On The Heels Of Russia’s Dollar Bond Default, Sri Lanka Defaults On Its Dollar Debt-Who Is Next To Destabilize Just So Its People Can Eat? By Stan Szymanski for Encouraging Angels
Noted journalist (once upon a time journalists were actually recognized as ‘noted’-not just paid off propagandists) and author Alfred Henry Lewis said in 1906, “There are only nine meals between mankind and anarchy.”
According to Bloomberg | Quint:
‘Sri Lanka warned of an unprecedented default and halted payments on foreign debt, an extraordinary step taken to preserve its dwindling dollar stockpile for essential food and fuel imports.’
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So the war, the disruption in the supply chain and the at least perceived upheaval in the currency markets has caused a sovereign country to have to make the decision between national financial solvency and the ability to procure food for its people.
According to the article, inflation in Sri Lanka is running at 20% and the country suffers from daily power blackouts of up to 13 hours at a time. If the government of Sri Lanka cannot pay its debt service and is opting to buy food instead of financial compliance it is basically trying to fend off an ‘Arab Spring’ at home.
According to The Indian Express:
In 2011, during the Arab Spring, a popular slogan at demonstrations that would eventually topple the military government of Egyptian leader, Hosni Mubarak, was “bread, freedom and social justice.”
The politicians are trying to hold onto their power. They know that if there are riots over food, due either to lack of availability or skyrocketing price, that they will end up like Mubarak.
Ukraine and Russia together account for about 30 percent of the worlds’ grain production. The Ukraine may not be planting anything near a full years’ worth of crops. Russia has a war to wage and will be carefull with its grain for itself and its strategic partners. Three agricultural behemoths Cargill, ADM and Bunge control 90% of the global grain trade. Depending on where these companies loyalties lie, these are the seeds that may germinate into something much bigger than the Arab Spring.
