Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Apple stopped sales in Turkey after the lira crashed 15% in a day

reuters.com

Post reply on HN
Print view View original

201–210 of 251 posts

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#201

Post by ClumsyPilot »

JanisL wrote: post #107
crate_barre wrote: post #33

So, is Turkey and Venezuela the two major countries that are actively going through a currency crisis? What are they doing that’s so different from everyone else? Drop interest rates, print more money. I don’t know what Erdogan’s plan is, but unless they find strong export partners, devaluing the currency isn’t going to work out. We expect everything coming out of Turkey to be cheaper now, but who’s buying (importing…

In the modern world we primarily have banking systems that are based on fractional reserve banking and currencies without any explicit backing. This means that from a forex point of view the currencies are only worth as much as there is confidence in them. (National currencies often derive power in a practical sense due to taxes having to be paid in those currencies even without any explicit backing of the currencies…

"fractional reserve banking"

It's a good post, you are correct in that we have a floating exchange rate, but we haven't had fractional reserve banking for decades.

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-...

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#202

Post by Rexxar »

weird-eye-issue wrote: post #101
CSDude wrote: post #23

We were just starting a startup, and bought all computers, monitors, chairs, desks etc. when $/TL was around 8.5. Now one dollar is 12.5 TL. At least our rent for 140m2 is around 1000$ in a very good spot.

Sorry I'm a bit confused. Isn't that a good thing you bought stuff when the TL was worth more?

Are people so used that everybody complain on everything that positive comments cannot be understood anymore ?

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#203

Post by mrtksn »

ryanlol wrote: post #199
mrtksn wrote: post #195

Earlier quoted context omitted.

Well, for once the CIA agent Graham Fuller[0] actively supported Gulen's green card application[1]. I don't know if Gulen was a CIA himself but there are ample clues that he is at least involved with the US government. CIA has a rich history of pulling such operations. That's Fascinating read actually. [0] https://en.wikipedia.org/wiki/Graham_E._Fuller [1] https://www.politico.eu/article/graham-fuller-turke-issues-a.…

I don’t think this really supports the original claim. E: s/your/the/

What's my original claim?

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#204

Post by toyg »

School-Cotton wrote: post #89
csomar wrote: post #79

Earlier quoted context omitted.

That's why I put it in quotes. Ankara is the political capital while Istanbul is the financial, industrial, and anything really capital.

A bit like NYC vs. Washington in the US.

Or Rio de Janeiro vs Brasilia in Brazil. Sydney vs Canberra in Australia. Auckland vs Wellington in New Zealand. There are probably a few more...

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#205

Post by seanmcdirmid »

mrighele wrote: post #149
pjc50 wrote: post #136

Earlier quoted context omitted.

The dinosaur statues made me go wtf as well: https://www.bbc.co.uk/news/blogs-news-from-elsewhere-3253591...

The parent was probably talking about not that single statue, but a whole theme park dedicated to dinosaurs, which costed 750M dollars, and opened only for a few months (1). But a bigger (albeit cheaper) wtf in my opinion is a village entirely made of castle-like houses (2) (1) https://www.duvarenglish.com/domestic/2020/06/25/ankara-them... (2) https://www.insider.com/turkey-abandoned-disney-castles-vill...

This kind of thing is common in China. I'm not sure why this would seem very impressive, it isn't even on nearly on the same scale. It is all money laundering of course (or to say, transforming public money and credit into private money).

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#206

Post by seanmcdirmid »

Jabbles wrote: post #45
aerovistae wrote: post #36

Earlier quoted context omitted.

So does that mean it would be profitable to short the lira? Not a forex trader but it's where my mind went.

Shorting involves finding someone willing to bet the opposite way. If you think a pattern is obvious, other people will too, and that will make options expensive, reducing your gains. (In general.)

If you can convince someone in Turkey to lend you money at a cheap rate, then you can pay it back later in inflated currency. Of course, banks generally jack up interest rates when inflation gets high, but sometimes they are forced not to (and it is usually the ruling class that is allowed to take advantage of those loans).

In general, you can only make money on these things either via information asymmetry or flat out corruption.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#207

Post by ryanlol »

mrtksn wrote: post #203
ryanlol wrote: post #199

Earlier quoted context omitted.

I don’t think this really supports the original claim. E: s/your/the/

What's my original claim?

“The way Fethullah Gülen got red-carpet immigration treatment in the US stinks to high heaven”

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#208

Post by mrtksn »

ryanlol wrote: post #207
mrtksn wrote: post #203

Earlier quoted context omitted.

What's my original claim?

“The way Fethullah Gülen got red-carpet immigration treatment in the US stinks to high heaven”

That's not me. You can tell by the way the letters in the username are arranged. My point is that the guy behind the coup has known ties to the CIA and in my opinion that stinks. Of course I wouldn't know if or what role CIA had in the coup but I find it fair to ask the questions due to the established links.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#209

Post by ryanlol »

mrtksn wrote: post #208
ryanlol wrote: post #207

Earlier quoted context omitted.

“The way Fethullah Gülen got red-carpet immigration treatment in the US stinks to high heaven”

That's not me. You can tell by the way the letters in the username are arranged. My point is that the guy behind the coup has known ties to the CIA and in my opinion that stinks. Of course I wouldn't know if or what role CIA had in the coup but I find it fair to ask the questions due to the established links.

My mistake, I was browsing through the user page so I didn’t see the name of the user I originally replied to.

Sorry.

However, I bet someone like Gülen would get red carpet immigration treatment even if the CIA wasn’t involved. I don’t necessarily doubt CIA involvement, I just doubt that his immigration treatment is indicative of anything.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#210

Post by mrtksn »

ryanlol wrote: post #209
mrtksn wrote: post #208

Earlier quoted context omitted.

That's not me. You can tell by the way the letters in the username are arranged. My point is that the guy behind the coup has known ties to the CIA and in my opinion that stinks. Of course I wouldn't know if or what role CIA had in the coup but I find it fair to ask the questions due to the established links.

My mistake, I was browsing through the user page so I didn’t see the name of the user I originally replied to. Sorry. However, I bet someone like Gülen would get red carpet immigration treatment even if the CIA wasn’t involved. I don’t necessarily doubt CIA involvement, I just doubt that his immigration treatment is indicative of anything.

No worries!

> However, I bet someone like Gülen would get red carpet immigration treatment even if the CIA wasn’t involved

I guess we will never know that because CIA is indeed involved and we can't have an alternative reality :)

Post reply on HN