Abstract power always had and always will corrupt. And the ones who suffer the results are the average people working hard for their shrinking paycheck.
I knew the Bank of Lebanon was no good. But until today, I didn't know quite how no good. They didn't just print too much money. Officials embezzled from the bank, invested in Ponzi schemes, and then lied and printed to cover it all up. Result: Lebanese Pound down 98% vs. USD.
There are a lot of sources that go into more detail on this, and the story isn't over yet. For one recent overview, see: https://www.dw.com/en/how-lebanon-was-plundered-by-its-own-central-bank/a-66613994
When the World Bank released a report about your monetary and fiscal system entitled "Ponzi Finance?" you know you messed up: https://www.worldbank.org/en/news/press-release/2022/08/02/lebanon-s-ponzi-finance-scheme-has-caused-unprecedented-social-and-economic-pain-to-the-lebanese-people
One interesting element of this particular case is how authorities across monetary, banking, financial, and fiscal systems conspired to create a crisis. And 'create' is not an exaggeration, according to the World Bank. They call it a ‘Deliberate Depression’.
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