https://www.google.com/search?q=usd+to+lebanese+lira
@dont_log_me_out was just randomly checking and holy frick it's so much worse than
@dont_log_me_out last remember.
1 USD = 16,350 Lebanese Pound.
Btw this jump happens within a month from 1 USD = 1512 Lebanese pound.
Middle east is getting wrecked yo.
It's so so bad dramabros.
https://www.google.com/search?q=lebanon+gdp
https://www.google.com/search?q=lebanon+gdp+per+capita
This is looking like some genuine Venezuela level shit.
Right now Ukraine has a higher GDP per capita in 2021 than Lebanon.
When the 2022 numbers come out that number will 100% be far wider.
Lebanon got completely wrecked. There is no recovering from this in one decade @dont_log_me_out am afraid.
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It looks like there was an official exchange rate and a black market rate and the government decided to just give up on the official rate and equal the black market one. So it's still bad but didn't happen all at once like the graph looks like and won't really affect anybody who wasn't already affected.
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It's still going up weekly though.
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To the moon
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Always hold dollars
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Lebanese currency was pegged to the dollar at ~1500:1, they just changed the official peg. The currency has been devaluing over time and the gov decided to just publicly admit that.
This morning, Cum went to the park. I went with Coom. And Cum brought Coomer frisbee. At least I think it was Coomers. By the end of the day, Cum started throwing the frisbee to Cumself.
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but the worst part is it's still declining they haven't hit the bottom yet.
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Their GDP has fallen by a third since 2017, and that doesn't include data from 2022.
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lmao lol even. Do you figure the other middle eastern economies will also collapse in time or will Saudi Arabia and UAE keep thriving.
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Lebanon has some unique problems that have been building for 30 years. Basically at the end of the civil war, all the militia leaders got together and agreed to stop fighting and work together to steal everything. For most of that time they could hold things together, but recently it became obvious that all of the money is gone. They were extremely dependent on borrowing and now nobody will give them loans. Also Saudi Arabia used to pour in massive amounts of aid to buy off politicians, but they eventually gave up and accepted that Hezbollah would take power.
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based. Thank you for adding to my knowledge repository,
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Sounds like a buying op. Gamestop holders IN IN IN
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Darnnnn did any forexbros hit on this? I don’t do that shit but shoutout to y’all for profiting off national instability that’s dope
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Can someone who actually understands economics explain what's going on in Lebanon to cause so much inflation? Is the government literally printing money or something?
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Probably having to pay fuel subsidies for the locals, same thing happened in Haiti. Gets you votes until one day you wake up and treasury is empty (see also: sri lanka)
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It's worse than that. They didn't do shit for their citizens. They haven't even had more than a few hours of electricity per day in Beirut for decades.
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Balance of payments crises are basically unsolvable without external intervention, and even then theyre a fickle b-word
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And all the external powers who've helped them out before (Saudi Arabia, France, USA) are tired of getting swindled and refuse to loan to them until the criminals get purged from the government.
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It's not complicated. The political/business elite just straight up stole everybody's money and ran away. The banks won't let ordinary people withdraw, but those with connections were able to get their money out and convert it to dollars before the Lebanese pound lost all its value.
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Snapshots:
archive.org
ghostarchive.org
archive.ph (click to archive)
https://www.google.com/search?q=lebanon+gdp:
archive.org
ghostarchive.org
archive.ph (click to archive)
https://www.google.com/search?q=lebanon+gdp+per+capita:
archive.org
ghostarchive.org
archive.ph (click to archive)
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