Mmmm .. sorry but this is not a scientific argument .. and the matter of fever is far complicated and it's not the right topic or place to discuss it in details .. so let us not change the topic .. btw i am icu resident
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Big news, there are rumors circulating that Erdogan sold the gold reserves of the central bank!
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Mmmm .. sorry but this is not a scientific argument .. and the matter of fever is far complicated and it's not the right topic or place to discuss it in details .. so let us not change the topic .. btw i am icu resident
No worries, this thread has re-hashed the talking points (in quite some detail) of this stuff a bunch of times already....hence why I just use allegories now
ICU resident as in you are doing (doctor) residency in ICU? Or you are patient? If latter, please get better ASAP.
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Erdogan is starting to resemble all the worst parts of Aliyev with none of the good parts.
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A catastrophe if true!
Turkey spends nearly a billion dollar per day just to somehow keep the currency stable
Turkey reportedly has around 400 tonnes of gold which if sold will give around 25-35 billion dollars.
This is enough to sustain the lira for a month, lool
Really hope that Erdogan isnt smoking super grade Weed and actually sold the gold reserves since this will indicate the collapse of the economy
Captain_Azeri_76
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it reminds me of the 90's hahaha .... oh man - what a time to be alive -
as long as turkey is a small number on the world stage - economically too weak to act independently - turkey must shut up...
74' Cyprus destroyed the Turkish economy - and the "national soloist" in terms of its own interests has damaged the economy today... (From Davos till today)
turkey would have to be an economic power like China to be able to act like that... if China sells the dollar deposits, they could make the usa go completely bankrupt in one moment... Russia is already hurting the world economy...
But Turkey has four options:
- Person that are nationalistic, ready to cripple with the fatherland all together like back in the days - where people died of dehydration in queues in front of supermarkets....
(And less homosexual than today's GenZ, Gezi TikTok metrosexuals and sub-femdom lovers fleeing the homeland - selling themselves as FETO to get German IDs...)
- Or they vote CHP/HDP in again to serve the west like they should - as proud less folks - serving their masters - with some coups every now and then haha...
- Or they just shut up and stop pursuing national interests and goals...
- Or they vote AKP in again - and have to continue with that refugee-eco-crysis haha
but with the nowadays population, with the nowadays mindset - turkey should chose option 3 - stop trying to play in the champions League, while the population wants to serve the west - to get some blonde girls in the Netherlands... just stop... than you can have your TL around 6 € and please the masters...
As long as turkey has own goals - is fronting Greece in the seas or the plans of the west in the middle east/north Africa... people can become atheists as much as they want and can hate the Gouvernement at twitter as much as they want - NOTHING will change... doesn't matter if ZAFER PARTI or CHP or AKP or AMK-Pari will win...
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It is bearing out now....
Analysis: Turkey's recurring currency nightmare strikes again
Another 9% plunge in Turkey's lira this month and debt market danger gauges at levels last seen during the 2008 global crash have prompted investor concerns that a fresh crisis might be brewing in the country.
First few figures look quite intense:
Whole article is worth a read
@Saithan @xenon54 @Anmdt et al.
It is said that we will buy oil from the Russians in rubles or TL. The Russians were selling oil to India at $60. Oil is currently around $120. Therefore, we can buy oil from the Russians for half the market price. And this partially solves the inflation problem.
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There is only one, very simple solution to Turkey's insane inflation problem but it's a solution Erdogan refuses to implement so there's nothing to talk about.
And the longer Erdogan waits to implement that solution, the more painful it's going to be.
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This can solve a lot of our problems if this also includes the oil and gas trade.
Otherwise, the Turkish economy is in danger of default/moratorium/bankruptcy. Expect drastic measures from the end of the summer to the end of the year.
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I do understand why nations hate interest rates tbh
They arent as good as many might seem and their demerits are a lot but it is the quickest way to solve an inflation. In cases for countries like Turkey which has a massive trade deficit, energy dependency and food dependency (trust me idk how this is even a fact) the interest rares will probably be high till at least 2024 since the Ukrainian war is far from over and who knows what sort of other catastrophe will come to the world; hell, just recently an outbreak of monkeypox virus started hunting the LGBT communities (although Iam a bit happy for that)
Kinda ironic that the same economists who are shitting on Erdo for not raising the interest rates against record inflation are actually doing the same bullshit of not raising the rates...... Truly, pot calling the kettle black
They arent as good as many might seem and their demerits are a lot but it is the quickest way to solve an inflation. In cases for countries like Turkey which has a massive trade deficit, energy dependency and food dependency (trust me idk how this is even a fact) the interest rares will probably be high till at least 2024 since the Ukrainian war is far from over and who knows what sort of other catastrophe will come to the world; hell, just recently an outbreak of monkeypox virus started hunting the LGBT communities (although Iam a bit happy for that)
Kinda ironic that the same economists who are shitting on Erdo for not raising the interest rates against record inflation are actually doing the same bullshit of not raising the rates...... Truly, pot calling the kettle black
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If TR inflation rate was 8% and TCB sat on same level of equity + assets (say per capita) as ECB..... no one would bother much about TR electing to keep interest rate low or even zero.
But what are these two numbers in TR case? magnitude more and magnitude less respectively..or worse?
Does ECB have negative foreign exchange reserves when you subtract the currency swaps? (Does ECB even do currency swaps to keep them afloat?)
ECB is also sticking to the established economic policy anyway, they just have response time in play:
European Central Bank confirms July rate hike plans, raises inflation projections significantly
The European Central Bank on Thursday confirmed its intention to hike interest rates at its policy meeting next month and downgraded its growth forecasts.
BTW AKP still has not explained why it keeps interest rate at 14% if erdogan theory is true. Shouldn't it be 0%?
Simply borrow cheap at no cost internally and expand supply side furiously. Why keep this nominal 14% and let it obstruct this claimed model when you say increasing it wont work to deal with massive inflation to begin with?
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I dont even comment on comparisons with Europe anymore, people who compare Turkish economy with Europes or Americas still didnt understand the basics of economy to begin with.If TR inflation rate was 8% and TCB sat on same level of equity + assets (say per capita) as ECB..... no one would bother much about TR electing to keep interest rate low or even zero.
But what are these two numbers in TR case? magnitude more and magnitude less respectively..or worse?
Does ECB have negative foreign exchange reserves when you subtract the currency swaps? (Does ECB even do currency swaps to keep them afloat?)
ECB is also sticking to the established economic policy anyway, they just have response time in play:
European Central Bank confirms July rate hike plans, raises inflation projections significantly
The European Central Bank on Thursday confirmed its intention to hike interest rates at its policy meeting next month and downgraded its growth forecasts.www.cnbc.com
BTW AKP still has not explained why it keeps interest rate at 14% if erdogan theory is true. Shouldn't it be 0%?
Simply borrow cheap at no cost internally and expand supply side furiously. Why keep this nominal 14% and let it obstruct this claimed model when you say increasing it wont work to deal with massive inflation to begin with?
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Agreed, but it is still ironic considering how they criticised the fact that turkey didnt raise the interest rates when faced with chronic inflation while they themselves are suffering from the same fate....... AFAIK, Erdo doesnt want recession to occur even if it is at the expense of the wellbeing of the citizens..... a truly ridiculous and bullshit reason tbh...... anyone who believes that this is all about religion is a mad man; Erdo just doesnt want to admit that he doesnt want to see a recessionIf TR inflation rate was 8% and TCB sat on same level of equity + assets (say per capita) as ECB..... no one would bother much about TR electing to keep interest rate low or even zero.
But what are these two numbers in TR case? magnitude more and magnitude less respectively..or worse?
Does ECB have negative foreign exchange reserves when you subtract the currency swaps? (Does ECB even do currency swaps to keep them afloat?)
ECB is also sticking to the established economic policy anyway, they just have response time in play:
European Central Bank confirms July rate hike plans, raises inflation projections significantly
The European Central Bank on Thursday confirmed its intention to hike interest rates at its policy meeting next month and downgraded its growth forecasts.
BTW AKP still has not explained why it keeps interest rate at 14% if erdogan theory is true. Shouldn't it be 0%?
Simply borrow cheap at no cost internally and expand supply side furiously. Why keep this nominal 14% and let it obstruct this claimed model when you say increasing it wont work to deal with massive inflation to begin with?
In fact, I expect the interest rates to top 9 or 10% if no interest hikes are made in the euro zone by the next month
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If such info is true, why havent they officially announced such a measure? I feel that all of this are just rumors since I still dont know why on Earth would Putin sell his oil cheap to Turkey when he can sell it at ahigh price to cover his war expenses
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I am fully against the position of Turkish tourism and agriculture export.
The Turkish tourism and agricultural export cause rise of food prices.
The Turkish tourism makes our people slaves of Russians and Arabs.
Remember Turkish government supports agricultural sector from budget in order to keep national food security.
Turkish taxpayers don't give money in order to feed Russians, Arabs eat fresh fruits and vegetables.
İt's absolutely social damping which is dishonorable.
en.wikipedia.org
Look at Batista's Cuba, that's why Castro was able to make revolution.
These revolutionaries recall Cuba as "the brothel of the Western hemisphere" -- an island inhabited by a people degraded and hungry, whose main occupation was to cater to American tourists at Havana's luxurious hotels, beaches and casinos.
People of Cuba could earn money if they satisfied American tourists. What's the difference between us?
The Turkish tourism and agricultural export cause rise of food prices.
The Turkish tourism makes our people slaves of Russians and Arabs.
Remember Turkish government supports agricultural sector from budget in order to keep national food security.
Turkish taxpayers don't give money in order to feed Russians, Arabs eat fresh fruits and vegetables.
İt's absolutely social damping which is dishonorable.
Social dumping - Wikipedia
Look at Batista's Cuba, that's why Castro was able to make revolution.
These revolutionaries recall Cuba as "the brothel of the Western hemisphere" -- an island inhabited by a people degraded and hungry, whose main occupation was to cater to American tourists at Havana's luxurious hotels, beaches and casinos.
People of Cuba could earn money if they satisfied American tourists. What's the difference between us?
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Tourism isn't a bad investment per se but it's bad when it becomes one of the driving forces behind a country's economy rather than a supplementary one that backs up more important industries. That's why investing in the military is actually a solid idea because in addition to it being a more solid industry that doesn't depend on the mercy of foreign guests, R&D from the military frequently trickles down into civilian applications - for example, see how much useful stuff DARPA invented in the pursuit of more effective ways to kill people.
