Not sure where to talk about this, but this Turkey US denominated debt is amazing me. And Spanish are owed so much USD debt from Turkey (that Turkey cant pay) it equates to 5% of Spain's GDP.
And now we hear almost all emerging markets are under water in USD debt. And they cant pay. So everyone these countries owe money to are going to be stiffed. Now, re gold price, are these countries trying to unload their gold to keep their head above water. I read/heard Turkey may have sold 200 Tonnes of gold (half their gold reserves). Can that be true. Would Turkey do that? If I were Turkey I would just shut the doors (financial borders and say 'ef it' we aint paying).
But this Turkey drama surely should play out in dozens of countries.
Is this like the housing crisis (I should say the DEBT crisis) of 2008/9?
What happens with dozens of countries just cant pay (be it govt or foreign corporates)? Is there anyway out without.... dare I say. Where is Harry Dent? What does he say?
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