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Josh Sigurdson talks 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.
Stay tuned as we continue to cover this issue!
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i was in Turkey few months ago and i
m sorry didnt spend all of my lirasi was in Turkey few months ago and i
m sorry didnt spend all of my lirasNone are more hopelessly enslaved than those who falsely believe they are free. ~ Johann Wolfgang von Goethe
I thought they used Euros for some reason.
The market the lira because it is basically valueless. The intetest rate rise is a desperate move that only serves to erode what any value in the economy, run by Muslim twirps has.
As a turkish citizen i would say it means We are getting poorer but if you are coming from a country which uses Dollars or Euro its now good time To have holiday. Everything will be very cheap for you believe me
Thanks for bringing information that we in America won't see in the nightly news.
wow
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