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.
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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 ...
Yes, that is an element also. I tried to make the summary of events brief. That is a known element of Turkey’s involvement in Syria.
Erdogan does not intend to leave what he occupies in Iraq and Syria. It may not work out that way for him.
Merkel already has more problems than she can handle. And is ill equipped to admit or fix any of them.
The Turkish Lira has always been problematic, probably due to how poorly Turkey is run. When I was in Aviano in 1996 the Lira was essentially Monopoly money. Their economy was in hyper-inflation and their currency near free fall status.
Pretty common scenario.
To begin with, Turkey should be thrown out of NATO.
Turkey refused to allow us to use our bases there for the first gulf war and it cost us lives.
Turkey has turned its back on secularism and under Erdogan and has become a dictator.
Erdogan uses NATO as a threat cause he knows the one for all and all for one dictate.
allendale,
I lived in Tampa, Florida for several years.
An old man moved in across the street. Moved from Lebanon with his whole family.
We’d always have a 4th of July party and invite the neighbors an friends.
He came and I asked the granpa why he moved at this late stage of life away from his home.
Looked at me very seriously and asked, “Skip, how often do you wake up and ask yourself is this the day we are going to war?
I said,never.
Where he came from he said you worry that every day. Is this the day my babies and grand babies will die?
Tears in his eyes he said thank GOD for America.
I was stationed in Turkey April ‘89 - April ‘90. In that one year, the exchange rate moved from 1800 Lira/Dollar to 2400 Lira/Dollar.
25% inflation. That was supposedly a good year as the inflation rate the year before was said to be 40%.
I know they’ve had at least one “reset” since then. The current Lira is the “New Lira”.
Turkey is becoming a liability to NATO. It is also becoming an islamist state. NATO has no need to station nukes in Turkey. Let the Russians have it.
I don't blame them!
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