Lebanon: The latest in the Dollarization family

[Tshering22]

Recently, I came across a small but informative YT video about how Lebanon is adopting the US Dollar, all while the rest of the world is talking about de-dollarization. Their currency has collapsed so badly that it makes the Turkish Lira look like the Swiss Francs.

Lebanon has been in a hot soup since the day their port explosion happened some years ago. They have not been able to recover from that shock at all. Their currency is the Lebanese pound and it beats the Venezuelan Bolivars hands down.

Check this out.



For all its natural beauty and relatively open-minded people, its tourism sector is pretty weak and they are really dependent on the outside world. Meanwhile, their neighbour Israel literally controls the sole superpower on this planet with their little fingers.

 

[ovalpiston]

Not sure why this merits its own thread but Lebanon's economic woes did not start with the port explosion, its been going on for over 50+ years now. If you ignore the brief periods of stability, its been an unstable basket case for over 100 yrs. It is no coincidence that people of Lebanese origin (especially christians) were the first ones from the middle east to settle in lands as distant as latin america. The repeated crisis led to repeated mass migrations, the lebanese community is one of the most vibrant and affluent in the world. Lebanon continues to benefit immensely from its diaspora, hence despite the chronic inflation and a collapsed economy, the quality of life for an average lebanese citizen is pretty high in the region.