Saw disturbing pictures coming out of Sri Lanka on Sky News.
People are destroying gov buildings and taking selfies there. Complete collapse of all institutions in Sri Lanka.
Financial instability is one thing. It can be fixed with tough policy measure but what is happening in Sri Lanka is political crisis and most importantly a constitutional crisis. The country currently has no government or a power center that can keep country together. There is no one there who has trust of people to make hard decisions. Sri Lanka has become a lawless land.
When financial problem first took hold of Sri Lanka, I had hope that in few short years things will go back to somewhat normal. Meanwhile people will suffer some temporary pain and in general they will learn a basic economic lesson of fiscal deficit. Unfortunately because of events that followed in Sri Lanka I think it is heading towards a much worse fate. In a power vaccum, many different power centers emerge who control their sphere of influence based on their individual ideology. This will further complicate things for any central power to maintain proper control over entire country. Also in the midst of all this chaos no true statesman will emerge to fix their economic problems but rather individuals who wants to take advantage of this situation for their personal favor.
Situation looks very bleak for Sri Lanka. This reminds me of Ukraine situation few years ago. People destroyed their own government and now that country is fighting for survival. If it wasn't for western countries pumping endless supply of cash and weapons, Ukraine wouldn't even exist today.
We have seen this movie played before. Gov does something wrong, people destroy their own gov thinking things will go better but instead things go much much worse for them. Commie revolutions of past, Color Revolutions, Arab Spring, etc. The list is long, the method is same and outcome is predictable.
Those who are taking their families to desecrated gov buildings for taking selfies should prepare themselves for even worst situation in future.