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2011-09-19 The Grand Turk

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Posted by g(r)omgoru 2011-09-19 02:51|| || Front Page|| [4 views ] Top

#1 Fits in well anywhere, buying votes.

Posted by hairofthedawg 2011-09-19 08:46|| 2011-09-19 08:46|| Front Page Top

#2 this stuff is quite complicated but the article conflates several different issues; the intra economy and the inter economy

Intra economy- Turkey's budget deficit has been very significant since 2009. The govt reduced taxes to stimulate the economy and this resulted in some huge deficits. They then raised taxes back and got some heat and lowered them again. They did not have a huge expenditure stimulus like the US but they did indirectly subsidize some products (although its hard to tell how much).

The inter economy is harder to understand because the sum of the transactions aren't really transparent. What is certain is that in current accounts, Turkey's deficit is increasing at an unsustainable rate. This is partly because (like the US), Turkey is a net importer of energy and energy is expensive and partly because Turkey's energy use is increasing (in the US energy use is slightly declining). What is not known (to me) is who is loaning Turkey the funds to cover their imports and how much of this is just being covered by debasing the currency.

Posted by Lord Garth 2011-09-19 11:57|| 2011-09-19 11:57|| Front Page Top

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