19 May: Beginning of Turkey’s War of National Liberation

19 May: Youth and Sports Day to Commemorate Atatürk

May 19, 1919 marks the beginning of the Turkish War of National Liberation, a turning point in Turkey’s history. On this day, a young Ottoman general, Mustafa Kemal, arrived in Samsun. The man, who would later be known to the world as Mustafa Kemal Ataturk, stepped ashore on this small Black Sea Coast town to embark on a journey that would ultimately create the Republic of Turkey and a new nation state.

19-mayis-genclik-spor-bayramiThe Ottoman Empire at the time had been carved up as a result of its ill-fated decision to join World War I on the side of the Germans. The defeated Ottoman government signed the Mondros agreement with the Allied forces, securing its own existence, while relinquishing almost all of its territories, except for a small Anatolian heartland, to Britain, Italy, France and Greece. The Mondros agreement, designed to decimate the Ottoman nation, was being implemented step by step with the final insult to the Ottomans coming with the invasion of Izmir and violent advance into Anatolia by the Greek army. Civilian resistance began building up against the occupation, but without a sense of direction or coordination.

Mustafa Kemal, whose public and military standing was solidified as the military commander who won the Ottoman victory in Gallipoli, was assigned the post of Inspector General of the Ottoman Armies to Anatolia. He immediately left Istanbul aboard an old steamer, arriving in Samsun on May 19, 1919. Mustafa Kemal dispatched his first report to the Ottoman Sultan on May 22, underlining that Turks would not accept foreign subjugation and longed for national sovereignty. This signaled the beginning of the national liberation struggle. Realizing that Samsun, already under British occupation and surrounded by Greek irregular forces, was no longer safe, Mustafa Kemal moved his staff to Havza, about 85 km inland, on May 25.

In Havza, Ataturk’s historic mission unfolded. He dispatched telegrams to local resistance organizations all over Anatolia to organize mass demonstrations protesting the occupation and to inform the public about the gravity of the situation. Demonstrations followed across the country. Several leading Ottoman army generals and their troops joined Mustafa Kemal and signed the Declaration of Amasya on June 22, 1919, declaring that the unity of the country and the liberty of the people were in danger, that the Istanbul government was inept to save the nation and that “the liberty of the nation was to be saved by the nation’s own perseverance and will.” This declaration included the first signs of Ataturk’s vision of national sovereignty and democratic rule for the Turkish people.

Mustafa Kemal took the leadership in convening two national congresses with representatives from all over the Empire in Erzurum and Sivas, followed by the forming of a national parliament in Ankara on April 23, 1920. He was elected as Commander in Chief and organized the remaining Ottoman forces, as well as irregular forces under the Ankara government’s central command, creating a new army that eventually defeated the occupying forces.

The Turkish War of Liberation lasted four years and culminated in the international recognition of Turkey’s borders through the treaty of Lausanne on July 24, 1923 and the founding of the Republic of Turkey on October 29, 1923. Ataturk later declared May 19 as a national holiday dedicated to Turkish youth and sports. The holiday continues to be celebrated today in Turkey as Ataturk Remembrance, Youth and Sports Day.

Source: Turkish Coalition of America

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Footprints of the Banking Conspiracy

proofIf you need evidence that transnational finance demons use their money power to control the world, read on:

International credit rating agency Standard and Poor has downgraded Turkey’s “sovereign debt rating” from BB/B to BB/B-, sending a loud, clear message to finance moguls of the world to stop lending the country money.

The action is a little surprising given that S&P reviews its ratings at regular intervals, and this is an unscheduled one-off move.  On the other hand, it may not be so surprising, considering the fact that Turkey’s much-criticised president, Recep Tayyip Erdoğan, has chosen to put his own credibility and that of his governing party on the line by calling an early general election on 24 June.

It is no secret that Mr Erdoğan has seriously upset just about everyone in the corridors and hidey holes of global power since his newly-formed AK Party swept into power out of the political blue in 2003. He and his team put a stop to Turkey’s chronic triple-digit inflation almost overnight. They managed to keep their country out of George Dubya Bush’s dishonest and disastrous invasion of Iraq despite strong US pressure to add Muslim credibility to their Christian crusade. Mr Erdoğan has repeatedly called out the United States, Israel and European big-wheels for their shameless aggression and hypocrisy. In spite of all the chaos in neighbouring countries, Mr Erdoğan’s government has transformed Turkey from an economic basket-case to one of the world’s growing power-houses, where, as even nay-sayers have to admit, most of the people are now in the middle-income rather than the dirt-poor bracket.

grasping bankersWhile serving as mayor of Istanbul back in the 1990s, Mr Erdoğan was actually convicted and jailed by Turkey’s financial-military elite, allegedly for his radical Islamist agenda. Since his party became the government they have had fifteen years to drag the country back to a mythical nightmare past of fundamentalist Shariah law – and have not yet done so. On the contrary, alcohol is freely consumed in public parks and street cafes even during the fasting month of Ramazan, and the range of available alcoholic beverages, local and imported, has broadened remarkably. Other Muslim countries and even non-Muslim South America are avid consumers of Turkish TV series showcasing life in contemporary Turkey.

In spite of a record that would see leaders of less fortunate countries lionised, beatified, or even deified, Mr Erdoğan has had to deal with a relentless barrage of criticism and worse from a significant minority of his own fellow citizens. In the early years he was successful in pulling the teeth of Turkey’s virtually omnipotent military which had overthrown four democratically elected governments from 1960 to 1997. In doing so he enlisted the assistance of Fethullah Gülen’s Hizmet organisation, whose tentacles had extended into every area of government. Possibly the Gülenists were disappointed at not being sufficiently rewarded for their cooperation, because subsequently they turned against Erdoğan and threw their weight behind the forces seeking to oust him.

cause of warThe climax of their efforts was an attempted military coup on 15 July 2016, whose success many of AK Party’s vociferously “democratic” opponents would somewhat perversely have welcomed. Not surprisingly, there has been an ongoing state of emergency and a roundup of suspects involved in the failed coup. Call it a witch hunt if you will – but France lived in a state of emergency for two years with much less justification; and security measures within Turkey are remarkably low-key and minimally disruptive of everyday life. I am more nervous at airports in New Zealand, Australia and the USA than on the streets of Istanbul – despite the warnings I regularly receive from my embassy in Ankara to avoid this city.

So why have S&Ps downgraded Turkey’s credit rating to virtual junk status? Well, first of all we should consider just how much credibility Messrs Standard and Poor really have in terms of evaluating risky investments. There is powerful evidence to indicate that they and other “reputable” credit rating agencies played a major role in the global financial crisis of 2007-08.

According to Wikipedia: “Credit ratings of AAA (the highest rating available) were given to large portions of even the riskiest pools of loans in the collateralized debt obligation (CDO) market. When the real estate bubble burst in 2007, many loans went bad due to falling housing prices and the inability of bad creditors to refinance. Investors who had trusted the AAA rating to mean that CDO were low-risk had purchased large amounts that later experienced staggering drops in value or could not be sold at any price. For example, institutional investors lost $125 million on $340.7 million worth of CDOs issued by Credit Suisse Group, despite being rated AAA by S&P.

credit ratersCompanies pay S&P, Moody’s and Fitch to rate their debt issues. As a result, some critics have contended that the credit ratings agencies are beholden to these issuers and that their ratings are not as objective as they ought to be, due to this ‘pay to play’ model.

In 2015, Standard and Poor’s paid $1.5 billion to the U.S. Justice Department, various state governments, and the California Public Employees’ Retirement System to settle lawsuits asserting its inaccurate ratings defrauded investors.”

So maybe Mr Erdoğan and his people have fallen behind in the payment of their protection money. Or maybe (more likely, in my opinion) there is something far more sinister going on.

The S&P mafia claim: “The downgrade reflects our concerns over a deteriorating inflation outlook and the long-term depreciation and volatility of Turkey’s exchange rate. The rating action also reflects our concerns over Turkey’s deteriorating external position and rising distress in the externally leveraged private sector.”

henry fordThe exchange rate of the Turkish Lira is indeed dropping against the $US, the Euro and £ sterling – none of which feature among the list of growing economies in the world; and what growth they do have is largely attributable to consumer spending and real estate prices. And of course, it’s a self-fulfilling prophecy: downgrade a country’s credit rating and their currency will lose value in the “money markets”. When a country’s currency loses value against the $US, imports inevitably become more expensive, pushing up the internal inflation rate.

What is surprising is that, despite the plunging exchange rate of the Turkish Lira, the government has managed to keep internal inflation relatively low and continue economic growth.

Well, one of my readers rightly upbraided me recently for seeming to champion unbridled economic growth on a finite planet (thanks Dr Bramhall), and she was absolutely right. Unfortunately, it is the United States of America that set(s) the standard for the rest of the world to follow. They flaunt their lifestyle and inspire others to climb the same dizzying heights of consumer-driven wealth. Does it occur to them that the world’s limited resources will be exhausted long before three billion Chinese and Indians get anywhere near the average US household income?

to big to feelA sad fact of life in today’s world is, if you don’t have a nuclear arsenal (eg Israel, North Korea), the United States will bully you unmercifully. Surely that’s what is behind Zionist Netanyahu’s recent war-mongering publicity stunt against Iran. “There’s only room for one nuclear power in the Middle East – and we’ll obliterate anyone who disagrees.”

I do continue to ride my bicycle to work, recycle our rubbish and take re-usable shopping bags to the supermarket. I fear, however, that I am in a dwindling minority, and I don’t hold out much hope for the long-term future of Planet Earth.

Do as you’re told, or we’ll destroy your economy!

The Turkish Lira has been taking a battering in the “money markets” recently. Could there be a connection between that and Turkey’s defiance of US plans in Syria? (That’s a rhetorical question) And , surprise, surprise, the only currency doing worse is the Russian ruble! The sooner the world escapes from the hegemony of the Yankee dollar, the better for all of us!

Erdoğan blasts investors amid tumbling Turkish Lira

shadow bankers[Turkey’s] President Recep Tayyip Erdoğan hit out at international investors on April 12, saying “no one could bring Turkey to heel using exchange rates,” casting the recent sharp drop in the value of the Turkish Lira as a conspiracy by outside powers. 

“Don’t worry, Turkey is continuing on its path with determined steps. Nobody can bring us to heel using exchange rates,” Erdoğan said in a speech in Ankara.

“The rise in exchange rates has no reasonable, logical or regular explanation,” he added.

His comments came as the lira took a breather after plumbing record lows for five straight trading days. 

Jacob RothschildThe lira, which has been highly sensitive to developments in neighboring Syria, recovered slightly to trade at 4.1010 per dollar after hitting a record low of 4.1920 on April 11, with investors’ anxiety over a threatened clash between Western powers and Russia in Syria easing.

The lira is down 2 percent so far this week, also hit by concern about high inflation and the country’s current account deficit.

The lira was the second worst performing emergency currency over the last month after Russian ruble with a nearly 7 percent loss in its value.

http://www.hurriyetdailynews.com/erdogan-blasts-investors-amid-tumbling-turkish-lira-130212

Islam in Albania

Albania is a very interesting nation, and, like Turkey, one that has tended to get a bad press in the media of wealthier countries. I was lucky enough to visit and be shown around by locals in 2010, and I haven’t forgotten the friendly people, the warm hospitality, the spectacular nature and the surprisingly (for me) modern lifestyle in the three cities I had a brief look at.

DSCF4353

Tirana sits on the slopes of Mt Dajtı

I have met two young Albanians in Turkey, both of them impressively multilingual, broad-minded, outward-looking citizens of the world. I asked one of them, Dritan, for his thoughts on the practice of Islam in his homeland – and I’d like to share his response:

Guest post

Muslim Albanians have always tended to be more liberal and relaxed in following Islam. Generally speaking, Albanians tend to emphasize more their ethnicity; something they take more seriously than their religion. 

Muslims in Albania are mostly either Sunni (Hanafi) or Sufi (Bektashi). Bektashism is viewed as a different type of Islam – some say a branch of Shia Islam, some say Sufi, some say a unique brand of Albanian Sufism. 

Most Albanian Muslims are quite secular in their outlook. They are not fundamentalist in religion, usually being more nationalist than religious. Albanians are predominantly Muslim (60%) but with a Christian (Catholic and Orthodox) presence as well, although religion was never a dividing factor for Albanians.

Bektashis seem to be more patriarchal and loyal to their Sheikhs. Even in their Tekke (meeting place) drinking alcohol is common, something which is prohibited in Islam.

In short, Islam in Albania is more cultural than religious, although Albanians in Kosovo and Macedonia are slightly different. The Ottoman Empire conquered the Balkans and occupied it for half a millennium. They managed to convert most Albanians to Islam, though all the other nations in the area remained Christian. The reason for this remains unclear. What is agreed is that the conversion primarily occurred late in the period of Ottoman rule: Catholic Albanians mostly converted in the 17th century, and Orthodox Albanians mostly followed in the following century.

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Mosaic mural in Skanderbeg Square, Tirana

An important characteristic of Albanians is that they are the only nation in the Balkans who managed to have a national identity transcending religion, which means that the term “Albanian” covers all Albanians of Muslim, Orthodox or Catholic faiths.

This is not the case in other countries in the region, and differs from the traditional citizenship system in the Ottoman Empire. Officially in the empire there was not a system based on ethnicity as was the case in almost all of Europe. Instead, religion was the determining factor for identity (ethnic separation is forbidden by Islam) For example, the term “Turkish” was not used. All Muslims of the empire, independent of their ethnicity or native language, were classified according to their religion. The term “Turk” was not commonly used, but even if it was, it was synonymous with Muslim.

The same applied for Christians. All followers of the Greek Orthodox Church, irrespective of whether they were Greek, Armenian, Bulgarian, Slavic or even Turkish, were classified officially as “Greeks”.

From this tradition, the national identities of modern Balkan states developed in parallel with their religious identities.

Muslim Bulgarians were not called (or accepted as) Bulgarians, but Pomaks. Muslim Slavs were not called Serbians (which only referred to Orthodox Slavs), but only Muslims (and later Bosniacs). Muslim Greeks were not called (or accepted as) Greeks, and these in massive numbers were exported to Turkey after the population exchange between the two states in the 1920s.

During and after the Balkan Wars, all Muslims of the region, irrespective of their ethnic identities, were seen as targets, and most of these were killed or forced to immigrate to Turkey. Out of millions of immigrants to Turkey, a small minority spoke Turkish. The remaining Muslim populations in the Balkans are very small in number.

Albania managed to transfer from a religious identity into a national identity, which no other nation in the region was able to do. Only Tito’s Yugoslavia managed to keep such an identity for some time, by calling people of the same ethnic background Yugoslavians instead of Serbian, Croatian or Bosniac, in accordance with their religions. But this ended with the fall of Yugoslavia and the tragic ethnic disasters that followed.

Skanderbeg

Statue of Scanderbeg beside the Albanian flag

The conversion process in Albania lasted for hundreds of years. After the death of Scanderbeg, charismatic leader of Albanian resistance, Albanian lands came totally under Ottoman rule. Probably at first, in some parts of the country, force was used to convert people to Islam.

Another major reason for conversion to Islam was a way of saving their ethnicity, since they were surrounded by Slavs. Many orthodox Albanians in present-day Macedonia, Greece or Serbia lost their ethnic identity while Albanian Muslims didn’t. Nowadays there are many cases of people identifying themselves as Albanians even though they don’t speak their mother tongue.

Another reason for conversion was the advantages offered to Muslims under Ottoman rule, such as: tax exemptions, and better opportunities for a military or political career. According to historic sources there were about 48 Albanian Grand Viziers during the years of the Empire.

Before the arrival of the Turks, a tiny percentage of Albanians did embrace Islam through traders bringing in the religion. There are a few mosques that exist in Albanian lands that have a plaque on them declaring that they are NOT Ottoman-era mosques but rather from an era that preceded them. Furthermore, it is true the Turks singled out Albanians more than other nationalities because of their ruggedness and warrior-like culture and honour as well as the loyalty that is heavily ingrained in their culture. 

However, those are not the only reasons for their becoming Muslim. Many little boys kidnapped by the Ottomans were forced to become Muslim after they were stolen from their families. They were raised to become soldiers then sent back to fight their own people, or sent out to conquer other countries as well. Although the exact reason is not known for the majority becoming Muslim, we can guess at a few perhaps. The main one may have to do with being in harmony with the powers-that-be and adopting their way of life so that they might prosper with land, titles of nobility, and be accepted.

By the late 18th century, the Balkans were at a crossroads. The menacing Slavs, of course, were in ascendancy, first under Austria-Hungary, and much later, under “Yugoslavia”. The Albanians were reluctant to join them, a wise decision, given late 20th century struggles between Bosnians, Serbs and Croats.

To the south lay the Orthodox Greeks who would free themselves from the Turks at the beginning of the 19th century, with whom the “Albanians” could not make common cause. (The Greeks were pushing north, threatening to encroach on Albanian territory). Given the 18th century rise of both Russia and Austria-Hungary, even the Slavs that remained under Turkish rule (e.g. Bulgarians) could look forward to eventual “liberation.”

The Albanians decided that their best bet was to remain with the Ottoman Empire. Having come to this conclusion as a group, it made sense for many of them to convert to Islam to reduce their taxes, and to enjoy other privileges available to practitioners of the dominant faith.

Ethnic_albania

Boundaries of “Ethnic” Albania. Q: What do Albanians call “Albania”?

This paid off in the 1870’s when the Albanians formed the Albanian Defense League (this is a translation) against its Christian neighbours, with the initial approval of the Turks. Early in the 20th century, the Turks withdrew this approval, but by 1912, the Albanians were ready to declare independence, given the impending collapse of the Ottoman Empire. This met with the support and approval of the Great Powers, who wanted to keep the coastal country away from the expansionist but land-locked Serbia.

Albanians are predominantly Muslim (85%). In Kosovo and Macedonia, Albanians practice Islam more than Muslims in Albania mainly because of the bloody history against Orthodox enemy (Serbia). They were stating their religion proudly against the enemy. In Albania, there are many Muslims that they truly don’t know anything about Islam. Some of them have an identity problem: “Why we are Muslim’’?

Albanian Catholics seem to be not religious at all – but the most common thing they share with Muslims is nationalism. Muslims and Catholics are nationalist more than religious, and neither of them curses the other.

Orthodox Albanians are different story. They are quietly religious, not nationalist at all. Since they share the same religion with enemy neighbours, sometimes there are prejudices against them. Mostly the attitude of the Autochephalic Church of Albania against Serbs and Greeks makes them out of nationalism. So, in the whole Albanian community, Orthodox Albanians seem to be little pressured and are sometimes called Greeks.

Albania was strictly atheist under the Stalinist regime that was in place during the second half of the 20th century. When communism collapsed, overseas Islamic charities came, largely from the Arab peninsula and north-eastern Africa, to assist the Muslim community.

These foreign Islamic groups were the main financial backers for the resurgent MCA, the official organisation that runs Islamic affairs in the country. Albania’s Islamic community had been starved of funds and was poorly organised, as public worship had been outlawed under communism.

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1) Well documented article:

http://www.balkaninsight.com/en/article/albanian-muslims-grapple-with-religious-identity

2) Interesting Article:

https://www.equaltimes.org/is-albania-the-last-beacon-of?lang=en#.WifBxVWnF6t

What is money, and where does it come from?

One thing I can tell you for sure – it doesn’t grow on trees! But that doesn’t really answer the question. An article in the New Zealand Herald today caught my eye:

Show me the money: Reserve Bank reveals the ins and outs of printing cash

There is about five and a half billion New Zealand dollars circulating at the moment – in the country and offshore – and hundreds of thousands of notes being destroyed every week.

In 2016, the Reserve Bank destroyed 43 million notes, with a value around $1 billion.

The money is “granulated” down into “very small sort of confetti-sized bits of bank notes” then sent away to a specialised company that recycles them into plastic items one might find at home.

All this money being transformed into plastic on a weekly basis must be replaced.

print money

Thank God for Canada!

New Zealand money is printed much less frequently than it is destroyed, and it’s done overseas.

The notes are printed in Canada because it is not financially viable to run a printing factory in New Zealand. With money only ordered once a year at most, such a factory would lie unused much of the time.

Despite the increased use of Eftpos cards and online banking, the amount of New Zealand cash circulating here and overseas is growing, something that “around the currency world gets discussed a fair bit”.

There are a few “industry theories” on why the around $5.5b in cash is growing. One is that low interest rates means it doesn’t “hurt as much” to hold on to cash.

“You’re not losing interest revenue by holding it to any extent.”

Other reasons could include that New Zealand money was popular overseas, people using cash to avoid taxation, and using cash in the “dark economy” for illegal dealings.

But another thought was simply that increased spending led to increased needs for cash.

One way or another, the Reserve Bank has so far always had enough to circulate, and didn’t have “masses of unused notes sitting around”.

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Well, I don’t know about you, but for me, this article raised more questions than it answered.

moneypig

Everyone needs something to believe in

First of all, millions of dollars in “legal tender” are created and destroyed every year – so clearly those paper notes have no intrinsic value. In fact, they’re not worth the paper (or plastic) they’re printed on.

Second, NZ money is printed in Canada – and if that money factory is working all year round, I guess those Canadians must be printing money for a few other countries as well, yeah?

“New Zealand money is printed much less frequently than it is destroyed, [but despite this, and] “Despite the increased use of Eftpos cards and online banking, the amount of New Zealand cash circulating here and overseas is growing.” How so? Was there more cash in the past? And are people hoarding old banknotes? But the government keeps issuing new designs and the old ones become obsolete, so that can’t be true.

The Reserve Bank doesn’t have masses of unused notes sitting around but always has enough to circulate even at Christmas time when demand increases, and the “around $5.5b in cash is growing” all the time.

Smells fishy to me! Obviously, there’s something they’re not telling us. And it could be this:

It’s been estimated that notes and coins in all the world’s currencies represents about 8% of the total world money supply. What? Yes!

If you think you know what money is, and you’re happy now that you know it comes from Canada, I’ve got bad news for you. Even the best economist brains in the world can’t agree on what money is. But one thing I’m sure they will agree on – It doesn’t come from a printing factory in Canada.

What they’ll tell you, if you insist on a definition, is that there is a mysterious algebraic thing they call “M”. There used to be three of these things, M1, M2 and M3 – but now it seems another has been added: M0. Well, actually I think that was a con, because M0 is notes and coins, and all those other “M”s have actually been moved further up into the realms of virtual reality – bank overdrafts, credit card limits, futures, toxic mortgages, quantitative easings, and other stuff we mortals earning normal wages or salaries have no concept of.

How-to-Have-an-AWESOME-Marriage-when-drowning-in-debt

Borrow money from your friendly local banker 🙂

Let me give a simple example. Just before a big commercial shopping event like Christmas, my bank texts me to say there is $20,000 waiting for me. All I have to do is send a text reply to a four-digit number, that $20,000 will magically appear in my account, and I can get on with the business of spreading good cheer to relatives and friends.

I never ask for it – but I can’t help wondering: Is that $20,000 sitting at the bank in a bag waiting for me, or do they give it someone else? What if I change my mind later and ask for it? Do they say, “Sorry, buddy, we gave it to Joe Bloggs”?

And I also wonder, how many other people around the world got the same offer from their banks? A thousand? Ten thousand? A million? What if we all take up the offer? What if we all don’t? Will they print more? Or shred the unclaimed millions?

Then there’s the small matter of debt. The United States of America is proud possessor of the world’s largest economy. It also happens that they are the world’s largest debtor nation. According to Wikipedia, on November 7, 2016, US total gross national debt stood at $19.8 trillion (about 106% of the previous 12 months GDP). I checked the US online debt clock at 10.23 last night, and found that their figure is nearly $70 trillion. Clearly it depends who’s measuring, and how they measure it. Whichever figure you decide to run with, it’s a sizable heap of money!

Well, the next question that arises is, who do they owe it to? I asked a mate at work who seems to know a lot about politics, economics and world affairs. “China,” he asserted confidently, “and Japan.” So, I checked them out.

Turns out that China’s “national debt” as of March 2016 (the most recent figure I could find) stood at the equivalent of $4.3 trillion. The same source informed me that Japanese “public debt” in 2013 passed the quadrillion yen barrier in 2013 (about $10.5 trillion at that time).

Debt

Looks like a tricky situation – and he’s not alone.

Government debt in the UK (ie not counting private and commercial borrowings) amounted to £1.56 trillion, or 81.58% of total GDP, and the annual cost of servicing (paying the interest on) this debt amounted to around £43 billion. The Conservative government pledged in 2010 that they would eliminate the deficit by the 2015/16 financial year. However, “the target of a return to surplus at any particular time was finally abandoned by the then Chancellor of the Exchequer George Osborne in July 2016”. And sad to say, until they start running a surplus, that debt’s only going to get bigger.

Evidently none of the world’s biggest national economies is in any position to lend money to their insolvent neighbours. Fortunately, we have banks that can come to the rescue. Fractional-reserve banking is the current form of banking practised in most countries worldwide. In a nutshell, this system allows banks to lend up to 90% of the money they have in deposits.

The beauty of the system, from the banks’ point-of-view, is that they don’t have to apologise to you when you go to make a withdrawal: “Oh, sorry, we loaned your money to John Doe.” You can have yours, and he can keep his – and the bank can collect interest on the new money it created.

Rolling_Stone_Banksters

Happy bankers 🙂

But what if we all go and demand our deposits at the same time? Luckily every country has an LOLR – which apparently stands for “Lender of Last Resort”, not “Laughing Out Loud, Really”). This is normally the country’s central bank eg the US “Fed”, or the Bank of England, which guarantee to bail out the too-big-to-fail banks when they get caught out, as in 2008.

And since we are assured that those central banks don’t have large stocks of money in their cellars, and tax-payer dollars are already insufficient to balance their government’s books, I guess that means they have to borrow more money from the private banks.

Either that or go cap-in-hand to the money printing factory in Canada. Think about it.

Neo-Kemalism: Turkey’s new political compass

This opinion piece appeared in our English language daily today under the byline “Sinan Baykent”. I’m always happy when I find someone who agrees with me 🙂

10 kasım 2The July 15, 2016 coup attempt turned regular political references upside down in Turkey. Even ruling Justice and Development Party’s (AKP) cadres started to multiply their eulogies to the first and original Republican era. President Recep Tayyip Erdoğan, too, gradually began to accentuate Mustafa Kemal Atatürk’s importance and significance to Turkish people in his latest speeches. Meanwhile, streets all over Turkey are covered in giant Atatürk posters.

Fans in football stadiums are chanting patriotic and republican marches, putting all antagonisms aside. Big companies are broadcasting ads commemorating Atatürk’s beloved memory on TVs, radios and newspapers. Great popular mobilization occurred during Republic Day on Oct. 29 and Atatürk Memorial Day on Nov. 10.

For a long time AKP cadres always mentioned the founder using different political formulas without referring to the word “Atatürk.” However, the July 15 coup attempt annihilated these unnecessary contortions. The day following the coup attempt, a magniloquent Atatürk poster was hung at the AKP’s headquarters in Ankara. Since then and especially after U.S. pressure on Turkey escalated, Erdoğan and AKP cadres espoused a somewhat “Kemalist” image. Even if some analysts evoke a “pragmatic electoral shift” in order to gain votes for the 2019 presidential elections, I consider this to be the result of a mandatory state-level initiative.

Turkey’s raison d’état has been gravely shaken by the July 15 coup attempt. It triggered the necessity to take state-level immediate actions to eradicate intra-national threats. At the same time vertiginous incidents happened in the region. U.S. support to the People’s Protection Units (YPG), the Israeli-backed referendum in northern Iraq and recent developments in Saudi Arabia forced Turkey to adapt itself to a new and changing equilibrium.

10 kasımKemalism has always been seen as the “official ideology” of the Turkish Republic. Nevertheless, it is an ideology of the previous century and it has been largely misinterpreted over the past decades. Nowadays, Turkey’s raison d’état is reshaping itself. As one of history’s ironies, it is the conservative Erdoğan who partly initiated this crucial task. A new and vital paradigm is currently under construction. I find it appropriate to name this original conceptual sketch “neo-Kemalism.” In my opinion, neo-Kemalism is a blend of the founding will, and modern necessities for national sovereignty, prosperity and peace. It embodies the attempt to re-actualize the classical Kemalist thought by cropping its radical edges. In this framework, Kemalism would reconcile with its old “demons” in order to fit in the new scheme of the 21st century.

Erdoğan and Abdullah Gül seem to be the sole political actors to ensure the right inclusion of conservatives into the neo-Kemalist body. However, the neo-Kemalist paradigm also needs Kurdish, Alevi and Christian actors. In sum, it needs actors from all political sectors who would be willing to carry the Turkish Republic to the 21st century.

Neo-Kemalism represents Turkey’s new political compass, and down this road lies a free, united and truly democratic Republic of Turkey. While stubborn ones shall gently disappear from the national political scene; faithful ones, on the other hand, shall achieve political salvation.

94th Anniversary of the Republic of Turkey

TCA Celebrates 94th Anniversary of Turkish Republic

AtatürkOn October 29, 1923, the newly recognized Turkish parliament proclaimed the establishment of the Republic of Turkey, formally marking the end of the Ottoman Empire. On the same day, Mustafa Kemal, who led the Turkish National War of Liberation and was later named Atatürk (father of Turks), was unanimously elected as the first president of the Republic.  

Turkey had effectively been a republic from April 23, 1920 when the Grand National Assembly was inaugurated in Ankara. When the Turkish parliament held its first session in 1920, virtually every corner of the crumbling Ottoman Empire was under the occupation of Allied powers. Exasperated by the Ottoman government’s inability to fight the occupation, the nationwide resistance movement gained momentum. With the Allied occupation of Istanbul and the dissolution of the Ottoman Parliament, Mustafa Kemal’s justification for opening the resistance movement’s new legislative body was created.  

With the opening of the Assembly, Ankara became the center of the Turkish national struggle for liberation. The National War of Liberation culminated in the emancipation of Anatolia from foreign occupation*, the international recognition of modern Turkey’s borders by the Treaty of Lausanne, and finally, the founding of the Republic of Turkey on October 29, 1923. October 29, or Republic Day, is an official Turkish holiday celebrated each year across Turkey and by peoples of Turkish heritage worldwide.  

Following the founding of the Republic of Turkey, Mustafa Kemal Atatürk embarked on a wide-ranging set of reforms in the political, economic and cultural aspects of Turkish society. These reforms have left a lasting legacy of which the peoples of Turkish heritage are proud: the conversion of the newly founded Republic into today’s modern, democratic and secular Turkish state.

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* And I suspect it will be a long time before those Allied powers forgive Turkey for causing them that embarrassment.