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Video Commentary:  Turkey on the Verge of Currency Crisis

economy-depression

 

Turkey on the verge of a currency crisis

 

  • President Erdogan’s one-man, no-clue governance style brought Turkey to the edge of the abyss.

 

  • Dolar/TL has gained about 20% in 2 weeks.

 

  • It is likely to inch up to 9.00 (currently at 8.30)

 

  • This massive and sudden devaluation will reverberate through a sickly economy like a nuclear aftershock.

 

  • How? Inflation will soar as early as May.  Overly-indebted companies will go into bankruptcy.

 

  • Wait…This is not the worst.

 

  • The devaluation-inflation spiral could trigger a bank run.

 

  • Thank to rising US bond yields and Dollar Index all EM is in bad shape, which will make it harder to pull Turkey back from the abyss.

 

  • What to do? Simple.

 

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