Lebanon’s Monetary Crisis Forces Thieves to Change Their Tactics

Demonstrators hold loaves of bread that read we are only against hunger - REUTERS
Demonstrators hold loaves of bread that read we are only against hunger - REUTERS
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Lebanon’s Monetary Crisis Forces Thieves to Change Their Tactics

Demonstrators hold loaves of bread that read we are only against hunger - REUTERS
Demonstrators hold loaves of bread that read we are only against hunger - REUTERS

It is hard to find a Lebanese home without a metal safe to store money and precious belongings, especially these days, as the home robbery rate rises. However, speaking to Asharq Al-Awsat, a woman said safes alone do not make you feel secure.

“If the thief was armed, he could force us to open the safe and take everything. So, we are looking for ways to safely hide our money in the house," she stressed.

In light if the current dire economic situation, more people are buying safes fearing the rise of robberies. Even public institutions and places of worship are not safe. Two months ago, unidentified robbers stole the safe of an office for the ''Electricity of Lebanon'.' Also, a donation box of a church got recently stolen.

Some thefts are minor and spontaneous, like the incident that happened around two weeks ago, when a man stole some shawarma from a restaurant. The owner stopped his employees from chasing the man, saying that he was just trying to feed his family. Others, however, are major and sophisticated. In a village in the south, over one hundred thousand dollars were stolen from a house equipped with cameras, and the thieves did not leave a trace.

On the street, women are especially vulnerable to theft, as thieves see in them easy prey; voice notes warning women about this and recommending that they refrain from wearing jewellery are spreading. It is worth noting though, that auto-theft, notoriously common in the Beqaa, is declining because of the difficulty of selling the cars or receiving a ransom in exchange for their return; in light of the shortage of liquidity.

Instead, motorcycle theft is on rise because they are easier to sell and useful for the thieves.

Armed robberies of pharmacies are also on the rise. One pharmacist, speaking to Asharq Al-Awsat says that he: “was forced to install a metal door with a gap at the pharmacy’s entrance, passing medicine on to clients through this gap at night. I also have a gun by my side that I hope I'll never have to use.

According to the Internal Security Forces’ figure, there were 1573 thefts recorded in 2019, 240 looting and 668 pickpockets, an increase of 13.1% as compared to the previous year. However, this rate is better than it was between 2014 and 2017. The rate of theft is 131 per month in 2019. While it reached 190 thefts per month in 2014.

The security authorities believe: “The rate of theft is very acceptable in light of the conditions in which the Lebanese are living under, and there is no need for panic. It is not true that poverty causes theft, even if it is an important factor."

Meanwhile, security forces pointed out that the speed of the security forces’ response and apprehension of the perpetrators limits this phenomenon; "the gangs responsible for stealing pharmacies have been arrested, as have some of the auto theft gangs. Lebanon is not in the midst of chaos because deterrence is quick to curb any criminal act.”



COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)

Countries agreed at the UN's COP29 climate conference to spend $300 billion on annual climate finance. Here are some ways of understanding what that sum is worth:

MILITARY MIGHT

In 2023, governments around the globe spent $6.7 billion a day on military expenditure, according to the Stockholm International Peace Research Institute.

That means the $300 billion annual climate finance target equates to 45 days of global military spending.

BURNING OIL

$300 billion is currently the price tag for all the crude oil used by the world in a little over 40 days, according to Reuters calculations based on global crude oil demand of approximately 100 million barrels/day and end-November Brent crude oil prices.

ELON MUSK

According to Forbes, Elon Musk's net worth stood at $321.7 billion in late November. The world's richest man and owner of social media platform X has co-founded more than half a dozen companies, including electric car maker Tesla and rocket producer SpaceX.

STORM DAMAGE

Hurricane Katrina, one of the most devastating and deadliest cyclones in US history, caused $200 billion in damage alone in 2005.

This year's climate-fueled Hurricane Helene could end up costing up to $250 billion in economic losses and damages in the US, according to estimates by AccuWeather. While preliminary estimates by Morningstar DBRS suggest Hurricane Milton, also supercharged by ocean heat, could cost both the insured and uninsured nearly $100 billion.

BEAUTY BUYS

The global luxury goods market is valued at 363 billion euros ($378 billion) in 2024, according to Bain & Company.

COPPER PLATED

The GDP of Chile - the world's largest copper producing country - stood at $335.5 billion in 2023, according to World Bank data.

GREECE'S BAIL OUT

Euro zone countries and the International Monetary Fund spent some 260 billion euros ($271 billion) between 2010 and 2018 on bailing out Greece - the biggest sovereign bailout in economic history.

BRITISH BONDS

Britain's new government needs to borrow more to fund budget plans. Gilt issuance is expected to rise to 296.9 billion pounds ($372.05 billion) for the current financial year.

TECH TALLY

A 10% share of tech giant Microsoft is worth just over $300 billion, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at $292 billion.

CRYPTO

The annual climate finance target amounts to 75% of the total value of the global market for crypto currency Ether, the world's second-largest cryptocurrency.

Alternatively, 3 million Bitcoin would cover the annual climate finance target as the world's largest cryptocurrency closes in on the $100,000 mark following a rally fueled by Donald Trump winning the Nov. 5 US presidential election.