Is this intentional sabotage? A planned demolition from the inside? I am drawn to conspiracies because I cannot fathom of how someone can be this stupid *and* remain a leader of a country for 20+ years.
Holy fuck it’s nearing 1 euro = 20 lira.
[deleted]
Is he still the head of Turkeys Central Bank too?
I remember when the lira hit the 8 dollar point and I was thinking that that’s too much. Now it reaches new low pits of hell I couldn’t even imagine. Which is quite sad and dangerous to be honest. A collapsing Turkish economy is not good not only for Turkey but for other economies too.
A short term solutions for the average Turk would be to grab this opportunity and move to Europe for more opportunities. Greece is open for business and it always has been a destination for fleeing Turks. Germany is an option too due to the diaspora.
In the long term though, things seem terrible. Even a change in government won’t result in much change and the hype of change will fade as months go by. What a state of being to be in.
*“What is it? We are lowering interest rates. Don’t expect anything else from me,” Erdogan said Sunday in televised comments from Istanbul. “As a Muslim, I’ll continue to do what is required by nas,” he said, using an Arabic word used in Turkish to refer to Islamic teachings.* (from article)
Yes. Base your 21st century economic policy on a religious book. It will be fun.
The lira is not nearly as inflated yet as his ego, so better prepare…
At this point just do the opposite of what erdogan says to fix the economy
I guess you can’t arrest and execute inflation, huh?
More proof of Devlet Bahçeli’s curse.
Anything he touches turns to shit.
Has anyone ever told Erdogan the definition of insanity?
This man is killing the country yet somehow maintains control of the military. Are their salaries in euros or dollars?
[removed]
Interesting solution to any potential toilet paper shortages.
There must be a hidden plan here. Either that or he wants to die brutally as a martyr
he is becoming completly mental
Not to fret, i’m sure another invasion will fix their economy right up. Or maybe another little territorial violation?
This guy is speedrunning the Weimar Republic move
Erdogan playing chicken against his own economy, not realizing everyone else has jumped out of their car years ago.
Ceddin deden….🥲
No one can be that stupid!
Gas, gas, gas, I’m gonna step on the gasss.
Erdogna determined to [beat Venezuela ](https://youtu.be/ndJTrSarMHM)
Let us not forget that Turkey has industrialised with a trade deficit and a deficit in current account payments due to competitiveness concerns. Turkey has to borrow from outside = external debt. But, Erdogan made a big mistake, he could have devalued the currency when he took power in 2003, the situation and the circumstances were favourable. Even if the objective is understandable, the method is not understandable, it’s out of the economic orthodoxy, it’s too brutal. But we will see what happens in the near future. The Turkish central bank will not lower its key rates in 2022.
On the other hand, for the first time with the devaluation of the Turkish currency, exports have exceeded $212 billion over one year. This is a record. Turkey is becoming the China of MENA and Europe. Of course, the loss of purchasing power for the people will be reflected dramatically.
As we’ve seen with Christianity and now with Islam, these are not good foundations for an economic system. Maybe cuz it’s made up and you’re basing your whole economic system on imaginary rules made by sky daddy? Just a thought but it l might not be the best approach, just throwing that out there.
Have a great day!
Turkey is caught in a monetary deathtrap. Sky-high inflation but heavily indebted population
Is he going for hyperinflation?!
No seriously though, what the hell is this guy doing?
Turkey will be recovering from his policies for decades. I feel sorry for Turks having to go through this bullshit.
What the fuck is wrong with this piece of shit?
maybe his goal is to crash the lira?
Long live erdogan
But I bet they “vote” him in yet again . Slowly eroding all the young Turkish chances of a prosperous future and pushing the nation further in the freedom abyss of political Islam .
An update: Lira just gained 30% overnight after another speech from Erdogan. He says to keep liras in bank and the difference with dollar will be paid to those who keep lira in their bank.
Effectively , he raised the interest rate to almost 40% and to pay these new “Lira Bank Accounts” the Central Bank will print out more money.
Ramifications unclear at this point but inflation surge is expected.
(I know this is not an economic advice subreddit but) To any Turks , wait until tomorrow and if the downward trend continues , buy dollar euro whatever you can. Lira is almost guaranteed to lose against dollar with how much spending the government is doing. (Cutting taxes to raise wages and now this Lira Bank Accounts) Lira will probably collapse super hard First Half of 2022. (More than it did already)
33 comments
Is this intentional sabotage? A planned demolition from the inside? I am drawn to conspiracies because I cannot fathom of how someone can be this stupid *and* remain a leader of a country for 20+ years.
Holy fuck it’s nearing 1 euro = 20 lira.
[deleted]
Is he still the head of Turkeys Central Bank too?
I remember when the lira hit the 8 dollar point and I was thinking that that’s too much. Now it reaches new low pits of hell I couldn’t even imagine. Which is quite sad and dangerous to be honest. A collapsing Turkish economy is not good not only for Turkey but for other economies too.
A short term solutions for the average Turk would be to grab this opportunity and move to Europe for more opportunities. Greece is open for business and it always has been a destination for fleeing Turks. Germany is an option too due to the diaspora.
In the long term though, things seem terrible. Even a change in government won’t result in much change and the hype of change will fade as months go by. What a state of being to be in.
*“What is it? We are lowering interest rates. Don’t expect anything else from me,” Erdogan said Sunday in televised comments from Istanbul. “As a Muslim, I’ll continue to do what is required by nas,” he said, using an Arabic word used in Turkish to refer to Islamic teachings.* (from article)
Yes. Base your 21st century economic policy on a religious book. It will be fun.
The lira is not nearly as inflated yet as his ego, so better prepare…
At this point just do the opposite of what erdogan says to fix the economy
I guess you can’t arrest and execute inflation, huh?
More proof of Devlet Bahçeli’s curse.
Anything he touches turns to shit.
Has anyone ever told Erdogan the definition of insanity?
This man is killing the country yet somehow maintains control of the military. Are their salaries in euros or dollars?
[removed]
Interesting solution to any potential toilet paper shortages.
There must be a hidden plan here. Either that or he wants to die brutally as a martyr
he is becoming completly mental
Not to fret, i’m sure another invasion will fix their economy right up. Or maybe another little territorial violation?
This guy is speedrunning the Weimar Republic move
Erdogan playing chicken against his own economy, not realizing everyone else has jumped out of their car years ago.
Ceddin deden….🥲
No one can be that stupid!
Gas, gas, gas, I’m gonna step on the gasss.
Erdogna determined to [beat Venezuela ](https://youtu.be/ndJTrSarMHM)
Let us not forget that Turkey has industrialised with a trade deficit and a deficit in current account payments due to competitiveness concerns. Turkey has to borrow from outside = external debt. But, Erdogan made a big mistake, he could have devalued the currency when he took power in 2003, the situation and the circumstances were favourable. Even if the objective is understandable, the method is not understandable, it’s out of the economic orthodoxy, it’s too brutal. But we will see what happens in the near future. The Turkish central bank will not lower its key rates in 2022.
On the other hand, for the first time with the devaluation of the Turkish currency, exports have exceeded $212 billion over one year. This is a record. Turkey is becoming the China of MENA and Europe. Of course, the loss of purchasing power for the people will be reflected dramatically.
As we’ve seen with Christianity and now with Islam, these are not good foundations for an economic system. Maybe cuz it’s made up and you’re basing your whole economic system on imaginary rules made by sky daddy? Just a thought but it l might not be the best approach, just throwing that out there.
Have a great day!
Turkey is caught in a monetary deathtrap. Sky-high inflation but heavily indebted population
Is he going for hyperinflation?!
No seriously though, what the hell is this guy doing?
Turkey will be recovering from his policies for decades. I feel sorry for Turks having to go through this bullshit.
What the fuck is wrong with this piece of shit?
maybe his goal is to crash the lira?
Long live erdogan
But I bet they “vote” him in yet again . Slowly eroding all the young Turkish chances of a prosperous future and pushing the nation further in the freedom abyss of political Islam .
An update: Lira just gained 30% overnight after another speech from Erdogan. He says to keep liras in bank and the difference with dollar will be paid to those who keep lira in their bank.
Effectively , he raised the interest rate to almost 40% and to pay these new “Lira Bank Accounts” the Central Bank will print out more money.
Ramifications unclear at this point but inflation surge is expected.
(I know this is not an economic advice subreddit but) To any Turks , wait until tomorrow and if the downward trend continues , buy dollar euro whatever you can. Lira is almost guaranteed to lose against dollar with how much spending the government is doing. (Cutting taxes to raise wages and now this Lira Bank Accounts) Lira will probably collapse super hard First Half of 2022. (More than it did already)