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In this video I continue to look at the continuing implications of the Russia’s Invasion of Ukraine on TURKEY. Rising OIL and GAS Prices as a result of the War are putting immense stress onto the Turkish Economy. INFLATION has now risen to 61%, the highest level for over 20 YEARS , ENERGY COSTS have increased 156% and the TRADE DEFICIT now stands at $8.24 BILLION. In addition the COST of the DEPOSIT PROTECTION SCHEME is running at around $18 BILLION. Based on the current rate of spending on Energy the Foreign Currency Reserves will not last much longer.
TURKEY is under extreme pressure due to HIGH INFLATION and the Fall in Value of the LIRA. Turkey is dependent upon Foreign Energy and Buys 45% of NATURAL GAS, 17% of OIL and 40% of GASOLINE from RUSSIA. Turkey is also dependent upon the IMPORT of GRAIN and RAW MATERIALS for its Industry. The immediate impact of the WAR has been to increase the price of OIL, GAS, FOOD and RAW MATERIALS. With INFLATION already at 61% these price increases will add further strain and may cause the Economy to COLLAPSE.
For specific details please check out the CHAPTER list below.
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Chapters:
0:00 Intro
2:09 INFLATION
5:49 BALANCE OF TRADE
8:21 TRADE DEFICIT
10:29 DEPOSIT PROTECTION SCHEME
14:46 ECONOMIC POLICY
18:12 OUTLOOK
20:25 SUMMARY & CONCLUSION
23:52 JOE BLOGS 2
#UKRAINE
#RUSSIA
#OIL
#GLOBALFINANCIALCRISIS
#RUBLE
#SWIFT
#RECESSION
#CHINA
#USA
#NATO
#WW3
#WORLDWAR3…(read more)
HOW TO: Hedge Against Inflation
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
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Joe blogs is the man
I enjoy your videos thank you
Extremely well presented!
This is our future, just keep following the Socialist Democrats restrictions on our use of resources and over spending we're just a stone throw away!
Good job Erdogan and Putin for destroying your countries.
Don't worry Joe, Turkey will push few thousand of illegal immigrants into Europe and will stop doing it ONLY when they send Turkey lots of billions of Euros.
Have you or are you going to so a video update on Russia shutting off Poland and Bulgaria? Thanks for the great content…
Turkey is trying to establish Islamic banking which prohibits interest.
Brilliant summary! If the UAE is a lender of last resort, it may explain why prosecution of the Kashoggi suspects ln Turkey was suddenly abandoned? R (Australia)
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I stand by my word and this information. Sincerely, Dr David Gillman at dgillman47@gmail.com
Turkey is a members of NATO, sticky wicket?
Russian economy has a reason to collapse but Turkish economy has no reason it's all government's fault.
Increase of energy prices do not depend on ucrainian – russia war, this is incorret. Increase of prices depending on the low investement done in the oil & gas in the last 6-7 years, to have ban the start up of north stream 2, to focuse energy production in renevable most expences… not only Turkey will have huge problems, buth most of third countries and europe soon will follow.
Very informative & entertaining. Erdogan is a great laugh ( for non Turks, ie)
People will want Biden gone.
Putins fault.
All Turkey needs to do is sell more fez hats… problem solved
Thank you so much for explanations. What would you do if you live in Turkey and dont want to lose your money's value besides buying dollars
Kleptocrat and oligarch Resep is a bad man and bad leader. His Bayraktar TB2 drones will not bail out his economy and he’s losing income from weak tourism. Because Islamo-fascist Resep’s Turkey imprisoned its secular generals and civilian thinkers, attacked and occupied democratic Rojava, and because he partnered with jihadist ISIS to attack it — he even gave it refuge, medical attention, and rest inside Turkey –, I hope that Resep is deposed, that Turkey cleaves, and the surrounding nations retake its parts.
The country will probably take up dollar denominated bonds or start considering roubles.
Thanks, Joe. That was very interesting.
I had no idea Turkey was in such a mess 🙁
More visuals please. You're a good looking guy but come on man.
CP-lie
coal, the worlds "dirty girl" of energy is going to start getting a lot of booty calls. This makes me happy.
The dollar is a fiat currency and printed out of thin air. It is not based on commodities and sovereign wealth is subject to confiscation. If the Turkish Lira is bench marked to the dollar, they are in trouble. The dollar will depreciate significantly with Biden's Sanction policies and Turkish energy options are in trouble.
If Biden would stop sanctions and open up SWIFT, we wouldn't have this global inflation and all these economic collapses. Ukraine sells 5 times commodities to the US for every 1$ they purchase from us. Ukraine is worthless and contributes to American trade deficit.
7:50 Turkey can buy oil in RUB or in RMB also.
Currently those purchases are done at a discount rate, so it would help Turkey to opt for paying for oil in non-USD currency.