Contagion? Turkey Uses Banks to Halt Lira’s Plunge

By Bloomberg – Re-Blogged From Newsmax

Turkish policy makers made their first move to bolster the financial system and investor confidence amid a plunge in the lira. The currency, stocks and bonds extended their decline.

Promising to “take all necessary measures,” the central bank in Ankara lowered the amount commercial lenders must park at the regulator and eased rules that govern how they manage their lira and foreign-currency liquidity. While there was no mention of higher interest rates, it said all options were on the table.

Image: Contagion? Turkey Uses Banks to Halt Lira's Plunge

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Making Italy Great Again

By Peter Schiff – Re-Blogged From Euro Pacific Capital

This week, market watchers around the world are justifiably fixated with the high-stakes, high-drama political developments unfolding in Italy. While a political crisis in the world’s 9th largest economy (International Monetary Fund figures, 4/17/18) would normally not be enough to cause an international meltdown, given how thin the global economic ice has become as a result of ever-increasing debt loads, even small disruptions can create systemic problems. But from my perspective, what makes the Italian drama so interesting is that it parallels so precisely developments in the United States. It’s amazing that more Americans do not realize, that when looking at Italy, they are looking at a fun house mirror reflection of the United States.

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Why This Could Be the End of Europe as We Know It

By Justin Spittler – Re-Blogged From Casey Research

The world’s biggest economy is unraveling.

Regular readers know we’re talking about the European Union (EU). The EU is an economic union made up of 28 countries. It was put together after World War II to keep European countries from going to war with one another.

Over time, it turned into the world’s biggest economic experiment. And, right now, that experiment is going awry.

As you probably heard, the United Kingdom voted to leave the EU a month ago. The “Brexit,” as folks are calling it, shook financial markets from London to New York City. It knocked more than $3 trillion from the global stock market in two days.

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