Adonis Diaries

Repercussions of Lebanon financial and economic crisis: for how long we will suffer?

The author stated that Lebanon financial and economic crisis started in 2017, and I submit that it was known by the government since 2015.

This militia/mafia “leaders” establishment acted as if this crisis will go away and the Ponzi scheme can be maintained a while longer in order to rob the budget thoroughly and extend the number of their monopolies to every consumer goods, financial transactions, services and energy…

By 2019, and with the shrinking of jobs in the Arab Emirates and the difficulty of locating jobs in Europe and the USA, the Lebanese graduates were stuck in Lebanon: over 45% were left without any jobs or a open horizon. Actually, this anomie political structure relied heavily on the university graduate to always find a job overseas and keep transferring money to their parents.

The author is predicting the crisis will last for 2 years. That is an optimistic forecast that nothing material has so far been exhibited that the system is ripe and ready to undergo a drastic change in decisions and behavior.

It is to be noted that the Lebanese currency (linked to the dollars) was already overvalued since 2015 and many financial “engineering” by the Central Bank were made to keep the LL at 1505.