Posted on 03/14/2021 3:21:04 PM PDT by dynachrome
Violent protests erupted across Lebanon on Saturday after the country’s currency plummeted to a new record low, amid an economic crisis that poses the biggest threat to its stability since the 1975-1990 civil war. The Lebanese pound has lost roughly 85 percent of its value in recent months and slid to a record new low on Saturday, falling to 12,500 pounds to the US dollar on the black market, though the official rate remains at roughly 1,500 pounds to the dollar.
In response, there was a protest near the parliament in Beirut, during which protesters briefly stormed a reinforced gate leading into the compound, only to be repelled by riot police firing tear gas canisters.
(Excerpt) Read more at rt.com ...
When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany Paperback – October 12, 2010
“...In response, there was a protest near the parliament in Beirut, during which protesters briefly stormed a reinforced gate leading into the compound,...”
A few months back France 24 had a feature on the Lebanese inflation and how people were coping. Sound worse now.
Coming to the USA soon?
Gosh, that sounds like an inssurrection to me. /rimshot
Look like, if you like trillions.
When they stabilized the Mark, they crossed out 12 zeroes.
so 1 trillion of old marks became 1 new mark.
Maybe the Biden relief will be only worth two dollars sometimes soon?
Meanwhile, those Lebanese who held a gold sovereign still had roughly one quarter ounce of gold. Their politicians can say their pound is worth such and such compared to any other currency but they can't tell their citizens that the one quarter ounce of gold they have now weighs only one-eighth ounce.
[Sidebar} How politicians work: Mexico allowed their citizens to have bank accounts denominated in dollars. Suddenly, one day they converted all those accounts to pesos, devalued the peso by 50%, then allowed said citizens to have dollar accounts again. Relayed to me by a national when I asked him why he didn't have a bank account, even in the States. I think he was prescient. Compulsory 401K accounts to Treasury Notes anyone?
Things have been falling apart in Lebanon since that Beirut explosion. There must be a way for Israel to stoke anger vs. Hizbollah and accelerate their destruction.
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