Lebanon’s Financial Tragedy: The Puppet Show That Broke a NationWhile the world watches Lebanon through the lens of regional conflicts, a deeper, far more insidious war has been waged for decades—a war against the Lebanese people themselves. This war isn’t fought with bullets but with economic manipulation, corruption, and international complicity. At its heart is a man revered by the West and feared by his own: Riad Salameh. Once hailed as a savior, this decorated #MerrillLynch banker and #WallStreet favorite became Lebanon’s Central Bank Governor and ultimately, the architect of its ruin—a puppet dancing to the tune of foreign interests, most notably the American Federal Reserve.
In 1993, Salameh pegged the Lebanese Lira to the U.S. dollar at 1,500 LBP per USD, receiving applause from global powers for supposedly stabilizing a war-torn nation. But beneath the praise, a sinister scheme was unfolding. Lebanon’s economy, devoid of robust exports or productive sectors, was turned into a hollow shell dependent on debt and speculative capital inflows. The peg wasn’t about stability; it was about control. With no real economic foundation, Lebanon was propped up by a system designed to fail, all to serve the interests of corrupt elites and their foreign backers.
Picture a Ponzi scheme cloaked in the respectability of central bank conferences and IMF approval. Salameh and his allies used high-interest rates to attract billions in dollar deposits from the diaspora, funneling these funds to service government deficits and enrich political cronies. When inflows dried up, the mirage shattered. By 2019, Lebanon’s economy imploded, the currency collapsed, and the Lebanese #Lira lost over 98% of its value. Millions saw their life savings vanish overnight, left to starve in a country that had betrayed them.
Even then, the puppet show continued. As hyperinflation robbed the Lebanese people of their dignity, Salameh and the political elite he empowered played the same tired games. Banks, under Salameh’s guidance, imposed "haircuts" on dollar accounts—stripping depositors of their money by converting it to worthless Lira at rigged rates. Meanwhile, #Salameh’s appearances before Lebanon’s judiciary, often without legal counsel, were nothing more than theater. Insiders called it a smokescreen, designed to protect a man who was simply too useful to powerful interests to be held accountable.
European investigations have scrutinized Salameh’s alleged illicit dealings, including billions tied to the Optimum company. Yet, Lebanon’s judiciary remains mired in political interference and elite complicity. Attempts to expose the truth and lift banking secrecy have been blocked at the highest levels of government, protecting Salameh and his network of corruption. The theatrical detentions and investigations? Smoke and mirrors. Real justice remains an illusion, with high-level maneuvering ensuring accountability slips away.
This wasn’t just Salameh’s doing. Lebanon’s political elites and Western backers were complicit in maintaining the lie. The currency peg was a tool—a facade of stability that benefited international lenders and corrupt officials while ordinary citizens were bled dry. As long as dollar flows persisted, the West was content to let Lebanon burn.
Today, as #Lebanon suffers through one of the world’s worst economic collapses, the elite stage new performances, claiming justice is near. But the truth is, this puppet show serves a purpose far beyond Lebanon’s borders—a chilling reminder of how unchecked global power and financial manipulation can destroy nations.
As Excellion (npub1exc…n72a) once said
You're all Lebanese, you just don't know it yet.
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