Why Sri Lanka is Collapsing: the Coming Global Food Crisis
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- čas přidán 6. 06. 2022
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Hey dude can you do a Lebanon vid?
Rehehe
Why don't they just buy ipads🤔🙄
Jk
That ad transition at the end was kind of insensitive 👎
Spoke to someone working in London, but family in Sri Lanka -- from top to bottom government, police army, , it is family, relatives ... corrupt.
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.
@@RoflcopterLamo 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
@@Ryan98063 They subsidised fertilisers, when they where running out of money they made up some excuse about wanting to go organic so banned them. It was a disaster and has since been rolled back.
@@Ryan98063 it was on a whim. they wanted all food produced in the country to be "organic." unfortunately, "organic" is not sustainable. theres a reason why there are several billion people living on the planet right now. the reason is not just healthcare, we had discovered drugs centuries ago. its modern chemical fertilisers. they are the foundation of the modern world, and the people who complain about them and avoid them are missing the point. we need a way to make the use of fertilisers safer for the environment and less carbon intensive, but right now we dont have the tech nor the practices or know-how to keep everyone alive without them.
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??
@@arnavmathur7646 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.
@@brownbrudda3338 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.
@@jarjarbinks3193 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
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
@@yeoweehuathuat8926 did you ever have to live under Soeharto? I'm sure I can count your brain cells with my thumbs alone.
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.
Can't change the world unless your own back yard is fixed first. May the wings of Liberty never loose a feather. I am American, I am with anyone liberating themselves feom the Bonds of Globalism. I am with anyone that wants to be Sovereign and rule them selves. You now have a country of your own. Do not go to the Communists or go to the people that caused this. If you do. You will have lost your chance to be free. May my God of Abraham, Issac and Jacob be with you.
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
@@rajeshupadhyay5683Think 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👌
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)
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.
@@RokeJulianLockhart.s13ouq These people cannot 'just leave'; no country wants them. I live in Australia and we will soon be inundated with Sri Lankan boat people looking for refuge. If they manage to get here (that is, they don't drown or get forced to Indonesia) our government will lock them in detention camps and eventually forcibly return most of them to Sri Lanka. I do not support this but it is what the majority of Australians support and I'm fairly certain will happen. On the other hand, if they have plenty of money we'll let them in of course.
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.
You country problem is not policy or mismanagement but the PPL itsel.Your country is high in racism and hate which will definitely bring down your country.you guys will fight and die with the current pace
@@chrislee3739 they are all the same. It doesn’t matter who comes to the power, the only thing they do is steal.
Watching this the day after Sri Lankans stormed the presidential palace and the president fled. I honestly had no idea this was happening. It’s horrifying.
Hi. Very informative video. As a Sri Lankan I highly appreciate your efforts and your honest opinion about the current situation.
“At first you go bankrupt slowly, then all at once.”
- Ernest Hemingway's 1926 novel, The Sun Also Rises
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 CZcams 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.
Totally. Fortunately/Unfortunately for those who took the effort to understand war, money & reality from works like Sun Wu's Art of War, Adam Smith's Wealth of Nations & Carl Sagan's Vision of Humanity, s/he/they will realise there exist many who will seek profits/opportunities from this crisis. This may explain why many elites/experts from states like US, China, EU, India, UK, Russia, AU, Brazil, etc. groups like IMF, WHO, UNP, RSF, ICC, WFP, TSB, POG, etc. & firms like Apple, Tencent, Samsung, Nestle, Loreal, Tata, Sony, Siemens, etc. are already making their moves in the cyber/shadow space.
@Hernando Malinche as if they have any control over that
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.
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 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.
@@HinduPAGANcowpissdrinkerRAKESH ignorance at its peak
@@HinduPAGANcowpissdrinkerRAKESH 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
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.
Thank you for clarifying this-- it's something a lot of western media gets completely wrong because they push the "organic farming" narrative so hard.
You guys multiply like roaches. This is the issue. Not the economics
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.
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.
Great report sir! Keep up this good work!
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
@@guts197 thanks. Also meet the Robinsons?
@@bletrick3352 thank you
Good luck. Hope you and your family fair okay during this rough time
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.
Rhodesia was great when it wasn't governed by Communists.
Oh well,atleast you got your land back from those naughty whites
And Rhodesia was the bread basket of Africa
At this current rate, Nigeria is also headed that way 😓
Thanks for getting this out
Well, as a country, you should really try to diversify your industry.
The worst thing is that you rely on few types of resources or industries.
You should at least have to know how to feed, house and clothe yourself without outer help.
Or at least you have to stockpile resources needed for survival.
Think how even ancient societies found way to stock food by fermenting.
As a Sri Lankan, despite the topic, I'm happy one of my favourite CZcamsrs 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
@@julm7744 lol "homeless people should just buy a home" vibe
You can’t, it’s your fucked up culture.
@@julm7744 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
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
@@ihaka439 "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
You’re a good story teller I watched the whole video thanks! 🙏🏻
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.
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
@@rajeshupadhyay5683
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👌
@@lezliewhicker8450Thank you, Going through her profile in her webpage, she smashed all her state certificate and accreditation
This is hella scary. Prices for everything have gone up a lot here in my small European country too while the wages have not risen that much.
Printing money since 2008 to save their cronies in the banking sector by letting all the banks off the hook.
@@ccdsds3221 cringe lord
@@ccdsds3221 Tankie logic moment
He only touched on the "going green" debacle. And that is waiting for all countries that pile on that bandwagon. Go woke go broke is not just a meme.
@@ccdsds3221 "im an edgy contrarian and everything that is mainstream is cringe"
Excellent information!!!
Thanks for posting this video. 👊
My University in the USA had many students from Sri Lanka 25 years ago. They represented the largest group of Foreign students at School and I became very friendly with several of them---They were great people! I was aware of their Country's problems but I didn't think it was THIS bad (and getting worse). My heart goes out to all of Sri Lanka's population. I hope things change for the better SOON!
Your university doesn't require a basic grasp of English punctuation?
@@anypercentdeathless touch grass
@despacito dave doesn't look like a joke...
@@anypercentdeathless Troll.
@@anypercentdeathless no need to be rude man, there are more pertinent issues at hand and keep in mind you’re on the internet, an informal platform for discourse. So kindly avoid being a grammar Nazi unless it’s to the detriment of the meaning behind a comment itself. If you have nothing else to contribute to this discussion, it’s best not to say anything at all. We’ve got people suffering on one part of the world and you choose to complain about some grammatical errors. Seriously, how out of touch are you?
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
Excellent and thorough explanation. Thank you.
Learned a lot. Thanks!
It's scary.
It's happening in my country Ghana right now. Rising fuel prices, food prices, delayed salaries, etc. And seeing this video just confirmed my fears. Things are only going to get worse.
It's happening in the uk as well but at a much slower pace, it all seems like the world is going to sh!t but the best we can do is hope and pray things get better.
@@foxpro3002 It wont. Things are going to get a lot worse, even become terrible before there's any semblance of them getting better. We're not talking years, but decades even, and in the end we'll probably never get back to the way the world was post 2008, it's a new 2008 but probably even worse.
Same in Kenya,it's very worrying
Reading you'r comment from Ukraine. I do really feel bad for you. One possible help - to help my military so Ukrainian food exports can come sooner to relieve global food prices.
Good luck Michael.
They ban the chem. fertilisers coz they don't have the money to import it, in fact government was trying to hide the problem in the name of organic farming. Which tends to lead the lower yielding of crop and food scarcity. As food is the essential item now they need more money to import it
Importing fertilizers to grow food to feed the population is still cheaper than to import food to feed the population ... dumb govt
You see the thing is that moving back to doing agriculture without fertilizer is doable, but you actually have to know how to farm without fertilizer to do it. The last time the west didn't use fertilizer was long ago, so almost nobody knows how to do it, it's probably the same situation in Sri Lanka.
@@bunnyben5607 In modern world you'll always get low yields without pesticides and chem. fertilisers. We basically forgot the organic farming & I'm not against the organic farming , in the end it's best way to prevent groundwater to get polluted but the thing is that they implemented it at the worst time of their economic crisis.
Mostly governments takes this type of decision when your economy is stable not when your economy is scrambling (when big chunk of your GDP depands on agricultural 💀) and fool the people that they are going toward organic but in reality the government doesn't want to expand a single cent on imports of fertiliser.
Yep. Culturally Sri Lankans are the worst at saving face
@@bunnyben5607 It's also a lot less efficient, at least in the short term, since you have a lot less control over soil chemistry, and fewer tools to deal with diseases, parasites and other pests. The benefits are all long-term, and like all investments, can be a hard sell for a farmer looking at next season's harvest.
Great job! Very educational.
Brilliant analysis, this is much more complicated than presented but a closer approximation!
I think Sri Lanka is fairly lucky as it has a strategic location in the Indian Ocean and as a result India has been giving billions of dollars in aid and loans to keep the country afloat. If they are lucky Sri Lanka will bounce back with help. But other countries Lin Africa or Latin America might not be too lucky or don’t have a strategic position to exploit
Indian hasn't given billions, but they keep asking China for more loans.
@@vivekp4854 India has sent 3 billion, as an aid to Sri Lanka if I am not mistaken...
This is partially true. The strategic and economic potential of Sri Lanka's location was never realized. I don't trust the current aid from India is just from mere benevolence, its just how it is. They are sensing good chance of taking us to India's camp after decades of flirting with China by Rajapakshas.
But lack of strategic location alone doesn't dictate a nation's success. Look at swizterland, it's just a rugged mountainous country but most importantly land locked. That didnt stop them, did it? Just hoping this curse of deep running corruption, instability and foreign interventions in global south will stop.
@@vivekp4854 2.4 billion dollars of deferments of loans to ACU, 1 billion dollar loan given by the State bank on India along with a lot of aid.
@@allenpradhan2063 there was some currrency swap too i guess, idk if that counts as aid or not
What I really appreciate is the high quality, and relevant stock footage used. Not just some old footage from rural areas designed to make the country look bad, but real, modern, relevant footage that shows the reality of the situation in the country now. And also a very balanced and unbiased video. Well done.
This. I am a Sri Lankan and it makes me mad every time when I see people using footage of a toothless old man riding a cow. Or a family living in a mud house with coconut leaf weaving for a roof.
@@troll2637 I'm Indian and i feel this so much😩😩😩
@@user-bear27How can you be Indian when I am Indian? 🤨
@@sanskarbarhai4741 waaa magiccc🤯🤯
Well summarized news and thank you for sharing
A very good meaningful insight. Appreciated.
They failed to invest in food and energy sovereignty and became dependent on low value added exports. Also much of the debt was denominated in foreign currencies so they had not control of the interest rates
Sovereignty, invaluable on its own. The glass may be half empty, but it's my glass. As De Gaulle put it.
Yet in europe most nation states are willingly giving it up to a self avowed globalist proto world government bent on destroying history and identity of member states that they are killing a bit more day by day.
For traitorous elites, the paramount importance of Sovereignty looks like it will only be learned again through pain and the clamor of the people in the streets
If you look at food commodities on an inflation adjusted basis food is actually incredibly cheap. Despite this booming global population farmers have consistently raised yields in excess of that required which has driven down real (inflation adjusted) prices.
However mostly that's been achieved by wealthier, industrialised countries whereas most population growth is in low income, less industrialised countries.
I thought they don't have enough money in the first place to invest when they are already borrowing money to pay off loans and welfare?
answer is quite simple don't over complicate: socialism. It leads to the same every time and yet people always wonder, lol.
@@carlosquinto1383 yeah the reason everyone doesn't come to your answer is that... It's wrong.
Living in Lebanon makes me worried that this will happen to us
You should listen to Fadhel Kaboub
Why don't Lebanon join France now I am not even kidding at this point sadly
@@shivanshna7618 If it joins France then France will become worse but Lebanon may not necessarily get better. I doubt France would want that.
why Lebanese people in Lebanon were poor while Lebanese people in Latin America and Sub-Saharan Africa dominates almost everything economically?
@@youcantalwaysgetwhatyouwan6687 survivor bias. What you are seeing are the ones who succeeded. Those who failed went back home or are just not noticed. Heck, even to emigrate takes alot of either money, will, and/or luck, so they are most likely to succeed in the first place. While those left in the country is a mixed bag of people, thus you're getting an average view. This is true for a lot of developing countries btw.
Interesting video. Thank you.
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! :)
At 16:01, the video clip was from Singapore, NOT Sri Lanka. Also, I took my family to Sri Lanka last month to visit, and you're right, we exchanged 1 USD for 380 lkr at most jewelry and gold shops while the banks were only exchanging at 320 for 1 USD. The banks were overvalue-ing their LKR. Sri Lanka People were amazing when we were there, so if you want a perfect travel destination and you have a small budget, we recommend Sri Lanka as it has beautiful beaches, mountains, and safaris.
Will crime become a problem soon?
@@davidjones7493 More like complete chaos. The country is about to fail. Like actually fail, fall apart, and mired in endless civil war.
As a collapsing economy myself, I'm happy to see this video
Lmao xd
Lol which country you belong to?
@@TommyJefferson1801 He's saying he's personally collapsing.
@@ZeroNumerous yo, me too!
@@ZeroNumerous got it
Very informative ; thank you !
Probably the best video on global economics I have seen on a long time ….thank you 🙏
Sri Lankan people are one of the nicest, kindest people I've met. They deserve better. Hope everyone can stay strong.
But their politicians are super corrupt . They show their land to China as a leverage against India and take loans . This made them end up in huge economic Mismanagement
@@ykcirnhoj2225 That was a foreign ISIS module taking revenge for Christ Church New Zealand attack. In no way did it reflect the attitudes of the Sri Lankan people.
@@dhruvramansingh6417 anyway i wasnt implying anything about the sri lankan people was poking fun at the condesending statmengt of gourd
Yeah they may deserve better but we are all going to get worse. We will reap the rewards of aimlessly supporting governments in the name of consumer culture
Sri Lanka is a classic example of what happens when you live beyond your means. Sri Lanka looked shining from the outside with all the borrowed money but as soon as that rickety structure hit a small storm, it started collapsing.
Singapore government is not really in debt though, they run a pretty balanced budget and have plenty of surplus. Although Singapore does import alot of products and can get hit hard by the increase in price.
@Zaydan Naufal you’re crazy...
Singapore is one of the most economy crisis tolerant countries in the world.
I am from Malaysia, I know full well how Singapore runs its economy.
doesn’t matter if it’s the 1997 Asian financial crisis, or the 2008 sub prime mortgage crisis, or the 2020 Covid, Singapore barely suffered a scratch....and job security in Singapore is high especially if you are a Singaporean citizen, Singaporean citizens job hops all the time because of the readily available jobs opening.
Also, the Singapore dollar is going from strength to strength year after year....
And, despite being a tiny country which imports everything from a-z, including drinking water, Singapore is at a trade surplus position, meaning they export more than import, this is achieved by Singapore’s focus on developing high value goods and services and fully utilising their highly skilled workforce and next to zero corruption problem.
@Zaydan Naufal err....are you dumb?...what are you talking about?
The exchange rate of Bruneian dollar vs Singaporean dollar has always been exactly 1:1 since decades back, it’s made this way so that it’s easier for the ppl Brunei to go over to Singapore for shopping trips.
@Zaydan Naufal stop talking nonsense...
Almost everyone I know in Singapore are spending their ass off left and right for years doesn’t matter if it’s Covid/trade war/crisis...
Everybody knows Brunei is a lousy place to live in... nobody ever goes there, not even for vacation...
Brunei living standards is shit, there is absolutely nothing going on in Brunei...even Thailand is better
the only good thing about Brunei is that the ppl are not starving, and if they don’t work much and just laze around all day the can still send their kids to school+get free healthcare, all thanks to the subsidy given by the sultan
But, nobody wants to move to Brunei...coz it’s a shit hole, you can’t earn a good living in Brunei because there is no industry going on, no shopping, no entertainment, absolutely nothing...
Brunei has a trade surplus because most Bruneian are too poor to buy anything, most Bruneian only buy what’s needed to survive
Only a few selected Bruneian, usually the rich Chinese businessman will be able to spend lavishly on luxury goods.
Most ppl in Brunei live a kampung lifestyle whereby you just laze around all day long without spending much money
Well, people bought expensive cars.... Lived like there's no tomorrow. I blame the people too.
Well analysed.Precisely to the point.
Great video and how to understand the crisis, thank you.
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.
Since it's all planned for the 4th industrial revolution, it unfortunately won't and will soon make many other countries struggle the same. We can all just pray for each other and stand together as a human family, against those old greedy, self-called "global elites" !
@@moetheuglyhoe it’s just hope. But I know all about Klaus Schwab an his gang.
Your country will be devastated too soon enough by this sadly. Good luck and don’t participate in any genocides that will happen.
*We need to let Ukraine PAY FOR IT'S BAD CHOICES.* If not for the Ukraine war would we be having rocketing food and fuel prices?
WHAT did Ukraine think would happen when they turned off water to Crimea? It's not like Ukraine NEEDED the water for itself, it didn't.
Of course Russia is going to make sure the water is turned on and create a land bridge at the same time.
Russia has a HISTORIC claim on Crimea, it was left part of Ukraine during the hectic breakdown of the USSR. They aren't members of the same country
anymore and Russia wants their warm water base back.
Why tell the world you want to join NATO & EU showing you have picked a side OTHER than Russia?
*What would America do if Mexico or Canada told the world they were going to let Russia and or China build bases along the American border?*
JFK almost took us into a nuclear war over missiles based in Cuba.
Ukraine makes peace, sanctions are dropped then food and fuel are shipped from Ukraine and Russia lowering food and fuel prices worldwide.
@@lyndxnjoel6917 OK so you know it's their desire for this to happen in ALL countries then.
This one hit hard. I grew up in Zimbabwe and the symptoms of their situation almost bring tears to my eyes.
Whats happening in Zimbabwe now?
Interesting to see this comment. My parents are from Sri Lanka and I have made the Zimbabwe comparison re: currency issue when talking with others in the Sri Lankan diaspora.
Blame Robert Mugabe
@@arnavmathur7646 Not now, like 10-15 years ago, Zimbabwe's economy collapsed and the 2nd? highest inflation in history. Where the infamous $1 trillion note comes from.
@@shinrapresident7010 As a Black South African, I think you should've taken the offer. It's time for Zimbabweans to go home and fix their country
excellent assessment this 1 is !!!
Thank you for sharing this informative video, stay safe and have a lovely day.
Sri Lanka has such a perfect strategic location for freight forwarding and airport activity. Sad they didnt utilise their position.
What do you mean? We have already utilitized it reasonably well. Port indsutry is actually one of the few indistries in the Sri Lanka that is both competent and long-term strategy oriented. Port of Colombo for example is the largest and most efficient container hub in south asia, acting as the main transhipment hub for traffic bound to India, Babgladesh, Pakiatan etc.
Unfortunately, port industry alone will never be able to save sri lanka.
Didn't utilise their transist location ? Then you know nothing about srilanka .google world's emptiest international airport and srilankan newly built port leased to china for 100 years out of desperation
It wasn't done to the fullest extent because of the protectionist policies the SLFP implemented throughout its stay in power
@@7_years_and_ why did it fail?
@@MrBlackspoon those huge projects failed to make profit . What happened is biting too much at once than one can swallow .then entire body fall ill to grab any more
Thank you so much for making this! Amidst the Ukraine crisis, most of the Western world had forgotten that large parts of the rest of the world are in turmoil too. Hopefully, this makes everyone aware of how serious this Sri Lankan economic crisis has been.
Nah, it aren't anything even close to the Great Ethiopian Famine of the 90s or the Great North Korean Famine of the early 00s. This is nothing.
Honestly at the moment a lot of Americans forgot about Ukraine. I rarely hear about it anymore from anyone. The communal attention span is not great.
@@Dakarai_Knight Ok? We as Americans have our own problems, why not try to handle problems yall self besides having yall hands out for money WE DONT HAVE???? We didnt start the war nor do we live close, call NATO..........
@@jsmoo1206 thats harsh
@@jsmoo1206 North Atlantic means countries in north atlantic ocean... Please don't show another murican bad at geography....
Excellent!
Watching this as a 17 year old makes me kinda depressed for the future that I am going to be living in.
1. Banning chemical fertilizers was silly & stupid. Most organic farmers acknowledge fertilizers work, they’re just bad for stream health, water table etc. 2. They didn’t bother to teach people how to do permaculture, make compost, irrigate their fields effectively, etc. 3. The S. Lankan gov seems to have poorly run almost everything, education included, they probably didn’t teach their citizens to take care of their land, as they are politicians and have no idea how to farm
There is speculation that it was driven by trying to avoiding importing fertilizer.
I don't think fertilizer ban was a choice to adopt a green revolution or organic crops .it was out of desperation which rulers of that country only knew .they don't want to spend money on the least important import .
They made the law but not the steps to make it into fruition... Zero common sense!
they banned it because they were already bankrupted. The organic excuse, it is just that an excuse.
Still the excuse is desirable.
Fertility management should have been investigated to maintain agricultural production
a variety of techniques exist to enrich soil yet the farmer needs to be educated and the market must facilitate a gradual shift.
An outright ban is asking the sailors to swim the rest of the way because the captain needs more room for leisure.
Unfortunately this was the situation about two months ago. Current situation is even worse.
This economy crisis is similar to the chernobyl crisis. Everything that could go wrong went wrong.
A stupid, stubborn and corrupt government, the high approval rate, years of economic mismanagement, nations dependance of government subsidies, covid, 2019 easter bombings, all these factors played a significant role causing this crisis
tbf, with chernobyl, anything that could go wrong will fuck everything up.
Sri Lanka is honestly similar. They were just barely passing on by with their shitty politicians, but then that entire house of cards got obltierated by the slightest economic turmoil.
Around this part of the globe, something very similar happened to Venezuela about a decade back.
The crysis lasted for years, their democracy disfigured into a repressive dictatorship as the country ran out of food and basic goods (even though they have lots of productive farmable land). Money got so devalued people started throwing it away or burning it.
Up to this day things haven't changed there, despite the dictatorship having been able to stabilize itself in absolute power
Sri Lanka been like this for decades, it's a small island with hella lot of people living like sardines in a tomato sauce cannery.
@@robertagren9360 lmfao true, my old class had 60 kids and we shared tables. but for economic reasons I'm sure the birth rates will drop a bit, can't manage the expense of a child, let alone travel to a hospital for delivery if you need it.
@Suraj Upadhyaya come and join them .. than after few month we can talk digitally
Well timed analysis. You called it.
The content of this video is highly informative. Thanks
The same thing with the Sri Lankan rupee has been happening with the Argentine peso for many years, it's horrible and devastating
Dude, this is the clearest and most helpful explanation of this topic on the internet. Period.
From Pakistan here, and can totally echo everything you said. We are seeing those inflation rates and economic unrest ruining everything we built in the last decade, all due to political unrest within the country.
Thanks for echoing it out on the internet like this. You earned a Sub and a viewer.
It seems like you learned nothing from the video, it makes it clear that what happened over the last decade wasn't building - it was using an overvalued exchange rate to import more and give the illusion of progress. Not to mention the other points in the video, like not taxing properly, failing agricultural productivity, and not strictly sticking to IMF plans.
Pakistan is one of the few countries in the world where exports actually declined until 2019. Who does that?
Don't vote for imran Khan, he make your country Chinese colony. Vote for sebaz sarif, he will start trade with India, USA which will be more beneficial for Pakistan than China.
All the best for upcomming election.
Love from India ❤️🙏
@@sk-pp8uj Pakistan's current economic crisis can be traced back to 2013 when the goverment did the exact same overvaluation and kept pkr close to 100 per 1 usd as to increase imports, took huge loans and keep inflation stagnant causing a huge rise in the rate once the curtain was up. That same goverment is back to power and is likely to win the upcoming election. God knows what they are gonna do now.
India is waiting for a chance to pounce on Pakistan, just when you guards will be down. May Allah give Pakistan Hidayat and protect it from disbelievers of India.
Very informative. A very well done video
Very well presented .
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.
@@anacowa221 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🥲
@@anacowa221 It's a complicated topic, but we're so interconnected now there's no point trying to stop immigration. We're either going to drag everyone into a better place, or we're all going down together. That's if I accept your premise, but someone coming here working is a net benefit, or at least that's the other side of the argument. But it's complicated, I won't pretend I have all the answers. If you pretend you have the answers, then I know you don't.
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.
finally I've found reasonable explanation. thank you very much!
love videos like these. very educational. great contents
I worked with a man from Sri Lanka, his family was wealthy and owned a bunch of land. He said if you put your property up for sale the government claims it before you can sell , so his family mostly moved to America, and left a few behind waiting to sell off property when the government changed up. Not sure how true it was, but crazy if it is.
I hope he is enjoying America, but it is currently suffering from a shooting issue.
@@HTV-2_Hypersonic_Glide_Vehicle its not as bad as it seems , we don't have tanks rolling down our streets , so safer than alot of places in the world atm.
@@HTV-2_Hypersonic_Glide_Vehicle "shooting issue" because of minorities, like the man in the comment
Who?
I live in Srilanka and I (as far as I know )have never seen this. plenty of people I know have moved or sold their land without it being taken by the government.
I am living in sri lanka and the economic situation in here is so grim. There are are long lines for fuel and gas and the prices of the essential items have skyrocketed .
How are middle class srilankans managing? Is aid from India reaching you
Great video my friend
Nice video.
This is even sadder considers that Sri Lanka is positioned in one of the worlds most prosperous area in regards to trading routes. They can easily be as wealthy as Singapore yet government corruptions and war have devastated this country.
unlike singapore it is very easy to circumvent sri-lanka. Singapore is almost impossible to avoid without extra long shipping routes
We have already sold terminals in our main port & built another useless one with Chinese loans.
@@neddiego2570 the gov takes the loans and make the most useless shit with it.
Just need to keep your homes high!
@@neddiego2570 Shhh. Not a problem according to the CZcamsr. The next loans will come up for payment and China will just take over something else as payment. Next up will be military bases. You know "For SL protection". Completely defensive.
You know what's sad about this? The ones in seat of power will walk away from this still rich while the citizens are left to pick up the pieces. The future looks bleak for your country, you may elect another government but if those one also are inept you fall further into the black hole. Praying for you 🙏 my friends. Stay strong.
thxs for the insightful explanation.
your storytelling skill is next level
You could switch out Sri Lanka for Lebanon and describe the situation of my country perfectly.
Lebanon was a bit worse though. They'll never get rid of their parasitic elite.
Although Sri Lanka has a bit more energy indepence. And is it true that you experience 20 hour long power outages.
@@Boltazzes Sri Lanka is going to be just as bad when it doesn't rain and money for coal runs out. They already don't have enough money to import fuel for diesel power plants which generate about 40%
@@Kuri0 diesel stat is a bit misrepresentative. Its so high cause only a few diesel plants can be used for grid frequency control , but hydro is used for frequency control too . And when peak demand hits they need all the hydro and diesel to meet demand. Therefore under normal conditions diesel is used as a sort of base load power and peaking power .However with sufficient load shedding (specially during power consumption peaks) diesel can be largely eliminated from the energy mix.And will only be a massive issue come February of next year.And as for coal , its dirt cheap , at around 300 dollars per ton. and based on some calculations the coal plant should be using some where in the region of 50 -60 million dollars of coal a month. And even for a bankrupt country that's not too much.As opposed to Lebanon which use diesel exclusively as a power source.
@@Boltazzes 22 now
As a Pakistani, it is unfortunate that I can imagine a similar outcome for my country. Overvaluation of the currency, depletion of reserves and trade deficit is exactly what Pakistan is facing at the moment.
its imran khan's fault
Well... That's what happens when your leaders doesn't know how to do basic additions and subtractions. lol
@@Reth_Hard but i dont think pakistan will collapse , it is nuclear power with 6 th largest millitary , srilanka dont have physical power nor economic power now , but pakistan has
@@tupac888 What is a military supposed to do, though? The military can't help with economy.
@@IDK-fv3hu u are right only loans can save , which willl not save just delay
Very educative presentation.
Coming back to this now its scarily shocking how quickly it unfolded
What is happening in Sri Lanka is just a walk in the park compared to what's happening in Lebanon. You probably should take a look into ine of the worst economic collapses since we dtarted keeping track of them. With only 2 hours of electricity a day and schools ending weeks earlier this year because they don't cannot afford to go on and people actually dying of hunger. The life work of generations was wiped in a matter of months.
Not really comparable. Lebanon should not exist. They are in a deliberate depression orchestrated by the countries elite. It will likely need the country to entirely collapse and be reborn in one way or another to have any meaningful economic reform.
Man, that really sucks. And to think I have been aghast of higher gas prices and grocery bills, while living otherwise normally (at least so far).
Nah, it aren't anything even close to the Great Ethiopian Famine of the 90s or the Great North Korean Famine of the early 00s. This is nothing.
third world countries trying to out third world each other (and before you say, I am from a third world country too)
And Sri Lanka is going the same path as Lebanon.
This is heartbreaking. My heart goes out to all Sri Lankas, praying for you and your safety, and a miracle🙏❤️
Maybe the issue is that people as a collective need to stop "praying" for Divine intervention and do things that are statistically known to help people who are in a crisis or helps to prevent crises in the first place... To be clear this is not directed at you the youtube commenter as an individual. I am talking about the wider phenomena of a collective populace "sending prayers" to an issue in lieu of demonstrable aid or solutions and then calling it good enough. While prayers are a nice gesture, people can't eat prayers, and Magical thinking like "praying" or "miracles" without action on a community wide scale can actually do more harm then good when it comes to crises, because praying does not create tangible results that we can then build a plan off of.
@@angrynoodletwentyfive6463 fair, i dont think it does more harm than good but other than that you're right we should donate. British Asian Trust works with Sarvodaya, theyre a website we could all donate to, and I will too
W video Polymatter.
Thank you.
One of my most beloved countries. My heart breaks for these beautiful and hospitable people 😥
this is excellent guys, covering just about all bases in a very short span of time along with brief lessons in economics etc. to complement it. thanks for taking the time and for choosing Sri Lanka, which is very often overlooked, even in times like this.
Well presented. Sri Lanka is such a beautiful country with amazing friendly people - i hope they find a positive way forward out of this mess quickly..
It's an incredible tool to tell a story. I would definitely subscribe to use it on my Blog
Dude, you're the best storyteller ever. Love it.
You earned another sub with this video mate, I honestly can't believe how an entire Country can fall in a matter of weeks, Those citizens of Sri Lanka have every right to be mad at the Government.
Sri lanka has been falling for sometime we just didn't knew 😢. We were borrowing endlessly and now we have hit the wall
@is$a_ And from the ashes Lanka will rise as a phoenix and become an empire.
It's nothing new. It's been going on for decades.
Thank you...now I see the whole picture.
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.
The worse realization is that leaders sell these bad policies to people convincing them it'll lead to a better future, like people cheer banning fertilizer, but then complain when they run out of food! That's how they rule us, through the naivety and ignorance of the herd.
Everything? Don't exaggerate. Get off the news
@@millevenon5853 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
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!)
We're starting to see it here as well!!!!!
Deep dive into what is happening at this time globally. So valuable compared to talking heads. Thank you.