Lebanon's Misery Exposes Sickness of Modern Economics

Lebanon's Misery Exposes Sickness of Modern Economics
(Ministry of Emergency Situations press service via AP)

“If my son asks me for something and I can’t give it to him, I just can’t handle it.” Those are the words of Saad al-Din Dimasi of Lebanon, as spoken to Ben Hubbard of the New York Times.

Hubbard is covering the tragic economic implosion of Lebanon, and Saad is one of his subjects. In order to get gasoline, Saad puts his car in neutral with the automobile off “to preserve as much of his scarce fuel as possible.” The wait to purchase gas is endless at present, and it’s crushingly expensive given the collapse of Lebanon’s pound. The latter has eviscerated Saad’s income.

 

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