The End of Erdogan's Cave of Wonders

[Meesna]

Turkey is coming apart. The Islamist coalition that crushed the secular military and political establishment—between Tayip Erdogan's ruling AK Party and the Islamist movement around Fethullah Gulen—has cracked. The Gulenists, who predominate in the security forces, have arrested the sons of top government ministers for helping Iran to launder money and circumvent sanctions, and ten members of Erdogan's cabinet have resigned. Turkey's currency is in free fall, and that's just the beginning of the country's troubles: about two-fifths of corporate debt is in foreign currencies, so the cost of servicing it jumps whenever the Turkish lira declines. Turkish stocks have crashed (and were down another 5% in dollar terms in early trading Friday). As the charts below illustrate, so much for Turkey's miracle economy.

Two years ago I predicted a Turkish economic crash. Erdogan's much-vaunted economic miracle stemmed mainly from vast credit expansion to fuel an import boom, leaving the country with a current account deficit of 7 % of GDP (about the same as Greece before it went bankrupt) and a mushrooming pile of short-term foreign debt. The Gulf states kept financing Erdogan's import bill, evidently because they wanted to keep a Sunni power in business as a counterweight to Iran; perhaps they have tired of Turkey's double-dealing with the Persians. And credulous investors kept piling into Turkish stocks.

The End of Erdogan's Cave of Wonders: An I-Told-You-So :: Middle East Forum

 

[user1]

The article is from 'Middle East forum' which is a know anti-Arab/Muslim website. The author is David P. Goldman who is also the author of the book 'How Civilizations Die: (And Why Islam Is Dying Too)'. This is just Anti-Muslim Propaganda.

 

[AUz]

LMAO!

So idiots who are happy from inside regarding whats happening in Turkey....guess "who" would win majority if we have elections NOW at this very second?

Answer: AKP.

Infact, if "Islamists" gulen join hands with secularists, even THEN Erdogan will take majority but by less margin.

Also, the terms like 'Islamists' are nothing but pure propaganda bullsh!t. There is nothing such as an 'Islamist' ...Anyone not a secular slave of West is "islamist" ..just like anyone not a slave of west was "communist" few years back.

 

[Developereo]

Erdogan dared to stand firm against Israel.

The ZioNazis are hopping mad!

 

[usernameless]

Nothing happens without a reason. Whatever the real reason/cause is in Turkey, one thing is very clear; there are people/nations that are eager to see Turkey fall. Why are they eager? Simple, Turkey has raised its voice against the west (incl. Israel) and Turkey's military and other fields are improving. The west wants to see an obedient Turkey asking and buying only from the west. If the west was quite happy in the past with Turkey, and not now, then it simply means Turkey is on the right way. We should avoid falling, even though we have intern problems which should honestly be solved, like the corruption issue, but the outcome of this issue must NOT alter the way Turkey is developing militarily and its right to voice its opinion on the international level. Whatever happens, a pro-usa/west party should not take the power in Turkey. Just my opinion.