Turkey's Financial Crisis
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Turkey's Financial Crisis
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Re: Turkey's Financial Crisis
#2Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies.
During the recent coup calls to resist the belligerents were broadcast over mosque loudspeakers and throats were being slit in the street. Praises to Allah could be heard.
Ataturk strengthened Turkey by moving it away from the regional Islamic influences. He changed the alphabet and implemented laws to guide Turkey toward a secular culture. Islam was acceptable (as Turkey was attempting to be a "free" republic), but not compulsory.
If Erdoğan continues to mold Turkey's future Turkey will soon look more like Syria in terms of culture, and less like Western Europe, which it recently did.
Re: Turkey's Financial Crisis
#3Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies. During the recent coup calls to resist the belligerents were broadcast over mosque loudspeaker…
Paradox of tolerance.
Re: Turkey's Financial Crisis
#4> The one thing that the central bank is not doing is raising interest rates. This is at the heart of the entire crisis.
Okay am I missing something here? Europe has negative rates. The US has negative rates. But when Turkey lowers rates from 19% (!!?!!) to 14% it creates a “crisis”?
Re: Turkey's Financial Crisis
#5I looked up the core values of Turkey. And their debt to gdp ratio is 40%. Neighboring Greece is 200%. The Turkish economy was the second fastest growing economy last year in the G20 and is on pace to be the one of the fastest growing economies this year. Turkey has had record exports and been one of the most successful in tourism both last year and this year helping the current account deficit. Yet bankrupt Greece can borrow at almost 1% interest rate with over 200% debt-to-GDP ratio. Meanwhile there is an unofficial blockade on international lending to Turkey from the US and its cluster of allies/subjects. That is the real story of the attack on the currency and the financial system. The US did the same to Chile by undermining its economy and killing its financial system before staging a coup (Obama attempt to kill Erdogan and stage a coup in Turkey failed in 2016):
Re: Turkey's Financial Crisis
#6Just a question: would it have been a good idea for a Turkish person, say, a year ago, to invest in stable coins to prevent suffering from Lira depreciation?
PS: This is a sincere question…
EDIT: some are asking why not real Euros or Dollars? I was thinking convenience and availability. I’m not sure if you could just easily get dollars in Turkey.
Re: Turkey's Financial Crisis
#7Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies. During the recent coup calls to resist the belligerents were broadcast over mosque loudspeaker…
Heh. I wasn't aware religious beliefs include monetary policies. I just hope they don't start another war out of desperation.
Re: Turkey's Financial Crisis
#8Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies. During the recent coup calls to resist the belligerents were broadcast over mosque loudspeaker…
Heh. I wasn't aware religious beliefs include monetary policies. I just hope they don't start another war out of desperation.
One big concern is that Erdoğan will likely hold on to power however he can. He's already circumvented the constitution (and changed electoral law). I believe he will fight to maintain his reign if necessary. He has about 50% of the country behind him, and as far as I can tell the allegiance is based on religious principles, which makes it a strong allegiance indeed.
Re: Turkey's Financial Crisis
#9Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies. During the recent coup calls to resist the belligerents were broadcast over mosque loudspeaker…
Throats were slit? I never read that.
If you believe in democracy you would celebrate the failure of a coup. Even if you hate the surviving leader, you ought to prefer defeating him within the frameworks of democracy.
You seem to really dislike Muslim culture. If the people of Turkey want their culture to closer to that of Syria instead of Germany, what’s the problem?
Re: Turkey's Financial Crisis
#10Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies. During the recent coup calls to resist the belligerents were broadcast over mosque loudspeaker…
Heh. I wasn't aware religious beliefs include monetary policies. I just hope they don't start another war out of desperation.
Many religions have laws about interest and usury. Catholics were unable to lend with interest between each other for a very long time. I suppose it's not a stretch to say if a person can't charge interest the government shouldn't be doing it either.