TURKEY: WHY ERDOGONOMICS ARE ABOUT TO BURST HIS OWN BUBBLE

Recep Erdogan….slight inflation problem

Another former high-ranking military officer was arrested in Turkey the week before last. General Ilker Basbug is the most senior officer so far to face trial in a series of investigations into alleged anti-government plots. He is also charged with ‘running a terrorist organisation’, although the Government is predictably vague on what or where it is.

But while Recep Erdogan is tightening his grip on the once secular State now heading for Islamist correctness, certain aspects of the Great One’s religious zeal have backfired. He won a third term last June by creating an unprecedented boom. Based on Sharia interest rules, the scam demands that interest rates should never be higher than inflation. It’s dangerous mumbo-jumbo rather than economics, but nevertheless it makes people feel generally well-off and ready to vote for him….until it starts to unravel.

Basically, Erdogan’s economic growth is just a Muslim version of the US after 2004: cheap money that should’ve been capped and cooled down has been allowed to rip ahead in order to enable re-election. But it can’t last much longer.

 _____________________________________________

All the telltale signs are there in The New Turkiye. In 2011, the mergers and acquisitions sector grew 59% percent to $8.8 billion. The country’s $735 billion economy grew by more than 8%, as the Central Bank cut interest rates three times to ward off any EU-affected slowdown. And – most notable of all – the national deficit soared to a record $10.1 billion as imports jumped nearly 43% versus an 11.7% increase in exports. According to some data, for much of 2011 Turkey was the only large economy in the world growing faster than China’s.

Also the usual downsides of uncontrolled free-market economics are starting to appear. Since 2007, Turkish data has shown income inequality worsening…..yet more of that trickle-down wealth gushing upwards, I’m afraid: by Q1 2010, the richest 20% of the population had a household income 8.5 times higher than the bottom 20% – an imbalance that grew by 7% in just two years.

But now reality is peeping round the corner. Just before Christmas, Merrill Lynch added its voice to Goldman Sachs’ in warning of the risk of an imminent recession. “With the [Sharia] complexity of central bank policy and the need for corporates to absorb their foreign exchange mismatches, the result could manifest itself in a recession which we do not believe is fully appreciated by the market,” Merrill said. Turkish companies now have $59bn of dollars in short term obligations, many of which come due in the next few months. So ‘sensationally complex’ (aka zealous) is the interest rate policy, says Goldman, some bankers allege it has become hard to perform an old-fashioned carry trade, and that many portfolio investors are just waiting until the benchmark rate is increased to deal with Turkey’s bloated current account deficit and rising inflation. Then we are likely to see a very hard landing indeed.

The Asia Times’s share tipster ‘Spengler’ pulls no punches:

‘Among all the dumb things said about the so-called Arab Spring last year, perhaps the dumbest was the idea that the new democracies of the Arab world might follow the Turkish model.

In fact, if you had invested in the Turkish model (that is, in the Turkish stock market) at the outbreak of the Arab revolts, you would have lost about half your money. If you leave your money in Turkey, you probably will lose the rest of it. Turkey is not a model. It is a bubble, and it is bursting, starting with the stock market and national currency. I am shorting Turkey not for any political motivation, but because the Turkish government economic policy is a clown show.’

But what did our Prime Minister David Cameron have to say on the subject of ‘the Turkish Model’ when he was last in Ankara?

“I can tell from your enthusiasm and the enthusiasm of the entrepreneurs that I met outside this incredible building that there is an enormous spirit of enterprise and entrepreneurialism and industry and business and trade here in Turkey, and that is one of the reasons that I want our two countries to build this incredibly strong relationship that I will be speaking about this morning.

“I will remain your strongest possible advocate for EU membership and for greater influence at the top table of European diplomacy. This is something I feel very strongly and very passionately about. Together I want us to pave the road from Ankara to Brussels.

“….protectionists see the rise of a country like Turkey as an economic threat we must defend against, not as an opportunity to further our prosperity….there are some who fear the growth of a country like Turkey…they seem to think that trade is a sort of zero-sum game. The whole point about trade is that everyone can benefit from it.”

You see, the trouble with Dave is that he is such an economic, social and geopolitical lightweight, if we didn’t nail his feet to the ground he would simply float away. As I have posted in the past, Cameron’s idiotic words in Ankara will come to haunt him as the years pass. But above all, they display clearly that he is just another braindead New Paradigm mercantile globalist: nothing wrong with the system, no alternative, everyone’s a winner, roll up yer sleeves, jolly good show, silly Socialists and tooth-suckers blah blah blah blah blah oh look, I’m halfway to Mars  how did that happen?

Meanwhile, Rambling Recep continues to drone on at will. He recently observed that

“If a leader is Muslim, he cannot commit genocide because Islam forbids murder.” The context was Erdogan’s defence of Sudan’s President Omar al-Bashir for his massive destruction in Darfur. Nobody seems very clear about why he said it, but for myself I have no doubts at all, and never have: Recep Erdogan is a madman. Even worse, our incompetent Foreign Office is mad for having anything to do with him.

62 thoughts on “TURKEY: WHY ERDOGONOMICS ARE ABOUT TO BURST HIS OWN BUBBLE

  1. JW – you are right Dave is a lightweight, however there was nothing fundamentally wrong with what he said that wouldn’t have been equally true said about Great Britain under Gordon Brown.

    Secular Turkey is a great country and the turks are splendid people in my experience.

    I don’t agree that Erdogan is ruining it, I ‘m not his greatest fan and like all leaders he makes loads of mistakes, but I think Turkey is big enough to survive his regime.

    Finally, I think it is a great shame that Turkey will not now be admitted to the EU, this would have been a very interesting and positive development.

    • I would agree with you as long as you don’t have this country as neighbor in near distance borders….
      Ask what opinion do the Greeks, Arabs, Armenians or Cypriots have about Turkey… Also ask how many times yearly based, Turkey invades Greek waters and Airspace.. Thous Greece have to maintain strong forces to keep them out… Ask about those penetrations…
      Think of it, as very close to UK and every single day to pinch you…
      Just imagine it … But not from the safe distance you are now, how much UK would have to spent in economy and politics…
      You are safe in this island, so don’t decide for others that are threatened
      in years and thru centuries, by this Mongolo-Barbaric country…
      Read history, its written with the blood of Turkish victims.
      No nation in history, has done to Turks, what crimes and genocides they did to whole nations thru their history….
      At conclusion, the Turks served no good to humanity, but blood and tears.

  2. JW: It may indeed be different this time round, but Turkey has had several cycles of boom and bust in recent years, usually ending in devaluation and good intentions to do better next time (UK model?) The rise in living standards has been dramatic, but I do share your worries over the rising tide of Islamic thought and deed. Will there be an EU to join when the time comes?

  3. I agree with cuffleburgers. And to cite Spengler is a joke. His piece likely reflects the recent spat with Israel since Spengler is an avowed zionist with an agenda.

    • I know perfectly well who Spengler is, so please don’t patronise me. He is also a first-rate analyst.
      He’s not wrong because he’s a Jew, you know.
      I’ve been on this case for three years and I’ve yet to be proved wrong.

  4. I was in central and eastern Turkey last spring for the first time in 25 years and could not believe the extent and quality of the infrastructure improvements in terms of roads, dams and industrial sites. In many ways their infrastructure is as good as or better than Western Europes so if they have been blowing up a bubble, the cash has not been wasted. The Turkish people are friendly and hard working and there are plenty of signs of entrepreneurial spirit so for once Cameron was not talking crap. Interestingly their fuel prices are very high so there is no artificial subsidy there and its a massive country.

    If the country is becoming so Islamic its hard to understand why a traveller looking for accommodation on the outskirts of a city is as likely to find a brothel as a hotel.

    I wish the Turkish people luck and hope the secular element will win out eventually. Erdogan clearly has negative qualities as you point out but unlike the leaders of the free world he hasn’t invaded anyone yet, well maybe Northern Iraq a bit.

      • I can just imagine all the Muslims in Turkey saying about the UK;

        “I’m ok with the infrastructure but not the christian stuff”

        As for Turkey, it’s their country, and if they want Sharia, then that is their choice, I think you’ll find Robert that is called Democracy, an odd concept I know, but it seems to work, however I don’t think the Turks will want Sharia.

    • There is never any shortage of men visiting brothels in Islamic countries. Just a shortage of prostitutes after they’ve been beheaded or worse.
      The infrastructure in France is also amazing. They owe quite a lot of money, too.
      Ignore the head office, look at the books.

  5. “If a leader is Muslim he cannot commit genocide because Islam forbids murder.”

    Thus, the Armenian genocide never happened.

    Muhammad committed many murders. He wiped out the Jewish tribes living in the Arabian Peninsula, killing the men and enslaving the women and prepubesent boys. He showed no mercy to the pagan Arabs who refused to submit to Allah. I suppose these homicides don’t qualify because Muhammad was the Prophet, and he was doing Allah’s work.

    • And of course christians never did things like that, did they Mary?

      I think you might want to have a look at something called the Crusades, especially the capture of Jerusalem in 1099; where the city was awash with the blood of murdered Jewish and Muslim civilians…

      Not very Christian was it?

      • 846AD the tombs of St Paul and St Peter in Rome were desecrated by Muslim forces. I rather think they started it. The Christians turned the other cheek until they were prevented from visiting the holy sites in Jerusalem in the 11th century.

        The early years of Islam are awash with Christian blood.

        Turkey can have its Sharia, but not entry to the EU. Democracy is not liberty.

  6. I have been in Turkey 3 times in the past year on business, working with locals. Totally impressed each time, I tell everyone that they learned all the good lessons from working in Germany in the 70s and 80’s and they produce whatever you want, to a high quality. I say Turkey will outstrip UK in a couple of years.
    I don’t think it matters so much that their financial sector is losing the plot (and that isn’t my experience) and the government is misguided (?), they are producing lots of high quality graduates, the urban population are not brainwashed by the mosques, they work hard, and they have a huge exporting manufacturing sector. I suspect their banks are pouring money into productive ventures unlike our wretched pinstripes could ever dream of doing. I also reckon that, if they are in a hole, they’ll dig themselves out of it ten times faster than we will.
    They are also trying to be an important bridge between Europe and the Middle East, and maybe can help stop the American adventure in Iran.

    What you have quoted from Call-Me-Dave, I would agree with entirely.
    I just can’t get the language.

  7. What exactly is the problem with Sharia economics? The general principle that idle money should not grow seems not unreasonable to me. And in practice all that happens is that interest charges get replaced by management charges. Not really that different.

  8. Dear All
    I’m still waiting for someone to put their prejudices to one side and deconstruct the ECONOMIC arguments I’ve made. Or explain why more and more of Erdogan’s enemies are in prison.

    • Well, Recep Erdogan obviously took a lesson from Gordoom Broon on economics. Bubbles were Broon’s speciality. Erdogan’s actions against the military high command are obviously to strengthen his own power base and reduce the risk of a military coup. Meaning he wants to continue down the road of Islamic fascism without interruption.

    • My comments were based on what I like to think were personal observations rather than prejuduce. At a time when the economy of the whole western world is going down the plug hole fast it seems to me that Turkey is going down it a bit slower than us. In 2010 their debt to GDP was only half of ours and Germany’s though I accept that may change fast. Their current account deficit is certainly opening up rapidly but is it worse than ours? My observation was their spending has been on infrastucture that should stand them in good stead if there is a future. Ours has been wasted on bailing out banks and propping up our property bubble. If they want to use sharia finance thats up to them. Is our financial bollocks any better than theirs?

      Erdogan may be on a slippery slope locking up his enemies I don’t know, at least he is not using predator drones on them. Can you develop your diagnosis of madness with a bit more evidence, it would be interesting to see the source of your quote about genocide and a few alternative translations of the original text.

      You don’t mean he’s mad like Gadaffi do you?

      • “….their spending has been on infrastucture that should stand them in good stead if there is a future….”
        So did the Soviet union, the rest is history!!

  9. Cameron’s comments in Ankara may have been carefully framed in the knowledge that what he said was irrelevant because there are those in the EU who are strongly against Turkey’s membership. So he placated Turkey and possibly improved trade relations at no cost. A win-win.

    • Bankrupt Taxpayer: If there is one topic which gets up Sarkosy’s nose, it is Turkey. An elegant Old Etonian snub, delivered at the right time. Those two take no prisoners!

      • Precisely. No one wants Turkey in the EU except the Americans and when did they do us any favours recently? Cameron , as always with the British Establishment, was doing their bidding. We seem to have forgotten what our national interests are.

  10. Where did Jesus exhort his followers to kill non-believers? Have you not heard of ‘turn the other cheek’? How Christianity developed was I am sure, not quite the way Jesus envisaged. The basic Christian ideal of loving your neighbour is proving to be one of the reasons for the undoing of Western civilisation I don’t recall Jesus telling his followers to love only Christians and to go out and conquer, enslave, behead, stone, etc.anyone who decided not to follow his teachings Oh, and by the way, I am an atheist so I do not approach this discussion from a religious point but a realistic one. Unless the west wakes up very soon, Christianity and all other beliefs, will have been replaced by something very, very nasty indeed – and with no chance of a reformation You can kiss goodbye to progress, science, human rights, etc. and look forward to a quick return back to the 7th century..

    • So to recap what you claim..MUSLIMS are uneducated,stupid,people who have contributed NOTHING to any society EVER? Have you seen Jordans new boobs and is Cheryl back with her Husband yet ? You may as well share ALL your informative knowledge you gain from reading newspapers.

      • I did not mean what you are saying! I was merely pointing out the basic difference between the two sets of beliefs; one allowed for a reformation – the other does not. Christians befieve in the doctrine of free will, Islam believes it is ALL God’s will – Islam means ‘submission’. I really do not wish to sound crass but do your homework and be very, very afraid if you are a woman and if you have daughters. Who is Jordan? Or Cheryl?

    • “…The early years of Islam are awash with Christian blood…..”
      The early years of Christians are awash with Pagan’s (Greeks and others) blood, 3rd century onwords.

    • Well shazza, my response was in reply to the fact that if you mention Muslims, then all the bigots come crawling out from whatever stone they have been hiding under.

      Yes there is much that is wrong with Islam, however you cannot say that every Muslim is the same, they are human like us, I know I work with them, but by demonizing and stigmatising them, then I suspect we will end up, in a very dark place.

      And no I’m not a christian thank God!

    • Stuart,

      I recently read this:

      “There are two types of Muslim – good ones and bad ones. The bad ones are those that, on the slightest pretence, will cut your head off. The good ones, they are the ones that will hold you down while the bad ones complete their task.”

      I would be interested in your views. If you are not sure what beheading a la Islam is, I can provide you with several links – but be warned, they are not pleasant viewing. Suffice to say, they tend to complete the task without chopping blocks or other paraphernalia.

      Talking of religious belifs, for myself I have no objection to spending eternity boozing, brawling and wenching with Valkyries in Valhalla. It sounds so much less tedious than conducting interminable training courses for Islamic virgins.

      It’s the “falling in battle” bit which seems to be a potential impediment – but who knows what the future may hold. ;-)

      By the way, on JWs thread “GREEK CRISIS AND YET MORE FRANCO-GERMAN HYPOCRISY”, both BT and myself have responded to some of the points you have raised. Any chance that you might toddle off over there and address them?

  11. High interest rates are great for savers but bad for borrowers, Sharia may well be what suits them for now as in nothing ventured nothing gained? ending up with nothing gained? My friend reckons their economy has room for ‘playing’ with. So maybe the not -so acceptable face of Islam could sneak in, But I doubt it.

  12. Not content with supposedly being the worlds Nr. 1 exporter of walnuts, Turkey now wants to be a so-called “world power” – and how is this to be done?:

    http://www.pi-news.net/2012/01/ironman-bitte-einsetzenturkei-will-weitstreckenraketen/#more-232458

    “Turkey wants ‘long-range missiles’

    The German Turkish News (Deutsch Türkischen Nachrichten) reports that Turkey is aspiring to its own ‘long-range missiles’. Almost certainly medium-range missilese are meant. Initially they should have a range of 500 kilometers, then 1500 and 2000 kilometers. With a range of 2,000 km Turkey could, depending on where they are placed, strike targets across North Africa, half of Russia and even Berlin.

    We are dismantling the Bundeswehr, we have no missiles, the Americans are pulling out, NATO, in which Turkey is also a member, is crumbling and we believe all is at peace. The German-Turkish News have the report from a small news agency via Zaman, but it is quite credible. As Turkey sees itself as a developing world power, it also needs potent weapons. Political power grows from the barrel of the gun, Mao once said, whose heirs, by the way, also pay heed to this maxim!”

    Amongst the comments to this blog entry:

    “Turkey will soon also have nuclear weapons. This will help Erdogan immensely in his negotiations with the EU.”

    “Simply scribble a few Koran verses on the outside, then they could conquer the whole world!”

    “They are unlikely to fire them at Berlin, that would wipe out their fifth column.”

    “Well done! And Iran supplies the appropriate atomic bombs?”

    “From the northern part of Cyprus, that was stolen from Greece, it is barely 300km in a straight line to the Israeli coast.
    They are intended to have a range of 500 kilometers.
    From the Turkish mainland to Tel Aviv, it is around 500km.
    More than enough for a threat scenario.”

    Meanwhile, in other news from that neck of the woods –

    “Qatar – an Islamist wolf in sheep’s clothing.

    The Arab Gulf state of Qatar, under the leadership of Emir Hamad bin Khalifa al-Thani (photo), likes to present a modern democratic and friendly image to the outside world. But now even “Die Welt” has discovered that in no way does this correspond to reality. (…) In addition, Qatar also supports extremist groups of the so-called “Arab Spring” with large amounts of money.

    (…)

    The wolf in sheep’s clothing is even more dangerous: according to ‘Die Welt Online’, Qatar is even a secret supporter of Islamic terrorism. Since quite recently, the Taliban also feels at home there.

    ‘For many years now Qatar has been one of the countries from which Islamist terrorist groups like al-Qaeda, Hamas or the Taliban are funded. In a memo published by Wikileaks, even U.S. Secretary of State Hillary Clinton expressed concern over this connection.

    No wonder that the Afghan Taliban have now opened their new office in the capital Doha and not, as planned, in Turkey. Islamists feel they are in very good hands in Qatar.'”

    It only remains to fully endorse Shazza above – if you are female, or you have daughters, be afraid, be very afraid.

      • The best cure is to flick from 414 to 412 and watch Max Keiser on rt, his prognosis for bankers, and David Camoron is always good for a laugh.

      • Snap! I’ve tried all of the cures a buddy keeps recommending – whisky, rum, gin, vodka, tequila etc – but none of them seem to bring lasting relief. Perhaps if I increase the dosages?

  13. For those of you who want something a little more balanced than John’s latest outburst against Turkey/Erdogan, I’ve pulled together a few of the points listed on the Wikipedia site (I’d advise readers to go check it out for yourself).
    From what I can see, Erdogan has done a pretty fair job and that’s why this man is so popular with ordinary citizens.

    You can also see why he’s so UNpopular with the likes of Blankfein’s Goldman Sachs and Bank of America’s Merrill Lynch…… they aren’t getting rich from Turkey’s banking system.

    As for Spengler, poster Erika summed him up perfectly….a zionist Jew with an axe to grind against anyone who speaks out against Eretz Israel.

    FROM WIKIPEDIA……………..
    Erdoğan established the Justice and Development Party (AK Party) on August 14, 2001. From its first year, the AK Party became the largest publicly-supported political movement in Turkey. In the general election of 2002 the AK Party won nearly two-thirds of the seats in parliament, forming the first single-party government for 19 years

    Inflation, which had for decades adversely affected the country’s economy, was brought under control and the Turkish Lira regained its former prestige.
    Interest rates were reduced and the economy grew significantly. The AK party won the 2007 elections making it the first time in 52 years that a party in power had increased its votes for a second term. In the 2011 general election, the AK Party was re-elected for a third term and Erdoğan remained Prime Minister.

    In the local elections of March 1994, Erdoğan was elected Mayor of Istanbul, the social and economic capital of Turkey and one of the biggest metropolitan areas of the world. He won a plurality (25.19%) of the popular vote. Many feared that he would impose Islamic law, however, he was pragmatic in office, tackling such chronic problems in Istanbul as water shortage, pollution and traffic chaos. The water shortage problem was solved with the laying of hundreds of kilometers of new pipelines. The garbage problem was solved with the establishment of state-of-the-art recycling facilities. While Erdoğan was in office, air pollution was reduced through a plan developed to switch to natural gas. He changed the public buses with environmentally friendly buses. The city’s traffic and transportation jams were ameliorated with more than fifty bridges, viaducts, and highways. Erdoğan prohibited the sale of alcohol in city-owned facilities, but later this measure was reversed. While taking precautions to prevent corruption, he took measures to ensure that municipal funds were used prudently. He paid back a major portion of Istanbul Metropolitan Municipality’s two billion dollar debt when he took office and meanwhile invested four billion dollars in the city.

    In 2001, Erdoğan established the Justice and Development Party. The AK Party won a landslide victory in the 2002 election taking nearly two-thirds of the seats. However, Erdoğan could not became prime minister right away, as he was still banned from politics by the judiciary for his speech in Siirt; Gül thus became the prime minister instead. In December 2002 the Supreme Election Board canceled the general election results from Siirt due to voting irregularities and scheduled a new election for 9 February 2003. By this time, party leader Erdoğan was able to run for Parliament thanks to a legal change made possible by the opposition Republican People’s Party. The AK Party duly listed Erdoğan as a candidate for the rescheduled Siirt election, and he won, becoming prime minister after Gül subsequently handed over the post.

    Erdoğan’s government instituted several democratic reforms. He gave the European Court of Human Rights supremacy over Turkish courts, reduced the powers of the 1991 Anti-Terror Law which had constrained Turkey’s democratization, and abolished many restrictions on freedom of speech and the press.

    In 2009, the Turkish government under Prime Minister Erdoğan announced a plan to help end the quarter-century-long Turkey – Kurdistan Workers’ Party conflict that has cost more than 40,000 lives. The government’s plan, supported by the European Union, allowed the Kurdish language to be used in all broadcast media and political campaigns, and restore Kurdish names to cities and towns that have been given Turkish ones. “We took a courageous step to resolve chronic issues that constitute an obstacle along Turkey’s development, progression and empowerment”, Erdoğan said regarding the matter. Erdogan passed a partial amnesty to reduce penalties faced by many members of the Kurdish terrorist organization PKK, who had surrendered to the government.

    In 2002, Erdoğan inherited a Turkish economy deep in recession due to the financial crisis during the coalition government under the leadership of Ecevit. Erdoğan supported Finance Minister Ali Babacan in enforcing macro-economic policies. Erdoğan tried to attract more foreign investors to Turkey and lifted most of government regulations, with the average GDP growth rate 7.3% during his premiership as he presided over a record 26 quarters of economic growth.

    Since 1961, Turkey has begun 19 IMF loan accords. Erdoğan’s government satisfied the budgetary and market requirements of the two on his watch and received every loan installment, the only time any government has ever done so. Erdoğan inherited a debt of $23.5 billion to the IMF, which has been reduced to $6.1 billion in 2010. He decided not to sign a new deal. Turkey’s debt to the IMF will be completely paid off in 2013

    In 2010, Five-year credit default swaps for Turkey’s sovereign debt were trading at a record low of 1.17%, below those of nine EU member countries and Russia. The unemployment rate decreased from 10.3% to 9.7% in 2007. Along with the global economic crisis of 2008, Turkey’s unemployment rate jumped to a record high of 16.1% in the January–March period of 2009. In the April–June period of 2010, the unemployment decreased again to 11.0%, compared to 10.0% in the eurozone.

    In 2002, the Turkish Central Bank had $26.5 billion in reserves. This amount reached $92.2 billion in 2011. In the same period, inflation fell from 34.9% to 5.7%, the lowest in 39 years. The public debt as percentage of annual gross domestic product declined from 74% in 2002 to 39% in 2009.

    The World Bank praised Erdoğan for the courageous reforms and the economic stability in the country.

    ==============================================================================

    John, I keep wondering why you have this “thing” about Erdoga. I realise that his view tend to jar on a pro-Israel promoter but there must be something more.

    He didn’t sell you a BEKO fridge, did he?

    Kennyboy

    • Nice one, Kenny. However, I assume you are of course well aware of one of the major defects, or should we perhaps say deficiencies, with Wikipedia?

      When I read an article like that which, in its content, directly contradicts a great number of the articles that I have read elsewhere, and those article were in the main written by disinterested third parties without an axe to grind – they are only interested in reporting facts – then why am I having so much difficulty banning the maxim “Self-praise is not a recommendation” from my consciousness?

  14. “If a leader is Muslim”…….

    Err forgive me if I err (pun intended), but I have always (un)derstood that Erdogan was ‘Domnei’ (Jewish). Am i wrong about this?

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  26. I think what happened in Turkey in the last 2 weeks proves quite strongly the ideas of John Ward about Erdogan. We have now some good infrastructures but also a lot of debt and interestingly a police state. A lot of people saw it coming long time ago, however most of Turks have been fooled by these infrastructures.

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