Bastardisation of "allow it", often used by youths who have been rude/outrageous and then wish to compound the effrontery by telling you to metaphorically "chill out".
Student : "Sir, you are well stink for making me learn this adding up crap."
Teacher : "There is no need for that bad language."
Person 1 Oh, look, its Lowgoz - god he's cool.
Person 2 omg yeah, i wish i was like lowgoz
Person 1 what the hell man, if you were like lowgoz you would never be as cool as him. It would be like "oh who came first, the chicken or the egg" and it would be stupid
Noun. A form of power structure in which power somehow rests with a small number of people whose stupidity and ineptitude are the object of much amusement but who somehow remain in power despite all their outrageous blunders.
“Trump’s America is a loligarchy.”
“Look out! Here come the loligarchs!” (As Ivanka and Don jr. enter the room.)