Lebanon’s Economic Crisis: 'No Food, No Gas, No Hope' - BBC Newsnight

Oct 27, 2021 • As Lebanon’s crisis continues to intensify, how are people trying to cope in the midst of financial devastation?

Earlier this month violent clashes in Beirut touched off fears of renewed civil strife in Lebanon.

The country has been mired in crisis of late - political, economic, Covid, and on top of all that the devastating port blast in August 2020.

As if that's not bad enough a brain drain of the educated professionals has been gathering pace.

Leaving carries shame, so there are no reliable statistics about that flight.

Newsnight’s Mark Urban reports from Beirut.

Lebanon as We Once Knew It Is Gone

Electricity is a luxury many in Lebanon can’t afford. | Bryan Denton for the New York Times
OPINION : GUEST ESSAY
THE NEW YORK TIMES: BEIRUT — I never thought I would live to see the end of the world. But that is exactly what we are living today in Lebanon. The end of an entire way of life. I read the headlines about us, and they are a list of facts and numbers. The currency has lost over 90 percent of its value since 2019; 78 percent of the population is estimated to be living in poverty; there are severe shortages of fuel and diesel; society is on the verge of total implosion.

But what does all this mean? It means days entirely occupied with the scramble for basic necessities. A life reduced to the logistics of survival and a population that is physically, mentally and emotionally depleted.

I long for the simplest pleasures: gathering with family on Sundays for elaborate meals that are unaffordable now; driving down the coast to see a friend, instead of saving my gas for emergencies; going out for a drink in Beirut’s Mar Mikhael strip without counting how many of my old haunts have shut down. I never used to think twice about these things, but now it’s impossible to imagine indulging in any of these luxuries.

I begin my days in Beirut already exhausted. It doesn’t help that there’s a gas station around the corner from my house. Cars start lining up for fuel the night before, blocking traffic, and by 7 a.m. the sound of blaring horns and frustrated shouting from the street is fraying my nerves.

It is nearly impossible to sit down to work. My laptop battery lasts only so long anyway. In my neighborhood, government-provided power comes on for just an hour a day. The UPS battery that keeps the internet router working runs out of juice by noon. I’m behind on every deadline; I’ve written countless shamefaced emails of apology. What am I even supposed to say? “My country is falling apart and there’s not a single moment of my day that isn’t beholden to its collapse”? Nights are sleepless in the choking summer heat. Building generators operate for only four hours before going off around midnight to save diesel — if they are turned on at all. » | Lina Mounzer | Friday, September 3, 2021

"Maduro Has Turned Venezuela into a Narco State" - Opposition Leader Maria Corina Machado

Maria Corina Machado speaks to France 24 about the escalation of Venezuela's political and economic crisis

Europe's Economic Crisis Is Getting Worse Not Better, Says Caritas Report

The Caritas report says that as a result of economic measures[,]
Greece's political scene has become increasingly toxic.

THE GUARDIAN: Survey shows increase in the number of new poor in seven countries and challenges the official European Union discourse

Far from being over Europe's economic crisis is getting worse with disturbing levels of poverty and deprivation being noted among children and youth, says a report compiled by the Catholic charity Caritas.

The survey, conducted over the course of the past year, not only challenges the official discourse – that Europe is on the mend – but documents a dramatic poor in the seven EU countries worst hit by the policies of austerity.

"We in Brussels keep hearing that the economic crisis is over," Thorfinnur Omarsson, a spokesman for Caritas Europa said in Athens where the network of Catholic relief organisations released the report. "These findings not only doubt that the crisis is over but show it is the poor who are paying for a crisis they did not cause." » | Helena Smith in Athens | Thursday, March 27, 2014

EU Gone Bad: Islam, Tribalism & Economic Crisis

CBN NEWS: PARIS and BERLIN -- On May 21, French historian Dominique Venner shocked France when he walked into Notre Dame Cathedral, put a letter on the altar and shot himself in the head. It was a protest against Islamization and France's new gay marriage law, and he said he hoped his suicide would wake up the nation.

But it looks like Europe has no choice. It's being forced to awaken because parts of Europe are literally on fire.

In Sweden, a few weeks ago predominantly Muslim immigrants set fires for several nights. In Britain, a soldier was butchered on a London street by a Muslim. In France, a recent convert to Islam tried to do the same thing to a French soldier at a Paris metro stop, but only wounded him.

Breeding Grounds for Radicalism

Amidst failing economies Europe is continuing to fracture into ethnic tribes that hate one another. Some European leaders have admitted that multiculturalism has failed. It has created immigrant ghettos inside European cities that are breeding grounds for radicalism and hostility to mainstream society.

In Paris, CBN News asked Guy Milliere, author of the new book l'islam Radical est une Arme de Destruction Massive, or Radical Islam is a Weapon of Mass Destruction, why the European establishment continues to allow and encourage Islam to spread while suppressing Christianity. "The connection between radical Muslims and the Left in Europe is that both are totalitarian," he replied. "(The Left) sees something in common between themselves and radical Muslims."

Most European leaders still seem to fear political correctness more than Islamic terrorism.

British Prime Minister David Cameron said, "There is nothing in Islam that justified the beheading of British soldier Lee Rigby by a Muslim," ignoring the many verses in the Quran that command Muslims to behead unbelievers.

Cameron instead called the murder "a betrayal of Islam." It took the Somali terrorist group al-Shabab to correct Cameron in a series of tweets, saying that the gruesome killing wasn't a "betrayal" of Islam, but a "portrayal" of Islam. Read on and comment » | Dale Hurd, CBN News Sr. Reporter| Tuesday, June 04, 2013

Spain Suicides Result of Economic Crisis
Moments before Ameia Egana, aged 53, was to be evicted from her fourth floor apartment, she clambered over the balcony railing and jumped to her death. Police at the scene said she died on impact. It is the second suicide in Spain in a matter of weeks; a man facing eviction in Grenada was found hanging in his home. A local judge called to the scene said the law on evictions must be changed. Al Jazeera's Peter Sharp reports.

Economic Crisis Fueling Racism Says Council of Europe
EXPATICA.COM: The ongoing economic crisis has fueled racism and xenophobia, a Council of Europe report said on Thursday, while calling on European nations to bolster their fight against hate speech.

"Welfare cuts, diminished job opportunities and a consequent rise in intolerance towards both immigrant groups and older historical minorities are worrying trends," the report by the Strasbourg-based body's European Commission against Racism and Intolerance said.

"Xenophobic rhetoric is now part of mainstream debate and extremists are increasingly using social media to channel their views, whilst discrimination against the Roma continues to worsen," the commission's report noted. » | AFP | Thursday, May 03, 2012

Vatican: Pope Wants 'Human' Capital to Be Valued
ADN KRONOS INTERNATIONAL: Vatican City - Pope Benedict XVI on Saturday offered advice for European banking and development officials trying to help countries recover from the current economic crisis. The pontiff said finance and the economy were nothing more than a means to help people realise their potential and keep their dignity.

Benedict told officials of the European Council's Development Bank during a speech at the Vatican that leaders must value human "capital".

He also said that Christianity in Europe will allow the continent to keep its laws and social structures responsible and ethical. [Source: AKI] | Saturday, June 12, 2010

Raul Castro: Cuba Will Never Renounce the Revolution
THE SUNDAY TELEGRAPH: The Cuban president Raul Castro has warned the US and Europe he will not 'restore capitalism' and will never renounce the revolution.

Mr Castro said the Caribbean country's socialist political system was non-negotiable.

In a speech marking the end of the annual parliamentary session, which has been dominated by Cuba's grave economic crisis, he said he would be willing to "discuss everything" with foreign leaders except the island's political and social system.

The Cuban leader, who succeeded his ailing brother Fidel Castro as president three years ago, said he wanted to respond to comments by Hillary Clinton, the US secretary of state, who has linked dialogue with Cuba to democratic reform in the country.

"With all due respect, in response to Mrs Clinton, but also to the European Union ... I was not chosen as president to restore capitalism to Cuba or to renounce the revolution," he said to applause from Cuban politicians.

"I was chosen to defend, maintain and continue to perfect socialism, not to destroy it," said Mr Castro. >>> The Telegraph’s Foreign Staff and Agencies in Havana | Sunday, August 02, 2009

The Trillion Dollar Question: China or America?
THE TELEGRAPH: Who is going to come out of the economic crisis stronger and with the whip hand - China or America, asks Niall Ferguson.

A delegation led by US Treasury Secretary Timothy Geithner, second from right, meets a Chinese led by vice-premier Wang Qishan in Beijing. Photo courtesy of The Telegraph
Two years ago, economist Moritz Schularick and I coined the word "Chimerica" to describe what we saw as the key relationship in the then-booming global economy: China plus America. Cheap Chinese labour was making US corporations highly profitable. Spendthrift American consumers, in turn, were keeping Chinese corporations busy with export orders. And the Chinese monetary authorities were converting export surpluses into dollar denominated reserves with the aim of preventing their own currency from appreciating. The unintended consequence was a multi-billion dollar credit line to the United States, financing America's deficit at rock-bottom rates.

It was those low long-term rates – combined with monetary policy errors by the Fed, excessive bank leverage and reckless financial engineering – that inflated the American property bubble, the bursting of which triggered this crisis.

To simplify the story, think of an unhappy marriage in which one partner does all the saving, while the other does all the spending. (We all know at least one couple like that.) But then the partner with the retail therapy habit maxes out on his/her credit cards. At the same time, the parsimonious partner finds her/his job under threat. What previously was a stable relationship is suddenly on the rocks.

In February, the People's Daily acknowledged the "global importance and influence" of Chimerica, but warned of an impending "period of chillness". Could this be one of those great turning points in history, when the balance of power tilts decisively away from an established power and towards a rising challenger? It is possible. Financial crises often accelerate the gradual shifting of the geopolitical tectonic plates; they are to history what earthquakes are to geology. >>> By Niall Ferguson | Monday, June 01, 2009

Niall Ferguson's 'The Ascent of Money: A Financial History of the World' is published in paperback by Penguin this week

Buffett: Crisis Is an Economic Pearl Harbor
TIMES ONLINE: Warren Buffett said yesterday that the US economy had “fallen off a cliff”, describing the current crisis as “an economic Pearl Harbor” as concern spread about the US Administration’s fitful attempts to halt the collapse of the American banking sector.

The leading investor, an informal adviser to President Obama whose financial diagnoses are widely respected – even though he conceded that he failed to predict the severity of the crisis – said that the economy had come “close to the worst case” imagined, and that recovery would be slow.

Mr Buffett, a multibillionaire, said that the entire banking sector had been hours from collapse in September, and would have imploded without the $700 billion Wall Street emergency bailout.

Mr Buffett also spoke of the growing fears over Mr Obama’s muddled approach to the central issue in solving the economic crisis: what to do with the banks’ $2 trillion of toxic debt that is threatening the collapse of the financial sector. Mr Obama and his Treasury chief, Timothy Geithner, have said that they do not want to nationalise any banks but they are coming under increasing pressure after massive and repeated injections of cash into crippled financial giants such as Citigroup, Bank of America and AIG have failed to stem losses. >>> Tim Reid in Washington | Tuesday, March 10, 2009

AOL: Warren Buffett Says Economy Fell Off Cliff

OMAHA, Neb. - Billionaire Warren Buffett remains confident that America's best days are ahead, but he says the nation likely will face higher unemployment and eventually inflation because of the current economic crisis. Buffett said the nation's leaders need to emphasize a consistent message, and they should support President Barack Obama's efforts to repair the economy because fear is dominating Americans' behavior.

Buffett said the economy has basically followed the worst-case scenario he envisioned six months ago.

"It's fallen off a cliff," Buffett said Monday during a live appearance on cable network CNBC. "Not only has the economy slowed down a lot, but people have really changed their habits like I haven't seen."

Buffett said the changes are reflected in the results of Berkshire Hathaway Inc.'s subsidiaries. He said Berkshire's jewelry companies have suffered, but more people have been willing to switch to Geico to save money on car insurance. The three-hour-long interview aired from another Berkshire subsidiary that has been hampered by the economy, the Nebraska Furniture Mart store in Omaha.

He predicted that unemployment will climb a lot higher before the recession is done, but he also reiterated his optimistic long-term view: "Everything will be all right. We do have the greatest economic machine that man has ever created."

Fear and confusion have been driving consumer and investor behavior in recent months, Buffett said.

The nation's leaders need to clear up the confusion before anyone will become more confident, and he said all 535 members of Congress should stop the partisan bickering about solutions. He said politicians should also stop trying to use the current economic crisis to force through other policy changes.

"We ought to defer most of the things that get people riled up," Buffett said. >>> By Josh Funk, AP | Monday, March 9, 2009

CNBC: “Economy Has Fallen Off a Cliff”


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Growing Economic Crisis Threatens the Idea of One Europe
THE NEW YORK TIMES: PARIS — The leaders of the European Union gathered Sunday in Brussels in an emergency summit meeting that seemed to highlight the very worries it was designed to calm: that the world economic crisis has unleashed forces threatening to split Europe into rival camps.

An urgent call from Hungary for a large bailout for newer, Eastern members was bluntly rejected by Europe’s strongest economy, Germany, and received little support from other countries. Chancellor Angela Merkel of Germany, facing federal elections in September, said countries must be dealt with on a case-by-case basis.

“Saying that the situation is the same for all Central and Eastern European states, I don’t see that,” Mrs. Merkel told reporters. She spoke after Prime Minister Ferenc Gyurcsany of Hungary warned, “We should not allow that a new Iron Curtain should be set up and divide Europe.”

With uncertain leadership and few powerful collective institutions, the European Union is struggling with the strains this crisis has inevitably produced among 27 countries with uneven levels of development.

The traditional concept of “solidarity” is being undermined by protectionist pressures in some member countries and the rigors of maintaining a common currency, the euro, for a region that has diverse economic needs. Particularly acute economic problems in some newer members that once were part of the Soviet bloc have only made matters worse. >>> By Steven Erlanger and Stephen Castle | Monday, March 2, 2009

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Police Fear Mass Protests and a 'Summer of Rage' in Response to Economic Crisis
MAIL Online: Police are bracing themselves for a 'summer of rage' against the economic crisis, a senior officer warned today.

Superintendent David Hartshorn, who heads the Metropolitan Police's public order branch, said he feared there could be 'mass protest' at rising unemployment, failing financial institutions and the downturn in the economy.

The officer told The Guardian that 'known activists' were planning returns to the streets, and intelligence revealed that they may be able to call on more protesters than normal due to the unprecedented conditions.

He said: 'Those people would be good at motivating people, but they haven't had the "footsoldiers" to actually carry out (protests).

'Obviously the downturn in the economy, unemployment, repossessions, changes that. Suddenly there is the opportunity for people to mass protest.'

Mr Hartshorn, who is regularly briefed on potential causes of civil unrest, singled out April's G20 summit of the leading developed nations in London as one of the events that could kick start a series of protests.

'We've got G20 coming and I think that is being advertised on some of the sites as the highlight of what they see as a "summer of rage",' he said. >>> Daily Mail Reporter | Monday, February 23, 2009

TIMES ONLINE: Give Us Laws that the City Will Respect and Fear

Mug some one in the street and you go to prison, but mug their savings and you can buy a yacht. It's a disgrace to justice

Our system for regulating markets and for prosecuting market crime is completely broken. If you mug someone in the street and you are caught, the chances are that you will go to prison. In recent years mugging someone out of their savings or their pension would probably earn you a yacht.

How did we get here? Well, financial deregulation undoubtedly released great energy and wealth into the markets and did so in part by giving bankers and financiers more space. But this space had another effect. It created a growing distance between wealthy and powerful individuals and the agencies designed to police their behaviour.

Not sensing the danger in this, our two main political parties supported looser regulation over many years. Now, apparently tainted by past misjudgments, they are deeply compromised in trying to find solutions. Yet put simply the scale of failure is laid bare by one inevitable consequence clear for all to see: too many people and too many institutions function as though they are beyond the reach of the criminal law.

In Britain we had an additional burden: legislators who preferred criminal justice to be an auction of fake toughness, so long as the toughness was not too tough to design. So no one likes terrorists? Let's bring in lots of terror laws, the tougher the better.

Let's lock up nasty people longer, and for longer before they are charged. Let's stop medieval clerics winding up the tabloids.

Let's stop off-colour comedians outraging homophobic preachers. Let's pretend that outlawing offensiveness makes the world less offensive.

This frequently made useful headlines. But it didn't make our country or any other country a better or safer place to live. It didn't respect our way of life. It brought us the War on Terror and it didn't make it any easier for us to progress into the future with comfort and security.

Our legislators faltered because they seemed to ignore the fact that what makes good politics doesn't always make good policy. And they didn't want to tackle the more complex issues that really affect safety in people's lives. It was easier to throw increasingly illiberal sound bites at a shadowy and fearsome enemy. >>> Ken Macdonald | Monday, February 23, 2009

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