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

Flashback: Virtue Signaling Francis Trads did to Frank Walker what RINO "Conservatives" are doing, now, to Trump

For Virtue Signaling Banning the Mass Francis Trads is Frank Walker the New Trump?   March 25, 2020 British conservative Daniel Hannan said: "Virtue signaling is competitive. When all your friends are anti-Trump, you have to go further." After President Donald Trump took office the liberal virtue signaling was very competitive with them, calling him every name in the book with death threats as well as 12,000 Tweets for his assassination and the famous Kathy Griffin's beheading Trump photo. After Canon 212 publisher Frank Walker made a headline which he later admitted he made a mistake on it appears that banning the Mass Francis traditionalists decided to join in the liberal-like behavior in a frenzy of virtue signaling against him. The Francis trads like the liberals are very competitive in their virtue signaling. Remember, when all your friends are anti-Walker, you have to go farther. The banning the Mass Francis traditionalists have issued num

"Catholics for Trump" Taylor Marshall has sure Gone Dark on the Subject... Wondering... Whole concept of Bogus Elections (as per Francis) is just a Bridge Too Far

For a guy who headed up a group called "Catholics for Trump," Taylor Marshall has sure gone dark on the subject in recent days.  His "What If Trump Loses?" show features his claim of not giving up, but all he has really said all week is to focus on our own spiritual lives. Nothing wrong with prayer and penance, to be sure! But I can't help wondering whether the whole concept of bogus elections (as per Francis) is just a bridge too far. Important Note : The publisher of the Catholic Monitor has made a pledge to say the Sorrowful Mysteries of the Rosary everyday for a Rosary Lepanto-like victory for President Trump. He asks all CM readers to make this pledge. " THE HOLY ROSARY, MOST POWERFUL WEAPON AGAINST THE ENEMY OF GOD AND MAN... Saint Pius V ordered the faithful to recite the Rosary to impetrate victory from God in the epic battle of the Christian Armada against the Turk in the waters of Lepanto: still today, at noon each day, the bells rin

“They lie to us, we know they're lying, they know we know they're lying, but they keep lying to us.” - attributed to Alexander Solzhenitsyn

  Robert Barnes Retweeted Cerno @Cernovich “They lie to us, we know they're lying, they know we know they're lying, but they keep lying to us.” - attributed to Alexander Solzhenitsyn, and while the sourcing isn’t confirmed, it’s certainly more accurate today than ever in the USSR. [https://twitter.com/Cernovich/status/1355527266751533057]