[blam]

“I might withdraw my lira and buy gold with it too, but I am scared to go to the bank right now because of coronavirus.”

M

[babble-on]

Oh no! How does this affect Trump’s substantial real estate holdings in Istanbul, and his long term policy relationship doing favors for Erdogan??

[DIRTYSECRET]

Where does one put a million dollar IRA?

[PGalt]

Erdogan (who is now de facto head of the Turkish central bank) failed miserably...

Central Bankster failed miserably? Where’s the World Bank? Where’s the FED?

How can we have a nice Thanksgiving without Turkey?

[SheepWhisperer]

Good luck trying to withdraw any substantial amount of cash at the bank. Chase limits cash to $3k at a time. Do the math...

How many banking days would it take to withdraw all of your cash?

I went in a few weeks ago to cash a check for small bullion purchase and got the rely “we don’t have much cash here. We have to order it to be sent to us. So you have to give us advance notice.”

I replied in not my inside voice “do all of your customers know that you don’t have their cash here?”

...”sir, please lower your voice”

They quickly cashed my check to move me doing

Heads up...there’s a warning in this message for those who need to know and are listening.

[headstamp 2]

Time to go full caliphate.

[Revolutionary]

More winning!

[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

[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]

Nanzi and Biden’s handlers will be sad.

[Bob Ireland]

Ping - ???

[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.

[SunkenCiv]

Thanks blam.

• EU Prepares Turkey Sanctions in Case Diplomatic Measures Fail