Like some other nations are beginning to do, Lebanon has imposed new limits on how much money depositors are allowed to withdraw from their savings accounts, which is preventing many from purchasing the things they need for survival.
A teetering global economy has many central banks, including that of Lebanon, on edge as they try to prevent bank runs. Since July, more than a dozen depositor-led bank raids have occurred in Lebanon, which faces one of the worst economic crises in history.
More than 75 percent of the country is now below the poverty line as unemployment and inflation soar. Many households are unable to get fuel while others struggle just to keep electricity and water flowing.
Those in need of life-saving medical treatment are having to go without as such procedures are too costly for most. And now the banking crisis is adding more fuel to the fire with a $400 per month withdrawal limit.
Some banks have established an even lower withdrawal limit, while at the same time those with political connections are being allowed to secretly transfer billions of dollars abroad. (Related: Did you know that some states now recognize gold and silver as legal currency, possibly in anticipation of a coming dollar crash?)
Lebanese lawmakers never passed any laws allowing withdrawal limits – they're all being imposed illegally!
Right now, nine out of 10 banks in Lebanon have major stakeholders who are linked to political elites. These stakeholders own about 43 percent of all Lebanese bank assets.
Many in the Lebanese government are highly corrupt, yet are never held accountable. This leaves ordinary citizens in a bind as they struggle to make ends meet.
One man who is now homeless because of all the corruption in Lebanon tried to participate in a bank run back in October but failed. He is so desperate for cash that he has agreed to sell one of his kidneys for $7,000 on the black market.
Others in similarly dire straits face tough decisions as they decide between food and medicine. The banking withdrawal limits continue to drive many towards such a fate, and things are expected to worsen as the global economy is still unraveling.
Since parliament never passed any laws allowing withdrawal limits, they are technically illegal. Article 184 of the Lebanese penal code also allows for the use of force in obtaining one's own money from banks that are pulling these shenanigans.
"They control our lives," one man told the media about the banks. "They stole public funds, then private funds. They humiliate us. There is no solution without confrontation ... we cannot live like this anymore."
According to locals, the bank raids that have already taken place are only the beginning. A depositors' revolution is brewing, they say, and more raids are soon on the way.
"I would break in again, no matter what – even if it costs me my life," said one man who participated in a recent raid that involved pouring gasoline all over the counter while depositors demanded their own money.
In the comments, someone wrote that central banking everywhere is a scam, including in the United States where fake fiat dollars are printed endlessly to prop up Wall Street and enrich the globalists while We the People suffer.
"Everyone should watch the documentary titled 'The Money Masters: How International Bankers Gained Control of America,'" this person added.
The global economy is hanging by a thread. To keep up with the latest, visit Collapse.news.
Sources for this article include:
Please contact us for more information.
