Announcement

Collapse
No announcement yet.

Crash of the Turkish Economy

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • This might be the straw that breaks the camel's back for Turkey.

    Someone has stuffed up very very badly in Turkey regarding taking into account the sanctions waver program regarding importing Iranian oil into Turkey:

    https://oilprice.com/Latest-Energy-N...s-On-Iran.html

    https://www.reuters.com/article/us-u...-idUSKCN1S80WT

    So, where is Turkey suddenly going to acquire 12% of its oil needs overnight?

    They already knew 6 months before that Turkey was going to need to acquire new sources of petroleum - now Turkey is going to have to pay huge premiums on it on the world market. Smart, very very smart of them

    Comment


    • Originally posted by CaymanWolvon View Post
      USA external debts in 2015: 97%
      USA external debts in 2017: 115%
      France, external debts: 213% = new greece(economical collapse, minimum wage fall), yellow vest protests
      United Kingdom, external debts: 313% = new greece(economical collapse, minimum wage fall), yellow vest protests, environmentalist protests(not really related to envrioment, they're just stressful for bad economical conditions )
      While these places have higher overall debts, they have the ability with real economic activity to repay their debts.

      Originally posted by CaymanWolvon View Post
      Turkiye, external debts: 53%, not a new greece(no yellow vest protests, minimum wage is RISING), investments and projects are continuing as well as new Istanbul airport is now fully active which will generate 4.9% more to Turkish GDP growth rate.
      New Industrial towns and serial productions of domestic industrial products are about to began which will generate another over 5% to Turkish GDP growth rate.
      Even if Turkey's external debts were 10%, irrelevant the number if they are unable to pay back their debts. Turkey is just about bankrupt.

      When Turkey will hit rock bottom or even worse is only a question of time now.

      With the news that Erdogan's cronies in the electoral commission are allowing the Istanbul elections to be reheld, that time gets brought forward - another few billion from the Turkish Central Bank's reserves to porkbarrel the voters yet again should just about send Turkey completely bankrupt,

      The remaining question is whether the IMF will give Turkey an ass-raping or whether Turkey will descend into a hell just like Venezuela's. We need to keep an eye out for what assets Erdogan is shipping out of the country to see where things are heading

      Comment


      • Great democrat Erdodog will start new Mayor election in Istanbul because his AKP lost there to opposition. How democratic XD

        It seems Erdodog learned from EU, "make election so often until you get the result that you want" LOL

        https://www.nytimes.com/2019/05/06/w...-election.html

        Comment


        • Originally posted by Hades91x View Post
          Great democrat Erdodog will start new Mayor election in Istanbul because his AKP lost there to opposition. How democratic XD

          It seems Erdodog learned from EU, "make election so often until you get the result that you want" LOL

          https://www.nytimes.com/2019/05/06/w...-election.html
          It was very clear from the start that there would be an electoral rerun given how close the result was and what was at state for Erdogan if he had lost Istanbul. I never would have imagined in a million years how someone like that kook Brenton Tarrant could have influenced geopolitical events by helping Erdogan to get enough voters off their arses in butthurt to vote and bring things close enough for them to play tricks with their electoral commission to "legitimately" rerun the election. Erdogan still has to for now play the pretend "democrat" game like he has been doing for the last 2 decades.

          I'm wondering where Erdogan is going to get the money he needs to yet again bribe voters. My guestimate is that they had burnt through about $15-20 billion in bribes and sweetener pork barrelling during the elections. Turkey's central bank only has in reality $10-15 billion left right now - and this is ignoring the likelihood of using other dodgy accounting tricks such as the ones uncovered by the Financial Times recently and which are still yet to be discovered. The likely reality is that they have less than $10 billion at this point.

          All of this couldn't have come at a worse time for Turkey. The lira is in full collapse on the markets right now. It's about 6.16 to $1 US and temporarily holding - my bet is that the central bank is again intervening in the markets and burning even more of their reserves just like they had burnt about 1/2 a billion to hold the lira at about 6 a couple of days ago for just one or two days.

          Given the renewed "electoral needs" of Erdogan combined with the necessity of defending the lira in rearguard actions to prevent it from immediately collapsing to 20 to $1 or even worse - not to mention debt refinancing which is on-going - then I can't see how things can hold up for much longer.

          Erdogan's harder than usual headbanging in mosque for more thawab during Ramadan combined with fasting is going to further exacerbate the situation there. His already piss-poor decision making skills regarding the economy are going to deteriorate further. My bet is that he's heading deeper into the "Hitler's wonder weapons are going to win Germany the war" thinking mode about the economy in Turkey. He's also going to be looking more and more to "miracles during Ramadan" crap.

          One thing about Ramadan is however in Erdogan's favour and not mentioned by any "expert" commentator thus far from what I can see. Erdogan has a whole period of extra mosque attendance during Ramadan to get the message through to his ummah to vote in the rerun election. This for sure influenced the "timing" of the election board's announcement.

          Comment


          • Originally posted by aussieinbg View Post

            It was very clear from the start that there would be an electoral rerun given how close the result was and what was at state for Erdogan if he had lost Istanbul. I never would have imagined in a million years how someone like that kook Brenton Tarrant could have influenced geopolitical events by helping Erdogan to get enough voters off their arses in butthurt to vote and bring things close enough for them to play tricks with their electoral commission to "legitimately" rerun the election. Erdogan still has to for now play the pretend "democrat" game like he has been doing for the last 2 decades.

            I'm wondering where Erdogan is going to get the money he needs to yet again bribe voters. My guestimate is that they had burnt through about $15-20 billion in bribes and sweetener pork barrelling during the elections. Turkey's central bank only has in reality $10-15 billion left right now - and this is ignoring the likelihood of using other dodgy accounting tricks such as the ones uncovered by the Financial Times recently and which are still yet to be discovered. The likely reality is that they have less than $10 billion at this point.

            All of this couldn't have come at a worse time for Turkey. The lira is in full collapse on the markets right now. It's about 6.16 to $1 US and temporarily holding - my bet is that the central bank is again intervening in the markets and burning even more of their reserves just like they had burnt about 1/2 a billion to hold the lira at about 6 a couple of days ago for just one or two days.

            Given the renewed "electoral needs" of Erdogan combined with the necessity of defending the lira in rearguard actions to prevent it from immediately collapsing to 20 to $1 or even worse - not to mention debt refinancing which is on-going - then I can't see how things can hold up for much longer.

            Erdogan's harder than usual headbanging in mosque for more thawab during Ramadan combined with fasting is going to further exacerbate the situation there. His already piss-poor decision making skills regarding the economy are going to deteriorate further. My bet is that he's heading deeper into the "Hitler's wonder weapons are going to win Germany the war" thinking mode about the economy in Turkey. He's also going to be looking more and more to "miracles during Ramadan" crap.

            One thing about Ramadan is however in Erdogan's favour and not mentioned by any "expert" commentator thus far from what I can see. Erdogan has a whole period of extra mosque attendance during Ramadan to get the message through to his ummah to vote in the rerun election. This for sure influenced the "timing" of the election board's announcement.

            From western perspective is Erdogan the correct leader in Turkey. For regime change it's still too early, Turkish economy has to reach the bottom. It remembers me on the Third Reich, where allies stopped all assassination attempts on Hitler because completely destruction of Nazi-Germany's infrastructure was more beneficial than Germany's capitulation. Days of Hitler were already counted in this moment.

            Hence I wish that AKP wins the Istanbul re-election. A dubious "friend" isn't better than an obvious enemy. LOL

            Comment


            • Originally posted by Hades91x View Post
              From western perspective is Erdogan the correct leader in Turkey. For regime change it's still too early, Turkish economy has to reach the bottom. It remembers me on the Third Reich, where allies stopped all assassination attempts on Hitler because completely destruction of Nazi-Germany's infrastructure was more beneficial than Germany's capitulation. Days of Hitler were already counted in this moment.
              I'm sure that's also why Russia wants Erdogan in as leader of Turkey - the cost to Turkey of having Erdogan as leader is the equivalent of Russia spending perhaps $100 billion having a war with Turkey.

              Still, this strategy might spiral out of control for Russia if they get into a civil war with each other and strategic nastiness creeps in such as the Bosphorus getting cut occurs.

              Originally posted by Hades91x View Post
              Hence I wish that AKP wins the Istanbul re-election. A dubious "friend" isn't better than an obvious enemy. LOL
              Erdogan is of course going to win the rerun election. They have already been laying the ground for a rerun with police going around asking people "who they voted for" and so on.

              I'm still wondering how much money the central bank there really has left. Once the central bank is bankrupted, what's next?

              At a bare minimum the IMF will demand that Erdogan step down and that the finance ministry is handed over to them in order for them to "assist" Turkey. So far, Turkey has managed to piss off the IMF more than any other country in history with their arrogance - and these people tend to remember such insults.

              More than likely however is that Erdogan will try to cling onto power and send Turkey even further down the shithole with bankruptcy, debt default and beyond. I'm not sure your theories about powerplay would work with Turkey engaged in a fulll-on civil war and not just the one with the Kurds out East.

              Cutting the Bosphorus with a number of sides at each other's throats Sarajevo x 100 style in the middle of a civil war is not a great strategic outcome for the West or for Russia for that matter.

              In the meantime, expect an upsurge in things such as whining about "islamophobia" and the like over the next couple of weeks from Turkey to cover up the fact that their economy is in a shithole and sinking further...

              Comment


              • You know things are just about to go off the cliff when an ex high-ranked IML official begins to discuss openly the very poor prospects of Turkey's economy not using "nice" language :

                If you ever wanted to learn how to not handle a currency crisis, you should observe the way President Recep Erdogan is mismanaging the Turkish lira. This mishandling substantially heightens the likelihood that Turkey will soon default on its external debt mountain. That in turn could cast a dark cloud over the rest of the emerging market economies’ prospects as well as over those European — especially Spanish — banks with high Turkish debt exposure.
                That Turkey is in the grips of a vicious currency crisis can be in little doubt. Indeed, after Argentina, the country has the dubious distinction of having the world’s second-worst performing currency.
                After plunging by some 30 percent in 2018, the currency has lost a further 14 percent in value in 2019 and is showing no signs of stabilizing.
                At the heart of the swooning Turkish lira has been the loss of domestic and foreign investor confidence in the Turkish government’s ability and willingness to correct the large economic imbalances built up by years of overly easy monetary and fiscal policies.
                In this regard, it has hardly helped investor confidence that inflation has been allowed to rise to 20 percent or to four times the Turkish central banks’ official inflation target. Nor has it helped that President Erdogan has leant heavily on the central bank to refrain from raising interest rates to stem the currency’s slide and to curb inflation.
                The he continues later on:

                Turkey's exceedingly high level of short-term external debt and the fact that its corporate sector has borrowed excessively in U.S. dollars make its crisis that much more dangerous to its economic health.
                It is estimated that over the next year, Turkey has as much $180 billion in external debt service payments to make at a time that its international reserves have already dwindled to around three months of import payment.
                It is also estimated that its corporate sector has borrowed as much as $300 billion in U.S. dollar terms, whose servicing burden becomes all the more onerous as the currency falls and the economy contracts.
                It's regrettable that President Erdogan is showing no sign of urgency in addressing the currency crisis and is in fact adding to political uncertainty by forcing a rerun of the Istanbul local election. This risks having the currency succumb to another round of its vicious cycle.
                A weakening currency could very well lead to corporate bankruptcies that further erode investor confidence that leads to a further currency weakness. That in turn could add to further political instability, which would be yet another factor contributing to currency weakness and to a draining of investor confidence.
                and finally:

                One has to hope that President Erdogan soon recognizes that, once lost, investor confidence is difficult to restore. That might induce him to do something radical like call in the International Monetary Fund for help or fire his minister of Finance to show that he has become serious about breaking the downward economic spiral.
                If he does not do that the rest of the emerging market economies and the Spanish banking system should brace themselves for economic shock waves coming from a Turkish debt default.
                https://thehill.com/opinion/finance/...urrency-crisis

                Erdogan is very unlikely to call in the IMF given his previous statements about and his pseudo-intellectual Islamist ideas about economics - a root cause of Turkey's economic problems in any case. He's not going to fire his daughter's husband from the role of finance minister either - not matter how useless he is.

                As for increasing interest rates - one of the first things to do in such a crisis to steady things... he has already excluded doing that and especially with rerunning the Istanbul election he can't politically. The lira today has so far fallen to 6.24 to $1 US. If the lira continues that rate of fall without intervention from the Turkish Central Bank, then expect the lira to be past 8 to $1US soon.

                Now, at what level presently would the $US to lira send Turkey bankrupt? Last year when Turkey was in much better economic shape than it is now, that was 7.2 to 1. I'd expect it to be much lower presently.


                Even the fanboy CaymanWolvon has gone very quiet lately on the thread and no more "economic wonder weapon" posts from him. Wonder why?

                Comment


                • Originally posted by CaymanWolvon View Post
                  Turkish economy is very well with over 0.6% growth
                  0.6% growth for a country where the population is growing like Turkey means that people are getting poorer. Given the lies and deception being stated by Turkey's economic institutions, then the real rate of growth is likely negative.

                  In any case, that 0.6% figure is highly fudged - you had the inflated bullshit earlier in 2018 added to the massive drop so far of 3% or so with the worst yet to come....

                  Originally posted by CaymanWolvon View Post
                  despite all economical attacks and secret sanctions which will be prevented in next years by full-performance working of New Istanbul Airport, new Organized Industrial Towns, Aircraft Carrier Building shipyard, domestical productions etc. projects,
                  All these economic "assets" aren't making any money at all and got bought with debt which has to be paid back with huge interest because of Turkey's crap credit rating.

                  Originally posted by CaymanWolvon View Post
                  btw what about yellowvestwarşaiş European, American and Australian extremely debted economies?
                  There is a problem with debt in western economies - and politicians are made aware of it by protests. So what happened to the Gezi Park demonstrators?

                  Originally posted by CaymanWolvon View Post
                  ->100%debth = collapse
                  The level of debt is higher than it should be but sustainable unlike Turkey's.
                  [QUOTE=CaymanWolvon;n3091720]
                  Dollar 7TL = October 2018 U.S stock market crash, loose of 2 trillion$$$ just in a few days, because unlike Turkiye, some countries of which currency aren't much valuable like ASEAN, African, South American countries couldn't buy Apple brand products, as people still could buy apple products in Turkiye, they're no longer preferring it since boicot by [.quote]

                  $2 trillion lost on a poor day's trading on Wall Street, and soon after recovered, = over 2 years worth of GDP for Turkey, Learn your place!

                  Turkey's Central bank only has about $10 billion left - not enough to cover 3 months of imports for Turkey. That's not even 10% of the personal wealth of Jeff Besos at about $150 billion.

                  The only way that Turkey can keep the lira from completely collapsing is for their financial institutes to squander their remaining foreign currency reserves under the dictatorial direction of Erdogan. Yesterday, they squandered $1 billion probably to hold off the collapse of the lira for about 2 or 3 days:

                  https://www.reuters.com/article/turk...K?rpc=401&

                  Originally posted by CaymanWolvon View Post
                  ERDOĞAN THE GREAT

                  Comment


                  • They're now very openly talking about Turkey defaulting on their sovereign debt aka Venezuela:

                    The $850 billion economy’s potential needs are huge. Were Turkey to descend into a full-blown crisis where it was shut out of international borrowing markets, analysts estimate Ankara would have to find between $40 billion and $90 billion to avoid some kind of sovereign default.
                    For many economists, this is a textbook emerging market currency crisis.
                    Years of foreign debt accumulation and rising balance of payments gaps meet a sudden evaporation of domestic and investor confidence that sends the currency sliding, inflation soaring and forces central bank interest rates higher to control it.
                    The interest rate and currency shocks in turn trigger a deep recession and problems in the banking system as firms and households struggle to pay back their loans — making high interest rates unsustainable and leaving the currency vulnerable to further weakness.
                    If foreign investment grinds to a halt and hard cash buffers disappear, Turkey has only limited options without simply building large current account surpluses that may require a much deeper and longer domestic recession.

                    https://www.reuters.com/article/us-t...-idUSKCN1SR1XL

                    Now, Turkey's hard cash buffers have just about run out and Erdogan has completely burnt his bridges with the IMF - so no bailout from there. I can't see where Erdogan and his cronies are going to pull 10's of billions of dollars to save Turkey turning into Venezuela at short notice....

                    Here's a nice picture showing where the lira is ultimately heading:



                    Now, the banking system most exposed to Turkish debt in Europe is Spain's:

                    https://www.eurasiareview.com/230520...pigs-analysis/

                    If I had money in a Spanish bank, I'd be putting it elsewhere...

                    Comment


                    • Originally posted by aussieinbg View Post
                      ...
                      Now, Turkey's hard cash buffers have just about run out and Erdogan has completely burnt his bridges with the IMF - so no bailout from there. I can't see where Erdogan and his cronies are going to pull 10's of billions of dollars to save Turkey turning into Venezuela at short notice....
                      I suppose treating EU with opening of the border for "refugees" like they did once. Maybe selling they "table silver" to China, however losing most profitable economic resources ins't a wise long term strategy.

                      Originally posted by aussieinbg View Post
                      ...
                      Here's a nice picture showing where the lira is ultimately heading:

                      The inflation was high before
                      2,2 TRY for 1 USD end of 2013 ---> 3,8 TRY end of 2017 = 42% / 5 years = 8,4 % annually ( usually is 3% optimal )
                      now it moves to hyperinflation.


                      Originally posted by aussieinbg View Post
                      Now, the banking system most exposed to Turkish debt in Europe is Spain's:

                      https://www.eurasiareview.com/230520...pigs-analysis/

                      If I had money in a Spanish bank, I'd be putting it elsewhere...
                      Good to know.
                      Anyways, cash-accounts with ridiculous low interest rates have been for me always just a temporary option.

                      Comment


                      • Originally posted by aussieinbg View Post
                        They're now very openly talking about Turkey defaulting on their sovereign debt aka Venezuela:




                        https://www.reuters.com/article/us-t...-idUSKCN1SR1XL

                        Now, Turkey's hard cash buffers have just about run out and Erdogan has completely burnt his bridges with the IMF - so no bailout from there. I can't see where Erdogan and his cronies are going to pull 10's of billions of dollars to save Turkey turning into Venezuela at short notice....

                        Here's a nice picture showing where the lira is ultimately heading:



                        Now, the banking system most exposed to Turkish debt in Europe is Spain's:

                        https://www.eurasiareview.com/230520...pigs-analysis/

                        If I had money in a Spanish bank, I'd be putting it elsewhere...

                        You're going to be symbolic about FOOL being
                        https://tradingeconomics.com/turkey/minimum-wages
                        Turkey Gross Minimum Monthly Wage



                        Europe has just begun to bring the TAXES to prevent economical collapse which make western people disturbed of loose of current comfort of life cheapness and luxury.
                        This will be usual in all Western countries very soon, YELLOW VEST DOMINO EFFECT:

                        Comment


                        • Originally posted by Hades91x View Post
                          I suppose treating EU with opening of the border for "refugees" like they did once. Maybe selling they "table silver" to China, however losing most profitable economic resources ins't a wise long term strategy.

                          By the end of it, Erdogan will end up selling his daughters and granddaughters to stay in power....

                          Originally posted by Hades91x View Post
                          The inflation was high before
                          2,2 TRY for 1 USD end of 2013 ---> 3,8 TRY end of 2017 = 42% / 5 years = 8,4 % annually ( usually is 3% optimal )
                          now it moves to hyperinflation.
                          Yes, Turkey has just gone over the cliff and people like GayboyWolvon probably think that Allah has given him wings to fly


                          Originally posted by Hades91x View Post
                          Good to know.
                          Anyways, cash-accounts with ridiculous low interest rates have been for me always just a temporary option.
                          Having money in a Spanish bank is one question. Another is how much your pension or other fund has invested in Spanish banks.

                          Note also that the German banks have significantly reduced their exposure to Turkey's economy over the last few months....

                          Comment


                          • Originally posted by CaymanWolvon View Post


                            You're going to be symbolic about FOOL being
                            https://tradingeconomics.com/turkey/minimum-wages
                            Turkey Gross Minimum Monthly Wage



                            Europe has just begun to bring the TAXES to prevent economical collapse which make western people disturbed of loose of current comfort of life cheapness and luxury.
                            This will be usual in all Western countries very soon, YELLOW VEST DOMINO EFFECT:
                            Minimum wage..This is probably what attracted EU countries to set up manufacturing plants in turkey,,Turkey was a place of cheap labour…
                            When the Turkey govt keeps forcing foreign and domestic companies to Raise that minimum wage they begin to question,,why are we manufacturing in Turkey ?our profit margins are sinking day by day, we could make more money by producing in Armenia or Azerbaijan.so the factories will be moved OUT of Turkey taking the jobs with them..
                            I suspect that one of the principle reasons for the Turkey collapse lies in Interest,,if turkey banks and companies borrow according to the infidel money rules they must also return those loans according to the same infidel rules,,but if at home loans are being passed to Turkeys according to koranic rules then who or what is going to pay the shortfall in interest between the external cost of the loan and the local income generated by that loan ?
                            The govt has to pay the true rate of the infidel loan but has not itself loaned the money to Turkeys at a sustainable rate...
                            Now Turkeys turkeys have come home to roost,koran versus reality...
                            Add to this the maniacal delusions of grandeur of Erdogan " the palace"...I think you will find that all the great palaces of Europe were built from money in hand , not borrowed..
                            The airport showcase of Europe perfectly suited to the expression luftsgescheften,,,pie in the sky...Did Erdogan think that Dubai would just fold its tents and go back to the desert ? Dubai is an airport designed and built by experts from all over the world and I just don't see Turkey airport taking business from them...

                            Comment


                            • Originally posted by Elishar View Post

                              Minimum wage..This is probably what attracted EU countries to set up manufacturing plants in turkey,,Turkey was a place of cheap labour…
                              When the Turkey govt keeps forcing foreign and domestic companies to Raise that minimum wage they begin to question,,why are we manufacturing in Turkey ?our profit margins are sinking day by day, we could make more money by producing in Armenia or Azerbaijan.so the factories will be moved OUT of Turkey taking the jobs with them..
                              armenia with 3 million manpower can't provide the needing manpower for production, Azerbaijan either.
                              There must be over 50 million YOUNG population and countries like China and India are greatest opportunuties for it as I-Phone mobile phones are made in China.
                              I said minimum wage is rising, I didn't say it's gaining value. Dollar has risen proportional to rise of Turkish Minimum Wage because it effects global trade, causes more Turkish lira to be spent at abroad and making the situation same. For lira to gain value as currency without effecting value of Dollar against Turkish Lira, there must be domestical production for all USA brand critical parts like semi-conductor industry, vehicles engines(diesel,electric,gasoline,turboshaft,turbof an,turbojet),construction(roof parts etc.).
                              Turkiye is mostly dependent to USA about construction and semi-conductor industry mainly computer parts like processor, graphic cards etc.
                              Turkish company Ermaksan has developed a laser cutting machine, which high quality chips can be produced. It made Turkiye one of the a few country that can design and produce this technology.
                              Aselsan, Bilkent and Tübitak are working on Turkish made semi-conductors to be mainly used for national defense and Turkish government has officially started construction of new Chip factories in Istanbul and Ankara.
                              Lately one existed:
                              Çakıl microprocessor
                              10 GB/s data processing speed and a core(under development for multiple cores)
                              https://www.webtekno.com/yerli-mikro...il-h60028.html


                              Originally posted by Elishar View Post
                              I suspect that one of the principle reasons for the Turkey collapse lies in Interest,,if turkey banks and companies borrow according to the infidel money rules they must also return those loans according to the same infidel rules,,but if at home loans are being passed to Turkeys according to koranic rules then who or what is going to pay the shortfall in interest between the external cost of the loan and the local income generated by that loan ?
                              The govt has to pay the true rate of the infidel loan but has not itself loaned the money to Turkeys at a sustainable rate...
                              Now Turkeys turkeys have come home to roost,koran versus reality...
                              Add to this the maniacal delusions of grandeur of Erdogan " the palace"...I think you will find that all the great palaces of Europe were built from money in hand , not borrowed..
                              The airport showcase of Europe perfectly suited to the expression luftsgescheften,,,pie in the sky...Did Erdogan think that Dubai would just fold its tents and go back to the desert ? Dubai is an airport designed and built by experts from all over the world and I just don't see Turkey airport taking business from them...
                              Turkiye doesn't apply Islamic rules based on bullshits of wahhabis which are UAE and Saudis' themselves, wahhabi Islam is cruel which meant to be out of Islamic ways.

                              Comment


                              • [QUOTE=CaymanWolvon;n3092865]
                                You're going to be symbolic about FOOL being
                                https://tradingeconomics.com/turkey/minimum-wages
                                Turkey Gross Minimum Monthly Wage


                                Looks like hyper-inflation wage increases to me and not driven by genuine productivity - Erdogan bribing his headbanging base supporters with foreign loans which are the basis for the economic crisis that is causing Turkey to turn back into a real complete shithole and reversing the gains that Ataturk had made.

                                Originally posted by CaymanWolvon View Post
                                Europe has just begun to bring the TAXES to prevent economical collapse which make western people disturbed of loose of current comfort of life cheapness and luxury.
                                This will be usual in all Western countries very soon, YELLOW VEST DOMINO EFFECT:
                                People are allowed to protest in Europe - unfortunately, it gets violent because, among other elements, you tend to find Islamofascists infiltrating the protests.

                                Meanwhile, in Turkey, arrests just like we had seen in Soviet Russia - here's an account of a makeshift prison viewable from Sultan Erdogan's palace in Ankara:

                                https://euobserver.com/foreign/143575

                                The Islamofascists in Turkey remind me a lot of Soviet Russia....

                                Comment

                                Working...
                                X