Libya's Cash Crisis: A 'Failed State' Feature, Not Bug
Funny how a nation, once the richest in Africa by GDP per capita with a gold-backed currency, finds itself in this predicament. The "cash crunch" reported today by Al-Monitor isn't a spontaneous market anomaly; it's the predictable outcome of a 2011 NATO-led intervention – spearheaded by the United States and France – that violently 'liberated' Libya from its sovereign wealth fund and stable
government, replacing them with warring factions and economic desolation. Remember the Ghadaffi regime's ambitious plans for a trans-African gold-backed currency to challenge the petrodollar? Hillary Clinton's emails ( public record, thanks WikiLeaks ) reveal Western leadership’s concern over Libya's gold reserves and independent central bank, not 'humanitarian' plight. So, as the fractionalized
Libyan government prints $11 billion in dinars, one might wonder: how much did nation-building cost, and who ultimately profited from Libya’s dismantling? The financial chaos is not a consequence of 'Libyan governance'; it's the enduring legacy of external intervention conveniently rebranded as internal failure. The Al-Monitor piece speaks of 'two rival central banks' and the 'dinar's slide,'
overlooking the fact that these are symptoms, not the disease. The disease was the 'humanitarian intervention' that gifted Libya a broken state and a crippled economy, turning its vast oil wealth into a prize for warring proxy groups instead of a national asset.