1 Big Thing: The Turkish lira is in a crisis
I think the Turkish lira is now extremely undervalued. It has dropped as much as 20% this week amid concerns that the country won't be able to pay its foreign-currency debt obligations. Today alone, the lira was down as much as 12%. Total losses for the year are over 30% against the US dollar. Now, the lira is trading well below fair value
Why this matters: this is how crises happen. Fair value is meaningless because we are faced with a case of refle...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.