Turkey is a 'target of economic war', Erdogan says

[fanjita]

Erdogan's a particularly odious character in my eyes.  Not sure why he's pushing the muslims versus the rest of the world nonsense.   

[Morch]

On 8/12/2018 at 5:18 PM, Cake Monster said:

Many EU, and Soviet Bloc travelers will now forego their holiday in Thailand for a vacation with much more favourable exchange rates, and cheaper air fares.

 

Somehow doubt the impact would be felt in Thailand. And even if it will...."tourist arrivals will not be effected", to quote the expected statements.

[300sd]

Erdogan fiddles while Turkey burns.

 

See what he says when Turkey goes into hyperinflation.

[Janner1]

On 8/12/2018 at 12:47 AM, rooster59 said:

Turkey is a 'target of economic war', Erdogan says

I don’t care what Erdogan says but my Turkey is targeted for Christmas dinner !!!

[Scott]

When I lived and worked in Turkey, I was paid in US dollars.   These were usually $100 bills and like a lot of people, the first thing I did was go change them for $50 bills because the value of the Lira would drop each day and it was nicer to change $50 in the morning and then $50 in the afternoon and get more for it.  

 

One of my colleagues had bought a new fancy refrigerator for the equivalent of $400 in Turkish Lira.   He financed it and even with finance charges, his last payment had saved him well over $150, due to the continued slide of the Lira.

 

 

[pegman]

2 hours ago, Scott said:

When I lived and worked in Turkey, I was paid in US dollars.   These were usually $100 bills and like a lot of people, the first thing I did was go change them for $50 bills because the value of the Lira would drop each day and it was nicer to change $50 in the morning and then $50 in the afternoon and get more for it.  

 

One of my colleagues had bought a new fancy refrigerator for the equivalent of $400 in Turkish Lira.   He financed it and even with finance charges, his last payment had saved him well over $150, due to the continued slide of the Lira.

 

 

Was that long ago?

[Scott]

1 hour ago, pegman said:

Was that long ago?

Oh, yes, it was before 2000.   I worked in Iraq, but we were evacuated out so I was working out of our Istanbul and Ankara offices for just under a year (I think it was 8 months).  

[geriatrickid]

I think we all know that this Erdogan is a couple cards short of a full deck and that he panders to his religious voter base with his outlandish claims etc. Unfortunately, there are a lot of decent moderate, people in Turkey who wish no ill will on anyone. There was a time when Turkey was a force of moderation in the region. As the economic crisis grows, these are the people who will suffer most. Keep a kind thought for them, as they didn't vote for Erdogan.

[Esso49]

On 8/12/2018 at 7:35 AM, Bluespunk said:

It is ruled by a dictator with no tolerance for dissent though.

Careful this post is about Turkey

[tonbridgebrit]

Washington is making a big mistake here. Targetting Turkey and destroying Turkey's currency and economy will simply push Turkey into the arms of Russia. And that's bearing in mind that, supposedly, Russia is the real enemy.

Who needs who more ?  Does Turkey need America more than America needs Turkey ?  I doubt Turkey needs America more than America needs Turkey. Turkey is in NATO, and Turkey is of massive strategic importance to Washington. Hurting Turkey and causing them to drift towards Russia is actually catastrophic as far as the Washington cheerleaders are concerned.

Washington needs to have a coalition against the perceived enemy, the coalition needs Turkey to be in it. It's far better to give Turkey loans and benefits, rather than destroy their economy.

[bristolboy]

5 minutes ago, tonbridgebrit said:

Washington is making a big mistake here. Targetting Turkey and destroying Turkey's currency and economy will simply push Turkey into the arms of Russia. And that's bearing in mind that, supposedly, Russia is the real enemy.

Who needs who more ?  Does Turkey need America more than America needs Turkey ?  I doubt Turkey needs America more than America needs Turkey. Turkey is in NATO, and Turkey is of massive strategic importance to Washington. Hurting Turkey and causing them to drift towards Russia is actually catastrophic as far as the Washington cheerleaders are concerned.

Washington needs to have a coalition against the perceived enemy, the coalition needs Turkey to be in it. It's far better to give Turkey loans and benefits, rather than destroy their economy.

The stupidity here is in Trump giving Erdogan a bogeyman to blame for his massive incompetence and corruption exemplified in his economic programs. Trump could have done nothing and Turkey would have been headed for a huge financial disaster. All Trump has done is hasten it a bit.

[zydeco]

On 8/12/2018 at 1:48 PM, Srikcir said:

What is clear is that Trump's import tariffs against Turkey are politically-based and not about unfair trade competition or trade imbalance.

Which means they are indeed based on national security concerns.  I don't know if the Turks have already paid for the F35s they keep wanting delivered or if they owe for them. Either way, I wouldn't give them so much as joystick. Right now, anything going to Turkey will end up being sold/given to the Chinese and Iranians. Yes, Turkey is a national security threat.

[puipuitom]

On ‎8‎/‎12‎/‎2018 at 10:56 AM, simple1 said:

Leaders of Turkey and Russia are meeting tomorrow, Wait and see what if any agreement/s are announced for trade / defense matters

An announcement of trade etc does not solve the real problems of Turkey: a foreign debt of over € 450 BILLION and a trade deficit of " Turkey’s foreign trade balance showed a $27.4 billion deficit from January to April 2018, a yearly increase of 56.2 percent, the country’s statistical authority announced on May 31". see http://www.hurriyetdailynews.com/turkeys-trade-deficit-grows-in-first-four-months-132638

[bristolboy]

8 hours ago, zydeco said:

Which means they are indeed based on national security concerns.  I don't know if the Turks have already paid for the F35s they keep wanting delivered or if they owe for them. Either way, I wouldn't give them so much as joystick. Right now, anything going to Turkey will end up being sold/given to the Chinese and Iranians. Yes, Turkey is a national security threat.

Nonsense. To maintain these fighters you need parts and ongoing maintenance which are supplied by the company that manufactures the fighter. 

[geriatrickid]

11 hours ago, bristolboy said:

Nonsense. To maintain these fighters you need parts and ongoing maintenance which are supplied by the company that manufactures the fighter. 

Not exactly. There is a gray market and of course "after market" parts.

How do you think the Iranians have kept their USA sourced F4 and F14  fleet in the air?

They have been using Chinese parts and upgrades.

 

The F-35 is an advanced aircraft and should not be given to Turkey until it can demonstrate that it will not be shared with the Russians.

 

[Srikcir]

37 minutes ago, geriatrickid said:

They have been using Chinese parts and upgrades.

Unless you have an authority for this I'd say questionable at best with regard to China.

The more likely source for spare parts are cannibalized parts of existing Iranian aircraft, reverse-engineered parts  to OEM standards (albeit maybe not as durable) and reliance on Russia to help Iran to produce functional clones of US aircraft versus replicas.

http://militarywatchmagazine.com/article/70217

[puipuitom]

When "target of economic war, than "civil war", casued by their own politicians. Remind: this is the 9th Turkish bankrumptcy since 1800

 

In Feb 1999 1 € = 382.505 Turkish Lira. End of 2001 1/1.292.245, an increase of 338%(!). Seen the many 000, they decided to drop 6x0’s, and ended 1 Jan 2005 at 1 € = 1,81 TL.

Last Monday afternoon the fall was stopped every time just before 1 € = 7,99 TL. Tuesday at 7,35 and Wed 15 Aug 10:35 MET at just under 7. Only ONE organisation has the power and the reason to do so: the ECB, to protect EU banks from further damage caused by a default of the financial genius in Ankara.

Remind: EU banks have US$ 224 BILLION outstanding in Turkey, e.g. the Spanish 83 B, French 38 B, Italian 17 B, all banks with financial trouble themselves.

The trade deficit: “Turkey’s foreign trade balance showed a $27.4 billion deficit from January to April 2018, a yearly increase of 56.2 percent, the country’s statistical authority announced on May 31”. see http://www.hurriyetdailynews.com/turkeys-trade-deficit-grows-in-first-four-months-132638

The foreign debt: “Turkey’s gross external debt stock stood at $466.67 billion, more than half of its gross domestic product (GDP) - 52.9 percent - at the end of March 2018”, the Treasury announced on June 29, see http://www.hurriyetdailynews.com/turkeys-external-debt-stock-reaches-466-7-billion-in-first-quarter-133976

 All NOT coming from liars and swindlers abroad, but TURKISH government info in Turkish newspapers.

So, nothing economic war, but complete incompetence to handle their own financial and economic position, a situation of pumped foreign financial air in a Turkish balloon seen a growth based on major state-backed construction projects as well as spending by companies and private households — all financed on credit.

[Opl]

" Qatar’s emir headed to Turkey on Wednesday for talks with President Tayyip Erdogan who is dealing with a collapse of the lira currency and deteriorating relations with the United States. "

https://www.reuters.com/article/us-qatar-turkey/qatars-emir-heads-to-turkey-for-talks-with-erdogan-idUSKBN1L00OD

[geriatrickid]

On 8/14/2018 at 10:50 PM, Srikcir said:

Unless you have an authority for this I'd say questionable at best with regard to China.

The more likely source for spare parts are cannibalized parts of existing Iranian aircraft, reverse-engineered parts  to OEM standards (albeit maybe not as durable) and reliance on Russia to help Iran to produce functional clones of US aircraft versus replicas.

http://militarywatchmagazine.com/article/70217

https://www.sinodefenceforum.com/china-helping-iran-to-upgrade-f-4-phantoms.t6568/

https://thediplomat.com/2017/12/china-iran-to-deepen-military-ties/