Bill Holter’s commentary
Selling our oil from the strategic reserve, what a brilliant idea!
‘If you make yourself sheep, the wolves will eat you.’ Benjamin Franklin. (1706-1790).
Bill Holter’s commentary
A first hand description of what is happening in Sri Lanka. We should not have to tell you this but we will …”coming to a theatre near you”!
Firsthand report from Sri Lanka
So lovely to hear from you and thank you so much for checking in on me. I am doing ok; so is my family. To be honest our lives have changed so much in the past few months I can’t even begin to explain how bad things are over here. We have power cuts, there’s no fuel, and fuel lines go on for miles so we have started to cycle/walk (in the heat)/work from home. There are no medications, so doctors have stoped treating certain illnesses. The list goes on.
Inflation reached 50% this month and we are expecting it to go to 70-80%, so we have lost our wealth overnight. And the SL rupee has depreciated so much we can’t afford most of the luxuries we used to have. Work is crazy because markets keep crashing every day. People are starving because they can’t afford food anymore. , Schools are closed, universities are closed and exams are postponed.
Whatever you hear in the media, it is all true. People’s lives are ruined by this mad government and it’s down to back wrong economic decisions. This is a populist government which came to power using a racist agenda, with no knowledge of how an economy should work. So they cut taxes as soon as they took over, which crated so much pressure on the economy. The Central bank kept printing money to fund expenditure which made things worse. Our reserves kept falling because tourism was badly affected by the pandemic. But they kept the rupee fixed for over a year and suddenly floated the currency this year – resulting in a sharp crash creating a huge burden on all parts of the economy. And all the while they kept saying they have “homegrown solutions” to our problems and didn’t seek IMF support. They kept repaying international sovereign bonds even in January of this year, knowing very well that we won’t be able to afford fuel and medicines with the little reserves we had at the time.
So we are right now at rock bottom, and this corrupt government keeps refusing to resign, so yesterday things took a different turn. I never in my life imagined protesting against a government but I did yesterday. So did everyone I know. But we still don’t seem to have a solution. They are still in power (and in hiding!). So this is basically where we are right now. But I really am grateful I still live a privileged life compared to most people. So we try and help those who need help as much as possible. Thanks again M, for writing. And thanks for offering help. This really means a lot. Please tell people in your part of the world how amazing our people are and how they don’t deserve anything they are going through right now. Hope all is going well with you as well. In the midst of all this, I keep forgetting that things aren’t too great globally as well. Really hope everything is going well for you. Thanks again and pls keep in touch.