Get ready to blame "dollar hegemony" when this goes wrong..... Lebanon to devalue currency by 90% on Feb. 1

I can see it all happening and I can’t make it stop
It’s almost like it’s in slow motion.

Lebanon destroys its own economy

  • left blames dollar hegemony.

Lebanese protests begin, poor Lebanese become radicalized

  • left blames US foreign policy

Lebanese job seekers learn to say the phrase “asylum seeker” and flee to foreign countries pretending they are seeking asylum

  • Europeans don’t believe that transparent lie,
  • left blames racism declares ultra-right nationalism is on the rise

Keep this in mind next time you hear that poor countries are poor because the bad ol’ rich countries keep picking on them.

Well, that didn’t take long.
Anyone surprised?

Yup, more big bad dollar hegemony

How did what you posted prove that isn’t why they are poor?

Thai Siam serious question, BTW.

Thread title:
lebanon devalued its currency (printed more money)
in a dumb ass attempt to solve a crisis.

It made the crisis worse.

What was the black market exchange rate for dollars? 57,000 to 1

I read just fine.

This does not answer my question.

Sure, but how is your proofreading?


Oh well the people in charge of Lebanon and the Lebanon monetary system
They are both Lebanese. (shh I know this because I am smart.

So when they did something bad,
something that will hurt the Lebanese economy, I said

“That is bad.
The Lebanese are hurting their own economy
and after the Lebanese have hurt their own economy
they are going to blame the US.”

Oops. That’s Siri lol.

1 Like

I understand.

That STILL doesn’t answer my question.

You are right.

I did not prove that rapidly devaluing the currency by 90% makes people poor.

I can give you anecdotes from Zimbabwe and the Weimar republic
(which I thought were obvious)
If you need more you are beyond my ability to educate.

This seems to be a discussion of something that had already happened on the currency exchange black market long before this.

Think a little beyond just the immediate step of currency devaluation when thinking about your answer.

Do you think that step just happened in a vacuum?

No I think it happened amid years and years of mis-education by lefty econ professors, just like in Weimar and just like in Zimbabwe, just like every time it happened.

Most econ professors will teach that “print and spend” is for short term emergency measures only.

Trying to artificially constrain the FOREX market with mandatory exchange rates isn’t any better.

I guess when you inflate your currency 10-to-1 you need to print 10x more currency
you need 10x as many ATMs (or currency with more zeros.)

To think anything else would result was foolish.

How does the saying go?
“Those who don’t study history . . .”

Riiight…that’s what happened.