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Following Failed Turkish Central Bank Intervention, Verbal Diarrhea Follows

Tyler Durden's picture




 

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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Thu, 01/30/2014 - 08:29 | 4383518 Max Damage
Max Damage's picture

So MOAR bullshit then, and did they share that on Facebook? 4c beat $8 rise. MOARRRR

Thu, 01/30/2014 - 08:36 | 4383527 negative rates
negative rates's picture

Probably moar, okay it's your turn now.

Thu, 01/30/2014 - 09:02 | 4383568 negative rates
negative rates's picture

Okay, I win again.

Thu, 01/30/2014 - 09:02 | 4383570 Headbanger
Headbanger's picture

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!

Thu, 01/30/2014 - 09:59 | 4383759 unrulian
unrulian's picture

SIMSEK SAYS TURKEY GOVT PLANNING MEASURES ON CORRUPTION

(capital controls...under the pretense of security)

Thu, 01/30/2014 - 12:35 | 4384309 Againstthelie
Againstthelie's picture

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?

Thu, 01/30/2014 - 08:31 | 4383521 AUD
AUD's picture

Plan B is for Erdogen to skip the country with a pile of gold

Thu, 01/30/2014 - 08:34 | 4383523 TeamDepends
TeamDepends's picture

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."

Thu, 01/30/2014 - 08:39 | 4383532 negative rates
negative rates's picture

That would be hypocrisy, a subject we don't talk about any moar.

Thu, 01/30/2014 - 08:36 | 4383524 Ronaldo
Ronaldo's picture

At least they are not constrained to a single track of thought or strategy.

Thu, 01/30/2014 - 08:36 | 4383525 negative rates
negative rates's picture

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.

Thu, 01/30/2014 - 08:40 | 4383531 Dr. Engali
Dr. Engali's picture

We won't waste this crisis? It sounds like he's been talking to Rahm Emanuel.

Thu, 01/30/2014 - 08:41 | 4383537 Sudden Debt
Sudden Debt's picture

SIMSEK SAYS TURKEY 'WON'T WASTE THIS CRISIS'

  • WE'LL TURN THIS CRISIS INTO AN OPPORTUNITY,' SIMSEK SAYS
  • ....

    Obama says the same thing... and his sentence ends with "BOW TO ME YOU PUNIT INFEDELS!!!! ALLAH IS GREAT"

    Thu, 01/30/2014 - 08:43 | 4383539 Cognitive Dissonance
    Cognitive Dissonance's picture

    The inmates are now fully in charge of the EM insane asylum. That includes the US.

    Thu, 01/30/2014 - 08:44 | 4383541 Itch
    Itch's picture

    Time to pay the piper, time to pay the Bernank. 

    Thu, 01/30/2014 - 08:51 | 4383552 youngman
    youngman's picture

    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

    Thu, 01/30/2014 - 09:03 | 4383573 negative rates
    negative rates's picture

    Another microphony huh?

    Thu, 01/30/2014 - 09:14 | 4383595 Cacete de Ouro
    Cacete de Ouro's picture

    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

    Thu, 01/30/2014 - 10:04 | 4383786 MontgomeryScott
    MontgomeryScott's picture

    'VERBAL DIARRHEA'?

    What, did Obama open his frigging pie-hole about THIS, TOO?

    Thu, 01/30/2014 - 11:25 | 4384098 Canucklehead
    Canucklehead's picture

    Turdogan needs to retire.  Look North at what is happening in the Ukraine.

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