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Financial Crisis In Turkey To Trigger “Wider Calamity In Global Markets”


 -- Published: Monday, 13 August 2018 | Print  | Disqus 

– “We are going to have another crash that will be worse than 2008″
– Financial crisis in Turkey will set off a “wider calamity in global markets”
– “The river of global cash will dry up, the dollar will spike and there will be a series of financial seizures
– Investors “will flee developing economies, then Europe and eventually the American stock and bond markets”
– “It won’t be a banking crisis this time around — it will be a financial market crisis … and I am very confident that it will happen”

By Landon Thomas Jr. via New York Times

For the past seven years, Tim Lee has been warning that a financial crisis in Turkey would set off a wider calamity in global markets.

Just about nobody listened — until now.

A plunge in the Turkish lira and the prospect that the country might soon need a bailout has spurred an investor exodus in Turkey, one that gathered steam on Friday as the currency dropped as much as 16 percent. Relative to the dollar, the lira is now down 70 percent this year; one dollar buys 6.4 lira, the most ever.

There are signs of the rout spreading beyond Turkey. The stock prices of European banks, which have been big lenders to their Turkish counterparts, dropped sharply on Friday, with investors worried that a wave of corporate bankruptcies in Turkey would lead to a banking bust in the country. The currencies of China, Brazil and Mexico also weakened. And in the United States, major stock-market indexes fell more than 1 percent before recovering slightly.

Suddenly, Mr. Lee’s largely ignored prophecy — that a decade of Turkish companies and real estate developers gorging on cheap foreign debt would end badly, not just for Turkey but for the world — does not seem so outlandish.

Access Full Article On New York Times Here

Gold Prices (LBMA AM)

09 Aug: USD 1,215.50, GBP 944.08 & EUR 1,048.13 per ounce
08 Aug: USD 1,212.35, GBP 939.57 & EUR 1,045.17 per ounce
07 Aug: USD 1,215.40, GBP 937.32 & EUR 1,048.77 per ounce
06 Aug: USD 1,212.00, GBP 934.94 & EUR 1,048.26 per ounce
03 Aug: USD 1,207.70, GBP 928.60 & EUR 1,042.97 per ounce
02 Aug: USD 1,217.60, GBP 931.22 & EUR 1,048.23 per ounce

Silver Prices (LBMA)

09 Aug: USD 15.48, GBP 12.01 & EUR 13.35 per ounce
08 Aug: USD 15.35, GBP 11.93 & EUR 13.24 per ounce
07 Aug: USD 15.47, GBP 11.93 & EUR 13.34 per ounce
06 Aug: USD 15.35, GBP 11.86 & EUR 13.30 per ounce
03 Aug: USD 15.36, GBP 11.81 & EUR 13.26 per ounce
02 Aug: USD 15.45, GBP 11.78 & EUR 13.29 per ounce

https://news.goldcore.com/

 


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 -- Published: Monday, 13 August 2018 | E-Mail  | Print  | Source: GoldSeek.com

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