The world is moving toward a hyperinflation catastrophe that could spark the worst financial crisis since World War II, the Elliott Management Fund warned in a letter to clients last week obtained by the Financial Times.
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TURKEY’S CENTRAL BANK CUTS INTEREST RATE AGAIN
With inflation in Turkey galloping at 83 percent in September, the country’s central bank cut its key interest rate from 12 percent to 10.5, adhering to Turkish president Recep Erdogan’s insistence that low interest rates reduce inflation.
ONLY IN TURKEY: INFLATION RISES, INTEREST RATES FALL
Despite inflation edging above 80 percent in August, Turkey’s central bank cut its benchmark one-week repo rate last week from 13 percent to 12. The country’s lira currency took yet another step down after the announcement, to 18.387 against the dollar. The lira has lost almost a third its value against the greenback so far...
INFLATION IN TURKEY PASSES 80 PERCENT
Turkey’s inflation rate clocked in at 80.2 percent in August, rising from 79.6 percent in July to reach its highest level since 1998, according to the government’s Turkish Statistical Institute. However, a consumer price index kept by the Istanbul Chamber of Commerce in the country’s largest city showed an annual growth rate of almost 100...
TURKEY’S ERDOGAN AGREES WITH PUTIN THAT GRAIN SHIPMENTS WENT TO RICH COUNTRIES, F.U. AFRICA
Recep Tayyip Erdoğan, the Turkish prime minister, repeated Russian President Vladimir Putin’s claim that the much-need grain shipments out of Ukraine were largely sent to wealthy countries. Putin said earlier this month that just seven out of 87 ships hauling 60,000 metric tons of grain were sent to poor countries. “What we are seeing is...
WITH INFLATION NEARING 80 PERCENT, TURKEY CUTS INTEREST RATES—AGAIN
Responding to July’s inflation rate of 79.6 percent, Turkey’s central bank cut its key interest rate from 14 to 13 percent last week. Analysts had expected the bank to leave the rate untouched at 14 percent. “Leading indicators in the third quarter point to some loss of momentum in economic activity,” the bank said in...
INFLATION IN TURKEY: 80 PERCENT AND RISING
In July, inflation in Turkey edged up to 79.6 percent from 78.6 percent in June and has further to climb, Bloomberg reported. In Istanbul, the country’s most populous city, prices in July virtually doubled over the past 12 months, notching a 99-percent gain. Turkey’s central bank now says inflation will peak at 85 percent in...
FIVE STAR MOVEMENT WARNS DRAGHI AGAINST CURBING POVERTY RELIEF PROGRAM
Italy’s embattled Five Star Movement has warned Prime Minister Mario Draghi to keep a poverty relief program in place despite claims from business leaders that the “citizens’ income” program has been a drag on the country’s labor force. Italy’s “Annual Report 2022” said there are about 5.6 million Italian residents living in absolute poverty in...
SPOTLIGHT: INFLATION
EUROZONE INFLATION RISES TO 8.6 PERCENT IN JUNE Another month, another 40-year record for inflation in the 19-country Eurozone. Prices rose 8.6 across the region in June, year over year, accelerating from 8.1 percent in May and rocketing up faster than at any time since 1997 when records began to be kept. Prices in Spain...
ECONOMIC UPDATE – MARKETS OVERVIEW
It’s here, it’s alive but still not “official” until the “official Bankster bandits” who officially dismissed spiking inflation as “temporary” and then “transitory” make it “official.” The Recession that we had forecast is sweeping the globe. In the first quarter of this year, America’s Gross Domestic Product contracted by -1.6 percent. In the world of...