Banks On Fire
Business
Banks set on fire.
The money’s gone, now they’re burning it all down.
6 banks have been set on fire and enraged mobs are targeting the home of Salim Sfeir, chairman of the Association of Banks.
It started with a so-called liquidity crisis in 2019 – a euphemism for the onset of currency failure.
Nothing to worry about, the authorities assured their people, while they closed the escape hatches and sealed off the emergency exits to a system that was crashing and burning.
Over the following years, the restrictions only continued to mount, culminating with Lebanese banks closing their doors out of “safety concerns” in October of 2022.
Unable to access their own money, depositors have since looked on in horror as their local currency went up in smoke.
Watching your life savings slip away, with every stroke of a bureaucrat’s pen, must be a special kind of horror. Why Is Lebanon Having A Financial Crisis?
The Lebanese pound has since lost 97% of its value in dollar terms and 80% of Lebanon’s population now lives below the poverty line.
Unfortunately, this isn’t unique to Lebanon.
4,000 miles south of Beirut, the same story is playing out in Nigeria, where protestors have just set 3 commercial banks on fire as withdrawal restrictions are being enacted.
Yes, this is the tragic fate of political fiat money.
Once government maleficence has rotted the currency beyond repair and enough economic deadwood has piled up, raging wildfires will typically cleanse and reset the system.
In Lebanon and Nigeria, these fires aren’t figurative. They’re real.
But don’t worry, those fires can’t reach you because Western political leadership can be trusted with money.
Never mind that interest payments on $31 trillion of US debt are projected to outstrip the entire national defense budget by 2025.
Stop asking questions, just go back to sleep.
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Relationship Manager with over a half-decade experience in managing key institutional client relationships in North America, continental Europe, and Asia (ex-Japan) markets with a +95% retention rate.
Passionate about finding best-in-class financial solutions for FOs, MFOs, UHNWI investors, and institutional clients, including IFAs, asset managers, and licensed broker-dealers.
In today’s world, those best-in-class solutions are in crypto.
Transitioned from TradFi to crypto in 2021, joining Coinbase’s new Prime Broker desk for institutional clients. Help clients gain a foothold in the digital asset space and provide education with a LinkedIn following of 4K and over 1.5M content views.
Banks On Fire
