17 Comments

Long-story short: Turkey had two choices:  

A) Release the American Pastor they've been holding in prison since the Obama years as leverage after being refused the Extradition of a guy named Gullen from Pennsylvania, OR;

B) Destroy their entire economy.

Turkey chose "B."    

Earlier Sunday in Foreign Exchange (FOREX) Trading, the Turkish national currency known as the "Lira" continued the slide it has been experiencing and has now fallen to 7.20 against the US Dollar.

This means that as of Sunday at 6:00 PM eastern US time, the Lira has lost enough value against the US Dollar to make a collapse of their Banking System UNAVOIDABLE.   

TURKISH BANKS ARE NOW, OFFICIALLY, INSOLVENT.

Mathematically, there are no longer enough Lira in existence for the Turks to repay their foreign loans - which are contractually structured to require repayment in US Dollars.

Turkey has been playing nasty games with the United States for years, because they knew President Barack Obama was a mental weakling.  They got away with it because Obama was not tough enough to do anything to give the Turks pause.

Enter Donald Trump.

To give you clear understanding of what has gone on, look at the Value of the Lira since Trump took office and told Erdogan to release the American:

Two years ago: 2.95

One year ago: 3.54

Six months ago: 3.81

Three months ago: 4.28

Today: 7.20

So loans taken by Turkey and its companies, which previously cost them 2.95 to pay off, now cost 7.20 to pay off.   There isn't enough money in their entire country to service the debt anymore.

This is being done deliberately by the United States as punishment for continuing to hold an American Christian Pastor as a sort of hostage (under the guise of criminal law) until Turkey gets the US to send Gullen from Pennsylvania, where Gullen has lived peacefully and lawfully since 1999.  

Edogan thinks of himself as some kind of new Ottoman King, turning Turkey from a secular democracy into an Islamic Theocracy.  

He did so by staging a completely phony "coup" which he then used to PURGE intellectuals, political rivals, TV, Newspapers and Magazines, schools, colleges, police, and the military of ALL people opposed to him.   

Gullen in Pennsylvania is one of the people that Turkey accuses of being part of the alleged "coup."  They want Gullen extradited but we aren't sending him because there's no actual EVIDENCE the man had anything at all to do with political troubles inside Turkey for which the Turks want to arrest him.

When the Turks were told by the Obama Justice Department the US would not be sending Gullen because there is no actual evidence he did wrong, the Turks grabbed up an American Pastor and jailed him.  Obama didn't do anything about that.

Since the alleged coup, Erdogan has shrouded his politics in the symbolism of Islam.  His government was even caught publicly allowing terrorists from ISIS to smuggle convoys of stolen oil from Syria into Turkey, where it was slightly refined, re-packaged, and sold . . .  giving the Islamic terrorist group about 100 Million a month in revenue to help them grow.

Despite Turkey being a member of NATO (HT Comment: which should never have been allowed) Turkey makes repeated air incursions into the air space of fellow NATO member Greece, and uses the Turk Navy to harass Greek shipping because Turkey wants to claim Islands off its coast as Turkish Territory.  It is long settled those islands belong to Greece.  Erdogan doesn't care.

It was during the Obama years that Erdogan personally ordered the SHOOT-DOWN of a Russian military jet in Syria, which Turkey falsely claimed had entered Turkish air space.  That decision literally put into motion the possibility that Russia would attack Turkey, thus triggering the NATO treaty and causing a major war.

During a visit to Washington DC, Erdogan encountered hundreds of Turks opposed to him.  They openly protested outside the Turkish Embassy, which is their RIGHT here in America.  When Erdogan got our of his car in the driveway at the Embassy and saw the criticism, he ORDERED his security force to go physically attack the protesters!   HERE, in AMERICA!

The security people attacked . . .  and were arrested by US Police.

Erdogan has finally encountered a US President who won't tolerate his nonsense.  Donald Trump told Erdogan to either release the American Pastor or face economic sanctions.  Erdogan refused.  Sanctions were applied.  They caused a sudden drop in the value of the Lira.

Erdogan publicly belittled President Trump and vowed to never give-in to US demands.  

The drop in the value of the Lira continued.

Last week, Erdogan told his people "They have Dollars, we have Allah."   

Trump DOUBLED the level of Tariffs on Steel and Aluminum from Turkey (because their currency devaluation make those products cheap and anti-competitive to US manufacturers) and THAT is when the rest of the world finally figured out that Trump is going to destroy Turkey.

The doubling of Tariffs caused foreign investors to begin pulling-out of Turkey.  That caused the currency to drop faster.

Turkey then told the US "it isn't worth doing this over a single American Pastor."  Wrong thing to say.

Word went out late Friday night "the plug is being pulled on Turkey."

That sent investors into a panic to get out while they still could.

This afternoon (Sunday) the head of the Turkish Central Bank implemented Capital Controls; No more SWAPS of Turkish Lira for the US Dollar, The EURO, or the British Pound.

Game. Set. Match.

Capital Controls are the death knell for a country.  In a desperate bid to prop-up their foundering currency, a country implements Capital Controls to prevent the flight of Capital . . .  which just makes everyone want to get out faster!

Blocked now from trading their cash for US Dollars etc., Turks are fleeing their currency by using Digital Currency.  DigiByte seems to be the preferred choice and as of Sunday, a full forty percent of ALL Digitbyte trades in the world, are coming from a single brokerage in Turkey!

The Turks are desperately fleeing their own currency.  Their country is now in actual, full-scale economic collapse.  LIVE.  RIGHT NOW.

Turkey had two choices; they chose poorly.

When Turkish Banks open Monday (if they open) there will be bank runs.

In addition, Turks will now DEFAULT on Government Bonds and Corporate Debt because there aren't enough Lira in existence to pay off the loans now that the value of the Lira has fallen lower than 7.

Hopefully, the Turkish people will realize quickly, they need to get rid of Erdogan and his government.

We'll see if the Turks wise-up.

 

LIVE UPDATES:

6:20 PM EDT -- In apparent sign of beginning capital controls, Turkey's second largest bank Garanti has informed clients of FX suspension in USD, EUR and GBP. Only open positions can be closed.

 

 6:30 PM EDT -- Turkish Banking Regulation and Supervision Agency imposed a limit on the amount of foreign currency and lira swap and swap-like transactions, which are not to exceed 50% of the bank's shareholder equity.

(HT NOTE: Keep in mind folks...this is Asia trading here...  It's 1:30 AM in Ankara right now. Europe hasn't even woken up to this yet.   Its over for Turkey.  Their country will be in financial ruin by the end of business today.)

 

 7:00 PM EDT -- Unbelievable...US Dollar in Turkey:  7.62

 

8:25 PM EDT -- Turkish Government-Controlled Newspaper issues Veiled Threat of "another 9/11" in the U.S.

An Islamist columnist at a pro-government Turkish newspaper has raised the threat of a second terrorist attack on the United States like that of September 11, 2001 should the United States not capitulate and reduce tensions with his country.

“Trump too, who is attacking right and left like the proverbial elephant in a china shop, will one day learn that creating more tensions in relations with Turkey will lead to more problems for the U.S. and EU countries,” Abdurrahman Dilipak wrote in Yeni Akit.

“Or else some people will teach him that. It must be seen that if internal tensions with the United States continue like this that a September 11 is no unlikely possibility.”

Turkey, like Iran and Venezuela, was under attack from the United States, but Turkey would resist, Dilipak said.

U.S. collaborators within Turkey will be punished alongside their master if they dared go out on the streets to protest, he added.

Ruling with the dollar, the opposition's congress

The dollar keeps climbing. Everyone asks, what happened now is the Dollar and the Euro and the currencies connected to this system went crazy. The truth is that Turkey is under attack by the international system. These attacks are expected to continue for a while. Management and society are resisting.

While restraints continue, elbow contact is maintained to prevent tension from further increasing. From Turkey in the coming days, Justice, the Interior and a delegation will go to the US Department of Energy. Phone diploma is ongoing.

The system does not only attack Turkey. He is also attacking Iran, also to Venezuela. They go through the whole attack. US oil companies can into crisis countries such as Venezuela depends on oil revenues by lowering the price of oil .. using the stick in US Dollars Turkey, Venezuela and the use of terrorism in the oil stick stick .. Some countries in Iran. 

The world is at a more difficult threshold than today.

The CHP is concerned. Turkey already said they do not have a problem. There is an opposition that thinks that what the government says or does is to say the opposite and to do politics.

The CHP is already in trouble today with its own internal party opposition.

The general headquarters is ready for the congress because half of the delegates do not want more congresses, but the opposition within the party does not step back. A new congress request is possible. But with this number, congressional elections can easily be convened. With the amendment of the charter, the authority of the headquarters to determine candidates for local elections can be restricted and a pre-selection condition can be introduced in this respect. Other changes may come on the agenda. After such a change, Kılıçdaroğlu's mantra falls. Maybe he can resign and the party can go to the delegate request or necessarily to the congress again.

This result is enough for the CHP to play in the stones. The statement "No number needed" does not fully express the truth. The truth is that 622 delegates were required for the opposition in the party, we said that we gave 630 documents. Headquarters says 569 documents came. According to the headquarters, 31 delegates withdrew the document.

At the point where they will be either a court or a new move.

What is hoping for intra-party opposition is the active delegate, which is close to all of the people at the congressional request. Half of the non-signatories, namely one-fourth of the number of delegates, are deputies and members of the party who are appointed by Kılıçdaroğlu in the Headquarters.

If Kılıçdaroğlu can not choose the president and the delegates in the headquarters, the number of the delegates can be left only, and two-thirds can be made pure.

In other words, Kılıçdaroğlu does not have a chance to resist. Kılıçdaroğlu may not want to see the reality and give a more "unwanted man" image. But if he decides to deflect, the crisis can go deeper after the feast. A congress of statute change may be held in September

The CHP is hard to do. Erdogan says, "If the Constitutional amendment on the execution takes place, I immediately approve it." He's been saying that since the beginning. Of course, this requires a Constitutional amendment. The AK Party and the MHP's vote is not enough. Good Partiden no sound. The CHP is jumping like a carp. The CHP has already been criticized for its covert support for HDP. So he's a criminal. With this outcome, it will continue to be watched by the masses against terror and the coup.

AK Party is the most smooth party in terms of congress. They will even emerge from this congress. The congressional crisis in CHP. Good Party started to change the chairman of the congress, but with the resignation of the opponents a congress in the sense of "know" will be realized. We will see in the coming months whether there will be a division in the good part. It is expected that there will be serious discussions on candidate selection and election results in local government elections.\

Of course the Chairman will not be able to take an active role on the group. The party group president will be a deputy. Therefore, there is a two-headed administration in the Good Party.

Meanwhile, the dissolution of the Good Party continues. I think there may be new surprise resignations in the coming days. For example ERSO not Coloneland let's see what they do with that line. Will they join the congress?

Turkey is in many ways a critical threshold when entering the holiday week. 3 party congress air prevails. He did not give up his thin claims. The process is developing against Kılıçdaroğlu.

We will see what happens to the good party at the end of the congress.

A major change is expected in the headquarters of the AK Party.

On the other hand, Turkey and the US are testing each other. Nobody steps back. But there are lobbies on both sides who are trying to find solutions.

I think the solution is not easy between the US and Turkey. Bronson, Feton PKK, Iraq and Syria policies, Israel (Jerusalem and Gaza), the United States, Syria and Iraq in self-dependent military power to create and an Arab corridor between Turkey and Arab countries in a hallway opening efforts, all solved in a moment not possible.

Especially dollar crisis happened in the process, it has brought Turkey to a crossroads. BRICS, Shanghai, NATO's relations with the EU and the US, NATO, UN, US bases in Turkey is pushing an irrevocable place in the re-evaluation of the issue.

Turkey nuclear power plant construction, Canal Istanbul, 3 from the airport, to abandon the defense industry. A common currency to be used in international trade is passed on to life, the world will not give up on its claim of greater than 5.

Turkey has more distractions and come to their end under the EU limit tolerate threatening remarks about sticks also showing an obvious fact.

The more tension in relations with Turkey, the US and the shortage will lead to other EU countries, "the elephant entered the shop Fincancı misali" right-to-left attacking Trump will learn one day. Or someone will teach him. If the domestic tension in the US continues like this, it is also necessary to see that there is remote possibility for September 11.

If the collaborators in the interior are to rely on the United States, they must know that they will have to pay the price with the United States, and that the people can get their revenge from them first.

With greetings and prayers.

 

 

UPDATE 11:30 PM EDT -- Trading in the Turkish Lira seems to have been stabilized in Asian markets at about 6.92.  Not sure they can stave-off disaster once Europe opens or when the US opens.  People see the writing on the wall and they KNOW they HAVE to get out.

 

 

 

 

 

 

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  • Comment held for moderation.
    Sammy · 18:46 08/13/2018
    Don't worry about a few thousand people dying when the country is quickly being destroyed from the inside.
  • Comment held for moderation.
    TheTruthBurns · 16:07 08/13/2018
    Trump is breaking the Backs of Turkey, The EU, China, Iran & anybody else who wants to Challenge the US. If in fact the Entire Global System is going Down why not take Down Your Enemies 1st? China - Communist/Mercantilist, The EU Socialist/Communist/Islamist, Turkey - Islamo/Fascist & Iran - Islamo/Fascist see any Similarities? None of these groups has Our best interest at Heart. The White Boys in Europe are too Feminized to stand up to the Real Men of Europe - 3rd World Cavemen from the Lands of the Pedophile Prophet. So You have your Choice Communism or Islamism/Satanism - which do You Prefer? I say Neither & Destroy Them before They destroy Us! USA 1st, Last & Always but Only If we Follow God's Commandments or We will Surely Perish!
  • Comment held for moderation.
    John Robert Mallernee · 12:28 08/13/2018
    "The CHP is already in trouble today with its own internal party opposition."
    _____________________________________

    So, the California Highway Patrol is having a party, featuring roast Turkey, dripping with Greece?
  • Comment held for moderation.
    bob sykes · 09:27 08/13/2018
    This has nothing to do with the American pastor or Gulen, this is a second coup attempt. Whether it works remains to be seen.

    However much you dislike Erdogan, he is the legitimate, democratically elected president of a real democracy. While he got a majority of the popular vote, his party did not get a majority in parliament, and it had to form a coalition government. While he is authoritarian and an Islamist, he is not a dictator, and he is constrained by parliament and the courts.

    One is reminded of another legitimate, democratically elected president, Yanukovych of Ukraine. That coup, also American led, succeeded, and it plunged Ukraine into four years of civil war, economic ruin and permanent partition. It was by any measure a catastrophic failure of American policy.

    Can one imagine what the Middle East would look like with a Turkey, economically collapsed and mired in civil war?
  • Comment held for moderation.
    geo · 03:22 08/13/2018
    Erdogan is right.
    People safety and protection can be done WITHOUT US DOLLAR COMPARISON!
    Nobody lives by comparison...
  • Comment held for moderation.
    William Bermudez · 23:27 08/12/2018
    Knowing current U.S. policy in the region, I wouldn't be surprised if another goal of our sanctions is to neutralize Erdogan's attempt to militarily flank the coming war with Saudi Arabia and Iran.
  • Comment held for moderation.
    John Robert Mallernee · 22:45 08/12/2018
    It's difficult to read this article because much of it is hidden behind advertisements.
  • Comment held for moderation.
    Apollyon · 22:15 08/12/2018
    I guess he knows who is his daddy now. Don't act like a big shot when you are a little shit.
  • Comment held for moderation.
    DDrake · 22:11 08/12/2018
    Erdogan's little Caliphate has become NOTHING but FART in the WIND.
  • Comment held for moderation.
    Lilly · 21:55 08/12/2018
    Sorry Hal - Gulen is a very bad guy too- Erdogan and Gulen were pals way back... not sure what happened there but it was Gulen that instigated the coup in Turkey last year.
    He currently lives in Saylorsville PA , is the largest opiod trafficker in the country, and launders illegal muslim aliens through his network of "private schools" getting them teaching(J-1) visas as they dissipate un-tracked into our population.

    Of course Gulen is "protected" by the Obama and Clinton cabals and will never get extradited, but he should. Erdogan and Gulen deserve each other
    • Comment held for moderation.
      Pat · 02:05 08/13/2018
      The entire "coup" was faked -- it was orchestrated by Erdogan so he could execute many of the military and other leaders who were blocking him from getting more power.
  • Comment held for moderation.
    Arthur Eveland · 20:10 08/12/2018
    Hal, any word as to what will come of our guys at Incirclik airbase? Last I heard we had a lot of nukes there. Do we still, this could get really bad if they try to takeoff the base. Being a NATO ally doesn’t mean anyything! Thoughts?
    • Comment held for moderation.
      Hal Turner · 20:18 08/12/2018
      That's a very touchy subject. Incirlik is a TURK base. We rent from them.
      As part of our NATO preparedness, we put about 80 or 90 B-61 nuclear bombs at Incirlik, with the understanding that Turkey could access 40 of those in case of nuclear war (with Russia) and subjectto strict NATO approval.

      Last week, Turk Prosecutors told Erdogan they wanted Incirlik locked-down so they could engage in searches and arrests of "coup conspirators" at the base. Permission was NOT granted.

      While Obama was still President, and shortly after the alleged "coup" Incirlik was briefly surrounded by Turkish police and military forces. Nothing came of it.

      I was told that the US wanted to remove those nukes at that time but was refused permission. Later, I heard RUMORS that the bombs were taken off the base and put in Romania temporarily . . . but I am not certain they were.

      I'll inquire further but the location of US Nuclear Weapons and the quantities is tightly held national security information. Even if I can find out, I may not be able to reveal it.
      • Comment held for moderation.
        Arthur Eveland · 23:19 08/12/2018
        Thanks Hal, greatly appreciate your input and wisdom. Am new to your sight and program but find it incredibly useful and timely. Will continue to support you financially and spiritually via prayer to our Lord and Savior Jesus Christ. Keep up the great work brother !
      • Comment held for moderation.
        DDrake · 22:14 08/12/2018
        It would only make sense that they were removed since Obama hit the road. Trump is not the Moron or Traitor that Obama was.
  • Comment held for moderation.
    hey · 19:57 08/12/2018
    What if they over run NATO bases (Nukes)....I know they keep the components separate, but....they're getting 'Pummeled', nothing to lose.
  • Comment held for moderation.
    Tim · 19:40 08/12/2018
    Great job Trump
  • Comment held for moderation.
    Sue · 19:40 08/12/2018
    I see it differently. This is satanic NATO forcing Turkey to invade Greece, which Turkey has refused to do. Now they will have no choice. Its not what you think it is. This is leading to west vs. east world war. That's what's up. Can you say....satan?

    Even better, and for the final result, can you say...........Jesus!
    • Comment held for moderation.
      John Robert Mallernee · 13:05 08/13/2018
      "This is satanic NATO forcing Turkey to invade Greece"
      _________________________________

      Turkey needs to go into Greece, so that the meat won't be so dry, and will taste better.
    • Comment held for moderation.
      Julius · 01:52 08/13/2018
      I can say Jesus. Absolutely and Hallelujia, let it begin.
    • Comment held for moderation.
      Reginald Fischer · 00:14 08/13/2018
      I agree, there is something else going on here. It feels like a part of the setup for Gog/Magog and WWIII.
  • Comment held for moderation.
    BillW · 19:33 08/12/2018
    The world needs to dump the dollar and declare dollar denominated contracts null and void due to its illegality via creation.
    • Comment held for moderation.
      Rabbi Bitberg · 23:54 08/12/2018
      So do it. Dump them for BTC. You have an alternative now, and that is it. It's not an abstract concept, that is literally how to beat the banks.
  • Comment held for moderation.
    Chilly8 · 19:22 08/12/2018
    As far as digital currency goes, I think another bitcoin bubble may be starting over this. In the past few days I have seen bitcoin go from a low of around $5900 to about $6300 now.

    The first bitcoin bubble was during the great recession 10 years ago when bitcoin rose from a few cents to around $200 when there were years about the U.S. dollar
    • Comment held for moderation.
      Rabbi Bitberg · 23:37 08/12/2018
      I don't know how much longer the 6k support can hold, even though it's comfortably above that point right now; I strongly suspect the market is being manipulated, and that the sideways consolidation pattern for the last ~30 hours is because of whales dumping money into the system against the panic sellers, and it's an ongoing battle. By who, I don't know, but the combine with the strongest motive would almost certainly be the alt devs, who know that if BTC hits 5k or lower, the altpocalypse is triggered and the alt market is going to turn into LCL.
  • Comment held for moderation.
    Rabbi Bitberg · 19:12 08/12/2018
    (Gülen is is a Muslim religious leader.)

    I think the sanctions are going to backfire. American sanctions are setting the conditions for an entire rival economic bloc to the West to develop, i.e. BRICS. As countries are being marginalized in the world economy, their incentive to get involved in the digital economy is getting stronger every day. The sanctions are essentially pressuring them to band together and I mean, if I lived in one of those countries, I would probably be putting as much of my country's doomed fiat into crypto as possible. The more poor countries' options are limited on the international stage, the greater, I predict, will be their interest in crypto. There are a number of cryptos out there whose primary purpose is to provide basic banking services for 'the unbanked'. Didn't you mention a credit union or something you banked at recently, Hal? Imagine if you could do it all online on a trustless peer-to-peer decentralized exchange.

    https://www.coindesk.com/turkey-crypto-exchanges-bitcoin-lira/
    https://www.coindesk.com/iran-plans-national-cryptocurrency-as-new-us-sanctions-loom/
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