Sri Lanka: Debt Crisis, Neocolonialism and Geopolitical Rivalry

Sri Lanka: Debt Crisis, Neocolonialism and Geopolitical Rivalry

Sri Lanka is in the throes of an unprecedented economic crisis. Faced with a shortage of foreign exchange and defaulting on its foreign debt repayment, the country is unable to pay for its food, fuel, medicine, and other basic necessities. Notwithstanding the austerities that would be entailed, a bail out by the International Monetary Fund…

Autarky of Economies

Autarky of Economies

The phenomenon of economic globalization has ensured that all the rational elements of the economy are interrelated with each other due to the consolidation of oligopolies, technological convergence and tacit corporate agreements, so that the third wave of the economic recession that is coming will be global and binding and will have as a collateral…

The Fraud of IMF-World Bank “Debt Relief” for Poor Countries

The Fraud of IMF-World Bank “Debt Relief” for Poor Countries

As the economic effects of the COVID pandemic spread across the world in March and April, the air was filled with promises that poorer countries would be assisted with aid and debt relief to deal with a crisis that threatened to plunge millions, above all children, into the most abject poverty. In April, International Monetary…

Can America Do It All?

Can America Do It All?

In fiscal year 2020, which ended on Sept. 30, the U.S. government set some impressive new records. The deficit came in at $3.1 trillion, twice the previous record of $1.4 trillion in 2009, which was set during the Great Recession, and three times the 2019 deficit of about $1 trillion. Federal spending hit $6.5 trillion,…