Barrack: ‘Lebanon Is A Failed State’

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Transcript

00:00Lebanon is a failed state. There's no central bank. The banking system is bust.

00:05Riyad Salome, the head of the central bank, has been indicted all across Europe.

00:10There's $60 billion missing from the Lebanese banking system.

00:14There's another $75 billion. If you take $50 billion of euro bonds plus interest,

00:19you have $130 billion of state debt.

00:23They refuse to do a gap assessment. They refuse to deal with the World Bank.

00:27They refuse to deal with the IMF.

00:29The Electricité du Liban, like the Bank du Liban, is bust, is broke.

00:33There's no electricity. You have electricity, you need a private generator.

00:37You want water, you need private water.

00:39You want education, you need private water.

00:41So what's the state? The state is Hezbollah.

00:44You go south, Hezbollah gives you water, gives you an education, gives you a stipend.

00:49It has 40,000 soldiers.

00:51LAF, Lebanese Armed Forces, has 60,000 soldiers.

00:57The only problem is the Hezbollah soldiers make $2,200 a month.

01:02The LAF soldiers make $275 a month.

01:05The Hezbollah soldiers have 15,000, 20,000 rockets and missiles.

01:10The LAF soldiers are driving old Jeeps, some AK-47s.

01:14So which army is which?

01:17What's happening?

01:18What's happening?