One tweet from Trump and the Turkish Lira just got monkey hammered lower by nearly 20% overnight! It is now sitting on fresh lows of $6.50 LIRA/$. This is an epic move for a currency and NATO be damned, Trump is going to get his way or else.
The Turkish currency is now approaching free fall and talking points will not stop the bloodbath. There will have to be severe central bank intervention at this point or they risk losing total control.
The longer term chart is even more telling of the destruction of yet another fiat currency (Gold doesn't do this by the way)
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Trump is crazy like a fox. Not only does this send a message to Turkey, this also sends a message to some of Turkey's largest investors in Europe and if you don't think that is part of the calculus here, you haven't been paying attention.
The question is, what exactly are the contagion risks and how far will they spread?
Is this the tipping point a'la 2008's MBS crisis?
Which European bank will be first to get sacrificed as this spirals out of control?
Speaking outside a mosque earlier today, Turkish President Erdogan told followers
“Don’t forget this: if they have got dollars, we have got our people, our right, our Allah."
Good luck with that, you're going to need it....I'd prefer to have Gold!
I am Lord @matthewwarn and I have Stackitis...but there are worse problems to have in life...like owning fiat Lira.
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...last time i checked Allah wasn’t paying anyone’s rent.
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Nope...also not protecting anyone's currency
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Trump is crazy. This is not gonna just work. He is bullying all the nations of the world with dollar. At some point the oppressed countries need to go back to gold coins. I'm not sure but I guess in the past there was a rummor of it being mentioned by turkish leaders.
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Trump is crazy...I agree. But so far his plan of putting economic pressure on Turkey is working, but in the end it will lead to a lot of pain and suffering for the people of Turkey. I agree that a gold standard would bring more peace to the world, but Iraq, Libya, Venezuela and now Turkey have all talked about a gold standard....it didn't work out well for their leaders and economies...the US is trying desperately to hold on to the Petro-Dollar. As long as London and New York set the price of gold with the futures markets, they are in charge. China is making moves to determine the paper price of gold in the East with the Shanghi Gold Exchange, but it has been slow.
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Yes, China will be able to make a change in this area but it should reach a point that the current system doesn't work for it anymore. Then, China can make a change hopefully.
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Or blockchain will make a change. Who knows.
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Don't forget, the newly elected president of Turkey tells his citizens.:
"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a domestic and national struggle," Erdogan said, according to an Associated Press translation.
Yah, Mr President, let me take real money, gold, and trade it for some depreciating Lira, like that's not gonna happen.
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Whatever Governments in struggle tell you to do, do the opposite
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Exactly, great point, like in Animal House, don't panic, all is well.
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Exactly, great point,
Like in Animal House, don't
Panic, all is well.
- rollingthunder
I'm a bot. I detect haiku.
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You better believe it!
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I should buy up more US dollars with my Canadian dollars. I have the feeling Trump is going to hammer our auto industry here with tariffs.
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either way is a gamble...I'm surprised the Loonie has stayed around $1.30 for as long as it has. I remember a few years ago when it was at par for a few moths.
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Going to buy up some US dollars today! Worst case scenario is I spend it while I’m
On vacation!
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I can’t believe such a massive hit like that can happen so quickly...maybe I’m just ignorant to knowing more about it but damn.
Posted using Partiko iOS
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It's only going to get worse
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