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Lira Crash

Posted: November 24th, 2021, 6:30 am
by Iceberg
Anyone have thoughts on the crash of the Lira? Will it ripple and speed things up? I was surprised because I didn’t find anything on Zerohedge about it and I thought I would. Thanks

Re: Lira Crash

Posted: November 24th, 2021, 6:37 am
by Robin Hood
Not sure the Lira even exists.
Italy adopted the Euro many years ago.

Re: Lira Crash

Posted: November 24th, 2021, 6:51 am
by alurker
Robin Hood wrote: November 24th, 2021, 6:37 am Not sure the Lira even exists.
Italy adopted the Euro many years ago.
Turkey.

Their currency is collapsing b/c their PM believes that their high inflation is due to high interest rates. So he is dropping interest rates to combat high inflation.

Re: Lira Crash

Posted: November 24th, 2021, 6:52 am
by Libertas
Turkish lira crashes to 'insane' historic low after President Erdogan sparks sell-off https://tiny.iavian.net/1ielj

Re: Lira Crash

Posted: November 24th, 2021, 7:00 am
by Niemand
Robin Hood wrote: November 24th, 2021, 6:37 am Not sure the Lira even exists.
Italy adopted the Euro many years ago.
Italian Lira used to come in crazy denominations. I know that when they switched over a lot of Italians had trouble thinking in such small numbers.

Re: Lira Crash

Posted: November 24th, 2021, 7:06 am
by Niemand
I'm not that bothered by the Turkish lira. It has long had issues, and Erdoğan is always up to something.

The currencies to be concerned IMHO are:
* the US$
* The other major dollar systems - Canada, Oz, NZ
* € Euro
* ¥ Japanese Yen
* ₩ South Korean won
* Swiss Franc
* GB£ Pound Sterling

... and maybe Chinese Yuan.

I'm not that bothered about Turkey or Russia's currencies, which aren't tied into the European economy much. (Turkey barely qualifies as European.)

Any others? The Nordic/Scandinavian currencies, maybe the Zloty and Crown in Poland and the Czech Republic... Indian Rupee (maybe). The African and South American currencies are all over the place, and don't affect us much up here.

Re: Lira Crash

Posted: November 24th, 2021, 8:44 am
by alurker
Niemand wrote: November 24th, 2021, 7:06 am I'm not that bothered by the Turkish lira. It has long had issues, and Erdoğan is always up to something.

The currencies to be concerned IMHO are:
* the US$
* The other major dollar systems - Canada, Oz, NZ
* € Euro
* ¥ Japanese Yen
* ₩ South Korean won
* Swiss Franc
* GB£ Pound Sterling

... and maybe Chinese Yuan.

I'm not that bothered about Turkey or Russia's currencies, which aren't tied into the European economy much. (Turkey barely qualifies as European.)

Any others? The Nordic/Scandinavian currencies, maybe the Zloty and Crown in Poland and the Czech Republic... Indian Rupee (maybe). The African and South American currencies are all over the place, and don't affect us much up here.
The Euro has been taking a beating against the dollar recently from 1.20 earlier this year to 1.12.

Re: Lira Crash

Posted: November 24th, 2021, 8:46 am
by Niemand
alurker wrote: November 24th, 2021, 8:44 am
Niemand wrote: November 24th, 2021, 7:06 am I'm not that bothered by the Turkish lira. It has long had issues, and Erdoğan is always up to something.

The currencies to be concerned IMHO are:
* the US$
* The other major dollar systems - Canada, Oz, NZ
* € Euro
* ¥ Japanese Yen
* ₩ South Korean won
* Swiss Franc
* GB£ Pound Sterling

... and maybe Chinese Yuan.

I'm not that bothered about Turkey or Russia's currencies, which aren't tied into the European economy much. (Turkey barely qualifies as European.)

Any others? The Nordic/Scandinavian currencies, maybe the Zloty and Crown in Poland and the Czech Republic... Indian Rupee (maybe). The African and South American currencies are all over the place, and don't affect us much up here.
The Euro has been taking a beating against the dollar recently from 1.20 earlier this year to 1.12.
That is something to be much more concerned about. Whatever you think of the European Union project, the Euro is a major currency and tied into the economies of North America and the UK.