Turkey’s economic crisis is a glimpse into the future of Trump’s America
Turkey’s situation is what happens when you undermine independent institutions, trample over norms of good governance, ignore expert advice and give free rein to nepotism
Erdogan proclaims that phrases such as “democracy, freedom and rule of law” have “absolutely no value any longer”. Trump describes the media as the “enemy of the people” and attacks judicial decisions with which he disagrees. Erdogan has appointed his son-in-law, Berat Albayrak, as finance minister. Trump’s 37-year-old son-in-law, Jared Kushner, is his “senior advisor”.
Erdogan believes, despite all the evidence in the world, that low interest rates curb inflation, rather than stoking it. Donald Trump thinks, contrary to the view of every credible economist, that the US trade deficit can be eliminated by tariff hikes and trade wars, and that a current account surplus represents some kind of a national economic victory.
Erdogan says the United Nations has “collapsed” and describes the Dutch as “Nazi remnants”.
Trump says he’s “not happy” about the Federal Reserve putting up the cost of borrowing.