List of contributing factors as p0er InvestmentWatch
#1 The looting, violence and economic chaos that is happening in Argentina right now is a perfect example of what can happen when you print too much money
#2 The value of the Argentine Peso is absolutely collapsing
#3 Widespread shortages, looting and accelerating inflation are also causing huge problems in Venezuela
#4 In a stunning decision, the Venezuelan government has just announced that it has devalued the Bolivar by more than 40 percent
#5 Brazilian stocks declined sharply on Thursday. There is a tremendous amount of concern that the economic meltdown that is happening in Argentina is going to spill over into Brazil
#6 Ukraine is rapidly coming apart at the seams
#7 It appears that a bank run has begun in China
#8 Art Cashin of UBS is warning that credit markets in China may be broken. For much more on this, please see my recent article entitled The $23 Trillion Credit Bubble In China Is Starting To Collapse Global Financial Crisis Next?”
#9 News that Chinas manufacturing sector is contracting shook up financial markets on Thursday
#10 Japanese stocks experienced their biggest drop in 7 months on Thursday
#11 The value of the Turkish Lira is absolutely collapsing
#12 The unemployment rate in France has risen for 9 quarters in a row and recently soared to a new 16 year high
#13 In Italy, the unemployment rate has soared to a brand new all-time record high of 12.7 percent
#14 The unemployment rate in Spain is sitting at an all-time record high of 26.7 percent
#15 This year, the Baltic Dry Index experienced the largest two week post-holiday decline that we have ever seen
#16 Chipmaker Intel recently announced that it plans to eliminate 5,000 jobs over the coming year
#17 CNBC is reporting that U.S. retailers just experienced the worst holiday season since 2008
#18 A recent CNBC article stated that U.S. consumers should expect a tsunami of store closings in the retail industry
#19 The U.S. Congress is facing another deadline to raise the debt ceiling in February
#20 The Dow fell by more than 170 points on Thursday. It is becoming increasingly likely that the peak of the market is now in the rear view mirror
>>>#11 The value of the Turkish Lira is absolutely collapsing<<<
The value of Turkish Lira is collapsing all the time since I first encountered it.
I first visited in 1994 and 1,000,000 Liras could easily buy me a harem, on a second visit in 1998 it could barely buy a bottle of beer.
It has been worse than that in 2005, and as I visited last summer they had new banknotes missing numerous zeros from the old ones. But still collapsing at the speed of sound.
I had Euros eventually changing them into a local currency witnessing some 10% collapse of Lira to Euro just in a few weeks of my stay there.
#21 Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.