The Last Time Gold Flashed This Warning Sign, the Market Dropped 80%

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

Syria's economic pains far from over despite Assad's ouster

KAREEM CHEHAYEB
January 24, 2025

DAMASCUS, Syria (AP) -- Samir al-Baghdad grabbed his pickax and walked up a wobbly set of stairs made of cinderblocks and rubble.

He is rebuilding his destroyed family house in the Qaboun neighborhood near Damascus, Syria 's capital.

The traditional building, which once housed his family, parents and some relatives, had a courtyard decorated with plants and tiled floors where guests were received. But the house, like scores of others nearby, has been reduced to heaps of rubble during years of civil war.

Al-Baghdadi can't afford to hire workers or rent a bulldozer to clear the debris and fix the house. He makes just about enough money as a mechanic to feed his family. But he's desperate to rebuild it because he is struggling to pay skyrocketing rent for an apartment.

"Economic opportunities are basically nonexistent," al-Baghdadi said, sitting on a pile of rubble and debris where the house's entrance used to be. "So we're going to slowly rebuild with our own hands."

Although Syrian President Bashar Assad was toppled last month in a lightning insurgency, the country's dire economic conditions that protesters decried have not changed.

The economy has been battered by corruption and 13 years of civil war. Coupled with international sanctions and mismanagement, inflation skyrocketed, pulling some 90% of the country into poverty. Over half the population -- some 12 million people -- don't know where their next meal will come from, according to the U.N. World Food Program.

With no sign of a full-scale withdrawal of international sanctions and continuing caution among potential overseas investors, the honeymoon period for the country's new rulers could be short-lived.

Qaboun, just a stone's throw away from the city center, and other eastern Damascus neighborhoods became rebel strongholds in 2012, when the country's mass protests against Assad spiraled into all-out war.

It suffered government airstrikes and artillery fire, and at one point Islamic State group extremists. In 2017, government forces reclaimed the neighborhood, but when al-Baghdadi tried to return in 2020, security forces kicked him out and forced him to sign a pledge to never return, saying it was a security zone that was off limits.

After Assad's fall, al-Baghdadi was finally able to return. Like many, he was euphoric and hoped it would pave the way for better times despite the many challenges that lay ahead, including rampant power cuts and fuel shortages.

For years, Syrian families have relied on humanitarian aid and remittances from family members living abroad to survive. On top of the gargantuan costs of rebuilding the country's destroyed electricity, water and road infrastructure, money is needed to restore its battered agriculture and industrial sectors to make its hobbled economy productive again.

The United Nations in 2017 estimated that it would cost at least $250 billion to rebuild Syria. Some experts now say that number could reach at least $400 billion.

Wealthy Gulf countries have pledged to build economic partnerships with Syria's new interim rulers, while Washington has eased some restrictions without fully lifting its sanctions. The U.S. Treasury Department issued a six-month license authorizing some transactions with Syria's interim government. While it includes some energy sales, Syrians say it isn't enough.

Sinan Hatahet, an economic researcher at the Washington-based Atlantic Council think tank, said the U.S. actions were the "bare minimum" needed to show good faith to Damascus and aren't enough to help Syria jumpstart its economy.

"It doesn't help the private sector to engage," Hatahet said. "The restrictions on trade, the restrictions on reconstruction, on rebuilding the infrastructure are still there."

While countries are hesitant to make more impactful decisions as they hope for a peaceful political transition, many Syrians say the economy can't wait.

"Without jobs, without huge flows of money and investments ... these families have no way of making ends meet," Hatahet said.

The executive director of the World Food Program echoed similar sentiments, warning Syria's neighbors that its food and economic crisis is also a crisis of security.

"Hunger does not breed good will," Cindy McCain said in an interview during her first visit to Damascus.

In the Syrian capital's bustling old marketplace, crowds of people pack the narrow passageways as the country's new de facto flag is draped over the crowded stalls. Merchants say the atmosphere is pleasant and celebratory, but nobody is buying anything.

People stop to smell the aromatic and colorful spices or pose for photos next to masked fighters from the ruling Hayat Tahrir al-Sham group guarding the market's entrances.

"We're very happy with our liberation, thank God, but there are few jobs," said Walid Naoura, who works with his father at a clothing shop. "Yes, we've been relieved of thuggery and oppression, but all these people here have come to celebrate but not to buy anything because things are expensive."

Nearby, Abou Samir, a carpenter, saws a piece of wood as he assembles a chest of drawers. There is no electricity to power his machinery, so he's doing it by hand.

"I'm working at a loss ... and you can't make larger workshops work because there is no electricity," he said.

His sons live abroad and send money to help him get by, but he refuses to stop his carpentry work which has been his livelihood for 50 years.

In Qaboun, al-Baghdadi sips tea on a makeshift porch overlooking his neighborhood, which has turned into empty plots and a gathering point for local buses and minivans. It was a successful day because he managed to connect an electric cable to power a single light bulb -- but part of his roof collapsed.

He still hasn't been able to secure running water but hopes that he and his family can move into the house with its many memories before summer, even if it is far from completion because of his financial situation.

"I prefer that to living in a palace elsewhere," al-Baghdadi said.

Continue Reading...

Popular

Fishermen say Trump's DOGE budget cuts are preventing them from adopting climate-friendly technology

BREMEN, Maine (AP) — Commercial fishermen and seafood processors and distributors looking to switch to new, lower-carbon emission systems say the federal funding they relied on for this work is either frozen or unavailable due to significant budget cuts promoted by President Donald Trump’s .

Telegram's CEO Durov in Dubai as France continues to investigate criminal activity on messaging app

Telegram CEO said Monday that he has travelled from France to Dubai as French authorities continue to investigate criminal activity on his messaging app.

Gold's About to Go Parabolic? (Trump's First Term Sent It Soaring) - Ad

During President Trump's first term, tariffs & rate cuts sent gold soaring 57%. Now, Trump is using the same playbook. Are you expecting different results? Hint: Gold is now surging, and experts predict gold could hit $4,000... even $10,000! Move funds from your IRA & 401(k) into gold--TAX & PENALTY-FREE--while you still can!

Tesla Drops Nearly 5% As Mizuho Cuts Price Target To $430 — Peter Schiff Asks Why Is It 'Bad News'

Tesla Inc. shares plunged nearly 5% Monday after Mizuho analysts slashed their price target for the electric vehicle maker, prompting economist Peter Schiff to question the market's reaction.

Arizona Supreme Court taps AI avatars to make the judicial system more publicly accessible

PHOENIX (AP) — Arizona's highest court has created a pair of AI-generated avatars to deliver news of every ruling issued by the justices, marking what is believed to be the first example in the U.S. of a state court system tapping to build more human-like characters to connect with the public.

Warning: What They Haven't Told You (Yet) About the 2025 Selloffs - Ad

In light of massive recent selloffs... Stansberry Research has issued a new warning for the public. Their latest research shows the real truth about the 2025 tariff selloffs is much bigger -- and much worse -- than the public realizes. They say unless you take the right steps now... You could soon see your wealth cut in half.

Mark Cuban, Kevin O'Leary Rejected Poppi On Shark Tank, Pepsi Just Paid $1.9 Billion To Acquire Company

Poppi was acquired by Pepsi for $1.9 billion. The company has grown significantly in recent years with an appearance on "Shark Tank" helping things.

Canada incoming PM says he'll keep tariffs in place until US shows respect and commits to free trade

TORONTO (AP) — Incoming said Tuesday that his government will keep tariffs in place until Americans show respect and commit to free trade after U.S. President Donald Trump threatened historic financial devastation for Canada.

Stocks to Crash on March 16, 2026? Here's Compelling Reason Why - Ad

Perhaps no one on or off Wall Street has been more accurate calling the bull and bear turns of the past 7 years. From the bear markets of 2018 and 2022... to the roaring bull runs of 2021, 2023, and 2024. And now, Marc Chaikin is predicting the next crash will start March 14, 2026. If you have money in the markets, Chaikin's thesis is a must-see.

Samsung Apologizes Yet Again For AI Missteps, Promises Major Deals As Shareholders Fume Over Plunging Stock: 'Our Company Failed To...'

Samsung's CEO apologized for the second time in five months, admitting failures in AI strategy and vowing major deals to regain lost ground as investors grow increasingly frustrated over the company's lagging stock and weakened tech leadership.

Are you owed an extra $2,105 a month in extra cash? - Ad

A little-known "loophole" has allowed a handful of regular Americans to legally collect over $109,200,000 in bonus cash. And today's your chance to join them. It doesn't matter how old you are or even how much money you make. And my research shows there's no way you can be denied from taking part in this opportunity.

Meet the federal worker who went rogue: I hope that it lights a fire under people

NEW YORK (AP) — To billionaire Elon Musk and his cost-cutting team at the Department of Government Efficiency, Karen Ortiz may just be one of many faceless bureaucrats. But to some of her colleagues, she is giving a voice to those who feel they can't speak out.

Cathie Wood Believes Most Memecoins Will Face 'Fearsome Declines,' But They Could End Up Becoming Collector's Items

Cathie Wood, the founder of asset management firm Ark Invest, warned investors Tuesday that most meme coins won't have high worth in the future and "fearsome declines" could be expected.

Forget Nvidia - This Odd Tariff Play Is Now Going Viral - Ad

As President Trump slaps China with new tariffs, the Fed is boxed in--and gold is skyrocketing just like it did during Trump's first term. JPMorgan just grabbed $4 Billion in gold bars... should you? Discover a "Tariff Assistance Loophole" to move funds from your IRA & 401(k) into gold--tax-free!

China learned from Trump's first trade war and changed its tactics when tariffs came again

WASHINGTON (AP) — The leaders of both Canada and Mexico got on the phone with President Donald Trump this past week to on their countries, but China’s president appears unlikely to make a similar call soon.

What makes Greenland a strategic prize at a time of rising tensions? And why now?

NUUK, Greenland (AP) — When U.S. President Donald Trump first suggested in 2019, people thought it was just a joke. No one is laughing now.

13-Second Trump Video Could Trigger AI Shock - Ad

Louis Navellier, the legendary investor who picked Nvidia before shares exploded as high as 3,423%... Just released a video with this 13-second Trump clip about the current AI boom. Please, do NOT buy any AI stock before watching that clip. What President Trump said in that clip could have implications for this AI boom.

Bill Gates' Next Big AI Bet: Stargate Could Be a Game-Changer - Ad

Jeff Brown, the tech expert who predicted Bitcoin, Nvidia, and Tesla, reveals Bill Gates' new AI project, Stargate. Could this be the next big AI breakthrough?

Microsoft Pours $297 Million Into AI And Cloud Expansion In South Africa

Microsoft to invest $297 million to expand cloud and AI infrastructure in South Africa, enabling organizations to access solutions and certifications in digital skills.

Merck Plans Regulatory Submission For Two-Drug Regime For HIV Infection By Mid-2025

Merck's DOR/ISL met primary efficacy and safety goals in two Phase 3 HIV trials. Marketing applications are planned for mid-2025.

AI + Smart Glass = A Nasdaq Sleeper - Ad

This recent Nasdaq IPO is quietly making waves, thanks to its 95% market share in a $240M aerospace niche. With patented technology that integrates AI into smart glass, this company is poised for massive growth as the market races toward $124 billion by 2029.

Brazilian authorities suspend the airline involved in last year's crash that killed 62

SAO PAULO (AP) — aviation agency on Tuesday suspended the operating license for local airline Voepass, citing security risks as an investigation continues into a that killed all 62 people on board.

[Revealed] Trump and Elon's Shocking New Plan for America - Ad

Three patents could help President Trump and Elon Musk completely revolutionize a $23 Trillion market. This revolution is about so much more than just self-driving cars. Instead, what Elon's pivoting Tesla towards... Is a market that's 1,000X BIGGER. But a project THIS big can't stay under the radar for long...

Sam Bankman-Fried Says Prison Inmate Diddy Has Been 'Kind' To Him: 'It's A Position No One Wants To Be In'

Jailed cryptocurrency fraudster Sam Bankman-Fried shared his prison experience and interaction with fellow inmate rapper Sean Combs, popularly known as "Diddy," according to an interview released Thursday.

North Carolina Republicans seek to force top Democrats to fall in line with Trump agenda

RALEIGH, N.C. (AP) — North Carolina Republicans who are resolved to promote President Donald Trump’s agenda now seek to compel the recently elected Democratic governor to aid the president's immigration crackdown and stop the new Democratic attorney general from fighting Trump in court.

The "Second Wave" of 2025 Crashes (Could Be Worst in Us History) - Ad

According to the man who predicted 2008, 2020, and 2022... A new wave of crashes are coming to the US stock market. But these will be different. The moment they hit, they could kick off the worst (and longest) financial crisis in American history.

Fashion trends for fall: Big shoulders, even bigger coats and a color story to dye for

PARIS (AP) — Paris has spoken, and fashion’s final authority has laid down the law: This coming fall, it’s all about power shoulders, enveloping outerwear, and a color palette that runs from somber to surreal.

Analyst Sees Wendy's Playing Catch-Up, Needs Stronger Focus on Tech, Talent & Global Expansion

J.P. Morgan analyst Rahul Krotthapalli maintains a Neutral rating on Wendy's with a $17 price target. Despite its strong U.S. presence, Wendy's faces a sub-1x sales/investment ratio.

The Fort Knox Cover-up? What It Means for Gold - Ad

Trump and Musk are demanding answers: Is Fort Knox empty? If the gold is gone, supply collapses, and prices could skyrocket instantly. Right now, I've uncovered 5 major gold predictions that could make this Fort Knox moment even bigger than people realize. One of them is already unfolding--and the window to act is closing fast.

Universities are facing big cuts to research funding. At Duke, it's a time for 'damage control'

DURHAM, N.C. (AP) — Facing the potential loss of hundreds of millions of dollars in federal funding, Duke University is preparing for the worst.

Three New Patents Reveal Elon and Trump's Secret "Project America" - Ad

Three patents could help President Trump and Elon Musk completely revolutionize a $23 Trillion market. This revolution is about so much more than just self-driving cars. Instead, what Elon's pivoting Tesla towards... Is a market that's 1,000X BIGGER. But a project THIS big can't stay under the radar for long...

What's Going On With Gap Stock Friday?

Gap stock is trading higher on Friday after the company reported fourth-quarter earnings on Thursday after the market closed.

Trump vs Musk? Federal Workers Unconvinced He'll Take Action: 'If They Don't Cut, Elon will, Comments Show Who's Really In Charge'

President Donald Trump has reportedly limited the authority of his billionaire advisor, Elon Musk, to dismiss federal employees. This development has stirred skepticism among the workforce and political circles.

Elon's Biggest Secret Could Save Your Retirement - Ad

From a near-fatal car crash to surviving deadly malaria, Musk's fearless drive built Tesla, SpaceX, and Starlink. Now, he's warning America--and smart investors are listening. Discover the Trump IRS Loophole to protect your IRA & 401(k).

Elon Musk's DOGE Team Has Door Slammed On It At Africa Aid Agency Amid Raging Turf War

DOGE team members were denied entry to the U.S. African Development Foundation amid tensions over Trump's executive order targeting independent agencies.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service