DISTRIBUTION :
1.
USA PARLIAMENT MEMBERS
2.
THE U.S. CONGRESS
3.
ALL EUROPE PARLIAMENT MEMBERS
4.
USA INTELLIGENCE SERVICE MEMBERS
5.
USA MILITARY SERVICE MEMBERS
6.
EUROPE INTELLIGENCE SERVICE MEMBERS
7.
EUROPE MILITARY SERVICE MEMBERS
AMERICAN OFFICIALS SAY THIS ARTICLE PLEASE
CAREFULLY READ !!
TURKISH :
Amerika Birleşik Devletleri Türkiye’nin
müttefiki olduğunu her fırsatta söylüyor. Ama uygulamada tersini yapıyor.
Türkiye’nin en başta gelen sorunu terör. Sözde müttefikimiz ABD ise PKK
örgütüne lojistik, silah, para, eğitim desteği vererek dostluk yerine düşmanlık
gösteriyor. Türkiye’de darbe yapmaya kalkan bir terör örgütünün elebaşını
koruyor. Fetullah Gülen’e her türlü yardımı yapıyor. Ama konu kendi ajanları
olunca Türkiye’ye finansal saldırı yapıyor. Siz hiç böyle dost gördünüz mü ?
Bizler dostluğu da düşmanlığı da çok iyi biliriz ve zamanı geldiğinde tavrımızı
da çok net olarak gösteririz. Amerikalı yetkililere bir tavsiyemiz var. Dünya
gücüyüz diye övünmeyin. Netice de hepiniz insansınız. Şimdi aşağıda finansal
saldırı ile ilgili haberimizi lütfen okuyun. Teşekkürler.
ENGLISH :
Turkey is an ally of the United States says at every turn. But
in practice, he does the opposite. Turkey’s foremost terror problem. Is
supposed to ally the UNITED STATES, the PKK organization, logistics, weapons,
money, education by providing support for friendship rather than animosity. A
terrorist organization to do in Turkey coup masterminds. Fetullah Gülen is
making all kinds of help. But when it comes to their agents subject to
financial attack Turkey. Have you ever seen such friend? We know the enemy of
friendship, and when the time comes, our attitude is very clear. American
authorities have a case recommended do not brag about world power ADU. As a
result all of you man. Now please read our financial news about the attack
below. Thank you.
Black Friday was
clearly coming
SOURCE : http://www.cumhuriyet.com.tr/haber/english/1053023/Black_Friday_was_clearly_coming.html
As
mistrust in economic policies and the new system remains unabated, the
burgeoning problems with the USA have accelerated the hemorrhage of
the Turkish lira. The dollar made an all-time high yesterday at 6.8703 lira.
With the exchange rate rising by 23.3% in one day, this increase was down to
President Tayyip Erdoğan’s “economic war” rhetoric and the poorly received
economic model that Treasury and Finance Minister Berat Albayrak announced, compounded
by US President Donald Trump’s prclaimed sanctions in the evening.
Policies collapse
Despite
the rulership’s “local-national struggle” rhetoric, according to economists,
the plummeting Turkish lira is not due solely to heightening Turkey-US tension.
The basic problem has its roots in the AKP’s economic policies, which have been
criticised for some time. An economist, also pointing to the intensification of
the political crisis, said, “The crisis of trust cannot be surmounted without a
political solution. This involves not just US-Turkey tension, but the
government’s policies in the areas of politics, the law and democracy.
Politicians must come out and confront the realities of the market to
re-establish trust. The cost of this confrontation in fact increases each day
that steps are not taken.”
Following
a Financial Times report in the morning revealing that the European Central
Bank had expressed concerns over European banks’ exposure to Turkey, the dollar
shot up to 6.4915. The fall in the lira accelerated over the day. Yesterday,
the Turkish lira recorded its sharpest one-day fall since the start of 2001.
With the fall amounting to 82% since the start of the year, the decline has
reached 94% since August 2017. This means that the dollar has more or less
doubled in value since this date.
Trump lit the fuse
President
Tayyip Erdoğan said in the speech he made yesterday in Bayburt, “Those who have
gold, dollars and euros under the pillow should go and change them into Turkish
lira at our banks. This will be my people’s response to those who declare
economic war against us. Our togetherness is the biggest reply to the West.
There is nothing they have not done to our country to bring it to its knees.”
The
dollar, which stood at around 5.90 before Erdoğan’s speech, rose to 6.25 as the
speech progressed. The exchange rate, in the vicinity of 6.38 as Berat Albayrakdelivered his speech,
increased to 6.8703 after Trump announced that he had authorised a doubling of
the tariffs on steel and aluminium applicable to Turkey.
In
parallel with the rise in the exchange rate, the compound interest rate on the
ten-year bond peaked at 22.11%, as did the interest rate on the benchmark
two-year bond at 24.8%. Turkey’s five-year credit default swaps broke through
400 points, the highest level since 2009. The euro increased to 7.9947 lira and
Sterling to 8.9138. Intraday losses on the stock exchange extended to 7.5%. The
Istanbul stock exchange ended the day down 2.31%.
Crisis was clearly coming
Head
of Bilkent University’s Economics Department Professor Refet Gürkaynak,
stressing that the tension between Turkey and the US over Reverend Brunson and
the sanctions mandated by the Washington administration had no direct influence
on the rapid rise in the exchange rate, said, “There are economic policies we
have implemented since 2000. It has been obvious for a long time that it was
going to be like this. If good economic stewardship is recognising crises in
advance, everyone in Turkey was talking of this. This was a crisis that was
clearly coming. The issue just now is how we are to surmount the stagnation.”
Emphasising
that a regime problem lies at the roots of the economic problems, Gürkaynak
pointed out that the economy was not being managed successfully. Gürkaynak
commented, “The administrators who are articulating ideas about economics have
not all got there on a merit basis. With the current account deficit standing
at 3.5% in the 1990’s, it has risen to ten. Debt is the thing that has
triggered the crisis. We undertook construction with so much debt and we did
this in a way that had no productive value. Now we are experiencing a crisis.
When there is talk of, ‘We have our Allah,’ everyone construes this as, ‘Our
affairs are in the hands of Allah’.”
No escape
Stressing
that Turkey has serious economic problems, Refet Gürkaynak pointed out that
major economic difficulties would be experienced as a consequence. Gürkaynak
continued, “There is no escape. Difficulties will be experienced either because
it is paid or cannot be paid. As ever, we see an ‘effect’ in the financial
markets. As to the cause, this is ‘economic policy.’ A slow-down will come in
its wake and certain sectors are more sensitive. For example, construction will
come to an immediate standstill. So, the ensuing unemployment will be far
greater. Turkey still needs to borrow. And for this reason we must gradually do
things right in this country. We must say sensible things, not squabble and
then furnish this country with an economic policy.”
Growth running out of steam
Following
news of the European Central Bank’s concerns over European bank’s Turkey
exposure, especially BBVA, UniCredit and BNP Paribas, Italian UniCredit, holder
of a 41% stake in Yapı Kredi Bank, said in a report it published yesterday, “We
are carefully following developments in Turkey.” In the report, which notes
that “The credit-led growth model seems to be running out of steam,” it was
stated that a sharp rise in funding costs has forced private and foreign banks
to slow lending. The report notes the delay with which the Central Bank hiked
interest rates and states, “Hikes may not be sufficient if macroeconomic
policies remain loose and/or politicians undermine the Central Bank of the
Republic of Turkey’s independence.”
Nothing new said
BlueBay
Asset Management strategist Tim Ash said, “Nothing new is being said in
Albayrak’s comments. For his part, Erdoğan’s comments are based on an agenda
that brings nationalism further to the fore.” Ash pointed to the surprising
absence of any data in the new economic model.
Displayed rates change by the minute
Activity
levels in the gold and exchange offices in Tahtakale, known to be Istanbul’s
informal currency exchange, varies by the second. Exchange offices are packed
at times when the dollar starts rising. Citizens waiting with stacks of dollars
in their hands change the cash as the exchange rate goes up. The office
proprietors also bemoan the situation. The proprietors, indicating that
citizens flood into the gold offices as gold prices rise, say that they cannot
exchange the gold because they have no available cash.
