Inflation affects everyone as it makes life more expensive and harder to save and invest. In 2021, the world is experiencing inflation everywhere, variable in degree depending on where you live. We should always take the opportunity to learn especially when it comes to finances. Yesterday I tuned in on some interesting documentaries. It turns out in today’s case study, Lebanon is experiencing hyperinflation to the point that everyday products cost double of what they used to cost. The cause of this crisis is a combination of the Port of Beirut explosion causing billions in damage to surrounding facilities, the pandemic hindering businesses, but mostly above all greed, corruption, and mismanagement within governance. In one video produced by Vice it mentions that people can no longer afford to eat meat anymore. In business, when the cost of raw materials shoots up the price difference transfers onto the end products. This is includes feed for animals. The privileged families that can afford to make purchases are paying double what they paid for sheep last year.
The country is in chaos and imploding within its borders. Citizens are infuriated that the bank gives them limited access to their own savings. Reports from other articles mention that the Lebanese Central Bank does not have enough dollars as it is being reserved for imported goods until new capital is raised to bail out…
