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‘’The minister said the main problem is the lack of dollars and appealed to some two million Sri Lankans working abroad to send their foreign exchange earnings

‘’The minister said the main problem is the lack of dollars and appealed to some two million Sri Lankans working abroad to send their foreign exchange earnings home through banks instead of informal channels’’ This sentence demonstrates the huge disrespect for private property by the Sri Lankan government: those remitted dollars belong to the people, I hope they use the ,,informal channels’’, like cryptocurrencies (BTC or Monero), that’s the least violent way to get rid of the corrupt government.

ls15 4y ago
We burned through all the money that you gave us before, so please send more. Sincerely, Gov
bshipp 4y ago
I assumed it refers to the need for recipients to convert the foreign currency into local currency, thereby providing the national bank with that currency to use in international transactions. So it's not theft, it's supply and demand. If they receive $600million USD from foreign remittances but have a fuel bill thats a billion USD, where are they going to get that extra currency from?
- daniel-cussen 4y ago
  "It's supply and demand" is frequently code for "I'm coercing you, what are you going to do about it?" Classic example, when you ask why rent in town is so high, "it just supply and demand." Then one day you start seeing the same NIMBYs in the same objections to constructions, like "they tried building a cheaper home for me, and these NIMBYs objected, why" and it's shills for landlords, so not really that in love with "supply and demand" when it's not to their benefit.
  - bshipp 4y ago
    I'm only discussing the macroeconomic operation if foreign account balances and why the inflow of international currency is vital for most countries that have their own domestic currency. If we want to discuss the role of speculators in a real estate bubble I'm happy to switch topics!
  - wutbrodo 4y ago
    That's not my experience with NIMBY coalitions. They're usually saying things like "more supply increases prices". I know it's a bit of a baptist-and-bootleggers dynamic, between self-interested homeowners and dumb but sympathetic activists. But the idea that undersupply contributes to high prices runs directly counter to NIMBY goals or strategy.
    - daniel-cussen 4y ago
      I talked to one NIMBY into becoming a YIMBY by telling her more construction--ultimately--brings down prices. Telling her about Santiago, people pay $100 rent here, no problem, and it's for basically the same thing, a lock on a door in a megacity, near public transport, an elevator, everything. Everything. Just need to get the word out.
poulpy123 4y ago
Using informal channels for a sizeable part of the economy is not going to make the government less corrupt but more. Any gouvernement needs money to work, and that money is raised by taxes. If a huge part of money is not taxed, it will have 3 effects: 1/ the taxes will increase on the rest 2/ the unelected people controlling the informal channels will have a lot of power 3/ the government will not be able to works properly, meaning that corruption will be used more to compensate

ls15 4y ago

We burned through all the money that you gave us before, so please send more. Sincerely, Gov

bshipp 4y ago

I assumed it refers to the need for recipients to convert the foreign currency into local currency, thereby providing the national bank with that currency to use in international transactions. So it's not theft, it's supply and demand. If they receive $600million USD from foreign remittances but have a fuel bill thats a billion USD, where are they going to get that extra currency from?

daniel-cussen 4y ago
"It's supply and demand" is frequently code for "I'm coercing you, what are you going to do about it?" Classic example, when you ask why rent in town is so high, "it just supply and demand." Then one day you start seeing the same NIMBYs in the same objections to constructions, like "they tried building a cheaper home for me, and these NIMBYs objected, why" and it's shills for landlords, so not really that in love with "supply and demand" when it's not to their benefit.
- bshipp 4y ago
  I'm only discussing the macroeconomic operation if foreign account balances and why the inflow of international currency is vital for most countries that have their own domestic currency. If we want to discuss the role of speculators in a real estate bubble I'm happy to switch topics!
- wutbrodo 4y ago
  That's not my experience with NIMBY coalitions. They're usually saying things like "more supply increases prices". I know it's a bit of a baptist-and-bootleggers dynamic, between self-interested homeowners and dumb but sympathetic activists. But the idea that undersupply contributes to high prices runs directly counter to NIMBY goals or strategy.
  - daniel-cussen 4y ago
    I talked to one NIMBY into becoming a YIMBY by telling her more construction--ultimately--brings down prices. Telling her about Santiago, people pay $100 rent here, no problem, and it's for basically the same thing, a lock on a door in a megacity, near public transport, an elevator, everything. Everything. Just need to get the word out.

poulpy123 4y ago

Using informal channels for a sizeable part of the economy is not going to make the government less corrupt but more. Any gouvernement needs money to work, and that money is raised by taxes. If a huge part of money is not taxed, it will have 3 effects: 1/ the taxes will increase on the rest 2/ the unelected people controlling the informal channels will have a lot of power 3/ the government will not be able to works properly, meaning that corruption will be used more to compensate