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U.S. Demands Accountability After American Killed in West Bank

  The U.S. Ambassador to Israel, Mike Huckabee, has called on Israeli authorities to conduct a thorough and aggressive investigation into the death of 20-year-old American citizen Sayafollah Musallet, who was reportedly beaten to death in the West Bank town of Sinjil on July 11. Musallet, also known as Saif, was a dual Palestinian-American citizen from Tampa, Florida. According to his family, medics were unable to reach him for hours due to blocked access, and he died before arriving at the hospital. The incident has sparked outrage among U.S. lawmakers, with Representative Kathy Castor urging international cooperation to ensure the safety of Americans abroad. The Israeli military has stated that it is investigating the incident, which occurred amid rising settler violence in the West Bank following the escalation of conflict in Gaza in late 2023. Musallet’s family and several members of Congress are pressing the U.S. State Department to lead an independent inquiry and hold thos...
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Long Lines Form and Frustration Grows as Cuba Runs Short of Cash

 

In Havana, Cuba, long queues outside banks and ATMs have become a common sight. People stand in line early in the day, hoping to withdraw Cuban pesos for routine transactions like buying food and other essentials. The shortage of cash has become a significant challenge for many Cubans, adding to the complexities of the country’s monetary system.

Several factors contribute to this cash shortage, all of which are linked to Cuba’s deep economic crisis—one of the worst in decades. Let’s explore the reasons behind this frustrating situation:

  1. Government Fiscal Deficit: Cuba’s growing fiscal deficit has strained the availability of cash. The government’s financial challenges have made it difficult to maintain sufficient liquidity in the banking system.

  2. Lack of High-Denomination Banknotes: The absence of banknotes with denominations greater than 1,000 Cuban pesos (approximately $3 in the parallel market) exacerbates the problem. Without larger denominations, routine transactions become cumbersome for citizens.

  3. Stubbornly High Inflation: Inflation rates in Cuba remain high, eroding the purchasing power of the local currency. As prices rise, people need more cash to cover their basic needs.

  4. Cash Hoarding by Entrepreneurs and Business Owners: Most of the available cash is held by entrepreneurs and small- to medium-sized business owners. These individuals often collect cash from commercial transactions but hesitate to return it to the banks. Their reasons vary—from distrust of local banks to the need to convert Cuban pesos into foreign currency.

  5. Import-Dependent Economy: Entrepreneurs and business owners in Cuba rely on imports for almost everything they sell. To pay for supplies needed to run their businesses, they often hold onto Cuban pesos, intending to exchange them for foreign currency on the informal market.

Converting Cuban pesos into other currencies presents yet another challenge due to the island’s highly fluctuating exchange rates. As Cubans continue to grapple with this cash shortage, frustrations mount, and the daily struggle to access their hard-earned money persists.

The situation in Cuba highlights the complexities of managing a monetary system during an economic crisis. 

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