In response to: “Lebanon Needs Help to Secure Its Economic Recovery” — Financial Times  ·  Read original FT report →

Lebanon’s economic crisis, as Jowelle Michel Howayeck writes, is not complex in its essence — but reducing it to fiscal indiscipline and banking mismanagement produces a technically neat diagnosis that fundamentally ignores the binding constraint on the economy.

No recovery model can function under dual authority. Capital does not price spreadsheets alone. It prices risk, control, and predictability. In Lebanon, all three remain structurally compromised by a reality the international financial community continues to discuss with uncharacteristic delicacy.

“An economy cannot stabilize when the monopoly over the use of force is absent. Investors do not deploy capital where war and peace are not sovereign decisions.”
— Jowelle Michel Howayeck, @JowelleHowayeck

Depositors, Howayeck argues, will not return funds to a system operating under permanent geopolitical volatility outside state control. Framing this simply as “armed conflict” misses the precise economic mechanism at work — this is not an external shock. It is a structural, persistent risk premium embedded into every Lebanese asset, every transaction, and every economic forecast.

The Structural Risk Premium

That premium translates into capital flight, dollarization, suppressed investment, and a permanently discounted economy. No banking restructuring, no IMF program, and no fiscal adjustment — however technically sound — can offset that fundamental distortion when left unaddressed.

The conclusion is pointed and unambiguous: reform without sovereignty restoration is not a recovery strategy. It is a temporary stabilization attempt with diminishing returns — internally coherent plans that markets will continue to render externally non-credible, and therefore economically non-viable.

Original Post
Jowelle Michel Howayeck
Jowelle Michel Howayeck | جوال ميشال الحويك
@JowelleHowayeck
Lebanon’s crisis is not complex. But reducing it to fiscal indiscipline and banking mismanagement produces a technically neat diagnosis that ignores the binding constraint on the economy. No recovery model can function under dual authority. Capital does not price spreadsheets alone. It prices risk, control, and predictability. In Lebanon, all three are structurally compromised. An economy cannot stabilize when the monopoly over the use of force is absent. Investors do not deploy capital where war and peace are not sovereign decisions. Depositors do not return funds to a system that operates under permanent geopolitical volatility outside state control. Reform without sovereignty restoration is not a recovery strategy. It is a temporary stabilization attempt with diminishing returns. Lebanon’s problem is not only balance sheets. It is the absence of a unified decision making authority that markets can trust. Until that constraint is removed, every economic plan will remain internally coherent but externally non credible, and therefore economically non viable. ft.trib.al/bhGU0PC

In a second post — translated from Arabic — Howayeck moves beyond economics to deliver a starker political verdict. Lebanon, she writes, is no longer a state that is governed. It has become a battlefield managed from the outside.

What the country is witnessing is not a crisis of governance nor an economic stumble, but a systematic collapse from within — in full view of everyone, and with a silence that borders on complicity. The terms “malfunction” and “corruption,” she argues, are softened expressions that fail to capture the true scale of the catastrophe.

The truth is clearer and harsher: the state is fully infiltrated — by a party that holds weapons, imposes decisions, and extends its reach into every ministry, every administration, and every file. The evidence requires no investigation.

“A state that punishes those who stand with it and appeases those who threaten it is no longer a state — but an empty shell managed from without.”
— Jowelle Michel Howayeck, @JowelleHowayeck

The law, she contends, is wielded as a selective weapon: applied with harshness against those who support the state, and deliberately suspended with cold indifference before those who undermine it. This is not a fleeting duality, but a self-sustaining system.

Howayeck points to what she describes as examples not far to find: organized campaigns targeting the Patriarch, verbal and political assaults on the head of a national authority without any noteworthy state response. Gunfire at funerals, displays of weapons in public streets, shows of force in moments that should be humane and national — all passing as routine. The silence, she says, is not neutrality. It is a message.

The Cycle That Never Breaks

Every few years, the same scene replays: a new government, reformist rhetoric, glittering promises. Then the same names, the same logic, the same waste, and the same decline — because the real question is deliberately buried: how do you reform a state while the influence that destroys it remains seated at its heart? The answer is clear and troubling: it cannot be done.

The Lebanese people, Howayeck insists, no longer want explanations. The phase of justification is over. What they want today is the full truth: who covered up? Who carried out? Who benefited? Who obstructed? And who brought the country to this abyss? No reform without naming names, and no rescue without accountability.

She addresses the international community directly: trust is not bought with statements, but built with decisive steps. And the first of these steps is to say what everyone knows and fears to utter — a state cannot rise while a force within it imposes its decisions above it. There cannot be two legitimacies, nor two paths, nor two ceilings in a single homeland.

“Lebanon today stands before a decisive moment that brooks no evasion. Either a radical confrontation that restores decision-making to the state — or the continuation of collapse at an accelerated pace under new slogans that conceal the same impotence.”
— Jowelle Michel Howayeck, @JowelleHowayeck

Lebanon lacks neither experts, nor plans, nor words, she writes. It lacks only one decision — clear and decisive — to break this system at its roots, or to accept living within an illusory state managed from the outside.

The equation is no longer gray: either a real state with one decision and one authority — or no state at all. This is not a passing crisis. This is a moment of fall or rise.

Original Post · Translated from Arabic
Jowelle Michel Howayeck
Jowelle Michel Howayeck | جوال ميشال الحويك
@JowelleHowayeck
Lebanon is no longer a state that is governed, but a battlefield managed from the outside. What we are witnessing is not a crisis of governance nor an economic stumble, but a systematic collapse from within, in full view of everyone, and with a silence that borders on complicity. What is happening in the institutions is no longer a malfunction or corruption, for these are softened expressions that fail to capture the scale of the catastrophe. The truth is clearer and harsher: the state is fully infiltrated, by a party that holds the weapons, imposes decisions, and extends its reach into every ministry, every administration, and every file. The evidence requires no investigation. The law is wielded as a selective weapon: applied with harshness against those who support the state, and deliberately suspended with cold indifference before those who undermine it. This is not a fleeting duality, but a self-sustaining system. A state that punishes those who stand with it and appeases those who threaten it is no longer a state, but an empty shell managed from without. Every few years, the same scene is replayed: a new government, reformist rhetoric, glittering promises. Then what? The same names, the same logic, the same waste, and the same decline. Lebanese people no longer want explanations. The phase of justification is over. What they want today is the full truth: who covered up? Who carried out? Who benefited? Who obstructed? And who brought the country to this abyss? No reform without naming names, and no rescue without accountability. The equation is no longer gray: either a real state with one decision and one authority, or no state at all.
Jowelle Michel Howayeck

Jowelle Michel Howayeck جوال ميشال الحويك

Lebanese political activist and former parliamentary candidate. A passionate voice for political rights, sovereignty, and interfaith accountability in Lebanon.

@JowelleHowayeck on X