my portfolio has really been diversified with good ROI. I am really impressed by how much i have achieved
Investment now will be wise but the truth is investing on your own will be a high risk. I think it will be best to get a professional👌
If the Pandemic has revealed anything, it's how connected we are as a Global Economy, and how inefficient and inadequate Governments are at dealing with crisis.
They could end up like Marie Antoinette
@ihaka Hearty "off with their heads!"
It's also reveal when things matter, every countries are for themselves first.
That's why many countries are moving out of China and invest some at home or at several different countries instead of just one.
More connected means less resilient. Lesson not to be learnt.
It's a planned incompetence. And they are real good at it
It's been so weird to realize over the last decade that we're really just going to experience watching everything die from the terrible choices our leaders make without being able to do anything.
Everything? Don't exaggerate. Get off the news
@Millevenon 585 It's a reality waiting to happen, shit like this is the first step. Maybe you should start thinking about the future and take a hard look at the economy, I'm filipino and our prices are skyrocketing, go and guess why.
You will live in the pods, eat the bugs, own nothing and be happy
Sri Lankan here. Like explained in 13:27 I cannot explain or comprehend how we went from living a middle class life of being able to eat out fairly regularly/ being able to buy clothes/ having meat every other day/ having milk and being able to travel anywhere/ being able to afford things that we wanted....... to not being able to do or afford any of that. We were barely able to buy enough rice and pay class fees this month. We couldn't afford to buy milk powder or gas and we couldn't even buy eggs or fish to feed even our pets. But thank god we live in the country side, so there's enough jack fruit/yams/sweet potatoes in our back yard and we can use wood instead of gas. Looking at the numbers is easy but living this life is hell. Thank you for covering this story.
Edit:- So to the people asking how I have internet... Sri Lanka was the fastest developing country in South Asia before all of this went down so our internet infrastructure is usable (it's not good but gets the job done) And also like I mentioned our family was a middle-class family.... So we were able to afford luxuries like phones/laptops/wifi etc. The economic collapse happened months ago so we were able to live normal lives before that haha (also the internet is available to any one with a phone and a data signal so idk why people are so baffled lol)
My god man how did this happen, like how quick did the situation change for you and how are you managing now? How are middle class and rich srilankans are managing? Is aid from India reaching people like you??
@Arnav Mathur This all started at the end of December 2021 and the prices of everything has tripled during the last 6 months. The rich and able are leaving the country in droves. The middle class like us can't do that because of the lack of money obviously. We live in the country side so we're managing somehow but the middle class people in cities are suffering because they don't have the resources that we have (like wood and the ability to use wood fire stoves/jack fruit/ bread fruit/ enough land to make yams and sweet potatoes... And we also manage by selling stuff like coffee/pepper/bananas/nutmeg/cloves and beetle nuts etc ) . The aid from India comes in the form of oil/medicine and rice.... That we have to buy obviously ( but the people in poverty are being helped by the Indian aid especially people in the north are being helped by the Tamil Nadu state government greatly ) . Thanks to them power cuts have lessened and there's rice on the shelves. But the hospitals have stopped doing a lot of surgeries and there's a shortage of basic medicine like painkillers and antibiotics. There still are lines for everything from gas cylinders oil to milk powder. And the price of every thing is just unaffordable now. I really do hope this won't last long because peeling nutmeg fruits to sell is not enjoyable and my fingers hurt too much to even hold a pen the next day haha.
@brownbrudda wow, that sounds awful! I'm also middle class in a developing country, so this scenario is far too real and menacing!
It is really surprising to learn that owning milch cows and selling their milk is really NOT widespread in the Sri Lankan countryside. I know it is just a small thing, but things like that add up in the way they contribute to the economy and reduce foreign imports. Sri Lanka somehow stopped concentrating on growing its manufacturing and services (like IT and BPO) industries.
I used to hear that the Sri Lanka economy runs on 3 T's, namely Tourism, Tea, and Textiles. It looks like the first 2 took a big hit because of COVID and the subsequent fertilizer ban. Sri Lanka needs to diversify going forward and start making more things domestically.
@JarJar Binks It was wide spread before.... But the politicians got bribes or commissions from foreign companies..... So they have stopped giving local milk farmers any encouragement and they also banned them from letting their cows from grazing in a lot of areas. So the industry collapsed because of various factors
Well I must add, the sudden shift to organic fertilizer was actually because our country being unable to afford chemical fertilizers. And to save face "Organic Farming" was introduced without any warnings or prior practice. With 1/4 of Sri Lankans being farmers and barely making enough food supplies to sustain itself, the drop in yields hit us hard.
Do you read manhwa/manhua ?
Did you start getting offers for your land to be brought by private entities and if you refuse "oh no, your wheat is on fire"?
@N Fels Not necessarily. You're excluding tons of factors. Even of which this video only briefly touched on.
I’m praying for my brothers and sisters in Sri Lanka. Wish I could do more than that. Love from South Africa 🇿🇦 ❤️
This can happen to any country. I hope economic recovery comes sooner than later.
@rumpimmlerin it’s just hope. But I know all about Klaus Schwab an his gang.
@Lyndxn Joel OK so you know it's their desire for this to happen in ALL countries then.
This collapse was very well explained and the seemingly dry economic jargons like trade deficits, balance of payments, foreign reserves etc... is so well put into relevant context and in layman's terms so the viewer with average background in finance can really understand how global economics impact local economies. Sad to hear what is happening in Sri Lanka but bravo for the channel in putting this very interesting and educational piece here.
As a Sri Lankan witnessing this, "We have more than 12people died waiting in queues for petrol, we have people committing suicide because they don't have money to buy even rice." If you imagined the situation here after watching this video, now multiply it in 100x. It's more than depressing. 😑😑
😢🙏🏾💓
🇨🇦
In Kenya we say wueeeeeh
So sorry to hear that about your country. Hopefully Aid can arrive and stabilize the situation. God Bless from the USA
You still can use cell phone
My online friend who's around my age lives in Sri Lanka, and she and her mother are actually quite well-off. But the economic crisis Sri Lanka is having is causing a tremendous impact on many people she knows, and I just hope that a miracle can happen for Sri Lanka. I hope things will improve soon, because this is really at a massive low.
As an Indian, I feel that all my neighboring countries are going to face this issue. Lately nepal has banned some imports to sustain themselves.
Edit: Pakistan has banned mobile, paper and tea import. They are asking their citizens to stop consuming tea.(25/6/2022)
2. Bangladesh has demanded 4 billion dollars from IMF( 27/7/2022)
Except Bhutan and to some extent Bangladesh are still stable. As stable as India is that is
As far as i know india is on the verge of civil war. Hindoo radical extremist are busy in riots. India ranks 6th in global minority persecution index as per us dept of religious freedom. Ranks lowest in peace index in south asia too. Blacklisted by united nation.
Any country that continues to subsidise food and fuel with borrowed money will have a very bad time. Borrowing money, food and fuel are all getting more expensive.
@Mr Wonder ignorance at its peak
@Mr Wonder it isn’t. I live in semi rural India there is nothing out of the ordinary happening. If we were on the verge of civil war it would have happened years ago
I'm 17 and Sri Lankan. I'm beginning to fear that I won't be able to have a future here. And I'm afraid of living anywhere else because I fear I won't fit in as much I do on the soil that raised me.
This whole thing makes me extremely depressed and angry sometimes. I'm very worried about the mental health of children like me, how they are taking all this.
I'm also 17 and I'm not sure about my future here
I'm so sad to say that we can't adjust our future life in our motherland
Try to come to the US or Canada, you'll fit in fine. Your country is falling apart man, and there's nothing anyone can do about it. Sri Lanka will still be there and you may be able to help it more from the outside.
Don’t ever be afraid to live life. Life is short move and trust in God.
@Todd Williams in as much as that sounds like a heroic move or something of the sort, it's easier said than done considering how with even all the protest the problems just keep getting worst, not trying to be negative or anything but i don't see how a 17 yr old can change anything when the combined efforts of all their religions and people only amount to so much🥲
I have visited beautiful Sri Lanka several times, both during and after the civil war. Even then, the country was not as troubled as it is now.
Very ignorant of the lives lost but that's ok! I would think the people being shelled and losing limbs and dying and getting shot by government officials would be worse.
The Sri Lankan author Sunil Yapa wrote a book called 'Your Heart is a Muscle the Size of a Fist'.
The fiction covered the 1999 WTO Seattle protests. It's overtly sympathetic to the protestors and definitely isn't apolytical, but it explores how sudden and broad global economic integration can negatively influence a country and their people.
Thanks for covering what's happening in Sri Lanka; I know this is an economics video but I think it wasn't wise to not talk about the very unstable political situation here as well. Our problems weren't just caused by stupidity and bad policies, but additionally there was always a very prevalent and widely accepted corruption and nepotism issues since as long as I can remember. Even 10 years ago, people were talking about how corrupt a large majority of the politicians here are but no one really made an effort to change anything as far as I'm aware due to reasons like defeatism and submitting to it as the status quo.
THIS
In the late 70's I was in Sri Lanka. I was shocked to see the lights out in Columbo. I was told that the power was turned off to most of the city from 6PM to 6AM, except to Hospitals and Police Stations. An other exception was the higher end Hotels who had their own generators.
The sight of gas lanterns and the smell of charcoal grills filled the air. Everything seemed to run smoothly though. It was fascinating.
I'm living in Sri Lanka and lots of people just point at the politicians and look away, thanks for educating everyone about the whole story and pray the YouTube AI to recommend this to our people.
polymatter cut off some parts of the story, they are trying to talk about the global crisis, sri lanka is just example, so to make sri lanka fit they cut of parts like,
1) finance minister sitting their and doing nothing for the whole of 2021, did not even go to imf.if they went imf in 2021 crisis would have been reduced.
2) how priministers tugs attacked protesters.
and how president priminister and finance minister are all brothers.
If they just hold election and make away for new people protest will reduce in major way.
they ruined our country and still in power, to bring some stability , to go to imf they need to go home #gotagohome
I've seen the whole story, and I'm still pointing at politicians and walking away
Famine is always a political crisis. Choices were made that let some be comfortable and others be less comfortable, rather than let everyone be moderately miserable together.
@HiroClaw Should've joined India when you had the chance, you can probs still join India
I spent time in Sri Lanka 4 years ago, Great place, nice people. For a tourist it was excellent value, safe and interesting. I'm hoping the current issues are solved and these wonderful people get to enjoy their own country and the return to the prosperity they once had. Good Luck!
We knew that some sort of crisis will arrive upon my country since the start of the pandemic. Being a Teen, it's hard to comprehend what the hell is going on. I was hoping this channel would cover this economic crisis (I've been a viewer since 2020) and it's comforting to actually get a solid idea about this. We had plans to move to Canada (where my dad resides) but those plans are also under risk. We just hope to get out of this mess as quick as possible, but just like our PM said, it's gonna get worse before it gets better.
I am one Canadian who welcomes you 100% if you made it here.
Move to Canada you will love it
@Talkwithtina I'm sure they would if they could. Let's hope they find a way. It's got problems, but I'd rather live here in Canada, rather than at least 90% of other countries.
I shiver from watching this video, knowing that our country, the Philippines, might be one of the next countries to go bankrupt, if not THE next.
Stay strong, people of Sri Lanka.
Don't worry our gdp is 361.5 billion USD the raise in gas prices is probably just a way to pay our debt to our country faster.
This actually makes me want to study economics.
@Psychology Spider That's if - and that's a very big IF - those in power don't end up pocketing some of the money for their own purposes.
🤣🤣🤣🤣
@Valeria van der Zee I swear if bbm pockets money like his father once did. I will honestly just lose all hope.
I love your channel, and your insightful, articulate communication of the critical messages. Keep doing what you do
Hi. Very informative video. As a Sri Lankan I highly appreciate your efforts and your honest opinion about the current situation.
I'm a Sri Lankan. I would like to say these all things happened to Sri Lanka because of corrupted politicians. That's the truth. If someone is telling, it's not, I'm 100% sure there can be any kind of relationship among he or she and corrupted politicians.
As a Sri Lankan, despite the topic, I'm happy one of my favourite YouTubers made a video about us... Could you by any chance make a video going more into what can be done? Specifically how corruption can be overturned or the necessary steps.
Watch a professor called fadhel khaboub, he covers the problems faced by Sri Lanka and other developing nations
@Jul M lol "homeless people should just buy a home" vibe
@Jul M maybe those were the only running/ allowed to run. Though I can't say for sure because I'm not Sri Lankan, but just because you live in a democracy doesn't mean you automatically get good choices or even that many.
One thing for sure, elect a better one. Problem is, no one is good from the choices
Thanks for the insights, man. I like how it’s ideology-independently explained. I’m so sick when other analysts/YouTubers blame specific countries for this crisis.
Thanks Polymatter for you work on this video. I certainly found it confronting and I hope it brings everyone’s attention to the issues faced by the people of Sri Lanka. Do you have any clear insight into how foreigners can assist albeit in some small way?
As a lebanese, this hits home. Every info in this video applies to the lebanese crisis. Thanks for this video and love to our sri lankan brothers ♥️
Since the pandemic began, I’ve been yelling Great Depression 2.0. I think the entire world will fall and I point to these as examples.
So sorry to hear Sri Lanka has been suffering. Wish you could have mentioned ways to offer relief from the outside.
Looking back, 2020 really was the worst year.
Thanks for the detailed and informative content Polymatter. It’s always a joy to see your videos pop up in my feed. Keep it up and God bless you! :)
Sri Lankan here, id like to say that the root cause of this is financial mismanagement and the alleged missing $19bn (debated on how much was actually stolen) stolen over time by powers in charge, this would have gone under had the covid issue not happened - as the three biggest forms of income - expats, exports and tourism stalled. In the past we usually borrowed a few billion to cover the remainder and everything was stable. The organic farming was due to the lack of dollars to import fertilizer, instead of admitting that they had no cash they just decided to cut fertilizer even though advisors were against it. This caused a crash of ceylon tea and the effects of it will be apparent next month as the food stores will be empty (India, Japan and Bangladesh are said to supply humanitarian aid) , there are huge fuel lines, and there were kilometer long lines everywhere - and some people stay and sleep in their vehicles for days and cooking gas is also gone. Yesterday busses halted their services as they cant get enough diesel to run them. Doctors, professionals, workers and students who are able to flee are fleeing in droves and more than 100,000+ escape per month. I work as a mid level IT executive and many peers i know have left or are considering it, being a bit of a stoic if i cant go anywhere else im going to hunker down and ride the storm. But things will be really ugly once the poor hit the streets
Update - 10/6 - fuel lines are still present, power cuts still happen and food prices are just the was as it was but large stores in cities are going empty slowly (cities are the worst place to be during a crisis - if you own an apartment then it's game over), the dollar has somewhat stabilized and even the black market has received a short drop, a billionaire has been appointed as a minister (might actually benefit himself and his billionaire pals in this crisis than focus on fixing the issue)
https://economynext.com/sri-lanka-secures-foreign-help-to-recover-rajapaksa-loot-1391/
Why not leave? Unless you are truly able to assist your country, prioritise yourself.
wishing you all the best, may you and your family be safe
get out of there!
I would just leave if I were you, I bet you will be payed 5 times your current salary on western countries.
Really great job on this mini documentary. This is the perfect depth and scope that you were able to share in just the right way to really spread the message and educate folks (like me!)
By watching and listening to the comments in the social media and other forums, I get the impression that our folks do not understand the root cause of our problem and they talk about treating the symptoms. It is absolutely essential to understand the root cause that led to SL becoming “the laggard” in the region over decades and subsequent collapse.
We know that, it is the parliamentarians who set the right fiscal policies and other progressive law and order policies essential for robust continuous economic growth. Sadly, absence of good fiscal policies, independent judiciary and law and order agencies led to corruption and financial ruin we have faced now. So, it is absolutely essential we elect “capable” characters with good “moral values” (absent in the current bunch) to the legislature/parliament to pave the right way forward in the very next election.
The current undemocratic electoral system (introduced by evil old man JRJ) where candidates have to win votes at a very large district level, gives an unfair advantage to the candidates of cashed-up major political parties and prevents decent capable independent candidates from being elected. Major political parties are infested with morally bankrupt cashed-up characters who are incapable of governing the country. I honestly can’t see capable people with decent moral values coming through any of the major political parties under the current electoral system. So, the current system where candidates have to win votes at a very large district level must be replaced with small electoral divisions (single-member electoral divisions) where good candidates with modest funds could effectively campaign and win.
This reform must be followed by the abolition of the executive presidency. Some argue for a more ceremonial presidency but that will leave room for unscrupulous parliamentarians to play games – increasing and decreasing presidential powers through amendments in the future. Hence, complete abolition of the Presidency is the most desirable. Don’t even leave a strawman as the President.
During this crisis it is up to the people in the central bank to work-out the framework for debt restructuring and propose a short-term fiscal budget to satisfy IMF requirements. The IMF will release money in several small tranches, continuously monitoring the implementation of the fiscal policies by the parliament. They will not allow non-revenue generating infrastructure projects. This will starve the current bunch in the parliament who are used to spending borrowed money like drunken sailors. I see present situation as a once in a 100year opportunity to exert pressure on the current incumbents in the parliament to vote for a fundamental change in the current constitution:
a) Abolish the Presidency altogether
b) Change the electoral system. Immediately pass a bill to revert from proportional representation to the pre-JRJ electoral system (single-member electoral divisions) and call for a referendum to ratify the bill.
These two changes are absolutely essential for the long-term progress of our nation. If we don’t force the current parliament to implement these vital changes right now, it will never happen and voters will have no choice but to vote for morally bankrupt candidates put forward by the major parties again and again. At least changes to the electoral system must happen now, during this term of the parliament.
To achieve this, I propose a multi-pronged strategy initially focusing on changing the electoral system which is the most important in my mind (critical mass of good people in the parliament will keep even a bastard-President under check in the short-term until Presidency is faced out altogether at a point in time):
a) File a fundamental rights petition in the Supreme court of Sri Lanka against the undemocratic electoral system where citizens are indirectly denied of electing capable candidates with good moral values outside major parties, citing major parties are stacked with morally bankrupt characters unsuitable to govern a nation. Demand for implementation of single-member electoral divisions so that people can elect good candidates with limited funds to the parliament.
b) Do the same in the European court of Human rights. If this is not possible then write to them explaining this gross violation of electoral rights and seek intervention. Ideally, such a request must carry signatures of prominent internationally known and respected national figures.
c) Write to IMF, World Bank, and parliamentarians of Advanced nations and our trading partners and seek their intervention to change the electoral system.
d) Intensify public protest and civil disobedience because the outside world typically gauges our stability by watching images of rolling protests. Protestors must carry visible placards demanding electoral reforms (parliamentary bill and referendum to implement single-member electoral divisions) right now. Sadly, I haven’t seen any such demands by the protestors. Demanding 225 go home has no value at all because majority of them will return to the parliament in the very next election. As usual, they will buy votes of the starving poor folk with their stolen money and country will lose again. No other result is imaginable in the current unfair electoral system.
Do not expect large investors come and rescue us as long as we have this corrupt to the very core system (legislature, judiciary, law enforcement and the lot☹). The IMF and sympathetic nations may drip feed us just to keep us alive. Please wake up folks.
@FULL AUTOMATON I found enough people who got sufficient IQ to understand what I am saying. Sadly, you are not one of them. Don't forget IMF bailed out India few decades ago.
If only the general public of Sri Lanka understood how an economic crisis is created instead of rioting and storming to make things worse, they wouldn’t be in this situation.
@Victor Miguel i completely agree with you, you have eloquently explained the root causes of this crisis Sri Lanka has gotten itself in , im just thrown off by how quick people resort to violence and rogue acts instead of understanding why they are in the situation
This was a very good vid. Its extremely sad and unfortunate how many countries are spiraling. A famine is upon us all.
As a Sri Lankan I thank you for spreading our story.
Great report and a message to the world. We are all living beyond our means.
My first mortgage the bank limited to 2.5 times income because they knew nobody could afford more. Then 30 years later some were getting 8 times their income.
Governments should be there to protect us, and we should be sensible enough to make sure they do.
God bless to everyone struggling with this, and let's hope we all come through.
As a Sri Lankan I'm thankful to people like you, for making it so that everyone else can learn from our mistakes.
I hope the situation improves ASAP for you guys!
Prayers for Sri Lanka from India
@J^Y thanks. Also meet the Robinsons?
@BleTrick thank you
Good luck. Hope you and your family fair okay during this rough time
The Quality and Clarity of your work is exceptional. Please be very proud of what you're doing. I don't even care if the facts are right. Its downright entertaining. If your content is factual to boot? this is priceless. thank you.
The way Sri Lanka got into serious financial and economic trouble can be summarised from this video as due to failure to secure the country’s food supply chains. The long civil war, the pandemic and the Russian aggression against Ukrainian broke a weak system. As pointed out at the beginning of the video, Sri Lanka is blessed with a stable geography, good weather and it actually has talented people. If the IMF ever provides a financial lifeline the people must have a very small government that will help manage the reinstatement of the food industry in the country. The corrupt politicians must be charged and prosecuted and if there’s no place, and funds, to hold them and to restrict their freedom, they must be registered as convicts for the rest of their lives. The country must be revived as a top priority by focusing on food security and environmental protection. There’s highly talented Sri Lankans who can do the job. It’s going to take perhaps half a decade to see results so nearby superpowers should ensure the country’s safety. Desperate times needs desperate measures.
Bro u seem to know economics, explain me what is forex reserves in layman's term ( I heard my countries forex reserve is rising)
@abcd efgh my comments are all based on the video, I’m not an economist, just someone with a science degree able to piece information together. Sorry.
@Ismail ‘Nye’ Yusof F
Seems strange to "like" a video of this nature and my thoughts go out to those poor residents. Still, what a well researched and interesting video that gave me a very basic grasp of what is happening over there. Must have been a lot of work to make and a really important event to highlight, so thanks for the effort you put into it!
I've been educating my family members and friends about this issue for years. That was my little effort make awareness before the disaster came to our lives. But no one get convinced till these things started to happen for real. Even until now the most people fight to find their living, majority doesn't understand the cause of the issue and the solution. What we need in long term. People protesting, no government officials give attention to them. We are suffering from the dictatorship, corruption, economic crisis, food crisis in everything you can imagine. Failure of an entire system. Nothing but given up hopes and lives.
As a Sri Lankan and still living here. This is a very unbiased education video. The video tells the real story of what happened
As a Sri Lankan and a long-term subscriber of this channel, it breaks my heart to see us being featured this way. But excellent summarization of the crisis and hopefully, more Sri Lankans will see this in their feed.
Long Term Vision...10-20-30-50 year patience.
Grassroots Politics. Educating about Civics, Social Justice, Economics, Capitalism, Governance, Electoral Systems. This is what the US does. We have dozens of potential candidates in even local elections. They do like bracketed playoffs up to primaries of parties and then in the end general elections of the voted individuals representing each party. Also we never elect uneducated inexperienced people. Even if we disagree with their political views we still elect them because they are good managers and at delegating. And we try to elect people who are ethical and moral and spiritual. Hence the US likes very balanced well rounded individuals who also advocate for healthy living and healthy clean environments and philanthropy and volunteerism. You will see this from both Democrats and Republicans. We have corruption but it's typically LEGAL crony capitalism. They still gotta work for it lol and compete.
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@Rajesh Upadhyay lookup Priscilla Dearmin-Turner, this is her name online, she have been our real investment prodigy since the crash and have help me recovered my loses
Investment now will be wise but the truth is investing on your own will be a high risk. I think it will be best to get a professional👌
@Lezlie WhickerThank you, Going through her profile in her webpage, she smashed all her state certificate and accreditation
The LKR (Sri Lankan Rupee) being over-valued by its central bank actually makes a lot of sense and explains something I've observed, but not totally understood until now. There are "black markets" for USD where you can buy LKR SIGNIFICANTLY cheaper than banks will pay. For example, one USD might be around 360 LKR at a bank, but 400 LKR on a "black market".
Finally a well put together video! Instead of talking about just political issues, you hit the nail on the head.
Deep dive into what is happening at this time globally. So valuable compared to talking heads. Thank you.
Maybe out of fear, my mind ceased up watching this. I can hardly grasp how this happened. But I do know Sri Lanka is a civilized country. So, what's happened there can happen anywhere. Is there any way we, in other countries, can help? Are there ways to prepare for a similar, worse case scenario?
One month later, after seeing recent events unfold and people taking a stand against currupt leaders ad expelling them out of their palaces i must pay my admiration to the people of Sri Lanka for standing up for their rights and showing the world what people power and unity looks like. This should be new norm around the world now if political leaders are making governance a business enterprise for their own interests. We in Pakistan are also at the brink of civil disobedience after recent Regime Change Operation was made successful by US-backed elites in Pakistan. The struggle shall continue. ✊
My country Zimbabwe went through this terrible phase in 2008. Highest inflation on the world. A trillion dollars in your pocket and you couldn't even afford a loaf of bread. Queues for basic commodities became the norm. It got to a point where the super rich political elites could not even enjoy the money they continuously looted from the country they had destroyed so thoroughly as every sector of the economy collapsed. Unfortunately we are at the beginning of the same all over again like our government learned nothing. It is so disheartening. People underestimate how important good leadership is and it seems Zimbabwe has been cursed with some of the worst out there.
What does "Queues for basic commodities became the norm" mean? Perhaps a direction towards a solution.
And Rhodesia was the bread basket of Africa
At this current rate, Nigeria is also headed that way 😓
PolyMatter - 2022-06-07
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John Mayfield - 2022-06-07
Hey dude can you do a Lebanon vid?
JOHNCALOY - 2022-06-07
Rehehe
GNOME CHUMP-STINY - 2022-06-07
Why don't they just buy ipads🤔🙄
Jk
Volodimar - 2022-06-07
That ad transition at the end was kind of insensitive 👎
T - 2022-06-07
Spoke to someone working in London, but family in Sri Lanka -- from top to bottom government, police army, , it is family, relatives ... corrupt.