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Turkey faces financial disaster
Al-Monitor ^ | 17 Jan 2017 (last modified) | Cengiz Candar

Posted on 01/17/2017 5:46:40 AM PST by Texas Fossil

Gauging the value of the Turkish lira against the US dollar has required the power of divination so far this year. Anxiety is high as Turks wait to see whether the lira will tumble more and reach the once-unimaginable level of 4 lira per $1.

snip-

Now, 4 lira to a dollar is entirely possible and is seen as a harbinger of the big financial crisis to come.

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The data indicates Turkey will be facing an inevitable financial collapse or at least a severe economic crisis this year. Such a crisis will worsen the security situation in Turkey, which suffered a terror attack within the first hours of the new year in Istanbul.

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There is an unmistakable correlation between the lira's unstoppable slump and proposed constitutional amendments to give Erdogan stronger executive powers. The debate in parliament is incredible — each time the subject is broached, there are fistfights and broken noses. Under such political tension, the Turkish lira keeps eroding.

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Though the economy was once a major boon to Erdogan's political success, he will be haunted by its collapse. And the blame, many believe, falls on his suicidal policies.

(Excerpt) Read more at al-monitor.com ...


TOPICS: Foreign Affairs; Government; News/Current Events
KEYWORDS: coup; dollar; erdogan; kurdistan; lira; receptayyiperdogan; turkey; turkeycrisis; turkeyeconomy
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After WWI and the defeat of the Ottoman empire, Turkey under (Army Officer) Mustafa Kemal became a Secular State protected by the Turkish Military.

Each time the, what is now called Islamist, tried to take over Turkey for their own aims, the Turkish Military stepped in and stopped it. It preseved stability in a country with citizens of multiple religions.

Obama and Hillary over the past 8 years have used Erdogan to support the overthrow of Syria. Strongest visible point appeared in our news with the Benghazi disaster. (you know, the one that was "started by an internet video? /sarcasm)

But it is clear that Turkey was involved in running weapons into hands of Syrian rebels (i.e. terrorists, Nusera al Qaeda and ISIS). That failed to overthrow Assad.

Obama and Erdogan were best of friends. Hillary ran with the ball. And it failed.

On July 15, 2016 there was an attempted coup in Turkey. Following the coup attempt he purged the Turkish military. I've read reports describing a mass beheading of military on a large bridge. I'm told there is a video showing it. I do not know the number executed but it was a large number. Erdogan has arrested larger numbers of citizens and journalists, taken over broadcast news media companys (effectively nationalizing them in Turkey) and that effort is expanding. There are reports that the police now have been given an arrest list of close to 18,000 social media users for their comments.

Recently the support of ISIS and Nusera have backfired on Erdogan. In early January 2017 there was a major terrorist attack in Istanbul.

This instability along with the resulting currency issue is affecting the citizens ability to live normal lives. And many citizens live in fear of being arrested by this Islamist (Erdogan).

This is the point of relevance of this article to the situation, and the reason the financial crisis is important when we consider this NATO member, Turkey.

1 posted on 01/17/2017 5:46:40 AM PST by Texas Fossil
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To: Texas Fossil

There are a number of embedded supporting links in the article. Please go to the link and read the entire article. It was hard to excerpt it effectively.

Remember we have a huge air base in Incerlik Turkey, where nukes are stored.


2 posted on 01/17/2017 5:49:19 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: Texas Fossil

So Turkey will say to Europe “help us or we’ll send you 10 million more refugees”.And Europe will help them (to the tune of many,many billions) and Turkey will send them anyway!


3 posted on 01/17/2017 5:53:40 AM PST by Gay State Conservative (Deplorables' Lives Matter)
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To: Texas Fossil

The entire Muslim region from North Africa to the Mideast despite enormous oil wealth is chaotic, violent and an economic disaster. It simply underscores the harsh reality that Islamic culture is simply not compatible with the values, practices and institutions that constitute modernity. Take Libya as an example. Over $10 trillion dollars worth of oil have been extracted and sold in a country of fewer than 6 million people. They have very little to show for it. The reality is that the people who can are migrating toward the lands formerly known as Christendom because they know they will live better.


4 posted on 01/17/2017 5:57:25 AM PST by allendale
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To: Texas Fossil
"...On July 15, 2016 there was an attempted coup in Turkey...."

I respectfully disagree somewhat.

I posit that Erdogan perpetrated a false flag event so as to allow him to purge the military and indeed all of society of those that agree with secularism. Seemed pretty obvious at the time.

Fake news?

Too soon?

5 posted on 01/17/2017 6:00:19 AM PST by T-Bone Texan (Not tired of winning yet. BOO - YAH !)
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To: allendale

Trump is right. Including Turkey in NATO and having Nucs in Turkey makes NATO obsolete. Turkey is now just one Mosque short of an Islamic state.


6 posted on 01/17/2017 6:01:17 AM PST by Oldexpat
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To: allendale

Yes, what you said is absolutely true.

How Atatürk Made Turkey Secular http://lostislamichistory.com/how-ataturk-made-turkey-secular/


7 posted on 01/17/2017 6:01:23 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: allendale
It simply underscores the harsh reality that Islamic culture is simply not compatible with the values, practices and institutions that constitute CIVILIZATION

. Fixed that for you (grin)

8 posted on 01/17/2017 6:02:44 AM PST by Salgak (You're in Strange Hands with Tom Stranger. . . .)
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To: Texas Fossil

The tourist scene, especially along the southern coast is dropping like a rock. From June on, for 2016, German and Russian tourists just refused to go. Lot of the resorts just shut down early and some are in caretaker status for 2017 with no hope of opening.

You can find deals right now for flight, hotel, three meals a day, and all drinks (including beer) at a 5-star hotel for two weeks (leaving out of Frankfurt) for 350 Euro range.

Without that tourism and hard-cash...I don’t see how they make it through 2017. Some people suggest that infrastructure projects will start up by the gov’t to hype employment, but these don’t affect hotel employees or tourism-related operations.


9 posted on 01/17/2017 6:03:58 AM PST by pepsionice
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To: Gay State Conservative

Probably correct.

He is an evil frightened little man, who like Hillary and Obama is capable of anything.

If he is not restrained some way, it will be a bloody situation in Turkey. It will spill over because of NATO membership and because of his military involvement in Iraq and Syria.

Turkey has a history of genocide. He would do that to the Kurds now if he thought he could. This is a very bad situation.


10 posted on 01/17/2017 6:04:08 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: Texas Fossil
Remember we have a huge air base in Incerlik Turkey, where nukes are stored.

So, let's pack 'em up, load everything else up...and get the hell out of the crap hole.

They don't want us there anyway, and all we do is prop up the local economy.

I'm tired of the outstretched hands, and nothing in return.

In fact, I'm tired of spreading our tax money all over the damned place and getting a knife in our backs for the trouble.

To hell with Turkey...and most of the other "NATO" countries.

All they see in us is a free bank, open hours, unlimited withdrawals.

11 posted on 01/17/2017 6:04:27 AM PST by OldSmaj (The only thing washed on a filthy liberal is their damned brains.)
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To: Texas Fossil

When the majority of Turks elected an “Islamic” government that has the bizarre dream of establishing a medieval caliphate, they rejected Ataturk’s sound policy for progress and condemned themselves to generations of backward misery.


12 posted on 01/17/2017 6:06:26 AM PST by allendale
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To: T-Bone Texan

Whether real or fake.

The coup failed.

He survived.

He has so far been able to force into effect expansion of his political power.

There will be wild consequences of this mess. Which Obama and Hillary had a large hand in creating.


13 posted on 01/17/2017 6:06:37 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: allendale

Speechless.


14 posted on 01/17/2017 6:07:10 AM PST by dp0622 (The only thing an upper crust conservative hates more than a liberal is a middle class conservative)
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To: allendale

Yes, or a bloody civil war.


15 posted on 01/17/2017 6:07:46 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: Texas Fossil
If Turkish economy goes into a tailspin and Turks themselves join the rank of migrants heading for EU, Merkel will have more problem than she can handle.
16 posted on 01/17/2017 6:07:52 AM PST by TigerLikesRooster (dead parakeet + lost fishing gear = freep all day)
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To: OldSmaj

Yes!


17 posted on 01/17/2017 6:09:01 AM PST by dp0622 (The only thing an upper crust conservative hates more than a liberal is a middle class conservative)
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To: Salgak

Sorry. I admit I don’t proof enough and could spell better.


18 posted on 01/17/2017 6:09:05 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: Texas Fossil

Well, that often happens when you lose a war and someone cuts off your stolen oil revenue.


19 posted on 01/17/2017 6:09:23 AM PST by The Toll
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To: pepsionice

Thanks for that note. I have no knowledge of that part of the Turkish economy.


20 posted on 01/17/2017 6:10:48 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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