On March 2, the Lebanese lira (or pound) eroded even further into becoming a failed currency, if there is such a thing. From an official exchange rate of 3,900 pounds per US dollar for importers and manufacturers of essential food items, the “cost of scarce dollars hit 10,000 Lebanese pounds on Tuesday, said three currency dealers on the informal market, a main source of cash since banks stopped dispensing dollars,” Reuters reports. A note from a Lebanese on WhatsApp best sums it up: “We are dying, 10,000:1, people are crying in the streets.” Lebanese television carried stories about the pain caused by another decline in the currency’s value — about people who can no longer afford to buy food and those who are just trying to get together enough money to leave the country.

The deadly impact of COVID-19 has been felt in every corner of the globe. On February 22, the United States reached a tragic landmark of 500,000 deaths. Across the Atlantic, nine of the top 10 nations in deaths per million are in Europe, with tiny enclaves of Gibraltar and San Marino topping the tables. The list of countries that have dealt with the pandemic relatively well is much shorter. Almost a year ago, I wrote about how leaders in Brazil and Mexico were slow in taking tougher action to prevent the spread of the virus. I falsely predicted that Latin America is unlikely to witness the death rates seen in Europe. Unfortunately, the effects of the pandemic were equally devastating in the region, if not worse.