You’ve been bombarded by experts on what #Lebanon ‘s financial crisis is all about
Here is a simple explanation:
Consumers between 1997-2018 outsmarted / screwed current and future Lebanese consumers by using an overvalued currency to fund their purchases
End of story
Here is a simple explanation:
Consumers between 1997-2018 outsmarted / screwed current and future Lebanese consumers by using an overvalued currency to fund their purchases
End of story
2-This is not to say this was a deliberate or conscious decision by 1997-2018 to screw or outsmart the future generation of consumers
As one of my friends used to tell me
Living in #Lebanon during that period was too good to be true. He may not have known why but he felt it
As one of my friends used to tell me
Living in #Lebanon during that period was too good to be true. He may not have known why but he felt it
3-This friend was huge spender. He lived at one of the city’s 5 star hotels for almost 18 years. He earned enough interest income to fund his lavish life style. He bought real estate. He had a driver. When I met him in late 2019, he said:
This had to come to and end. I knew it
This had to come to and end. I knew it
4-This “Generational Theft” in #Lebanon May not have been “intentional” but it was just that
Current and future consumers or local currency earners will now pay the price for the over-consumption of the generation past
Current and future consumers or local currency earners will now pay the price for the over-consumption of the generation past
5-Lastly, those who are complaining about the current fall in purchasing power are missing the point
What they are seeing and feeling now is real
What was happening between 1997-2018 was the unreal part
Nothing will fix it or bring the old days back
That’s gone for good
What they are seeing and feeling now is real
What was happening between 1997-2018 was the unreal part
Nothing will fix it or bring the old days back
That’s gone for good
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