Dropping interest rates in the current economic environment reminds me of King Canute. Hopefully, TW will be insulated to a certain extend as their income is earned in foreign currencies. I wonder if Devs from europe have contracts in Euros or Liras.
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TW insulated and devs screwed. This is the opposite of what we want! Thanks Erdogan.
Whatever you want carries little weight with President Erdogan. He's too busy re-writing history to more charitably represent his economic renaissance.
Whenever he speaks, US gifts another batch of military equipment to Greece and Lira is devalued more. The only two possibilities are that Turkish government is either insane or they are hiding something from us. Both possibilities suck.
Did your parents hide from you a lot when you were a kid? Because you seem obsessed with stuff deliberately hidden from you, but I can understand your parents too ("not another random word association, let's hide instead").
Erdogan is trying to shore up his falling domestic support with short term measures that cause long term harm, then blaming the harm he caused on external enemies. It's typical authoritarian behavior when you rely on support from simple people. And it's all in plain view.
He seems desperate though and his days in power are numbered, but he did plenty of damage already in turning Turkey into an authoritarian police state.
That is not logical thinking on your side. Reducing interest rates only work in your favor to increase your votes when the central bank operating in your country has reserves to compensate. Any person who has at least high school diploma and a little bit of knowledge about economics should know this. If you had the support of some power that made you the ruler of a country like Turkey, you probably should be aware of this.
Thus Turkish government is either insane or they are hiding something from us.
And the ""external" enemies" you mentioned: wait will edit
Years ago Merrill Lynch announces that Turkey does not need IMF. People in Turkey start to take credit from banks trusting the economic experts.
After a short time, they say Turkey needs IMF.
After that suddenly Merrill Lynch starts an operation that disrupts Turkish economy. Soon Credit Suisse and Citi joins this operation as well.
Let's see the connections:
Barbara Rockefeller - the president of Rockefeller treasury services inc. - previously Senior Risk Manager at Citibank, foreign exchange department at American bank. Vice president of Credit Suisse.
Together they started selling Tüpraş and Erdemir stocks which resulted in a huge devaluation in Turkish currency.
So. Countries like Turkey without necessary infrastructure and "God-Given" natural resources that lost 80 percent of its territory a century ago, only has one thing to offer foreign investors.
We call that extraordinary product "interest". Countries that produce interest are especially lucrative for these ""external" enemies". If you don't give them interest, they historically create a coup out of nowhere. If you find another way to earn money (like oil), see Venezuela example to understand what happens next. Turkey is not easy to swallow as a whole.
These ""external" enemies" do not work for any country. Countries work them. The wars that are fought in the world are not wars between nations. They are wars between ""external" enemies" and people. They use people and countries.
So if an interest producing country has a way to become a country that does not rely on foreign investment, these ""external" enemies intuitively will try to stop that country from doing so. So for example since Turkey has found energy supply that can last hundreds of years in Eastern Mediterranean, they will do everything to stop Turkey from exploiting this. They will use their pawn Greece against Turkey again. Since Turkey is starting to become strong in future military technologies, this is disrupting their plans and they are forcing the countries they control to issue open and hidden embargos on Turkey.
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Don't worry. I have a diploma and I know that money sucks and people are stupid.
Have a look at this video series. You can turn on English subtitles. It's not perfect but it does the job.
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Credit ratings are objective assessments of economic strength, not loyalty or disloyalty. Investors will always shift from stocks/bonds that undermine their wealth to those that will increase it (subject to risk assessments).
No, international finance is based on whether people like each other, just like kindergarten. Also, the Jews did this and Erdogan did nothing wrong.
Remember when Standard & Poor's contributed to the financial crisis in 2008? That was fun.
It's a severely corrupt/criminal industry. The objectivity is just a mirage. A joke.
Standard & Poor's fined and banned from rating certain securities for a year
The ratings firm agrees to pay more than $77m to settle charges tied to its role in the financial crisis and will also take a ‘timeout’ from rating some mortgage securities in an unprecedented move by regulators
www.theguardian.com
Credit rating agencies and the subprime crisis - Wikipedia
But this is bad for business and their ratings lose meaning, so I expect some kind of a self-correcting loop.
If your business is heavily dependent on your reputation, tarnishing that reputation can end you, like it happened for Arthur Andersen auditors after the Enron scandal.
Why would credit rating agencies walk away relatively unharmed from scandals?
Assessing sovereign credit risks is unrelated to assessing junk mortgage bonds with conflicting interests.Remember when Standard & Poor's contributed to the financial crisis in 2008? That was fun.
It's a severely corrupt/criminal industry. The objectivity is just a mirage. A joke.
(Notice the tiny settlement and no one (persons) actually held accountable).Standard & Poor's fined and banned from rating certain securities for a year
The ratings firm agrees to pay more than $77m to settle charges tied to its role in the financial crisis and will also take a ‘timeout’ from rating some mortgage securities in an unprecedented move by regulators
Credit rating agencies and the subprime crisis - Wikipedia
en.wikipedia.org
Seems everyone - including car makers - are hooked on subscriptions.
arstechnica.com
arstechnica.com
What would you pay for autonomous driving? Volkswagen hopes $8.50 per hour
Automaker also plans to offer video games that drivers can play while charging.
arstechnica.com
Toyota owners have to pay $8/mo to keep using their key fob for remote start
Feature requires subscription even though it doesn’t use connected services.
arstechnica.com
Well, Bavarians' entire bussiness model was "We sell you your entire car all over again during the course of its lifetime," but this blatantly?
Imma go with "Tesla," since it's the first one I spotted doing stuff like this.
Imma go with "Tesla," since it's the first one I spotted doing stuff like this.
Kosovo agrees to rent prison cells to Denmark to ease overcrowding
It's only for criminal immigrants that are to be deported, but a Kosovo prison? That's cruel and unusual punishment by itself.
Every time I see news about Denmark, I think "so what's the next racist thing they did?". They rarely disappoint (like in jailing their former immigration minister for separating all couples when the girl was underage, without exceptions).
It's only for criminal immigrants that are to be deported, but a Kosovo prison? That's cruel and unusual punishment by itself.
Every time I see news about Denmark, I think "so what's the next racist thing they did?". They rarely disappoint (like in jailing their former immigration minister for separating all couples when the girl was underage, without exceptions).
The case about the former immigration minister is much more complicated. She broke the law, quite simply.
A minister cannot by decree order the separation of couples en masse. That requires each case to be individually evaluated.
She chose to overlook that. Ironically, an important part of the case was breaking the European Convention on Human Rights, article 8 (about respect for private and family life). So it's not just about Danish judges and politicians, but international law.
The Kosovo prison deal is strange. But other countries have also rented prison cells abroad.
And in this case it's only for foreigners who are to be deported, so their connection to Denmark is already cut.
The main issue is - again - human rights, the ability to see their families on visits.
In an interview the minister of justice said the state would pay plane tickets for family members to visit inmates, and pointed out it would still be cheaper than housing the prisoners in Denmark
In "closed prisons" (is there an English term for that?) it's 50%! In Copenhagen (capital) it's 66%.
And those numbers have kept rising for years now. Children of immigrants are even more criminal than their parents.
That's a staggering amount considering they are a minority group, and shows the severity and urgency of handling the problem.
A minister cannot by decree order the separation of couples en masse. That requires each case to be individually evaluated.
She chose to overlook that. Ironically, an important part of the case was breaking the European Convention on Human Rights, article 8 (about respect for private and family life). So it's not just about Danish judges and politicians, but international law.
The Kosovo prison deal is strange. But other countries have also rented prison cells abroad.
And in this case it's only for foreigners who are to be deported, so their connection to Denmark is already cut.
The main issue is - again - human rights, the ability to see their families on visits.
In an interview the minister of justice said the state would pay plane tickets for family members to visit inmates, and pointed out it would still be cheaper than housing the prisoners in Denmark
Ironically about 40% of inmates in Danish prisons are foreigners (44.3% according to latest numbers from 2019).
In "closed prisons" (is there an English term for that?) it's 50%! In Copenhagen (capital) it's 66%.
And those numbers have kept rising for years now. Children of immigrants are even more criminal than their parents.
That's a staggering amount considering they are a minority group, and shows the severity and urgency of handling the problem.
In Danish
www.berlingske.dk
Stadig flere indsatte i landets fængsler og arresthuse har udenlandsk baggrund
Læs mere her.
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Jean-Luc Brunel: Epstein associate found dead in Paris prison cell
Model agent Jean-Luc Brunel was being investigated for rape and supplying girls to Jeffrey Epstein.
www.bbc.com
