While Sri Lanka s monetary meltdown acceleration with historic low interest rates driven by money printing after the tax cuts of 2019, the storm gathered pace from 2015, when rapid foreign debt accumulation greater than the annual foreign financed deficits began.
Sri Lanka s severe monetary instability, the obsession with controlling imports, the trade and current account deficit is a graphic example of how Keynesian or Mercantilist ideology, which is not based on logic, reason or economics, can devastate a country at peace.
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