One tweet from Trump and the Turkish Lira just got monkey hammered lower by nearly 20% overnight! It is now sitting on fresh lows of $6.50 LIRA/$. This is an epic move for a currency and NATO be damned, Trump is going to get his way or else.
The Turkish currency is now approaching free fall and talking points will not stop the bloodbath. There will have to be severe central bank intervention at this point or they risk losing total control.
The longer term chart is even more telling of the destruction of yet another fiat currency (Gold doesn't do this by the way)
Trump is crazy like a fox. Not only does this send a message to Turkey, this also sends a message to some of Turkey's largest investors in Europe and if you don't think that is part of the calculus here, you haven't been paying attention.
The question is, what exactly are the contagion risks and how far will they spread?
Is this the tipping point a'la 2008's MBS crisis?
Which European bank will be first to get sacrificed as this spirals out of control?
Speaking outside a mosque earlier today, Turkish President Erdogan told followers
“Don’t forget this: if they have got dollars, we have got our people, our right, our Allah."
Good luck with that, you're going to need it....I'd prefer to have Gold!
I am Lord 
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