A Borough Is A Different Kind Of Government That Looks After The Five Basic To Ap, And Is Prepared To Potentially Suspend Elective Inpatient Surgeries, Reduce Hours At Outpatient Clinics And Temporarily Stop Accepting Icu Transfers.

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Two Canadians, Michael Kovrig and Michael Spavor, who were arrested by Beijing shortly after Meng's 2018 detention on a U.S. warrant, left China within hours of Meng's release and arrived in Canada on Saturday. They had been charged with espionage. read more The United States has pressed allies to bar Huawei from next-generation 5G networks on grounds the equipment could undermine communications security. The Five Eyes network consists of Canada, the United States, Britain, Australia and New Zealand. Until now, Canada had said it was awaiting reports from its intelligence services to make a final decision. Well-placed sources have said, however, that Canada had effectively blocked Huawei but did not want to say so publicly for fear of harming the fortunes of the two detainees. "We continue to weigh and look at the different options, but we will be no doubt making announcements in the coming weeks," Trudeau told reporters when asked about the Huawei decision. It was his first news conference since his re-election last week to a minority government.

https://www.reuters.com/technology/canadas-decision-huawei-5g-gear-due-coming-weeks-trudeau-2021-09-28/ [Education]

This economics is couched within the theoretical parameters of the so-called Modern Monetary Theory (MMT), whose cardinal principle is that governments could and should print as much money as they require to spend because governments do not go bankrupt unless forced by political imperatives.  This implies that too much money does not create inflation even if they chase too few goods as economists believe. To the former CBSL Governor, Professor W.D. Lakshman, and his current successor, Nivard Cabraal, MMT provided the theoretical rescue for their callous decision to allow the printing machine work overtime to keep on providing liquidity to a beleaguered economy. Apart from denying the inflationary effect of their action, Cabraal also argued that inflation does not depreciate currency.  Not surprisingly and to justify this voodoo economics, CBSL calculated headline inflation rate without including food prices, which is now consuming the greatest share of income in millions of ordinary households. Food inflation was kept separate and called it simply a “worry”. Once the rate of inflation is artificially reduced another theoretical device, the national income deflator, which is relevant to calculate economic growth also becomes faulty. With these massaged statistics, Cabraal is now feeling upbeat about an 8% growth rate for the first half of 2021, and claims that the economy is not in recession.  Similarly, on rupee depreciation also, CBSL’s recommended exchange rate was far below the prevailing market rates, and it was because of CBSL’s failure to bring the market in alignment that Lakshman desperately resorted to moral suasion and appealed to monetary institutions to become patriotic. The Professor of Economics should have known better that ethics and morals have nothing to do with market rationality. Cabraal now complains that exporters have hoarded $ 2.76 billion without repatriating their profits. They are only acting rationally to enhance their profit when the rupee is destined to depreciate further. Voodoo economics is either generating inappropriate economic policies or reacting to and justifying with theoretical veneer such policies emanating from the Presidency and Finance Ministry.

https://www.ft.lk/opinion/CBSL-s-voodoo-economics/14-723720

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