Tag Archives: Foreign Affairs

Documentary: Lebanon’s Historic Economic Crisis

Lebanon is now going through the worst economic crisis in its history. 80 per cent of the population lives below the poverty line. In one year, food prices have jumped 500 per cent due to galloping inflation. Lebanon was long regarded as the Switzerland of the Middle East.

But those days are gone. A series of crises have plunged the nation into the abyss. And its people are suffering. For Riad, who runs a grocery store in the suburbs of Beirut, business has become hellish. Every morning, calculator in hand, he changes the labels of his products according to the day’s exchange rate. An operation made all the more complex by the fact that his store is plunged into darkness, due to a lack of electricity.

The Lebanese government no longer provides more than two hours of electricity per day in the country. It is impossible for the population to heat, light or use their refrigerators. Taking advantage of the situation, a network of private generators has emerged. The Lebanese pound, the local currency, has lost 90 per cent of its value.

The only people unaffected are those paid in dollars. The greenback, which can be exchanged for a small fortune against the local currency, has created a new privileged social class in the country. A salesman in an international pharmaceutical company, Joseph lives like a king in a ruined Lebanon. Thanks to his new purchasing power, he repaid his mortgage in two months, instead of… twenty years!

In a bankrupt state, plagued by corruption, six out of ten Lebanese now dream of leaving the country. In Tripoli, in northern Lebanon, Mohammed and his son set out for Germany by sea. Even though the trip was cut short off the Turkish coast, the young father is still ready to take all possible risks to reach the European Eldorado.

Analysis: Open-Source Intelligence, Stablecoins, Predicting New Viruses

A selection of three essential articles read aloud from the latest issue of The Economist. This week, open-source intelligence comes of age, why regulators should treat stablecoins like banks (10:50) and how predicting viral evolution may let vaccines be prepared in advance (17:00).

Politics: Biden’s China Doctrine, South Africa, Carbon Border Taxes

A selection of three essential articles read aloud from the latest issue of The Economist. This week: Biden’s new China doctrine, a jailed ex-president won’t go quietly in South Africa (8:44), and carbon border taxes (14:32). 

News: China’s Communist Party At 100 – What’s Next?

At the Chinese Communist Party’s centennial celebration, President Xi Jinping called for defiance against foreign pressure. As China challenges the U.S.’s leadership – from AI to defense – WSJ’s Jonathan Cheng looks at what’s next for the country. Photo: Wang Zhao/AFP

Sunday Morning Podcast: News From Zurich, Tokyo London & Copenhagen

Tyler Brûlé, Andrew Tuck, Benno Zogg and Christof Münger round up the weekend’s biggest discussion topics. Plus, we check in with our friends and contributors in London, Copenhagen and Tokyo.

Interview: Fareed Zakaria – ‘Ten Lessons For A Post-Pandemic World’ (Video)

Fareed Zakaria of CNN’s “Fareed Zakaria GPS” discussed his latest book “Ten Lessons for a Post-Pandemic World.” The discussion covered the consequences of the pandemic and how COVID-19 could reshape the nation and the world, globalization and the digital age.

Global News: Covid-19’s Legacy, Power Grabs And Netflix (The Economist)

The Economist Editors Picks Podcast logoA selection of three essential articles read aloud from the latest issue of The Economist. This week, how will governments cope with the expensive legacy of covid-19? (11:05), unscrupulous autocrats in the pandemic of power grabs (17:52), and, why Netflix’s success will continue. Zanny Minton Beddoes hosts.

Podcasts: How Foreign Governments Are Facing Covid-19 (The Economist)

A selection of essential articles read aloud from the latest issue of The Economist. This week, the role of big government in the time of covid-19, (10:20) assessing the havoc the pandemic is causing in emerging countries, (17:45).

In just a few weeks a virus a ten-thousandth of a millimetre in diameter has transformed Western democracies. States have shut down businesses and sealed people indoors. They have promised trillions of dollars to keep the economy on life support. If South Korea and Singapore are a guide, medical and electronic privacy are about to be cast aside. It is the most dramatic extension of state power since the second world war.

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