Topic: Sri Lanka Economic Crisis is Getting Worse - page 7. (Read 2566 times)

That's right, the next leader should really understand the current state of the economy. The one who really has a solution, not just a plan but an action. I just don't agree with what you said they should accept Bitcoin, I think, they are not ready yet, it's not that easy. They can first rebuild the failed government and their economy with the help of other rich countries that are willing to lend.

It will take a long time for Sri Lanka to get up on the mess they are currently on because for sure the upcoming officials will doubt to handle this country because they don't have enough money to rebuild their country. Also the expectation of people will became more higher so for sure all eyes are watching on them so simple mistake could trigger the same scenario what they are currently in. Lets just hope everything will be in good shape on that country in future because its really hard to be on that situation especially for their citizens.

They must have an election and elect the right people they have a fresh start by ousting a corrupt government hopefully they will follow Philippine's people power instead of country like Zimbabwe, they should negotiate to World Bank and to all their debtors to get a new start in their debt, they need all the support they need, this is a bad experience for a country where the world is in
crisis, because of the pandemic and the war between Russia and Ukraine.

And that is the scary though, and if that happens then what will happen to Sri Lanka? They already struggled in the last 10 years or so with that corrupt government, and based on history, really hard for certain government to recover and if the next government will be as corrupt as the previous one, then it's spiral, not just in Zimbabwe, but even in Middle East and some Asian government as well.

This is common too. Someone removed a bad and corrupt leader or a dynasty but will end up establishing its own dynasty. A promising politician might become corrupt once positioned at the top. Earlier, the Rajapaksas were Sri Lanka's heroes. They played a huge role in ending its country's decades of civil war against the Tamil Tigers. The elder Rajapaksa also developed Sri Lanka's economy during its early reign. And all of a sudden, things went spiraling down fast. Probably due to many incompetent government officials especially in departments that played a huge role in its economy. It is known that nepotism was rampant within the Rajapaksa family.

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

There's the interim president now proclaimed, Ranil Wickremesinghe. I've read it on this article in particular about the formal resignation of its former President who flew and now in Singapore.
Article: Sri Lanka MPs to elect new president after Gotabaya Rajapaksa officially resigns
I do not know much of politics in Sri Lanka but what does the citizens there think of it?

News about Sri Lanka which is very bad makes us have to move, the crypto community must play a role in order to show the world that cryptocurrencies are very useful, the simple thing we have to do is make a special thread to receive donations and we must be able to make sure the donations are sent to the people in the Sri Lanka.

And do you really think that this can be achieved by just revolutionizing the regime?
Establishing social stability after every revolution is a very difficult step and may make matters worse. I live in Tunisia and I experienced an example of the revolution in 2011, when the people revolted against the regime, the president fled, and many of his close associates were prosecuted. Despite that, we have been in an economic crisis since that time and we live at the mercy of the corrupt political religion. Almost everything got worst instead of getting better .

To be honest, every form of government has its flaws and depends greatly on the country's situation and background. There is no one form of government to trump and work perfectly, one fit for all.
The authoritarian form of government works well for some country that was so rowdy and fractured. Dynasty style, passing power from father to son works to keep the policy that requires years of implementation can't be overturned when the mandate change. For example, Singapore meets both of the above and is prosperous today thanks to it.

It depends on what kind of governance we're talking about.
The one where the brothers are changing roles from president to prime minister and letting their "brilliant" sons in place while they flee the country is rotten to the core.
On the other hand, I find a case for monarchies, at least in Europe where they have limited to zero power they are filling the position of the president, so there is no need for a useless election, if a party has 60% they will get both president and parliament and prime minister so the separation of power is a joke.

But strictly to the matters at hand, there shouldn't be any hereditary kind of governance anywhere, there are cases where the son of a politician was far better than his father, and actually helped the country a lot but that still doesn't matter he was the best choice.


If Sri Lanka adopts gold, dollars, diamonds, bitcoin, dogecoin, it will be the same.

For you to adopt something you first need that currency, which you can't buy because you're bankrupt, so you have to print more useless money to buy a foreign asset with a price in $ all the while driving inflation up and rendering your currency worthless, by the time you manage to get enough hard currency ($,BTC, gold) in the country you're as poor as the definition of poverty allows.

One should look at the Weimar Republic for this, the country had to pay a debt in $, they needed $ but they didn't have any so they had to print money to get $, what happened, is in the history books. Sri Lanka or any other country on the verge of collapse will follow the same path if it tries this move.

One of the problems with that system is that you can go from a great leader to one that is terrible, now things will not be so bad if such leader accepted the advice from his experts in order to lead the nation, but unfortunately this is not the case.

It is because of this that in theory democracy is a better system as it allows the leader of the government to be replaced often so they do not have as much time to damage the country with their policies, however it also limits the time of those which are really looking after the citizens of the country and they have a time that is too short to make a difference.

It depends on the government itself, but currently making democratically elected leaders by the people do not fully handle the economy as a whole. We just need to return to the goals we want to achieve and to leaders who truly understand the condition of their people. Not even narrowing the people's freedom to stand on their own feet.

If you look at the events experienced by Sri Lanka, many things that turn out to be hereditary power do not really fall in the right hands. What if Sri Lanka adopts Bitcoin, because inflation is so high and bloated the solution is to use alternative payments outside of policies related to centralized institutions.

It's my first time to see in that a country loses its president and I'm now curious how their country will recover from it. Plus what will happen to him since he already escaped to other countries. Will he be wanted because of what he did on his country. Since no one leads Sri Lanka and no future plans from their government, conflicts will definitely arise soon once they run out of necessities like food.

I am not in favor of the so-called political dynasty. It is as if they are just doing business to enter politics or government. Those who are worthy to lead should be given more opportunities. Agree that the failed family may also fail when it takes over.

Many are already thirsty for good governance but those currently in power are still trying to deny it. The country's economic development will not be achieved if it falls to the greedy. The leader must be well-governed and free from corruption.

Lol 
Well, that would be a condition that wouldn't be much different from before. The Sri Lankan people should change the rules and make the electoral system back and not involve descendants or relatives of the failed president.

Do you agree that the concept of hereditary governance is a concept that has led to failure in Sri Lanka? because I see that many leadership thrones that fall to their descendants do not necessarily bring a better situation. This kind of era should no longer happen.

In this situation, the people themselves should think of how they can survive in this crisis.
Don't wait for the government's help as they will die from hunger.
As you said, venting their anger is only a temporary pleasure.
But their everyday food, and other living expenses, they should find a way how to get that.
Plant vegetables if you have a small garden, just an example.

I was curios about what the new government would be and what the last one was...
So let me get this right
The president that fled was Gotabaya Rajapaksa who is the brother of the prime minister Mahinda Rajapaksa (who I think is still in the country) and the two have around 5 other relatives members in the parliament? 
And in 2019 this guy got 6,924,255 votes and in 2020 their party got 6,853,690 and 59.09% of the votes?

And!!!! already the next best hope for the country is...his son?
https://www.aljazeera.com/economy/2022/7/12/amid-sri-lanka-chaos-a-young-rajapaksa-plans-comeback

Sorry, but this is just worse than the shittiest novel you can buy for 5 cents, seriously, how can somebody think things will turn for the better, the country was corrupt for decades, things were falling apart even before that yet still at least 1/3 of the entire population voted for them.
I wouldn't be surprised at all if the fleeing one doesn't come back to the country in a few years and it doesn't manage to get elected something again.

Of and the new acting president is the one that leased the port for 99 years to China to pay the debt they've incurred by taking loans from them? 
Genius!

Temporary pleasure when they vent all the anger, and after that have no solution to get out of the crisis they are experiencing. It is unfortunate that Sri Lanka is currently facing very difficult times. Never found it anywhere waiting for fuel up to 2 days more. Power outages, skyrocketing goods prices and other facilities completely dead, Sri Lanka is not really in a good state. Even though there has been an interim government appointed, it does not mean that it can be easily restored. If the people's demands against the appointed government fail, then a second volume of riots will occur.

This is what corruption can do. Sri Lankan economy was growing at a brisk pace after the end of civil war and tourism was booming. And then they fell in to the debt trap and the economy got destroyed. Partly, the blame should be put on the population as well. They tolerated the corrupt regime for too long, as they were showering freebies and benefits to the voters. And the worst part is that the individuals who are responsible for it have already fled the country with the stolen money and they will be never brought to justice.