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Very interesting videos from the inventor of the word Lollar. The lollar defines any amount sitting in a Lebanese bank account prior to October 2019. It is pegged to the Lebanese lira at 1500 (except for small amounts at 3000) and has nothing to do with the USD.
These video show that, at one point, the confusion between lollars and dollars is creating major issues to businesses and must be addressed. One of the gentlemen (surely a lawyer) is desperately trying to prove that by law a check denominated in dollars is real dollars
Reconciling financiers/Economists and lawyers has become very difficult these days. I respect all the legal arguments such as “a bankers check has a power to discharge an obligatio”, “the constitution does not allow to touch private property”, etc. but in the world of finance,
business and economy these concepts are complicating the issues. We need to be practical and save our economy (under the guidance of lawyers). Maybe the next step is to create a local dollar currency that is pegged to the lira at 1500 but would have the potential to get
a better value in the future. If my lawyers friends did not notice, the haircut on lollars was today 80%. Is this constitutional ? A “free economy” is first and foremost an economy that accepts risks and losses.
https://twitter.com/dan_azzi/status/1276186836738748417?s=21 https://twitter.com/dan_azzi/status/1276186836738748417
The above is a hilarious debate between a lawyer and a businessman.
