“… I say I will emerge with victory in the fight against this curse of interest rates. Because my belief is: interest rates are the mother and father of all evil.”
Recep Tayyip Erdogan – Turkish president (who is in control of the Turkish central bank)
Thus we have the one Gold oz to Turkish lira graph
It is not too hard to predict that Erdogan will not “emerge with victory”. Will the collapse of the Turkish lira be the straw that breaks the international camel’s back?
Destroying interest rates is what the whole world is doing. The difference is that Erdogan is not pretending that it is for the short term. That candour could well end up destroying the Turkish lira – and the foreign banks that have lent the country billions.
Gold always speaks the truth.