I wanted to check r/Turkey for comments and there is an economy thread there that’s been stickied for several days. If you run it through google translate it’s pretty much comments serving as daily timestamps of new lira lows. Kinda surreal to see it like that…
-10% in one day?
Didn’t know LIRA was a cryptocurrency!
Pretty soon the Greeks could just buy Istanbul for some pocket change.
It’s always interesting to see that there is a currency doing worse than our Hungarian Forint
Why is inflation this bad? Are the money printers stuck on or something?
This damn terrifying. How one person with so much responsibility can bring down the currency of an entire country to its knees like this… just wow…
37min later, it’s up to 14.3. This is bad.
And there are still people who support Erdogan in Turkey….
Stay strong my Turkish friends. Idiot president doesn’t care that ordinary people suffer. You must be going insane right now, since elections are in 2023. Hopefully the country won’t be fully bankrupt by then.
Jesus, it just broke through 18 pounds! It’s in free fall pretty much.
Is internal inflation also skyrocketing or just the exchange rate vs other currencies?
Can Turkish people still but stuff with the money they earn?
Milyon days are coming back.
Erdogan the Great blesses the Turkish people with this gifts once again. Forget Millionaire, soon everynone in Turkey will be a Billionaire.
You ok there Turkey? Blink twice if no
Why Turks aren’t rioting in the streets before more damage can be done is beyond me
I wouldn’t laugh at this, rich people can get by, but middle and low classes are really affected by this changes in currency, life will get harsher for many.
If you are curious, as a Turk, let me explain:
**Why this is happening? Short version:**
Erdogan made 1 man system with his nepotist network and he can’t rule anymore with that system without meritocracy. And lots of other bullshit politic reasons of his stupid system.
Erdogan thinks he can fight against free market. Don Quixote fighting windmills.
**Can Erdogan Fix it?**
No. This is [runaway greenhouse effect](https://en.wikipedia.org/wiki/Runaway_greenhouse_effect). Nobody trusts Lira anymore. at most, Turks. We know Erdogan better and we know that he and his politics are so unreliable and unpredictable anymore. People are buying dollar/euro/gold/coin etc. Probably investors are thinking the same. This means tremendous amount of Demand of foreign currency. We know that nothing going to change before he loses power so nobody holds Turkish Lira anymore. This causes the free fall. Even if somehow Erdogan can stop it we will just see this as ” good time to buy more” This is kinda Tulip mania for us anymore.
**How long it will keep falling?**
Prices will be affected by currency, people will feel how poor they are anymore. (this is happening for a while though) More poverty = less votes for Erdogan. When politicians realize how weak AKP is at some point with public polls, AKP bureaucrats will start thinking about for post-Erdogan, they will lose their unity.
But most importantly, there is another party, MHP, ruled by Devlet Bahçeli. Erdogan needs his coalition to rule. Bahçeli at some point will call for ” early election ” and dissolve current government. (Yes he has this power but he is so loyal to Erdogan)
At some point his party will fall a part or he will make this call. He will have to make this call.
No matter how fucked up we are Bahçeli is not making this call is chaotic scenario that I don’t want to think about. If he makes the call after he realizes the situation on polls, then government will change with election and opposition will take the power.
Such call would make %10 positive difference for Turkish Lira at one night.
**What if Bahçeli doesn’t do that?**
Eyes would be on Hulusi Akar (head of army) and Hakan Fidan (head of intelligence).
I woke up and saw this, literally checked if there was a coup or war something like that. Holy shit!
I wouldn’t be surprised if Dogecoin ended up being more valuable than the Turkish Lira if Erdogan continues to run his country into the ground.
it’s not crashing, it’s going up! /s
a question for the Turks:
Don’t you fear that Erdogan will cling to power using undemocratic methods?
Lira is crashing all year tho
German and Spanish navy vessels suddenly much more expensive now.
My salary was 546 USD back in this May, today it was 327 dollars or probably lower
It’s green, so it’s good!
Reality will eventually trump rhetoric. Always.
“crypto will ruin the stability of currencies” meanwhile currencies
To the moon
When Turkey mainnet goes live this is is an easy x10. Trust me. I read the whitepaper.
help
There’s been a battle all day between Turkish Central Bank and some financial institutions. Big wicks up, where you can see CB using up reserves to try and stabilise price, and then wicks down as banks offload massive amounts of currency.
Fascinating stuff. Gonna be interesting to see how much USD they’ve bled through.
Damn, in normal democratic country Erdogan would be a goner in no time, because this damage to the whole country’s economy is way too big
I say as a Turk , I hope we see worse . I hope the ignorant people who voted for this akp die of hunger.
I hope you are proud Erdoğan voters. This is on you.
Honestly, this is really sad. Such a rapid devaluation of a whole country’s economy is disastrous, and having lived similar destruction here I don’t wish this upon anyone
I also really hope Erdo doesn’t start acting even more crazy to save face and cause even more problems in the area. May he soon step down and give way to more mature and progressive political powers
40 comments
I wanted to check r/Turkey for comments and there is an economy thread there that’s been stickied for several days. If you run it through google translate it’s pretty much comments serving as daily timestamps of new lira lows. Kinda surreal to see it like that…
-10% in one day?
Didn’t know LIRA was a cryptocurrency!
Pretty soon the Greeks could just buy Istanbul for some pocket change.
It’s always interesting to see that there is a currency doing worse than our Hungarian Forint
Why is inflation this bad? Are the money printers stuck on or something?
This damn terrifying. How one person with so much responsibility can bring down the currency of an entire country to its knees like this… just wow…
37min later, it’s up to 14.3. This is bad.
And there are still people who support Erdogan in Turkey….
Stay strong my Turkish friends. Idiot president doesn’t care that ordinary people suffer. You must be going insane right now, since elections are in 2023. Hopefully the country won’t be fully bankrupt by then.
Jesus, it just broke through 18 pounds! It’s in free fall pretty much.
lira is a shitcoin now
FXSTREET live for [USDTRY](https://www.fxstreet.com/rates-charts/chart-interactive?asset=usdtry) and [EURTRY](https://www.fxstreet.com/rates-charts/chart-interactive?asset=eurtry).
Is it worth going on holiday in turkey right now? I mean must be quite cheap when you change your euros for Liras, isn’t it ?
Live chart here in case you’re looking for one: https://www.dailyfx.com/eur-try
Is internal inflation also skyrocketing or just the exchange rate vs other currencies?
Can Turkish people still but stuff with the money they earn?
Milyon days are coming back.
Erdogan the Great blesses the Turkish people with this gifts once again. Forget Millionaire, soon everynone in Turkey will be a Billionaire.
You ok there Turkey? Blink twice if no
Why Turks aren’t rioting in the streets before more damage can be done is beyond me
I wouldn’t laugh at this, rich people can get by, but middle and low classes are really affected by this changes in currency, life will get harsher for many.
If you are curious, as a Turk, let me explain:
**Why this is happening? Short version:**
Erdogan made 1 man system with his nepotist network and he can’t rule anymore with that system without meritocracy. And lots of other bullshit politic reasons of his stupid system.
Erdogan thinks he can fight against free market. Don Quixote fighting windmills.
**Can Erdogan Fix it?**
No. This is [runaway greenhouse effect](https://en.wikipedia.org/wiki/Runaway_greenhouse_effect). Nobody trusts Lira anymore. at most, Turks. We know Erdogan better and we know that he and his politics are so unreliable and unpredictable anymore. People are buying dollar/euro/gold/coin etc. Probably investors are thinking the same. This means tremendous amount of Demand of foreign currency. We know that nothing going to change before he loses power so nobody holds Turkish Lira anymore. This causes the free fall. Even if somehow Erdogan can stop it we will just see this as ” good time to buy more” This is kinda Tulip mania for us anymore.
**How long it will keep falling?**
Prices will be affected by currency, people will feel how poor they are anymore. (this is happening for a while though) More poverty = less votes for Erdogan. When politicians realize how weak AKP is at some point with public polls, AKP bureaucrats will start thinking about for post-Erdogan, they will lose their unity.
But most importantly, there is another party, MHP, ruled by Devlet Bahçeli. Erdogan needs his coalition to rule. Bahçeli at some point will call for ” early election ” and dissolve current government. (Yes he has this power but he is so loyal to Erdogan)
At some point his party will fall a part or he will make this call. He will have to make this call.
No matter how fucked up we are Bahçeli is not making this call is chaotic scenario that I don’t want to think about. If he makes the call after he realizes the situation on polls, then government will change with election and opposition will take the power.
Such call would make %10 positive difference for Turkish Lira at one night.
**What if Bahçeli doesn’t do that?**
Eyes would be on Hulusi Akar (head of army) and Hakan Fidan (head of intelligence).
I woke up and saw this, literally checked if there was a coup or war something like that. Holy shit!
I wouldn’t be surprised if Dogecoin ended up being more valuable than the Turkish Lira if Erdogan continues to run his country into the ground.
it’s not crashing, it’s going up! /s
a question for the Turks:
Don’t you fear that Erdogan will cling to power using undemocratic methods?
Lira is crashing all year tho
German and Spanish navy vessels suddenly much more expensive now.
My salary was 546 USD back in this May, today it was 327 dollars or probably lower
It’s green, so it’s good!
Reality will eventually trump rhetoric. Always.
“crypto will ruin the stability of currencies” meanwhile currencies
To the moon
When Turkey mainnet goes live this is is an easy x10. Trust me. I read the whitepaper.
help
There’s been a battle all day between Turkish Central Bank and some financial institutions. Big wicks up, where you can see CB using up reserves to try and stabilise price, and then wicks down as banks offload massive amounts of currency.
Fascinating stuff. Gonna be interesting to see how much USD they’ve bled through.
Damn, in normal democratic country Erdogan would be a goner in no time, because this damage to the whole country’s economy is way too big
I say as a Turk , I hope we see worse . I hope the ignorant people who voted for this akp die of hunger.
I hope you are proud Erdoğan voters. This is on you.
Honestly, this is really sad. Such a rapid devaluation of a whole country’s economy is disastrous, and having lived similar destruction here I don’t wish this upon anyone
I also really hope Erdo doesn’t start acting even more crazy to save face and cause even more problems in the area. May he soon step down and give way to more mature and progressive political powers