On the road to a Turkish currency crisis ...Middle East

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On the road to a Turkish currency crisis
Despite his disastrous economic policies over the past few years, Turkey’s President Recep Tayyip Erdoğan appears to be well on the path to reelection. In last weekend’s first-round presidential election, Erdoğan gained just under 50 percent of the vote. He is now widely expected to win in the run-off election set to take place at the end of this month. This has to remind one of H.L. Menken’s cynical remark that democracy “is the theory that the common people know what they want and deserve to get it good and hard.” Judging by Erdoğan’s comments on economic policy on the electoral trail, Turkey is likely to get more of the same highly unorthodox monetary policy that has produced unusuall

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