Posted on 11/23/2021 3:40:27 AM PST by zeestephen
Inflation in Turkey is now near 20%...Turkey's currency has been in a downward slide since early 2018, thanks to a combination of geopolitical tensions with the West, current account deficits, shrinking currency reserves, and mounting debt — but most importantly, a refusal to raise interest rates to cool inflation.
(Excerpt) Read more at cnbc.com ...
The global elites have to crash every major form of currency and market to “get everyone on the same page.” Then they can rebuild their socialist utopia with everyone pegged to the same form of currency. It’s becomes more and more clear every passing day.
TL .. worth 8 cents
A Turkish Lira is worthless to me anyway.
Erdogan is a little wantabe Ottaman tout.
Speaking of raising interest rates to cool inflation, about 15 years ago I read a report that if the interest rate in the US went up to a mere 4% that all money collected would go to serving the debt. That means, all taxes and income of the federal government would go to paying interest on the debt. Since that report the debt has probably doubled. Zero interest allows every politician all the money he wants for his bridges to nowhere and buildings with his name on them.
>>if the interest rate in the US went up to a mere 4% that all money collected would go to serving the debt.<<
I read something similar. Here is a pretty good piece on it.
I am NOT surprised that the adolescent “Einsteins” at CNBC are so ignorant of economics that they cannot even THINK of cutting wasteful government SPENDING.
I am NOT surprised that the adolescent “Einsteins” at CNBC are so ignorant of economics that they cannot even THINK of cutting wasteful government SPENDING.
“if the interest rate in the US went up to a mere 4% that all money collected would go to serving the deby”
Not really true anymore. What folk haven’t realized is that the new debt isn’t traditional bonds that pay interest. Instead it is the government borrowing from itself. This makes inflation easy but bankruptcy hard.
President Xi leads China to put in place a new China Socialism replacing the capitalists that have made many prosperous.
President Biden leads America in an effort to destroy American prosperity by putting in place a new American socialism that will provide the unequal and incompetent with the same downgraded prosperity of their betters
The irony of world history is that Xi and Biden seek similar national objectives simultaneously
Current rate : 1 Turkish Lira = $.079USD
The irony of world history is that Xi and Biden seek similar national objectives simultaneously
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Irony? Coincidence? I think not.
I thought they already lopped 3 zeros off the currency years ago. I remember I was there and I gave a guy a tip for $1 million lira and essentially I stiffed him because it was like .95 cents. I also had withdrew $1 billion lira (1,000,000,000) from an ATM which was like a thousand dollars.
“TL .. worth 8 cents”
That’s actually really good. I remember some years ago it was down to the level of being worth less than pocket lint.
I was in Italy in 2001, for $1 you got over 2,000 IL.
I wonder if G Soros is smiling today???
Good time to buy Turkish Halvah, dried figs, and olives!
“ I was in Italy in 2001, for $1 you got over 2,000 IL.”
And a cup of coffee cost 15,000 IL.
L
Good time to buy Turkish Halvah, dried figs, and olives!
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Have at it. I’ll pass.
Good time to buy...
Well, my statement supposes you want those things. (I can grow my own Figs, I prefer Kalamata olives, and I do like halva, but need to lose weight!)
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