America cannot be trusted to run global economy

Turkey’s President Erdoğan has been copping plenty of flak from opposition at home and abroad recently. So what’s new? He’s been dealing with negativity, black propaganda, outright lies, a period of imprisonment and at least one attempted military coup for more than twenty years – so I guess for him it’s just business as usual.

Recep+Tayyip+Erdogan+G20+Nations+Hold+Hamburg+oF8eiMsk5dWl

Interestingly, Frau Merkel and M. Macron seem to be offering support these days!

After being re-elected as president, with increased powers under the new constitution, Mr Erdoğan appointed a new cabinet, as he is now entitled to do. Most of his appointments were relatively uncontroversial – but one has aroused considerable criticism and mockery: the choice of his son-in-law, Berat Albayrak, as Treasury and Finance Minister.

Well, certainly, it’s not a good look, especially since the gentleman concerned is only 37 years old; but I’m withholding judgment at this stage. For sure, young Mr Albayrak has a difficult road ahead. His age, for a start. He’ll be dealing with much older, more experienced, hard-headed businessmen (and women) all too ready to latch on to any sign of weakness. His father-in-law, for seconds. He has to live down the perception that he only got the job because of Baba Tayyip. Worst of all, though, is the fact that Turkey’s economy is going through a particularly hard time, with the Turkish Lira dropping to scary lows against the world’s big currencies – with an inevitable flow-on effect to internal prices.

Whatever you may think about President Erdoğan, I am sure few would deny that he is a very astute politician. His party came to power in 2003 after decades of hyper-inflation, regular military coups, and outrageous corruption in business and politics. They have won election after election – and Mr Erdoğan makes no secret of his desire to be at the country’s helm in 2023 when the Republic of Turkey celebrates its centenary. He wants to go down in history as the best thing to happen to his young nation since Mustafa Kemal Atatürk.

So, in my opinion, he’s not going to pick a dodo as Finance Minister at this critical time. He knows that much of his reputation in future will depend on his last years in office, maybe more than the earlier years; and his success (or failure) in bringing his country through the current financial crisis could be the crucial factor in determining how the history books will view his achievements.

So, what has the new Finance Minister got to say for himself? This report appeared the other day in Hürriyet Daily News:

America cannot be trusted to run global economy: Albayrak

Albayrak

After all, he’s about the same age as the President of France, and the Prime Ministers of Canada and New Zealand – and father-in-law’s got his back

The assault on Turkey’s economy must be viewed as an example of how the senseless use of economic pressure as a political weapon poses serious global risks, Turkey’s treasury and finance minister has said.

“By acting together with Turkey now, other countries can also help it create a common strategy to avoid artificial crises in the future,” Berat Albayrak wrote in an article titled ‘America Can’t Be Trusted to Run the Global Economy’ for the American news magazine Foreign Policy published on Sept. 7.

“This August, Turkey’s economy became the main topic in global news coverage. The reason was a systematic attack on the Turkish economy by the biggest player in the global economic system, the United States. It was one of the most disappointing moments in the history of the alliance between Turkey and America,” Albayrak said, accusing the Trump administration of overtly attacking the economy of a fellow NATO member through sanctions and tariffs.

Albayrak underlined that while the scale of the attack resulted in exchange rate fluctuations, the incident ultimately demonstrated the strong fundamentals of the Turkish economy.

“In the face of all the negative propaganda, and the attacks on its financial system, the Turkish economy has demonstrated its strength. It is important to reiterate that no economic indicators or macroeconomic data can account for the devaluation of the Turkish lira over the past month. Turkey’s financial structure and banking system have not experienced any fundamental changes during this time,” he said.

Turkish Central Bank’s independence 

Albayrak pointed to Turkey’s commitment to create an investor-friendly environment in an effort to take steps to address several economic weaknesses to prevent potential future vulnerabilities. He said the Turkish Central Bank’s independence, effectiveness and leading role in monetary policy would remain a priority for the government as it has been for the last 16 years. Albayrak said contrary to what some suggested, “it is not on our agenda to go to the International Monetary Fund”.

“Turkey will continue to secure foreign currency reserves from international markets as it has until now. Our goal is to ensure that Turkey continues to attract foreign direct investment and become a center for innovation and research and development for the global economy,” he added.

Albayrak said the U.S. attack on the Turkish economy also increased Turkey’s determination to strengthen its economy through structural reforms, new trade partnerships and the attraction of foreign investments and to take steps to rebalance the structure of the international economy so that powerful countries like the U.S. no longer would have the power to unilaterally disrupt the economic life of others.

Underlining the fact that Turkey never implemented rules that run counter to market principles, Albayrak said: “No crisis or financial assault can weaken Turkey’s commitment to those principles.”

‘Turkey not only country targeted by U.S.’ 

Albayrak pointed out that Turkey was not the only country that the U.S. recently targeted with sanctions under political pretexts.

“The single-handed exercise of tariffs by the United States against its trade partners in Europe, Russia and China proved that international trade, cooperation and stability should be secured by a stronger alliance among nations around the world and may necessitate taking countersteps to prevent catastrophic damage to the global financial system and international trade.”

Albayrak said the world faces incredibly complex challenges and Washington’s economic threats were a significant subset of those challenges.

“Unilateral sanctions, incitement of trade wars and haphazard use of economic weapons could potentially trigger another global economic crisis. At this critical juncture, developed and developing economies around the world need to promote strong and institutionalized cooperation to handle potential crises and financial attacks.

‘Cooperation, solidarity between Turkey, EU revived’ 

Albayrak said the Turkish government has been pleased to see promising new opportunities for the future of the international economy amid this artificial crisis created by the United States.

“Our European friends, including German Chancellor Angela Merkel and French President Emmanuel Macron, have made statements that clearly indicate they understand that Washington’s approach was dangerous and mistaken. The spirit of cooperation and solidarity between Turkey and the European Union has thus been revived, having proved critical for the political and economic well-being of both sides,” he added.

Albayrak highlighted that Turkey has been at the forefront of dealing with significant threats against Western countries for more than six decades.

“In recent years, this has included the fight against terrorist organizations such as al-Qaeda and the so-called Islamic State. During this period, Turkey has become a hope for millions of refugees running away from the brutal regime in Syria and the target of terrorist organizations that want to expand the war in that country to the West,” Albayrak said, adding that Turkey became an island of stability in one of the most unstable regions of the world.

In adopting sanctions against Turkey, the Trump administration invoked the flimsy pretext of an ongoing legal case involving a U.S. citizen with strong links to terrorist activities targeting Turkey’s peace and stability. The effects of the U.S. decision were nevertheless dramatic, with the Turkish economy experiencing immediate fluctuations. Referring to Andrew Craig Brunson, a U.S. pastor who is under house arrest in Turkey over terrorism charges, Albayrak said, “Washington’s brazen use of economic weapons served as a wakeup call for many countries and investors around the world. It was recognized as risky not only for the future of the alliance between Turkey and the United States but also for global markets.”

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Europe should react to US sanctions targeting Turkey, China, Russia: German FM

Germany’s foreign minister on Aug. 27 criticized U.S. President Donald Trump for imposing sanctions against trade partners like Turkey, China and Russia.

Heiko MaasSpeaking at the annual Ambassadors’ Conference in Berlin, Heiko Maas vowed to take measures to protect European firms from such unilateral sanctions.

“Washington’s sanctions policy forces us Europeans to formulate a response. Because it is affecting us, Germany and Europe, when the U.S. abruptly and unilaterally imposing often unspecified sanctions against Russia, China, Turkey and maybe in the future against our other important trading partners,” he stressed.

Maas argued that the European Union member states should take joint steps against the U.S. dominance in global finance, and proposed a European alternative to the U.S.-dominated SWIFT payment system.

“We have to further strengthen the autonomy and sovereignty of Europe in the fields of trade, economy and finance policies,” he stressed.

“It’s not going to be easy but we have already started working on it. We are working on proposals to establish independent payment channels and creating a European Monetary Fund,” he added.

Maas is scheduled to visit Turkey next month to discuss bilateral ties and regional issues.

During his two-day visit on Sept. 5-6, Heiko Maas is expected to meet his Turkish counterpart Mevlüt Çavuşoğlu and other senior officials in the capital Ankara.

Later the two top diplomats will travel to Istanbul for a celebration at the city’s German School marking its 150th anniversary.

Maas’ trip to Turkey comes ahead of Turkish President Recep Tayyip Erdoğan’s key visit to Germany on Sept. 28-29.

Over the past two years political relations between Ankara and Berlin have suffered setbacks, but in recent months both sides have taken steps towards improving ties.

EU heavyweight Germany remains Turkey’s main economic and trade partner, despite political disagreements between the governments on a number of issues.

http://www.hurriyetdailynews.com/europe-should-react-to-us-sanctions-targeting-turkey-china-turkey-german-fm-136189

http://english.almanar.com.lb/568742

Open admission of US guilt!

Do you need further evidence that the “money markets”, transnational bankers and financiers, and the “credit agencies” are in cahoots with the United States Government, and vice versa?

US-Turkey crisis could end “instantly” if pastor freed: Bolton

Turkey could end the crisis with the United States “instantly” by freeing a detained American pastor, President Donald Trump’s national security adviser said, adding that a Qatari cash infusion would not help Ankara’s economy.

John Bolton

Do you REALLY want me to say that, Don?

“Look, the Turkish government made a big mistake in not releasing Pastor Brunson,” Bolton told Reuters in an interview during a visit to Israel.

“Every day that goes by that mistake continues, this crisis could be over instantly if they did the right thing as a NATO ally, part of the West, and release pastor Brunson without condition.”

Qatar’s Emir this month approved a package of economic projects, including a $15 billion pledge of support, for Turkey, giving a boost to a lira that has lost some 37 percent of its value this year.

Bolton was skeptical about the intervention by the Gulf state, which has been feuding with U.S. allies in the Middle East such as Saudi Arabia, United Arab Emirates and Egypt.

“Well, I think what they pledged is utterly insufficient to have an impact on Turkey’s economy. It’s certainly not helpful but we’ll actually see what develops from their pledge,” he said.

__________________________________________

So, either the US Government ordered the financiers to punish Turkey, or more likely, the financiers ordered the government. And it’s not just Turkey! In the past, however, the US would deny responsibility, and blame the target country’s inefficient management etc – which, of course, they are still trying to do. The importance of Turkey for the world, in terms of democracy and national sovereignty, is that they are forcing out into the open what the United States is doing – and has been doing for decades!

It is also clear that the US Government does not want the Brunson case to come to court in Turkey. Why not? Are they afraid that his connections with the CIA will become public knowledge?

And furthermore, the Trump administration seems to be calling for Turkey’s government to interfere in the judicial process. Isn’t that one of the things that Turkey is being criticised for?

_________________________________

Bolton remarks proof US targeting Turkey in economic war

President Recep Tayyip Erdoğan’s spokesperson said on Aug. 22 remarks by the U.S. National Security Adviser regarding Turkey’s economic situation were proof that the U.S. administration is targeting a NATO ally as part of an economic war.

İbrahim Kalın

Turkey’s presidential spokesperson, İbrahim Kalın

In a written statement responding to an interview whichJohnBoltongave to Reuters, [the presidential] spokesperson İbrahim Kalın said the U.S. administration’s most recent policies were at odds with the fundamental principles and values of the NATO alliance.

Turkey and the United States are embroiled in a deep dispute focused on a U.S. pastor, Andrew Brunson, being tried on terrorism charges in Turkey. The row has fuelled a slide in the lira, which has lost more than a third of its value against the dollar this year.

“The Trump administration has … established that it intends to use trade, tariffs and sanctions to start a global trade war,” he said, pointing to similar disputes with Mexico, Canada, Europe and China.

“Turkey has no intention of starting an economic war with any party. It cannot, however, be expected to keep silent in the face of attacks against its economy and judiciary,” he said.

Kalın said Turkey would work with the rest of the world against restrictive and punitive measures.

“The U.S. administration’s most recent policies are at odds with the fundamental principles and values of the NATO alliance,” he added.

________________________________

This opinion piece by Murat Yetkin makes some important points:

Is it OK for the West if there is a coup in Turkey?

[O]n Aug. 22, Trump’s National Security Adviser John Bolton told Reuters in Jerusalem “the Turkish government made a big mistake in not releasing Brunson” and “this crisis could be over instantly if they did the right thing as a NATO ally, part of the West and release the pastor without condition.”

This is arrogant and vague language, which could be used against an enemy or a rival but not an “ally.” What kind of a deal Bolton is talking about is also unclear. If “the government,” not the court would release Brunson, does Bolton mean all subjects of crisis, from Gülen to the U.S. support of PKK offshoots in Syria, would be over “instantly”?

The U.S. and NATO have turned a blind eye on the coups inTurkeyin 1960, 1971 and 1980; [or] have supported and shed crocodile tears as long asTurkey served Western military interests. That was the Cold War. It is no excuse, but the U.S. priority then was to be against the Soviet Union, which has now been succeeded by the Russian Federation.

Is this hypocrisy still valid? Is it OK for the West if there is a coup in Turkey, as long as it serves their military interests?

The Final Demise of Dollar Hegemony? — Covert Geopolitics

Sanctions left and sanctions right. Financial mostly, taxes, tariffs, visas, travel bans – confiscation of foreign assets, import and export prohibitions and limitations; and also punishing those who do not respect sanctions dished out by Trump, alias the US of A, against friends of their enemies. The absurdity seems endless and escalating – exponentially, as […]

via The Final Demise of Dollar Hegemony? — Covert Geopolitics

Trump’s Turkey policy self-defeating, Turkish FM says

Turkish Foreign Minister Mevlüt Çavuşoğlu has described President Donald Trump’s recent policy targeting Ankara as “self-defeating,” while reminding the “critical” role of İncirlik Air Base in Turkey.

mevlüt çavuşoğlu

Turkey’s Foreign Minister Mevlüt Çavuşoğlu

“Aiming to undermine an ally’s economy to score domestic political points is deeply misguided. Alienating an ally with which your country shares vital national interests is self-defeating,” Çavuşoğlu said in an opinion article for USA Today on Aug. 20.

After reminding Turkey’s key roles inside NATO, Çavuşoğlu said: “The economic sanctions Mr. Trump’s administration is imposing on Turkey, however, are poised to disrupt any atmosphere of cooperation — all while global threats demand that we strengthen, not weaken, the ties that bind us together.”

Çavuşoğlu counted Syria and the fight against the Islamic State of Iraq and the Levant (ISIL or ISIS) as two key areas of cooperation between the two countries. 

“Turkey’s İncirlik Air Base hosts American troops who are serving on the frontlines of the fight against ISIS. It has been a critical staging ground, putting allied forces hours closer than other bases in the region and has made a substantial difference in the ability to successfully root out ISIS,” he added.

Turkey is not a “rogue regime that can be shaken down on a whim,” Çavuşoğlu said, slamming Trump’s decision to double U.S. tariffs on a number of Turkish products, while imposing sanctions on two Turkish ministers over the arrest of Pastor Andrew Brunson.

“This reckless escalation needs to stop. The U.S. and Turkey may have divergent views on significant issues, but we strategically align on a wide range of others. For everyone’s sake, we should address our disagreements with diplomacy, rather than threats and provocation, and with a commitment to facts and perspective,” he concluded.

The article comes as ties between Ankara and Washington are in an unprecedented crisis over the continued detention of Brunson.

U.S. administration had imposed sanctions and vows to do more against Turkey in the case the pastor would not be released immediately.

Source

Turkey completes 475-mile /764-km security wall on Syria border

Why?
Because they’ve already got 3.6 million refugees, and wealthy Western countries, who cause most of the trouble in the Middle East, offer no more than platitudes and token assistance.
And because the West has been constantly harping on about Turkey’s “porous” border.
How much did it cost? Who knows. A hell of a lot, I’m sure.
Where did the money come from? Ask yourself!

Border wall____________________________

Turkey has completed the construction of a 475-mile (764-kilometre) concrete wall along its border with Syria, according to a Turkish official on Saturday.
TOKI, the state backed housing developer, built 350 miles of the wall, while the governorates of the border provinces built 125 miles, the official told Anadolu Agency on condition of anonymity.
Ankara had launched the construction project in 2015 to build an 513 mile-long wall on the Syrian border, as part of Turkey’s measures to increase border security and combat smuggling and illegal border crossings.
Turkey shares a 566 mile border with Syria, which has been embroiled in a civil war since 2011.
The wall was sealed along Turkey’s border provinces of Sanliurfa, Gaziantep, Kilis, Hatay, Mardin and Sirnak.

The Wall
The border wall project incorporates physical, electronic and advanced technology layers.
The physical layer includes modular concrete walls, patrol routes, manned and unmanned towers and passenger tracks.
Modular walls are being erected along the Turkish-Syrian borderline with seven-ton mobile blocks, two meters wide and three meters high. The blocks have also been topped with a one-meter-high razor wire.
An electronic layer consists of close-up surveillance systems, thermal cameras, land surveillance radar, remote-controlled weapons systems, command-and-control centers, line-length imaging systems and seismic and acoustic sensors.
The advanced technology layer of the project includes wide area surveillance, laser destructive fibre-optic detection, surveillance radar for drone detection, jammers and sensor-triggered short distance lighting systems.

Source: Middle East Monitor

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.