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Disgraced Lebanese Central Banker Who Was a Fugitive Now Awaits His Fate
A former Merrill Lynch banker is shown by WSJ responsible for economic actions leading to economic meltdown in Lebanon. Lebanese currency is worth 2% in relation to the dollar and no state supplied electricity.
For most of the modern period since 1800 this part of the world has represented a place of tranquillity and rule of law. The story of the economic collapse of Lebanon as a result of unscruplous finance at the central bank leading to arrrest of Riad Salameh is told in WSJ. It acts as a reminder and warning that once tranquil places can be dislocated and turned upside down by allowing unscruplous financial dealings in the economic affairs of a Nation, putting too much trust in finance or finance professionals. Trust is easily subverted once placed by the People.
It can happen in any part of the world. It can happen in developed nations as happened during the 2009 financial crisis.
A finance professional governor of the central bank of Sri Lanka raised borrowing costs with a unscruplous bond auction in 2005 leading to higher borrowing costs and bankrupting the country. This results in the familiar guardrails for democracy and rule of law collapsing in unpredictable ways leading to disaster.
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