Economy

Attack on Gold and Euro... Chaotic Times Ahead?!

Attack on Gold and Euro... Chaotic Times Ahead?!

There is an unprecedented surge in demand for gold and euros these days, as the Lebanese are adept at seizing favorable opportunities. Women's interest in acquiring gold has become a means of forward-thinking escape in the face of the crisis, taking advantage of falling gold prices. According to Suzanne, "I decided to buy gold fearing that the situation in Lebanon might spiral out of control, as the currency and the dollar are at risk, while gold remains stable." It seems that the Lebanese are following the example of the Syrians by hoarding gold; the latter have been buying gold for years and holding onto it, while converting green currency to Syria. Syrians, according to a gold seller, constitute a significant percentage of buyers, highlighting the passion of Syrian women for purchasing 21-karat gold, while Lebanese women are beginning to consider acquiring it as a way to preserve their wealth. The level of interest has noticeably increased, especially with the drop in gold prices and the return of expatriates.

Samah openly states that she has started buying gold out of fear of severe economic shocks, confirming that she followed her grandmother's advice: "Hide the gold for a day of hardship, and I fear that day." Not only is the gold market active, but so is the euro market, as it also revolves around profit-making. It is no surprise that the euro's exchange rate has entered the black market alongside the dollar, with many shifting towards buying and selling it to fulfill their desire for substantial profits, according to Ibrahim, who pointed out "the demand for the euro, as people buy it hoping its price will rise again, creating wealth through currency differences."

All this is happening while the country is stuck in a dangerous political coma, amidst the paralysis of the public sector, which has directly or indirectly harmed the processing of transactions, especially concerning identification documents like civil registry extracts, and other certificates. This may disrupt students’ access to their universities and schools or hinder travel arrangements abroad, since everything has a validity period that expires, except in Lebanon, where crises have a long duration.

This situation unfolds as everyone watches the country's collapse and deterioration, swimming in the crisis, with "nothing being done." While the results of official examinations may have mixed joy with sorrow, they revealed the extent of the gap within society, occurring amidst strikes dominating all educational, social, and public facilities, with threats of escalating strikes if the state does not listen to their demands.

Undoubtedly, the crisis will impact students wishing to travel. This is confirmed by Ali, a young man aspiring to study abroad, who fails to obtain a civil registry extract from the civil affairs department because it is "closed," and even obtaining a passport is impossible as his appointment is set for the end of the year, which means it will be after the university application deadline. This, in itself, is "a death sentence for our future; the failed state has destroyed our future twice." The civil affairs office in Nabatieh is closed like other official departments; employees continue their justified strike. However, what about citizens who need a civil registry extract or family registry required for hospitals or universities? The situation worries many notables in Nabatieh, but "there is nothing that can be done." They respect the employees' rights, but citizens also have rights. The strike has cost everyone significant losses, yet the government continues to ignore their demands as if it seeks to lead the country into a dangerous dark tunnel. It is undeniable that the public sector strike does not only hinder official transactions but also paralyzes municipalities and import-export activities, along with public facilities, effectively putting the state "in a wheeled chair," as one observer pointed out, noting that the general strike has paralyzed the entire region. Employees are using their last bit of pressure on the state to secure their rights, while the state uses them as an excuse to paralyze the country. Meanwhile, a dangerous disruption war has ignited that could lead to a major catastrophe with dire consequences. There’s no surprise, he adds, "if food security is threatened due to the strike, which may lead to shortages of food supplies in markets, and this is something many have begun to warn about."

According to informed sources, we are headed toward four very dangerous months, and we may witness chaos and perhaps shortages in food and other supplies, which must be addressed before it's too late. Certainly, the strike is justified, as the lira can no longer buy bread, but its repercussions are more dangerous than the July war on the country, striking at the heart of the entire state. The sight of garbage and sewage in the streets, the closure of most municipalities, the disruption of public works, and the delays in processing civil registry extracts and passports are among the most prominent examples of the country's condition.

The cocktail of crises affecting villages these days is no less severe than a war with weapons; the war of crises is far more dangerous, as it could turn people against each other, spilling blood. Therefore, if emergency remedial steps are not taken, the country may face ruin—and welcome tourists.

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