Apple Temporarily Halts Sales in Turkey After Currency Crash

julesme said:
If you think the US dollar will see a 40% devaluation in a single year, I’ve got a bridge to sell you. As a bonus, a bridge makes for a fantastic inflation hedge!
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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.
 
Danoc said:
I feel bad for the Turkish people. It's terrible to go through this (not talking about Apple's products, but all purchasing power in general).
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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.
 
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 !
 
incoherent_1 said:
The main thing driving people to call crypto a Ponzi scheme is a lack of understanding of its benefits.

Sure, there are some edge-cases of idiotic blockchain projects out there, but the power of financial assets and contracts on a block chain is undeniable.
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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".
 
jimbobb24 said:
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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You don't trust governments, so you decided to trust crypto providers... very reasonable approach :)
 
DHagan4755 said:
This is what will happen in the United States if the fed keeps printing money & further devalues the dollar. It's a main force driving people to adopt crypto assets.
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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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BSben said:
Are there any people from Turkey on here? I wonder how the stores operate or are they closed?
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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.
 
GuruZac said:
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.
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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.
 
DHagan4755 said:
This is what will happen in the United States if the fed keeps printing money & further devalues the dollar. It's a main force driving people to adopt crypto assets.
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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.
 
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