Skip to main content

The US Future under Biden: "Lebanon’s Economy Quickly Collapsing Amid Hyperinflation, Power Outages"

 The US future under Biden:

The small Middle Eastern country has seen inconsistent power supply and outages after the massive explosion in its capital, Beirut, last year. The country, which is also dealing with hyperinflation, is seeing one of the worst three economic depressions globally since the mid-1800s, according to the World Bank.

“Lebanon’s GDP plummeted from close to US$55 billion in 2018 to an estimated US$33 billion in 2020, with US$GD/capita falling by around 40 percent,” said the organization in a recent news release accompanying its report (pdf). “Such a brutal and rapid contraction is usually associated with conflicts or wars” although Lebanon has been considered a state prone to conflict and violence, said the report.

And increasingly “dire socio-economic conditions,” it added, “risk systemic national failings with regional and potentially global consequences.”

“This illustrates the magnitude of the economic depression that the country is enduring, with sadly no clear turning point on the horizon, given the disastrous deliberate policy inaction. The social impact of the crisis, which is already dire, could rapidly become catastrophic; more than half the population is likely below the national poverty line,” according to the report...

An analysis from the Wall Street Journal places at least some of the blame on the massive explosion that rocked Beirut

[... ]

“I set out to combat corruption, but I discovered that corruption is bigger than the state,” said Lebanese Prime Minister Hassan Diab widespread resignations. “I declare today the resignation of this government. God bless Lebanon.”

There have also been fights in supermarkets as people try to buy bread, sugar, oil, and other goods before they run out, with inflation 400 percent, the report said. Murder rates and other crimes are also rapidly rising.

The economic collapse could reduce the country into a failed state, experts have warned.

“Not only do we have an absence of government and a political vacuum, but we’re going to have a severe problem with the function of the state of Lebanon,” Lebanese American University political scientist Imad Salamey told The Wall Street Journal. “We are heading toward the unknown.” [https://www.theepochtimes.com/mkt_morningbrief/lebanons-economy-quickly-collapsing-amid-hyperinflation-power-outages_3939156.html?utm_source=Morningbrief&utm_medium=email&utm_campaign=mb-2021-08-09&mktids=3ca0ebf0d7581c4e571985b5d8f82de1&est=H%2BVXgevyBNfb4wtetE9iCtLIl63ryM1nwZoqYqU%2BtYATYjP0XVkYqgcAMDlZ]

Comments

Popular posts from this blog

Mainstream Media: "Is America the Real Victim of Anti-Russia Sanctions?" & "Biden's arrogant anti-Russian sanctions have amounted to a price hike on working class Americans that have so far failed to weaken the Russian economy"

  Mainstream Media Acknowledges Biden’s “Arrogant” Sanctions On Russia Are Damning Americans:     @MaxBlumenthal Biden's arrogant anti-Russian sanctions have amounted to a price hike on working class Americans that have so far failed to weaken the Russian economy. His neocon policy accelerates the process of de-dollarization, diplomatic isolation & imperial decline. The mainstream new outlet asked "Is America the Real Victim of Anti-Russia Sanctions?": Remember the claims that Russia’s economy was more or less irrelevant, merely the equivalent of a small, not very impressive European country? “Putin, who has an economy the size of Italy,” Sen. Lindsey Graham, R-S.C., said in 2014 after the invasion of Crimea, “[is] playing a poker game with a pair of twos and winning.” Of increasing Russian diplomatic and geopolitical influence in Europe, the Middle East, and East Asia, The Economist asked in 2019, “How did a country with an economy the size of Spain … ach

Book Review: The Banished Heart: Origins of Heteropraxis in the Catholic Church by Dr. Geoffrey Hull (minor update)

http://theradtrad.blogspot.com/2013/08/book-review-banished-heart-origins-of.html Book Review: The Banished Heart: Origins of Heteropraxis in the Catholic Church by Dr. Geoffrey Hull (minor update) Dr Geoffrey Hull source: Wikipedia.org Once every now and then one finds an author capable of approaching a daunting subject with remarkable clairvoyance, not muddling himself among polemics or minutiae. Dr. Geoffrey Hull is one such author. His  The Banished Heart: Origins of Heteropraxis in the Catholic Church  recalls that old saying that the truth is not between two positions, but rather above them. Hull examines the roots of the twentieth century liturgical overhaul by rising above the disputes between liberals and traditionalists that have raged on for five decades and taking a long, far-sighted look back centuries more, to the late first millennium, when the Roman liturgy was maturing, the Roman patriarchate was expanding its missionary presence in Western and Eastern Europe, and the