“There’s always somebody doing better than you,”
said Mark Gorton, the founder and chairman of high-frequency trading firm Tower Research Capital. The number of teenagers worth $20 million because they giddily loaded up on crypto can be hard on the ego.
One way to think of it is that it is a selective currency peg: Turkey will defend the value of the lira against the dollar, but only for certain retail accounts.
Another way to think of it is that it is a death-spiral currency peg: The ordinary way to defend a currency peg is to use your reserves of hard currency to buy your own currency and prop up the price; Turkey’s approach is apparently to print more lira the more the lira drops. That might not work!
Matt Levine Bloomberg 22 December 2021
https://www.bloomberg.com/opinion/articles/2021-12-22/wall-street-is-no-fun-anymore
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