Apple stops all sales in Turkey after the collapse of the Turkish Lira
notebookcheck.net
notebookcheck.net
Erdogan developing his personal power and doing nonsense in all political fields (military, diplomatic, economic, democracy, minorities...) with the dream to restore the Ottoman Empire with him as a sultan is the major issue.
Turkey is a great country with a great people, but they are living difficult times. A harsh price to pay for following a megalomaniac.
It is scary how people can make these kinds of choices.
And the money demand is controlled down by raising interest rates, but Erdogan has ordered the central bank to keep them low, against the economists consensus.
So massive speculation starts:
People take a loan in lira (i. e. print money), turn the money into something else (buy an object, or turn to EUR or USD for people who can access this market), wait some time, sell back to pay the loan with a share of the value... They keep the difference and start again with more leverage. And the volume of liras increases more for a lower and lower value (inflation).
The only way out is to raise the interest rates before it all goes out of control. The opposite of current policy.
Inflation has passed 45% this year already.
Not really? Most developed countries have a central bank that "prints" money by doing interest rate changes, which in turn is determined by inflation rate targets.
no wonder i live in a third world country where you can get medical attention regardless of who you are.
yeah, last year or so, a scheme was launched. https://en.wikipedia.org/wiki/Ayushman_Bharat_Yojana
cover of ₹5 lakh (US$6,600) per family per year
for a country where unskilled labourers earn "Rs. 500" or $10-12 a day, this level of cover is like magic.
the 50 mil population, almost half the population is covered by this scheme alone, not to mention almost free government paid hospitals and dispensaries and other stuff. do you think for these many people, economy and debt and savings matter when their loved one is suffering and they don't have money to pay to a doctor?