How The West Debt Trapped Sri Lanka

Ben Norton of Geopolitical Economy wrote an article that discusses the misleading accusations against China for Sri Lanka's debt crises and economic instability. Contrary to popular belief, 81% of Sri Lanka's external debt is owed to Western financial institutions and allies, while China holds only 10%. The West's accusations are criticized as misleading, given Sri Lanka's long history of struggling with Western debt and the IMF's failed economic stabilization programs since gaining independence from British colonialism in 1948. Chris Jeffries also highlights the role of Western financial institutions and the use of the dollar in trade due to military presence, not voluntary agreements. The media's blame game against China is challenged, and the speaker accuses The Wall Street Journal of misrepresenting facts and prioritizing political points over journalism. Chris Jeffires also touches upon the ongoing conflict in Ukraine and the West's unwillingness to negotiate for peace, prioritizing financialization over diplomacy. Then it concludes by discussing the decline of reputable cable channels into sensationalist media driven by profit motives and advocating for socialism and democratic control over institutions to prevent harmful business practices.

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