Originally appeared at ZeroHedge
One day after a newly sworn in Turkish president Erdogan, now with sweeping executive powers, shocked investors and sent the lira plunging when he unveiled a new cabinet that featured his son in law Berat Albayrak as the country’s new Minister of Finance and Treasury while excluding the current Deputy Prime Minister Mehmet Simsek, who was the only market-friendly official and the de facto economic czar, overnight Erdogan completed his sweep of undisputed economic control with a presidential decree which granted the president the power to appoint the central bank governor, deputies and monetary policy committee members for a 4-year period.
Three presidential decrees, published in the country’s Official Gazette, set out the structure of the new presidential system and the regulations governing the appointment of officials by the president. They replace the existing framework according to which there was a five-year term for the central bank head, however the decree scrapped this stipulation as well as a requirement that deputy governors have a decade of experience.
Most saw this final takeover of a supposedly independent central bank by the president coming as soon as the earlier decrees starting hitting:
CBRT DEP. GOVS TO BE APPOINTED W/OUT GOVERNOR RECOMMENDATION
And now Erdogan can appoint whoever he wants
— zerohedge (@zerohedge) July 9, 2018
The announcements deepened worries about the bank’s independence and triggered near record losses in the lira, which has been hit this year by concerns about Erdogan’s drive for greater control over monetary policy.
Investors were spooked by Erdogan – a self-described “enemy of interest rates” – and sold off Turkish assets on concerns that his push for cheaper borrowing costs will mean he will look to take greater control of monetary policy under the new system, unleashing even higher inflation and sending the lira soaring.
“I’d have expected Erdogan to have learned the bitter cost of messing with markets,” Atilla Yesilada, economist at GlobalSource Partners in Istanbul, told Bloomberg in an emailed report. “Apparently, he does think that with his new powers he can best the markets.”
As a reminder, on Monday Erdogan was sworn for a five-year term as president with enhanced powers after winning re-election under an amended constitution, setting the stage for him to follow through on a pre-vote promise to take more direct control over monetary policy. The 64-year-old leader has repeatedly clashed with the central bank over borrowing costs that he is determined to keep low under almost all circumstances.
Erdogan’s power grab also spooked Turkey’s largest business association, Tusiad, which has been urging the government to respect the rule of law and independence of institutions, and cautioned that central bank autonomy “is very important for a strong Turkish economy.”
It is however, not very important to Erdogan.
Meanwhile, amid all the chaos, Bloomberg notes that it is no longer clear how the central bank will respond to further inflation gains, which just a few days ago printed at the highest since 2003, and was running more than triple the official target at its next monetary policy meeting on July 24.
“Key is independence from influence and ability to do what is needed. Given the tough decisions needed to be taken, with the new cabinet and changes with decrees, that ability may have been impaired, especially on increasing interest rates to control inflation,” said Verda Partner portfolio manager Michel Danechi.
The markets, however, had no interest in waiting, and one day after the Turkish lira suffered its biggest drop since the failed Turkish coup of 2016, the TRY resumed its slide following news of the latest decree, sending it near all time lows…
…after it had recouped much of yesterday’s losses, as it becomes clear to investors that Erdogan no longer cares about the viability of the overall economy, and instead plans on making its his own family fiefdom, no matter the cost.
Meanwhile, confirming which way the currency crisis winds are blowing, the Turkish 10Y yield just jumped to a new all time high.
I guess some jewish rats didn’t like that. Keep one Erdogan, you’re a great leader !
He should change the name of the country to Erdogania.
I hate the Ottoman Turks, they wiped out the Eastern Roman Empire. Thankfully most Turks are not real Turks, just Greek/Anatolian converts to Islam. I don’t mind the name Turkey, but don’t like Erdogan the Georgian calling himself a Turk. Renaming Turkey to Erdogania is a great name change. Recep would be the real father of the Anatolians, not some jew like Atajew, the freemason homosexual.
Why don’t you go on screwed yourself
Erdogan really hates those jews. No jews appointing to the Rothschild central bank. Erdogan has called jewish zionism, jewish communism and jewish freemasonry all evil. Erdogan blamed jews on the Lira decline. Erdogan blames jews on the economic decline. Erdogan blames zionists for coup. Erdogan blames jews for zioKurdistan referendum. Erdogan call Israhell a terrorist state. Erdogan call Netanyahu a terrorist. Erdogan pulls embassy from Israhell.
No wonder all the zionist Putin trolls on the site hate Erdogan. Putin invites Netanyahu to a military parade, giving the jewish terrorist a place of honor. Erdogan is the real hero of world, up there with Iran and Assad.
You said it all !
I agree with all of that except the Assad thing, he instead of stepping down choosed to sacrifice his own people in the conflict to stay in power.
Assad is for a strong united Syria in opposition to Israhell. If Assad was some puppet like Sisi, then the rebels would have some arguments. The vast majority of Syrians love Assad and Assad is a secularist, but a defender of Islam, not some new jewish wahhabi brand who go around chopping heads. Send the head choppers to fight Israhell, not to kill fellow peaceful Muslims.
If you want to overthrow anyone, the jew-loving Washington-obeying Saudis should be at the top of the list. The King of Jordan who is friendly with Israhell is up there to. But focus on a free Palestine.
Actually the FSA were peaceful rebels supported by America not the head chopping one like the lSlS.
jewamerica is the problem in the mideast, and Israhell. Why don’t the FSA go liberate Palestine, rather than murder Muslims by the hundreds of thousands in some fake civil war directed and produced by the Pentagon.
Liberating somebody’s else land when you have civil war in yours and your people are dying on the streets unarmed? Great idea! You are confusing things actually FSA was peaceful and weaker than the Saudi Wahhabi groups. They didn’t murder Muslims as far i know. Original FSA offered religious freedom, didn’t attack Christians or other religious minorities unlike other Wahhabi groups. We simply wanted to live better and reforms.
FSA are not just Syrian rebels. Foreign arms and foreign mercenaries. Washington created the civil war, not the Syrians. The Washington led civil war did murder about a half million civilians. Stop being fooled by shlomos that whisper in the ears of Muslims to rebel in CIA “Arab” Springs.
We asked the world to intervene and help us. But they actually followed their own goals and interests not ours, at least they left our country. Why Russia keeps alive all tyrannical regimes on Earth that are opressing own people for different opinions? Anyone here remembers the Soviet Union? They even murdered and killed their own people in atheist ideologies worse than lSlS, they simply have it in blood. You can actually just google soviet massacres: https://upload.wikimedia.org/wikipedia/commons/thumb/a/a3/The_Katyn_Massacre%2C_1940_HU106212.jpg/320px-The_Katyn_Massacre%2C_1940_HU106212.jpg https://i.ytimg.com/vi/Tuz8vmg8huI/maxresdefault.jpg http://www.renegadetribune.com/wp-content/uploads/2017/03/katyn-forest.jpg
Assad was not a tyrannical government. Washington is the tyrannical regime of criminals.
One of Putin’s favorite thing to do is to murder Muslims for the jew. Putin as PM murdered a half a million Muslims in Chechnya based on FSB false flags. See the evidence Russian Apartment bombings planned and carried out by the FSB (Southfront blocks the info some of the time), like the jews did 9/11 (again southfront blocks exposing the evidence that 9/11 was a Mossad operation). The murder of hundreds of thousands of Muslims helped Putin win the Presidency in 2000.
If there was some war that would result in the death of a half million jews, Putin would be getting everyone to the peace table, and would not bomb Israhell. Putin would never bomb Israhell. But a war that murders Muslims, planned out by Washington, Putin will be there.
Why hasn’t Putin sold Assad S-300s? Because Netanyahu vetoed it. Netanyahu has veto over Putin because zionist Putin is on team jew. There to handle free Muslims like Iran and Syria. Give them a false hope, as Israhell steals more and more land, and gets weapons that will put Muslims at a great disadvantage.
Putin will be there to sanction Iran and other Muslim countries who get uppity, working for the jew.
Yes Putin and Netanyahu are friends to each other, they do play dirty game to fool the masses and the Jews don’t care what he says as long as he does everything in their favor. There is clear evidence supporting that and the deal with Syria is one of that. Yes false hope is always the worst hope and with single swing of a pen he can betray us all one day. Muslims need to unite and not to fight each other so our enemy does not get any benefits for free.
You believe the media of Jews too much as Russia will not get into squabbles with nations and only the Anglo-US-EU Empire takes sides. Muslims don’t need to unite no more than Christians do all it takes is forcing the Jews to adhere to laws period.
85/90% of bolcheviks were jews !
bullshit
https://www.youtube.com/watch?v=qW2-4OvXTV8
Just remember this was all carried out by Jewish Bolshevik leaders many of my family members are among those dead.Today you see what happens to communism as it was destroyed from within not the west as they still wanted the cronies in power.
Wow! Pull your head out and take a breath.
Then in the same instance Erdogan is a threat also and there illegally just as all the other uninvited players. You see another rise of a dictator who is only out for himself and not his nation.
By admitting that washington created and led this “civil” war, I think you should admit that it is not “civil.
This is not a civil war. This is a war of aggression. Heavily weaponized and financed.
Why rebels would need the support of USA if not to put the mess ??? They work for the Great Israel, they are terrorists. Not Assad.
Why do you listen to lies and outright propaganda it was never anything that it was claimed to be Turkey,GCC like NATO and Israel are all in violation of UN Article 2.(4) : All Members shall refrain in their international relations from the threat or use force against the territorial integrity or political independence of any state , or in any other matter inconsistent with the Purposes of the United Nations. The provisions of the arms to the insurgents in Syria by the aforementioned was and is illegal. It is a breach of the Prohibition of Force in international law specifically by the UN Article mentioned previously. US claims Article 51″Right of Self defense even that is dubious and very much not substantiated , just as Israel’s claim of Self defense which would require imminent danger which there was no case as they used a preemptive strikes and sorry that is not accepted as international law.
Why don’t you learn to live with others and accept others for who they are and not belittle them like some barbaric tribal religious clerics in Sunnah seem to do.
Always a puppet for Salafi ideas , stay in Germany you are no Syrian but a Muslim Brotherhood supporter. People like you cost hundreds of thousands of lives there and for what some Wahhabi and Salafi Extremists and Sunni sectarians like you. You should be thankful the Assad’s had a vision of keeping Syria from being a colonial state controlled by NATO and you whom want to protest would have been killed in that state.
Erdogan sucks Netanyahu’s cock every now and then
Erdogan (as PM and now President) inherited a Kamalist Nato country that is allied with the criminal “states” of jewamerica and jewBritain. The military coup was because Erdogan was not serving Washington and Hell Aviv. And when Erdogan looks out for the interests of Muslims, not jews, Erdogan gets attacked by many on southfront.
Yes, Erdogan is a great leader https://youtu.be/kRyIdopvWfQ
stinking hypocrite, shouting populist things, while selling kurdish oil to israel!!
If Erdogan keeps stockpiling gold, and eventually gets enough gold to support a gold back currency for Turkey, then cancels all Turkish debt and starts Turkey on a new Turkish currency backed by gold. All these anti-Erdogan bots would support a zionist war against Erdogan to repay debts to jewish bankers.
Erdogan is gradually making Turkey a free country not owed and controlled by jews, and most on southfront hate Erdogan for it.
you don’t understand economics, that is obvious
fuck you erdogan slave ,fucking scumbag
Hurting you still
the mossad .come to ,bad boy erdogan .end erodofucker.
yeah right….. the “coup”was an excuse to get rid of his old friend, after a while he wanted all the money for his own clan
He is nothing better then a mafia boss, just like most leaders on the planet!!
He will turn Turkey into a shithole, you just wait and see…..
Erdogan turned Turkey into a great country and will go on ! The FETÖ is dead ! And hopefully the PKK and YPG too !
HAHAHAHAHA, within 20 years kurds will take over or turkey becomes an apartheid state like israel
Dream bastard !
and erdogan soon to .fucking scum.
Watch your language scumbag .
We hate Erdogan because he likes Jihadis. Because of him Jihadis almost overran Syria, ISIS was able to sell millions of barrels of Syrian oil to Israel and he banked part of the profits himself. Even now this camel fucker still loves Jihadis because he protects their presence in Idlib and Northern Syria. And what did his meddling in Syria gain him? A US backed Kurdish state. Good job, moron! I’m sure he’ll do just as good a job running the Turkish economy. I fully expect Turkey to look like Venezuela or Zimbabwe.
South Front Please block Len Zegelink below. Pure trash talk and foul mouth. :(
This comment section is a cesspool today.