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“RUNNING OUT OF TIME”
It’s an unfortunate case of déjà vu for the population of Lebanon. Yet again - and probably not for the last time - their economy is teetering on the brink of collapse.
Protesters have returned to the streets of Beirut as frustration mounts over the country’s deteriorating financial conditions. For millions of Lebanese, buying basic necessities is an increasingly costly affair due to the plummeting value of the Lebanese pound.
Although the pound is officially pegged to the US dollar at L£1,500, the black market rate is currently L£15,000 to the greenback. Given that Lebanon relies heavily on imports, this exchange rate is catastrophic for shop owners, small businesses and households.
Lebanon’s woes stem from years of economic mismanagement and endemic corruption. These problems have been compounded by the Covid pandemic and August’s devastating port explosion in the capital. Now, analysts say the country is facing the biggest threat to its stability since the 1975-90 civil war.
But what’s the cause of Lebanon’s series of crises? Many experts point the finger at the state’s elite and the repercussions of the sectarian power-sharing arrangement.
Lebanon’s public institutions are designed to represent the country’s demographic mix, with a certain number of positions reserved for Christians, Sunni and Shia Muslims, Druze and so on. At the highest levels of authority, a Sunni Muslim serves as prime minister, a Maronite Christian as president, and a Shia Muslim as the speaker of parliament.
In theory, having a diverse range of leaders should encourage cooperation and dialogue. However, in Lebanon, this model appears to have fuelled inter-community mistrust, cronyism and greed. Lebanese voters often complain about seeing the same figures from the same families or networks. These politicians also accumulate huge wealth while the masses get poorer.
Then there’s the matter of Hezbollah. The Shia political party and militant organisation plays a controversial role in Lebanese society. Some even claim that Hezbollah possesses “a larger arsenal of artillery than most nations enjoy”. This combination of factions is why activists, like Sara El-Yafi, repeatedly say the government is made up of “a coalition between a mafia and a militia”.
Furthermore, Lebanon is subject to various foreign influences - notably Saudi Arabia, Iran (see: Hezbollah), France (former colonial master) and the US. Naturally, each international partner wants different things or has different goals in mind for the Mediterranean country.
For the moment, the immediate focus is a meeting on Monday (22 March) between PM-designate Saad Hariri and President Michel Aoun. So far both men have failed to hammer out a plan to assemble a new government, which is a required step to unlock aid and assistance from the IMF.
Despite resigning amid numerous scandals and widespread unrest, Hariri successfully orchestrated a comeback last October. But in the past five months, he has done little to break the political deadlock, leaving the caretaker prime minister Hassan Diab stuck in a painful limbo.
A DECADE OF CONFLICT
This week, Syrians marked a tragic milestone - 10 years of war in their home country.
An uprising that started peacefully in March 2011 was met with brute force by President Bashar al-Assad, opening the gate to unfathomable loss, destruction and suffering. Hundreds of thousands of people have been killed and millions displaced since the bloodshed began a decade ago.
What makes Syria especially complex is the kaleidoscope of conflicts happening at every level: international, regional and local as well as along ethno-religious lines.
Russia, Turkey, Iran, the Gulf Arab states, Israel, the US and Europe are all involved in Syria in some shape or form. Russian and Israeli fighter jets, for instance, have reportedly dropped bombs in the country in recent days. On 25 February, President Joe Biden authorised airstrikes near the Iraqi border, targeting a site said to be run by Iran-backed militia.
But, as the war rolls on, Assad’s regime has regained its grip on most of Syria, while Turkey, the Kurds, Islamic State and rebels groups control sections of territory. Elsewhere, the plight of Syrian refugees remains a sensitive political issue in places like Jordan, Lebanon, Germany and Denmark.
For scores of Syrian families, this month is also a grim reminder that an entire generation of children only know a life tainted by violence and chaos. The below video report by CNN’s Muhammad Darwish tells the story of one Syrian girl who recalls air raids and missile attacks.
TECH’S FAVE NEW ACRONYM
Silicon Valley execs, crypto enthusiasts, artists and entertainers are buzzing about NFTs.
In case you aren’t familiar with the term, NFT stands for non-fungible token. Put simply, it’s a unique digital asset or file with verified identity and ownership. For example, GIFs, images, videos, music tracks and tweets can be NFTs. The process of authentication and registering transactions relies on blockchain technology, which means the data is secure and cannot be manipulated.
Another key feature of NFTs is that they aren’t directly interchangeable. One popular way of explaining this is famous paintings. Sure, you can trade a Van Gogh for a Monet but the paintings are definitely not the same; whereas five dollar notes can be swapped around without a second thought.
Since any piece of digital content can be “minted” into an NFT, everyone from giant corporations to meme creators are jumping on board. Kings of Leon just raised over US$2 million from NFT sales of their latest album. Each token allowed the buyer to download the record and exclusive artwork.
In the world of sports, the NBA has introduced Top Shot, a virtual collectible marketplace. Basketball fans can buy “moments”, i.e. packs of video clips of their favourite players or slam dunks. A LeBron James NFT does exist!
Of course, the NFT craze really grabbed global headlines when artist Beeple sold an NFT of his collage creation at a Christie’s auction for US$69 million. It’s a staggering sum of money for an artwork that can be viewed online freely or copied and saved endlessly.
Tech watchers say part of the appeal of NFTs is the “bragging rights” - the ability to claim original ownership and the right to resell. Additionally, a few NFTs are set up to enable the creator to receive a fee whenever the token is sold or changes hands.
No doubt, this is a bizarre trend. Are NFTs a tech bubble waiting to burst? Should memes be worth thousands of dollars? Is the virtual better than the physical?
Let me know what you think!
Have a great week ahead! Stay curious, Sara x