|
Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,899
|
The first domino to tip?
https://www.zerohedge.com/markets/act-sheer-panic-turkey-central-bank-intervenes-prop-lira-fails
With the lira having lost 40% of its value in just the past 3 weeks (and down almost 50% YTD), now that the market finally realizes just how insane Erdogan has been all along with his intention to keep cutting rates until the mid-2023 Turkish elections...
... and foreign investors pulling their capital from Turkey in a show of defiance to the Erdogan regime - they may return if and when a new, more sensible ruler emerges - overnight the Turkish central bank intervened in the foreign exchange market for the first time in seven years, and in an act of sheer desperation, fought to shore up the plunging lira.
__________________
"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent."
-Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.)
|