Turkish Lira Flash Crashes

It's morbidly appropriate that just hours after we presented Mark Cudmore's poetic recap why "Turkey's Goose Is Almost Cooked", and shortly after Goldman warned about the risk of imminent flash crashes across all asset classes, that the Turkish lira, the worst hit EM currency after the Argentina Peso in this growing EM crisis, suddenly flash crashed, soaring 3.2% just after 6pm ET, its biggest jump since October, to 4.8203, bringing its total drop in the past month to just under 13%.

While there has been no news to catalyze the move, we can only attribute the move to many more sellers and the sudden absence of HFT buyers which allowed traders to glimpse just what a shitshow the "market" remains when its artificial supports are pulled.

And now we wait for another angry outburst from Erdogan, whose threats to hawkish central bankers put Trump to shame.

Until then, for the sake of TRY longs and Turkey's imploding economy, we wonder how long there is an emergency intervention by the Turkish Central Bank, or whether Erdogan's threats will keep it out of the market, letting the currency implode and unleashing hyperinflation in the NATO member state.