Turkish Lira Plunges To New Record Low As Government Obstructs "Graft" Probe

Tyler Durden's picture

Turkish stocks are tumbling, bond yields are soaring, and the Lira is collapsing to new record lows as the prosecutor in charge of investigating the nation's "Graft" case points out the seemingly obvious (but in public)...


Judge Akkas cites clear pressure on the judiciary through the police are affecting his ability to continue the probe into the Turkish government's potential misdeeds and corruption.


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DavidC's picture

That's odd, when the USD falls, stocks go up...



SafelyGraze's picture


the solution is as simple as it is obvious

replace the judges in all those courts so that officials can obey the proper rulings

ideally, the judges would be children (or nephews) of the govt officials, in order to leverage their additional channels of communication and their shared experiences and shared devotion to the people

SWRichmond's picture


I'm shocked, shocked, to learn that "officials" are disobeying law. 

Do as thou wilt is the whole of the law.

Morality is a tool for controlling the masses.

Arbeit Macht Frei.

Rafferty's picture

Just imagine if that happened in the USSA.

JLee2027's picture

Actually it already has, many times, in US history. Equal branches of power and all that. One cannot dictate to the other.

Schlomo Bergstein's picture

Currencies and governments are falling apart all over the world. The main question seems to be who will be last standing, the USD, EUR or RMB?

Yen Cross's picture

    South Africa is about ready to fall in the abyss as well.

   USD/ZAR Currency Conversion Chart - Yahoo! Finance

DeadFred's picture

You gotta love a little chart porn in the morning.

NoWayJose's picture

It wasn't that many months ago when Turkey was proclaimed to be an economic and political 'Garden of Eden' with everything going so well.  This just shows how fast the global economic collapse will be in the era of the Bernanke Bubble.  Not only will currencies and the real economy fall through the floor, but it will be accompanied by the active resistance of all the 'hangers on' who will try to preserve the former golden age of unlimited power and money.  This will happen soon to the United States and Europe if the current policies are not changed.

Canadian Dirtlump's picture

Erdogan's delusions of being the emperor of the neo ottoman empire along with idiotically indulging his vanity when western leaders whispered sweet nothings in his ear among other things have sealed his fate, the only question is how ugly things get. I don't know if he is bi-polar, or has some sort of cybil thing going on ( multiple personality disorder ) but he has made overtures to iran while actively prosecuting a terrorist campaign on their ally syria, and had hot and cold relations with Israel. So his caprice is clearly indicative of someone who has been in some measure at least, given leave of his senses.


He should stick to riding fukkin horses.


williambanzai7's picture

It was a just a little while ago that the people were beaten in the streets for expressing their opinions concerning a park as I recall.

My how the tide has now turned in Istanbul.

Canadian Dirtlump's picture

yes that was the fuse that lit the powder keg. Larger issues as I understand it include Erdogan ditching the secular country Ataturk helped create in favor of an increasingly overtly islamic country including shutting down churches, putting islam into schools and cracking down on things like drinking.


Looks like we're hitting ludicrous speed in terms of the shit hitting the fan.

Rafferty's picture

And the bastards became arrogant over-night.  I did some technical consulting for the government several years ago and out of the blue got an email from one of the guys there about a year back. To the effect  'we're available to help the West (kuffars) now, don't need you anymore'.

Schadenfreude is sweet.

the not so mighty maximiza's picture

this turkey is going down

Oldrepublic's picture

Turkey has excellent long term trends, see this post from the Asia Times  a month ago by  Pepe  Escobar

Turkey pushes crossroads politics


Antifaschistische's picture

Turkey always goes on sale after Thanksgiving and Christmas.

Calmyourself's picture

Fast & Furious, Bhengazi.   Good thing obstruction of Justice will never be tolerated in Amerika...

Dollar Bill Hiccup's picture

Benjamin Franklin wanted the Turkey to be the official bird / symbol of the United States. Instead, those turkies chose the bald eagle.

Industrial turkies weigh so much that when they try and stand up, they sometimes break a leg.

Constantinople, center of the Roman Empire for hundreds of years.

Okey dokey.


constantine's picture

All that one had to do was read the regional newspapers.  There is nothing special about anything that Armstrong noted here though credit could be given for the fact that he has eyes and ears on so many topics, i.e., one did not need some supercomputer or high-falutent theory based on ancient Greek mathematics to come up with this. 

constantine's picture

I've noticed that the bigger the basket case, the better for the stock market.  I'm keeping an eye on this one.

AUD's picture

Turkey is experiencing the same credit bust that saw Syria go under. The only difference so far is that certain outside parties are not taking advantage of the situation through sanctions, agitation & straight out gun running to attempt to destroy the country & pick up whatever pieces remain.