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🚨 Critical Audit Reveals Troubling Practices at Lebanon's Central Bank 🏦

A recent audit of Lebanon's central bank has shed light on concerning financial practices, including alleged misconduct and the use of "financial engineering" strategies. The audit suggests a lack of transparency and governance, raising important questions about the role of central banks and the need for better financial management.

Key findings from the audit include "illegitimate commissions" of $111 million, disguising losses of $76 billion, and a heavy reliance on borrowing to sustain operations.

This scheme, often compared to a "Ponzi scheme," underscores the dangers of opacity and the potential for unsustainable financial practices.

In a world where central banks play a crucial role in economic stability, this report should urge the need for transparency, accountability, and good governance.

It's a reminder that society should critically evaluate how money is being created, managed and allocated. As we reflect on these findings, let's advocate for greater transparency and explore innovative ways to ensure better oversight of single individuals in centralized institutions with enormous power.

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via Reuters:

“The bank's financial engineering siphoned off dollars from local banks at high interest rates from 2015 to help finance the heavily indebted state. The audit said BDL disguised losses equal to $76 billion from the engineering.

Critics described the policy as a "Ponzi scheme" as it depended on fresh borrowing to pay back existing debt.”

I had no idea how bad it was until finding out that my friends in Asheville haven't been in contact with anyone since 7:30AM.

We suspect they are ok and we know that my best friend is out with the search and rescue crew in the area, but his wife is at home with a small baby without power and hopefully with enough supplies to make it through. But the whole area in Western NC looks awful and we have no idea how long before they can even be reached. I've tried to collect as much as I can quickly for what's going on.

Blowing Rock and Boone, NC have been hit seriously bad, we literally go there every year, its one of our favorite places in the world.

Chimney Rock has been essentially wiped out and there is still danger of the Lure Lake dam breaking, but so far it seems to have held even though the water is flowing over it. I haven't heard anything new from that and hopefully the biggest danger is past now.

My friend's parents are trapped in Black Mountain, NC (not far from Asheville) but we've gotten word from them they the road has been destroyed and they are trying to figure out how to get to my friend's wife and get out, but it seems there are no roads accessible. It's all just an asstounding mess.

A lot of these places literally have just one or two roads in and out of them, and it seems like main accesses all over the place have just been decimated. Praying for these guys.

There is a gofundme that is specifically regarding efforts in Boone for anyone who wants to donate. If you zap these posts I'll pay it forward to them if you want to use sats.