Gresham’s Law: Comparing Gold and Bitcoin
A Glimpse into Lebanon’s Past
Let me begin by sharing some background. My childhood was spent in Lebanon throughout the 1970s and into the early 1980s, a period marked by civil war. Surprisingly, the Lebanese lira remained quite stable during these turbulent years. Even as government authority weakened and the country became divided, the currency’s value declined gradually and predictably. Everyday life persisted—businesses stayed open, people continued to trade, and cash kept flowing through the economy.
This resilience was not accidental, but rather the result of specific circumstances. At that time, the Palestine Liberation Organization was based first in Beirut and later in northern Lebanon. The PLO benefited from significant financial support in US dollars from international backers, which played a crucial role in maintaining monetary stability.
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