From Nobel Peace to National Chaos
Once celebrated as a global icon of microfinance and
social business, Nobel Peace Prize winner Dr. Muhammad Yunus now stands accused
of dragging Bangladesh into one of its worst political and economic crises in
decades. His short reign as the interim head of government—meant to usher in
reform, has instead delivered economic collapse, diplomatic disaster, and
growing unrest. And Now, the very powers that once backed him are distancing
themselves. The West is looking the other way, India is tightening sanctions,
and the Bangladeshi Army is warning of a constitutional breakdown. How did
things go so wrong, so fast?
Let’s unravel:
The Rise and Rapid Fall of Yunus
Dr. Yunus was never elected. He was installed, after
mass student protests and opposition pressure forced long-time Prime Minister
Sheikh Hasina to step down in August 2024. The idea was to create a neutral,
reform-oriented transitional administration. The reality? A foreign-backed
puppet regime gone rogue. Soon after taking charge, Yunus began upsetting every
pillar of stability: GDP growth plunged below 3%. Over Tk 900 billion
disappeared from the stock market. Non-performing loans surged to an all-time
high of Tk 1.5 trillion. Banks were bailed out by printing Tk 295 billion in
new currency yet cash crunch persists. Investments dried up, and even essential
industrial imports halted.
On May 20, 2025, the Dhaka Stock Exchange hit its lowest
point of the year. The DSEX index fell to 4,776, with daily trading dipping to Tk
2.53 billion, a sign of near-total investor abandonment. The dream of a
prosperous Bangladesh has turned into an economic nightmare.
Military Patience Runs Out
Enter General Waker-Uz-Zaman, the powerful Army Chief
who initially supported the transition. But Yunus’ actions soon drew a red
line—especially two: Delay of elections, despite repeated promises. Release of
300 Bangladesh Rifles mutineers convicted for the 2009 massacre of 57 military
officers. The army viewed this as both dangerous and disrespectful. It wasn’t
just bad politics, it was national betrayal.
In a closed-door durbar, General Waker reportedly gave
a blunt message to Yunus: "Hold national elections by December or face
consequences."
The rift deepened when Yunus’ adviser, Lt Gen Kamrul
Hassan, allegedly sought U.S. support to remove Waker. When Waker tried to
dismiss Hassan, Yunus blocked the order. The military, which had kept a
cautious distance from power, now saw no option but to reassert its authority, openly
shutting down a controversial foreign policy venture.
The Myanmar Corridor Controversy
One of Yunus’ most criticized moves was to allow a
"humanitarian corridor" through Chattogram into Myanmar’s Rakhine
state—an area already boiling with ethnic conflict. Over 1 million Rohingya
refugees live in Bangladesh, and this corridor, pushed by the UN and reportedly
the United States, would allow aid convoys to pass through Bangladesh into
Rakhine.
Opposition parties called it "unilateral and
illegal."
Military intelligence labeled it a “bloody corridor”
and a threat to national sovereignty. Even China, which has strategic assets in
Rakhine via its Belt and Road Initiative, viewed it as a Western backdoor into
a sensitive zone.
Under pressure, Yunus’ team backtracked, claiming it
was “only exploratory.” But the damage to credibility was done—and the Army had
lost all faith in him.
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The China Turn: Final Nail in the Coffin
What truly flipped the global equation was Yunus’ open
embrace of China. During a recent visit to Beijing, Yunus: Invited greater
Chinese economic involvement in Bangladesh. Described India’s northeastern
states as “landlocked” and claimed Bangladesh is their “guardian of ocean
access.”
This comment struck a diplomatic nerve in New Delhi.
It was not just insensitive—it was provocative. In response, India imposed
financial and trade restrictions on Bangladesh, further choking an already
struggling economy.
The West, which had initially backed Yunus as a
"democratic transition leader", saw his tilt toward Beijing as
betrayal. Quietly but decisively, they withdrew support.
The Grim Reality Today
· Yunus
now stands isolated.
· No
army backing.
· No
Western trust.
· No
Indian goodwill.
· A
crumbling economy.
· A
fractured administration.
Even his threat to resign has lost impact. His
advisers beg him to stay, but his authority is paper-thin. Bangladesh, once
called the “next Asian tiger,” now staggers under a failed interim regime. The experiment
with foreign-engineered governance has failed, and people are paying the price.
The Endgame
Dr. Muhammad Yunus once claimed to be the “guardian of
the ocean.” But it now appears that he will not be able to live near the Indian
Ocean in peace, let alone guard it. His is a cautionary tale, of how even Nobel
intentions can be manipulated, and how nations, when governed by unelected
elites and foreign interests, can teeter on collapse.
What Bangladesh needs now is restoration of
sovereignty, return to democratic legitimacy, and a course correction away from
foreign puppetry be it Western or Chinese. Because when the people are not at
the center of power, the nation falls off balance. And this, more than any Chinese
hand, is the real tragedy of Bangladesh today.
Thats the reason sometimes I feel china is very
unlucky for its allies, who so ever makes good economic relations with china is
collapsed. Shrilankan economic crisis and Maldieves economic crisis is an
example. Pakistan is no more a free country it is actually slowly getting
leased out completely to china and acting as Chinese satellite state.
That’s why I sometimes wonder if China is an
unfortunate partner for its allies. Time and again, countries that forge deep
economic ties with Beijing end up facing severe instability. The Sri Lankan and
Maldivian economic crises stand as glaring examples of this pattern. Pakistan,
once a sovereign state, is now increasingly functioning like a leased-out
extension of China, a satellite nation under mounting debt and political
influence. The pattern is too consistent to be ignored.
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