Economic Collapse, the local currency, and you

This article was initially written and published in January 2022, it has been updated for the times :D

As many of you know, Lebanon has been in economic collapse since October 2019, with the Lebanese pound (LBP) devaluation progressively becoming worse. The black market rate is 89,000LBP for 1USD as of Summer 2024 (Officially, 15,000LBP, significantly less).

We predicted this situation, going over scenarios and outcomes about the impending collapse over with our good friends at Integrated Skills Group back in November 2019 in a 2.5 hours podcast. If you haven’t listened to it, it is available on our Youtube channel.

The topic of this post is for those of you who didn’t prepare is to play catch up: Limited local currency withdrawals, difficult US Dollars (USD) withdrawals, and the LBP hyperinflation is, like Garand Thumb’s YouTube channel comment section, completely out of control (Well, mostly, it's relatively stable at almost 90,000LBP per 1USD for a while...).

First, you need to understand that, if you are still paid in local currency, that your spending power is completely crushed. This means that saving LBP is stupid. You need to go out there and spend it. Since point of sales in most pharmacies and supermarkets and shops are somewhat still functional at the moment, you need to go and get rid of any LBP savings you have before they further transform into rough toilet paper. This means going on a shopping frenzy for ESSENTIAL medicine and foodstuff. To know more about what to buy, listen to the podcast. Once the basic necessities are taken care of, my advice is to buy as much alcoholic beverages and tobacco products as possible, even if you don’t drink or smoke: in stressful times, people will need to unwind, and a stiff drink with a cigarette helps. This means that those products will become extremely valuable and you can resell or exchange small quantities for cash or food or meds. 

The (D)evolution of the LBP coins (Now no longer in circulation) is a depressing story about inflation... The Salvos Modum Sap Wallet story is however, quite uplifting, DM us about it :D

Second, any local currency cash you have should be kept to a minimum: crime has drastically increased and your chances of being mugged are severe. Minimize the risk by having a throwaway wallet with minimal local currency in it, and exchange the rest in USD, even if the rate seems unreasonable (Hint, it will get A LOT worse). Obviously, keep the cash at home, NEVER TRUST BANKS. 

Third, you need a stable, long-term way to preserve your wealth: Physical Gold. Once your foreign currency backup reaches a certain amount (For example, enough to survive for 6 months to a year without income), you need to acquire some gold, either coins, grams, or ounces. We recommend you buy certified gold, Valcambi and Credit Suisse are exchangeable anywhere on Earth for cash and/or services.

Fourth, purchase real estate in stable countries, this will improve your economic survival for the future and offer you things such as golden visas, foreign residency permits, and even citizenship in greener pastures.

Fifth, if you haven’t already, become proficient at Violence, to protect yourself and your loved ones.

Looking to get trained in Unarmed, Edge / Point tools, and Firearms? We seamlessly integrate all together and focus on discreet and deniable methodologies most applicable for civilians. We offer a free consultation based on your needs, contact us NOW!