What We Can Learn From the Daily Life in Lebanon Amidst the Country's Hyperinflation and Biggest Economic Crisis

[SilverStorm]

We've all heard stories of hyperinflation in Venezuela, and how gold and silver helped some people survive the financial collapse in their country.   It has always been stories reported in the news or read somewhere on the Internet.   But no actual first person, live commentary on the economic suffering (at least I personally have not come across any).   

I found on YouTube a first person commentary showing the effects of hyperinflation and economic crisis in Lebanon.   What the YouTuber shows is eye-opening and gut-wrenching; it shows what might happen if our own country suffers the same outcome.   

The purpose of this thread is to educate and help one understand what daily life will look like if you have SHTF scenario, with hyperinflation at the forefront.  Does this change your stacking plans?  Should you stack more PM?   Or stack less?   Or stack something else entirely?   Prep differently?   I hope the attached video will at least help you to mull over "what if" scenarios, and what you should (or shouldn't do) to protect both your family and yourself. 

 

My takeaways from the video:

1) Cost of food has skyrocketed.   Price of a simple basket of food bought by YouTuber will be higher tomorrow.

1) Electricity provided by the state is unstable or unavailable.  YouTuber pays a private company to supply additional electricity.   Minimum wage is barely sufficient to buy life's necessities (if you are poor, you are SOL).

2) Gasoline shortages means long line ups at the pump.  And the YouTuber was restricted to how much gasoline he could buy (maximum 10 liters)

3) Commonly used medication not available at pharmacies.  Medication YouTuber looked for: Panadol (pain), Zoloft (mental), Concor (cardio), Uropyrine (UTI), Januvia (diabetes)

4) ATM for cash withdrawal - banks are no longer supplying cash to ATM for withdrawal, so YouTuber couldn't even get cash out.  Also YouTuber explains that he can't withdraw money from his savings account, especially savings in foreign currency. 

5) YouTuber can't do international transactions over the Internet.  He can't get his money out of the country.  Financial institutions/central bank have no clear plan on how to solve the economic crisis.

6) In summary, economic crisis is causing shortages in food, fuel, medicine, & electricity.  Problem will only get worse.

 

Note: several people have commented on YouTube and asked the YouTuber if having gold and silver helped with hyperinflation.  The YouTuber was unable to provide a satisfactory reply as he probably was unsure of the answer. 

 

 

 

Edited August 1, 2021 by SilverStorm

[Minimalist]

Sanctions…

[Zhorro]

It has just been reported on the news that the whole of Lebanon is without electricity.  So, what is the value of crypto currencies in such a situation?  And are there any lessons for us in the rest of the world?

https://www.zerohedge.com/energy/entirety-lebanon-goes-dark-mass-power-outage-last-several-days

Edited October 9, 2021 by Zhorro
Extra info

[SilverStorm]

On 09/10/2021 at 07:05, Zhorro said:

It has just been reported on the news that the whole of Lebanon is without electricity.  So, what is the value of crypto currencies in such a situation?  And are there any lessons for us in the rest of the world?

https://www.zerohedge.com/energy/entirety-lebanon-goes-dark-mass-power-outage-last-several-days

Yup great point you brought up.  No electricity means you can’t turn on your computer or have no internet access.  Which means you can’t trade.  Maybe you can use your smartphone to do trades, but I would think cellular service will be very spotty or non-existent.  The only way around this is if you have a power bank or generator and a satellite connection to the internet.  But how many people will go that far to prep for disaster?  

[Bigmarc]

On 09/10/2021 at 15:05, Zhorro said:

It has just been reported on the news that the whole of Lebanon is without electricity.  So, what is the value of crypto currencies in such a situation?  And are there any lessons for us in the rest of the world?

https://www.zerohedge.com/energy/entirety-lebanon-goes-dark-mass-power-outage-last-several-days

No phone's? I would probably get some work done.

[Bigmarc]

1 minute ago, Bigmarc said:

No phone's? I would probably get some work done.

Wait a min, no electricity...... Sh*t!

[SilverStorm]

Just now, Bigmarc said:

Wait a min, no electricity...... Sh*t!

Yeah imagine going back to the stone ages.  Damn, that’s scary.  

[KevinFlynn]

You'd need to be fully self sufficient to survive 😶

Nothing for urbanized me, I'd just cease to exist 😪

[GoldDiggerDave]

On 01/08/2021 at 03:08, SilverStorm said:

We've all heard stories of hyperinflation in Venezuela, and how gold and silver helped some people survive the financial collapse in their country.   It has always been stories reported in the news or read somewhere on the Internet.   But no actual first person, live commentary on the economic suffering (at least I personally have not come across any).   

I found on YouTube a first person commentary showing the effects of hyperinflation and economic crisis in Lebanon.   What the YouTuber shows is eye-opening and gut-wrenching; it shows what might happen if our own country suffers the same outcome.   

The purpose of this thread is to educate and help one understand what daily life will look like if you have SHTF scenario, with hyperinflation at the forefront.  Does this change your stacking plans?  Should you stack more PM?   Or stack less?   Or stack something else entirely?   Prep differently?   I hope the attached video will at least help you to mull over "what if" scenarios, and what you should (or shouldn't do) to protect both your family and yourself. 

 

My takeaways from the video:

1) Cost of food has skyrocketed.   Price of a simple basket of food bought by YouTuber will be higher tomorrow.

1) Electricity provided by the state is unstable or unavailable.  YouTuber pays a private company to supply additional electricity.   Minimum wage is barely sufficient to buy life's necessities (if you are poor, you are SOL).

2) Gasoline shortages means long line ups at the pump.  And the YouTuber was restricted to how much gasoline he could buy (maximum 10 liters)

3) Commonly used medication not available at pharmacies.  Medication YouTuber looked for: Panadol (pain), Zoloft (mental), Concor (cardio), Uropyrine (UTI), Januvia (diabetes)

4) ATM for cash withdrawal - banks are no longer supplying cash to ATM for withdrawal, so YouTuber couldn't even get cash out.  Also YouTuber explains that he can't withdraw money from his savings account, especially savings in foreign currency. 

5) YouTuber can't do international transactions over the Internet.  He can't get his money out of the country.  Financial institutions/central bank have no clear plan on how to solve the economic crisis.

6) In summary, economic crisis is causing shortages in food, fuel, medicine, & electricity.  Problem will only get worse.

 

Note: several people have commented on YouTube and asked the YouTuber if having gold and silver helped with hyperinflation.  The YouTuber was unable to provide a satisfactory reply as he probably was unsure of the answer. 

 

 

 

Just shows how easy to control and trap a population.  I can't see holding PM's in Lebanon would help.