Written by khoder Farhat to JNews Lebanon
Behind the thick smoke of convoluted technical jargon and International Monetary Fund (IMF) reports lies a dangerous linguistic and economic trap designed to shield the perpetrators of the greatest financial catastrophe in modern history. Framing Lebanon’s financial meltdown as merely a “systemic crisis” is being deliberately used in political and financial circles as a platform to evade accountability. It attempts to paint the disaster as a “natural earthquake” or an act of fate that no one could prevent. However, the raw truth that every Lebanese depositor is searching for lies elsewhere: this was a locally manufactured collapse, planned and executed through calculated human choices.
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JNews Banking Sources Confirm: An Endogenous Crisis, Not an External Disaster
High-level banking and economic sources confirmed exclusively to JNews Lebanon that the collapse was never inevitable. Documented historical and financial data proves that the Lebanese financial sector successfully withstood far more severe regional and global shocks over several decades. The system did not crash during the massive 2008 global financial crisis, nor did it succumb to the turbulent regional uprisings of 2011. Instead, it continuously sustained the inflow of capital and deposits even during the darkest days of the civil war and the July 2006 war.
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Our exclusive banking sources emphasize that the sudden nationwide banking meltdown of 2019 occurred during peacetime, without any sudden international crash or external shock to justify such a horrific collapse. This precise timing completely shatters the official narrative. It proves that the ruling regime managing the country deliberately pressed the self-destruct button on the financial system from within.
By Name and Position: The Human Choices That Slaughtered Depositors’ Savings
Exclusive analysis and data obtained by JNews Lebanon indicate that structural vulnerabilities were not abstract financial forces. They were deliberate human choices protected by political immunities:
- The Catastrophic Financial Engineerings: Spearheaded and calculated by the former Governor of the Central Bank, Riad Salameh, which served as the primary mechanism to drain liquidity from commercial banks and dump it into the state’s black hole of deficit.
- The Boards of Major Commercial Banks: Lead banking figures—such as Selim Sfeir and executives of top-tier commercial banks—who willingly overexposed depositors’ assets to fatal state debt in pursuit of astronomical imaginary profits, refusing to halt the bleeding despite explicit warnings from financial experts.
- The Political Cover of the Ruling Regime: Succession of political forces and ministers of finance who became addicted to budget deficits. They treated depositors’ funds at the Central Bank as an open ATM to finance political deals, state corruption, and a rigid, artificial currency peg just to postpone the moment of truth and extend their own survival in power.
Depositors’ life savings were intentionally used to artificially prolong the lifespan of an expired regime, choosing to evade reality by sacrificing the wealth of the Lebanese people to cover the deficit of a looted state.
Vague Terminology as the Final Shelter forgot the Guilty
Diplomatic and economic insiders speaking to our platform warn against the dilution of terminology. The phrase “systemic crisis” has become the preferred shield for corrupt elites to make the crime look like everyone’s responsibility—meaning no one is held accountable. Lebanon’s financial structure did not crash because it was fragile; it collapsed because that fragility was systematically exploited, mismanaged, and abused until there was nothing left to protect.
Recognizing that this crime was executed by internal actors with known names and official titles is the true starting point for accountability and the restitution of rights—a battle that the depositors’ movement will never abandon, no matter how many linguistic tricks are deployed.
