t’s no secret that Turkey’s bled through their U.S. dollar reserves (aka dollar-assets) over the last 14 months as the Turkish lira’s collapsed. And this means they’re clearly running low on ammo to defend themselves against another round of lira selling. Or to service their massive dollar-debts. But – in case you missed it – the Central Bank of Turkey (CBT) just suddenly had a surge in U.S. dollar reserves. Normally – this would be a good thing. But instead – it’s making analysts (and myself) very anxious. That’s because something doesn’t quite add up. . . Let me give you some context. In early April, a recent ... (full story)