By Tyler Durden
In what should not be confused for a masterclass in FX trading, on Monday Turkey’s President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation, sending the lira cratering to a new record low against the dollar and plummeting to an unprecedented 35% down on the year, surpassing such banana republic currencies as the Argentina, Colombia and Chili Peso.
In his latest validation of the bizarre economic school known as “Erdoganomic” which confuses cause and effect as follows…
- ERDOGAN: INTEREST RATE IS THE REASON, INFLATION IS THE RESULT
