Inflation soars to nearly 80% in Turkey as food prices double
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Re: Inflation soars to nearly 80% in Turkey as food prices double
#2anyone has any theory on whether turkey is special case, or if its neighbors are going to follow the same path ?
Re: Inflation soars to nearly 80% in Turkey as food prices double
#3anyone has any theory on whether turkey is special case, or if its neighbors are going to follow the same path ?
I believe the monetary policy of Erdoğan is somewhat Unique. Türkiye has dropped / resisted raising interest rates, and pretty much done the opposite to what few things economists agree on. This has caused the Lira to drop in value increasing the cost of imports.
They are importers of Energy unlike most of their neighbours and is a net food importer having been especially hit hard by the Ukraine conflict.
Re: Inflation soars to nearly 80% in Turkey as food prices double
#4The world is built on the backs of low income workers. There's just not enough money in the world to pay everyone high wages - when you increase wages, you increases costs, and then those wages don't help: AKA inflation.
Either we continue to subsidize the world with low income workers, or we massively increase automation.
It's crazy - there were times we were predicting that people would not need to work, and we'd need to give people basic income, and now it's clear there's just not enough people to do all the work that needs doing.
Re: Inflation soars to nearly 80% in Turkey as food prices double
#5The world is built on the backs of low income workers. There's just not enough money in the world to pay everyone high wages - when you increase wages, you increases costs, and then those wages don't help: AKA inflation. Either we continue to subsidize the world with low income workers, or we massively increase automation. It's crazy - there were times we were predicting that people would not need to work, and we'd n…
Why is this argument never in the other direction? There’s just not enough money to make people into millionaires and billionaires. It’s always trouncing on the lower classes.
Am I going crazy or are we collectively witnessing the birth of a neo feudal class? I wasn’t around during the aftermath of WW2 but people believed in democracy and liberal values without stuffing the coffers of the rich right?
Re: Inflation soars to nearly 80% in Turkey as food prices double
#6anyone has any theory on whether turkey is special case, or if its neighbors are going to follow the same path ?
I believe the monetary policy of Erdoğan is somewhat Unique. Türkiye has dropped / resisted raising interest rates, and pretty much done the opposite to what few things economists agree on. This has caused the Lira to drop in value increasing the cost of imports. They are importers of Energy unlike most of their neighbours and is a net food importer having been especially hit hard by the Ukraine conflict.
https://wits.worldbank.org/CountryProfile/en/Country/UKR/Yea...
Turkey was indeed in the top 5 food importers from Ukraine in 2018. Interesting stuff!
Edit: actually the 5th top importer
Re: Inflation soars to nearly 80% in Turkey as food prices double
#7[deleted]
Re: Inflation soars to nearly 80% in Turkey as food prices double
#8No post body was provided.
Re: Inflation soars to nearly 80% in Turkey as food prices double
#9The world is built on the backs of low income workers. There's just not enough money in the world to pay everyone high wages - when you increase wages, you increases costs, and then those wages don't help: AKA inflation. Either we continue to subsidize the world with low income workers, or we massively increase automation. It's crazy - there were times we were predicting that people would not need to work, and we'd n…
Why is this argument never in the other direction? There’s just not enough money to make people into millionaires and billionaires. It’s always trouncing on the lower classes. Am I going crazy or are we collectively witnessing the birth of a neo feudal class? I wasn’t around during the aftermath of WW2 but people believed in democracy and liberal values without stuffing the coffers of the rich right?
Well, it doesn't work in the other direction. If you have a million dollars you have enough to make one millionaire. But you don't have nearly enough to raise a million people's wages.
Re: Inflation soars to nearly 80% in Turkey as food prices double
#10The world is built on the backs of low income workers. There's just not enough money in the world to pay everyone high wages - when you increase wages, you increases costs, and then those wages don't help: AKA inflation. Either we continue to subsidize the world with low income workers, or we massively increase automation. It's crazy - there were times we were predicting that people would not need to work, and we'd n…
What are you talking about. There is more than enough money for high wages, the problem is 90% of it is in like 5% of hands.