Economics in the end just tracks the unavoidable consequences of the sum of all decisions, small and large. Wannabe neo-Ottoman sultan Recep Tayip Erdogan the First, “the much beloved”, has been making very large decisions, indeed. Still, the less he has to make mischief swanning about as the sultan reborn the better for the rest of the world.
[AnNahar] ...the occupiers of Greek Asia Minor...
's annual inflation came in at nearly 49% on Thursday, hitting a nearly 20-year high and further eroding people's ability to buy even basic things like food.
The
The inflation rate was the highest since April 2002 in a country that is facing an economic upheaval and currency crisis, triggered by a series of interest rate cuts.
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 there are in the White House, 400 more than in Versailles, and 325 more than Buckingham Palace, so you know who's really most important...has declared himself an "enemy" of high interest rates, insisting that they cause inflation — a stance that contradicts established economic thinking.
Turkey's central bank has cut rates by 5 percentage points since September, to 14%, before pausing them in January.
Erdogan vowed this week that his government would "reduce the spiral of high inflation with each passing month" and completely eliminate it "after a while."
Opposition parties have questioned the
Last week, Erdogan replaced the head of the statistical institute. No reason was given for the change.