This country is switching to US Dollar
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- Опубликовано: 2 июн 2023
- Subscribe: / uptin Amidst a massive economic crisis, its currency has lost 98% of its value, and Lebanon is now unofficially using US Dollar as its default currency. But is that a good idea?
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The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
My CFA ‘’Marisa Michelle Litwinsky’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Nice to see people wanting to stay in Lebanon and help the country.
Well it's a beautiful country, good weather...why not?
Disagree, we had a massive migration from the Lebanese a century ago into Latin America and they brought a lot of things into our region that made it so unique, it is time for a second wave now, most latinos all have a % of Lebanese heritage anyways because of that migration lol
Lebanon is rich in human resources. Dont fall for the dollars. Use gold and silver.
@@tonyb6485 Kind of difficult to pay for a Starbucks coffee with GOLD!
Most people prefer to stay in their country. It's often a tough choice to leave.
One of my friends showed me a 250,000,000 Zimbabwe dollar bill in 2008 and told me it was was worth less than a US penny. I think it is terrible what is happening inside Lebanon.
That’s so crazy!
I'm am a Zimbabwean, we us US dollars as our local currency
@@uptin At its peak, Zimbabwe inflation hit a inconceivable 89.7 Sextillion percent. $1 US was worth over 2.6 billion Zimbabwe dollars.
Didn't they have to start using scientific notation for prices?
Zimbabweans must be great at maths.
This isn't a new concept. Ecuador has been using the US dollar since 2000 and they have an economy and population more than 3X bigger than Lebanon.
Yes of course. The concept of Dollarization began in the 1970s
Yes and it resulted in a coup detat that only ended after the USA threatened to destroy Ecuador
As an Argentinian that used to exchange 1 peso for 1 dollar (now is 500 pesos to 1 dollar). I can tell that sooner or later politicians are going to overspend, print money out of thin air and break the parity with the US dollar... Adopt the dollar or the euro.
This just fascist propaganda. Good luck.
That’s… just sad.
With the ridiculous amount of freebie politics happening here in India I can clearly see our future, but I'm helpless 😢
@@bramha9680well, some famous person once said "Democracy will fail, when people realize that they can vote to print money and give it to themselves"
and that's exactly what is happening in all countries.
After the WW Argentina was one of the 20 richest countries on earth. They also at one point had some of the largest gold deposits on earth.
As a Sri Lankan we experienced this for couple of months. After a painful IMF process everything started improving. Now the local currency started to appreciate against the dollar.
NEVER under any circumstances do anything with IMF or World Bank both are a Devils Bargain sell out your people and give up the sovereignty of your nation
haha good you laughed at india? china scammed you. never doubt indians.
Srilankan rupee is improving alot after now monetry policy done by Government of srilanka
Good luck srilanka Last Year Was Realy bad year
@@mohamoudosman9233 last year was so bad. When I travelled to Singapore, most Singaporeans were like so helpful and sympathetic, one directed me to one of the cheapest restaurants, which I didn't take as an insult, but at least that's the only way of kindness they could offer.
@@piratenu1 oh really that was amazing,
Srilanka Came from roughly times Like Civil War,Corrupt Leaders Pandemic and more things
I visited There It's very Beutiful natural Land Looking Like southern india Especially Kerala State Amzing Weather welcoming people Very Affordable I like to visit again this year
This issue is that it’s not the country giving up on its currency, it’s that the government can’t stop printing cash to pay its workers. Stop printing money, and inflation will stop.
And how is the government going to pay its workers? Lose lose scenario.
Funny how other countries are less successful at what the US does, i.e. print an infinite supply of paper currency without tanking its value.
Not that simple
@@planetarysolidarity - absolutely. Especially when the government is corrupt.
@@2hotflavored666. Would society spend long printing cash if everyone could do it?
The Uber app letting you negotiate has nothing to do with their currency collapse. In parts of Mexico they also do that, and the Mexican peso has been extremely strong
In what part of México?
Been there done that: Argentina back in the 80's. They ended up issuing a new currency which was pegged to the dollar (each new peso was "convertible" into one dollar, as it was supposedly backed by an official reserve in dollars). Things were fine for a while, but as someone commented before, our gigantinc greedy governments ended up issuing tons of unbacked bank notes and of course things ran out of control. Now we're heading back towards hyperinflation with the dollar reaching 500 pesos. Those countries who replaced their currency with dollars, like Ecuador, and stuck to it... well... they have other problems but hyperinflation is not one of them.
Ecuador has an issue with gang Cartels now.
@@sir1juniorso did El Salvador. Let's see how El Salvador fares in a few years
That's sucks Argentine people vote for that stuff. I think Argentina should adopt the dollar like milei has been saying. I'm not from Argentina but I think milei is right on when he says that Argentina can't be trusted (with it's current majority socialist society) operating it's own currency.
El Salvador adopted cryptocurrency as legal tender. How are they holding up now economically?
@@ronnelacido1711 well, they didnt default this year. And they survived 2022, which was when btc plunged 75%
Exactly the same thing happened in Zimbabwe.
@@vvbgfsry I am not talking of illegal sanctions, I an referring to the total collapse of the Zimbabwe Dollar, and the resulting dollarisation of the economy. I know exactly what happened in Zimbabwe as I have visited Zimbabwe many times and have family there.
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We underestimate the fact that banks are corporate entities also governed by greed. Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply invest through my financial advisor, collect my profits, which I then spend.
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It is ironic that in the US, we are fearful that the dollar is loosing its value, and yet there are parts in the world where they are using the dollar as a default currency in place of their current currency.
because they are stupid , anyone in libanon who has piece of silver or gold would be perfectly fine by now , or share of a US business , buying USD is very stupid. But this documentary is for average people who has no idea about anything really it seems.
Its not about value, its about stability.
It will have bad effect on them in long run.
People don't want Yuan or Rubles, Rupees etc... They want Dollars, a more stable currency.
One of the reasons why the US is able to print money without consequence is the the dollar is critical for international finance and oil purchases. There is still a deficit of dollars that exist outside of the US system that is needed for transactions. So when dollars leave the US, they get sucked up into the international system and don't have as much negative effect on the inflation rate as it should.
Some countries already has done it officially like Ecuador and El Salvador , also Panama . The problem with this is that countries have purchase or get dollars which they do not make .
Because these countries are so dishonest, they cannot even make real money in any form. They only know how to print money, fake money.
They basically sold the country to US. Congratulations, they are now slaves. If you don't control your own currency, you do not have sovereignty. A slave to the slave master.
El Salvador recognized BitCoin as LEGAL-TENDER. Yeah. Lawful money. It's been in a booming growth phase ever since.
@@curtisscott9251 If all Savadorian were to use bitcoin, it's value will be extremely high that it will be worthwhile to steal electricity. With so many people losing their bitcoin money due to lost keywords in hard disks or memory cards, soon bitcoin will run out of money or take too long to create more. This is just Salvador. If the whole world try to use the same bitcoin, the problems will get even worse. Soon you exhaust the World's energy just to create bitcoins.
You mean they don’t have free reign to just paper over their finances.
It's there like it was in Germany. I remember my Great-Grandma born 1914 telling stories how she waited with her mum on payday in front of the company where her father worked to get the envelope with the money from him and immediately going shopping, because the money would loose the worth over the day. What you got in the morning lost already more than half of it's worth at noon. They had a big garden and a few animals they could use to trade, because with only the money they had starved. She still had a bank note from 1923 labeled 20 million Mark. She told me at the start of that year a loaf of bread costed 500 Mark and at the end of that year they payed 5 billion Mark for a loaf of bread.
Did ur grandparents tell u about third reich or ww2 stories
@@goldenmemes51 When Germany hyperinflated, Hitler rose to power because he brought order.
When France hyperinflated 1790's, Napoleon rose to power because he brought order.
Scary to think who the USA will turn to, when the USD is over-printed
I feel really bad for them, and worldwide inflation doesn’t help either
In Lebanon's case Dollarisation is a great option when the government is utterly corrupt and cannot be trusted to handle monetary policy as it will abuse the printing of money (like it has). It cannot print dollars so that's one way to stop this corruption. It's not ideal for the economy, but it's the best option until something is done about the corruption.
If you didn’t mention it was Lebanon , i would have thought you were talking about Argentina.
Mozambik? Same
Or Venezuela at the height of its crisis. When you talk about runaway inflation, debt default and economic crisis, these countries are synonymous and interchangeable.
@@ronnelacido1711 or russia . In october starts.
@@Streleny when did Russia have runaway inflation? Not since the 90's. What are you talking about?
The best think that happened to Russian economy is De-dollarizing. Why any fool would want to dollarze their currency when USD printing and IMF are behind the inflation is just beyond me.
As an Iraqi American who grew up in Kuwait and met many Lebanese people, I have to say the Lebanese people are some of the smartest, most beautiful, and fun people I ever met. They're hard working and have tremendous potential; but unfortunately, their government is hopeless.
i’ve come across many lebanese from the diaspora in different parts of the world i’ce been to. yes, very smart, articulate & resourceful people. they definitely deserve a much better government.
Yes very resilient people 👌🏽
Yea i know a lebanon girl who is very hardworking.💀
But most of them are smart asses as well!
@@whoissantamuerte1430 bitcoin that is still purchased with USD ?
I love the way you add visuals and currency together. It explains things so matter of fact.
This video hits hard on the whole idea of how many hours worked it takes to purchase things. Money itself is payment for your labor. But paying somebody in the wrong type of money, it only cheats you out of your labor.
With the current financial and economic situation world wide, i strongly believe that as smart citizens we shouldn’t rely solely on our salaries, instead we should look for more innovative means to make money
This is the third time this week I am hearing about the good works of Robert David, he is really popular, I guess he is doing a very good job
Lol bots
EVIL U.S has weaponized their USD and is the root cause of many countries collapse, Every country should join BRICS and ditch the USD.
Most wealthy people earned their money through investments. Very few earn a salary high enough to make one rich.
@@jimrobinson6478 that’s the more reason one has to diversify all your sources of incomes
A lot of countries use the USD on the streets. I travel multiple countries and I do not have to exchange into the local currency. That is good and bad but the BRICS will not over take the dollar anytime soon.
What if it is backed by gold?
@@chriscleland7008 no currency can be backed by gold😂😂.besides the US has the largest gold reserve too 😂😂
@@booroque4138 You’re right if they continuously printed more. Do you believe that the US still has all that unencumbered gold at Ft Knox? I don’t, but I’m no expert! :)
@chriscleland7008 not enough gold to run a modern economy. China have waaaaay to much debt to be back by gold. India is not stable enough. Russia..... a one trick pony economy. The biggest issue all the BRICS countries have is their inability to innovate. They will still depend on the developed world to trade for the beginning and final products.
@@jakejrly1508 We shall see. Freedom awaits!
Happens all around the world, there are more unstable countries than stable.
Great video. I not only learned something about the problem of inflation in Lebanon but I learned some things about Lebanon too. The people seem lovely.
great video uptin !! always a pleasure watching your content
Glad to have Uptin your knowledge!!
...and people say the US Dollar will go down. Hard to believe that now
Yeah it’s still the global default currency
Argentina is looking to use the Chinese Yuan.....because they are RUNNING OUT of USD! So that shows how much demand there is for USD. US Dollar will continue to have small declines as it has been for a couple decades but that's mostly because the US share of the total trade is declining as more and more poorer countries see increases in their economies.
It would, if countries with sound finances, truly sovereign, allowed trade flows in their currencies.
There are a few countries like that.
1. UAE, Saudi Arabia, Kuwait, Qatar when energy prices are high. But their security, income, currency are pegged to the dollar.
2. Switzerland but it does not have the scale and any plan to make CHF a global currency.
3. Singapore, depends on USD because of cross border trades
4.Russia, before the war. However, Russophobia and their incompetence did not enable them to take advantage of their sound finances and implement ruble as the only medium of exchange from their importers gorging on Russian resources.
China and Europe has size.
Europe is afraid of challenging the dollar's role and is full of bankrupt nations under ever-increasing debt and welfare-hooked old bums
China has a Communist system and is full of unimaginable debt and can't imagine making yuan a global currency. To do that they need the currency to be freely convertible and have their banks located in all countries in the world and open up debt, equity, derivatives, real estate, commodities markets in China to the world. They will never do that.
Japan, highest indebted country and a US colony and a shrinking one.
People always over exaggerate an issue.
The rise of India as the next currency
On point explanation of the current situation in Lebanon. 👌🏻
God bless Lebanon. I hope their situation gets better. No country deserves this. It may not mean much but I hope the Lebanese situation improves. Keep praying and do your best!
The US is loving this
Especially during all the talk about "De-dollarization"
@@uptin I de-dollarize as an American because of Inflation. I stick the money in my trading account which automatically puts the money in treasury bonds and money market funds from which I can invest in stocks if necessary.
Blame your government
@@joshuagenes Then I think you don't know what "de-dollarize" means or you need a new broker.
@@ceeril I just switch out of my native currency to another as quickly as possible. Treasury bonds are rich people's currency that go up in value while the dollar is poor people's currency. Walmart used treasury bonds to buy land for some of their stores, others use it as well. It is a secret currency.
As a Norwegian, we feel almost same as people of Lebanon. Our currency, the Norwegian Krone, has been declining against most currencies. In the not some distance future, the western countries would be using USD/EUR and BRICS countries will have their own currency
The Norwegian krona is not in the same position as the Lira. And it will be impossible to deterimen the real loss of value of the krona untill interest parity between the norwegian CB and the Fed is achieved. The main contributor to weakning currency is to conservative way interest rate have been raised the last year to maintain low unemployment. How is that comparable to a currency that has collapsed an has massive daily fluctations? furtheremore the CB has been seling the krona at high volume the last year further weakning the krona. And until you ajust for interest parity and krona sale you can not deterimene to real loss of the currency value compared to the dollar.
Norway has enough foreign currency reserves to cover the kroner if she wants Lebanon just prints money to pay salaries pencions and other types of inside debt. The problem with dollarization is that you cannot control your economic policy US economy doesnt have the same power as the lebanese pound and it wont help Lebanese exports overall if lebanon desides to diversify its economy out of tourism (i wont say banking because its hardstuck atm). Syria coming back could help lebanon to find its old manufacturing investment area through banking and using these remittances if people have faith in their banks again.
The BRICS countries won’t be having a currency any time soon. If at all.
@@Ebawoaz we will see..
@@adamdahl3080 So China will want a common currency with the economically unstable South Africa and its rival India, with whom they have regularly skirmishes due to teritorial disputes?
It's similar to the situation of money in Venezuela. The people prefer receive dolar rather bolivar
Thanks for the upload😢
In Argentina we are about to do the same too!
Hell yeah🎉
Thing is, here we have had so many currencies throught the years (around 6 and removing zeroes every now and then), people don't trust anymore any new currency project. Back in the 90s the peso was 1 USD = 1 Peso BY LAW and politicians ended up screwing that too. What any other option do we have except dollarize?
@@wvulture Using British Pounds 💷 it's a wonderful currency and that's the solution.
I mean EURO outside of Europe it's impossible but British Pounds it's possible.
So Pounds are called Libras so instead of Dolarización go ahead and go with Librarización.
The CCP Yuan?
@@anohneemel3403 Lol
I love how all currencies are just completely fake and you need to back them by $1 for anyone to trust them, even though the Dollar is equally fake.
US dollar is fake, but US military is not.
when push comes to shove, US will send it's military to resouce rich countries to take their riches by force.
that's what people of the world is counting on.
It's not "In God we Trust", but "In AREA 51 we Trust"
There are key differences that Americans enjoy - The Fed, the IRS, and massive consumption by a population. Name another country that has these three components?
@@vasantos-re4hb
Those are helpful American things but I would say that U. S. A. has real valuable products other countries want so the U. S. A. dollars have values because of them. We have guns and ammunition, grains and crops, aircraft, and high technologies. Of course, our having millions upon millions of millionaires subject to the IRS certainly helps.
@@vasantos-re4hb
Those are helpful American things but I would say that U. S. A. has real valuable products other countries want so the U. S. A. dollars have values because of them.
We have guns and ammunition, grains and crops, aircraft, and high technologies. Of course, our having millions upon millions of millionaires subject to the IRS certainly helps.
"I pledge my wallet to the toll of the IRS and to the Republic for which it stands."
The value of anything is completely fake. It's how much anyone is willing to pay for it. At one time aluminum was more expensive than gold.
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I’m celebrating a $30k stock portfolio today. I started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me
Wow, really. I was able to make my $25k on invstment
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You’re right but a lot of people remain poor due to ignorance
This is probably a necessary step to stabilize the economy. However, the problem is going to be in the shift to dollars. Somebody is always going to lose - and it usually isn't going to be the rich. They converted their lira to another currency a long time back.
Wow what an informative video! I am planning to visit Lebanon soon.
You definitely should!
Ideally a currency needs to be at the equilibrium between all markets in which it trades. Since the dollar is managed to the American markets it might not be right for other countries with their own local markets. Lebanon can compensate by building/attracting industry that that serves the dollar market which will bring in more dollars and hopefully higher wages.
Gotta stem the bleeding first. In the middle to long term. Yeah I agree. Hard for a country to have another countries currency.
It doesn’t have to be the U.S. dollar. The country could produce a currency that is 100% backed by gold and let gold freely trade in the market. This usually isn’t suggested given it takes away power from the politicians. This will happen to the U.S. after it goes through it’s hyperinflation.
@@waywardgeologist2520 Ah yes, let's bring back the gold standard. THAT is a strong idea (and by strong I mean stupid as hell)
@@waywardgeologist2520there's a reason we moved away from that
Serbia went thru something similar after the Yugoslav wars and went to such an extent the numbers were so big on the notes, the locals couldn't count it. I believe one note had like 12 zero's on it. All thanks to the US and NATO. These days the currency is much stronger. Regardless if the prices are in USD$ the locals still do not have the money to buy things....
Yeah, how dare the US and NATO stop an attempted genocide in Europe lmao
I am from Serbia and in 1993 we had the third highest inflation in world history. The German Mark was like a second currency, but when things stabilized, we went back to our own currency. I think Lebanon will do the same when things get better.
The point is …stopping the government from PRINTING MONEY! If this can’t be done, then Lebanon has to use the US Dollar.
Yeah at least the US is actually shrinking their money supply, if you look at the M2 money index you'll see that they are destroying money to bring down inflation.
Very few countries would do this, of course the US won't do this for long, but use dollars now & switch to a decentralized private crypto like Monero in the future. At the same time hold your wealth in gold
US is also printing money at record levels. Only solution is Gold and Bitcoin to save your purchase power.
And this is why Bitcoin will win. If you are reading this now, do yourself a favour, regardless of which country you live in, and buy some bitcoin
@@WitchMedusaits actually sick what the US is doing.
Presently the US government is half the economy. Most dont realize this.
They are slowing retail lending to a halt lowering M2. But they are increasing their own spending and budget deficit.
The con that has been pulled is fascinating.... and it is a loooong play.
Retail lending doesnt create inflation. But they have long planted the seed that it does. A retail loan carries a note which cancels out the dollars created.
In fact more dollars will be withdrawn from the economy to pay back the loan with interest. Almost every properly vetted retail loan is WILDLY productive towards gdp.
However... when the government creates treasuries to pay for it's spending it is only paid back with the promise to make.... more treasuries. A legitimate ponzi scheme by definition. The US debt and deficit is quite literally unpayable and illiquid. Only paid for by creating more than there was before.
The government is always trying to pass this buck on to the citizens... who in the end will be responsible to deal with our debt and inflation even though they didnt cause it.
Sorry I can't understand bitcoin or similar looks like a Ponzi scheme to me no tangible assets backing it just my opoin
Very insightful! Will this be the same future for 🇹🇷 Türkiye? I enjoyed your video from a few years ago about the Turkish economy. A lot has happened since. Can you please make another one? ❤
I can't believe Turkeye is falling.
Since in Venezuela the inflation is rapidly growing lots of people borrow short term loans ( for like 2 weeks or so ) then due to inflation they pay their loans with very little inflated money then the cycle repeats. Is this phenomena of borrowing short term loans also happening in Lebanon?
What idiot is lending this money? How can such a system persist...unless its the government with the printing press who is lending the money?
In the US, people take out 30 year fixed-rate home loans, and never make an extra payment (why would you pay off a 3% or 6% loan when inflation on groceries, clothes, and a new car is closer to 13%?) The reason people can take out a 30 year low-rate loan, is because the US government backs all mortgages. The US government doesn't care if it loses money, because it can always print more.
Learned something...thanks!
As an American, this makes me feel patriotic. Sending out love to the Lebanese, future American brothers.
lol
gonna make it a state ?
😉
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I liked the content. My first time seeing your videos. The music was a little loud and distracting and it was a little long and repetitive at times. Further editing and experience will make future ones perfect. Good job.
Anyone knows who the owner of shop or which shop is at 3:27 ?
Any country with debts = IMF declares bankrupt/default
US with more debt = raise the debt ceiling and print more money
A day of reconciliation is coming. Better get gold, silver and other commodities to ride out the rough ride ahead.
IMF declares them bankrupt when they stop paying. World investors, including even CCP and central banks throughout the world continue to buy US debt. Legally, US cannot print money unless they sell debt to back it up on international markets, which the government then pays interest in (currently the highest of all major economies, which is making our currency stronger and has reduced inflation from ~8% to 4%). So your indignation is misdirected. Defaulting countries should get their own houses in order. The only reason everyone continues to buy US debt is because of the strength of the American economy ($350+Million consumers with large disposable income and high consumption). So compete! My father was from Argentina. They have stupid protectionist trade policies. If they dropped those and created a Latin American Free Trade zone, they’d have a unified market with 2x the population of USA, and far lower labor costs that could compete with US, causing offshoring of our labor and foreign investment. But all of this takes time, and these countries want to be as rich as USA, but they want it “now.” Unfortunately, life doesn’t work that way. Unless Jesus comes and redistributes income, you won’t find anyone in any country who will give you a majority of his labor/income just so you have as much as he. Many people want socialism (me too if it could work and was administered by an omnipotent AI instead of fallible humans!) but everyone wants someone else to pay for it.
@@davidc2072 did you just say "so compete"? Dude competition is on even tho the global establishment is 100% unfair but real warlords in power are still so pressed they order your elected politicians to make competitors to behave! International rules based order my foot rules that are designed by them to benefit them. Don't worry the world is changing and people are waking up to this American scam. Not like leaders didn't try but they ended up being executed by your warlords. Not this time i bet
The US dollar is not in trouble. The US debt is actually because everyone wants to buy dollars, the US generates more, it goes overseas and looks like debt.
If they stop paying because they can't afford it then yes it is a default due to bankruptcy. US has always paid so it hasn't defaulted on its debts due to bankruptcy. Also, US debt stabilized US currency which many countries peg the value of their currency on so realistically the US shouldn't pay off all of it's debt. There was an assessment of this in the early 2000s when the US looked like it would to determine if it even should. Politicians made that a moot point either way.
The problem is these currencies depreciate so fast , people don't want to hold them , they would convert it to gold or other items that hold their value , US dollar is the strongest out there & people want to buy them since they know it will only go up or remain stable , El Salvador has Bitcoin as an official currency !
The problem is Bitcoin is digital so money laundering cannot happen, so people still stick with US dollars.
First Venezuela is using dollar as substitute currency, and now this country is using dollars
They did this to themselves Lebanon used to be the bank of the Arab world there economy was the strongest in the region they had more gold and dollar reserves than any other Arab country but instead of improving themselves more they said no we want to go back to be poor
Their wealthy politicians did that, not the majority of the Lebanese people.
In the end corruption is the problem in all countries. There should be more serious punishment for corrupt official in government.
There will never be an end to corruption, it is a human condition. It is like stupidity, perfectly normal honest bright people have kids who are okay and kids who are stupid and/or corrupt. Every generation.
Corruption is in all countries. The important thing is it does not overflow to the point of ruining everyone.
Perfect video Uptin 🌹🌹💯💯
Great documentary
As a first-year doctor and a teaching assistant at the same time, my combined salary from two full time jobs equates to 28'000 soms that's about $319 USD. I have to work 6 days a week from 7:30 AM to 4:00 PM making up to 67 hours of work a week, including night shifts. One hour of my work cost around $4.7 USD. I think I chose the wrong job 🥲 The country where I live is Kyrgyzstan. Every doctor has the opportunity to earn more here 😂Through corruption, bribery and embezzlement. I don't wanna to do though. It goes against my principles. And I am leaving this godforsaken country soon. Wish me luck 😊
Imagine if Kyrgyzstan followed Singapores example when dealing with corruption and bribes. As an American I can say that Democracy doesn’t help solve the problem.
This already happened in Venezuela.
Bulgaria experienced a period of hyperinflation and widespread bank failures in the 1990s as well, until it introduced a currency board, like the one proposed by the academic in the video. Since 1997 the lev has been 100% backed by - and freely exchangeable with - the central bank's foreign currency reserves (originally DM, then Euro), at a fixed rate. This model is not ideal either - some economists have argued that it distorts trade and potentially impedes growth - but it did bring about financial stability.
2:55 Nutella is popular here in Brazil too and there's even a slang for Nutella meaning of spoiled ( Mimado in Portuguese ) as well.
This is exactly the story of Iranian rial. Currently 1$ equals more than half a million rials. It means 100$ is worthier than 50 million rials. We do not have any metallic coin as their metal is much worthier than their value. We can not pay almost nothing with cash. We use electronic payment in rials. Our most valuable banknote is 100000 rials which is almost 0.2$.
Lebanon should pull an El Salvador and adopt Bitcoin as legal tender. Exchange between Bitcoin and dollars and the country will stabilize
El salvador was using dollar already decades ago before bitcoin invented.
Yeah there are stable coin wallets being introduced soon as well
Lovely to see my fellow bau classmate showing you around lebanon ❤️❤️, and a great video btw
A very interesting and thought-provoking video in regards to what is money? what can protect from inflation, does AI have a role to fulfill here to keep price structures manageable where ether eis no shortage of supply of fundamental goods causing the inflation
Thank you. This was a very excellent documentary. Better than 99.9971% of the drek on YT...
Fighting against dollarization is like fighting an unstoppable force. Other countries (venezuela, ecuador, soon argentina) have decided the pro's greatly outweigh the geopolitical risks.
"soon argentina" keep dreaming
You sould take a look at Venezuela, we have been struggling with Hyper Inflation since 2014, even the dollar loses value daily there.
The same issue is happening in Argentina, and it has happened in Venezuela already.
People just lost "faith" in the local currency.
That is the fundamental principle of FIAT currencies...
You need a massive supply of Dollars to dollarize the economy, this is should be done by the central bank. Basically, if your central bank is broke, you rely on the little dollars and get sent from Abroad or brought in by Tourism.
Cheers
The us government will wind up doing the same thing as happened in Lebanon, if at a slightly slower pace. Government's should never have control over currency, as it always ends the same way. Humanity needs hard money. All fiat currency, including Dollars, is easy money that can be debased, therefore robbing citizens of their savings and hard work. The positive implications of having a global hard money would usher in a golden era for mankind.
The US government doesn't have control over currency though.The Federal Reserve controls currency, as they have for a very long time. The Fed is a private corporation; just as much a part of the US gov't as Federal Express..
This is happening in Cambodia
Cambodia is now new us state, governor:Hun Sen- Democrat party
Hmm...I didn't pay attention to this country. Maybe I look into it when they imploded.
Good informative video bro
Didn't Argentina join the BRICS digital currency? Please correct me if I am wrong.
Wow…..🤩 Lebanese are beautiful people! I hope things get better for them.
Us Americans should be grateful for our stability, No matter what lies our crazy maga politicians tell us.
Bitcoin would fix this 😉
Politicians have really let Lebanon down. It looks a fantastic place. I want to go on holiday, but the currency situation is what has put me off.
Nice people, good food, beaches, skiing, Roman ruins etc. . Lebanon has a lot for a visitor to enjoy.
Is credit card widely accepted there?
This is almost Weimar Republic levels of inflation
They're not using wheelbarrows to carry bank notes just to buy a pound of flour. So they're not there yet.
Bitcoin in my opinion is the way to go
At second 44 you interviewed my friend Mustaffa! I've traveled to Lebanon two times, and I met him and his fiancé through the Liverpool supporters group in the country, They have helped me with my trips, and he is a very nice guy. Did you meet him in his shop in Hamra?
I wish good luck to people of Lebanon regarding exchange rate and coping with the inflation !
Last time Isreal economy is like this and now its getting better....
Tankies coming out of their slums to cry about not choosing the Chinese currency in 3,2,1
Dollarization is the only way a nation not named U.S.A. can prevent their government from printing their own money. Panama manages quite well without the ability to debase their own currency.
Greece is the cautionary tale of what can happen when a country loses the ability to issue its own currency. Adopting the dollar formally will benefit or harm different classes in different ways.
WRONG. In this case the government prints way too much money to pay government workers and for theft...in the case of Greece, they could no longer make payments...completely different 😂
What about the BRICS?
Is al crap
Great video Uptin; well narrated. You forgot to mention the real reason for inflation: the money printer!!!!!!!!!
I've traveled to Cambodia before and they use the USD for purchases larger than $1. The ATMs give USDs back.
Imagine your entire life savings is in Lira and this happens. In just a few short years your money collapsed and now your broke. (Edit was to correct spelling)
From your previous vlog., I learned that several million Lebanese live in South America .... Just saying.
Issuing a new currency and pegging it with the USD won't solve anything. It is that what got them into this crisis in the first place.
Lol. Dollarization fixes runaway inflation but damages your export sector while emboldening your imports. Its different for every country but to say dollarizing is the problem is incorrect
Regardless of what currency they decide to use they cant solve the problem if their economy is bad in the first place.
@@alr6111 the world reserve currency is teh dollar. american reserve currency is gold.
This channel is criminally underated
How does this work though? Where are the dollars coming from? I get the electronic way but ATM's? They can't print their own dollars right? Do they physically transfer that much money to a country?
Islam goes up, coutry goes down...
Bitcoin fixes this.
May the Almighty bless the people and citizens of Lebanon....and provide the solution to resolve the country's financial challenges.
So can I take a trip to labanon without having to worry about exchanging currency?
The currency board is the solution for countries like Lebanon and Argentina. It works really well in my country. Our currency (LEV) has been pegged to the Euro for 23 years now. So 1,95 LEV=1 Euro. The currency board = stability
Your currency Lev was originally pegged at par with the Deutsche Mark at par then in 1999 when Germany replaced the Mark with Euro the Lev uses the DEM to EUR pegged rate 1.95583 DM = €1. UK used to have a pegged rate to German Mark October 6th 1990-September 20th 1992 2.95 DM = £1. Officially, the Lebanese Pound is pegged to the $ at 15,000 Lebanese Pound = $1
argentina already had a currency board and failed, thats not happening again
@@barsaatdikhun9106 Yeah true. But i read about it after my comment here. So my mistake 🙂I thought if the currency board worked well in my country it must work everywhere in the world in the same way. But this is clearly naive 🙂
Your video is really well made. I am also using dollars because I don't trust euros. I think soon just one currency for the world - dollar.
nobody wants that, dude
One World one Currency : Bitcoin
Same as in my country Venezuela, they’ve reshaped the currency eliminating zeros to make people believe that everything was under control but it’s far gone out of their hands, now everything is in USD $ over there
Sorry chamo but you got what you asked for. Good luck.
@@guilleport what exactly do you mean?
@@KS-qy5lt I don’t know anymore, I’ve been living abroad for the last 15 years
Lebanon could make the Lira fixed to the US Dollar….some Caribbean nations do this….several West African countries use a shared currency at a fixed rate to the Euro as well.
Find the right market for Lebanese exports. And keep imports in control. It is the only way to stabilize a hyperinflated economy. Austerity measures are also needed.
Heavier exports would increase the value of your currency. You want more imports, not less to add a price pressure on goods.
Government salaries and bonuses are a huge drain on their economy as well
@@alr6111 When you export goods/services, You get Foreign currency. You peg your currency to that reserve which would bring stability to the exchange rate. Also, you can't import stuff without foreign currency. So, All in all, Exports are necessary.
Is far more complicated than that.