>Investors hoping for signs of a resolution to Turkey’s market rout and tensions with the U.S. got little to be optimistic about in speeches Sunday by President Recep Tayyip Erdogan.
>In three public addresses, Erdogan lashed out at the United States, threatening to find new alliances and new markets. He also took higher interest rates off the table and said Turkey wouldn’t accept an international bailout. His message was essentially the opposite of what investors have called for to stem the plunge in the markets.
As we all know, lira's months-long collapse came to a head on Friday when USD/lira briefly touched 6.8, sparking intense fears over Turkey's future among emerging markets. Goldman Sachs analysts have forecast that Turkish banks cannot remain solvent if USD/lira rises above 7.1, which could finally be the spark that lights the next global financial meltdown.
Forex markets open 5pm EST, two hours from this post. Anyone else preparing for the fallout? Myself, I'm going to crack open a bottle of Chardonnay and watch the carnage play out in real time.
Turkey is fucked as long as Erdogan is president i think. And that's going to last a while
Lucas Brown
>which could finally be the spark that lights the next global financial meltdown. why? why is turkey so important?
Jose Wilson
>Erdogan’s remarks came just hours before markets reopen after a plunge in the lira on Friday sent tremors through global markets. At one point, the currency fell as much as 17 percent against the dollar, fanning fears that the financial tumult could spread to Europe and other emerging markets near and far.
More information on Bloomberg, FT, Zerohedge and related. Anyone have plans on taking advantage of this crisis? Myself, I am doubling contributions to my EM fund and considering Turkish bonds.
Jackson Sanchez
also, is anyone shorting the lira? ive never traded forex before but it seems like an easy play. are there any forex sites that let you trade with leverage with crypto?
Anthony Taylor
you can long usd/lira on 1broker with bitcoin
Bentley Turner
Foreign money - many banks have lots of $$$ there (Unicredit stopped trading on Friday due to the currency plunge), also significant investment from China due to their Belt & Road Initiative. More importantly it threatens to tear apart the entire Eurozone and maybe even NATO. I don't like to be a doomsayer but if that happens I could see Russia, China, Turkey and Iran forming a new economic/military coalition and finally start flexing on the rest of the world.
Isaiah Long
>global financial meltdown won't happen bond markets and fiats will but collapse? like stocks? nah.
Chase Martinez
>Minimum: 500BTC what?
Juan Sanders
I don't think Turkish banks weigh enough to start the whole financial apocalypse but it's coming sooner rather than later for sure. I already pulled all my savings from the bank and bought physical gold. Retards invest in crypto, reasonable and intelligent people get physical gold.
