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Following Failed Turkish Central Bank Intervention, Verbal Diarrhea Follows
Yesterday's epic failure of central bank intervention when both Turkey and South Africa hiked rates only to see their currency initially bounce then collapse, is long forgotten, and early today, the USDTRY once again traded to the rather unstable level of 2.30 and threatened with yet another rout, before verbal intervention out of Russia managed to soothe nerves on edge around the EM world. What followed out of Turkey, however, was an epic verbal diarrhea from both the government and the central bank, which firmly proves the nation on the Bosphorus truly has no idea what it is doing. Here is the evidence.
First, here is the Finance Minister desperate to repreise Rahm Emanuel.
- SIMSEK SAYS TURKEY 'WON'T WASTE THIS CRISIS'
- WE'LL TURN THIS CRISIS INTO AN OPPORTUNITY,' SIMSEK SAYS
Next, some deep thoughts on capital flows
- SIMSEK: TURKEY SAW INFLOWS, NOT OUTFLOWS IN LATEST PERIOD
- SIMSEK: I BELIEVE WE WON'T SEE OUTFLOWS THIS YEAR
- SIMSEK: BUT WE ALSO HAVE TO ATTRACT CAPITAL
Next - a spirited defense of government policies
- SIMSEK SAYS ERDOGAN IS MISUNDERSTOOD ON INTEREST RATES LOBBY
- SIMSEK SAYS TURKEY'S INTEREST LOBBY TALK NOT ANTI-INVESTOR
- SIMSEK SAYS TURKEY GOVT PLANNING MEASURES ON CORRUPTION
A glimpse of Plan B thru Z, promising there will be no capital controls. Translation: by the time all is said and done, there will be capital controls.
- TURKEY WON'T RESTRICT CAPITAL MOVEMENTS, FINANCE MINISTER SAYS
- TOO EARLY TO TALK ABOUT USE OF FISCAL POLICY FOR SHOCKS: SIMSEK
- TURKEY HAS ROOM ON FISCAL POLICY TO DEAL WITH SHOCKS: SIMSEK
- IMPORTANT WHETHER TURKEY RATE INCREASE TO LAST OR NOT: SIMSEK
Finally, here is the central bank itself confirming nobody in Turkey has any idea what is going on
- TURKEY BANK: TIGHT POLICY SHOULD DETER INFLATION EST WORSENING
- TURKEY CENBANK SAYS INFLATION SEEN REACHING 5% TARGET MID-2015
- TURKEY BANK SAYS CURRENT STANCE ENOUGH TO ANCHOR INFLATION ESTS
- TURKEY BANK SAYS WON'T TOLERATE PRICE STABILITY DETERIORATION
- TURKEY CENBANK: FX MOVES RAISED ABOVE-TARGET INFLATION RISK
- TURKEY FLOATING RATE REGIME NOT BEING DEBATED, SIMSEK SAYS
Source: Bloomberg
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So MOAR bullshit then, and did they share that on Facebook? 4c beat $8 rise. MOARRRR
Probably moar, okay it's your turn now.
Okay, I win again.
Another step towards Turkey going to war with Syria at the drop of a pin now!
Then Russia steps in against Turkey and maybe China too.
And that causes India to go batshit with China
And it all goes BOOOOM!
SIMSEK SAYS TURKEY GOVT PLANNING MEASURES ON CORRUPTION
(capital controls...under the pretense of security)
The BS happened before. The regime of free floating currencies is paradise for Wall St. sharks and the Fed. Not only a bubble machine within countries, but also abroad. First they pump up foreign currencies, then they deflate them. Now they are buying cheap Turish companies.
What should a country like Turkey do now? Watch how the currency and the economy is being destroyed by the lovely capital flows of Mr. Soros and friends?
Plan B is for Erdogen to skip the country with a pile of gold
Just once we would like to hear them say: "This time we are definitely going to waste this crisis, as not wasting crises in the past has always come back to bite us in the ass."
That would be hypocrisy, a subject we don't talk about any moar.
At least they are not constrained to a single track of thought or strategy.
Perhaps if they had started life with a sausage instead of a hot dog, things would have gone differently for them. Hot dogs don't sell well in this economy.
We won't waste this crisis? It sounds like he's been talking to Rahm Emanuel.
SIMSEK SAYS TURKEY 'WON'T WASTE THIS CRISIS'
....
Obama says the same thing... and his sentence ends with "BOW TO ME YOU PUNIT INFEDELS!!!! ALLAH IS GREAT"
The inmates are now fully in charge of the EM insane asylum. That includes the US.
Time to pay the piper, time to pay the Bernank.
Yes but I bet they had a great lunch menu....another important meeting...with good food...that is a sign of power to a politician...and a few moments in front of a microphone
Another microphony huh?
Gimme a $300,000 watch and I too will say anything the Turkish Central Bank and Government wants me to say about inflation, exchange rates or interest rates , and o...I'll also fix it that impounded planes full of gold bullion from Africa can take off again for Dubai and assorted Gulf airports
'VERBAL DIARRHEA'?
What, did Obama open his frigging pie-hole about THIS, TOO?
Turdogan needs to retire. Look North at what is happening in the Ukraine.