Lebanon’s political and economic crisis, rooted in decades of mismanagement and corruption, reached a tipping point in August 2020 when the port of Beirut exploded, killing hundreds and displacing thousands.
Based on sectarian power-sharing, the Lebanese political system had descended into chronic gridlock and inefficiency. Compounded by a lack of transparency and accountability, corruption plundered the nation’s wealth.
The country’s financial woes were exacerbated by the unsustainable practice of propping up the Lebanese pound through borrowing, leading to one of the world’s worst economic collapses. This crisis has resulted in severe hardships for the population, including widespread unemployment, a dramatic rise in poverty, and a significant decrease in living standards.
The culmination of these issues sparked massive protests in 2019, with citizens demanding systemic reform. The explosion at the Port of Beirut in August 2020 further deepened the crisis, highlighting the extent of governmental negligence and mismanagement.
Grappling with soaring debt, a plummeting currency, and rapidly increasing inflation, Lebanon finds itself at a crossroads.
In Part 5 of Follow the Money, I travel to Beirut to understand Lebanon’s economic crisis, political deadlock and the collapse of any effective government. Expecting desperation, I witnessed the Lebanese spirit and saw how the locals were rebuilding the country.
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Pomp writes a daily letter to over 200,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/
A “prolonged period” of zero or negative interest rates is going to “lead to distortions,” according to Campbell Harvey, a professor of finance at Duke University famous for his theory that yield-curve inversions precede recessions, and that’s exactly what investors are dealing with right now.
The title of Professor Harvey’s new paper, with co-author Rob Arnott, cuts right to the point: “No Excuses: Plan Now for Recession.”
The Federal Reserve is playing catch-up, and it knows full well that aggressive rate-hiking will push the economy into recession. It’s a “blunt instrument.”
But Professor Harvey is not one to leave not-well enough alone: “Surely there are alternatives that could be considered.”
He shares his ideas on a different approach to central banking and his thoughts on managing risk in such an environment with Real Vision’s Ash Bennington.
You can click here to read Professor Harvey’s and Rob Arnott’s new paper on the coming recession. Recorded on July 15th, 2022.
#monetarypolicy #federalreserve #fed
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Argentina’s inflation rate is expected to hit 90% this year. Anthony Pompliano breaks down what’s happening with Argentina’s economy and out-of-control inflation.
Pomp writes a daily letter to over 200,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/
