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Turkey Is Tanking - Lira Plunges Most In 6 Months; Stocks, Bonds Hammered
While one could take their pick of bloodbathery today, Turkey seemed like an appropriate place to focus as its bond yields are exploding higher, currency collapsing, and stocks plunging to the lowest since March 2014. How long before Erdogan decrees all of this impossible and fires another 'dependent' central banker?
The Lira is plunging at its fastest in 6 months...
Stocks are getting hammered...
And Turkish bond yields are spiking across the entire complex...
Given Russian sanctions, it would appear Bilal is going to have to transport a lot more ISIS oil (allegedly) to keep the economic dream alive in Turkey.
Charts: Bloomberg
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Karma...
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More Lies: US Shifts Blame for Oil Smuggling From Turkey to Assad
http://thenewsdoctors.com/?p=560556
Turkey deep fried in a tank.. sounds good.
Tastes pretty good, too. Tried it one Thanksgiving.
How stupid does the US think we are?
It's the Russians fault!! No really, it might actually..
Erdogan tried to play chess against Putin, and this is only the beginning of the end result.
Erdogan's been playing chess against himself... and losing.
It beats playing w/ himself--and loozing.
Turkey is doomed. Erdogan will be remembered as another greedy opportunist who tried to play both sides.
...and oozing?
Meanwhile, back in Moscow, RSX is down 2.50% as the race to the bottom continues.
RSX is absolutely unimportant for Russia, as it is in dollars and mostly foreigners trade there. Russians trade on Micex, which is somewhat better: - 0,72%. However, the Moscow Exchange is not important for the Russian economy. An overwhelming majority of Russians do not invest in stocks, but in property. Even last year, among the panic with the ruble, richer Russians rushed to buy houses, cars etc.
The most important issue - unemployment is still very low in Russia, somewhat over 5%. Kadyrov even reported to Putin today that the unemployment in Chechnya has decreased! A very important thing, as the Russian experience says that muslims with regular jobs are good muslims:-) Yes, real wages decreased somewhat, but it is not catastrophic. The Russian economy has stabilized and more and more Russian companies are increasing their exports thanks to the weaker ruble. So the only real problem for Russia is the oil price, but that is a long-term problem. Russia has enough reserves for more than a year in its special fund, plus the forex and gold reserves. In other words, the real trouble will only come, if oil prices stay very low for about two years and Russia will not manage to increase its GDP somewhat during that time. Obviously, any doom and gloom for Russia is premature.
Turkey is fucked even more than this. People were asking, if Putin will stop gas to Turkey as a revenge. This is not possible for Russia, as Turkey holds an important card - the possibility of closing Bosphorus for Russian ships. Turkey started blocking Russian ships, so Putin called Erdogan and made a deal: "You will not block my ships and I will not block your gas." And the deal is working.
However! As one article here on ZH mentioned, the second biggest gas supplier of Turkey is Iran. So it seems that Putin simply asked Iran to help a little. And Iran is now reducing its supply of gas to Turkey, with "friendly" apologies that "Iran has sudden unexpected technical problems." As I said, Turkey is fucked.
NATO allies are not likely to allow such an provocation from Turkey, because this would equal to a declaration of war. Europe is already dead afraid of Russia since relations went to rock bottom i Ukraine.
I'm holding EUM and I feel fine.
So soon we can expect to see Turkish Refugees being carried by Ex Syrians on the road to Brussells?
Millions in Germany. Most living on welfare.
...this erdogan fellow has indeed become an embarrassment to the human species existence!
a turkey does, an can proliferate in a sustainable environment, even when hunted almost to extinction
in order to survive it must sacrifice some of its own, via a self-denial`bounty as a supplemental staple for the oligarchy banquet-of-conquest?
Third world backwater takes on Russians. Loses in a week.
Reminds me of this Riddle.
What do Trump & Putin have in Common?
Both Piss Off The Mainstream Cunts...
And make ZHers smile during the week.
What do Trump & Putin have in Common?
1) Both lead to increased US defense spending!
2) Both make LMT shareholders laugh all the way to the bank.
Time to open up the warehouses where all the "Turkish Zeros" have been stored. Turkey chopped six zeros off the
"old Lira" in 2005, meaning that one million "old Lira" equals one "new Lira." That's will get prices to go down!
I carry 5 million Lira around in my wallet to remind me about hyperinflation. (I am NOT Turkish; I like zeros).
Here are some pictures: http://www.increasemoney.net/general/turkey-currency/
Hey this just cost me some of my recent gains. Had some stock in Alacer Gold which owns a big mine in Turkey of all places. What kind of a turkey buys a gold mine in Turkey, without realizing it. It's called geopolitical risk for a reason. lol
Erdogan picked the wrong guy to mess with.. adding insult to injury Israelis are taking over the Russian tourists, lol. Massive marketing campain has been launched and they're paying $46 for each Russian tourist.
Israelis paying? Wow, that would be a first.
I believe a supplementary budget has been requested by Chucky Shumer to cover 'unspecified Israeli anti-terror travel costs'.
.
You Know .
Maybe this is my lucky year and Turkey will actually beat Venezuela in the "race for the bottom" in emerging markets. We can only hope.
Fuck you Turkish parasites.. Go Putin!!!
Things will get worse when their stuff glows in the dark.
regarding previous comments about ruusian index: russian and ukrainians lived through 90-s, and they lnow how to survive crises- save money, make sure you can feed yourself, no mortgages!!! people actualy own places where they live, so judging economy by stock index is not very good thing to do here. and if i am right, some commercial banks in russia are engaged in landing outside of central bank
Good. Would love to see Mafioso Erdogan and his shitty country go down in flames.