by Newfie » Wed 05 Jul 2023, 19:58:26
$this->bbcode_second_pass_quote('theluckycountry', '')$this->bbcode_second_pass_quote('Newfie', 'T')hat is the failure of the growth paradigm. Worldwide/human wide as near as I can tell.
And that is the struggle we have before us: how to come up with a new paradigm that is sustainable while still allowing us to enlarge our understanding/knowledge.
I'm pretty confidant the new paradigm is with us now. Places like Sri Lanka are experiencing it, Egypt went through it slowly a decade or two ago, China is facing it now. What it boils down to is losing access to petroleum products because you can't raise anymore debt to buy them. I know it sounds odd but there it is. Not everyone loses out in a given nation, the wealthy always have access, and in some nations, like the US, the process is slow whereby the poorer elements of society lose it first then it moves up through the classes.
$this->bbcode_second_pass_quote('', ' ') One Year Ago:
Sri Lanka’s economy has “completely collapsed,” Prime Minister Ranil Wickremesinghe said Wednesday, as the crisis-hit nation faces an increasingly dire situation that has left millions struggling with fuel, electricity and food shortages.
“Our economy has faced a complete collapse,” Wickremesinghe told Sri Lanka’s Parliament, adding the government was seeking help from its global partners and the International Monetary Fund (IMF) to stabilize the economy.
But Wickremesinghe warned the island nation of 22 million was “facing a far more serious situation” beyond the shortages. Sri Lanka is in the midst of its worst financial crisis in seven decades, after its foreign exchange reserves plummeted to record lows, with dollars running out to pay for essential imports including food, medicine and fuel.
There is more to the Sri Lankan story but the simple fact is they were doing ok until the value of their exports, Textiles and base foods, fell, and then it was off to the races. Anyone can grow fish but you need oil to do it efficiently and to get it to market and run a modern economy.
$this->bbcode_second_pass_quote('', 'C')OLOMBO, June 23 (Reuters) - Sri Lanka is set to start bartering tea to Iran next month in lieu of $250 million owed for oil, a Sri Lankan official told Reuters on Friday, as the crisis-hit country tries to lift sales to a key market and protect its forex reserves.