Authoritarian rulers are known for having an ambivalent relationship with reality. If promises do not match actual developments, then discrepancies must be made invisible. The problem is that the longer one denies those discrepancies, the greater they usually become. Too little is done then. It’s hard to fight issues that don’t officially exist. In Turkey, discrepencies can no longer be ignored.
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Will the economy remove Erdogan from office?
How Erdogan ruined the Turkish Lira
These days, the Turkish Lira is a mess. This mess reminds us that there are good reasons why monetary policy should be largely beyond political influence.
Here are the reasons why politicians like to determine monetary policy:
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