...the only place on the face of the earth that misses the Ottoman Empire...
is paying a steep price for President His Enormity, Sultan Recep Tayyip Erdogan the First
...Turkey's version of Mohammed Morsi but they voted him back in so they deserve him. It's a sin, a shame, and a felony to insult the president of Turkey. In Anatolia did Recep Bey a stately Presidential Palace decree, that has 1100 rooms. That's 968 more than in the White House, 400 more than in Versailles, and 325 more than Buckingham Palace, so you know who's really more important...’s wayward economic policies after his shock firing of the central bank governor sent
Erdogan dismissed Naci Agbal on Saturday, two days after the governor raised rates to curb inflation. Erdogan then appointed a critic of tight policy who is expected to reverse recent rate hikes, fueling fears of political meddling in monetary policy.
The lira slumped as much as 15% after the move, stocks dived and government yields jumped, piling pressure on the credit-fueled emerging economy, which has been prone to booms and busts during Erdogan’s 18 years in power.
Sahap Kavcioglu, a former politician from Erdogan’s ruling AK Party (AKP) who shares the president’s unorthodox view that high interest rates cause inflation, is Turkey’s third central bank chief since mid-2019.
"Turkey is paying the price for Mr. Erdogan’s thoughtless and reckless decisions with high interest rates, unemployment and high inflation," Iyi Party chairwoman Meral Aksener told her party’s politicians in a speech in parliament.
Erdogan recently announced an economic reform package but Aksener said it lacked credibility. She said Turkey’s economic woes - with inflation above 15%, high unemployment and a gaping current account deficit - left no alternative to high rates.
"High interest rates have become necessary. High interest rates are a fever medicine, not a permanent cure. As the treatment is delayed, it is inevitable for the patient to die," said Aksener, head of the fifth largest party in parliament.
’Unprecedented incompetence’
Faik Oztrak, deputy head of the main opposition Republican People’s Party (CHP), slammed what he called the AKP’s "ideological blindness".
"It is truly unprecedented incompetence to cause the
Erdogan has not commented on the move but a deputy head of the AKP, Nurettin Canikli, said Agbal had been dismissed because he did not use monetary policy instruments rationally.
Aksener said her party supported Agbal prioritizing price stability and faulted Erdogan’s economic management, under a presidential system which came into force after a 2018 election.
"Turkey has no macroeconomic problems. Turkey has macro-Erdoganic problems... What is the solution? To immediately get rid of this failed system and return to a parliamentary democracy," she said.