Turkish lira in historic 15% crash after Erdogan stokes fire sales

Turkish lira in historic 15% crash after Erdogan stokes fire sales

From awsforwp.com

The Turkish lira plunged 15% on Tuesday on its second-worst day ever after President Tayyip Erdogan defended recent sharp rate cuts and vowed to win his “economic war of independence” despite widespread criticism and pleas to reverse course. The lira fell to a low of 13.45 for the dollar, a record 11th session in a row. It has lost 45% of its value this year, including a drop of nearly 26% since early last week. Erdogan has put pressure on the central bank to embark on an aggressive easing cycle that, he says, aims to boost exports, investment and jobs — even as inflation climbs to nearly 20% and the ... (full story)

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Comment #1
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Nov 23, 2021 2:17pm Nov 23, 2021 2:17pm

traderathome
Joined Mar 2008 | Status: PVSRA with Traderathome | 1597 Comments

How powerful does Erdogan's wealth and position make him? He can, almost single handedly, ruin a nation while ousting all those that disagree with him? By ruining his country, he is ruining lives; countless lives! And there is no one, no body of some, that can oust him? How much suffering will they accept at the hands of this narcissist?

And is the USofA headed in the same direction, by the similar narcissistic "brainiacs" in Congress and at the FED?

A common lesson here......too much power and wealth in the control of too few; Erdogan in Turkey, the "privileged ulta-rich" in other countries elsewhere.

Comment #2
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Nov 24, 2021 1:16am Nov 24, 2021 1:16am

Sean1224
| Joined Nov 2020 | Status: Member | 81 Comments

Well, it's Thanksgiving season, so............

Story Stats

Posted: Nov 23, 2021 12:50pm
Submitted by:
Newsstand

Category: Fundamental Analysis

Comments: 2 / Views: 933