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2018-08-10 The Grand Turk

Turkish lira tumbles as Turkey-US rift continues

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Posted by Fred 2018-08-10 00:00|| || Front Page|| [4 views ] Top
File under: Sublime Porte

#1 The Turkish lira added to its steep losses on Friday after Turkish President Recep Tayyip Erdogan asked citizens to convert their dollars and other foreign currencies as well as gold holdings to local lira.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a domestic and national struggle," Erdogan said, according to an Associated Press translation.

The lira traded down 9 percent against the U.S. dollar at 6.04 following Erdogan's remarks and briefly fell more than 12 percent. The currency had already declined sharply against the greenback before Erdogan's latest comments.

Erdogan said Turkey was facing an "economic war" and noted the country would respond to those countries who had started it.

That damn ~~cat~~ Gulen! Of course you'd want to go out and convert your stable gold and dollars to a plunging lira, amiright?

Posted by Frank G 2018-08-10 08:43|| 2018-08-10 08:43|| Front Page Top

#2 Erdogan said Turkey was facing an "economic war" and noted the country would respond to those countries who had started it.

The sharp drop in Turkish assets came after a delegation returned from Washington with no apparent progress on the detention of U.S. pastor Andrew Brunson, who is charged with supporting a group blamed for an attempted coup in 2016.

President Thomas Jefferson sent the Marines to the shores of Tripoli in 1805 to get back our citizens held by the Barbary pirates. President Obama destroyed Libya and enabled the murder of Muammar Kaddafy in 2011, actions from which the country may take a generation or more to recover. President Sultan Erdogan I “the much beloved” would be grateful that President Trump is merely announcing steep tariffs on two of Turkey’s exports, if he were wise — he could have pulled an Obama in the face of Turkey’s insolence -- but Mr. Erdogan still has visions of a restored Ottoman caliphate.

Posted by trailing wife 2018-08-10 10:39|| 2018-08-10 10:39|| Front Page Top

#3 Erdogan said today (exiting a mosque) something like, "the enemy has dollars but we have Allah".

that should work out swell

Posted by lord garth 2018-08-10 11:06|| 2018-08-10 11:06|| Front Page Top

#4 "How much for a turkish coffee?"
"Forty thousand AllahBucks"

Posted by Frank G 2018-08-10 11:34|| 2018-08-10 11:34|| Front Page Top

#5 I don't know how much of its GDP consists of imports; but they all got quite a bit more expensive in the last week, severely biting into the average Turk's purchasing power.

And as Zimbabwe or Venezuela can tell you, once inflation gets started, well, watch out!

Posted by Tom 2018-08-10 12:27|| 2018-08-10 12:27|| Front Page Top

#6 I don't know how much of its GDP consists of imports

Ask and ye shall receive, Tom. From the CIA World Factbook, ome of my favourite sources:

GDP (purchasing power parity): $2.133 trillion (2017 est.)

Exports: $157.3 billion (2017 est.)
Exports - commodities:
apparel, foodstuffs, textiles, metal manufactures, transport equipment
Exports - partners:
Germany 9.6%, UK 6.1%, UAE 5.9%, Iraq 5.8%, US 5.5%, Italy 5.4%, France 4.2%, Spain 4% (2017)

Imports: $196.8 billion (2017 est.)
Imports - commodities:
machinery, chemicals, semi-finished goods, fuels, transport equipment
Imports - partners:
China 10%, Germany 9.1%, Russia 8.4%, US 5.1%, Italy 4.8% (2017)

Posted by trailing wife 2018-08-10 14:42|| 2018-08-10 14:42|| Front Page Top

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