The Turkish Lira Is CRASHING! - What Does This Mean For Turkey?
In this video, I talk with author and economic analyst John Sneisen about the terrible state of the Turkish Lira.
As the Lira is about 17% weaker than it was at the beginning of the year, Erdogan and Turkey's central bank is raising interest rates. The late liquidity window rate has been hiked to 16.5% at a recent emergency meeting.
The Lira has fallen to a record low after falling 5.2%.
Turkey's central bank is attempting to do some "monetary tightening" but this is quite futile.
This was bound to happen. All fiat currency eventually reverts to its true value of zero. It always has, it always will, going back to 1024AD in China.
The monetary tightening is simply more centralization piled on top of already extreme centralization. It will postpone the crash all while making it worse.
As John mentions, it appears that Erdogan is hoping for a new Ottoman Empire. Of course we can't lay off blame on the west and the combination of other NATO countries entangled in foreign affairs, but central planning is central planning and it will always end up in a crisis.
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Will be interesting in this kind of situations all over the world, now that crypto is around. Will people lean on crypto when the local curency is thumbeling
Probably not, mostly because:
I think EU and USA dropped Turkey Lira in order to show to Erdogan who's in charge. To demonstrate to him what could happen if he continues to support Putin and have a good relationship with him.
Turkey and Russia plan on building new gas pipeline trough Turkey, in order to supply EU.
Few years ago, Bulgaria had same plans but EU and USA blackmailed Bulgaria to stop it...and since Bulgaria is small poor country, they had to listen
Wondering how long it’s going to take for this sort of thing to happen to the Canadian dollar.
Esto de las monedas nacionales en su depreciación acelerada parece un virus en todo el mundo... por eso tenemos que obtener Criptoactivos.. monedas con respaldo...
this may be another venezuela in the making.
SHEEPLE have to become armed organized militias to combat the mercenaries these communist fund .