This is today’s Turkish Lira. 10% drop in a big country’s national currency.
Like Greg Foss says:
People forget that Turkey is a G-20 country. This could never happen to a G-7 right #Canada?
The Argentine Peso lost 80% of its value in the last 3 years. The Turkish Lira is collapsing too. Lost half its value in just a year. Dropped 10% just Today. And this is being generous, because it’s measured against the USD which itself is losing value steadily too. 1 / 3
If you measure it against assets the collapse is faster. The currencies are going down like Venezuela’s, Lebanon’s, Zimbabwe’s, Sudan’s, etc. The big difference is that Turkey and Argentina are both G20 countries. Who is next? Brazil, India, or even Canada? 2 / 3
Hyperinflation is a social phenomena and not an economic one. Trust will break suddenly and people will panic. I’m usually optimistic but this is only going to end one way and it’s not pretty: Weimar Republic like currency collapse and accompanying social unrest. 3 / 3