Erdogan’s Ponzi scheme comes apart - Asia Times

Erdogan’s Ponzi scheme comes apart Friday’s Istanbul exchange collapse, if not the breaking point, was a warning that madness will overcome method By DAVID P. GOLDMAN DECEMBER 18, 2021 Turkish President Erdogan is fighting a losing economic war against markets that have bombarded his nation's currency. Image: Twitter There has always been a method to the madness of Turkey’s leader Recep Tayyip Erdogan, who cut interest rates even while the value of the Turkish lira vanished on foreign exchange markets. The method, however, showed its fragility on Friday, December 17, when the currency traded at 17 to the dollar, about half its November level and one-eighth of its 2014 exchange rate. More:Erdogan’s Ponzi scheme comes apart - Asia Times