Pasha Erdogan - Turkey´s President - keeps on giving! TRY being destroyed

[Nighthawk]

Say Good Bye To Turkish Lira!

 

[maxinger]

OK. Which smart fellow bought it at 11500 and sold it at 12300?
He must be laughing all the way to the bank.

 

[Nighthawk]

OK. Which smart fellow bought it at 11500 and sold it at 12300?
He must be laughing all the way to the bank.

I am short TRY for the last 2 1/2 years. I couldn´t imagine what a hell of "a trade" (actually hundreds of them) that would become!

 

[thecoder]

Foreign speculators are killing the currency of a nation.

To prevent this, Turkey (and any other country) should peg its currency to a basket of other hard currencies and gold etc., ie. instruments that have little volatility.

Turkey should study how China successfully did it with its currency Renminbi (RMB): https://en.wikipedia.org/wiki/Renminbi#Economics
The key is to peg the currency, and no longer let its value be defined (ie. ridden, manipulated) by speculators (ie. free-float). That's what I would do if I were the finance minister of Turkey.

The RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. In July 2005, the daily trading price of the U.S. dollar against the RMB in the inter-bank foreign exchange market was allowed to float within a narrow band of 0.3% around the central parity[52] published by the People's Bank of China

The currency of each and every nation has to be stable (for a stable and reliable, predictable economic development of the country), it should not be allowed to speculate on the currency of any nation. IMO.

So, forex trading is IMO unethical, dirty money, economic war destroying poor countries, robbing millions of poor families. Forex traders should look in the mirror and be ashamed and switch to alternative trading methods like stocks and indexes/indices. IMO.

 

[maxinger]

Foreign speculators are killing the currency of a nation.

To prevent this, Turkey (and any other country) should peg its currency to a basket of other hard currencies and gold etc., ie. instruments that have little volatility.

Turkey should study how China successfully did it with its currency Renminbi (RMB): https://en.wikipedia.org/wiki/Renminbi#Economics
The key is to peg the currency, and no longer let its value be defined (ie. ridden, manipulated) by speculators (ie. free-float). That's what I would do if I were the finance minister of Turkey.

The currency of each and every nation has to be stable (for a stable and reliable, predictable economic development of the country), it should not be allowed to speculate on the currency of any nation. IMO.

So, forex trading is IMO unethical, dirty money, economic war destroying poor countries, robbing millions of poor families. Forex traders should look in the mirror and be ashamed and switch to alternative trading methods like stocks and indexes/indices. IMO.

I presume this is your opinion and is not based on facts.

If the Turkish govt is happy with the foreign speculators/weakened TRY, then the govt will not do anything to the foreign speculators.
But if the Turkish govt is unhappy with the foreign speculators, I am sure the govt will go after the foreign speculators.

 

[d08]

The key is to peg the currency, and no longer let its value be defined (ie. ridden, manipulated) by speculators (ie. free-float). That's what I would do if I were the finance minister of Turkey.

So remove free-float and replace it with US dollar peg? Didn't know you were so patriotic about the US.

 

[zdreg]

basket of other hard currencies

Is the $US a HARD currency? Just asking.

 

[thecoder]

Is the $US a HARD currency? Just asking.

Not alone, but together with other similar currencies in a basket makes the basket value a hard value with minimal volatility, an excellent solution to solve the problem of currency manipulations done to a nation by some foreign individuals like this SorosyAs$ as well some enemy state powers acting as speculators (the US is punishing Turkey b/c it dared to cooperate with Russia, even bought military goods like the S-400 from Russia; of course the dying US empire can't allow this and must punish NATO partner Turkey...)

If you don't believe the above said, then read this to convince yourself:

https://www.dw.com/en/should-turkey-fear-the-long-arm-of-us-sanctions/a-50762837

Should Turkey fear the long arm of US sanctions?
Date 10.10.2019
Donald Trump has threatened to "totally destroy and obliterate" the Turkish economy
...

See also:

https://www.bbc.com/news/business-45167030

Turkey accuses US of 'stab in back' as currency woes persist
Published 13 August 2018

Moves to ease Turkey's economic woes have failed to stop market turmoil as the country's row with the US deepens.

Turkey's President, Recep Tayyip Erdogan, said on Monday that the US was seeking to "stab it in the back".

The US last week imposed sanctions on Turkey over its refusal to extradite a US preacher imprisoned in the country.

The sanctions caused market turmoil, which the central bank attempted - but failed - to soothe with a series of market-boosting measures.

Mr Erdogan told a news conference in the Turkish capital, Ankara: "You act on one side as a strategic partner, but on the other, you fire bullets into the foot of your strategic partner.

"We are together in Nato and then you seek to stab your strategic partner in the back."
...

 

[zdreg]

The Israelis will rescue Turkey. The enemy of my enemy is my friend.

 

[d08]

the US is punishing Turkey b/c it dared to cooperate with Russia, even bought military goods like the S-400 from Russia; of course the dying US empire can't allow this and must punish NATO partner Turkey...

Turkey is playing both sides so it's only fair they have to choose. Lira's decline has everything to do with the deteriorating Turkish economy, Erdogan and his ridiculous policies. But of course it's easier to blame "evil currency manipulators".