Currency Wars - Lira Edition

A few days ago I posted about Turkey's repatriation of their Gold HERE from the US Fed in Q1 of 2018. This was just the latest in a long series of Gold repatriations from the Fed over the past two years bringing the "official" reserves to all time lows. However, this latest repatriation was from a NATO member and a response from Washington whether public or not is required.

I also mentioned they were about to get Venezuela-ed and that a currency war or "domestic up-rising" was about to commence. Well, the past 2 days have not disappointed.

Yesterday at the open, on low volume, the Lira got monkey hammered and saw a sharp rise against the Dollar and continued to trend higher though most of today, until a few moments ago.

The Reserve bank of Turkey just raised rates by 3% in one day to over 16%!!! This shocked the pair lower immediately, for now...this all all temporary in my opinion however. When your rates are already in double digits and you have to raise by 3% to give the market "confidence" the end is neigh and you will not beat the US Deep State & Wall Street and their Algos.

Over the past two years, their currency has gotten nearly chopped in half.

I hope their citizens were as prudent as their government and they have some gold to help get their families through what is about to happen. I'm not fooling myself either, this is coming to everywhere in the world that is on a fiat currency. Which is every country on the planet.

I am Lord @matthewwarn and I have Stackitis...but there are worse problems to have in life...like calling the Petrodollar into question and thinking your currency is safe.

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