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Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: Steve G.
Date: July 07, 2019 03:28PM
psst, nobody tell Donnie, okay?

Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
[www.reuters.com]

ANKARA (Reuters) - Turkish President Tayyip Erdogan sacked the central bank governor for refusing the government’s repeated demands for rate cuts, Hurriyet newspaper on Sunday quoted Erdogan as telling a meeting with his party’s lawmakers. Governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal, a presidential decree published early on Saturday in the official gazette showed.

“We told him repeatedly in economy meetings that he should cut rates. We told him that the rate cut would help inflation to fall. He didn’t do what was necessary,” Erdogan was quoted as saying. “We weren’t on the same page,” Erdogan added.

No official reason was given for the sacking, but government sources cited Erdogan’s frustration that the bank has kept its benchmark interest rate at 24% since last September to support the ailing lira currency.

In a written statement on Saturday, Uysal said he would independently implement monetary policy instruments focused on achieving and maintaining the primary objective of price stability. Despite the new governor’s assurance, critics say the move once again showed that Erdogan was in full control of the monetary policy, and that Turkey would witness a period of rapid rate cuts.

“The sacking of the governor of the CBRT by presidential decree shows that Erdogan is in charge of monetary policy,” said Wolfango Piccoli, of the London-based political risk consultancy Teneo. “The decision significantly undermines whatever credibility the CBRT had left. It also signals that overall institutional degradation continues unabated,” he added.

Under Turkey’s new executive presidency, which came into effect last year, Erdogan does not need cabinet approval to change the central bank governor.
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Re: Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: Sarcany
Date: July 07, 2019 04:39PM
Good strategy: Give Drumpf some ideas on how to further erode the American economy!



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Re: Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: Steve G.
Date: July 07, 2019 07:09PM
"Trump: Dow could be 10,000 points higher if not for the Fed"
[nypost.com]

President Trump again wagged his finger (NY Post language) at the Federal Reserve Sunday, telling reporters that the Dow could be “5,000 to 10,000 points higher” if those at the central bank knew what they were doing.

“If the Fed knew what it was doing, they would lower rates and they would stop quantitative tightening,”

Strong jobs report, low inflation, and other countries around the world doing anything possible to take advantage of the United States, knowing that our Federal Reserve doesn’t have a clue!” Trump tweeted. “They raised rates too soon, too often, & tightened, while others did just the opposite.”

“As well as we are doing from the day after the great Election, when the Market shot right up, it could have been even better – massive additional wealth would have been created, & used very well,” he continued. “Our most difficult problem is not our competitors, it is the Federal Reserve!



Edited 1 time(s). Last edit at 07/07/2019 07:09PM by Steve G..
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Re: Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: pdq
Date: July 07, 2019 07:39PM
Quote
Steve G.
"Trump: Dow could be 10,000 points higher if not for the Fed"
[nypost.com]



Yes, massive tightening...(that leetle blip at the end).
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Re: Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: Ted King
Date: July 07, 2019 07:53PM
Oct. 14, 2015

[thehill.com]

Quote

Trump also accused Federal Reserve Chairwoman Janet Yellen of keeping interest rates low in order to shield Obama from having to leave office during a recession.

“She’s keeping the economy going, barely,” Trump said. “The reason they’re keeping the interest rate down is Obama doesn’t want to have a recession-slash-depression during his administration.”
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Re: Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: $tevie
Date: July 07, 2019 07:57PM
Maybe Trump is inspiring Erdogan. It's like two monkeys grooming each other.



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Re: Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: DeusxMac
Date: July 07, 2019 08:02PM
Quote
$tevie
Maybe Trump is inspiring Erdogan. It's like two monkeys grooming each other.




I get to repurpose an image.
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Re: Erdogan says Turkish cenbank chief ousted for refusing rate cuts: report
Posted by: cbelt3
Date: July 08, 2019 02:50PM
Classic Dictator economic approach.

1- Severe economic depression
2- Seize power because people are starving
3- Steal a lot of money and hide it in a banking haven
4- People are still starving. Print money to pay for stuff so they don't revolt.
5- Inflation goes wild. Not shirts off kind of wild, Zimbabwe dollars kind of wild.
6- Flee to a non extraditable country and live like royalty on ill gotten gains. Profit.

Most dictators get addicted to power and forget to take step #6. And run afoul of someone else starting with Step #2.
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