Time To Leave The Dollar, says Erdogan … (Death of the Dollar–5) with Link to Full Story

7개월 전

These initiatives are part of the Turkish government’s overall plan for de-dollarization.

Tayyip Erdogan–

"Time to Leave the Dollar"     (Right-click title to see original story)  

(Image source)

Flash Points 

1 – Erdogan is urging Turks to abandon the US$ and other currencies. 
2 – The Turkish government has initiated a de-dollarization plan. 
3 – This is not the first time Erdogan has advised Turks to ditch the US$.

– Synopsis –

A few days ago, Turkish President Tayyip Erdogan advised Turkey’s citizens to abandon the US dollar.  

A Question of Value  

He emphasized that ditching the dollar was the patriotic thing to do. He added, rather obliquely, that the Turkish lira would not “lose value anymore.”

This Time May be Different  

Erdogan has called several times for Turks to leave the dollar – albeit to no effect. (see chart)

Furthermore, in July 2019, the Turkish government announced its plans to establish a digital currency to be issued by its central bank. That comes as part of the government’s overall plan to proceed with de-dollarization.  (Image source)

– Insight from Outside –

At this point, it could be said that the Turks can’t really go wrong in following their president’s advice. In fact, this time, it may be astute financial advice. 

A Step Forward  

Regardless of how the Turkish lira moves, the dollar has greater issues to deal with than its rate vis-a-vis the lira.    

Moreover, any country that proceeds with plans to de-dollarize is on the right path, and a few steps ahead of any countries that loyally cling to the doomed US dollar.   (Image source)

https://steemitimages.com/DQmTDjQygLGQv4iCp8k2DWp3x7o79Y4zBxGfcTvnLseCTaf/image.png
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Trust is a key thing in the value of a currency, I have heard for years of growing distrust in the dollar and that has been affecting its value, but if the alternative is a currency managed by a central bank of a country... Well, it doesn't give me confidence either, I have a close case, since I am from Venezuela and here the government has been trying for years to impose the use of a thing called PETRO, they present it as a cryptoactive, but it gives me so much distrust and it seems to me that its handling is so discretionary that I dare not change my savings to buy that thing.

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Yes, trust is essential for fiat currency or any centralized currency. I've heard about the PETRO, too, and while it may end up having some value, one cannot be sure, and one cannot place much "trust" in it.

So, you're probably correct in avoiding it for now.

Best of luck!

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Thanks for the good wishes!

Hi @majes.tytyty,
Probably soon, all countries will tell their center to banks to create their own national cryptocurrency.

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That could be, but any bank-created crypto will not be a decentralized crypto, and will never compare or compete with any truly decentralized crypto.

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I did not immediately think about the decentralization of state national currencies. I agree, a cognitive answer.

Good News... The Dollar isn't dying, it's the Fiat Debt Notes, on their way to the Trash Piles... Their "Remaining Value" will be "Honored"... So, they'll be Safe to Hold, during the "Redemption Period"... The "Sound Money" Dollar will be the World Reserve Currency of "Choice"... No longer by "Force"...
December 18, 2019... 6.1 Hollywood Time...