Turks abandon the Lira for Dollars

Fox News ^ | 29 Nov 2021 | Jared Malsin and Anna Hirtenstein

[wbarmy]

A currency crisis here is battering Turks’ confidence in their government’s ability to manage the economy, causing droves of people to buy U.S. dollars and sending crowds of people into the streets to oppose President Recep Tayyip Erdogan’s policies.

[wbarmy]

I have been discussing the rapid fall of other currencies and the use of the US Stock Market as a hedge for all the foreign investors. This will keep our stocks afloat as the rest of the world, including China, keeps going down the drain.

[Sequoyah101]

Boy that place as the world’s reserve currency is really collapsing fast isn’t it?

This is not to say I approve of our massive and growing debt and wasteful spending.

[FreedomPoster]

As screwed up as the dollar and our spending / printing is, the rest of the world is even more screwed up. Frightening but true.

[stuck_in_new_orleans]

“ Crowds of demonstrators near Istanbul’s Taksim Square chanted "Government resign!" as ranks of riot police looked on ”

Sorry but that’s not how Islamic dictatorships work

[wbarmy]

We will stay the reserve currency for pretty much everybody until everything finally crashes. Having traveled extensively in Africa and the former Soviet Union, the dollar is always accepted. There are places in Africa that will NOT accept their own countries currency, but will always take the dollar. Some take the Euro, nobody takes the Yuan.

[Vigilanteman]

Sorry but that’s not how Islamic dictatorships work . . .

You are right about that. But a Turk I knew in a former life described Turkey as an army in search of a country.

[conservatism_IS_compassion]

The other option for a reserve currency is the bitcoin - until and unless its underlying encryption gets hacked, of course.

But it’s worth remembering, BTW, that Bletchley Park hacked into Enigma - and that wasn’t public knowledge for about two decades after WWII.

Hey, if you hacked PGP, would you publicly announce that fact? Before shorting Bitcoin?

[DesertRhino]

Imagine your currency sucks so bad that you think the dollar makes sense.

[Ruy Dias de Bivar]

I am reminded of an old cartoon from 1955. Yes, 1955.

A man is in his doctor’s office. The doctor, after examining him, says to him: “You are as sound as a dollar! And if you know what that means, you are a very, very sick man!”