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Turkey is bankrupt

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Re: Turkey is bankrupt

Postby Lordo » Mon Oct 24, 2022 10:32 pm

repulsewarrior wrote:...wealth disparity, i have mentioned it before.

Inflation is also, so few having so (read: too) much to spend; and wanting to spend so much, there is not enough for everyone.

(...not just Turkey, but everywhere)

Erdogan and Truss are not so different; in their worlds everyone but the rich pay, it seems.

Come now RW, let's see a big difference between them. Erdogan controls interest rates and does not raise them at the expense of TL dropping and inflation going up. Whereas Truss tried to hand back 5% tax cuts to the wealthiest in the country and was going to pay for it by borrowing. Has it ever been done by any government before? Consequently, the economy tanked, the bond values dropped, and BoE bought them by the billion to stabilize the market with borrowed money and of course inflation is still going up every day despite 16-year high interest rates. So clearly high interest rates do not reduce inflation. It could do but in this case it has no affect.
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Re: Turkey is bankrupt

Postby Lordo » Mon Oct 24, 2022 10:46 pm

Pyrpolizer wrote:
Lordo wrote:
Pyrpolizer wrote:
Lordo wrote:
Pyrpolizer wrote:I think you guys have to search for the cause of inflation.
The war in Ukraine actually benefited Turkey. Therefore the source of inflation is either within Turkey or an attack on it's currency.
In the EU and UK, the inflation is caused by the disruption of Energy and grain supplies. Increase in interest rates would have almost zero effect. This inflation is 'imported"


Energy prices did increase in Turkey too like the rest of the EU because they buy their resources from the same market. Certainly, some Erdogan friendly corporations may have benefitted from the war but not the economy as a whole. The people there are suffering from the one we are all suffering from and that is the false market and energy prices sky high.


Don't forget that Turkey has it's own oil fields most of them in Turkish Kurdistan, covering 7% of it's needs. Also never suffered from gas or grain supply shortages from Russia, plus it was flooded with Russian tourists during the summer leaving behind considerable gains. Also considering what happens in the occupied they don't apply 25% tax on petrol as per EU so petrol is relatively cheap. The inflation rise this year in no way can be attributed to the increase of oil prices alone.

Two main reasons.
One is the fact the financial market attacked TL and devalued it before the war in Ukriane which started inflation increasing inflation and then the energy prices are certainly not any cheaper to the consumers
The second is allowing in cheap imports into the country kills off the local producers. Having to import wheat and animal feed into a country like Turkey, is driving people in agriculture into the cities looking for work.


I agree on the first point. However notice that Financially attacking a currency costs a lot. The attackers need a way to gain their cost back. Imo the did get their cost back, while also succeeding in triggering the fall of the TL. Then Erdo perpetuated the fall.

The 2nd point is not so true, because Turkey had to open it's doors to foreign investment. I'd rather think it's the foreign investment that pulled people to the cities not the cheap (??) imported agricultural products. Even in Cyprus' no imported produce ever managed to displace the Cypriot produce, and I doubt it had any effect in Turkey where everything is much cheaper.
It's just that people seek better work these days, and we don't produce as much as before.

I did not mention foreign investment, I am talking about cheaper good collapsing local producers.

Grain Brokers Australia, April 21, 2020
TURKEY has emerged as a key player in the international wheat market in recent years as imports increase to record levels. This is on the back of lower production, higher domestic consumption, increased government imports to stabilise domestic prices and an explosion in the export of wheat-based products.


https://www.graincentral.com/markets/export/turkey-emerges-as-major-wheat-importer/#:~:text=Turkey%20emerges%20as%20major%20wheat%20importer%20Grain%20Brokers,recent%20years%20as%20imports%20increase%20to%20record%20levels.
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Re: Turkey is bankrupt

Postby Maximus » Sun Nov 13, 2022 12:53 pm

Lordo wrote:
Maximus wrote:Its so the smart money can buy cheaper. These markets are manipulated to some extent. Only an idiot would sell sterling to buy TL.

Markets what? to some extent?

You stupid boy.

Who said anything about selling sterling and buying TL. Read the fucking post again and see if it penetrates that thick skull of yours.

Interest up sterling loses
Interest down TL gain.

now shove it.

Let me call bank ad but a few TL, it may come in handy.


How are those Turkish Liras you never said anyone said anything about buying but you wanted to call the bank to buy some because they might come in handy.

Look at sterling vs TL now

You are the dumb money. :lol:
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Re: Turkey is bankrupt

Postby Lordo » Sun Nov 13, 2022 4:21 pm

You stupid boy. Are you so stupid that you cannot tell when I am winding you up and when I am serious. Do I sound like a person who would speculate with currency. The only time I buy currency is when I am travelling and only as much as I need and only at destination.

Stupid boy.
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Re: Turkey is bankrupt

Postby Maximus » Sun Nov 13, 2022 10:49 pm

You stupid man, you still believe that the corporate coffers should be raided to stave off inflation.

Erdo did all that and inflation in Turkey is still on the rise.
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Re: Turkey is bankrupt

Postby Londonrake » Tue Nov 15, 2022 11:27 am

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Re: Turkey is bankrupt

Postby repulsewarrior » Tue Nov 22, 2022 12:12 am

...the Finance Chief speaks,

https://www.dailysabah.com/business/eco ... -inflation

...a long article on Turkish Economic Policy
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Re: Turkey is bankrupt

Postby Lordo » Tue Nov 22, 2022 3:43 pm

It seems obvious that inflation cannot be controlled by interest rates as we have had the highest increase in interest rates for decades and it has not made any difference to inflation. Inflation today is fueled by corporate greed and till government legislate to stop them profiteering, we shall have inflation.

As to Turkish Cypriot economy, what is the purpose of highlighting it except to try to upset me. Dear old boy, shove it up your ass and then smoke it. Turkish Cypriots know how to survive. We survived bac in 1963 when we were reduced to 2.5 of Cyprus and we survived when TL went from 30TL to the pound to 3 million and we will survive this too.

Concentrate important matters like how UK is being driven into the ground.
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Re: Turkey is bankrupt

Postby Maximus » Tue Nov 22, 2022 9:13 pm

You dont know what you are talking about.

You're just another plonkenstein. :lol:
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Re: Turkey is bankrupt

Postby Lordo » Tue Nov 22, 2022 10:23 pm

Maximus wrote:You dont know what you are talking about.

You're just another plonkenstein. :lol:

Evli evine
Koylu koyune
Evi olmayan
Sican deligine.

Reh shezmenos dje tsillargazmeno
Ma ise zoin gavole mavro yerimon naminis.

Now that your friend brought up the suffering of the TCs etc now here is a very interesting item regarding 1963. The Police chief who was present in the killing of Halil and Cemaliye in Lefkosa December 1963 called Pantelides lost his son in Magusa.
Now that is interesting.
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