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Turkish lira strikes historic low after more than 1% drop

Discussion in 'The NF Café' started by Chie, Aug 10, 2018.

  1. Chie Well-Known Member

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  2. WT #for the watch

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    Not necessarily a bad thing.

    Don't know how its moved against the £ or € but it will definitely boost tourism if it has...

    The € has been higher than normal post brexit against the £ which has made holiday packages for British people more expensive. Turkey is not too far away, has great history and is cheaper as well. The only off putting thing is the political situation ...
     
  3. Khaleesi Super Moderator

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    Good, fuck Turkey and I hope they crumble
     
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  4. Fang Titan

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    As much as I dislike Turkey, all this is going to do is further push mainstream support in Turkey for Erodgan harder as a result of the financial and economic woes they are having. This will only solidify his not-total authoritarian based influence even more.
     
  5. Khaleesi Super Moderator

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    True, but I’ve given up on Turks coming to their senses tbh. It’s like trump where no matter what Kerdo does, the moronic Turks will continue to support him
     
  6. Fang Titan

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    Its also pretty ironic that Erodgan isn't an ethnic Turk. Then again there's no such thing as an ethnic Turk.
     
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  7. Khaleesi Super Moderator

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    I’m Kurdish, does that answer your question for you?
     
  8. Khaleesi Super Moderator

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    lmao and then he went back and said that he never said he was from Georgia, the lying this animal does out of his ass
     
  9. Skaddix Well-Known Member

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    You Kurds ever going to form your own country?

    In the short term this is good for Erdogan solidifying power in the long term strong man only stay in power as long as the Economy is not hit and the Trains Run on time.

    Also why the fuck is Chie posting this a right wing strong man having a bad economy seems an odd thing to bring up
     
  10. Khaleesi Super Moderator

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    You don’t think we’ve tried :catprone

    I mean just last year Basur (Iraqi Kurdistan) had a referendum in which the population unanimously voted to declare independence. And then Iraq attacked us and stole Kirkuk from us. The US our supposed ally didn’t back us up, none of NATO backed us up.

    You can’t form a country when not one world power is going to support you, especially not when you’re landlocked between 4 murderous regimes
     
  11. Fang Titan

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    That's pretty much what most "Turks" are though. They are a heterogeneous group of people whose ancestors are likely more related to populations already living in Anatolia, Greece, the Balkans, and the Caucasus regions then the tribal Central Asians who came from the steppes. Only thing they share in common with them are their language (barely), and religion.

    I think Cringe must be a Turk given how mad he's getting at my posts.
     
  12. Skaddix Well-Known Member

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    Yes I know.

    Bush really fucked you by not giving you that Kurdish state although I suppose we didn't cause we need Turkey as they control the Bosporus Straits.
     
  13. Khaleesi Super Moderator

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    Yeah, with all the shit they throw at Kurds about us being Mountain Turks, they’re nothing but a group of mitts that pretend like they are some purebred master race
    Yes he did. Any excuse the US gives us old now. We shouldn’t have sacrificed Kurdish lives to fight and defeat ISIS for America or Europe. We should’ve left them to handle their problems on their own, because we are always getting stabbed in the back by them
     
  14. Skaddix Well-Known Member

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    @Khaleesi Indeed the "Turks" exist thanks to a certain Empire of Old.
     
    Last edited: Aug 10, 2018
  15. Fang Titan

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    Lmao he deleted his post.
     
  16. zeroantizero Well-Known Member

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    Meanwhile:



    You really don't know which one to root for... :hm
     
  17. Prince Vegeta So I be written in the book of love

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    Nice now add some more sanctions for iran and turkey please.
     
  18. Mider T VM Rapist

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    As a surprise to absolutely nobody.
     
  19. wibisana still newbie

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    Hahaha get rekt cringy


    Btw OT.
    I wonder why 1% drop is historical low.
     
  20. mr_shadow Minister of State Security Moderator

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    President Tayyip Erdogan told Turks on Friday to sell their gold and U.S. dollars to support the country's currency which plunged after U.S. President Donald Trump escalated a feud with NATO ally Turkey by doubling tariffs on metals imports.

    The Turkish lira has long been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States.

    On Friday the currency dropped as much as 18 percent at one point, the biggest one-day fall since a 2001 financial crisis in Turkey.

    Reverberations spread through global financial markets, with European stock markets especially hit as investors took fright over banks' exposure to Turkey. U.S. stocks were also rattled.

    The lira has lost more than 40 percent this year. It hit a record low after Trump announced he had authorized higher tariffs on imports from Turkey, imposing duties of 20 percent on aluminum and 50 percent on steel.

    The lira, Trump noted on Twitter, "slides rapidly downward against our very strong Dollar!"

    "Our relations with Turkey are not good at this time!" he wrote.

    An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades. Financial upheaval there risks further destabilizing an already volatile region.

    Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organized by a U.S.-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

    The new duties on Turkey are double the level that Trump imposed in March on steel and aluminum imports from a range of countries. The White House said he had authorized them under a section of U.S. trade law that allows for tariffs on national security grounds.

    Turkey's trade ministry said the tariffs were against World Trade Organization rules.

    FOCUS ON PASTOR

    While Turkey and the United States are at odds over a host of issues, the most pressing disagreement for Trump has been the fate of American Christian pastor Andrew Brunson, who is on trial on terrorism charges for allegedly supporting a group that Ankara blames for a failed coup in 2016. He denies the charges.

    Turkish officials held talks in Washington this week but there was no breakthrough.

    The Turkish financial crisis set off a wave of selling across emerging markets, reviving the specter of contagion that has been the sector's Achilles heel for decades.

    The lira sell-off deepened concern over whether over-indebted Turkish companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan.

    The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

    "If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks. This is a national, domestic battle," he told a crowd in the northeastern city of Bayburt.

    "Some countries have engaged in behavior that protects coup plotters and knows no laws or justice," he said. "Relations with countries who behave like this have reached a point beyond salvaging," said Erdogan, who warned of "economic war."

    In an opinion piece in the New York Times on Friday, Erdogan said Turkey's partnership with the United States could be in jeopardy unless Washington "starts respecting Turkey’s sovereignty."

    "Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives. Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies," Erdogan said.

    Turkey, home to the Incirlik air base which is used by U.S. forces in the Middle East, has been a NATO member since the 1950s. It is host to an X-band radar, a critical part of the Western alliance's missile defense system again Iran.

    The United States has increasingly used economic sanctions against foes such as Iran or North Korea but it is highly unusual for an administration to impose import tariffs over political or judicial issues with other countries.

    “I’m not aware of any prior administration using tariffs in this way, and there’s a very simple reason: because they’re an incredibly blunt instrument that often can have blowback on American workers and consumers as we’ve seen in the China context,” said Ned Price, a former CIA officer who also served as a National Security Council spokesman during the Obama administration.

    COUP ALLEGATIONS

    Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table."

    Ankara wants the United States to extradite Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed. Gulen denies the allegation.

    Brunson, an evangelical Presbyterian from North Carolina, was jailed for allegedly supporting the group that Turkey blames for the failed coup and was moved from prison to house arrest in July.

    His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November.

    Jay Sekulow, an attorney for Trump who is also representing Brunson’s family, told talk-show host and political commentator Sean Hannity’s radio program on Friday: "We're close to getting a resolution in that case." He offered no further details.

    "This could be the most expensive pastor in world history," Sekulow said, referring to the harm being done to Turkey's economy.

    Erdogan enjoys the support of many Turks even though rents and food and fuel prices have all surged.

     
    Last edited: Aug 12, 2018
  21. Roman Chariot

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    I hope the real Chie is trying to take over the account :maybe
     
  22. wibisana still newbie

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    The title is misleading

    It is 14-17% not just 1%.

    1% thing is just how much it weaken last day alone
     
  23. Eternal Dreamer The Bored Lolmaster

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    On one hand, I am kind of glad this is happening to Erdogan but on the other hand, should something worse happen, it could destabilise the entire area even more...
     
  24. wibisana still newbie

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    Asia from China to Turkey is already destabilised

    Just google any currency

    CNY to USD
    IDR to USD
    INR to USD

    Even GBP and Euro had been weakening from jan 2018

    Only JPY, SGD, AUD seems kinda strong
     
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  25. Chie Well-Known Member

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    *US goes into a trade war*

    Rest of the world: Idiots, your fragile economy will crumble!



    Rest of the word: Why can't our socialist governments compete against the US!
     
  26. wibisana still newbie

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    China is capitalist
     
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  27. RavenSupreme Well-Known Member

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    I am not a fan of current turkey politics.

    However this current bout between Trump and Erdogan perfectly showcases how single states pale in comparison to the US when it is using its economical might to put pressure on.

    Only a united single market, single currency economical bloc has the means to push back against such possibilities.

    While many now laugh at the "Sultan of Bosporus" getting what he deserves after all of this human rights violations, the bigger picture is that in a world where countries such as turkey, the second biggest army in the Nato and geostrategical key member with an economical future get smacked around like this when a mentaly unstable US administration decides to do so, the European Union is the best thing to happen to the member states.

    Trump does bark and bite when he has no opposition. Replace Turkey with Poland, Hungary, Italy - alone they would be bullied just as hard by any of the worlds big powers (US / China) as this example showcases perfectly.

    But as Europe Union they have the economical means to oppose

    Thanks Trump for once again showing Europe the need to stick together. Even critical members (Orban never questions the use of the EU or wants to leave)

    Now only Great Britain has to return to the mothership. But we have time...and the more time passes and the more the britains realize how they will become a toy of foreign powers the more they will realize holding a second referendum is the best chance to keep influence in the world.

    As part the biggest financial bloc. Not as a random Island somewhere isolated.
     
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  28. Nemesis The Sith Lord

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    Well that is due to more and more shooting in the foot the UK government keeps doing. If May just said "Fine, Norway deal." which is the only sane solution that is out of EU but not fucking over the UK both GBP and Euro will recover almost over night.
     
  29. the_notorious_Z.É. The Pirate Prime minister

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    Erdogan is Muslim. :edu
     
  30. Skaddix Well-Known Member

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    Fair Enough.
     
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