Monday, July 4, 2016
The FOSSILS Rule OK!
Sri Lanka continues its tradition as the land of the fossils! We have a fossil in the form of a President, followed by another Fossil in the form of the PM, a further fossil in the form of the Leader of the Opposition, and a de facto Leader of the Joint Opposition, another fossil, and now we also have a fossil in the form of the Governor of the Central Bank! So it is a FOSSIL RULE that I refer to as my TAG LINE above.
In 2016 we must break that stranglehold as no one seems to know how to get ahead. These fossils, all live in the past, with NOT ONE IOTA OF vision for the future. A vision is what is needed and not the same old business as usual that we have further strengthened by the addition of another fossil.
Has it never occurred to anyone, that even the Civil Society is full of fossils, who were gunning for the blood of the previous Governor bar a few. There was Gomin Dayasiri, there was pedantic WA Wijewardene, there was Chandra Jayaratne, there was Sarath Wijesuriya, there was Gamini Viyangoda, Vignarajah representing small shareholders, and only Handunnetti who I would NOT consider a fossil, but is surrounded by cretins in his committee so as to render him a quasi fossil!
They are so dumb, that when for example the COPE will summon the new Governor, to try and explain the Auditor General’s findings of ASSUMED LOSSES on two days, namely the famous 27th February 2016 and the 29th March 2016 as causing a loss of Rs1,620M to the State, none of them really understand what exactly the Auditor General is referring to!
Does NO ONE really understand BOND sales, least of all the Auditor General’s department which is staffed by pedants, including his respectfulness the AG! The bond is an auction, and bids are accepted and denied, and losses or profits ascribed to the STATE are merely presumptions! As there is NO fixed amount of money that is going to be accepted, or rejected, known in advance.
What the AG’s report is missing totally is the point that in Sri Lanka, there is NOT sufficient competition amongst Primary Dealers to bid on these bonds, and I firmly believe that as our size is so small, we invite, international Primary Dealers to make a market in Bonds, if we are to achieve the huge advantage of the benefit in the international STEEP DECLINE in bond yields- more on that later!