Steve Saretsky
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Appearances Over Time
Podcast Appearances
As God is my witness, I thought turkeys could fly.
What movie is that from?
Okay.
It's from WKRP.
So, so far this year, Turkey has been selling their U.S.
treasuries.
So, you know, every major central bank, they hold reserves to protect their local currency.
And don't get fooled by the number of reserves they have.
Some reserves are liquid.
Other reserves are not liquid whatsoever.
So it's kind of a weird number.
But what is liquid is U.S.
Treasuries.
So the Turkish lira has been weakening significantly this year.
And so part of their...
it's not an official currency management board, but it is the central bank and whatever, whoever, who's running Turkey these days?
Erdogan?
Erdogan, yeah.
Yeah, so whatever basically he has to do, they have to do.
But to protect their currency,