Why is the war raging against the Turkish lira?
More accurately what is going on can be described as a battle against the Turkish lira as part of a war to protect the position of the U.S. dollar.
With a huge proportion of external debt denominated in dollars; some $300 billion in private as opposed to government debt amounting to about 50% of Turkish GDP, Turkey is an easy target. That the U.S. has a political beef with Turkey is merely a bonus.
Remembering that, for the United States, maintaining the position of the dollar as a reserve currency is key to the survival of the country, this war is very important.
What we are seeing at the moment is an inevitable response to the ongoing process of de-dollarisation.
There will be responses and counter-responses but the biggest single risk, in my opinion, is that the actions currently being taken by the United States tend, whether successful or not, to lead to the outcome that is least desired by the U.S.