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Midweek Review

Inequality is killing the Middle Class

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Gary Stevenson

Diary of a CitiBank Trader:

“I would like to have kids one day… and I’ll have to tell them, I made my money betting on the collapse of society, that’s the truth…”

–– Gary Stevenson

Gary Stevenson is a highly successful financial trader formerly employed at Citibank, in London’s historic central business district (CBD), colloquially called “The City”. A talented mathematics student, he earned a full-scholarship to the London School of Economics (LSE) and recalls noticing immediately that there were not many students at LSE with his background: “poor, working class” and even fewer at Citibank, where Stevenson earned an internship by winning a national mathematics contest. The 38-year old carries a strong East London accent that he admits made him stand-out quite a bit. Early on during his time at Citibank, somebody asked him “where’s that accent from, I love it”, he had to tell them that he was from East London, where they were standing, in Canary Wharf.

Speaking on a UK television interview show from February 2025, Stevenson says: “My YouTube channel, we got 1.2 million views yesterday in one day, ONE DAY… there’s a reason why I used to get paid 2 million pound-a-year to do this, because I’m [very] good at this okay, I shouldn’t be on YouTube, I shouldn’t be here, it doesn’t make no sense, I should be working for a hedge fund making 5 million pound-a-year… I’m here talking to you, talking to your audience because I can see… that the middle class, ordinary people, are going to be driven into desperate poverty…”

At Citibank in 2008, Stevenson earned a basic salary of GBP 36,000 but his first full-year bonus was GBP 400,000; he had amassed more money in 18 months than his father had in his entire lifetime. “Listen … these guys that tell you economics on the news, they get paid one hundred, two hundred grand a year, I got paid millions of pounds a year to do it because I’m the best at it and I still beat them, every year…The best economists in the world are all traders… the best-paid ten thousand economists in the world are all traders …”

By some estimates the Bank of England, the UK’s Central Bank, has injected around One Trillion Pounds (over GBP 1,000,000,000,000) into the UK economy since the 2008 financial crisis, during which period, living standards in the UK have been steadily deteriorating as a stagnant middle class struggles amidst a cost of living crisis.

The Uk are not alone, Governments and Central Banks around the world have injected hundreds of billions of dollars into their economies in the past two decades in response to extreme economic and social crises; eg: 2008’s financial crisis and the Covid19 global pandemic. The broad instruments were (1) quantitative easing (QE) – Central Banks purchasing financial assets such as government bonds and (2) direct fiscal ‘stimulus’ payments to business sectors and even individuals, usually funded by the Treasury.

In early 2011, Stevenson got called into a meeting with one of the Citibank’s top economists who went through the financial situations of a lot of the world’s major governments “so Italy, Spain, Portugal, Greece, Ireland but also the UK, US, Japan and what he said was basically, all of these governments are effectively bankrupt, they spend more than their income every year and they’re going further and further into debt… they’re being forced to sell their assets ….”

Where did all that Money go?

In response to the Covid19 pandemic of 2020, the UK Government engaged in QE using a 2009 program called the ‘Asset Purchase Facility’ (APF) and a fiscal stimulus called the Coronavirus Job Retention Scheme (CJRS) popularly known as the Furlough Scheme. The CJRS subsidised employee wages (up to 80% capped at GBP 2,500 per month), totalling GBP 70 bn from March 2020 to September 2021. The APF totalled GBP 450 Bn of UK Govt Bonds (and a small amount of UK Corporate Bonds) from 2020 onwards; the total portfolio peaked at GBP 895 Bn in late 2020 and was around GBP 680 Bn by end 2024.

Stevenson’s analysis suggests that QE has led to funds flowing into financial markets, inflating asset prices, be they stocks, bonds or property, thus disproportionately benefiting the owners of these asset classes – mostly the wealthy and ultra-wealthy.

Having graduated to a permanent position on the Trading Floor of Citibank in 2007, Stevenson’s job was to analyse and trade on interest rates. In the aftermath of the collapse of Lehmann Brothers, the US Federal Reserve slashed interest rates from 5% to 1% by October 2008 and before the end of the year rates were cut to a target range of 0.00% to 0.25%. In the UK, a similarly dramatic collapse of interest rates: 5% in October 2008 down to 2% in December 2008. Stevenson recollects that “suddenly, we’re all betting on when will the economy recover… bringing rates to zero is like an emergency measure… and the economic theory tells you this should cause a massive economic recovery and we obviously know now, it didn’t happen but at the time, every single year, the economists, the traders, the markets said: ‘next year rates will go up, which means next year the economy will recover’, literally every year 2009, 2010, 2011 all the way until 2020 and it wasn’t until Covid when they finally said, ‘okay rates will stay zero forever’ and then of course, rates immediately went to 5% ….”

This sequence of events suggested to Stevenson that, other than the elite Trading Desks of the world’s largest banks and hedge funds, most economists and market participants were not very good at predicting what would happen in their economies. “The way I became a millionaire is, after the financial crisis, I realised that because of a massive growth in inequality, we would basically never come out of that crisis and I started to put massive bets… that the economy would get worse and worse… and within a year of doing that, I became Citibank’s most profitable trader in the world ….”

The ‘Living Standards Outlook’ for 2023 by UK-based think-tank, Resolution Foundation, stated that “Absolute poverty is set to rise in the short-run, from 17.2 per cent in 2021-22 to 18.3 per cent in 2023-24 (or an additional 800,000 people in poverty). Child poverty in 2027-28 is forecast to be the highest since 1998-99, with 170,000 more children in poverty than in 2021-22”. The Joseph Rowntree Foundation states that “More than 1 in 5 people in the UK (21%) were in poverty in 2022/23 – 14.3 million people. Of these, 8.1 million were working-age adults, 4.3 million were children and 1.9 million were pensioners. A 2024 report by the Office for National Statistics (ONS) highlights that Real Household Disposable Income (RHDI) per person had grown at the slowest pace for the poorest 50% of the population and income inequality is widening, those in the lower 20% of the income distribution have seen stagnant or even falling real incomes over the last two decades.

A 2018 Bank Of England report titled, ‘The Distributional Impact of Monetary Policy Easing in the UK 2008 – 2014’, (Bunn et al) states that while in percentage terms, the gains were evenly spread, there were still major distributional issues such as wealthier households gaining more because they held more assets that appreciated due to QE: “the overall effect of monetary policy on standard relative measures of income and wealth inequality has been small.

Given the pre-existing disparities in income and wealth, we estimate that the impact on each household varied substantially across the income and wealth distributions in cash terms ….”

From Progress to Poverty 

In 2014, ThinkTank, Centre for American Progress (CAP) released a report titled ‘The Middle-Class Squeeze’ submits that American “middle-class share of national income has fallen, middle-class wages are stagnant, and the middle class in the United States is no longer the world’s wealthiest… The cost of being in the middle class—and of maintaining a middle-class standard of living—is rising fast too ….”

In his 2019 book, ‘Third Pillar’, former Governor of the Reserve Bank of India, Raghuram Rajan discusses the impact of the middle-class squeeze on communities: “The anxieties of the moderately educated middle-aged white male in the United States are mirrored in other rich developed countries in the West… moderately educated workers are rapidly losing, or are at risk of losing, good ‘middle-class’ employment, and this has grievous effects on them, their families, and the communities they live in… as public anxiety turns to anger, radical politicians see more value in attacking imports and immigrants. They propose to protect manufacturing jobs by overturning the liberal rules-based postwar economic order, the system that has facilitated the flow of goods, capital, and people across borders”.

Stevenson notes that “we increased inequality at the fastest rate in the history of this country during a time when the economy was closed. Only luxury and non-essential spending reduced during covid; they gave money to furloughed workers, who… then had to spend most of it immediately to pay bills”. Furlough was not a gift but a replacement of a portion of wages of working people who transferred that to: landlords through rent, shareholders of Banks through mortgage payments and shareholders of energy companies through higher bills. Stevenson says the wealthiest in society earn massive amounts of passive income from the assets they own; monthly incomes so large it is impossible to spend it all on consumer goods so instead it leads them to hoard wealth by buying assets.

This correlates to rising house prices, which Stevenson analyses as occurring in a context where almost all other asset classes have seen broad and significant appreciation over the last 20 years: major stock indexes such as S&P 500, FTSE 100 and FAANG (tech stocks), Real Estate, Bonds (until the 2022 crash), Gold etc. Stevenson’s basic claim is that the ultra-rich are buying up all the assets with the excess liquidity and driving up the prices of those assets. “If you have the wealth of the rich going up 5% and an economy that’s growing at 1 or 2%, there is nothing they can do, they outgrow the economy. The rich are squeezing the middle class out.”

A Betting Man

Sri Lanka’s own growing wealth and income disparities are well-established. A December 2022 report by the Department of Census and Statistics (Dharmadasa et al) notes that “the highest 10 percent of the population shared 32 percent of total income in 2016 while the lowest 10 percent of the population shared 3 percent in the same year”. The World Inequality Lab states that the “top 10% of Sri Lankans… own 64% of all personal wealth; the top 1% have 15% of all income and 31% of all wealth. The bottom 50% of Sri Lankans have just 17% of all income and only 4% of all personal wealth”.

A report by the Centre for Poverty Analysis (CEPA) from January 2021 prior to the economic crisis and the worst impacts of the pandemic, states that, “more than half the total household income of the country is enjoyed by the richest 20%… while the bottom decile (poorest 20%) gets only 5%, with share of household income being just 1.6% for the poorest 10%.”

Dr. Vagisha Gunasekera, an Economist attached to the United Nations Development Program (UNDP), was quoted in a poverty report from 2023: “The top one percent of Sri Lankans own 31 percent of the total personal wealth, while the bottom 50 percent only own less than 4 percent of the overall wealth in the country. This provides us with a snapshot of how unequal our country is”. The UNDP report called Sri Lanka one of the most unequal societies in the South-East Asian region.

Gary Stevenson is part of a group of UK-based high net-worth individuals called Patriotic Millionaires who are campaigning for a minimum 1% wealth tax on wealth over ten million pounds: “if you were worth 12 million pounds you pay 1% on 2 million pounds, which is 20,000 a year”. This would only impact a very small portion of tax payers and would raise between 10 and 20 billion pounds annually; in a context where the new Labour Government under Prime Minister Starmer has announced plans to cut more than five billion pounds from its welfare budget by 2029/30.

Sri Lanka, almost 3 years after a once-in-a-generation economic collapse and an IMF-backed revenue-based fiscal consolidation program, has barely been able to improve its income tax to GDP, depending instead on VAT and other indirect taxes as well as excise duty on alcohol and cigarettes. Corporate Tax to GDP on average was 1.5% for ten years before increasing to 2% in 2024, woefully below what more successful countries in our development peer-group tend to generate. While the government lost some Rs. 950 Bn in tax revenues from corporates in the last 21 months due to incentives, the working people of Sri Lanka continued to carry the burden of government revenue growth through VAT. Health, education systems are crumbling, more than 50% of households receive cash stipends from the government while demand for luxury vehicles remains, with depreciating assets like luxury SUVs priced at the same level as a luxury condominium unit in central Colombo. The prevalence of these dynamics and what it says about the internal economic distribution systems point to unsustainable economic arrangements and asset bubbles amidst rising income and wealth inequalities.

Stevenson notes that “My dad lived in an era of house price two-times income, I live in house-price 20-times income, my kids will live in 40-times income…” The point is simple: inequality is driving a historic concentration of wealth at the top of income and wealth structures. “Nobody likes paying tax, but the fact of the matter is, the wealth of the middle class and the wealth of the government is being drained by this super-rich group, how do we get it back? Rishi Sunak is worth 700 million pounds, that means he has a passive income every year of 30 million pounds… they use their passive income to buy more assets… tax is the only way that you, a regular working person, can protect yourself from the superrich”.

What makes Stevenson a fascinating and effective messenger is that he is still trading, making bets on the economy: “I don’t get paid to have opinions… I was one of the best paid and most successful traders in the world at one of the biggest banks in the world, I place bets and l’ve been betting for 14 years that the working class in my country and the working class in your country will collapse into desperate worsening poverty year after year and, I’m a multi-millionaire from doing that… I don’t just say this, I don’t just come on here and give my opinions, I’m betting on everything I’ve told you today….”

The writer has 15 years of experience in the Financial and Corporate sectors after completing a Degree in Accounting and Finance at the University of Kent (UK). He also holds a Masters in International Relations from the University of Colombo.

He is a media presenter, political commentator and Foreign Affairs analyst, invited regularly on television broadcasts as a resource-person.

He is also a member of the Working Committee of the Samagi Jana Balawegaya (SJB).

By Kusum Wijetilleke
kusumw@gmail.com
Twitter: @kusumw



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Midweek Review

A retired General’s narrative

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A bus belonging to the SLA set on fire outside President Gotabaya Rajapaksa’s Pangiriwatte residence on 31 May, 2022

Regime change:

Egodawele

Gemunu Watch veteran retired Maj. Gen. K.B. Egodawele painted a bleak picture of the overall failure on the part of the Defence Ministry, National Security Council and the armed forces to deal with the Pangiriwatte, Mirihana, violent protest on 31, March, 2022. Had those responsible for overall security taken tangible measures, after the Pangiriwatte letdown, the rapid deterioration of the situation, leading to the 9 July, 2022, assault on the President’s House, could have been averted, he opined. The author explained how in the absence of even a basic plan to prevent large scale public movement/gathering, the conspirators succeeded in bringing several hundred thousand people to Colombo, that included even a train load of activists from Kandy. Egodawele quite rightly asserted that the hoodwinked ordinary innocent people had been the real strength behind the regime change operation. Egodawele raised a spate of pertinent questions regarding the security aspects, with the focus on the 09 July, 2022, assault, taking into consideration various influencing factors, including Field Marshal Sarath Fonseka’s appeal to the armed forces not to point guns at the public as they didn’t want a repetition of 9 May, 2022, at Galle Face.

Whatever the impact of politicians and religious leaders urging the armed forces not to intervene, the war-winning Army Chief’s appeal may have influenced the military and even some members of the National Security Council.

By Shamindra Ferdinando

Maj. Gen. (retd.) K.B. Egodawele believes the ban on import of chemical fertilisers and agrochemicals, in April/May 2021, that led to staggering drop in crop yields, and countrywide protests, had been a key contributing factors that helped galvanise the Western-engineered Aragalaya plot against President Gotabaya Rajapaksa, similar to parallel regime changes carried out by Washington in Pakistan, Bangladesh and Nepal.

Egodawele, who had served the President as an Additional Secretary (Administration), attached to the Presidential Secretariat, dealt with regime change in ‘Aragalaya: Adarayen Prachandathwayata (From Love to Violence). In fact, according to the ex-Gemunu Watch veteran, who retired in 2004, the crisis caused by the fertiliser ban had been the first major issue that undermined President Rajapaksa.

Turmoil over the fertiliser ban paved the way for a series of other large scale protests. Although not directly connected with the fertiliser issue, teachers’ protests, demanding higher salaries, campaign against Sir John Kotelawala National Defence University (KNDU) Bill, Muslims and Catholics’ protests, targeting the President, followed by countrywide demonstrations over the collapse of essential services and supplies, created an explosive situation. The unexplained explosions of gas cylinders, too, caused anger and confusion among the public struggling to cope up with the developing situation.

Egodawele asserted that the Tamil Diaspora played a significant role in the regime-change project, with external powers utilising political parties here to carry out the conspiracy. The author is confident that the regime change project got underway soon after the Gajaba Regiment veteran assumed Office, as the seventh executive President.

In addition to Egodawele, who launched his work in 2023, former Central Bank Governor Ajith Nivard Cabraal (2022), former parliamentarian Wimal Weerawansa (2023), renowned author Sena Thoradeniya (2023), one-time Finance Secretary Mahinda Siriwardana (2025), President Ranil Wickremesinghe’s media head Prof. Sunanda Maddumabandara (2025), political analyst Asanga Abeygunasekera (2026) and President Gotabaya Rajapaksa’s Media head/DG, Information Department Mohan Samaranayake (2026) dealt with the first successful use of calculated violence to achieve a regime change.

As a person who had a ring side view of the rapid developments, Egodawele quite rightly asserted that the crisis got out of hand due to the delay on the part of the government to reach consensus with the International Monetary Fund (IMF) to secure a lifeline. Who caused the delay in Sri Lanka initiating action to obtain IMF assistance for the 18th time? Those who had read Siriwardena’s book know that direct accusations were directed at the then Central Bank Governor W.D. Lakshman and others for their failure to seek IMF assistance, thereby jeopardizing the government. Samaranayake went a step further when he questioned whether such actions had been deliberate and meant to cause the downfall of the President, elected by a huge majority.

Referring to the Covid-19 crisis that dealt a knockout blow to the already weak national economy, Egodawele declared that it wouldn’t be fair by President Gotabaya Rajapaksa to blame him for the economic fallout as previous leaders, too, contributed to the collapse. Alleging that the external and internal conspirators exploited the Covid-19 crisis to achieve their political objective, the author named the main Opposition Samagi Jana Balwegaya (SJB), the Janatha Vimukthi Peramuna and JVP breakaway faction Frontline socialist party (FSP/Peratugami pakshaya) as well as other political parties and groups being among the schemers.

The Catholic Church was also accused of direct involvement in the operation against President Gotabaya Rajapaksa. However, the author’s assertion, in the foreword, that extremists took control over the protest campaign that was launched at Kohuwala by those ordinary people affected by the crisis seemed wrong.

Having perused all books which dealt with the regime change operation and discussed the issues at hand with those in government at that time, both civilian and military, The Island is of the view that the whole operation, from the very beginning, was planned and executed by political parties/groups, both in and outside Parliament. Perhaps as Samaranayake pointed out in his study of the regime change project, Switzerland, with the backing of the US, launched the operation in late November, 2029, by staging the abduction drama, with the help of Somalatha or Siriyalatha Perera (later changed to Garnier Banister Francis), a local employee at the Embassy (https://island.lk/focus-on-swiss-role-in-garnier-abduction-as-furgler-succeeds-mock/)

Egodawele’s assertion that President Gotabaya’s decision to accommodate UNP leader Ranil Wickremesinghe in his Cabinet, as Prime Minister, as a correct and prudent move, is questionable. The President had no other option but to reach consensus with Wickremesinghe after the SJB leader Sajith Premadasa declared pre-conditions for him to accept that offer. But, Wickremesinghe’s acceptance of premiership cannot be examined without taking into consideration his role in the US-India backed project. President Gotabaya Rajapaksa, too, declared that Wickremesinghe was the best person to handle the situation but, whatever the assertions, the fact remains he was part of it. The protest couldn’t have exploded at Pangiriwattte, Mirihana, outside the President’s private residence without the direct UNP involvement.

Internal strife

From the very outset, the President failed to receive the anticipated support from his team. In fact, the Sri Lanka Podujana Peramuna (SLPP) hadn’t been enthusiastic in fielding the wartime Defence Secretary as their candidate but the circumstances compelled them to do so. In the absence of direct control of the SLPP that commanded a 2/3 majority in Parliament, though it secured only 145 seats at the 2020 general election, the President never really received the backing of the ruling party.

Egodawele discussed this issue to some extent as one of the major reasons for the failure on the part of the President to face daunting challenges, particularly on the economic front. The President had been furious and so disappointed over the way the Central Bank and the Treasury responded to, what he called, the global crisis, and he directly accused them of not briefing him properly. Egodawele, who had been, most probably, present at a meeting the President called on 16 June, 2020, quoted him as having declared that the Central Bank failed to submit a single proposal to strengthen the economy.

The author emphasised the increase of funds required for debt servicing from USD 2 bn in 2014 to USD 6 bn by 2019 end as a key contributing factor for the crisis that overwhelmed President Rajapaksa. Those who had been very fast to blame President Gotabaya for bankruptcy are conveniently silent on the culpability of the UNP-SLFP Yahapalanaya.

The Wickremesinghe-Sirisena duo took an estimated USD 12.05 bn in foreign currency loans through International Sovereign Bonds (ISBs). In addition to ISBs, they borrowed over Rs. 5.7 trillion in domestic (rupee-denominated) loans via treasury bills and bonds. In spite of that, Wickremesinghe emerged as the country’s saviour and he, unashamedly, exploited the situation to his advantage at the 2024 presidential election. The UNP propagated the lie that Wickremesinghe saved the country from ruins without making reference to the massive borrowings, during the Yahapalana administration, that caused irreparable damage to the country and, as to this day, we do not know what they did with such huge borrowings. At least the Rajapaksas built a brand new international airport and a harbour, along with countless other development projects, from expressways to resuscitating badly neglected road network, and even built the country’s very first coal fired power plant at Norochcholai.

Egodawele should have paid sufficient attention to President Gotabaya’s hasty declaration of sweeping tax cuts to kick start the sagging economy with private investments. Instead of defending the President’s decision, the author should have dealt with the issue with an open mind. The ill-fated tax cuts should be examined taking into consideration the drastic reduction of the Special Commodity Levy (SCL) on imported sugar, from Rs. 50 to 25 cents per kilogram, in October, 2020. Although the author made no reference to the sugar scam, the writer believes it caused massive harm to the Rajapaksa government image and it can be compared with the release of 323 plus two ‘ice’ containers from the Colombo port by the incumbent government, in January, 2025.

Such shortsighted, corrupt and fraudulent actions erode public confidence in those governing the country. That is the undeniable truth our political parties cannot comprehend. The SLPP tried its best to cover up the sugar scam and, within weeks, ended up with a massively tarnished image. It may have been a case of paying back those who funded their previous election. The cocky SLPP never ever bothered to examine its actions. Instead, the SLPP attacked, including its own if they offered a dissenting opinion. Samaranayake, in his must-read memoirs, explained the parliamentary group, at the behest of Basil Rajapaksa, harmed both the party and the administration. (https://island.lk/overall-slpp-failures-stressed-in-new-aragalaya-narrative/)

GR overwhelmed

Amidst the rapid build-up of the unrelenting campaign against him, President Gotabaya requested visiting Chinese Foreign Minister Wang Yi, on 09 January, 2022, to help Sri Lanka in debt restructuring. Obviously, China, by then, had decided not to intervene and was an obvious spectator as the US-India sinister project developed beyond control.

The JVP/NPP that entered into seven MoUs with India, including one on defence, in April, 2025, and months later, allowed Indian takeover of the Colombo Dockyard Limited after having launched protests, in January, 2022, against President Gotabaya for reaching an agreement with India, regarding the Trincomalee oil tank farm. India neutralised our fake revolutionaries in JVP/NPP with a cue from Washington, their true master, and brought it within its orbit, and today New Delhi’s influence is growing. The recent declaration by Indian High Commissioner Santosh Jha regarding the urgent and vital need to establish an overland bridge between Rameswaram and Talaimannar underscored the gravity of the developing situation.

Egodawele discussed the acceleration of the SLPP’s internal collapse with the formation of a political group, consisting of 11 constituents/groups of the ruling coalition. The establishment of the grouping, on 02 March, 2022, forced the President to sack ministers Wimal Weerawansa and Udaya Gammanpila. According to the author, the President had been reluctant and refrained from taking a decision at a Cabinet meeting held in the morning but gave in after meeting the parliamentary group.

The President made a last ditch attempt to secure IMF help but by then the situation had deteriorated to such an extent a recovery seemed impossible. Pangiriwatte erupted in violence within days after the IMF agreed, in late March, 2022, to initiate action in response to his request. By then, the SLPP parliamentary group had been fragmented and lost direction as various interested parties sought to distance themselves from the beleaguered President.

The author has allocated an entire chapter to the Muslims’ contribution to the regime change operation. The transformation of their anger, initially over Gotabaya Rajapaksa’s support, in his capacity as the Defence Secretary, during Mahinda Rajapaksa’s presidential tenure, to ‘Bodu Bala Sena’ (BBS), to hatred, that demanded the community, as a whole, sought the President’s ouster, depicted a worrisome picture. That brought the Muslims, who had been chased out of the Northern Province in October, 1990, by the LTTE, and subjected a series of brutal massacres, together with the Tamil Diaspora, to support President Gotabaya’s violent and humiliating ouster, despite his pivotal role in eradicating the separatist terrorists, cannot be disputed, under any circumstances.

Unfortunately, President Rajapaksa, instead of addressing the developing issues, appeared to have aggravated the situation by setting “One Country, One Law” commission, under Ven. Galagodaatte Gnanasara, leader of the ultra-nationalist BBS. Obviously these fake ultra nationalist Sinhalese were like the bought over Jihadists in West Asia, who, in fact, were Western moles. But, perhaps, the author should have examined the much-touted claim that a group of Muslims carried out suicide attacks in April, 2019, to facilitate Gotabaya Rajapaksa’s victory at the presidential election as their (Muslim community) were contradictory. Had the Muslim community been so hostile towards Gotabaya Rajapaksa, why on earth would they sacrifice their own lives to help him win the presidency and then join the Tamil Diaspora and the Catholic Church in the Galle Face regime change project.

Egodawele confidently confirmed that a hasty ban on import of chemical fertilisers, and agrochemicals, was taken due to the government’s inability to pay for fertiliser imports. The author asserted that the government found it difficult to allocate as much as USD 400 mn for fertiliser imports on one occasion.

The GMOA’s role, particularly the influencing actions of its President Dr. Anuruddha Padeniya, and the Chinese carbonic fertiliser fiasco that developed into a major diplomatic issue, resulting in catastrophic Chinese response, undermined the President, who further suffered as a result of teachers’ protests demanding higher salaries, KNDU Bill as well as domestic gas cylinder explosions.

Egodawele’s narrative explained the serious shortcomings on the part of the government in responding to the rapidly developing situations. The seventh chapter that discussed the 31 March, 2022, incidents, near the President’s private residents, proved that those who had been directly responsible for security of the Head of State were clueless regarding the sinister plan hatched by the interested parties to transform the protest campaign to a violent assault. Security chiefs, as well as the intelligence staff, were obviously caught napping. The author dealt with the then Prime Minister Wickremesinghe’s visit to the Pangiriwatte residence to meet President Rajapaksa, the warning issued by the UNPer regarding the gathering of people outside the President’s residence, and secretly planned protest in addition to the one at Jubilee Post junction that seemed peaceful. The author speculated that the protest at Jubilee Post junction may have been carried out to deceive those in charge of security regarding the conspirators real and deadly intentions. The author alleged that the SJB had been involved in the conspiracy. A private television station was also accused of inviting people to join the Pengiriwatte confrontation

Declaring that the Army had been slow in responding to the situation, Egodawele commended the police for not falling to the protesters’ bid to force them to open fire. Egodawele also questioned the rationale in JVP/NPP leader Anura Kumara Dissanayake’s claim that on 01 April, 2022, there were suspicions regarding a group affiliated to the government causing property damage at Pangiriwatte. The despicable role played by a section of the lawyers, in the aftermath of the Pangiriwatte mayhem, was mentioned by Egodawele who opined that had the President taken punitive measures against all those responsible for the Pangiriwatte security failure, perhaps the subsequent events could have been avoided, or successfully dealt with.

The President’s decision to vacate the Pangiriwatte home and move to the President’s House, on the recommendation of the National Security Council, was taken on 01 April, 2022.

Necessity for a proper investigation

Egodawele carefully examined the circumstances leading to the President’s fall. He seems to believe whatever caused the unprecedented crisis the flight of the President could have been averted if the armed forces acted in unison. He dealt with various situations and possibilities while pointing the finger at the JVP/NPP as the dominant party that exploited the situation and secured the support of some retired armed forces officers and men. It would be pertinent to mention that Egodawele launched his book during Wickremesinghe’s presidency in 2023 as the JVP/NPP was making rapid progress.

The need for comprehensive investigation into regime change operations is required. The military needs to identify the shortcomings (intentional/unintentional) on their part to take remedial measures. The author referred to the Rathupaswala shooting, in 2013, and the Rambukkana incident where the Kegalle police opened fire to prevent a violent group from setting a fully loaded fuel bowser on fire, in April, 2022, as two factors that may have impacted on the police and the military. The Rajapaksas response to Rathupaswala and Rambukkana incidents may have discouraged the armed forces and police to an extent they refrained from taking action. Egodawele also found fault with the intelligence services for their failure to recognise the developing insecurity among the police and armed forces and the growing belief that the growing regime change operation was certain to succeed.

Those who are genuinely interested in the regime change project should peruse Egodawele’s easy to comprehend presentation that lucidly dealt with a crisis created by what can be described as collective blunders by successive governments, though the declaration of bankruptcy was blamed on President Gotabaya Rajapaksa.

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Midweek Review

Palm leaf manuscripts of Sri Lanka – IV

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Tripitaka was first recorded on palm leaves. Religious histories such as Mahavamsa and Tupavamsa were also written on palm leaves. The printed texts we read today, of ancient classics, were composed after examining and comparing several palm leaf manuscripts. We forget this when we read. We assume that they were always on paper!

It is important to remember that literacy was developed through the use of ola manuscripts. The hodiya (alphabet) was written on palm leaf. The Sinhala hodiya included additional characters to accommodate Sanskrit and Pali phonemes. There were 52 letters. The library of the National Museum, Colombo has a palm leaf hodiya.

The tradition of writing on palm leaves continued throughout the colonial period. Robert Knox, who spent nearly two decades in captivity in the Kandyan Kingdom (Udarata), while the Dutch controlled Sri Lanka’s coastal areas (17th Century), said the ‘books’ available in Sinhala homes were on religion, medicine, magic, etc. This interest continued in the years that followed. In 1930, when the Historical Manuscripts Commission surveyed palm-leaf manuscripts held in private homes in Udarata, it found manuscripts on medicine, astrology, and charms.

The tradition of writing on palm leaves was held in high esteem and was not readily abandoned, observed analysts. Ananda Coomaraswamy, who was in Sri Lanka from 1903 to 1907 during British rule, said that Kandyan craftsmen invariably prepared their jewellery drawings on ola leaves. He had encountered only a handful drawn on paper.

Sirancee Gunawardena’s book titled “Palm leaf manuscripts of Sri Lanka “(1977) is the first and probably only book which gives a comprehensive account of the palm leaf manuscripts of Sri Lanka. The book is a landmark publication. There is no other book like it on the subject. The author deserves much praise and appreciation for her painstaking work.

This book has been written primarily to encourage Sri Lankans to regard palm-leaf manuscripts as a valuable part of Sri Lanka’s heritage. Palm leaf manuscripts are historical documents and should be preserved as such, says Sirancee. They contain rich primary data, making them a valuable source for primary research as well. Some olas, at least, had beautiful handwriting and a high standard of grammar. They also contained palindromes that could be read in all four directions, she says.

The book is the product of 12 years of painstaking research. Sirancee speaks of “the joy and feeling of exultation” she experienced “peering into dusty nooks and cobweb encrusted wooden boxes and forgotten corners of libraries”. She has spoken to a number of specialists, including persons who knew how to prepare ola leaves and those who could read the manuscripts. She has personally copied scores of manuscripts and the drawings in them.

Sirancee has examined manuscripts dating from the 13th century to 19th century. She has examined the 13-century copy of Chullavagga in the Museum library. This manuscript has 144 folios, size is 23″ x 2 ½”. The writing is beautiful. It has wooden covers with a design. This may be the oldest book illustration in Sri Lanka, says Sirancee.

She was able, over a long period, to personally examine most of the ola manuscripts in the National Museum. She also examined the collections in temple libraries. The Potgul Vihara, Hanguranketa, had one of the largest and best-arranged libraries of palm-leaf manuscripts.

There was a photograph of Sirancee examining the ola manuscripts at Sri Rahula Vihara, Bentota, and another of Sirancee writing down the text as Gamariya read out from a copy of the Mahavamsa. This was probably the well-known astrologer Daniel Gamariya.

There was a great range in size and content in palm-leaf manuscripts. The average manuscript seen by Sirancee had 60–65 folios. Most manuscripts were pure text, but Vessantara Jataka and yantra manuscripts were profusely illustrated. In one manuscript, there was a drawing of the peacock vehicle of the Kataragama God. The drawing extended over three pages stitched together.

Some Vessantara Jataka olas are illustrated, event by event. These illustrations closely resemble temple fresco paintings. The Vessantara jataka manuscript at Dharmadasa Vihara, Boralesgamuwa is profusely illustrated and in colour. The Illustrations are small, in cameo form but have minute decorative details. In her book, Sirancee had reproduced the full text, including illustrations, of two Vessantara jataka texts (p 93-126,275-278). An illustrated Vidura Pandita Jataka from the Hugh Nevill collection is also reproduced in full (p 269-273).

Sirancee wants to give the reader some idea of the wide range of subjects found in palm-leaf manuscripts. She provides the following list. She notes that palm-leaf manuscripts are a source of material on ancient medicine, veterinary science, astrology, yantra and mantra practices, land endowments by kings, medieval taxation, agriculture, trade in ancient times, land grants, land transfers, royal amnesties, acupuncture, ophthalmology, music, metaphysics, and cosmology, as well as the construction of tanks, temple building, and ancient systems of taxation.

Let us take a closer look at some of the subjects mentioned above. First, it is clear that the Mahavamsa was not the only historical text found in curated palm-leaf collections. The Dipavamsa and the Rajavaliya were also included. Copies of the Rajavaliya are found in abundance in both public and private collections. These include holdings in the Colombo Museum Library, the University of Peradeniya, the British Library, and the private collections of L. S. D. Peiris and S. W. R. D. Bandaranaike.

The Rajavaliya was also found in the following temples: Subadrarama Vihara, Balapitiya; Kande Vihara, Atabage; Pallewela Sellawali Raja Maha Vihara, Halloluwa; Pravachanodaya Pirivena Temple, Molligoda, Wadduwa; and Yogilalena Temple, Sandalankara. The copy at the Sri Vardhanarama Library, Mohotimulla, is one of the oldest.

Historical Manuscripts Commission of 1930 found that family collections had various olas that gave information on the Sinhala kings, especially Udarata kings, with the exact dates and hour of their death. The Thalgodapitiya family collection had a Sri Wickrama Alankaraya by Vaidyaratne Basnayake nilame, 1882. Kurunegala Vistaraya was found in many private family collections.

The Historical Manuscripts Commission did not consider these manuscripts to be of academic importance. However, it noted that Yapahuwa temple had an ola with the dates of coronation and death of kings and other important events in the life of “all kings of Kandy”.

Buddhist temples collected ola manuscripts on Buddhism, with particular emphasis on the Dhamma. Olas containing religious texts of great significance were wrapped in silk and kept in the inner sanctum of the temple, Sirancee observes.

The histories of important stupas and temples were also written on ola manuscripts. The Tupavamsa gives the history of the Mahathupa, the Lowa Maha Paya, and the Mirisaveti Stupa. The Andreas Nell collection contains an ola manuscript describing how the four boundaries of the Ridi Vihara were determined. The Henry Parker collection includes an ola manuscript which states that, in relation to the Ridi Vihara, silver was discovered in a nearby cave by a traveller during his journey.

The temple collections included these historical texts. Nagolle Vihara had a copy of the Mahabodhivamsa. Copies of the Hathavanagalla Vihara Vamsa were distributed to neighbouring temples and can still be found today at the Attanagalla Raja Maha Vihara and the Beligammana Raja Maha Vihara.

Palm leaf manuscripts also gave the specifications for the Buddha statue. There were manuscripts on the art of making images of the Buddha, as well as hamsa, lata, kinnara and makara images. The Sariputra ola in Colombo Museum gives dimensions of images in general and Buddha in particular. It gives specifications for the standing, sitting and reclining Buddha. It is written in Sinhala, but text is in Sanskrit. It is in good handwriting.

The Historical Manuscripts Commission (1930) reported the discovery of a Pirit Pota in a family collection. The manuscript was written using black vegetable dye. According to the Commission’s report, the letters remain as black today as they were when written a century ago. The coloured floral illuminations were also executed using the same vegetable dye.

Jataka stories were held in palm leaves. Sirancee has personally examined many magnificent, large Jataka olas held in libraries. Colombo Museum had two large manuscripts containing many jataka stories. One was titled Sinhala Jataka Pota. Each had over one thousand leaves. The leaf strips were 27″ to 33″ by 2 ½. “

 The Pansiya Panas Jataka manuscript owned by K.V.J. de Silva is one of the largest manuscripts Sirancee had seen and possibly the largest in Sri Lanka. It was a copy of a manuscript written in the time of king Parakrama bahu IV (1302-1326). It was written in Sinhala and had 984 folios. The folios at the end of the manuscript contained an index to the stories.

There is a manuscript of Vidura Pandita Jataka in the Hugh Nevill collection in the British Library. It is an original manuscript written in the time of king Senerat (1604-1635). It was written by Matale Rate Atapattu Amanthi of Owille in Matara (sic). The text is accompanied by very beautiful illustrations. The LSD Pieris collection has a small jataka manuscript, 10.5 cm in size, containing several illustrated jatakas. One illustration shows Siddhartha Gautama putting his bowl into the river.The most popular jataka story in Sri Lanka, is undoubtedly the Vessantara Jataka. It features prominently in our temple frescos and olas. The T. P. P. Goonetilleke collection held at Peradeniya had 30 Vessantara Jataka manuscripts. Some Vessantara manuscripts are held in private collections as heirlooms.

Legal matters were recorded on palm leaf manuscripts. Abhaya dana was written in olas. The ola had the royal sign “Sri “symbolising the king but inscribed by a Mohottala on the order of the Sannas Rala. Sirancee had come across a manuscript which stated that when a person died intestate the king inherited the lands. The LSD Pieris collection had a manuscript on a money transaction. The ola recorded that the money owed was handed over in the presence of witnesses who were named.

Land grants were recorded on olas. They were recorded on gold, silver and copper plates as well. Sirancee came across many Land grants in the collections she looked at. VP Ratnayake had a manuscript which said “By this it is declared that Godakkumbura Setunge Mudiyanse was given Pallekumbura in Udukaha pattu Kotugampola Korale on Jan 1630 by Monerawila Rajapakse, Bathwadana Nilame, who is the owner of Matale Dissawa and Sat Korale Dissawa.

P.E.E. Fernando found in the record room of the district court of Kandy, a deed of conveyance drawn up at the request of a person named Patra-Abo Sastru-raja, where he transferred to a vihara he had constructed, a house and garden called Dharmapata geratta (sic) in which he was residing, together with other lands, the boundaries of which were set out in great detail. Some movable objects such as a pitcher, palanquin and three slaves including a female slave were also offered. The document was attested by four persons and a fifth person stated that he had written the document.

Temples carefully looked after olas relating to the ownership of their temple lands. Ridi vihara has a very old manuscript titled Sangaraja Vahanseta Mahanuwara Lekan Pota with names and information on the temples given to the chief monk. When paddy lands were offered to temples, the transfer was recorded in an ola. There is an ola which stated that Pahalavela Kumbura was offered to Atkande Vihara by Teliyaskatuwe Lekam and Maddumaya.

Temples also held on to olas which gave the decisions on disputes over temple land. The high priest of Aluvihare, Matale had an ola on litigation relating to Aluvihare lands. The text is given in full by Sirancee on p 298. Uthurupaw Vihara had an ola issued by Adikara Dissawe. It contained the judgment in a land dispute which had taken place in the 15th century.

In ancient times, administration was done through olas. The Esala Perahera in Kandy has a chieftain mounted on an elephant carrying an ola which gives permission for the perahera to take place. Appointments were announced via olas. The Matale Maha Dissawe Kadaimpota, announced that ‘Niharapola Alahakoon Mohottala was appointed lekam of Tun Korale and also received the Ran Panhinda and flag.’ Administrative responsibilities were given in olas. Historical Manuscripts Commission found at the Atkande vihara, a 16th century ola giving information on the dissaves in charge of Kurunegala district.

 Kadaimpot and Lekam Miti were held on ola. The Historical Manuscripts Commission found several of these in private collections. The Maya Rata Kadimpota held in a private collection, gave information on the 28 districts or towns in Maya Rata. At Padiyapelella, the Commission found a Kadaimpota dating to 14th Century, dealing with Ruhuna, Maya, Pihiti with names of subdivisions, the ratas, also Kelaniya, Panadura, Dambadeniya and so on. The Lekam Miti Pota of 1.1.1830 listed land holdings in the eastern part of Nuwarakalaviya. (To be continued)

References

Sirancee Gunawardana Palm leaf manuscripts of Sri Lanka 1977

L.S.D. Pieris Yantra drawing on palm leaf sri Lanka. 2018

1st report of the Historical Manuscripts Commission 1933, SP 9 of 1933

3rd report of Historical Manuscripts Commission 1951, SP 19 of 1951

Ismeth Raheem

https://www.sundaytimes.

lk/260426/plus/turning-back-the-pages-of-sri-lankas-paper-trail-639604.html

by KAMALIKA PIERIS

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Midweek Review

A Quiet Counter-Revolution Unfolds

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A peaceful counter-revolution is taking shape,

Against current ‘Digital Age’ intoxications,

At that ever-green seat of higher learning,

Wolfson College of the University of Cambridge,

Where one hour every Thursday is set apart,

For reading, writing and creative activity,

In the more time-tested analogues ways,

For those who opt for it, in an august space,

Thus paving the way for the Creator to prevail,

Over Creatures who are tending to run berserk,

More so why humans could cry out in one voice:

‘Long Live, WCSA Digital Detox Thursdays!’

By Lynn Ockersz

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