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

US economists oppose Trump’s trade tariffs

WASHINGTON – U.S. business economists are concerned about the risks of some of President Donald Trump’s economic policies, saying they fear his tariffs and higher budget deficits could eventually slow the economy.

trump

Everyone’s out of step but us!

More than 90 percent of economists surveyed by the National Association for Business Economics (NABE) in a report being released Monday said they think the Trump administration’s current and threatened tariffs will harm the U.S. economy.

The administration has imposed tariffs on goods from many of America’s main trading partners — from China and Europe to Mexico and Canada. Trump officials argue that the tariffs, which are taxes on imports, will help the administration gain more favorable terms of trade. But so far, U.S. trading partners have simply retaliated with tariffs of their own.

Source

signe_cartoon_1_percenters_600AND . . . Why is there serious unemployment in the USA? Why are their former industrial cities rusting away? Not because of cheap imports from exporters like Turkey, but because of the greed of US industrialists who chose to move their factories offshore to exploit cheap Third World labour. The Big DT should realise that the United States’ “One Percent” have no loyalty to their own flag, country and people – their only interest is increasing their profit margin.

world-inequality

And the Top 1%?

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

Who is Andrew Brunson?

The guy claims he’s innocent – Trump is demanding his unconditional release . . . But check this out:

U.S. missionary thrust to the center of Turkey-U.S. crisis

By Ezgi Erkoyun and Humeyra Pamuk

IZMIR, Turkey (Reuters) – When Andrew Brunson saw a police summons on his door in late summer 2016, the U.S. evangelical pastor thought it was a routine appointment to sort out his residency papers in Turkey*, his home for nearly a quarter of a century.

Turkey-Lira-crisis-Paster-Andrew-Brunson-trump-news-1003731

Let him go or we’ll destroy your economy!

He went to the police station on Oct. 7, 2016, was detained and later charged with involvement in a coup attempt. He is still in detention and is now at the center of a diplomatic row that has fueled Turkey’s most serious currency crisis for almost two decades.

In July, after nearly two years in prison, Brunson was moved to house arrest. A court on Friday rejected an appeal to release him, saying evidence was still being collected and he posed a flight risk, according to a copy of the ruling seen by Reuters.

U.S. President Donald Trump has demanded Brunson’s unconditional release, describing him as a “great patriot hostage”, and has slapped sanctions and tariffs on Turkey which have helped push the lira currency to record lows.

Turkish President Tayyip Erdogan has linked Brunson’s release to the fate of Fethullah Gulen, a Turkish Muslim cleric living in the United States whom he blames for the July 2016 coup attempt. Erdogan has raised tariffs on U.S. cars, alcohol and tobacco in a tit-for-tat response.

“You have one pastor as well. Give him (Gulen) to us… Then we will try him (Brunson) and give him to you,” Erdogan said in a speech last September to police officers Halavurt, Brunson’s lawyer, said the North Carolina pastor was not unduly alarmed when he first went to the police station. He expected at worst to be given a two-week deadline to leave the country – standard practice with residency violations – and to return to Turkey when his papers were sorted out*.

Instead, he was held in a detention center for two months before being formally arrested on Dec. 9, 2016.

He was charged with crimes committed on behalf of the Kurdistan Workers Party (PKK), a Kurdish militant group which has waged a three-decade insurgency against the Turkish state, and on behalf of Gulen’s network, according to the indictment seen by Reuters. Both are designated terrorist groups by Ankara.

He was also charged with disclosing state information “for political or military espionage”.

Brunson has denied all the charges against him.

Prosecutors questioned why he traveled hundreds of miles from his church on Turkey’s western coast to the mainly Kurdish southeast interior, where the PKK is active.**

Messages on his phones, travel details, testimony from his congregation and what the indictment refers to as three secret witnesses, codenamed “Prayer”, “Fire” and “Meteor”, were cited in evidence against him.

The indictment cites GPS data showing trips to Suruc, near the Syrian border, and the mainly Kurdish city of Diyarbakir, as well as a meeting in 2010 with a man described by one of the secret witnesses as a U.S. special forces soldier.

Brunson said his trips to Kurdish areas were to help refugees who had escaped war in neighboring Syria.**

“I do not accept that I acted in accordance with PKK targets … We wanted to convert Syrian refugees coming to Izmir. I do not differentiate between their ethnic identities,” he said.**

“Prayer”, the secret witness, was quoted in the indictment as saying Brunson was linked to prominent suspected members of Gulen’s network.

Halavurt said the witness had failed to offer concrete evidence of any such connections.

The prosecution said in its indictment that Brunson’s phone records and witness testimony did establish the connections.

Brunson was not in the country at the time of the coup attempt but returned soon afterwards, according to his lawyer. In a text message cited in the indictment, he said the coup attempt “was a shock”.

“We were waiting for some events that would shake the Turks – preparing the conditions for Jesus’ return … I think the situation is going to get worse. We’ll win in the end,” said the message, which was dated July 21, 2016 and addressed to a fellow pastor, according to the indictment.***

Brunson did not deny sending the message but said it had been misunderstood, the indictment said.***

Reuters

POINTS TO PONDER

* It is very easy for foreign residents to extend their residence permit in Turkey for two years. What was Brunson’s problem? Clearly he knew he was in violation of Turkey’s laws before the police came knocking on his door.

**Convert Syrian refugees coming into Turkey? Yeah sure! I suspect they’ve got more pressing worries on their mind.

***How can you “misunderstand” a message like that? Christian “missionaries” have a long history of stirring up trouble in Turkey, and before that, in the Ottoman Empire. These biblical fundamentalist, evangelist, Zionist, anti-Muslim extremists are either ignorant unwitting tools of imperialist governments, or else they are knowingly working for them. Either way, they are going to upset locals. The only reason they can operate in Turkey is that it is the only majority Muslim country that will tolerate their incendiary activities.