Trouble In Turkey?
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  • Kris

    Spengler is shocked, shocked!

  • Greg Q

    Sorry, but that’s great news. The Islamists just got more power. There’s nothing better than seeing the country go “boom” right after that happens. Hopefully the populace will learn the proper lesson: power for Islamists = bad times for your country.

  • Cunctator

    Hardly anyone has been paying attention to the stats on Turkey’s “economic miracle” — the government has been spending wildly and keeping interest rates low to get votes from the poor. After all, the Islamist agenda must be advanced by whatever means.

    A serious recession in Turkey would not be bad for the region. It would burst the bubble that the AKP has created and, possibly, force Ankara to be a more positive and less aggressive player in the region.

    As to Erdogan, well, we can sympathise with him because he is ill; but we do not need to regret his early departure from the political stage. Will of Allah?!!!

  • Luke Lea

    That 10% inflation rate, if it doesn’t go higher, might be the answer not the problem. By depressing the exchange rate it should decrease the current account deficit. Assuming money wage rates don’t increase as fast it should reduce real wage rates, making Turkey more “competitive” in international trade. It would also increase government revenues as a percentage of GDP if Turkey has a progressive tax system, reducing annual deficits in real terms. And, of course, it should reduce the size of government debt in real terms no matter what.

    A sustained, moderate inflation has its downsides, of course, but the price might be worth it if there is no other way. The EU should take note. US too.

  • Luke Lea

    re: suggestion that inflation might be the answer, and not just for Turkey

    Here’s a nice link:

  • Jacksonian Libertarian

    There is also the serious damage Erdogan has done to the Military. Thousands of officers are under arrest or have resigned, and moral is in the toilet. (“The moral is to the material as 3 to 1” Napoleon) The officers that remain are politicals not soldiers and unlikely to have the respect or trust of their men.
    Which makes all the Sunni Islamic foreign policy moves by Erdogan, much less effective and threatening. Israel, Syria, and Iran will all thumb their nose at Turkey for the immediate future.

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