Our financial system needs to wake up. Once the dynamic driver of our nation’s economy, it’s long slumbered at the wheel, abandoning industry and entrepreneurial activity in favor of cozy deals on government debt. The result? Stagnant industry, few exports, a huge current account deficit and a morbidly high brain drain as our young people seek out decent employment abroad. It wasn’t always like this. Forty years ago, young urban professionals — fresh products of the finest public education system in the region — were able to make a decent wage. They made it into the middle class because at that time, hard work was all that was required: keep your nose to the grindstone and you can afford a house, education for your children, even vacations. At that time — just before the Civil War began — local manufacturers were internationally competitive. A dollar bought 2.25 Lebanese pounds, not
