Discover and read the best of Twitter Threads about #Lollar
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Banks now offering service matching clients with accounts selling #Lollar for real $, in return for a commission, of course. Some of the first clients taking advantage of this service were managers & affiliated companies (i.e: insiders)
@lebaneselollar @LebaneseLira #DanPonzi
@lebaneselollar @LebaneseLira #DanPonzi
This is like the good old days when you used to convert $ to Lira or Lira to $ at a bank, in return for a commission (or bid-offer spread) except now they’re converting $ to Lollar or Lollar to $. This is OFFICIALLY recognizing that there are two forms of $ currencies in Lebanon.
+acknowledging that one of the currencies is worth way less than the other, in other words, a voluntary haircut. The fact that insiders (meaning people who know more than the average guy) are doing it, is de facto recognition of the loss & that the money ain’t never coming back.
Some insurance companies started paying claims for the Aug 4 Explosion. They’re paying #Lollar checks even though they received real $ in their claims to the reinsurance companies overseas.
The objective of this tweet isn’t to attack insurance companies, who are also trying to survive in this difficult environment, but to identify that there’s a coverage gap that’s popped up, & needs to be addressed, by educating consumers and ...
... and maybe designing new voluntary* policies, with higher premium, but appropriate coverage for items requiring importation, like car parts.
* client can choose to stay on old policy in Lollar or pegged Lira or go to new one in real $ or Lira market rate.
* client can choose to stay on old policy in Lollar or pegged Lira or go to new one in real $ or Lira market rate.
#Lollar economics with the senior man representing Contractors Maroun Helou and the President of the Union of Beirut Engineers Jad Tabet, whole the lonely Lira is being ignored and the arrogant $ nowhere to be found.
@lebaneselollar @LebaneseLira
@lebaneselollar @LebaneseLira
Unlike the urban myth, the vast majority of the 1% are stuck. From the top 24,000 accounts (the 1%), from last summer to now, only $3 billion walked out (3.5%), annoying, but not detrimental. These are basically the Super-Wasta folks, but also some smart guys who saw it coming. 
The smart guys are either intrinsically smart or subscribers to @AnnaharEn, who opted to pay the $6 subscription fee. The rest thought it was too expensive. @elias_sakr
Those are 6000 people (assuming 4 accounts per person). These used to be the most powerful people in the country a year ago & they’re lobbying hard to spread the damage all the way down, except until decision-makers realize that today they just have worthless #lollar.
