LEBANON ERUPTION


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In Lebanon, last week, and still continuing, an estimated million people took to the streets to protest harsh austerity measures, which have deepened financial distress on all but the rich. 

Throughout Beirut, anti-government graffiti such as “Down with the rule of the mafia” and protestors chanting “Thieves, thieves”… calling out politicians they say have stolen billions of dollars from them, aided by Bankster laws that allow them to do it.

Last weekend, streets remained filled with protestors despite attempts by the Lebanese army to block access. Traffic was at a standstill as demonstrators conducted sit-ins and gathered in large groups to demand the resignation of Prime Minister Saad Hariri, President Michel Aoun, and the entire ruling government.

Lebanon has been a divided, sectarian country with constant tension between Shiite and Sunni factions for decades. The level of disgust for the political system and the elites in control of the country is so strong that despite religious and cultural division, there is unity among the protesters. 

Lebanon has one of the highest debt loads in the world, and as the “Greatest Depression” closes in, economic conditions will dramatically deteriorate. 

A large majority of demonstrators, who are poor now and see no promise of moving up the economic ladder, are under the age of 30. 

Both Prime Minister Hariri and President Aoun made public commitments for some economic reform, but the demonstrators dismissed them as doing too little too late and continued to demand the total removal of the current political leadership.

Yesterday, Riad Salame, the Governor of the Central Bank of Lebanon, said the economy could be collapsing from the constant violence generated by protests.  Banks throughout the country have been closed from the mass protests against austerity measures initiated two weeks ago. 

Protesters continue to close roads and fill city streets demanding that Hariri and his top government officials resign. Bowing to pressure, today, Hariri announced his intention to resign.

TREND FORECAST: These demonstrations against elites will continue to grow in cities and towns across the globe.  Here is key that explains why:  

About 41 percent of the global population are under 24. And they’re angry about lack of well- paying jobs, rising costs, austerity measures, and corrupt governments. They see the expanding gap between rich and poor.

Based on data from Credit Suisse, the wealthiest “one percent” of the world’s population now owns more than half of the world’s wealth. Furthermore, this one percent saw their share grow at the fastest rate ever over the past 18 years.

As the most powerful economy by far, anger over U.S. intervention will continue to rise worldwide.

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