ECB raises rates by 50 basis points to zero percent. More than expected \ stacker news ~bitcoin

ECB raises rates by 50 basis points to zero percent. More than expected www.reuters.com/markets/europe/ecb-finally-join-rate-hike-club-with-big-move-agenda-2022-07-20/

200 sats \ 4 comments \ @mf 21 Jul 2022 bitcoin

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125 sats \ 1 reply \ @om 21 Jul 2022

Turkey a year ago:

In August the bank left the benchmark interest rate unchanged at 19%, in line with market expectations, for the fifth month in a row. But there is a problem. Turkey’s annual inflation rate stood at 18.95% in July, according to the latest data from the Turkish Statistical Institute (TurkStat), but now it has risen to 19.25%, making the real rate negative.

Oh no, -0.25% real rate! That's a problem that might lead to... (gasp) even higher inflation! Stupid, stupid Erdogan who doesn't hike rates when experts tell him to! Here in Europe nothing this stupid could ever happen because our experts are enlightened and ECB always listens to experts!

Also ECB: interest rate is 0%, real interest rate in the eurozone is therefore -8.6% (way more in some EU countries). Where would EU be in a year if Turkey has 70-80% official inflation and 100+% unofficial now?

At some point it should dawn on euronormies that Lagarde's economic destructiveness is measured in kiloerdogans. But at that point it will be too late.

0 sats \ 0 replies \ @south_korea_ln 22 Jul 2022

Kilo-erdogans :)

0 sats \ 0 replies \ @Roll 21 Jul 2022

Also Spain, Portugal.... And people with lowest incomes :(

0 sats \ 0 replies \ @nerd2ninja 21 Jul 2022

Dang ECB tryna show up the federal reserve with how high they can raise rates. RIP Italy and Greece tho