{"id":1136829,"date":"2021-12-21T08:19:57","date_gmt":"2021-12-21T13:19:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1136829"},"modified":"2021-12-21T08:19:59","modified_gmt":"2021-12-21T13:19:59","slug":"turkeys-currency-has-lost-50-of-its-value-in-one-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/turkeys-currency-has-lost-50-of-its-value-in-one-year\/","title":{"rendered":"Turkey\u2019s Currency Has Lost 50% Of Its Value In One Year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fturkeys-currency-has-lost-50-of-its-value-in-one-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1136829&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>As its leadership experiments with an unusual monetary policy, Turkey is in the midst of a severe currency crisis with no sign of abatement.&nbsp;<\/p>\n<p>Since this time last year, the Turkish lira has lost 50% of its value against the dollar \u2014 meaning that citizens are faced with diminishing purchasing power and continuous price uncertainty.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2021\/12\/16\/turkish-central-bank-cuts-rates-sending-lira-to-record-low.html\">CNBC<\/a> reported:<\/p>\n<p>Inflation in the country of 84 million is now at more than 21% and has climbed steadily as President Recep Tayyip Erdogan has refused to raise rates, meaning purchasing power for Turks earning local salaries has plunged\u2026&nbsp;Analysts are calling the current lira rout the second currency crisis for Turkey in three years. In the first half of 2018, investors were already sounding the alarm at the central bank\u2019s lack of independence from Erdogan as the lira breached what was, at the time, a record low of 4 and then 5 lira to the dollar. To imagine the currency falling through 15 to the dollar was at the time unfathomable.<\/p>\n<p>Indeed, Turkey\u2019s central bank announced last week that it would further slash interest rates from 15% to 14%. \u201cThe decision follows a long series of rate cuts from the central bank, which is seen by markets as not independent from Erdogan, who has called interest rates \u2018the mother of all evil,&#8217;\u201d reports CNBC, noting that Erdogan has fired several central&nbsp;bank&nbsp;officials over the last two years.<\/p>\n<p>The crisis in Turkey mirrors recent economic calamities in nearby Lebanon, which is experiencing <a href=\"https:\/\/www.dailywire.com\/news\/lebanese-economy-collapsing-amid-hyperinflation-power-outages\">hyperinflation<\/a> and inconsistent power supplies worsened by a massive explosion in Beirut last year. According to the World Bank, Lebanon may be seeing one of the worst economic depressions since the nineteenth century.<\/p>\n<p>A recent report from the International Monetary Fund <a href=\"https:\/\/www.dailywire.com\/news\/u-s-tied-for-highest-inflation-of-all-the-worlds-developed-nations-imf\">revealed<\/a> that the United States and Iceland are tied for the highest inflation rates among the world\u2019s advanced economies. Meanwhile, Venezuela \u2014 with 2,700% inflation \u2014 is home to the planet\u2019s fastest-growing price levels.<\/p>\n<p>Rising inflation in the United States is prompting action from the Federal Reserve. According to the Bureau of Economic Analysis, the Personal Consumption Expenditures Price Index \u2014 which the central bank uses to inform monetary policy decisions \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/the-feds-favorite-inflation-measure-hits-three-decade-high\">hit<\/a> a year-over-year rate of 4.1% in October. More recently, the Bureau of Labor Statistics <a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-skyrockets-to-6-8-higher-than-expected-fastest-rate-in-nearly-40-years\">revealed<\/a> that the Consumer Price Index is rising at a 6.8% clip \u2014 the largest year-over-year increase since June 1982.<\/p>\n<p>High inflation is a bad omen for President Biden. In a recent Fox Business survey, 47% of Americans <a href=\"https:\/\/www.dailywire.com\/news\/voters-have-low-expectations-for-bidens-economic-management-pollster\">believe<\/a> that Biden\u2019s actions are \u201churting\u201d the economy, while only 22% believe they are \u201chelping.\u201d Likewise, 46% believe that Biden\u2019s social spending plan would \u201cpush inflation higher,\u201d while 21% believe it would \u201chelp lower inflation.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As its leadership experiments with an unusual monetary policy, Turkey is in the midst of a severe currency crisis with no sign of abatement.\u00a0Since this time last year, the Turkish lira has lost 50% of its value against the dollar \u2014 meaning that citizens are faced with diminishing purchasing power and continuous price uncertainty.CNBC reported:Inflation in the country of 84 million is now at more than 21% and has climbed steadily as President Recep Tayyip Erdogan has refused to raise rates, meaning purchasing power for Turks earning local salaries has plunged\u2026\u00a0Analysts are calling the current lira rout the second currency crisis for Turkey in three years. In the first half of 2018, investors were already sounding the alarm at the central bank\u2019s lack of independence from Erdogan as the lira breached what was, at the time, a record low of 4 and then 5 lira to the dollar. To imagine the currency falling through 15 to the dollar was at the time unfathomable.Indeed, Turkey\u2019s central bank announced last week that it would further slash interest rates from 15% to 14%. \u201cThe decision follows a long series of rate cuts from the central bank, which is seen by markets as not independent from Erdogan, who has called interest rates \u2018the mother of all evil,&#8217;\u201d reports CNBC, noting that Erdogan has fired several central\u00a0bank\u00a0officials over the last two years.The crisis in Turkey mirrors recent economic calamities in nearby Lebanon, which is experiencing hyperinflation and inconsistent power supplies worsened by a massive explosion in Beirut last year. According to the World Bank, Lebanon may be seeing one of the worst economic depressions since the nineteenth century.A recent report from the International Monetary Fund revealed that the United States and Iceland are tied for the highest inflation rates among the world\u2019s advanced economies. Meanwhile, Venezuela \u2014 with 2,700% inflation \u2014 is home to the planet\u2019s fastest-growing price levels.Rising inflation in the United States is prompting action from the Federal Reserve. According to the Bureau of Economic Analysis, the Personal Consumption Expenditures Price Index \u2014 which the central bank uses to inform monetary policy decisions \u2014 hit a year-over-year rate of 4.1% in October. More recently, the Bureau of Labor Statistics revealed that the Consumer Price Index is rising at a 6.8% clip \u2014 the largest year-over-year increase since June 1982.High inflation is a bad omen for President Biden. In a recent Fox Business survey, 47% of Americans believe that Biden\u2019s actions are \u201churting\u201d the economy, while only 22% believe they are \u201chelping.\u201d Likewise, 46% believe that Biden\u2019s social spending plan would \u201cpush inflation higher,\u201d while 21% believe it would \u201chelp lower inflation.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1136829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1136829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1136829"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1136829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1136829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1136829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1136829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}