Food prices have recently soared in Lebanon more than 400 percent, they are dealing with annual inflation upwards of 84 percent and are facing a serious economic crisis.
Prior to 2020 they were seeing inflation around 3 percent, at about 2.9 percent, but then everything changed last year and COVID-19 made things even worse. Families are facing crisis with more falling into poverty and worried about where they might get their necessities in the coming weeks.
Their fiat currency is rapidly being devalued and we have seen this fiat tale play out on numerous occasions throughout human history.
They've worked up some agreements to give them more aid but that isn't getting at the root problem, nor is it going to solve everything in the long run.
raising subsidies 3x in one week
They've been using subsidies for products like wheat, oil, and bread, and they've had to raise those subsidies multiple times just in one week to keep up with the unraveling economy.
Most of us cannot know what it is like to go to the grocery store one day and then see prices dramatically rise the next, because the currency is being devalued that quickly.
Anti-government protests have erupted in the region over the issue and we can expect more to sympathize with their efforts and join the wave of criticism for their overlords in the future. Why? Because they will likely want to express their frustration, the further their standard of living is deteriorated, because of corrupt monetary policies and politicians who made it possible.
INFLATION IS THEFT
It looks like we are going to see several other countries fall into the same fiat swamp that others have, in the past, with their fiat currency being rapidly devalued, and it is the people who suffer because of it.
The crisis is getting worse to the point now that grocery stores and markets are closing because they don't have the money to buy goods.
They don't know where they are going to get more goods to replenish what they have and the possibility that they could run out and go hungry is a reality for millions there.
It is not just in london
unfortunately, Inflation is invading the world in a strange way
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This may hit the US soon. The money supply inflation of 2020 was outrageous, but so far it hasn't had a huge impact on most basic goods and staple products...
History shows fiat never lasts. I hope we do not have another Venezuela on our hands. If the USA does not get its act together, it could go the same. Thanks.