Lebanon ATMs Spitting Back Bank Cards

I have distant relatives in Tripoli and Beirut. Aside from the curfews and military on the street, they are now unable to withdraw more than $100 USD per week per family (not per individual, or per account). All foreign money transfers have been blocked. Shops are open for only one hour a day for people to buy groceries. If a revolution doesn't pop off soon I would be very surprised.
 
Corruption and nepotism are so deeply engrossed in Lebanese society that it will take civil war to fix anything. It is so bad that there are more Lebanese people in Brazil and Australia than Lebanon itself. this liquidity crisis has been caused by individual greed, such as when Saad Hariri the Lebanese PM gifts South African models with hundreds of thousands earned from Dodgy contracting and favours for friends.
 
66rounds said:
I have distant relatives in Tripoli and Beirut. Aside from the curfews and military on the street, they are now unable to withdraw more than $100 USD per week per family (not per individual, or per account). All foreign money transfers have been blocked. Shops are open for only one hour a day for people to buy groceries. If a revolution doesn't pop off soon I would be very surprised.
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This is very,very sad story-we are complaining sometimes about our lives in Australia...
 
66rounds said:
I have distant relatives in Tripoli and Beirut. Aside from the curfews and military on the street, they are now unable to withdraw more than $100 USD per week per family (not per individual, or per account). All foreign money transfers have been blocked. Shops are open for only one hour a day for people to buy groceries. If a revolution doesn't pop off soon I would be very surprised.
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Saw this in ZH, read up on it. Interesting to see a peg between Lebanese pound and usd.
 
1:100 official peg rate but now private currency trading due to restrictions has it closer to 1:200
 
66rounds said:
I have distant relatives in Tripoli and Beirut. Aside from the curfews and military on the street, they are now unable to withdraw more than $100 USD per week per family (not per individual, or per account). All foreign money transfers have been blocked. Shops are open for only one hour a day for people to buy groceries. If a revolution doesn't pop off soon I would be very surprised.
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Food and Cash are king at this early stage.
 
Sounds like in this situation you'd have a hard time finding someone to convert gold and silver into cash as well?
 
SilverDJ said:
Sounds like in this situation you'd have a hard time finding someone to convert gold and silver into cash as well?
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That's the way I would see it, you going to need cash to buy day to day goods (at inflated prices), gold and silver might be useful to trade for some higher value goods but I think this will be pretty limited.
 
Freaksta said:
That's the way I would see it, you going to need cash to buy day to day goods (at inflated prices), gold and silver might be useful to trade for some higher value goods but I think this will be pretty limited.
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Metal would be handy for the long term once the economy comes out the other side and starts again. Some of your wealth would be preserved regardless of what happened to your local fiat.
 
Freaksta said:
That's the way I would see it, you going to need cash to buy day to day goods (at inflated prices), gold and silver might be useful to trade for some higher value goods but I think this will be pretty limited.
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Assuming you have a decent stack, it's only 450 kilometres from Beirut to Tel Aviv by car to trade your gold for $US.
Or just take a short flight to Instanbul
 
Aurora et luna said:
Assuming you have a decent stack, it's only 450 kilometres from Beirut to Tel Aviv by car to trade your gold for $US.
Or just take a short flight to Instanbul
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This is the common method normally, but when you combine it with curfews and travel restrictions you get a fat value of zero for your metals which 99% of the population could never afford anyway.
 
sometimes having green paper comes with fangs, your hand holding it make you a traitor at the location
can be due to jealousy or government edicts
virtual banks help provided you can get outside the border, funding it with credit card before the event
 
I've been reading up on the relatively high cost of living in Beirut vs income. This is very strange?
 
If cash loses value like in Venezuala it wont do any good except for immediately. Prices can increase by loads daily.
Your still better off buying something of value that you can cash out for later. If you already hold metals then you are ahead of the game and wont have to panic.
Metals always have a market and when no one wants your cash it will be king again.
Certain rules never change.

If you dont have basic preps and a plan then nothing much will help. Being prepared takes on many forms and most will struggle with food, clean water, shelter, heat, security before worrying about how to secure their wealth. By then they will have already lost what they thought they had and it will be over and too late to do anything or to buy gold.
Alot of people could be looking at real hard times if they dont wake up.
Soon the masses may realize theyve been lied to all this time.
Spending doesnt make the world go round, saving does.
 
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