• Jim Costa

Jim’s Rant For The Day. The Latest News On The Turkish Lira.

It’s crazy folks. Erdogan is trying to lift up the collapsing Lira by using his bootstrap.

Right now there is no word about adopting a crypto as their new currency. So there is still a currency crisis there.

Historically, 30% of Turkish bank savings accounts were stated in the US Dollar. Now that number of Dollar denominated savings accounts has soared to 65% of savings accounts. The Turkish savers are dumping the Lira. Their bank run is on.

In order to reverse the trend, the government has promised to make the Lira savers “whole” in comparison to Dollar savers. He also promises to manage the inflation rate to just 5% instead of its current 21%. So if I have it straight, he says he will debase the Lira to repay them for the debasement, right?

This tale reminds me of my early dating years when I said “Honest, show me your “Musent Touchit” and I promise I won’t touch it.” Yep, promise ‘em anything in the moment!

This tale will be coming to the US soon.

See: Turkish Lira Is Plunging Again, And This Time Erdogan's "Doom Loop" Guarantees Disaster.

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