Hopefully in the future cryptocurrency or something after it will no longer give governments the power to impoverish people like this. Venezuela, Zimbabwe, Weimar Germany, Turkey, and so many others. They shouldn’t be trusted with something this important to human welfare. Just tragic.
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Apple Temporarily Halts Sales in Turkey After Currency Crash
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I don’t think it will (and don’t think the US will see this kind of inflation for the foreseeable future) but most crashes are slow and then boom. They don’t go creep along they are usually lurking in the economy and triggered. Everyone sees them in retrospect but when they happen they are usually very surprising.
Exactly.
I lived in Turkey for 3 years, in the late '90's. No Apple Store in Istanbul at that time! But inflation was huge pretty much the entire time I lived there, in the 100% or more range annually as I recall.
Solution for many, or at least those who were affluent enough, was to deal in dollars. I would only exchange dollars for Turkish Lira when I absolutely had to, and for just enough to cover something I might be purchasing in Lira. I'd use credit cards (U.S. based) as much as I could, too. My apartment rent was paid in dollars each month. Many things were bought and sold using dollars, not Lira. That is not something that everyone was able to do, though.
I've lost track of how the country has evolved since then. In some respects it is a very different country today than it was pre-911, I think.
We live in an era where everyone can spew crap first before taking the time to read what's actually happening...
Boy am I not a fan of Erdogan. Still hope he figures out he needs to raise interest rates. ECON 101.
How do you want Apple to do this? And shouldn't you be sending this question to Tim Cook, who actually has control of this?Has Apple nothing to say about human rights in Turkey?
Is it only about the money?
?
World Report 2021: Rights Trends in Turkey
www.hrw.org
He saves a lot of money as well, by living rent-free all over the place.
Jay Powell should have already begun to raise rates here in the States.
I hope he is watching Turkey, the country, NOT the food.
I suspect Turkey, the country, may have a lot of National Debt, just like here in the States.
It's typical the #1 reason countries don't raise rates.
$30T USD here even @ 1% correlates to $300B USD in annual interest payments !
I hope he is watching Turkey, the country, NOT the food.
I suspect Turkey, the country, may have a lot of National Debt, just like here in the States.
It's typical the #1 reason countries don't raise rates.
$30T USD here even @ 1% correlates to $300B USD in annual interest payments !
It's called a "Ponzi scheme" by people who don't understand what a Ponzi scheme actually is. Crypto should more properly be labeled an "asset price bubble".
Very sad was stationed in Turkey for a little while some of my friends disappeared after taking place in the failed 2016 coup.
You don't trust governments, so you decided to trust crypto providers... very reasonable approach
It’s the only place in the world where they can print money Willy nilly ( as they do ) that won’t crash the USA economy. The only thing that’ll crash this economy is consumer spending or lack off. Or when they push consumers into living of their credit until it maxes out. Again common here.
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So is the US Dollar. There is nothing really backing it up and more dollars can be printed on a whim! We got off the Gold standard like 40 years ago!
Obviously Erdogan has an aspiration to be a sovereign leader but he does not seem to realise that in order to achieve that you really need to know what you are doing and not to ignore the current objective reality.
At the rate inflation is rising in the US, we’ll be right behind them ?? 31 year high and only going to get worse.
£641 vs £999 for a MacBook Air, I’m flying to Instanbul tomorrow! Hopefully one of the 3 stores is open.
Can’t say governments are more honest or trustworthy to be fair. And they certainly know a lot less about economics, at least in the US and apparently Turkey.You don't trust governments, so you decided to trust crypto providers... very reasonable approach
I’m in, or I was til last week lol, a iPhone 13 pro max is like 30k lira, which translate to 3k usd, that type of money is enough to buy a 15 year old Renault over there.
Hey, where did the dislike button go? I heard YouTube is thinking of doing the same thing! ?
Lol. Governments know less about economics? They went through the Great Depression(some might say that they even staged it themselves) and they still know less? As evil as they are they certainly know more about what they can and cannot do.
"Digital kids" on the other hand are just starting out with a learning curve ahead with very unpredictable results that they are completely clueless about.
No one is buying crypto for this reason. The insane volatility of crypto makes it just as useless as a genuine currency as the Turkish Lira is. People are buying it 100% for the wild growth in value for many years, aka pure greedy. Some hipster fakers try to convince themselves that it is going to take over the world as a genuine currency, but it is pure fantasy for many reasons.
Populist heads of state hate to do things that appear to be bad to their uneducated supporters, however daft they appear to people with a modicum of education.
They can always find a scapegoat.
They can always find a scapegoat.
There's no way Apple can save the Turkish economy especially if it were to start selling its products at a loss