The country of Sri Lanka is in an economic crisis.  I am no economist and I can't explain how the situation got so dire for Sri Lanka.  But after some research, I can say for sure the Western narrative of the China debt trap is too blame is bogus.

The critics of China say that after loaning money to Sri Lanka and building its port and airport, China now owns the port and may eventually turn it into a military base!   But the debt Sri Lanka owed to China for the constructions are very small amount of its total international debt.  In fact the total amount Sri Lanka owes China is only about 10% of its total debt.  Japan is also owed 10%.  Most of the other 80% are owed to banks affiliated with the IMF, World Bank and the Asian Development Bank.  The first two are controlled by the U.S. and Europe.  The ADB is controlled by Japan and the U.S.  So to say that China is using debt to control Sri Lanka is laughable.

The deal that Sri Lanka made with China during the crisis is that 70% of the port will be leased to China for 99 years and 30% to be kept by Sri Lanka.  In exchange China gives Sri Lanka 1.12 billion dollars which was used to service debt to other foreign banks.  Before the port was built, feasibility studies were done by Canadian and Dutch firms.  So it is believed that it can be profitable.  If the Chinese company that takes over now can produce profits, it will get 70% and Sri Lanka gets 30%.  Will it work?  Too early to tell but in 99 years the port will revert to Sri Lanka control.  Sort of like the British deal with Hong Kong.  Except China gives money to get the deal and not use gunboats to force the deal.

So Sri Lanka has not lost its port to China.  Certainly no military base is being built.  If 90% of the debt in owed by someone other than China, why is China being accused of a debt trap.? As I said about the accusation of Chinese debt traps in Africa, if the Western countries are so concern then just give these countries a better deal than China.  These countries are not stupid. They won't take the worse deal.

By the way, I think I wrote this before.  The only high finance guy on Wall Street who was convicted of fraud during the last economic disaster in 2008 was from Sri Lanka.  I found it hard to believe then that he was the only guilty person during the financial meltdown.  Now I find it hard to believe that no Western financial institution has anything to do with the Sri Lanka meltdown.

 Watched the hearings last night because I thought it was the finale and they will give the final conclusion.  Well, this is a few things I learned:

There will be a sequel in September!  With new witnesses and facts.  So stay tuned.

It was almost all Republicans who testified against Trump.  Those people will be attacked.  Some was already last night.  

They should have people like Hannity testify why they advised Trump to stop the riot when it was going on.  They have been silenced since and even accused the Committee as a witch hunt.  They seem to believe it was a disaster when it was happening but no big deal now.  Last night FOX didn't even air the hearing.

Trump told McCarthy that it was Antifa that was rioting, not his supporters.  If that is the case, I would think he would have ordered the military to stop it quickly.  But he let it go on.  McCarthy and Trump got into a swearing contest.  But McCarthy is kissing Trump's butt today.

Trump looked stupid and weak while trying to make videos to address the nation.  I am surprised these tapes were kept.

Pence's Secret Service people were fearing for their lives.  These people were supposedly brave enough to die to save the person they were guarding.  But the texts from Trump's Secret Service details were erased, and looks to be done so after they were asked for.  It is hard to believe that the texts were erased accidentally.  Lots of theories out there.  I believe that some of the agents were either supportive of the rioters or some of them did not want to protect Trump because he is a traitor to the country.  Either case, it shows the danger our democracy is in.

 Haven't written for about three weeks due to vacation and not finding a topic I want to write about.  I decide to write about former prime minister of Japan, Abe, who was assassinated more than a week ago.  I didn't really want to write about him after his death because in the past I have written to a newspaper editorial criticizing him.  I don't want to be critical of someone who was just murdered.  Then someone pointed out to me about the opinion I wrote about Abe and wonder if I am happy he died.  Well, not really because things are not always black and white.

I criticized Abe because as prime minister, he visited the graves of Japanese war criminals.  An American politician wrote an opinion that the Chinese should get over what happened during WWII and that it is the Japanese prime minister's right to visit the graves.  I wrote wondering if that same politicians would write the same thing if Jews were appalled by the Chancellor of Germany visiting the graves of Nazi war criminals?  Add to that, Abe's grandfather was a war criminal but was not prosecuted because the U.S. felt that he was useful as a politician who could run the agenda the Americans wanted for Japan post war.  Sort of like the U.S. helping Nazis escape prosecution if they were useful to America as scientists for example.

But while I did not approve of what Abe did and what his grandfather did even more, Abe was basically a politician who tried to stay in power.  His agenda included a stronger Japanese military.  Maybe he believed it was necessary to counter the rise of China, although Japan is protected by the U.S. anyway.  He most likely called for a stronger military and visited the graves of war criminals to satisfy the far right in Japan.  At one time he actually called for better relations with China but that was probably shot down by the far right.  So yes, things are not all black or white.  So while I don't particularly like Abe, I don't feel any happiness about his assassination.  The world is not safer when political leaders are killed rather than being judged at the ballot box.