Erdogan to the Turks "hand over your gold and foreign currencies"

[adamantio999]

I've read or heard from time to time about the slow destruction of the Turkish Lira in recent year. Process accelerated during the pandemic with a 10-15% monthly inflation. Then I came around these articles:

https://www.reuters.com/world/middle-east/turkeys-erdogan-repeats-call-citizens-convert-forex-gold-holdings-2021-03-29/

https://balkaninsight.com/2021/03/24/erdogan-urges-turks-to-sell-gold-to-support-collapsing-currency/

Erdogan wants a good old redistribution of wealth... I mean, re distribution from the people to the government.
After all, why would you ever hoard foreign currencies, or a barbaric relic of the past like gold? 😅 Give them to the financial institutions acting on behalf of the government, you will be a patriot and receive a collapsing currency in exchange. 🤔
I could never ever imagine the government having in mind their own interests before yours.
 

[SilverStorm]

Thanks for sharing the links.  IMHO, this is where having a 3rd party private vaulting of precious metals in a neutral country (like Singapore, Switzerland or in the Caribbean) becomes useful.   The government can come try to confiscate, but there's nothing to take.  Your PM assets is safe and beyond the grasp of governmental overreach.  

Edited May 18, 2021 by SilverStorm

[GoldDiggerDave]

Hand over your gold!  And you thought Erdogan did not have a sense of humour. 

I was in Turkey over 25 years ago, and then British £10 note was king.  The economy has been QE’d to nothing.  They are just a generation or two in front of all other Fiat currencies. 

Edited May 22, 2021 by GoldDiggerDave
Typo

[HerefordBullyun]

1 minute ago, GoldDiggerDave said:

Hand over your gold!  And you thought Erdogan did have a sense of humour. 

I was in Turkey over 25 years ago, and then British £10 note was king.  The economy has been QE’d to nothing.  They are just a generation or two in front of all other Fiat currencies. 

USA is the same its just they have the luxury of having a bigger GDP, its just a continual morphine drip for the death of the dollar

Edited May 22, 2021 by HerefordBullyun

[GoldDiggerDave]

2 minutes ago, HerefordBullyun said:

USA is the same its just they have the luxury of having a bigger GDP, its just a continual morphine drip for the death of the dollar

I’m no economic expert, but with all this money printing, you would expect gold to start to be revalued, I think it’s massively cheap at the moment compared to the trillions being made out of fresh air. 

[HerefordBullyun]

Just now, GoldDiggerDave said:

I’m no economic expert, but with all this money printing, you would expect gold to start to be revalued, I think it’s massively cheap at the moment compared to the trillions being made out of fresh air. 

plenty to learn from here

[GoldDiggerDave]

38 minutes ago, HerefordBullyun said:

plenty to learn from here

Strangely I’ve watched Adam Curtis this week the century of self. The best modern documentary also by him hypernormalisation  is well worth a watch. 

[HerefordBullyun]

50 minutes ago, GoldDiggerDave said:

Strangely I’ve watched Adam Curtis this week the century of self. The best modern documentary also by him hypernormalisation  is well worth a watch. 

he's my hero great docu maker

Edited May 22, 2021 by HerefordBullyun

[LawrenceChard]

On 18/05/2021 at 15:47, adamantio999 said:

I've read or heard from time to time about the slow destruction of the Turkish Lira in recent year. Process accelerated during the pandemic with a 10-15% monthly inflation. Then I came around these articles:

https://www.reuters.com/world/middle-east/turkeys-erdogan-repeats-call-citizens-convert-forex-gold-holdings-2021-03-29/

https://balkaninsight.com/2021/03/24/erdogan-urges-turks-to-sell-gold-to-support-collapsing-currency/

Erdogan wants a good old redistribution of wealth... I mean, re distribution from the people to the government.
After all, why would you ever hoard foreign currencies, or a barbaric relic of the past like gold? 😅 Give them to the financial institutions acting on behalf of the government, you will be a patriot and receive a collapsing currency in exchange. 🤔
I could never ever imagine the government having in mind their own interests before yours.
 

It's nothing new:

https://www.iwm.org.uk/collections/item/object/30036

https://en.wikipedia.org/wiki/War_bond

...and many more examples.

[GoldDiggerDave]

When was the UK longest bank holiday?    And what did we end up with when the banks reopened?

We had a run on the banks for gold sovereigns, people trying to withdraw it were accused of being unpatriotic very similar wording that Erdogan is using in Turkey today (though the gold is in the peoples possession and he wants it back) in both cases governments do not want gold in the hands of its citizens. I'm paraphrasing the bank of England "We would rather have 10 million pounds that we control than have 20 million pounds in the hands of the people that we don't" 

Answer August 3rd-6th 1914.

What did we end up with?  See picture below.

Objects of war by Kevin Clancy is a good read.

 

 

[Coolsmp]

I went to Turkey in 2008 and the locals preferred to take Pounds than their own currency. I asked them why and someone said its worth more. They save them up and then take them to an exchange at the end of the season and convert back to Lira.

[Paul]

Think I was there in 2009/2010 and local shopping centre selling usual designer knock offs was priced in dollars euros and pounds.  I was in an all inclusive resort and the tip jars present were 80%full of 1 dollar bills, was strange to see.

[Midasfrog]

Value of 1990 Turkish Lira today 

100 Lira in 1990  👉  520,071.55 in 2021 

Inflation rate = 520,071.55 %

Purchasing power 💪 an item costing 100 Lira in 1990 will now cost 520,071.55 Lira in 2021

Average annual inflation is 30.66% 🚀

[GoldDiggerDave]

15 minutes ago, Midasfrog said:

Value of 1990 Turkish Lira today 

100 Lira in 1990  👉  520,071.55 in 2021 

Inflation rate = 520,071.55 %

Purchasing power 💪 an item costing 100 Lira in 1990 will now cost 520,071.55 Lira in 2021

Average annual inflation is 30.66% 🚀

Out of interest what’s the pound over the same period? 

[Midasfrog]

18 minutes ago, GoldDiggerDave said:

Out of interest what’s the pound over the same period? 

Value of 1990 Pound today 

£100 in 1990 👉 £233.16  in 2021

Average inflation rate 2.77% 

Cumulative price increase of 133.16% 

Edited May 25, 2021 by Midasfrog

[Midasfrog]

Todays prices in pounds are 2.33 times higher than the average since 1990

A pound today only buys 42.89% of what it could buy in 1990

 

While Gold in £s over a 35 year period has increased by 474.56 % 😍

Edited May 25, 2021 by Midasfrog