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.… Click here to continue reading this article