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Turkish lira plummets to "insane" historic low after President Erdogan sparks sell-off
CNBC ^ | 23 November 2021 | Natasha Turak

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 ...


TOPICS: News/Current Events
KEYWORDS: bitcoinsolvesthis; btc; erdogan; kurdistan; lira; receptayyiperdogan; turkey

1 posted on 11/23/2021 3:40:27 AM PST by zeestephen
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To: zeestephen

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.


2 posted on 11/23/2021 3:42:27 AM PST by rarestia (“A nation which can prefer disgrace to danger is prepared for a master, and deserves one.” -Hamilton)
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To: zeestephen

TL .. worth 8 cents


3 posted on 11/23/2021 3:50:23 AM PST by RockyTx
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To: zeestephen

A Turkish Lira is worthless to me anyway.


4 posted on 11/23/2021 3:59:35 AM PST by HighSierra5 (The only way you know a commie is lying is when they open their pieholes.)
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To: zeestephen

Erdogan is a little wantabe Ottaman tout.


5 posted on 11/23/2021 4:38:47 AM PST by existentially_kuffer
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To: zeestephen

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.


6 posted on 11/23/2021 4:43:32 AM PST by Gen.Blather (Wait! I said that out loud?)
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To: Gen.Blather

>>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.

https://www.pgpf.org/analysis/2018/12/higher-interest-rates-will-raise-interest-costs-on-the-national-debt


7 posted on 11/23/2021 5:12:51 AM PST by servantboy777
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To: servantboy777

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.


8 posted on 11/23/2021 5:34:16 AM PST by pfony1 ( All Democrats lie.)
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To: servantboy777

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.


9 posted on 11/23/2021 5:37:16 AM PST by pfony1 ( All Democrats lie.)
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To: Gen.Blather

“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.


10 posted on 11/23/2021 5:40:01 AM PST by Renfrew
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To: rarestia

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


11 posted on 11/23/2021 5:42:33 AM PST by bert ( (KE. NP. N.C. +12) Free Republic has gone to hell is a Covid handbasket)
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To: zeestephen

Current rate : 1 Turkish Lira = $.079USD


12 posted on 11/23/2021 5:54:21 AM PST by PIF (They came for me and mine ... now its your turn)
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To: bert

The irony of world history is that Xi and Biden seek similar national objectives simultaneously


Irony? Coincidence? I think not.


13 posted on 11/23/2021 5:55:33 AM PST by PIF (They came for me and mine ... now its your turn)
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To: zeestephen

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.


14 posted on 11/23/2021 6:40:43 AM PST by thepatriot1 (...brought to you courtesy of the Red, White and Blue)
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To: RockyTx

“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.


15 posted on 11/23/2021 7:12:52 AM PST by euram
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To: zeestephen

I wonder if G Soros is smiling today???


16 posted on 11/23/2021 10:31:35 AM PST by Pete from Shawnee Mission ( )
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To: PIF

Good time to buy Turkish Halvah, dried figs, and olives!


17 posted on 11/23/2021 10:33:55 AM PST by Pete from Shawnee Mission ( )
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To: euram

“ I was in Italy in 2001, for $1 you got over 2,000 IL.”

And a cup of coffee cost 15,000 IL.

L


18 posted on 11/23/2021 10:35:39 AM PST by Lurker (Peaceful coexistence with the Left is not possible. Stop pretending that it is.)
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To: Pete from Shawnee Mission

Good time to buy Turkish Halvah, dried figs, and olives!

Have at it. I’ll pass.


19 posted on 11/23/2021 1:49:28 PM PST by PIF (They came for me and mine ... now its your turn)
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To: PIF

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!)


20 posted on 11/23/2021 5:35:14 PM PST by Pete from Shawnee Mission ( )
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