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Trump Increases Tariffs on Turkey: Lira Plunges 18%, Global Stock Spillover

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Posted by Mike Mish Shedlock

on Friday, 10 August 2018 11:21

turkissue

The Turkish Lira collapsed as much as 18% as Trump escalated his feud with Turkey over a detained US pastor.

The US wants Turkey to release protestant minister Andrew Brunson who is charged with "acting on behalf of two groups deemed by Turkey to be terrorists." Brunson has been under house arrest in Turkey since October 7, 2016.

Erdogan demands the US return Turkish cleric Fethullah Gülen who is in exile in the US. Turkey accuses Gülen of terrorism. Charges of terrorism are ridiculous. Edrogan refuses to give the US evidence.... CLICK for complete article



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Currency

Bitcoin Loses $7,000 Support After ETF Delay, Altcoins Suffer Large Losses

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Posted by William Suberg

on Wednesday, 08 August 2018 13:07

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Bitcoin (BTC) prices broke below the $7,000 support level late August 7 to hit lows on Wednesday, August 8 not seen since mid-July, as 99 out of the 100 coins on CoinMarketCap see red.... CLICK for complete article



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Currency

The Australian Dollar: An Unlikely Trade War Casualty

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Posted by Alex Kimani

on Wednesday, 08 August 2018 10:46

ausmoney

The Australian dollar has been the worst performer among the world’s major currencies this year, dropping like a rock against most other currencies apart from the Swedish krona. AUD has weakened about nine percent against the U.S. dollar, currently changing hands at 73.91 cents against the greenback from the January high of 81.15 cents.

Despite the deep slide, the current optimism that the Aussie has found a bottom may be a tad premature.... CLICK for complete article



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Currency

How Will A Global Economic Crisis Impact Bitcoin?

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Posted by Michael Kern

on Tuesday, 07 August 2018 12:00

bitconneeeeect

Bitcoin was created in the wake of the 2008 financial crisis that wreaked havoc on the world economy, but it hasn’t quite had the chance to prove itself since. The fact is, stock markets have been doing well. Really well. Especially in the U.S. But now, some analysts are beginning to sound the alarms.... CLICK for complete article



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Currency

Wait Until You See the Price of Gold in Venezuela Right Now

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Posted by Frank Holmes - US Global Investors

on Tuesday, 07 August 2018 07:04

glld

Last month in Venezuela’s capital city of Caracas, a cup of coffee would have set you back 2 million bolivars. That’s up from only 2,300 bolivars 12 months ago, meaning the price of a cup of joe has jumped nearly 87,000 percent, according to Bloomberg’s Café Con Leche Index. And you thought Starbucks was expensive.

But that was July. Prices in Venezuela are doubling roughly every 18 days. The International Monetary Fund (IMF) now projects inflation to hit an astronomical 1 million percent by the end of this year. This puts the beleaguered Latin American country on the same slippery path as Zimbabwe a decade ago and Germany in the 1920s, when a wheelbarrow full of marks was barely enough to get you a loaf of bread.

Venezuela’s socialist president Nicolas Maduro—who only this past weekend survived an assassination attempt involving several explosive-laden drones—announced recently that the country plans to rein in hyperinflation by lopping off five zeroes from its currency. If you recall, Zimbabwe similarly tried to combat soaring prices of its own by issuing a cartoonish $100 trillion banknote—which in 2009 was still not enough to buy a bus ticket in the capital of Harare.

Without structural governmental reforms, a new bolivar is just as unlikely to steady Venezuela’s skyrocketing inflation or remedy its crumbling economy.

Gold Could Save Your Life

So where does this put gold? At some point, hyperinflation gets so ludicrously out of control that discussing exchange rates becomes pointless. But as of July 30, an ounce of the yellow metal would have gone for 211 million bolivars—an increase of more than 3.1 million percent from just the beginning of the year.

COMM-gold-priced-venezuelan-bolivars-08032018
click to enlarge

My point in bringing this up is to reinforce the importance of gold’s Fear Trade, which says that demand for the yellow metal rises when inflation threatens to destroy a nation’s currency—as it’s doing right now in Venezuela.



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