Following Failed Turkish Central Bank Intervention, Verbal Diarrhea Follows

Yesterday’s epic failure of central bank intervention when both Turkey and South Africa hiked rates only to see their currency initially bounce then collapse, is long forgotten, and early today, the USDTRY once again traded to the rather unstable level of 2.30 and threatened with yet another rout, before verbal intervention out of Russia managed to soothe nerves on edge around the EM world. What followed out of Turkey, however, was an epic verbal diarrhea from both the government and the central bank, which firmly proves the nation on the Bosphorus truly has no idea what it is doing. Here is the evidence.

First, here is the Finance Minister desperate to repreise Rahm Emanuel.

SIMSEK SAYS TURKEY ‘WON’T WASTE THIS CRISIS’
WE’LL TURN THIS CRISIS INTO AN OPPORTUNITY,’ SIMSEK SAYS

Next, some deep thoughts on capital flows

SIMSEK: TURKEY SAW INFLOWS, NOT OUTFLOWS IN LATEST PERIOD
SIMSEK: I BELIEVE WE WON’T SEE OUTFLOWS THIS YEAR
SIMSEK: BUT WE ALSO HAVE TO ATTRACT CAPITAL

Next – a spirited defense of government policies

SIMSEK SAYS ERDOGAN IS MISUNDERSTOOD ON INTEREST RATES LOBBY
SIMSEK SAYS TURKEY’S INTEREST LOBBY TALK NOT ANTI-INVESTOR
SIMSEK SAYS TURKEY GOVT PLANNING MEASURES ON CORRUPTION

A glimpse of Plan B thru Z, promising there will be no capital controls. Translation: by the time all is said and done, there will be capital controls.