'Erdogan's moronic monetary policy may be motivated by his interpretation of Islamic finance, and EWarren's by the equally onerous religion of progressivism. But their oppositions to rational and practical economic analysis are the same.' -TianaTheFirst
For the crime of daring to raise interest rates while inflation hits 40-year highs, Jerome Powell has been branded a"dangerous man" and a failure by Elizabeth Warren.WHAT WILL ERDOGAN DO IF HE LOSES TURKEY'S ELECTIONS
Erdogan's moronic monetary policy may be motivated by his interpretation of Islamic finance, and Warren's by the equally onerous religion of progressivism. But their dogmatic oppositions to rational and practical economic analysis are the same. Under the mantle of populism, Erdogan has executed the monetary policy that Warren can only dream of.Turkey has long been dogged by price instability.
While Turkey's real interest rates were held around zero during that most stable period of price stability, real interest rates have ranged between -70% and -40%. Centuries of classical economics would explain how real interest rates in the negative double digits create ruinous hyperinflation. But Erdogan is adamant that"as long as this brother of yours is in power, the interest will continue to fall.
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