The USD has just crossed the TL6 to 1 mark.
The Turkish central bank was spending billions trying to support it there to no avail. The market just soaked it up and has continued going through it.
The fools are throwing good money after bad to try and correct years of mismanagement. While slashing interest rates to try and stimulate loans and economic growth. Explained and said by many economics experts, the Turks are approaching their economic problems in an unorthodox, almost contrary way to what they should be doing given inflation was running rampant. Erdogan wants growth at any cost despite the economy being well over heated and he wrote his own economic theories that he just expects to work. The economy has been gliding on previous momentum, and they think they are recovering.
No, no no. the economy is taking its last gasp as it stands on the precipice of a cliff face...
Investors are dumping the lira and confidence in Turkey is kaput. businesses are falling like domino's and filing for bankruptcy. Unemployment is rising, especially with the youth and these clowns are trying to start wars.
Yeah, its alright to go rogue.......
But when the USD approaches the TL7 mark again and accelerates towards TL10 per Dollar, there will be a big price to pay for all this wrong doing. Their children will have no prospects for the future.
Whats all this about really? For what?
Millions will be thinking about that when any wealth they had depreciates to a pittance and when there is nothing to eat.
Some hard lessons are going to be learnt once it has all been said and done.