Turkey Hit By Bank Runs, Currency Panic As Locals Sell Their Cars And Houses To Buy Gold While Lira Implodes

Trade For Profit ^ | 8-16-2020

[null and void]

Exactly!
.
Cranberries
are
Useless.

Some people actually like their screeching, they think it's music...

[wgmalabama]

Gold luvk getting any of that in physical form these days.

[null and void]

Yes.

Kentucky jelly should also be involved.

[Scrambler Bob]

Toilet paper. Lots and lots of toilet paper.

= = =

Inflated currency will get cheaper than toilet paper.

See Zimbabwe.

[Scrambler Bob]

Many years back, I tried to cash a check at BofA, the check was drawn on BofA, the account was at that branch.

The teller wouldn’t cash it.
= = =

Me too, but they would cash it for a $7.00 fee.

I just shut up, turned and walked out, cashed it my credit union, down the street.

[Delta 21]

You know they sell gold dust on every street corner in the war torn hell hole.

[bunkerhill7]

Transfer funds from a foreign owned bank in Wash DC,NY, or SF, e.g., To your expat/gf/ friend corresponding bank in Phils, Thailand etc.The banks can transfer $100k’s VIP protocol no problema

[bunkerhill7]

Then the expat etcs can wu back to u 19k$ each time

[VanShuyten]

The wife and I had a great vacation in Indonesia right after Soros crashed its currency from 500/$ to 5000/$. Maybe a trip to Turkey is in the offing.

[Jane Long]

Not that $h@t, again.

[Jane Long]

Nanzi and Biden’s handlers will be sad.

[Bob Ireland]

Ping - ???

[TnTnTn]

Oh no problem....c’mon man, they can borrow money from Isis, Iran, and the Muslim brotherhood bunch.....their blood brothers...

[PGalt]

ROFLMAO! Thanks, bert. Laugh-o-the day BUMP!

We continue to be concerned............if Russia attacks Turkey fron the rear, will Greece help?

Never let a giblet go to waste.

[CurlyDave]

...Where does one put a million dollar IRA?...

Stocks. Index mutual funds. Exchange traded funds.

Try SPY & QQQ.

[BeauBo]

"As their currency implodes (in a nation that is becoming increasingly more “banana” with each passing day as Erdogan solidifies his takeover of every government institution, in the process turning off any potential foreign investors) Turks are discouraged from material purchases of dollars to hedge the collapse in their native currency due to some of the strictest capital controls on the planet"

"Turkey’s (foreign currency) reserves have been depleted by market interventions (to pump up the value of the Turkish Lira), which are showing signs of fizzling out" (Reserves dropped from $80 Billion to $45 Billion so far this year. They are running out of ammo to continue manipulating the currency and economy, for their short term political benefit - a high price will have to be paid at some point.)

"rising current account deficits and a possible debt default could tarnish the country’s formerly solid reputation for meeting foreign obligations. And as Reuters notes, these debt repayments are set to rise in October"

"Meanwhile, Finance Minister Berat Albayrak – who just happens to be Erdogan’s son-in-law – said on Wednesday the lira’s competitiveness is more important than exchange rate volatility. The central bank has effectively borrowed on local dollar liquidity to fuel its foreign exchange market interventions, which are meant to stabilize the lira"

"if you get to that stage where locals are unwilling to keep their money in the bank then you’re heading to a balance of payments crisis. That’s when the alarm bells will start ringing.”

"Perhaps Erdoganomics, whereby the president mandated to “fight” high inflation with lower rates in contravention of all norms and rules of economics, will ultimately end up destroying Turkey just as so many expected."

"Meanwhile, Erdogan shows no sign of budging, and on Monday he said he hoped market rates would fall further “god willing.”"

[hanamizu]

Lebanon’s lira/pound is also cratering—and this was before the explosion. People there are now reduced to bartering for imported goods—even stuff like Pampers.

[blam]

Bank Of America pledges $1 Billion To BLM

[greeneyes]

Whew—Thanks for the ping.

[Texas Fossil]

“God Willing”

Haa haa haa, Erdoo is going to blame his failure on God?

End the end God will deal with Erdoo.