On shaky ground ?

Devaluation. Is it a dirty word? These days you can find doomsayers on what will happen to the Lebanese pound – but they don’t want to get caught on what they say. “I believe that devaluation is inevitable,” says one analyst, “but don’t quote me on that.” Hiding behind reports, graphs and charts, they say the topic is ”too sensitive,” or, as one economist says, “I’ll be blamed for the fall; I’ll be seen as the catalyst if the pound drops.” B ut it’s not only the fatalists that have kept a tight lid on things. The central bank won’t reveal how much it intervenes to keep the pound stable, and the total amount of net reserves is always in safe storage. It’s as though the best thing to do is to keep quiet about what might happen to the pound and any danger will vanish. But warning signals have