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Turkey's Financial Crisis

adamtooze.substack.com

191–200 of 207 posts

Re: Turkey's Financial Crisis

#191

Earlier quoted context omitted.

The plan is to get rid of $US reserves and replace them with a currency of some other country. Maybe China. Bold move, and a smart one, considering the outright hostile actions by the US towards the country. No dollar reserves, means no more economic bullying by the US.

Then Turkey will become China's puppet, like Russia is now. Russia is already losing their strong engineering force to China, their resources are bought cheaply by China and China is not even remotely investing in Russia. Much to the dismay of Putin. Turkey next?

Speaking like half of the world isn't America's puppet already.

China at least doesn't have military bases all over the world to ensure everybody stays in line.

I wonder how many European countries would intentionaly harm their economies by placing sanctions on Russia if the US troops weren't there.

Re: Turkey's Financial Crisis

#192
post #181

Earlier quoted context omitted.

Hopefully crypto will become more real in the future and offer a way out of the corrupt usurious fiat system.

Crypto ala Bitcoin is built on the same usurious model but worse. The only solution is negative interest on cash.

How is it usurious?

Re: Turkey's Financial Crisis

#193
post #176

Earlier quoted context omitted.

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.

I was thinking that it was engineered because Assad refused to allow Qatar South Par gas pipelines from criss crossing his country on its way to Europe. The arreas occupied by ISIS terror group in Iraq and Syria were actually areas meant for South Par gas pipelines. South Par gas would have freed Europe from Russia energy dependency.

Yes, this is the real reason for the war. Had Assad accepted the proposal, he would be hailed in the MS media as a hero and a great leader who turned his country into a desert oasis.

Of course, this would have isolated and aggrovated Russia further, and Assad knew that. Nevermind that Syria is within range of Russia's missiles. He also knew what became of Sadam Housein (once an ally to the US) once he was of no use to the West.

In any case, causing a civil war inside a country just to punish a leader for making calculated, reasonable choice is criminal and evil.

Re: Turkey's Financial Crisis

#194

Earlier quoted context omitted.

The US doesn't have negative interest rates, but with inflation over 6% and rates at 1.25% that's a pretty big negative real rate...

If you look at the long-term expected inflation rate based on T-bill yields, it is not so different from before (say around 2018-19 or so). I think 6% is probably an inappropriate number to use in this comparison. Though I agree it looks like negative real rates. https://fred.stlouisfed.org/series/T10YIE https://fred.stlouisfed.org/series/T5YIE (Alternatively you could suppose we’ll have inflation at x for one year a…

Ugh, x and y the wrong way round obviously.

Re: Turkey's Financial Crisis

#195

Earlier quoted context omitted.

Then Turkey will become China's puppet, like Russia is now. Russia is already losing their strong engineering force to China, their resources are bought cheaply by China and China is not even remotely investing in Russia. Much to the dismay of Putin. Turkey next?

Speaking like half of the world isn't America's puppet already. China at least doesn't have military bases all over the world to ensure everybody stays in line. I wonder how many European countries would intentionaly harm their economies by placing sanctions on Russia if the US troops weren't there.

Nobody wants China in their backyard. The US is mostly there as protection.

Where China is claiming territory it doesn't have any claims to and is using severe military pressure for it.

Other than that, the ports that China does have is mostly because of loans that countries can't repay. Where they then claim infrastructure for their own.

You don't seem to be informed on the topic?

Re: Turkey's Financial Crisis

#196

Earlier quoted context omitted.

Speaking like half of the world isn't America's puppet already. China at least doesn't have military bases all over the world to ensure everybody stays in line. I wonder how many European countries would intentionaly harm their economies by placing sanctions on Russia if the US troops weren't there.

Nobody wants China in their backyard. The US is mostly there as protection. Where China is claiming territory it doesn't have any claims to and is using severe military pressure for it. Other than that, the ports that China does have is mostly because of loans that countries can't repay. Where they then claim infrastructure for their own. You don't seem to be informed on the topic?

I am well informed, but you seem to be ignorrant of the fact that most countries don't need US' racke..., oops, I mean protection.

Should we ask people of Syria what is the US doing on their soil? Or Iraqis, who want them out but they for some reason don't wanna leave.

As for loans...well, maybe don't take them if you can't repay them. The West is lending too, you know. And those credits aren't cheap.

Re: Turkey's Financial Crisis

#197

Earlier quoted context omitted.

I fail to see how the US is funding the Saudis. Arming, maybe. Funding? Not so much.

ask the clinton fundation

why am i being downvoted. it's public knowledge and part of why assange rots in jail. https://www.independent.co.uk/news/people/julian-assange-cli...

Re: Turkey's Financial Crisis

#198
post #178

Earlier quoted context omitted.

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

Links or examples

https://www.birgun.net/haber/erdogan-dogruladi-katar-emiri-n...

https://tr.euronews.com/2019/02/09/erdogan-tank-palet-fabrik...

https://www.cumhuriyet.com.tr/haber/turk-telekomun-satisini-...

https://www.aykiri.com.tr/aselsan-satildi-mi-aselsan-satildi...

Re: Turkey's Financial Crisis

#199
post #179

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…

> according to interpretation of Islamic principles, I assume It's literally in the Quran: * https://quran.com/2/275 * https://quran.com/3/130 And the Hadiths: * https://sunnah.com/riyadussalihin:1615 * https://sunnah.com/bulugh/7/62 This isn't a matter of interpretation.

Ah - I hadn't realised God himself took a position on interest rate policy.

Re: Turkey's Financial Crisis

#200
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…

You call it a "pump and dump scheme" but only give evidence of pumping and not dumping. A dump would be Erdogan buying back a load of USD at 10 to 12 but I'm not sure they are doing that?
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