Everyone is glued to their telivions awaiting the latest developments from the A-Team, the designated few world leaders and how they will tackle this new found monster - The Credit Crunch.
This is big problem that's been swept under the carpet for years and passed on from one generation to the next in the simplest philosophy: If it's not my problem then it's your problem.
Things are about to change though because it turns out Mr. Crunchy has spread far beyond anyone's anticipation and control. There is talk of it even affectind adjoining planets!!! (joke)
So how will this affect Lebanon?
Quite badly I should think but not as badly as other countries I should imagine. We have been struggling with out own mini crunch for years and if anything our recession has done us a favour because it has proven that our financial system can wihtstand the harshness of a bitter winter cold.
Now that Mr. Crunchy is making it's way to the gulf and after the collapse of some European and American banks, our Arab friends will re-consider moving their cash to Lebanon. The old saying "The devil you know is better than the one you don't" couldn't have fit any better. Foreign investors know that Lebanon's financial infrastructure is pretty stable given that we've been rocked by wars, assassinations, civil unrest and even an Israeli invasion. Since our Lebanese banks stood firm in the face of every challenge, they will now be considered safe havens.
"One man's meat is another man's rat poison" Oscar Wilde put it in the best way possible. We have little to lose and probably much more to gain.
Time to buy stocks in Lebanese banks...
Tags: Credit Crunch
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