بسم الله الرحمن الرحيم
News Right Now: Irreparable Harm
Assalaam u alaykum wa rahatullahee wa barakathhu. Welcome to NRN - Irreparable Harm
Last week, protests erupted in Beirut Lebanon, with protestors demonstrating in the streets, blocking roads, lighting tires, and chanting “Down with Capitalism” and “Leave”. The frustration over Lebanon’s deteriorating financial situation has finally boiled over into the streets. Its stagnant economy and struggling currency are making it harder and harder for average Lebanese to make ends meet. The public is holding the ruling class accountable for its inability to stabilize the economy and have grown tired of the widespread corruption that has come to characterize the political elite. The corruption is so apparent that even foreign donors have withheld a majority of the $11 billion that they pledged due to allegations of corruption.
At the heart of the crisis is the fact that the Lebanese government doesn’t have enough US dollars in reserve to buy wheat, gas, and medicine, causing them to have to trade more and more Lebanese pounds just to buy basic necessities. Now they have to accelerate the pace of privatization and reform the IT and energy sectors to attract more foreign capital. The director of the economics department at the European Investment Bank said that Lebanon is in a “race against time” - highlighting that it will assist Lebanon if it rapidly implements reforms.
Quick to capitalize on the economic tensions, some political parties are viewing this as a political crisis and conspiring to force the government to collapse so that they can take the reins. But time and time again, the secular parties fail to deliver on their promises to the people and create their own crises and corruption scandals. The current economic crisis indicates that Lebanon, and the Muslim world at large is in desperate need of radical change, not a facelift or cosmetic decoration to appease the masses.
The current economic crisis in Lebanon proves that the secular system is the real crisis that needs to be changed from its root and replaced with the Islamic system of governance that will build Lebanon into a strong economy, integrated into the rest of the Muslim Ummah.
JAK for joining us!