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Turkey's Financial Crisis

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Re: Turkey's Financial Crisis

#41

Post by lucian1900 »

justicezyx wrote: post #37
wheelerof4te wrote: post #30

Earlier quoted context omitted.

Syria was a prosperous and deeply secular country, with many cultural sites dating back to the ancient world. At least it was until imported wahabbi terrorists from you know where started to split the country up, turning parts of it into a Islamic State caliphate. Today, Syria is being plundered by the same countries that helped the terrorists sell the stolen oil. We all know which country smuggled truckloads worth o…

That country is Russian, right? Or Saudi Arabia? I am not very familiar with Syria situation. Purely a honest question.

Saudi Arabia as the direct source of Wahhabis, with the US funding and arming them.

Russia has been supporting the secular Syrian government.

Re: Turkey's Financial Crisis

#42

Post by midasuni »

csomar wrote: post #35
hereforphone wrote: post #2

Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies. During the recent coup calls to resist the belligerents were broadcast over mosque loudspeaker…

Erdoğan is a Ottoman and not an Islamic leader. He is using Islam to reach his goals but he is not married to it. He'll move away from Islam as soon as it no longer serves his purposes.

But will the country. Like other populists found out, once you unleash the beast you have a job on taming it again

Re: Turkey's Financial Crisis

#43

Post by HideousKojima »

justicezyx wrote: post #37
wheelerof4te wrote: post #30

Earlier quoted context omitted.

Syria was a prosperous and deeply secular country, with many cultural sites dating back to the ancient world. At least it was until imported wahabbi terrorists from you know where started to split the country up, turning parts of it into a Islamic State caliphate. Today, Syria is being plundered by the same countries that helped the terrorists sell the stolen oil. We all know which country smuggled truckloads worth o…

That country is Russian, right? Or Saudi Arabia? I am not very familiar with Syria situation. Purely a honest question.

Saudi Arabia. Russia supports Assad and has no interest in destabilizing the country because they want to maintain their naval base at Latakia etc.

Re: Turkey's Financial Crisis

#44

Post by SuoDuanDao »

justicezyx wrote: post #37
wheelerof4te wrote: post #30

Earlier quoted context omitted.

Syria was a prosperous and deeply secular country, with many cultural sites dating back to the ancient world. At least it was until imported wahabbi terrorists from you know where started to split the country up, turning parts of it into a Islamic State caliphate. Today, Syria is being plundered by the same countries that helped the terrorists sell the stolen oil. We all know which country smuggled truckloads worth o…

That country is Russian, right? Or Saudi Arabia? I am not very familiar with Syria situation. Purely a honest question.

The Syrian conflict, though deliberately obfuscated, was probably primarily a conflict between Russia-backed Iran and US-backed Saudi Arabia. Wahabism is an arm of the latter.

Re: Turkey's Financial Crisis

#45

Post by mghfreud »

DSingularity wrote: post #4

> The one thing that the central bank is not doing is raising interest rates. This is at the heart of the entire crisis. Okay am I missing something here? Europe has negative rates. The US has negative rates. But when Turkey lowers rates from 19% (!!?!!) to 14% it creates a “crisis”?

Until last year, US and Europe was desperately trying to raise inflation. I do not remember any time in Turkish history when this was the case.

Anyways, current Turkish PPI is >50% (and it will only increase in coming months.). The real interest rate in Turkey is in far negative territory compared to US and EU, where they are desperate for inflation.

Re: Turkey's Financial Crisis

#46

Post by pphysch »

justicezyx wrote: post #37
wheelerof4te wrote: post #30

Earlier quoted context omitted.

Syria was a prosperous and deeply secular country, with many cultural sites dating back to the ancient world. At least it was until imported wahabbi terrorists from you know where started to split the country up, turning parts of it into a Islamic State caliphate. Today, Syria is being plundered by the same countries that helped the terrorists sell the stolen oil. We all know which country smuggled truckloads worth o…

That country is Russian, right? Or Saudi Arabia? I am not very familiar with Syria situation. Purely a honest question.

Northeastern Syria (major agriculture/oil region) has been actively occupied by USA for the better part of a decade. Turkey occupies Northwestern Syria (Idlib) along with US-backed HTS.

Arguably the only reason Syria didn't collapse like Libya/Iraq is because Russia was there to balance against US interests.

Re: Turkey's Financial Crisis

#47

Post by adventured »

1cvmask wrote: post #17
hereforphone wrote: post #8

Earlier quoted context omitted.

One big concern is that Erdoğan will likely hold on to power however he can. He's already circumvented the constitution (and changed electoral law). I believe he will fight to maintain his reign if necessary. He has about 50% of the country behind him, and as far as I can tell the allegiance is based on religious principles, which makes it a strong allegiance indeed.

Donald Trump only won 46.1% of the vote in 2016 and that was enough. In fact no one got over 50%. Hillary Clinton had a plurality with 48.2% https://en.wikipedia.org/wiki/2016_United_States_presidentia... In England David Cameron had a parliamentary majority with only 38% of the vote.

That's actual voters of course, a subset of how many people support a candidate or President in the US. The parent has no idea how many people support Erdogan (the claimed 50%), nobody does. It's just a guess in the wind (if it's 42% that's a massive difference from 54%, as to whether Erdogan remains standing). Like trying to guess how many Russians really support Putin's dictatorship. Getting honest answers on such questions is quite difficult, as is accurately polling in nations the size and complexity of eg the US, Russia or Turkey.

Re: Turkey's Financial Crisis

#48

Post by mghfreud »

costac wrote: post #34
forvelin wrote: post #11

Earlier quoted context omitted.

It has nothing to do with religious beliefs, its all about gathering capital on his side. He is just abusing peoples' religious beliefs. Everybody knows the new savings scheme he introduced is essentially increasing interest rates. Contrary to popular belief, I do not think that Erdogan will continue to mold Turkey's future. So far Turkey always had 40-50% opposition which could not unit, but now they are all united…

> Everybody knows the new savings scheme he introduced is essentially increasing interest rates. This is not true. Raising interest rates would mean raising the cost of funding for the banking system. Under the new saving scheme, since the Treasury pays depositors the extra yield, the cost for banks remains unchanged. As does the marginal cost of borrowing from the central bank. The new saving scheme is a free dollar…

Borrowing cost for both companies and individuals increased substantially this week. Yes, it is true.

Re: Turkey's Financial Crisis

#49

Post by hoffs »

1cvmask wrote: post #5

I looked up the core values of Turkey. And their debt to gdp ratio is 40%. Neighboring Greece is 200%. The Turkish economy was the second fastest growing economy last year in the G20 and is on pace to be the one of the fastest growing economies this year. Turkey has had record exports and been one of the most successful in tourism both last year and this year helping the current account deficit. Yet bankrupt Greece c…

Really quickly went from 0 to 100 at the end there

Re: Turkey's Financial Crisis

#50

Post by wheelerof4te »

1cvmask wrote: post #5

I looked up the core values of Turkey. And their debt to gdp ratio is 40%. Neighboring Greece is 200%. The Turkish economy was the second fastest growing economy last year in the G20 and is on pace to be the one of the fastest growing economies this year. Turkey has had record exports and been one of the most successful in tourism both last year and this year helping the current account deficit. Yet bankrupt Greece c…

You are correct. What many here don't realize is that the current financial system is directly tied to the wimps and wants of the USA.

Speculation abounds at Wall Street, London stock exchange and other western financial institutions. They are the ones dictating the price of money, the exchange rates and asset bubbles. They have the power to financialy attack any country in the world that does trade in US dollars and euros (almost all countries in the world). As we can see, even their "allies" are not spared.

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