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What Would 90% Inflation Feel Like
Financial Instability, Political Instability, and Soaring Crime
Lebanon is facing a series of major challenges that threaten the stability of the country and the well-being of its people. The most pressing of these challenges is the country’s dire financial situation, which has been exacerbated by a lack of a president, rising crime, and an imploding currency.
The financial crisis in Lebanon has been building for years, with the country facing rising levels of public debt, high levels of inflation, and a shortage of foreign currency. In August 2020, more than 200 people were killed in a massive ammonium nitrate explosion, causing $15 billion in damages. In March 2021, violent protests broke out due to the cratering financial conditions.
The situation has been made worse by political instability and a lack of government leadership, as the country has been without a president since October 2022 when Michael Aoun’s 6-year term ended. This has left the country in a state of flux, with key decisions regarding the economy and other important matters being delayed or left unmade.
In December, the Lebanese parliament failed to elect a new president for the eleventh consecutive time. The electoral system in Lebanon requires a two-thirds quorum and a simple majority. Michael…
