A country which has to spend almost its entire tax income on interest payments for its huge debt burden; which officially has no commodity assets like oil, gas or copper; has one of the strongest currencies (big manipulation case); and pays according to phony statistics the highest real interest rate. Yesterday, inflation was reported on the CPI level at 12% and PPI at 18,5% although it's apparently obviously far above 20% - hence they have negative interest rates as most of the world. That is a project pushed by the World Bank and IMF (the hidden title could be "Screw Your Own People") by lowering official inflation far below reality.
Mehmet Simsek, the current Secretary for Economy got a phone call from the PM during a press conference, where he was talking about the fact that we had worldwide negative interest rates and rushed out during the press conference and later came back to cancel his speech (The PM must have urged him to stop). The central bank of Turkey calls small bank branches when a customer sells Turkish Lira to put pressure on them to retreat from any selling. They try to keep up the value for some investors, who make a fortune by earning high interest on a strong currency, which is overvalued by 30-50%.
No comments:
Post a Comment