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Turkey Warns "Speculators Will Be Burned" As Lira Collapses To Record Lows
UPDATE: TRY now +6.5 handles at 2.6275...
The Turkish Lira is down over 4 handles again this morning as the currency's collapse accelerates exponentially. Having devalued by 30% year-to-date amid Erdogan's rage against central bank independence, selling its gold, threats of jail for not cutting interest rates, and rising repression of increasing social unrest, the country's Economy Minister took to the TV today to expose the "hidden currency war" and blast 'speculators' (because only a speculator would pull his capital from such a 'stable' place) - "The manipulation of those who play with the dollar will explode in their hands and their hands will be burned."
As Bloomberg reports, TGRT website publishes full remarks by Turkish Economy Minister Nihat Zeybekci in televised interview yesterday.
Zeybekci: “The manipulation of those who play with the dollar will explode in their hands and their hands will be burned”
Says Turkish economy can’t be evaluated on currency alone; cites improvements in bank capital ratios, public debt levels, current-account balance and tourism
Says “nothing to worry about” on currency and “market will solve this on its own”
Says there may be a “hidden currency war” going on in the world
"The game that’s being played now is this: "Don’t cut rates, look the lira will lose value, the exchange rate will rise"
Says “there’s no central bank in the world more independent” than Turkey’s
Says Turkish central bank’s independence not being debated: “We’re saying let’s pay attention to growth in addition to price stability. Let’s pay attention to interest rates and employment and trade balances and the current-account”
"Right now the central bank doesn’t have any concern with the currency market. It also doesn’t have any need to intervene"
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My Mom always said be careful of hot turkey greece
Burned as in burned alive?? Seems about right, people in that part of the world like to do that to those they disagree with.
The hot new vacation spot for financial professionals? Two birds, one stone.
Burned as in botched gender reassignment surgery and naked deportation to ISIS?
Turkey will be the ww 3 black swan location....Russian Navy needs access to the Mediteranean thru Turkey.
Wall Street Bankers, MIC, CIA, Israel, and the UK all working overtime now....
USSA is becoming more and more desperate trying to save the US Dollar world currency reserve.
"USSA is becoming more and more desperate trying to save the US Dollar world currency reserve."
Stop printing, raise interest rates. No need to launch nuclear war over piss poor decision making.
I love these guys - who telegraphs they are about to hammer the currency the other direction!! Japan central used to do this every other month it was the easiest trade going..
Do you really believe your dopey impaired shit, or what? Russia's entire Black Sea Fleet would last about 10 minutes if it tried to get into the Med at that point ... including subs there now.
Yeah, that's right, the Russian fleet sails there all the time, right now.
The imaginary world in your head is not the one you're actually in.
nato douche (Fanboy) spotted from Aus . Still shagging on lrasm videos ?
I got some bad news maxi, Turkey is actually NATO itself. :D
Check yer use-by date, you seem to be well past it.
That LRASM video must have really rattled you, you seem traumatised, unable to move on! :D
lol turkey is next to be taken over by isis.
Well, maybe not that far, but Erdogan has deliberately dismantled secularism in Turkey especially in the military to turn it into another religion-state obsessed shit hole, that continues to cut its own throat and make life hell until refugees go scattering everywhere again ... into Europe of course, making central Europe even more pissed at them.
Best thing that could happen for the county at this point is for the military to oust him, clean house of his people and get back to acting like a dignified society again (emphasis on act).
Send in George Soros.
In the end....everyone who has put their faith in storing fiat as if they were storing wealth, will be burned. Everything between now and the burning is just a game of toasted musical chairs.
Indeed it is. Good reason for the Turks to continue to buy gold. In Turkey the general belief is that there are only two safe ways to save: buy property or buy gold. Turkey has been one of the larger gold buyers for years.
they are funneling it to iran, that has been established.
At the stake in front of cheering crowds hopefully.....
Well, Erdogan is a demonic Eunuch, but given where they are and who they are, I think this can only serve to help the future where precious metals take a role more in step with their multi millenia one.
p.s. need a cheap laugh ----> https://www.youtube.com/watch?v=AMLaqNDEM-c
"Says there may be a “hidden currency war” going on in the world"
wow, just wow.
Smoked Turkey is Yummy!!!
Sounds like a classic case of a central banker in denial. Can't tell but he might have a Swiss accent.
No intervention? He didn't read the rule book.
Turkey has shitloads of gold, wonder if TPTB are looking at getting it.
Now where have I heard a president complaining about evil international currency speculators before? Oh yeah right here:
http://youtu.be/vNAvsrY9vR4
It's only temporary BTW.
hidden?
the speculators bought lira and are now getting the hell out of dodge. zeybekci is lame.
Nice of them to warn folks. Our guys seem to delight in surprising the suckers.
"It also doesn’t have any need to intervene"
Intervention is coming tomorrow or Friday.
"nothing to worry about"
Time to panic!
Mmmmmmm.......Turrrrkey!
Oh look, It's rebounded 7 camel hairs! All is well.
Turkey is playing for more than breaking out of the dollar stranglehold. Turkey is playing for Empire. As in Turkish.
A very dangerous game, for them and their neighbors.
Couldnt happen to a nicer bunch of CIA shills..................
add in two slices of Wonder bread...some powdered mashed potatoes and some fake yellow gravy and you have a truck stop special
a glass of milk too. Nice white meal.
Turkey could be a real black swan.
Last one I shot was not 100% black. Can it still qualify to be the black swan?
Can't shoot em anymore it's a hate crime. I think? unless they have atleast one white spot.
Burned lighting their stoves and heaters?
Burned? like in a cage?
Given that Citigroup pulling out 10% ownership of Akbank - it looks like the sinking ship leaving the rats.
The race to the bottom is picking up velocity.
Sometimes Presidents don't know business & economics, that outside investors, purchasers of National Bonds & Currency have an effect maybe equal to International Politics or an action by US-European Banks to Crush the Currency.
But I don't know anything about this situation.
- All Banks are Printing, therefore there is an international Currency War
- Turkey must be closely tied to the EU, Banking-Wise, as it has been in NATO for Decades(?) and has been positioning itself for EU Membership
- Turkey holdings of US Long Term Treasuries = $70 Billion up from $18 Billion in 2013
- Erdogan is an Islamist, he turned his back on Secularism in many respects, not clear if he is a moderate, he has had some Violence from inside sources either Left or Right
- Turkey as a Longtime US Ally and NATO Collaborator has had a Stay Behind Hidden Army which would present a possible opposition to Erdogan Policies
- US-European involvement in the Middle East has both affected Turkey, Jordan, Iraq, Iran, and Syria... it has also included directly Turkey and made demands or requests of Turkey
- Therefore there should be a big chance that problems with Turkey Currency could be caused by a "Power Play" by US-Europe
As I understand it the 'Stay Behind Hidden Army' has been pretty well neauralized by the Islamists.
Yeah, I'm guessing they would be old guys these days. The last rumor I heard was that these Grey Wolves were involved in Drugs, smuggling, and other activities in which they would recruit younger guys.
Make me thinks Turkey may be kind of tribal or gang oriented.
There is probably plenty of crazy guys that oppose the "new boss" Erdogan. But I don't have any special insight here. Turkey has a well developed Military who must also be conservative and have ideas about how things should be run. And having lots of contact with the US Military... Well can you imagine a Military COUP in Turkey?
I should probably try to learn something about Erdogan's Power Base on the Internet. How strong is Erdogan is the Question.
"Sometimes Presidents don't know business & economics..."
You can say that again, it seems to be the norm politicians in charge in most nations around the world has no understanding of business economics/finance, hence all the knee-jerk nationalistic rhetorics to monetary conditions.
In extrapolation, it kind of explains why we(the world at large) are in the situation we are in, when most politicans don't even understand how things work in an economy, it becomes ripe ground for those few who do understand it(banksters, to use the popular term) to come in and subvert everything to their advantage and use it to hold the rest of the population captive.
That makes sense. I'll agree with that.
I rail against different groups like Bankers, Lawyers, Republicans, Neocons... but in this case it sure comes to mind that Democrat Politicians appear to be idiots of Business consistently. In this case Bankers and Lawyers can't be faulted to for stupidity. We fault Bankers, Lawyers, and Lobbyist for outright lying, deceit, Fraud, and Spreading corruption. But of course Democrats do that too.
I heard Turkey was thinking of changing it's name to Pork.
Didn't Lehman's CEO issue such a boast before they imploded?
I have a Golden Rule that's stood me in good stead for many years. It's this: When somebody in authority insists everything is fine I run for the door (metaphorically).
Kyle Bass said that of the Tequila Crisis.
Everything is fine until it isn't. (Including 24 hours after the statement fact.)
Is this repercusssions from their agreement to host the South Stream by any chance ????
Sick Mr Erdogan and his party have turned Turkey into complete fiasco ... much worse coming there.
This is the system telling Turkey to get some real troops in the ISIS / ISIL game or we don't know where this will end.
Boy these Mohammedans love burning people don't they?
Use bitcoin don't use dollars.
I was in Turkey for a brief holiday a couple years ago - already at that time the way they squeezed Euros (or Dollars) in cash from visitors at the airport (for visas) gave me the clear impression of a regime starved for foreign currency (similar to my experiences in the old soviet bloc)..