vaughanwilliams wrote:Get Real! wrote:You’re either very brave or very foolish coming out in public like this boasting about the Turkish Lira, which is a currency that in 2007 had no less than SIX DIGITS intentionally removed (think about that for a moment) and yet it’s still next to worthless!
Have a look at this…
1966 — 1 U.S. dollar = 9 lira
1980 — 1 U.S. dollar = 90 lira
1988 — 1 U.S. dollar = 1,300 lira
1995 — 1 U.S. dollar = 45,000 lira
1996 — 1 U.S. dollar = 107,000 lira
2001 — 1 U.S. dollar = 1,650,000 lira
2004 — 1 U.S. dollar = 1,350,000 lira
2007 — 1 U.S. dollar = 1.26 new lira
2008 — 1 U.S. dollar = 1.55 Lira
2009 — 1 U.S. dollar = 1.48 Lira
2010 — 1 U.S. dollar = 1.49 Lira
A lot of idiots come and go here vaughanwilliams, but you’re starting to become a memorable one…
So, from 2001 to 2009 apart from 2007, the TL has gained steadily on the dollar and seems reasonably steady ATM.
When the Euro goes tit-shaped, as it will soon, it will make the TL look like Swiss Francs.
NO, VW, the Turkish Lira did not gain against the dollar through it's economic strength of it's own, but rather the US Dollar losing it's value against other major currencies because of it's huge national debt, which made the US Dollar weaker. Had the Turkish currency maintained it's level against the USD of 2007 against the decline of the USD in the same period, at the very least, the exchange rate would have looked something like 1 TL= 1USD. Had the USD not declined due to it's fiscal problems, it would easily be 1 USD = 2 TL by now. The TL has no where to go but down as it is it's natural course, whereas other world major currencies can only go up against the TL as it's natural course, barring few hiccups along the way now and then. You will lose again and again if you back the TL in the long run, that's all.!