Thursday, 30 November 2017
Govt. swallowed IMF advice to increase tax
Amateurish Govt. swallowed IMF advice to increase tax
Q As the former Governor of Central Bank how do you view the Budget which the Government claims is futuristic and is earmarked to be implemented over a period running up to 2025?
Budget 2018 is certainly not a futuristic Budget, but a hotch-potch budget with various conflicting strategies. It is bound to fail just like the previous two Budgets presented by this Government. That is sad because it will be the people of our country who would suffer as a result, since there will be no development carried out nor new jobs created. There is also hardly any special thrust or priority sectors earmarked and accordingly there will be very little investment that’ll flow into the country. Although a few people, who have been given positions by this Government, have expressed some positive comments regarding this Budget, you could see by the reaction of markets, that deep down, the private sector isn’t convinced that this Budget would deliver any beneficial results. This Budget also doesn’t contain any measures which would ensure stable prices, a strong financial system, regular job creation, healthy investment flows, robust forex turnovers, moderate interest rates and stable exchange rates. Without such a focus on the macro-economy, Budget making will not be of any value or relevance.
However, this Budget is strong in one aspect. That is, it focuses heavily on increasing revenue. It is all about how to extract more taxes across more sources, on more occasions, from more people. The Government obviously thinks that when they tax the people more, the more successful the Budget will be. Perhaps, that is what the IMF has told them, and this amateurish Government seems to have swallowed that advice. But very soon, they, as well as the people, will realize that they have made a huge mistake because investment streams will dry up, business activity will falter, growth will stagnate, and the debt burden will rise to unmanageable levels. These pressures will, in turn, increase inflation, enhance interest rates, cause job losses and place the economy in serious jeopardy.
When reading through the Budget speech, it is also observed that, uncharacteristically for a Finance Minister, nothing has been said about the progress of the economy. That silence was obviously because he had nothing positive to say, about the progress under their watch and I am sure the situation in the coming year will be much worse.
========================
Q The previous Government under which you served is blamed for the debt burden. How do you counter that?
In any country, the ‘debt burden’ is measured technically and professionally, by the ratio of the amount of the debt, expressed as a percentage of the Gross Domestic Product of the country. In that context, the Debt to GDP ratio which, at the beginning of 2006 was a very high 91%, was systematically reduced to a more comfortable 71%, as a result of the Rajapaksa Government’s prudent economic and debt management. Therefore, it will be seen that during our term,we were able to improve the Debt to GDP ratio substantially and ensure that there was absolutely no debt crisis, with Sri Lanka having a stronger re-payment capacity, quite unlike to what is now being falsely claimed by the Government, ad nauseam, that Sri Lanka was in a debt trap at that time.
That feat was achieved even while undertaking massive infrastructure development, which increased the debt in absolute terms by Rs. 5,169 billion (in 9 years) from Rs. 2,222 billion at the beginning of 2006to Rs. 7,391 billion by end 2014. In sharp contrast, this Government, in its initial period in office of 2 ½ years, has increased the Public Debt by Rs. 2,777 billion, although there has been hardly any increase in the GDP and nothing to show as development on the ground, as a result of such borrowing. Worse still, the Debt to GDP ratio has now shot up to 85% from 71%, and has undoubtedly pushed the country into the debt danger zone.
Q The Government claims that debt payment for the next couple of years is much higher as a percentage of the state revenue. How fair is that statement?
What is most relevant and important about debt repayment is the Government’s ability to meet its debt. From the time this Government assumed office, it has been managing the Public Debt in a foolish, hap-hazard and irresponsible manner. First, they announced to the world that the country is in a “debt crisis” and that they are finding it challenging to re-pay the debt, when it was not. Do you know of any company chairman who announces to the markets that his company is finding it difficult to pay its debts? Second, when the foreign investors got frightened and rushed to withdraw their investments from the Government securities, they squandered our foreign reserves, but yet had to let go of the exchange rate which depreciated significantly, causing massive increases of about Rs. 427 billion (nearly 3 times what the Government will get from selling the Hambantota Port) in the Public Debt in Rupee terms. Third, the Government carried out the now infamous Bond Scam which caused all interest rates to rise and remain at elevated levels since, which has made the raising and repayment of debt much costlier: in fact, Sri Lanka must be the only country where interest rates were increasing at a time when inflation was decreasing!
Those occurrences have shown that the so-called economic osthars of this Government have not only been terribly corrupt, but also downright imprudent and foolish. As a result of these misadventures, the Prime Minister’s reckless prophecy has come true, and ironically Sri Lanka is today in that self-created Debt Trap. Sadly, this situation is becoming worse and it doesn’t appear likely that these self-proclaimed financial wizards would be able to do anything that would arrest this deteriorating situation.
Q The economic viability of the Hambantota Port and the Mattala Airport are always questioned by the Government. How do you view these two projects?
All persons knowledgeable in shipping and ports, recognise that strategically-located ports play a very important role in shaping an economy of a country. In that context, people the world over, have been speaking about the merits of locating a port in Hambantota for a long time, because Hambantota is directly the path of the East-West sea route. Accordingly, such a port is bound to have tremendous potential and in the long term, the Hambantota Port will be one of the greatest assets that Sri Lanka would have in its economic growth story. At the same time, it must be recognised that no port, however well located it may be, can deliver results in its first few years. In fact, the Colombo Port took almost 200 years to realize its full potential, although it had been providing a massive impetus to the economy of Sri Lanka.
The new Hambantota Port, in a very short period of time, had been able to make a significant impression in the global shipping arena, while servicing its loans without any default. It was gradually picking-up in its operations in a satisfactory trend, even while its detractors were condemning the project. All knowledgeable businessmen know that large scale projects have fairly lengthy gestation periods. For example, a large new hotel won’t be filled to capacity in 2 or 3 years, but over 5 to 10 years it will generally start showing positive results and perhaps substantial profits too, with its shareholder value and goodwill appreciating significantly over the longer term. Similarly, a large port also will usually yield substantial profits, massive capital gains and other ancillary economic benefits over the long term, if it is nurtured and positioned during its first decade of operations, given the location is strategic. Ask yourself the question; why is it that the Chinese are so eager to pay over a billion US dollars to assume a 80% stake of the Hambantota Port?Are they crazy to do so? Obviously not. If so, isn’t it this Government that is crazy or corrupt or reckless to alienate this highly valuable asset for a mere pittance which doesn’t even take the value of the vast tracts of land that forms part of this Port project, into consideration?
In the same manner the Mattala Airport too owns a huge tract of land, adjoining the airport, and was constructed at a comparatively modest cost thereby enabling this international airport to be of great significance and value in the future. Unfortunately, that asset too is to be frittered away for a pittance by this short-sighted Government to India, probably to settle an ‘election’ debt. It is now clear that what this Government is able to do properly, is criticise and find fault with the former Government’s projects. They are unable to do anything of any value on their own. Even worse, they are hell-bent on selling national projects with the best future prospects, under the guise of getting out of a debt trap, which they themselves created. Their actions can be likened to that of a drunkard or drug-addict who periodically sells his household goods to have the money for his next drink or drug-dose. By these actions, our current leaders are actually depriving our country’s future generations of realising their true potential, while also destroying the foundations for the future progress and prosperity of our country.
Q The Government has proposed to increase its revenue more through direct taxation. The International Monetary Fund (IMF) has commended the measures for increasing tax revenue in this manner. From what angle are you looking at this?
This Government is in so much trouble, it is not in a position to argue with the IMF. It will have to do whatever the IMF says, and even if that means the entire country will be destabilized, it will have to obediently carry out IMF orders. As we all know, the total taxes charged from the people in various forms (direct and indirect taxes, customs duties, and excise levies) have been doubled in absolute Rupee terms, from 2014 to 2018. Total taxes that were about Rs. 1 trillion in 2014,will increase to over Rs. 2 trillion in 2018. As a result of these additional burdens, people will be unable to carry on with their businesses, and more jobs will be lost. Very soon, it will be unbearable for small and medium scale businesses since interest rates have already increased by over 50% now, from the rates prevailing as at end of 2014. As a result,thousands of cheques are being returned daily, and people are finding it very difficult to even exist. On top of that, when the new taxes imposed actually take effect, it will kill enterprise and industry, and it will only be through various manipulations that this Government will be able to show some economic growth, in much the same way, that it manipulated the growth figures last year to show a growth of 4.4%,when it was actually 2.2%. I pointed out this manipulation in May this year, with facts and figures, and no one from the Government has yet been able to challenge my workings.
Q What is your view on the move to completely replace carbon emission vehicles with electric cars by 2040?
On the surface, it may appear fashionable to say that Sri Lanka would have only electric cars by 2040 in this designer-budget. But, it all depends on whether this Government, which can’t even satisfactorily distribute fuel to the people, can carry out an initiative like that. This Government is now famous for its adhoc decisions and its ‘stop-start’ initiatives. They regularly come up with all kinds of slogans; first, it was free Wi-Fi for all. Next it was free tabs for all students. Now it is about electric cars for all. A few days ago, it was free shoes for all. The list continues, but everyone knows nothing will happen!
Q Your name is being dragged into the improper investment of money from the EPF during your time. What is your response to this allegation?
The EPF made its best progress during my tenure as Governor and its financial returns during that period were consistently higher. By its professional financial management, the EPF Investment Committee was able to build the EPF into a stable, long-term fund, and all investments were made prudently and professionally in Government securities and in shares. The fund’s well-diversified portfolio also made substantial profits and capital gains, as reflected in the financial statements of the EPF.
At the same time, all processes, procedures and approvals in respect of all investment decisions were followed diligently during my time. All external reviews and audits, particularly the external audit undertaken by the Auditor General, have not faulted the EPF managers in relation to their investments, to the best of my knowledge. In stark contrast, what happened in the Bond Scam? The time-tested and well-designed systems of the Central Bank were changed arbitrarily and suddenly on political orders, and massive losses were caused to the EPF at the expense of connected parties. The EPF was stopped from bidding for treasury bonds at the primary auctions, and the state banks were ordered to bid low.These corrupt practices have led to huge increases in the interest rates in our country, causing further serious losses to all stakeholders in our economy.
Q There is an allegation that you issued the licence for Perpetual Treasuries at that time. It is currently held responsible for the bond scam. What is your response?
It is correct that the licence for Perpetual Treasuries was granted by the Central Bank and the Monetary Board during the time I was the Governor. However, if someone critically examines and reviews the processes applied in the grant of such licence, it will be seen that the correct procedures and processes had been followed by the Central Bank and the Monetary Board in issuing that licence, as with all other approval processes during my tenure of office as Governor. I can also assure you that, during my time, there weren’t sudden changes to processes nor systems to provide an advantage to any selected party, at any time.
All systems and processes were followed diligently and professionally in all regulatory actions and approval processes, and there hadn’t been a single instance where the Auditor General or any other review body had stated that there has been any wilful and deliberate departure from process to provide an advantage to anyone. That is why, other than some UNP politicians, no other stakeholders have complained about the Central Bank’s actions during my time. Even in the case of the investment in the Greece Government Bonds, the Supreme Court clearly ruled the Central Bank and Monetary Board had diligently followed due process, and that there was no irregularity whatsoever, even though a tolerable business loss was incurred in that investment while the Central Bank recorded its highest-ever profit from reserve management, during that year.
Q What is your response to the allegation that irregularities took place regarding bond issues during your time as well?
That is a blatant untruth, which was initiated by the Prime Minister in March 2015, immediately after the fraudulent Treasury Bond issue of February 27 2015, probably to deflect public attention from that scam that was hitting the headlines. That highly irresponsible allegation was obviously made to implicate the former administration and thereafter, the Auditor General was also requested by the then Finance Minister to conduct a detailed examination into all the Treasury bond issues during my time. In response the Auditor General reported that there were no improper issues during my time. This report caused much heartburn to the best Finance Minister in Asia, who has been attacking the Auditor General, ever since. You may also remember that recently, when a UNP MP demanded that I be summoned by the Presidential Bond Commission, I immediately issued a statement that I would be happy to give evidence before the Commission. In fact, I wrote to the Commission clarifying certain matters which arose during the Commission sittings, while also informing them that I would be very happy to answer any question that the Commission may have at any time. In response, the Commission asked me to send my submissions in writing, and I did so.
Former Central Bank Governor Ajith Nivard Cabraal in an interview with the Daily Mirror spoke about the Government’s Budget and its implications.The interview done with Cabraal follows. 2017-11-30
Q As the former Governor of Central Bank how do you view the Budget which the Government claims is futuristic and is earmarked to be implemented over a period running up to 2025?
Budget 2018 is certainly not a futuristic Budget, but a hotch-potch budget with various conflicting strategies. It is bound to fail just like the previous two Budgets presented by this Government. That is sad because it will be the people of our country who would suffer as a result, since there will be no development carried out nor new jobs created. There is also hardly any special thrust or priority sectors earmarked and accordingly there will be very little investment that’ll flow into the country. Although a few people, who have been given positions by this Government, have expressed some positive comments regarding this Budget, you could see by the reaction of markets, that deep down, the private sector isn’t convinced that this Budget would deliver any beneficial results. This Budget also doesn’t contain any measures which would ensure stable prices, a strong financial system, regular job creation, healthy investment flows, robust forex turnovers, moderate interest rates and stable exchange rates. Without such a focus on the macro-economy, Budget making will not be of any value or relevance.
However, this Budget is strong in one aspect. That is, it focuses heavily on increasing revenue. It is all about how to extract more taxes across more sources, on more occasions, from more people. The Government obviously thinks that when they tax the people more, the more successful the Budget will be. Perhaps, that is what the IMF has told them, and this amateurish Government seems to have swallowed that advice. But very soon, they, as well as the people, will realize that they have made a huge mistake because investment streams will dry up, business activity will falter, growth will stagnate, and the debt burden will rise to unmanageable levels. These pressures will, in turn, increase inflation, enhance interest rates, cause job losses and place the economy in serious jeopardy.
When reading through the Budget speech, it is also observed that, uncharacteristically for a Finance Minister, nothing has been said about the progress of the economy. That silence was obviously because he had nothing positive to say, about the progress under their watch and I am sure the situation in the coming year will be much worse.
========================
* Growth will stagnate and the debt burden will rise to unmanageable levels* During our term,we were able to improve the Debt to GDP ratio substantially* Businesses will falter* As we all know, the total taxes charged from the people in various forms have been doubled in absolute Rupee terms, from 2014 to 2018* People will realize its repercussions soon* This Government in its initial period has increased the Public Debt by Rs. 2,777 billion=========================
Q The previous Government under which you served is blamed for the debt burden. How do you counter that?
In any country, the ‘debt burden’ is measured technically and professionally, by the ratio of the amount of the debt, expressed as a percentage of the Gross Domestic Product of the country. In that context, the Debt to GDP ratio which, at the beginning of 2006 was a very high 91%, was systematically reduced to a more comfortable 71%, as a result of the Rajapaksa Government’s prudent economic and debt management. Therefore, it will be seen that during our term,we were able to improve the Debt to GDP ratio substantially and ensure that there was absolutely no debt crisis, with Sri Lanka having a stronger re-payment capacity, quite unlike to what is now being falsely claimed by the Government, ad nauseam, that Sri Lanka was in a debt trap at that time.
That feat was achieved even while undertaking massive infrastructure development, which increased the debt in absolute terms by Rs. 5,169 billion (in 9 years) from Rs. 2,222 billion at the beginning of 2006to Rs. 7,391 billion by end 2014. In sharp contrast, this Government, in its initial period in office of 2 ½ years, has increased the Public Debt by Rs. 2,777 billion, although there has been hardly any increase in the GDP and nothing to show as development on the ground, as a result of such borrowing. Worse still, the Debt to GDP ratio has now shot up to 85% from 71%, and has undoubtedly pushed the country into the debt danger zone.
Q The Government claims that debt payment for the next couple of years is much higher as a percentage of the state revenue. How fair is that statement?
What is most relevant and important about debt repayment is the Government’s ability to meet its debt. From the time this Government assumed office, it has been managing the Public Debt in a foolish, hap-hazard and irresponsible manner. First, they announced to the world that the country is in a “debt crisis” and that they are finding it challenging to re-pay the debt, when it was not. Do you know of any company chairman who announces to the markets that his company is finding it difficult to pay its debts? Second, when the foreign investors got frightened and rushed to withdraw their investments from the Government securities, they squandered our foreign reserves, but yet had to let go of the exchange rate which depreciated significantly, causing massive increases of about Rs. 427 billion (nearly 3 times what the Government will get from selling the Hambantota Port) in the Public Debt in Rupee terms. Third, the Government carried out the now infamous Bond Scam which caused all interest rates to rise and remain at elevated levels since, which has made the raising and repayment of debt much costlier: in fact, Sri Lanka must be the only country where interest rates were increasing at a time when inflation was decreasing!
Those occurrences have shown that the so-called economic osthars of this Government have not only been terribly corrupt, but also downright imprudent and foolish. As a result of these misadventures, the Prime Minister’s reckless prophecy has come true, and ironically Sri Lanka is today in that self-created Debt Trap. Sadly, this situation is becoming worse and it doesn’t appear likely that these self-proclaimed financial wizards would be able to do anything that would arrest this deteriorating situation.
Q The economic viability of the Hambantota Port and the Mattala Airport are always questioned by the Government. How do you view these two projects?
All persons knowledgeable in shipping and ports, recognise that strategically-located ports play a very important role in shaping an economy of a country. In that context, people the world over, have been speaking about the merits of locating a port in Hambantota for a long time, because Hambantota is directly the path of the East-West sea route. Accordingly, such a port is bound to have tremendous potential and in the long term, the Hambantota Port will be one of the greatest assets that Sri Lanka would have in its economic growth story. At the same time, it must be recognised that no port, however well located it may be, can deliver results in its first few years. In fact, the Colombo Port took almost 200 years to realize its full potential, although it had been providing a massive impetus to the economy of Sri Lanka.
The new Hambantota Port, in a very short period of time, had been able to make a significant impression in the global shipping arena, while servicing its loans without any default. It was gradually picking-up in its operations in a satisfactory trend, even while its detractors were condemning the project. All knowledgeable businessmen know that large scale projects have fairly lengthy gestation periods. For example, a large new hotel won’t be filled to capacity in 2 or 3 years, but over 5 to 10 years it will generally start showing positive results and perhaps substantial profits too, with its shareholder value and goodwill appreciating significantly over the longer term. Similarly, a large port also will usually yield substantial profits, massive capital gains and other ancillary economic benefits over the long term, if it is nurtured and positioned during its first decade of operations, given the location is strategic. Ask yourself the question; why is it that the Chinese are so eager to pay over a billion US dollars to assume a 80% stake of the Hambantota Port?Are they crazy to do so? Obviously not. If so, isn’t it this Government that is crazy or corrupt or reckless to alienate this highly valuable asset for a mere pittance which doesn’t even take the value of the vast tracts of land that forms part of this Port project, into consideration?
In the same manner the Mattala Airport too owns a huge tract of land, adjoining the airport, and was constructed at a comparatively modest cost thereby enabling this international airport to be of great significance and value in the future. Unfortunately, that asset too is to be frittered away for a pittance by this short-sighted Government to India, probably to settle an ‘election’ debt. It is now clear that what this Government is able to do properly, is criticise and find fault with the former Government’s projects. They are unable to do anything of any value on their own. Even worse, they are hell-bent on selling national projects with the best future prospects, under the guise of getting out of a debt trap, which they themselves created. Their actions can be likened to that of a drunkard or drug-addict who periodically sells his household goods to have the money for his next drink or drug-dose. By these actions, our current leaders are actually depriving our country’s future generations of realising their true potential, while also destroying the foundations for the future progress and prosperity of our country.
Q The Government has proposed to increase its revenue more through direct taxation. The International Monetary Fund (IMF) has commended the measures for increasing tax revenue in this manner. From what angle are you looking at this?
This Government is in so much trouble, it is not in a position to argue with the IMF. It will have to do whatever the IMF says, and even if that means the entire country will be destabilized, it will have to obediently carry out IMF orders. As we all know, the total taxes charged from the people in various forms (direct and indirect taxes, customs duties, and excise levies) have been doubled in absolute Rupee terms, from 2014 to 2018. Total taxes that were about Rs. 1 trillion in 2014,will increase to over Rs. 2 trillion in 2018. As a result of these additional burdens, people will be unable to carry on with their businesses, and more jobs will be lost. Very soon, it will be unbearable for small and medium scale businesses since interest rates have already increased by over 50% now, from the rates prevailing as at end of 2014. As a result,thousands of cheques are being returned daily, and people are finding it very difficult to even exist. On top of that, when the new taxes imposed actually take effect, it will kill enterprise and industry, and it will only be through various manipulations that this Government will be able to show some economic growth, in much the same way, that it manipulated the growth figures last year to show a growth of 4.4%,when it was actually 2.2%. I pointed out this manipulation in May this year, with facts and figures, and no one from the Government has yet been able to challenge my workings.
Q What is your view on the move to completely replace carbon emission vehicles with electric cars by 2040?
On the surface, it may appear fashionable to say that Sri Lanka would have only electric cars by 2040 in this designer-budget. But, it all depends on whether this Government, which can’t even satisfactorily distribute fuel to the people, can carry out an initiative like that. This Government is now famous for its adhoc decisions and its ‘stop-start’ initiatives. They regularly come up with all kinds of slogans; first, it was free Wi-Fi for all. Next it was free tabs for all students. Now it is about electric cars for all. A few days ago, it was free shoes for all. The list continues, but everyone knows nothing will happen!
Q Your name is being dragged into the improper investment of money from the EPF during your time. What is your response to this allegation?
The EPF made its best progress during my tenure as Governor and its financial returns during that period were consistently higher. By its professional financial management, the EPF Investment Committee was able to build the EPF into a stable, long-term fund, and all investments were made prudently and professionally in Government securities and in shares. The fund’s well-diversified portfolio also made substantial profits and capital gains, as reflected in the financial statements of the EPF.
At the same time, all processes, procedures and approvals in respect of all investment decisions were followed diligently during my time. All external reviews and audits, particularly the external audit undertaken by the Auditor General, have not faulted the EPF managers in relation to their investments, to the best of my knowledge. In stark contrast, what happened in the Bond Scam? The time-tested and well-designed systems of the Central Bank were changed arbitrarily and suddenly on political orders, and massive losses were caused to the EPF at the expense of connected parties. The EPF was stopped from bidding for treasury bonds at the primary auctions, and the state banks were ordered to bid low.These corrupt practices have led to huge increases in the interest rates in our country, causing further serious losses to all stakeholders in our economy.
Q There is an allegation that you issued the licence for Perpetual Treasuries at that time. It is currently held responsible for the bond scam. What is your response?
It is correct that the licence for Perpetual Treasuries was granted by the Central Bank and the Monetary Board during the time I was the Governor. However, if someone critically examines and reviews the processes applied in the grant of such licence, it will be seen that the correct procedures and processes had been followed by the Central Bank and the Monetary Board in issuing that licence, as with all other approval processes during my tenure of office as Governor. I can also assure you that, during my time, there weren’t sudden changes to processes nor systems to provide an advantage to any selected party, at any time.
All systems and processes were followed diligently and professionally in all regulatory actions and approval processes, and there hadn’t been a single instance where the Auditor General or any other review body had stated that there has been any wilful and deliberate departure from process to provide an advantage to anyone. That is why, other than some UNP politicians, no other stakeholders have complained about the Central Bank’s actions during my time. Even in the case of the investment in the Greece Government Bonds, the Supreme Court clearly ruled the Central Bank and Monetary Board had diligently followed due process, and that there was no irregularity whatsoever, even though a tolerable business loss was incurred in that investment while the Central Bank recorded its highest-ever profit from reserve management, during that year.
Q What is your response to the allegation that irregularities took place regarding bond issues during your time as well?
That is a blatant untruth, which was initiated by the Prime Minister in March 2015, immediately after the fraudulent Treasury Bond issue of February 27 2015, probably to deflect public attention from that scam that was hitting the headlines. That highly irresponsible allegation was obviously made to implicate the former administration and thereafter, the Auditor General was also requested by the then Finance Minister to conduct a detailed examination into all the Treasury bond issues during my time. In response the Auditor General reported that there were no improper issues during my time. This report caused much heartburn to the best Finance Minister in Asia, who has been attacking the Auditor General, ever since. You may also remember that recently, when a UNP MP demanded that I be summoned by the Presidential Bond Commission, I immediately issued a statement that I would be happy to give evidence before the Commission. In fact, I wrote to the Commission clarifying certain matters which arose during the Commission sittings, while also informing them that I would be very happy to answer any question that the Commission may have at any time. In response, the Commission asked me to send my submissions in writing, and I did so.
Sri Lanka's bond inquiry scandal leaves top leaders shaken
November 30, 2017 10:00 am JST
Sri Lanka's bond inquiry scandal leaves top leaders shaken
External debts some calling as country's reputation takes a hit
MARWAAN MACAN-MARKAR, Asia regional correspondent
COLOMBO Sri Lankan Prime Minister Ranil Wickremesinghe made unwelcome political history on Nov. 20, appearing before a presidential commission of inquiry into a 10 billion rupee ($65 million) bond scandal that is shaking his government and damaging the country's economic prospects.
"I have disclosed everything, as we have nothing to hide," Wickremesinghe told supporters as he emerged from the commission hearing after becoming the first sitting prime minister to be questioned at a presidential corruption inquiry.
Wickremesinghe's stance was mirrored on the streets of the capital, where posters quickly appeared describing the leader of the United National Party, the senior partner in Sri Lanka's nearly 3-year-old coalition government, as a "fearless premier." But the coalition may need more than political spin to escape from the bond revelations, which have exposed murky dealings within Colombo's incestuous financial sector.
Details of the scandal have dogged the UNP since it became public in March 2015, two months after the coalition's shock victory in a presidential election. The coalition, which successfully fielded Maithripala Sirisena as its candidate for president, campaigned on a platform of good governance and accountability to defeat the authoritarian and corrupt regime of former President Mahinda Rajapaksa.
But the scandal also has broader business implications, not least because it reinforces a global impression of Sri Lanka as a country where corruption remains rampant. It was a factor in Sri Lanka's fall of 12 places in the 2016 Corruption Perceptions Index, released annually by Transparency International, a global anti-graft watchdog, and analysts say it has complicated the government's struggle to finance foreign debt repayments.
The $87.5 billion economy faces a challenging external debt schedule, according to Fitch Ratings, a ratings agency. Sri Lanka has just $7 billion in foreign currency reserves, and is due to pay more than $5 billion in maturing foreign loans and interest starting in 2019. A "prolonged drought of foreign direct investment," as one economic analyst put it, has not helped. FDI amounted to just $450 million in 2016, down by 54% from 2015.
The bond scandal has shaken international confidence, according to financial analysts, who say foreign investors are unimpressed by the Sri Lankan government's claim that the prime minister and other senior ministers are appearing before the commission as a mark of good governance.
SUDDEN DECISION Sirisena appointed the commission to investigate the sale after opposition lawmakers demanded an independent inquiry, claiming that the bond issue had raised government borrowing costs by more than $1 billion over the two years.
The Central Bank of Sri Lanka rejects those claims, but the government's credibility began to fade after it emerged that the bank had suddenly decided in late February 2015 to raise 10 billion rupees from a sale of 30-year government bonds with a coupon (fixed interest rate) of 12.5%. It had initially advertised an offer of 1 billion rupees with a 9.5% coupon.
Bonds worth 7 billion rupees were snapped up by Perpetual Treasuries Limited, a primary dealer owned by Arjun Aloysius, a son-in-law of Arjuna Mahendran, the then-governor of the central bank. Mahendran, a Sri Lankan-Singaporean banker, was chosen for the top banking job by Wickremesinghe.
Sri Lanka's bond inquiry scandal leaves top leaders shaken
External debts some calling as country's reputation takes a hit
MARWAAN MACAN-MARKAR, Asia regional correspondent
 |
Sri Lankan Prime Minister Ranil Wickremesinghe speaks to the media after giving evidence before the Bond Commission in Colombo on Nov. 20. © Reuters |
"I have disclosed everything, as we have nothing to hide," Wickremesinghe told supporters as he emerged from the commission hearing after becoming the first sitting prime minister to be questioned at a presidential corruption inquiry.
Wickremesinghe's stance was mirrored on the streets of the capital, where posters quickly appeared describing the leader of the United National Party, the senior partner in Sri Lanka's nearly 3-year-old coalition government, as a "fearless premier." But the coalition may need more than political spin to escape from the bond revelations, which have exposed murky dealings within Colombo's incestuous financial sector.
Details of the scandal have dogged the UNP since it became public in March 2015, two months after the coalition's shock victory in a presidential election. The coalition, which successfully fielded Maithripala Sirisena as its candidate for president, campaigned on a platform of good governance and accountability to defeat the authoritarian and corrupt regime of former President Mahinda Rajapaksa.
But the scandal also has broader business implications, not least because it reinforces a global impression of Sri Lanka as a country where corruption remains rampant. It was a factor in Sri Lanka's fall of 12 places in the 2016 Corruption Perceptions Index, released annually by Transparency International, a global anti-graft watchdog, and analysts say it has complicated the government's struggle to finance foreign debt repayments.
The $87.5 billion economy faces a challenging external debt schedule, according to Fitch Ratings, a ratings agency. Sri Lanka has just $7 billion in foreign currency reserves, and is due to pay more than $5 billion in maturing foreign loans and interest starting in 2019. A "prolonged drought of foreign direct investment," as one economic analyst put it, has not helped. FDI amounted to just $450 million in 2016, down by 54% from 2015.
The bond scandal has shaken international confidence, according to financial analysts, who say foreign investors are unimpressed by the Sri Lankan government's claim that the prime minister and other senior ministers are appearing before the commission as a mark of good governance.
SUDDEN DECISION Sirisena appointed the commission to investigate the sale after opposition lawmakers demanded an independent inquiry, claiming that the bond issue had raised government borrowing costs by more than $1 billion over the two years.
The Central Bank of Sri Lanka rejects those claims, but the government's credibility began to fade after it emerged that the bank had suddenly decided in late February 2015 to raise 10 billion rupees from a sale of 30-year government bonds with a coupon (fixed interest rate) of 12.5%. It had initially advertised an offer of 1 billion rupees with a 9.5% coupon.
Bonds worth 7 billion rupees were snapped up by Perpetual Treasuries Limited, a primary dealer owned by Arjun Aloysius, a son-in-law of Arjuna Mahendran, the then-governor of the central bank. Mahendran, a Sri Lankan-Singaporean banker, was chosen for the top banking job by Wickremesinghe.
Sri Lanka to probe biggest Rajapaksa pyramid scam: PM
By Our Political Correspondent
Nov 30, 2017
ECONOMYNEXT - Sri Lanka will investigate the sale of over five thousand billion rupees in treasury bonds by the Mahinda Rajapaksa regime, Prime Minister Ranil Wickremesinghe said describing it as the "biggest pyramid scam" in the country.
Making a special statement to parliament on Thursday, the Prime Minister said over 90 percent of the 5,147 billion rupees worth of bonds had been sold privately without going through a transparent tender or auction system.
"There had been no decision of the Monetary Board (of the Central Bank) to go for such private placements, but nevertheless they did that from 2008 to 2014," Wickremesinghe said.
"This is the biggest 'pyramid scam' perpetrated on the country," he said referring to outlawed network marketing schemes where investors or participants are falsely promised high returns without a tangible business.
The Prime Minister said the former Rajapaksa regime had also raised loans without informing parliament and he intended to probe the extent of such transactions through the finance committee of the House.
The investigation into the bond sales between 2008 and 2014 will begin soon after the current bond commission completes its work, Wickremesinghe said.
He said the government will also investigate share market manipulation which saw worthless stocks dumped on the Employees' Provident Fund during the Rajapaksa regime.
Some of the closest allies of Rajapaksa have been accused of "pump and dump" scams, but there have been no prosecutions.
He formally informed the House about testifying before the bond commission last week and that he disclosed facts that were not previously known to the authorities.
He had told the commission that the former regime had kept big-ticket government expenditure out of the budget to project a robust balance sheet to the International Monetary Fund.
He said about 500 to 600 million dollars had been obtained outside the budget by the former government and warned that failure to meet those debts could cause severe stress in the banking sector.
The Presidential Commission of Inquiry to Investigate and Inquire into the Issuance of Treasury Bonds wound up its sittings after Wickremesinghe's testimony last week.
(COLOMBO, November 30, 2017)
Is the Israeli-Saudi Alliance Planning to Wage War On Iran?
By Dr. Ludwig Watzal
Global Research, November 29, 2017
Israel, the USA, and Saudi Arabia are doing everything to lay the foundations for war against Iran.
That is why Iran and its people must be demonized and dehumanized. The Israeli government has been doing this since the Shah of Iran was overthrown in 1979 by the Iranian people.
In general, all Sunni Muslim countries get along well with Iran, except Saudi Arabia and those Arab regimes that succumb to their financial pressure.
In a flattering interview with the New York Times, the Saudi crown prince and future king, Mohammed bin Salman, called the Supreme Leader of Iran, Ali Khamenei, the “new Hitler of the Middle East.”[1] And he continued with a skewed comparison, saying:
“But we learned from Europe that appeasement doesn’t work. We don’t want the new Hitler in Iran to repeat what happened in Europe in the Middle East.”
The same rhetoric was used by Netanyahu when he agitated against the nuclear deal with Iran.
Besides the silliness of such comparisons, it’s an incredible insult to the highest Shiite authority by a Sunni Muslim, who is going to be the next “King of Saudi Arabia.” The Iranian clerical elite will never forgive and forget. They rebuked this insult elegantly saying:
“No one in the world and the international arena gives credit to him [MBS] because of his immature and weak-minded behavior and remarks.”
As an old deep-rooted people, the Iranians gave bin Salman a good advice:
“Now that he has decided to follow the path of famous regional dictators … he should think about their fate as well.”
A regime that can only survive thanks to the “American and Zionist sword” not to mention their financial tribute in the form of large weapons purchases and mercenary pay for terrorist fighters should have not future.
But there is a sneaky plan behind bin Salman’s slander. It started with Donald Trump‘s silly speech he delivered during his visit to Saudi Arabia in which he called Iran “the top state sponsor of terrorism.” And Israel’s Prime Minister Netanyahu called Iran “the world’s leading sponsor of terrorism.” Both leaders cooperate very closely in deranging the nuclear deal signed under the Obama administration. Now, Mohammed bin Salman has thrown himself into the fray.
At least for the time being, President Trump is not jet willing, despite his anti-Iranian bias and rhetoric, to go to war with Iran for Israel’s and Saudi Arabia’s sake. To sacrifice American lives for two rogue regimes would be politically very unwise.
That is why an image cultivation of the Saudi regime has already started in the United Kingdom and the US. In the case of Israel, the reporting in the US and the UK are one-sided and incredibly biased. Hence, the Saudis have to catch up.
The Guardian and the leading newspaper of the US Empire, the New York Times, have started to paint the new Saudi strongman, Mohammed bin Salman, as a kind of visionary reformer, although he has been spreading terror and blood since he took office.
That Saudi Arabia has been fighting a brutal war against the people of Yemen, supports the different terror groups in Syria and stirs up tensions against Iran is not of object of concern by Thomas L. Friedman of the New York Times. Even bin Salman’s crackdown on large parts of the political and economic elite and his bloody purge against political opponents is portrayed by the NYT as a fight against “corruption.” Nobody should be surprised that the US and its major media outlets are embracing this brutal strongman because he serves US interests.
While the Guardian was full of praise for bin Salman throughout the year, the NYT reported more cautiously until Thomas L. Friedman took over. In a kind of press release, the Guardian was full of praise for the future Saudi King. He did arrest not only 11 peopled but also sidelined 20 billionaires. That several people died in an organized helicopter crash was not worth reporting by the Guardian.
Friedman didn’t want to be in no way inferior to the Guardian’s uncritical reporting. He even topped it writing:
“The most significant reform process underway anywhere in the Middle East today is in Saudi Arabia.”
All the other Arab Spring movements failed miserably happening from bottom up; the Saudi one is led from the top down by bin Salman. That the Crown Prince wants to reform a degenerated Saudi version of Islam seems worth reporting. Time will tell. Reading all these articles, one can ask who paid for these base flatteries.
Why didn’t Friedman ask bin Salman about his 500 million US-Dollars worth yacht? Or the cost of the last vacation in Morocco, where he and his father’s royal household spent 950 million US-Dollars. So much to combat corruption, Mr. Friedman.
Bin Salman also maintains an unconventional and rough diplomatic contact with other heads of states when they are on a Saudi drip-feed.
When Lebanese Prime Minister Saad Hariri visited Saudi Arabia, he was forced to announce his resignation via Saudi TV. Apparently he feared for his life. For a few days, he stood under house arrest. Due to the speech of Hassan Nasrallah, the leader of Hezbollah, the whole Lebanese leadership rallied behind Nasrallah and called for Hariri’s return to announce either his resignation or to stay in office.
The President of France, Emmanuel Macron, also intervened on behalf of Hariri. Finally, Hariri could leave Saudi Arabia via France from where he returned to Lebanon to celebrate the country’s independence day. Bin Salman’s farce failed miserably. Almost the same happened to Palestinian President Mahmoud Abbas. The Saudis ordered him to Riyadh and presented him an outline of the American Israeli “peace plan.” After returning to Ramallah, Abbas rejected the US Zionist document of surrender.
It’s an open secret that Saudi Arabia and Israel are cultivating intensive diplomatic contacts not only on security issues. A rare interview by the head of Israel’s armed forces to a Saudi owned news outlet confirms close links between the two countries. Despite the denial of the Saudi foreign minister Adel el-Jubeir, these rumors won’t disappear.
“There are no relations between Saudi Arabia and Israel,” Jubeir said.
Formally, he seems correct, but what about the informal contacts. Hasn’t Mohammed bin Salman visited Israel in camera?
According to Danny Danon, Israel’s ambassador to the United Nations, Israel enjoys “warm relations” with many Arab countries despite the fact that these nations officially refuse to recognize Israel diplomatically. Prime Minister Netanyahu has been boosting for quite some time about close contacts with several Arab countries.
The Israeli Saudi US American alliance aims at Iran. They want to push back Iran’s influence in Iraq and Syria. For the time being, bin Salman’s plan to assist Israel in waging war against Lebanon to crush Hezbollah has failed. Hariri was not the Saudi stooge bin Salman thought.
What these three rogue states have in common is the destruction of Iran like they did with Iraq, Syria or Libya. Netanyahu has warned President Bashar al-Assad not to allow Iran to build military bases in Syria.
It remains to be seen whether the new (alleged) “Axis of Evil” or the Russian Iranian Turkish alliance will prevail in the Middle East.
So far, the US-Israel-Saudi “alliance” have brought devastation to the region.
Note
[1] https://www.nytimes.com/2017/11/23/opinion/saudi-prince-mbs-arab-spring.html
The original source of this article is Global Research Copyright © Dr. Ludwig Watzal, Global Research, 2017
The North Korea dilemma and the lesson of Pearl Harbor
The North Korea dilemma and the lesson of Pearl Harbor
Stephen BryenBy STEPHEN BRYEN NOVEMBER 29, 2017
If North Korea launched a missile with a nuclear weapon toward an American city or military installation, how much warning time would the US have? It remains unclear, but with the latest North Korean launch, we can be sure that warning time is decreasing and the threat of war is increasing – perhaps in tandem, as North Korean technological prowess grows.
This is the high-anxiety situation that faces the US President, Secretary of Defense and Joint Chiefs of Staff. It is not new.
The North Korean problem evokes the Japanese attack on Pearl Harbor on December 7, 1941 (December 8 in Japan). In a few days, the United States will remember those who perished on that fateful day 76 years ago. But beyond the memorials, it is worth examining the situation prior to the war and consider lessons that might relate to today’s problem.
In the 1930s, the US was not the dominant force in the Pacific. Our land forces were small and dispersed, and our naval force was made up mostly of old ships that were no match for Japan’s fleet. As the ‘30s and the Japanese threat progressed, Americans became more – not less – isolationist and willing to turn a blind eye to our westernmost holdings.
Congress and the administration, however, were not. In 1934, Congress passed the Vinson-Trammel Act, providing emergency appropriations to build 65 destroyers, 30 submarines, one aircraft carrier, and six cruisers. In 1937 and 1938, naval expansion received another boost with additional authorizing legislation, and in 1940 Congress passed the Two-Ocean Navy Act – also known as the 70 Percent Act because it increased the size of the navy by 70%. At the very height of the influence of the isolationist America First Committee, Congress nonetheless approved seven new battleships, 18 aircraft carriers, 29 cruisers, 115 destroyers and 42 new submarines. By then, America was expecting big trouble on two fronts and was ready to get ready. But Congress was late – most of these ships would not come online until 1943.
At present, there is no strong Congressional activity, or any proposal from the administration that would upgrade the design of an area-wide explosive vehicle to knock down enemy missiles
If there is an analogy, it is that the United States can see the missile threat from North Korea rising – as it saw the threat from Japan rising – but has not even reached 1934 in planning to meet it.
The US has not developed defenses that can be considered sufficiently reliable or capable against a multiple North Korean missile launch. The US is heavily invested in hit-to-kill technology, meaning the enemy missile would be destroyed by a high-speed projectile that rams it directly. This compares to an area-wide explosion designed to be used against aircraft, exploding relatively near the threat, releasing hard pellets (often made from tungsten carbide) with explosive force that rip up the incoming aircraft.
The benefit of hit-to-kill is that it would cause less collateral damage than using an area-wide explosion in space. The downside is that hit-to-kill is a largely unproven and possibly inadequate missile defense array that does not cover all possible targets and may not work.
At present, there is no strong Congressional activity, or any proposal from the administration that would upgrade the design of an area-wide explosive vehicle to knock down enemy missiles.
There has long been a debate whether Roosevelt “let” the Pearl Harbor debacle happen to provide him with the political room to declare war on Japan, knowing the Axis would also be obliged to declare war on the United States.
Recent research shows that the US government certainly had a plan to be provocative, definitely had enough intercepts to know an attack was coming, and that one of the targets was Hawaii and Pearl Harbor.
The admiral in charge of the fleet in Hawaii, RA Husband E. Kimmel, and LTG Walter Short, were held accountable, relieved of duty and demoted in rank on December 16, 1941.
While there is evidence that important intelligence was not shared with them, it is also true that both failed to prepare Pearl Harbor for a possible attack and did nothing to move ships out of harm’s way, or even man anti-aircraft systems and pay attention to radar scans that showed the Japanese air armada heading for them.
The US cannot afford the same failures when the threat is nuclear.
Because of the shortcoming of missile defense and the fact that North Korea seems unresponsive to persuasion in the form of three aircraft carrier task forces and sorties by B-1 bombers off the North Korean coast, President Trump’s options are bleak: wait for a real North Korean attack with the risk of something far worse than Pearl Harbor, or preempt if preparations look threatening. No matter how you look at it, the threat is circa 1941, while our preparations are stuck in the mid-1930s.
Taking a lesson from history, meanwhile, Hawaii is restarting regular tests of its air raid siren system, last heard from during the Cold War.
Stephen Bryen and Shoshana Bryen co-authored this article. Shoshana Bryen is Senior Director of the Jewish Policy Center and has more than 30 years experience as a defense policy analyst.
Asia Times is not responsible for the opinions, facts or any media content presented by contributors. In case of abuse, click here to report.
Wednesday, 29 November 2017
DPRK missile launch, ‘do all it can’ to prevent escalation UN
After DPRK missile launch, UN political chief urges Security Council to ‘do all it can’ to prevent escalation
Security Council Meeting on Non-proliferation/Democratic People’s Republic of Korea. UN Photo/Rick Bajornas
29 November 2017 – Following the latest ballistic missile launch by the Democratic People’s Republic of Korea (DPRK), which its official media claimed is “capable of striking the whole mainland of the United States,” the top United Nations political affairs official on Wednesday urged Security Council members to unite in preventing an escalation.
“Given the grave risks associated with any military confrontation, in exercise of its primary responsibility the Security Council needs to do all it can to prevent an escalation. Unity in the Security Council is critical,” said Under-Secretary-General for Political Affairs Jeffrey Feltman in an emergency meeting – the 13th time the Council has met to discuss the DPRK in 2017.
The UN political chief’s appeal came after Secretary-General António Guterres had earlier “strongly condemned” the ballistic missile launch, which, according to news reports, landed in the Sea of Japan.
A statement issued Tuesday night by Mr. Guterres' spokesman said: “This is a clear violation Security Council resolutions and shows complete disregard for the united view of the international community.”
“The Secretary-General urges the DPRK to desist from taking any further destabilizing steps. [He] reaffirms his commitment to working with all parties to reduce tensions,” the statement concluded.
Solutions to tensions caused by DPR Korea’s repeated missile tests can only be political
Under-Secretary-General for Political Affairs Feltman
In his briefing to the Council Wednesday evening, Mr. Feltman said that, according to the DPRK’s official news agency and various governmental sources, the north Asian country launched a ballistic missile, which it termed an “intercontinental ballistic rocket Hwasong-15.”
The missile was reportedly launched from an area north of the capital, Pyongyang, covering about 950 kilometres (km) and reaching an apogee of around 4,500 km, before impacting into the sea in Japan’s exclusive economic zone, he said.
These parameters indicate that, if flown on a standard trajectory, the missile as configured would have a range in excess of 13,000 km.
This is the DPRK’s third test of a ballistic missile of apparent intercontinental range in less than six months and its 20th ballistic missile launch this year.
The official media claimed the DPRK was now “capable of striking the whole mainland of the US” and that the DPRK had “finally realized the great historic cause of completing the state nuclear force, the cause of building a rocket power.”
The DPRK’s repeated nuclear and missile tests over the past two years have created great tension on the Korean Peninsula and beyond, Mr. Feltman said, stressing that this dynamic must be reversed and the solution can only be political.
Security Council unity would create an opportunity for sustained diplomatic engagement – an opportunity that must be seized in these dangerous times to seek off-ramps and work to create conditions for negotiations, he added.
This morning, Mr. Feltman called a meeting with the DPRK Permanent Representative to the UN to deliver the UN Secretary-General’s message. During the meeting, Mr. Feltman stressed that “there is nothing more dangerous to peace and security in the world than what is happening now on the Korean Peninsula.”
Turning to the humanitarian situation in the DPRK, Mr. Feltman said that the needs are increasing and food security remains a critical concern for 70 per cent of the population. Member States are again reminded of the need to support the life-saving activities carried out by humanitarian organizations in the country.
Also briefing the Council was Sebastiano Cardi of Italy, the Chair of the 1718 DPRK Sanctions Committee, which facilitates implementation of the provisions of all relevant resolutions – from 1718 (2006) to the latest 2375 (2017). He said that following the adoption of resolution 2375 on 11 September this year, which significantly expanded the scope of the sanctions regime, the Committee has been engaged in facilitating implementation of all sanctions measures and is continuing its efforts in this regard.
As of today, the Committee has received 102 national implementation reports on resolution 2270 (2016), 89 on resolution 2321 (2016) and 31 on resolution 2371 (2017). These submission rates are much higher than under previous resolutions regarding the DPRK, he said.
However, he recalled that resolution 2375 (2017) requires all Member States to submit their national implementation reports within 90 days of its adoption, that is by 12 December 2017.
News Tracker: past stories on this issue
Don’t let security crisis overshadow human rights situation in DPR Korea – UN expert
Tuesday, 28 November 2017
ஈழத்தில் மாவீரர் நினைவேந்தல் நிகழ்வுகள்
கிழக்கில்
வடக்கில்
ஈழத்தில் மாவீரர் நினைவேந்தல் நிகழ்வுகள்
Tuesday, November 28, 2017 - 06:00 தினகரன்
வடக்கு, கிழக்கெங்கும் உணர்வுபூர்வ அனுஷ்டிப்பு
வடக்கு, கிழக்கில் மாவீரர் தினம் நேற்று (27) உணர்வுபூர்வமாக அனுஷ்டிக்கப்பட்டது. வடக்கு, கிழக்கு மாகாணங்களில் உள்ள மாவீரர் துயிலும் இல்லங்கள் மற்றும் பல்கலைக்கழகங்களில் நினைவேந்தல் நிகழ்வுகள் இடம்பெற்றதுடன், உயிரிழந்த உறவுகளை நினைத்து பலரும் கண்ணீர்விட்டு அஞ்சலி செலுத்தியமை உருக்கமான காட்சியாக அமைந்திருந்தது.
மாவீரர் வாரத்தின் இறுதிநாளான நேற்று (27) மாலை 6.05 மணிக்கு சகல துயிலும் இல்லங்களிலும் சுடர் ஏற்றி அஞ்சலி செலுத்தப்பட்டன.
கிளிநொச்சி கனகபுரம், முழங்காவில் மாவீரர் துயிலும் இல்லங்கள், யாழ் கோப்பாய் மற்றும் உடுத்துறை துயிலும் இல்லங்கள், முல்லைத்தீவு தேராவில், முள்ளியவளை, இரணைப்பாலை உள்ளிட்ட மாவீரர் துயிலும் இல்லங்களிலும், மன்னாரில் ஆட்காட்டி, பண்டிவி ரிச்சான் துயிலும் இல்லங்களிலும், வவுனியா ஈச்சங்குளம் துயிலும் இல்லத்திலும், கிழக்கின் வாகரை கண்டலடி துயிலும் இல்லம், திருகோணமலை சம்பூர் ஆலங்குளம் துயிலும் இல்லம், அம்பாறை கஞ்சிகுடிச்சாறு மாவீரர் துயிலும் இல்லங்களிலும் மாவீரர் தினம் அனுஷ்டிக்கப்பட்டன.
முன்னதாக யாழ் பல்கலைக்கழகத்தில் அமைந்துள்ள நினைவுத் தூபியில் காலை அஞ்சலி நிகழ்வுகள் இடம்பெற்றன. விடுதலைப் புலிகளின் தலைவர் பிரபாகரனின் பிறந்தநாளை முன்னிட்டு சுவரொட்டிகள் பல்கலைக்கழக வளாகத்தில் ஒட்டப்பட்டிருந்த நிலையில், நினைவுத்தூபியை சுற்றி மஞ்சள், சிவப்புநிற கொடிகள் கட்டி அலங்கரிக்கப்பட்டிருந்தன. யாழ் குடாநாட்டில் பெய்துவரும் மழையையும் பொருட்படுத்தாது பல்கலைக்கழக மாணவர்களும், பல்கலைக்கழக பணியாளர்களும் நினைவுத் தூபிக்கு வரிசையில் நின்று மலரஞ்சலி செலுத்தினர்.
அதேநேரம், வடமாகாணசபை உறுப்பினர்கள் உள்ளிட்ட குழுவினர் கோப்பாயில் மாவீரர் துயிலும் இல்லம் அமைந்திருந்த பகுதிக்கு அருகில் சுடர் ஏற்றி அஞ்சலி செலுத்தியிருந்ததுடன், இக்குழுவினர் நல்லூர் பின்வீதியில் அமைந்துள்ள திலீபனின் நினைவிடத்திலும் சுடர் ஏற்றி அஞ்சலி செலுத்தியிருந்தனர்.
கே.வசந்தரூபன், பாஸ்கரன், தமிழ்ச் செல்வன், சுமித்தி தங்கராசா, எஸ்.ரவிசாந்த்
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| சாட்டி |
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| உடுத்துறை |
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| வல்வெட்டித்துறை |
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| கனகபுரம் |
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| முள்ளியவளை |
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| முள்ளிவாய்க்கால் |
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| மன்னார் - பெரியபண்டிவிரிச்சான்.. |
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| மன்னார் - ஆண்டாங்குளம் .. |
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| கஞ்சிக்குடிச்சாறு |
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புகைப்படங்கள் நன்றி வலைத்தளங்கள் ENB
Monday, 27 November 2017
2002 இல் சிங்கள பாராளமன்றத்தை போர்க்களமாக்க அறைகூவல் விடுத்தவர்களின் இன்றைய அலறல்!
2002 இல் சிங்கள பாராளமன்றத்தை போர்க்களமாக்க அறைகூவல் விடுத்து, 2009 இல் போர்க்களம் கிளிநொச்சியை பாராளமன்ற
படுக்கை அறையாக மாற்றிய அரசியல் ஆய்வாளரின் இன்றைய அலறல்!
https://youtu.be/wRjHTp0zg9Y
அருள்குமார் என்கிற ஒரு வாசகரின் விமர்சனக் குறிப்புக்கு பக்க பலமாக பின்வரும் குறிப்புகள் இணைக்கப் படுகின்றன.
மையமான பிரச்சனைகள்
1) ஈழப்புரட்சியின் திசை வழி மற்றும் திட்டம் இன்று என்னவாக இருக்க வேண்டும்?
2) அதற்கு தலைமை தாங்கும் ஸ்தாபனம் எத்தகையதாக இருக்க வேண்டும்?
3) அந்த ஸ்தாபனத்துக்கு தலைமை தாங்கும் தத்துவம் எதுவாக இருக்க முடியும்?
4) பாராளமன்றப் பாதை பொருத்தமானதா?
5) அரசியல் போர்த்தந்திர பிரச்சார இயக்கத்தின் உடனடிக் கடமைகள் என்ன?
6) ஈழப்புரட்சியின் இராணுவ மார்க்கம் எது?
இவற்றுக்கு விடை காணுவது எமது அனைத்து விவாதங்களினதும் அடி நாதமாக இருக்க வேண்டும்.
இல்லையேல் அடுத்தகட்டத்துக்கு நம்மால் நகர முடியாது.
தோழமையுடன் சுபா
அருள்குமார் என்கிற ஒரு வாசகரின் விமர்சனக் குறிப்புக்கு பக்க பலமாக பின்வரும் குறிப்புகள் இணைக்கப் படுகின்றன.
மையமான பிரச்சனைகள்
1) ஈழப்புரட்சியின் திசை வழி மற்றும் திட்டம் இன்று என்னவாக இருக்க வேண்டும்?
2) அதற்கு தலைமை தாங்கும் ஸ்தாபனம் எத்தகையதாக இருக்க வேண்டும்?
3) அந்த ஸ்தாபனத்துக்கு தலைமை தாங்கும் தத்துவம் எதுவாக இருக்க முடியும்?
4) பாராளமன்றப் பாதை பொருத்தமானதா?
5) அரசியல் போர்த்தந்திர பிரச்சார இயக்கத்தின் உடனடிக் கடமைகள் என்ன?
6) ஈழப்புரட்சியின் இராணுவ மார்க்கம் எது?
இவற்றுக்கு விடை காணுவது எமது அனைத்து விவாதங்களினதும் அடி நாதமாக இருக்க வேண்டும்.
இல்லையேல் அடுத்தகட்டத்துக்கு நம்மால் நகர முடியாது.
தோழமையுடன் சுபா
Sunday, 26 November 2017
Saturday, 25 November 2017
மாவீரர் நாள் 2017
மாவீரர் நாள் 2017
‘’புலிகளின் தாகம் தமிழீழத் தாயகம்’’ என முழங்கி, ஏறத்தாள ஐந்நூறு ஆண்டுகளாக அந்நிய ஆக்கிரமிப்பாளர்களுக்கும், சிங்கள,இந்தியஆக்கிரமிப்பாளர்களுக்கும் அடிமைப்பட்டுக் கிடக்கும் ஈழத் தமிழினத்தை தூக்கி நிறுத்த முப்பது ஆண்டுகள் ஆயுதமேந்திப் போராடி, உயிர்விடும் வேளையிலும் தமிழீழமென உரைத்த. விடுதலைப் புலிகளின்நினைவுகளை மீட்டெடுத்துச் செல்வதற்கான நிகழ்வாகும்.
தமிழீழ விடுதலைப்புலிகளின் வீரத்தலைவர் வன்னி பத்திரிகையாளர் மாநாட்டில் மறுபிரகடனம் செய்தது போல கூட்டணியினர் சிரமேற்கொள்ளத் தவறிய 1977 ம்ஆண்டுப் பொதுத்தேர்தல் தீர்ப்பான “ஈழப்பிரிவினையே தீர்வு” என்ற மக்களாணையை “உயிர்விடும் வேளையிலும் தமிழீழமே” என உரைத்தவரே சிரமேற் கொண்டனரென்பதுவும் அதனாலேயே ஒடுக்கப்பட்ட தமிழ்பேசும் மக்களின் நெஞ்சங்களில் என்றும் நிலைத்திருப்பார்கள் என்பதும் திண்ணம்.
இவர்கள் தமது வரலாற்றுக்கட்டத்தில் ஆற்றிய விடுதலைப் பணியை அடுத்த கட்டத்துக்கு எடுத்துச் செல்லும் வரலாற்றுப் பொறுப்பு எமது கையில் உள்ளது.
இந்த வருட மாவீரர் நினைவுகளின் மீட்டெடுப்பானது ஒரு தனிவிசேடச் சிறப்புடையது.
தேசிய இனங்களின் சுயநிர்ணய உரிமைக் கோட்பாட்டை அரசியல் திட்டமாகக் கொண்டு , தன்னுடைய சொந்த ரஷ்ய நாட்டுக்கும், சர்வதேச தேசிய இன ஒடுக்குமுறைக்கும் தீர்வாக வரையறுத்த ரஷ்ய பாட்டாளி வர்க்கப் புரட்சியின் நூற்றாண்டு நினைவு கூரல்களோடு இந்த மாவீரர் நிகழ்வு இணைந்துள்ளது.
இதனுடைய முக்கியத்துவம் என்னவென்றால் தேசிய இனங்களின் சுயநிர்ணய உரிமை என்ற கோட்பாட்டை ஒருபோதும் பேரப்பொருளாக மாற்றக்கூடாது.
ஏகாதிபத்திய தாசர்கள், ரொட்ஸ்கைட்டுக்கள்,ரசிய சீன திருத்தல்வாத இடதுசாரிகள்,சண்முகதாசன் உள்ளிட்ட ``கம்ஜூனிஸ்ட்டுகள்` இவர் வழி வந்த குட்டி முதலாளித்துவ இனத்துவவாதிகளும் இதனைத் தொடர்ந்தனர்.
1985 திம்புக்கோரிக்கையைக் 1987 இல் கைவிட்டனர்!
மட்டற்ற மக்களது அர்ப்பணத்தில் மூன்றாவது முயற்சியாக
ஆனையிறவை வீழ்த்தி விட்ட இராணுவ வல்லமையில் இந்தப் பேர துரோகத்தை விடுதலைப் புலிகளே இழைத்தார்கள்.
1976 ம் ஆண்டு நிறைவேற்றப்பட்டு,1977 ம் ஆண்டு பொதுத் தேர்தலில் ஒடுக்கப்பட்ட தமிழ்பேசும் மக்களின் ஆணையைப்பெற்ற “ஈழப்பிரிவினையே தீர்வு” என்ற பொதுவாக்கெடுப்புத் தீர்ப்பை மீறினார்கள்.
பாலசிங்கத்தின் அகசுயநிர்ணய உரிமைப் பேரமானது ஈழதேசத்தின் சுயநிர்ணய உரிமை என்பதை அதிகாரப்பரவலாக்கலாக குறுக்கி ISGA என்ற மாநில ஆட்சியதிகாரத்தை பற்றிக்கொள்ளலாம் என்ற நப்பாசையில் நடாத்தப்பட்டது.
புலிகளின் தாகம் தமிழீழம் என்ற தாயகக் கோட்பாட்டை கைகழுவி விட்ட சந்தர்ப்பவாதப் போக்கிற்கு எங்கள் தேசம் கொடுத்த விலை
முள்ளி வாய்க்கால்.
இவ்வாறு ஈழதேசிய விடுதலை இயக்கம் முள்ளிவாய்க்காலில் மாண்டு மரணித்துப் போனது போல் பிரிட்டிக்ஷ், பிரெஞ்சு , அமெரிக்க ஏகாதிபத்தியங்களை எதிர்த்த தேசிய இயக்கங்களெதுவும் சுதந்திர அரசுகளை நிறுவிக் கொள்ளவில்லை.
முதலாளித்துவத்தின் உச்சக்கட்ட மான ஏகாதிபத்தியக் காலத்தில் மேலைநாடுகளில் சோஷலிசப்புரட்சிக்கான இயக்கங்கள் கோரப்படும் காலத்தில்,
கீழைநாடுகளில் ஏகாதிபத்தியச் சுரண்டல் முதலாளித்துவ வளர்ச்சியை அநுமதிக்காமையின் காரணத்தால் புதிய ஜனநாயகப் புரட்சி மற்றும் தேசிய சுயநிரணய உரிமையைப் போராட்டங்களைக் கோரி நிற்குமொரு காலத்தில் நாங்கள் வாழ்ந்து கொண்டிருக்கின்றோம்.
பன்னூறு சீவ நதிகள் ஓடும் இந்தியத் திருநாட்டில் ஏகாதிபத்திய அடிமை அரசுகளின் கொடுங்கோன்மை நிலவுவதால் குடிநீர்ப்பஞ்சம் குரல்வளையைக் குதறுகின்றது.
ஆனால் கேணல் கடாபி அவர்கள் கட்டியமைத்த முதலாளித்துவ அரசு லிபியா என்ற பாலைவனத்திலேயே தண்ணீர்ப்பிரச்சனையைத் தீர்த்து வைத்தது.
முற்போக்கு, பிற்போக்கு என எக்கூறாக நீங்கள் உலகைப் பாகுபடுத்தினாலும் வாழ்க்கையின்யதார்த்தம் என்பதனை அனைவரும்ஏற்றுக் கொண்டுதானாக வேண்டும்.
இலங்கையில் மன்னராட்சி செய்த விவசாயக் கட்டுமானங்களே வன்னிப்பெருநிலத்தின் செழிப்புக்கு கட்டியம் கூறி நிற்கும் பாசனக் குளங்கள் என்றால் அது மிகையாகாது.
பிரித்தானிய காலனியாதிக்கம் தன்னுடைய உலகைச்சுரண்டும் ஏகாதிபத்திய நலனுக்காக பெருந்தோட்டப் பயிர்ச்செய்கையை எங்கள் மலையகத்தில் புகுத்தியது.
அவர்களின் இலாபவெறி இன்னொரு காலனி நாடான இந்தியாவிலிருந்து குறைந்த கூலிச் சுரண்டலுக்காக மனித உயிர்களை மிக மோசமான வழிகளில் வேரோடு பிடுங்கி இடம் மாற்றியது.
தேசத்தின் சீவனோபாய விவசாய உற்பத்தி சீரழிக்கப்பட்டது.
ஏகாதிபத்திய தாச இனப்படுகொலை அரசு இன்னமும் அதனை மற்றொரு வடிவத்தில் தொடர்கின்றது.
அந்நிய நிதிமூலதனத்திற்கு சேவை செய்யும் சேவைத்துறை உற்பத்தி சார்ந்த புல்லுருவி முதலாளிகளுக்காக சர்வதேச வர்த்தக வலயங்கள் ஆரம்பிக்கப்பட்டு குறைந்த கூலிக்கு ஏகபோக பகாசுர
நிறுவனங்களுக்காக ஆடை தயாரிக்கும் தையலகங்கள் நிறுவப்பட்டது. உழைக்கும் வர்க்கம் இடுப்பு முறிந்து புலம்பியது.
அணிதிரட்டிப் போராடும் பணியாற்ற யாருமில்லை.
இடதுசாரிகள் என்ற போர்வையிலிருந்த ட்ரொட்ஸ்கைடுகள் பலகூறாகி ஆளுங்கும்பல்களின் பல்வேறுபிரிவுகளிடமும் பதவிப்பிச்சை பெற்றார்கள்.
முற்றுமுழுதாக அந்நிய நிதி மூலதனத்தில் நடாத்தப்படும் ஊகவாணிப சூதாட்டமான பங்குச்சந்தை.
சுற்றுலா என்ற பெயரில் நடாத்தப்படும் மானுட விரோத சிறுவர், சிறுமிகளைத் துன்புறுத்தும்பாலியல் வக்கிரங்களின் தாண்டவக் கூத்து.
தமிழ்த்தேசிய கூட்டமைப்பு பா உ சிறிதரனின் பாராளுமன்ற உரையின்படி தமிழர் தாயகத்தில் ஏழாயிரம் ஏக்கர் நிலப்பரப்பில் இனப் படுகொலை இராணுவம் பயிர்ச்செய்கை நடாத்துகின்றது.
விடுதலைப்புலிகள் வீழும்வரை இவ்வகையிலான நில ஆக்கிரமிப்புக்கள் நடக்க அவர்கள் அநுமதிக்கவில்லை.
சீன, இரஷ்ய சார்பு “துட்டகெமுனு” மகிந்தவை சதிப்புரட்சியில் வீட்டுக்கனுப்பி விட்டு அமெரிக்க, இந்திய சார்பு ரணில் கும்பலும், முள்ளிவாய்க்காலின் இறுதிநாட்களில் பாதுகாப்பு அமைச்சனாய் நின்ற இனப் படுகொலையாளன் மைத்திரியும் அரங்கேற்றும் “Regaining Srilanka”என்ற ஏகாதிபத்திய மறுபங்கீட்டு திட்டத்திற்கு முழு இலங்கையையும் கூறு போட்டு விற்கும் பிற்போக்கு தலை விரித்தாடும் காலத்தில்தான் நாங்கள் வாழ்ந்து கொண்டிருக்கின்றோம்.
அந்நியக்கடன்கள் எவ்வளவு? என்று தெரியாதென
பிரதமர் ரணில் பகிரங்கமாக ஒப்புக்கொள்கின்றார்.
அந்த கடன் சுமையானது முள்ளி வாய்க்காலில்
புலிகள் வீழ்ந்த பின்னரேயே கடுகதி ஆனதென்பதனையும் புள்ளிவிபரங்கள் அம்பலப்படுத்துகின்றன.
இந்த அடிமை அரசு அரசுக்கட்டிலேறிய சதிப்புரட்சியில் சாணக்கியர் சம்பந்தனின் சம்பந்தம் நாடறிந்தது.
இன்றும் எதிர்க்கட்சித்தலைவராக பணியாற்றுவதாக பறைசாற்றிக்கொண்டு சர்வதேச யுத்த நியமங்களை மீறிய அரசைக் காப்பாற்ற , யுத்தக்கைதிகளின், காணாமல் போனோரின் விடுதலைக்காக வீதியில் திரளும் மக்களை
“படுபாதக குற்றவாளிகளுக்காகவா வாதிக்க வருகின்றீர்கள்” என்று மிரட்டித் தன் எசமானர்கள் யாரென்பதை வெட்ட வெளிச்ச மாக்குகின்றார்.
முன்னாள் முதன்மை இராணுவத்தளபதியோ”அவர்கள் விடுதலைப் புலிகள்.. சாகும் வரை அவர்களை சிறைச்சுவர்களத் தாண்டவிடமாட்டோம்” என்று சர்வதேச யுத்த நியமங்களைக் காலில் போட்டு மிதிக்கின்றார்.
மானுடநேயம் மீதூரப் பெற்ற தென்னமெரிக்கர் ஒருவர் கொடுத்த முறைப்பாட்டால் இன்னொரு தளபதி கைது செய்யப்படும் நிலைவந்தபோது நல்லிணக்க நாயகன் அத்தளபதியின் மேல் தூசி படுவதனைக்கூட தான் அநுமதிக்கப் போவதில்லை என்று தாவிக் குதித்தார்.
ஊருக்கு ஊர் தெருவுக்குத் தெரு,வீட்டுக்கு வீடு ..வாசலுக்கு வாசல்.. குடும்பத்துக்கு குடும்பம் ..
வீர விடியலுக்காய் தத்தம் உறவுகளைத் துறந்து உயிர்களைத் துச்சமென மதித்து கார்த்திகைத் தீபங்களான நம் கண்ணின் மணிகளுக்காய சாவினைத் தோளினில தாங்கி நடந்திட்ட சந்தனப் பேழைகளுக்காய் நமது பணி இனி என்ன?
உலக வரலாற்றில் தேசீய இனப்பிரச்சனையின் வரலாற்று அநுபவங்களை நாம் தேடிப் , படித்து தெரிந்து, புரிந்து கொள்ள வேண்டும்.
1)
முதலாளித்துவ உதய காலகட்டத்தில் நடந்த பிரெஞ்சுப்புரட்சியின் அநுபவங்கள். அமெரிக்க தேசீய விடுதலை, சுவீடனிலிருந்து நோர்வே பிரிந்தது.
2)
ஆசியாக்கண்டத்தில் சூரியன் அஸ்தமிக்காத சாம்ராஜ்யமான பிரிட்டனின் ஆதிக்கமும், ஆபிரிக்க கண்டத்தில் பிரெஞ்சு ஏகாதிபத்தியத்தின் கொடுமுடியும் வலுப்பெற , உருவான உலக மறுபங்கீட்டுப் போட்டாபோட்டி முதலாம் உலகப்போராக வெடித்த காலத்தின் தேசிய இனப்பிரச்சனைகள்
3)
உலகப்போர்க்கட்டத்தில்
இரண்டாம் அகிலத்தின் ஓடுகாலிகள் “தாயக அரசைக் காப்பாற்றுவோம்“ என அந்த அந்த நாட்டின் அரசுகளை, ஆளுங்கும்பல்களைக் காப்பாற்ற முனைந்தபோது “ஏகாதிபத்திய சார்பு ஆளும் வர்க்கங்களை எதிர்த்து உள்நாட்டு உழைக்கும் வர்க்கம் புரட்சிப் பதாகையைத் தாங்கிப்பிடித்து உள்நாட்டுப் போராக மாற்ற வேண்டும்” என்ற தோழர் லெனினின் வழிகாட்டல்களைத் தேடிப் படியுங்கள்.
4)
சோவியத் யூனியனின் பாட்டாளிவர்க்க சர்வாதிகார அரசு தேசிய இனங்களின் சுயநிர்ணய உரிமைக் கோட்பாட்டை உயர்த்திப்பிடித்து பூவுலகின் பொன்னுலகு உருவான வரலாற்றை அறியுங்கள்.
5)
இன்றைய காலத்தின் சக தேசீய இனப்பிரச்சனைகள் பற்றியும் விழிப்போடிருங்கள்...விமர்சனபூர்வமாக அணுகி வினயத்துடன் கைகுலுக்கிக் கொள்ளுங்கள்.
கற்றலோனியாவின் காஸ்மீரின் குர்திஸ்தானின் சுயநிர்ணய உரிமை அரசியல் போராட்டங்களில் இருந்து கற்றுக் கொள்ளுங்கள்!
6)
“தேசிய இனச்சிக்கலுக்கு பொது வாக்கெடுப்பு என்ற தீர்வை முன் மொழிந்து அதற்காகப் போராடுங்கள்”
“பொது வாக்கெடுப்பு ஒடுக்கப்பட்ட தேசமக்கள் மத்தியில் மட்டுமே
அதுவே ஜனநாயகம் என்று முழங்குங்கள்.”
ஒடுக்கும் தேசத்தையும் வாக்கெடுப்பில் சேர்த்துக்கொள்ள வேண்டுமென்ற ஜனநாயக விரோதத்தை அநுமதிக்காதீர்கள்!
இவ்வகையிலான வரலாற்று அநுபவங்களே உங்களுக்கு வழிகாட்டும் கார்த்திகை தீபங்கள்.
இந்த அநுபவங்களை செழுமைப்படுத்தி பிரயோகிப்பதுமே
கார்த்திகை தீபங்களின் காலடியில் வைத்து வணங்கிடத் தக்க கார்த்திகைப் பூக்கள்.
7)
லெனினியக் கோட்பாட்டை தேசிய விடுதலைக்கான தத்துவார்த்த வழிகாட்டுதலாக கொள்ளாத எந்த ஒரு தேசிய விடுதலைப் போராட்டமும் வெற்றி பெற்றதாக வரலாறு இல்லை.
முரட்டுத்தனமான பிடிவாதமுள்ள வரலாறு தனது நியாயத்தை மீண்டும் மீண்டும் நிலைநிறுத்தியே தீரும்`.
மாண்ட நம் மக்களே மாவீரத் தோழர்களே செவ்வணக்கம்
குறிப்பு: Enb has made changes of the original artical published in FB with the full permision of the writer
Friday, 24 November 2017
The World's 8 Richest Men Are Now as Wealthy as Half the World's Population
The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico’s Carlos Slim, Amazon boss Jeff Bezos, Facebook’s Mark Zuckerberg, Oracle’s Larry Ellison and former New York City mayorThe World's 8 Richest Men Are Now as Wealthy as Half the World's Population
According to Oxfam's annual report.
By Reuters January 16, 2017
Just eight individuals, all men, own as much wealth as the poorest half of the world’s population, Oxfam said on Monday in a report calling for action to curtail rewards for those at the top.
As decision makers and many of the super-rich gather for this week’s World Economic Forum (WEF) annual meeting in Davos, the charity’s report suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated.
Oxfam, which described the gap as “obscene,” said if the new data had been available before, it would have shown that in 2016 nine people owned the same as the 3.6 billion who make up the poorest half of humanity, rather than 62 estimated at the time.
In 2010, by comparison, it took the combined assets of the 43 richest people to equal the wealth of the poorest 50%, according to the latest calculations.
Inequality has moved up the agenda in recent years, with the head of the International Monetary Fund and the Pope among those warning of its corrosive effects, while resentment of elites has helped fuel an upsurge in populist politics.
Concern about the issue was highlighted again in the WEF’s own global risks report last week.
“We see a lot of hand-wringing – and clearly Trump’s victory and Brexit gives that new impetus this year – but there is a lack of concrete alternatives to business as usual,” said Max Lawson, Oxfam’s head of policy.
“There are different ways of running capitalism that could be much, much more beneficial to the majority of people.” Oxfam
குறிப்பு: மேற்காணும் இணைய சுவரொட்டி 2014 இல்Oxfam அறிக்கைக்கு விமர்சனமாக ENB ஆல் வெளியிடப்பட்டது.
SUPER-CHARGED CAPITALISM
Oxfam called in its report for a crackdown on tax dodging and a shift away from “super-charged” shareholder capitalism that pays out disproportionately to the rich.
While many workers struggle with stagnating incomes, the wealth of the super-rich has increased by an average of 11% a year since 2009.
Bill Gates, the world’s richest man who is a regular at Davos, has seen his fortune rise by 50% or $25 billion since announcing plans to leave Microsoft (MSFT, +0.19%) in 2006, despite his efforts to give much of it away.
While Gates exemplifies how outsized wealth can be recycled to help the poor, Oxfam believes such “big philanthropy” does not address the fundamental problem.
“If billionaires choose to give their money away then that is a good thing. But inequality matters and you cannot have a system where billionaires are systematically paying lower rates of tax than their secretary or cleaner,” Lawson said.
Oxfam bases its calculations on data from Swiss bank Credit Suisse and Forbes. The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico’s Carlos Slim, Amazon boss Jeff Bezos, Facebook’s Mark Zuckerberg, Oracle’s Larry Ellison and former New York City mayor
Michael Bloomberg.
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