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Turkey's Financial Crisis

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Re: Turkey's Financial Crisis

#121

Post by LatteLazy »

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…

I don't really disagree but... Greece is backed by Germany so they're a bad comparison. Without that backing they'd be Turkey right now.

Re: Turkey's Financial Crisis

#122

Post by mastax »

skybrian wrote: post #23
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”?

High inflation and low interest rates in Turkey means that depositors there lose more money than they would if it were in Euros.

Therefore people are discouraged from holding deposits, and encouraged to spend Lira - exacerbating inflation.

Re: Turkey's Financial Crisis

#123

Post by luckylion »

DSingularity wrote: post #9
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…

Throats were slit? I never read that. If you believe in democracy you would celebrate the failure of a coup. Even if you hate the surviving leader, you ought to prefer defeating him within the frameworks of democracy. You seem to really dislike Muslim culture. If the people of Turkey want their culture to closer to that of Syria instead of Germany, what’s the problem?

> If you believe in democracy you would celebrate the failure of a coup.

That depends, I suppose. Hitler was democratically elected. Hard to say what might have happened, had one of the many plans to assassinate him had worked, but I'm not sure we'd look at it retrospectively as an attack on democracy.

Re: Turkey's Financial Crisis

#124

Post by bsanr2 »

mrtksn wrote: post #92

Erdogan pulled a huge pump and dump scheme a few days ago. He kept repeating everything that makes the Turkish Lira weaker and weaker, he and his government claimed that the plan is to lower the lira and compete on price and the lira is not weak because they failed but because that's the plan. We will be the next China, they said. Then on the night of Dec 20, he introduces a financial instrument where the government…

>Imagine FED giving guidance for interest rates decrease then out of the blue dramatically increasing the rates at midnight once the pals of the president position themselves correctly and saying that the public shouldn't have listed to the economists.

The Fed has done worse, just on a longer timescale. Alan Greenspan may, in fact, be the devil.

Re: Turkey's Financial Crisis

#125

Post by radycov »

Bayart wrote: post #100
smnrchrds wrote: post #18

Earlier quoted context omitted.

> Islam was acceptable (as Turkey was attempting to be a "free" republic), but not compulsory. Until Erdogan overturned it, there was a ban on women wearing hijab (the head covering , that the vast majority of Muslims consider a basic tenet of their religion) in universities in Turkey. I leave the judgment to you, but personally I wouldn't consider asking millions of people to choose between adhering to their religio…

I would feel extremely comfortable banning those head coverings from all universities, if not all public venues. Religious vestment simply has no place outside of ritual occasions. But then again, I'm from the country Atatürk took after. From our point of view, allowing religion to exist is treating it with tolerance. Acknowledging religion as something that deserves any sort of deference by the State isn't acceptabl…

>> Acknowledging religion as something that deserves any sort of deference by the State isn't acceptable.

What next, enforce a communist uniform on everyone and strictly control their freedom to express their thoughts? Do you realise how ludicrous you sound? I note you're French and your religious expressions laws are not made in the name of secularism, rather specifically intended to discriminate against a sizeable minority.

Presumably your also include a Christian Cross necklace? What about a symmetric cross that's visibly a cross but not a traditional cross? A cross at an angle?

You're entitled to express your point of view, of course, but please be more convincing and informed than a nationalistically ideological charlatan (how ironic).

Re: Turkey's Financial Crisis

#126

Post by darkhorn »

janmo wrote: post #102
mrtksn wrote: post #92

Erdogan pulled a huge pump and dump scheme a few days ago. He kept repeating everything that makes the Turkish Lira weaker and weaker, he and his government claimed that the plan is to lower the lira and compete on price and the lira is not weak because they failed but because that's the plan. We will be the next China, they said. Then on the night of Dec 20, he introduces a financial instrument where the government…

I wonder how long their pump will last, their USD reserves are now exhausted, their new savings plan will also cost a fortune.

They are going to continue selling land and military companies to Qatar and other Arabs.

Re: Turkey's Financial Crisis

#127

Post by femiagbabiaka »

Bayart wrote: post #100
smnrchrds wrote: post #18

Earlier quoted context omitted.

> Islam was acceptable (as Turkey was attempting to be a "free" republic), but not compulsory. Until Erdogan overturned it, there was a ban on women wearing hijab (the head covering , that the vast majority of Muslims consider a basic tenet of their religion) in universities in Turkey. I leave the judgment to you, but personally I wouldn't consider asking millions of people to choose between adhering to their religio…

I would feel extremely comfortable banning those head coverings from all universities, if not all public venues. Religious vestment simply has no place outside of ritual occasions. But then again, I'm from the country Atatürk took after. From our point of view, allowing religion to exist is treating it with tolerance. Acknowledging religion as something that deserves any sort of deference by the State isn't acceptabl…

Allowing people to dress how they please is hardly deference.

Re: Turkey's Financial Crisis

#128

Post by kingofpandora »

trophycase wrote: post #110
sdasdasczxcxzc wrote: post #76

Earlier quoted context omitted.

Crypto is especially known for stability.

More stable than the lira at this point

Define stable.

The poster above you stated that his/her $100 investments are now worth after 1 year:

> ETH: $899.22 (+799.22%), BTC: $320.77 (+220.77%)

The Turkish lira hasn't changed nearly that much in value.

Re: Turkey's Financial Crisis

#129

Post by sudosysgen »

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.

Turkey and Saudi Arabia.

Re: Turkey's Financial Crisis

#130

Post by sudosysgen »

HideousKojima wrote: post #43
justicezyx wrote: post #37

Earlier quoted context omitted.

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.

Turkey is at least as much at fault as Saudi Arabia. They literally straight up pay salaries to wahabbi terrorists. The US also financed a lot of them.
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