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Turkey Blames JPMorgan For Lira Crash, Launches Probe;
• https://www.zerohedge.com by Tyler DurdanErdogan Threatens "Manipulators"
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Erdogan Threatens "Manipulators"
Well, that didn't take long.
The purported object behind this step is to get rid of high denomination currency notes that the government believes are hoarded by tax evaders and corrupt government bureaucrats. This might be a little difficult to digest for an economist.
Humans have been using gold as a store of value for millennia. The earliest pure gold coins date to about 560 B.C. in what is now Turkey. Gold coins proliferated for many reasons: The metal is shiny, durable, malleable, easy to test for authenticity,
BOOM.
....blowback has reached Iran where billionaire Babak Zanjani was arrested yesterday on corruption charges, although in reality his chief transgression was allowing the Petrogold system to show that the Petrodollar is no longer irreplaceable.
The number one American export is U.S. dollars.
Over the past few months, I have written several articles dealing with the coming cashless society and the developing technological control grid.
Economic woes in Europe and U.S. have undermined market confidence in the dollar and euro, but investors looking for a safe place to store their money have few other currency options.
Things are bad all over. With so much going on in the world, it's time for everybody to pull together and come up with a global solution. The world is inter-dependent after all. It is because we say it is.
In a guest column for the Financial Times, Zoellick said China's yuan should be given a bigger role within a restructured system, echoing remarks made last week by the head of the International Monetary Fund, Dominique Strauss-Kahn.
On Monday, French Economy Minister Christine Lagarde said her country will work to realize a planned transition to a global financial system based on several international currencies. France is currently head of the G20.