TURKEY in Deep Trouble as Crisis Accelerates, Inflation Soars, Lira Crashes & Interest Rates Hit 50%

[@coderider3022]

Good luck to them, they voted for the president with full knowledge of their financial situation.

[@ghostlightx9005]

Yup. You made your bed, so sleep in it. Ask your russian pals to help bail you out.

[@OmarOsman98]

Erdogan was good for the economy overall. He helped bring in a lot of investments

[@god1971b]

@@OmarOsman98 Lol is that the same as Putin is good for employment and the Russian prison population???

[@ChickenMcThiccken]

they tried getting rid of him but they failed.

[@Joasoze]

​@@OmarOsman98Are you serious? He messed up with interest adjustments. Turkey would be better without him

[@FarsightAE]

They got what they voted for.

[@adamconner9302]

Just be sure you say the same thing when your country elects a jackass against your better judgement;)

[@bodieboyb]

💯

[@googleaccountuser3116]

But I don't like 🦃. ☹

[@asicdathens]

​@@3phasetinkererMost of Turkish Gastarbeiters in Germany voted . for Erdo.

[@sercanaksoy4589]

Always remember we were at 3.3 million lira to a dollar/pound in 2001 in 23 years it's now at 32 lira to a dollar.

[@vladimirzarkov6777]

All my life I have wondered at the strange imbalances in Turkish economy and even stranger economic policies of various governments there. High inflation has been like a chronic illness in Turkey for decades.

[@sensi6457]

Any country that deals with Russia will experience big problems - They say its all business and that's the problem. You don't put power before people. If you do, karma will teach you the error of your ways, and you wont even see it coming. I shouldn't laugh but I am...Karma is beautiful justice

[@mehmetselcuk6231]

​@@sensi6457konun Rusya ile ne alakası var ? Rusya'ya ambargo uygulanmadığı için mi ? Size destek vermediği için mi Türkiye kararlarını kendisi alır Avrupa veya ABD Türkiye'nin kararlarını değiştiremez Türkiye bağımsız ülkedir. Sen önce git kendi korkak ülkene hesap sor Rusya korkusuna kırk takla atıyorsunuz 😁

[@steverock4329]

Lived here ten years Joe and the price of tomatoes is getting so ridiculous now that I’ve decided to grow my own 😂 thanks for the video, excellent as always 👌🏻

[@alexbarak1523]

Try a scorpions farm 🤑

[@Navigator2166]

Your return will be how fantastic the flavor will be. Nothing like a homegrown tomato. Pure heaven on earth. Best of luck!🍅

[@steverock4329]

I was being a little ‘tongue in cheek’ with my comment about the price of tomatoes. Certainly inflation here in Turkey has hit everyone so hard, I think it will be a long hard road to turn things around this time. The government here have brought in new tougher rules regarding residency permits making it a lot tougher for foreigners to live here. Plus ex pats who have invested in property can no longer allow friends to stay unless the owners are present. There’s a formal system for licensing property as commercial premises now which is putting new buyers off investing.

[@Navigator2166]

@@steverock4329 Those actions certainly would complicate the residential market. I'm sorry that is happening to you. Being raised in Iowa farm country, straight off the vine juicy beefsteak tomatoes, fresh-picked sweet corn and green beans with new potatoes have become my summer's dream. As soon as I saw “grown my own tomatoes” I went straight into sensory overload. I do hope things settle out for you and others facing difficult financial challenges. From AZ 👵🏻🌵👋

[@BubuH-cq6km]

🙄Sure you have & Sure you are and I have a condo on Pluto to sell ya

[@philipberthiaume2314]

It's important to remember that even if inflation 'comes down', it's still a significant increase in prices. For example, the cost for a good that increases with inflation at 75% one year and then 50% the following year, still means that the good is now costing a whopping 263% more than it did at the start of the first year. Inflation is always a wealth reducer which is why it is so dangerous.

[@sensi6457]

Any country that deals with Russia will experience big problems - They say its all business and that's the problem. You don't put power before people. If you do, karma will teach you the error of your ways, and you wont even see it coming. I shouldn't laugh but I am...Karma is beautiful justice

[@howiescott5865]

It's like the POWER of interest.... it IS the power of interest only in reverse. You know it's bad when it's cheaper to buy with VISA or Mastercard today than buying with cash tomorrow. That's baaad...

[@BrandonDBaxter]

It’s 163% bud

[@howiescott5865]

@@BrandonDBaxter WoW, John Goti wasn't even that bad.

[@mariondibben7386]

There are many good and kind Turkish people who I am feeling very concerned for at this time. Once again, the ones who cause these problems are the least likely to incur real hardship and suffering, unlike the majority of those who work hard, have families and struggle to make ends meet. My thoughts are with them ….

[@howiescott5865]

and to not become criminals...

[@zacklewis342]

And who did these "good and kind Turkish people" vote for...AGAIN?

[@Cazi_Orddu_Medea]

Thank you so much. You are deeply appreciated.

[@Micfri300]

"Many good and kind Turkish people" I don't see many of them protesting for their government to release Northern Cyprus

[@davidr7819]

In my experience, a spectacularly beautiful country, extremely friendly people. Just don’t vote for the liar with all the simple answers to very complex problems

[@HarveyHeckland]

Inflation is causing various issues worldwide, such as food shortages and significant spikes in housing prices leading to a potential financial market crash. This global downturn could have long-lasting repercussions. Given the current inflation rate,my main worry is how to optimize my savings and retirement fund which has remained stagnant yielding almost no gains for quite some time.

[@DerrickMansard]

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[@PeterSchneider-os4zj]

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[@ReubenAxelson]

I’m facing the exact dilemma at the moment.. Recessions have a way of messing with People’s financial portfolios and earning power.

[@DerrickMansard]

@@ReubenAxelsonI understand your plight

[@DerrickMansard]

You can definitely say that, it does worry me a bit, but not as much as it would worry the average guy, my investment portfolio has survived a couple of recessions unscathed, been privileged to be guided under the stewardship of an extremely gifted investment manager.

[@jeremy4ags]

This is what happens when you manage the economy with religious doctrine.

[@ronthered138]

@@stephenLarson-vs7fu If I remember my history, they had other problems, like a command economy and a feverish war economy in peacetime.. Apples and oranges, my friend.

[@Honeybadger017]

​​@@stephenLarson-vs7fu. Ah yes!!! Living in the past, just like Turkey. Rear view mirror logic is what you have IMO. Yes, when you run a country and economy with medieval religious thinking then expect this result. Germany has progressed from the 1930's me thinks!!!

[@MADBurrus]

This isn’t religious doctrine. Are you crazy? God strictly forbid interest on loans. Pick up a Bible and read it. It isn’t religion that is doing this. It is greedy boomers who want all the money without working

[@DC-ux1dt]

Yeah but turkey has been a bad place to live the last 30years

[@MADBurrus]

This isn’t religious doctrine mark in the Bible God strictly forbid interest on loans. And Turkey is at 50% interest?

[@marcobonesi6794]

last august i was in turkey for my holidays. It was unreal the inflation levels. With my euros i could obtain any discount.

[@god1971b]

And they voted for it... They get what they voted for.

[@LTDLetsPlays]

@@god1971balternative wasn’t good either People in turkey were fucked no matter who they choose because it was like choosing between Biden and Hillary Both on the same team

[@danielwalther5841]

The longer authoritarian state politics lasts, the more disgraceful the economic situation.

[@fdm2155]

Americans would do well to remember that.

[@history_repeats8201]

The problem with Turkey is the Turks. They are people fed with a nationalist propaganda since their birth. That leads to voting behaviors based on nationalist feelings and not logic. Like Mussolini, Erdogan is feeding its people with poisonous ideologies, like the West and Israel is the enemy, half of the Mediterranean is ours (Mavi Vatan) and Turkey is a superpower so we will have bases everywhere like USA. We all know from history what happens to people who are fed this type of propaganda. Lets hope that the De-Erdoganization of Turkey will not be too bloody.

[@scoby41]

@@fdm2155 I was going to say the same thing. Our inflation rate is probably 3-5x what they’re claiming.

[@UlyaGaniya]

Depending on what kind of authoritarian, China and Singapore both are de facto authoritarian government but they managed their economy better if not the best currently in the planet

[@danielwalther5841]

@@UlyaGaniya Think about how these countries, these people there, could develop, could really develop, with more civil rights and responsibilities and citizenship. What contribution this could make to peace in the world.

[@Rhotz-ix8ll]

They voted Erdogan back in…welcome to the results

[@brrkbtl]

Erdogan s party lost really bad in local elections a month ago. And every passing month his votes are melting according to polls

[@asayar9328]

Almost 50% did not vote for him, including me.

[@tekmanoid]

when you are on a deathbed, you want a familiar face to hold your hand

[@JohnD-m4j]

@@asayar9328 still more that 50% voted for him so stop complaining this is the results of turks decision

[@Giorg189]

The highest currency bill in Turkey is 200 lira, which is like $5 !! 😂 You need bags of cash just to go to supermarket.

[@seyhmusbayat8185]

Bu komik değildi

[@davidr7819]

I remember the old lira. 150k lira to the pound 😮

[@Raymon-ik9tn]

Start a busines selling wheel barrow s 😂

[@SafaKiziltug-oy7ov]

Bad propaganda you don't no shit.Tùrkiye haters

[@emrekaya118]

Veya beynini kullanıp kart ile süpermarkete gidersin.

[@frankmcgowan3371]

Thank you so much for breaking up your videos into chapters. Wish more presenters would do this.

[@CAPSLOCKPUNDIT]

I agree. The ability to refer to a timestamp at the chapter break makes it so much easier to cite a video as a source.

[@allogvin9546]

My opinion: Erdowan dropped the interest rate to improve his popularity for a short time, & now he's scrambling to minimize the economic damage.

[@fardelian]

Just a note: More than 40% of employees in Turkey make minimum wage and that is increasing every year by law to keep up with inflation.

[@gameswithblues8655]

True!

[@howiescott5865]

Yeah.... that's called the Gavin Newsomeconomy. Did I get that right? Gavin Newsomelabotamy? Anyway... I hope that podiatrist has success performing that brain surgery with that machete.

[@Shineon83]

How many Turks voted for the idiot again? ….People get the Government they DESERVE

[@peterfireflylund]

Which of course only increases the inflation…

[@history_repeats8201]

How much is the increase because inflation is running at 130%

[@joseliano325]

Erdogan has been no good for the Turkish economy, yet the people keep voting for him. 🤦🏻‍♂️

[@zurielsss]

They choose their own downfall😂 Turkey will keep blackmailing Europe with refugees tho, “pay me or I will throw refugees into Europe”

[@floydlooney6837]

If you trust them to have real elections.

[@DementiaDon]

It's religion, people will always vote their beliefs, even it goes against their best interests.

[@Ukie88]

Follow the money. Forget the beliefs.

[@christiannoble5549]

​@@DementiaDonExactly! He presents himself as the new sultan of the turkish empire who follows the word of the prophet. Also they only show fake newws and propanda on tv. There are tons of extremely funny pieces of news translated from foreign channels to fit their narrative.😅 Especially against the EU countries.

[@paulstewart1557]

As Erdogan sowed, so shall he reap!

[@gameswithblues8655]

Not politicians will reap, but we, as Turkish people, will. And then, we're fucked.

[@ulfosterberg9116]

​@@gameswithblues8655 you are right. That is the problem with democracy. It's your fault.

[@iqbalsandu8182]

lol, if you mean rapid tech development , much bigger defense industries and modern infrastructure development , you are right.

[@alexbarak1523]

I hope Turkey will find it's Milley to reverse from the current course and come back to the Ataturk's fundamentals of free and secular society with prosperous economy.

[@history_repeats8201]

It will never happen. How many people graduate from Imam Hatip schools? The islamists are a majority and Moslem Brotherhood has penetrated all Government services including army and police. It will take a civil war to clean this up. Nobody will give up those positions peacefully

[@bejaiatizi480]

Que viens faire la laïcité dedans beaucoup de pays ne sont pas laïcs et cela marche

[@alexbarak1523]

@@bejaiatizi480 What's working is liberation from the government control and mismanagement. Secularism is a part of the overall liberation.

[@la7era1u54]

How can people afford to survive with inflation like that?

[@Hasanaljadid]

Salaries increasing Faster then inflation

[@brrkbtl]

There is always inflation in Turkey . People have their way of managing their finances under these circumstances. But now it is a bit too high though

[@korgond]

Suicide rates have been increasing for years. The media is under control of the evil Erdogan. Mainstream media even don’t make news of the suicides. Every goods and service is highly expensive except human life.

[@Ada-qq8ru]

@@Hasanaljadid not faster

[@ivan-Croatian]

Let their "friend" Russia help them. They were blackmailing EU for over a year and a half, and now it's time to pay the consequences of their hostile foreign politics.

[@TheFrewah]

They are not friends of neither russia nor the west. Remember that they shot down a russian fighter jet in 2015, an Su-24

[@sensi6457]

Any country that deals with Russia will experience big problems - They say its all business and that's the problem. You don't put power before people. If you do, karma will teach you the error of your ways, and you wont even see it coming. I shouldn't laugh but I am...Karma is beautiful justice

[@howiescott5865]

For Türkiye to become beholden to Russia would be a BIG problem for NATO and that whole side of the world. Just look at the map. It would be like being right next door to Syria only worse.... much worse.

[@carlosandleon]

misinformed take imo - turkey is inherently anti russian geopolitically but their proximity necessitates certain juggling of foreign affairs

[@fastfreddy3103]

Russo-Turkish War of 1568-69 Russo-Turkish War of 1678-81 Russo-Turkish War of 1695-1700 Russo-Turkish War of 1710-11 Russo-Turkish War of 1722-24 Russo-Turkish War of 1736-39 Russo-Turkish War of 1768-74 Russo- Turkish War of 1787-92 Russo-Turkish War of 1806-12 Russo-Turkish War of 1828-29 Russo-Turkish War of 1877-78

[@jeffarchibald3837]

Hard to feel sorry for them after they reelected Erdogan.

[@artregeous]

27 million outta 60 million vited for him through social engineering n consensus building n sentiment analysis apprehension of illiteracy n ignorance effected by socioeconomics which is manipulated by foreign sources with a great percentage n doesnt reflect true consensus of sociodemicrst or liberal turks

[@46I37]

I was in Turkey recently on holiday from Australia. Turkey was expensive. Food was expensive, Tourist entry fees (all in Euros) really expensive. The locals seem to peg their prices to the Euro/USD.

[@narniadan]

That's interesting! I am from Australia, too. Unlike you, found Turkey cheap, even in some occasions very cheap. How much do you pay for a bottle of water? How much do you pay for just one stop public transport. How about Durum Kebabs! How about cigarettes?

[@MeiinUK]

Why the hell are they pegging to the euro and the US dollar ? Wth... They have lost it. So many other currencies, like the UK one. And they are even fckibg this up.

[@MeiinUK]

​@@marcosolo6491: That is because they don't charge you the local rates, they charge you the foreign tourist rates. That is around 80 % increase. I don't even buy from my local Turkish store any more. Cos I know how scammy they are... They don't even bank the differences.... Or whatever. So... Totally creaming us... And UK face a lot of European countries as well... And they don't get it ?...

[@Turan854]

Knowing the present situation and symphatizing with people, we did not want to take any advantage, so to bargain too much. What was funny it was buying socks! Mostly, children were selling, and we could not refuse them seeing how much they wanted to sell. So, now we have socks even for the 3rd generation! 😊 I got convinced that there is not an item in the whole world a Turk can't sell! 🙂 People were so friendly. ❤ I hope very much that situation will get better.

[@narniadan]

@@Turan854 Where do you come from?

[@midimusicforever]

It's kinda like one can't build a modern economy on Islam. Religion and politics don't meld well.

[@therealscot2491]

Correct but in the UK we are headed towards islamic theocratic government

[@ua697]

@@therealscot2491And now Brexiteers can't make EU a scapegoat for all the country's problems anymore 😎

[@therealscot2491]

@@ua697 now we can blame the. Westminster elites.

[@fdm2155]

Or any other religion. It's a terrible idea long term.

[@peterfireflylund]

@@therealscot2491should have blamed them from the start!

[@gerryhouska2859]

Turkish people I've met in Australia are very nice, I feel sorry for those stuck in Turkey.

[@Shineon83]

They VOTED for him-again….(Kinda hard to pity ppl who are determined to continue shooting themselves in the foot )….

[@history_repeats8201]

They have to be nice. They are guests. The Turks of Turkey are threatening EU every day because they think they are strong. Until the F-35s fly and turn Turkey into a camel farm for UAE

[@DantheExpat-co8hf]

Turkey and Venezuela both appear to be forced slowly into dollarization. The problem is that a country with negative trade balances can't afford to do it voluntarily. I hope Argentina can make the leap and become the great country that it was so long ago.

[@ProfessorFickle]

Argentina was strong BEFORE 1920 because Panama Canal did not exist 😂. Argentina has no benefit vs Peru 🇵🇪, Chile 🇨🇱, Mexico 🇲🇽.

[@DantheExpat-co8hf]

@@ProfessorFickle That's true. At the same time, all of those countries have unfulfilled potential, but Argentina is the only one that currently shows the Political Will to Change. There are many opportunities, such as adding value in finished products instead of selling all of their raw agricultural goods.

[@ProfessorFickle]

@@DantheExpat-co8hf : Venezuela can be rich like Quatar or UAE in 5-10 years! IF dictator/President Maduro ‘loses’ elections 🗳️ this July and steps down in December.

[@ProfessorFickle]

@@DantheExpat-co8hf : also IMF says thanks to new president Milei from Argentina 🇦🇷 the country GDP will shrink 3.1 % in 2024 🤦‍♂️🙃 so much for liberty and change 🙃🤦‍♂️

[@Bababui69]

Argentina has strong agriculture and value added workers. ​@@ProfessorFickle

[@dgillies5420]

Quite frankly inflation is always soaring in Turkey ... so I wouldn't say that high inflation puts turkey into deep trouble! We visited 18 months ago and saw many houses that were 25 to 50% finished and had been standing - without progress - for a decade or more. When inflation is out of control as soon as you get your paycheck you buy building materials and add on to your house .. inflation has become a way of life in Turkey ...

[@SaigonMouse]

I hope Turkey will never be a member of the European Union.

[@manuelcosta2789]

I also expect the same.

[@JonWintersGold]

I just wish they were never a member of NATO.

[@occamraiser]

Greece will never agree to that happening - so you're safe.

[@FS-eh4dj]

in Europe the long term strategy is a Union for the Mediterranean ( travel trade free zone ) lead by the EU ,,, I believe it’s designed to counter attempts of a union between Mediterranean countries ( MENA ) without the EU .

[@TheFrewah]

@@JonWintersGold well, they control the Bosphprous Straight so it’s a good thing they are members of NATO. Having said that, they have been problematic just like Hungary. Some russian warships left just before the invasion and went for the Mediterranean and now they can’t come back which is great

[@miketan4803]

It had already reached a point where locals no longer used the lira, raising interest rate for lira savings / loans, won't affect anything much

[@michelleagnew8780]

Very insightful video! Thank you for making this 😇

[@Chaoticgood252]

Couldn’t have happened to a nicer country!

[@linobenetti6578]

nicer ? ...you said ?.... yeah tell that to the greeks...that they ve suffering from them every single day with violations and skirmishes by the turkey armed forces ....they are warlike people like few other.. greeks know that first hand

[@billfrehe6620]

I always welcome a Turkey update. Very important material. Thanks Joe.

[@Chimp_No_1]

Always look forward to your analysis ! Thank you for sharing !

[@774Rob]

I can't say I'll miss Erdogan.

[@TheFrewah]

Neither will I. He was very problematic for my country when we anted to join NATO

[@sprinkle61]

You can't say that, because he won reelection, and you will not be missing him for a long time...

[@Lycaon91]

🤭​@@TheFrewah

[@narniadan]

@@TheFrewah but he said ' yes ' So what's this grudge still. So why do you still say no for full '' EU '' membership 😊 I am neutral both for your country and Turkey. I am just pointing out. It goes both ways. Just saying.

[@trident6547]

@@narniadan because EU has no need for a basket case like Turkey is. You do not comply with the Copenhagen criteria that candidate countries must meet. You can check all the requirements on the home site of the EU commission. The grudge is that there was really no need for Erdogan to put Sweden and Finland on hold. he played politics in a dangerous situation. And as you say it now works both ways. We will ask for full compliance economical, political and democratic before we will allow Turkey to join. Remember one no vote from any memberstate stops Turkey from joining. I am quite sure there are many who do not want Turkey as a member in its present form.

[@LegionIscariot]

Meanwhile Erdogan is telling the EU they should let Turkey in. Lol.

[@SaigonMouse]

Turkey also is the only Nato country that wants a war with another Nato country, Greece. You can not trust them.

[@MachineMindDesigns]

With how outdated their customs process is (you need notarized banking transaction papers to get an international parcel out of customs and charge absurd amounts for storage fees....and they have no clue about Paypal) not to mention said customs' corruption problems on top of their other problems........that's not gonna be happening.

[@jenniferconroy4517]

Turkey must never join eu

[@gameswithblues8655]

@@MachineMindDesigns Not outdated but the political difference makes it like that. Politicians can do what's needed to do if their interests intersect with those steps. Paypal is gone from our country because of this fact, people suffer from this and there is nothing that the government do even though they know with Paypal worked in our country, much people could start new businesses just with the help of that, but they don't care.

[@MachineMindDesigns]

@@gameswithblues8655 Today I Learned....too bad it's now and not before my...err...current problem (thankfully the carrier has opened a dispute and plans on taking care of it).

[@mikmik2926]

I really can't understand how people can manage a 70% inflation.

[@peterfireflylund]

Largely by not using their official currency. Either swap things directly (bartering) or use €.

[@tesekkur]

We managed %7000 inflation during the main opposition party CHP government every time. More of over their Ki. Jong Un style regime. This like a heaven to us.

[@Ada-qq8ru]

@@tesekkur ne anlatiyon amin oglu

[@allogvin9546]

I think your missing the obvious: Turkey lack of food availability has to do with Russian cutting off the Ukrainian wheat. Both losing the wheat and losing the trade has become disasterous for Turkey..

[@alllivesmatter627]

Why would anyone actually borrow money with interest rates that high, it seems absurd to even think about

[@drewstead316]

My Iraqi friend told me that turkey is sanctioning Israel meaning they're cutting off some of their exports while borrowing for imports. Looks like they're going to have to choose soon between feeding it's people and being industrialized(ie fuel). Also makes a lot of sense why they want to broker the grain deal with Russia.

[@billywoods3337]

He chose religious faith over scientific facts. Doom is slow, but inevitable.

[@achimrecktenwald9671]

Germany closed 15 coal plants in April. Germany is now using less coal than in 1950, I.e., directly after the war, when all industry was still in a state of bombed to rubble.

[@peterfireflylund]

And with more nuclear power, you would have been at zero coal for decades… and zero wood pills… and zero gas. Zero euros sent to Putin’s Russia. Zero foreign policy dependency on Russia. Imagine how much better not just Germany but the entire world could have been…

[@WAGNERMJW]

...and unbelievably stupidly shut down all their nuclear power plants. Welcome back Weimar. All as lemmings following the AGW_CO2 anti-science alchemy.

[@magnusterminus4728]

I wish the Turks all the best, they are one of the most heartwelcoming people I have ever met.....

[@bodieboyb]

Thanks for the work you do for us Joe!

[@TDMoore]

The 4- 5% in my country doesn't seem so bad now.

[@procon2022]

Hyperinflation is always a clear proof of deep-rooted economic imbalance. Raising interest in inevitable - but it is not doing the job all alone. Turkey direly needs direct investment: from Europe, from the US, and ... - from its huge Turkish expat community in Europe. Okay - simple. Trouble: investment of everyone doens't go where uncertainty, arbitrary authorities and an abusive state rules. Money doesnt' follow the law of the ruler - it blossoms under the rule of law. THAT is the key to Turkey's turnaround.

[@TomTomicMic]

Exactly, the leader's contrary response to the West means little investment, the country may take over your assets for no recompense etc.!?!

[@Steve-Willie]

You mean corruption. People don’t want to invest in a very corrupt system and country?

[@MeiinUK]

They can't. We're bankrupt from helping Europe. My local Turkish supermarket is now like.. they charge quite high prices ? It's destroying us too. So then they should stop importing then. Or rearrange their rates to be paid lower.... Or rent it. Cos we can't do more. If turkey wants to be a team player in Europe then. There is a reason why they aren't accepted into the euro.. if it was easy then they would've had that a long time ago.

[@easwaransanthakumar297]

Then how China able to attract them.

[@williamearnshaw410]

Investment is impossible when you have a presidential money grab policy with taxing the hell out of everything and anything that crosses Turkish borders.

[@0Er0]

Islamic finance, road to iranization for Turkey.

[@Hasanaljadid]

Nothing like this exists in Turkey

[@0Er0]

@@Hasanaljadid the money 5billion is from islamic finance from foreign sources, what do u think this money will influence...

[@Hasanaljadid]

@@0Er0Turkish economy is interest rate based which is un-Islamic

[@0Er0]

@@Hasanaljadid did you miss the part where they got 5 billion

[@juhajuntunen7866]

When turkey is not in war, economic crisis or political crisis it has earth quake .

[@anv_bis7287]

Thank you Joe!

[@CaneBTC]

cheers again for the summary, I cant be bothered with the whole thing, so for me it has value.

[@ducknorris233]

The most expensive liquid in the word is printer ink made of scorpion venom.

[@slavojalois1639]

Wow

[@sustainablesolutions7976]

Lol, nice one!🤣

[@andrewdarowski1975]

I live in Turkey. Whilst inflation is still crazy, it does feel like the difference between actial inflation, and reported inflation is lower than last year. Last year, actual inflation was claimed by economists to be double the reported rate. That felt true. This year, it feels like 70% is more accurate to the actual inflation rate.

[@NoelBarry-om9ms]

Ode to Billy Joe Mcallister who jumped off The Tallahatchie Bridge, is this what's Turkiye doing.?

[@lensmann4002]

Turkey has had inflation troubles for decades. Per macrotrends, Turkey's inflation rate was in double digits from 1971-2003, over three decades. From 2004-2016 Turkey's inflation rate was in the 6.25% - 8.89% range, still high, but "stable" compared to previous decades.

[@simonkevnorris]

I visited Turkey a few times in the 1990s. The hotels all had prices in US dollars as the TL back then was so volatile.

[@Nexfero]

I would have thought horseshoe crab blood was the most expensive liquid commodity 🤔

[@margaretgerdes8328]

My guess too

[@zurielsss]

Not even close, horseshoe crab blood is about $16000 per litre only.

[@ougmass]

This a typical example of an economy that is built on its dependence on the Western financial and trade economy

[@Lizardo451]

Raising interest rates just kills banks. Properly they needed to increase supply and external sales and reduce government spending.

[@syedhasan6194]

Lira has suffered a few times before where they would just remove the last three zero from the prices and Lira to bring it to acceptable level.

[@NexPutax]

Enjoyed the vignette on spider & scorpion venom😊! Big question over published results of last Presidential election.

[@TenTenJ]

What does the Islamic development bank want in return for these funds?

[@frederickmuhlbauer9477]

The Lira has actually stabilized against the USD/ Euro recently

[@iancampbell4394]

World's most valuable liquid? Gotta be the last few drops of demi-glace.

[@gisliofeigsson3408]

Or heavy water

[@mitp2514]

Here in Turkiye inflation has not come down in certain areas.. Here in alanya inflation has gone up week on week and the government saying inflation will come down end of 2024 is smoking crack.. The lira is crashing.

[@stayyoungandstrong.260]

I used to like Erdogan... but I feel something is going on here and he's not what he seems. Turkey has tourism... industry is good... everything is good and there is no need for the lira to be crashing. They have a lot of dollars incoming and all they need to do is control some of the luxury imports. Erdogan is NOT what he seems.

[@harryzero1566]

I thought Turkey were picking up after it was found that they were rebadging Russian oil and selling it on to the EU, similarly, refined oil products being rerouted from Russia to its importers via India. I was beginning to wonder why the IMF has reported that the Russian economy is outpacing the rest of the world.

[@toby9999]

The IMF is simply regurgitating ruzzia's sham figures.

[@SamiKotiranta]

It isn't, it's war economy these days and can't compete with any serious economy...

[@DementiaDon]

Russian economy is being lifted by absolutely massive government spending, it's unsustainable.

[@MeiinUK]

This kind of East Europe is not what I would actually read in mainstream media.... Now I get why Christians are being marginalised here in the UK as well.. and people like Malaysians are basically helping the islamification as well... No wonder the far right is rising.

[@timnordin6230]

Before I go any farther...it must be printer ink. Edit: No, much better!

[@MachineMindDesigns]

Currently living in Fethiye, Turkey as we wait for our more permanent house in Portugal to be constructed (we have an already paid for condo here so it's cheaper than renting in Portugal) and I can safely say that everyone here HATES Erdrogan and hated him before this fiasco. I can also confirm that the inflation is pretty ugly considering 1 USD is 32 TR (though the pound is stupidly strong) to the point that a full restaurant meal for us only costs $7 per person.

[@MachineMindDesigns]

@@superchilledbru Rereading my comment, it's less restaurant and more along the lines of family owned or small cafes (the ones that aren't dessert oriented here anyways...and there are a lot of those here) and we usually pay about 220-260 TL per person at most so that's a mistake on my part....apologies for that. I am noticing the price hike on lots of other things, electronics especially and imports doubly so (and Customs here is very garbage from personal experience). Like you said, people here are very nice and really deserve better

[@truthseeker6116]

Why did they vote for him again at the last election if they hated him? Serious question.

[@MachineMindDesigns]

@@truthseeker6116 from what info I can gather, they didn't. Many of the people here are of the younger and middle generation and genuinely hate him. The elderly population is a bit mixed, but they slightly leaned more towards Edrogan....at least they used to from what I've been told.

[@truthseeker6116]

@@MachineMindDesigns Thanks for replying. So, there must be doubts about the legitimacy of the last election. I have always been confused as to why people would vote for a government that is practically destroying the economy, it never did make any sense.

[@peterfireflylund]

@@truthseeker6116There probably was election fraud this time. He also has a huge support base among the rural, religious, stupid, and extremely fertile population. Smarter/urban/educated/westernized Turks often don’t like him.

[@MrSimonw58]

This happened 5 years ago and everyone is still fine

[@geoffreysmith3196]

Roughly a year ago I opined in one of these comment threads that raising interest rates after demand had already been crushed by inflation was very much akin to closing the barn doors after all the horses had bolted off to the hinterlands. You can't control what you haven't got. I'm somewhat sad to see I was correct, but I had some faint hopes they'd be more creative than they've proven to be.

[@robinwhitebeam4386]

I always thought the most expensive liquid was Scotch made from the distilled milk of Haggis in the Trossachs!

[@Heater-v1.0.0]

I hope the UK is paying attention. Invest heavily in wind and solar, cut back on goal/gas/oil production, and watch your energy imports and inflation skyrocket as the economy collapses. It's time to reevaluate the suicidal steps we are taking to reach the unrealistic net-zero targets driven by the madness of the climate catastrophists. Oh and by the way, you can't fight wars with windmills, which might be a significant factor very soon.

[@martinogold]

Take your meds, pal.

[@TheFrewah]

Wind power is very competitive, it’s just that you need an upgraded grid which is needed anyway. Most current grids were designed for a bygone era when you had a few powerplants. It needs to be more fine grained such that large numbers of small producers can deliver to the grid and all of Europe needs to be interconnected

[@Heater-v1.0.0]

@@martinogold That is an informative and interesting comment. Please do tell in which way you think I'm on the wrong track. Oh, and by the way, why do you feel the need to insult people on the net rather than make a reasoned rebuttal? Are you like that face to face with real people?

[@melolonthamelolontha9099]

These are wrong conclusions. The UK recently awarded hundreds of licences for oil production, but should have done this earlier. Imports of fossil fuels became more expensive. That is the crucial point. The expansion of renewable energies will also greatly reduce these costs of energy production. The expansion is part of the solution and not the problem.

[@Heater-v1.0.0]

@@melolonthamelolontha9099 That is good news. It would be great if renewables would reduce costs but so far I'm not convinced that can be true.

[@paulkelly4731]

Raising interest rates usually decreases borrowing and shrinks the money supply.... and reduces inflation... But when the problem is Government's printing money and debasing the currency... then you get both high interest rates AND inflation!

[@jackperson3626]

Thanks!

[@bharatichaudhari]

Super video, as usual great work

[@GloriaHoulihan]

Why would anyone use TL?

[@skpince]

85%? BS. It is over 115%. Turk here living in Turkey.

[@densem7447]

Turkey got islamafied like Lebanon with the brotherhood

[@jones6119]

I never truly understood the Crusades until recently.

[@gourp]

Turkey under Erdogan was initially aping sharia law with low interest. Didn't work out now did it.

[@shafsteryellow]

Wrong

[@art-tour]

Please more video like this 🙏.

[@muminkahveci7524]

Don’t worry Joe Turkish economy better than UK.

[@buildorder06]

Thank you,Joe, for an interesting and informative video; and really well presented.

[@rochellerochelle1488]

2:11 printer ink?

[@davidAll5]

excellent video thanx

[@JohnsonAlima]

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[@JohnWick-ct1gz]

Great news! how did you get that?

[@JohnsonAlima]

It's all thanks to Robert Marion

[@Philip0128]

trading under proper guidance remains the best way to succeed in today's crypto market.

[@MichaelJackson12316]

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[@Georgesam385]

Yeah, $60k from Robert Marion, looking up to acquire a new house, blessings 🙌

[@kushkant4847]

What is the reason for such inflation??

[@paulyoung4422]

Turkey Broiled.

[@mattcat83]

Did the authorities ever consider that the scorpion venom is expensive because it's illegal to transport but highly valued? This is ridiculous: lift the trade restrictions for free trade.

[@rabbi120348]

Those coal numbers should be normalized by population. Turkey and Germany are very close at about 85 million, but Poland is 41.5 M, so presumably requires only about half as much electricity.

[@fredfart666]

I thought the most most expensive fluid works be HP printer ink. I guess it’s only 2nd most expensive. My bad

[@waremblem8837]

Honestly, since you want to cozy up with Russia some and use NATO to get what you want, well, this is what you get.

[@steveburke7675]

...the ONE and ONLY reason they were admitted into NATO was to bottle up the now decimated Russian Black Sea fleet and prevent its access to the Med. Decimated by a country with no Navy...Lol.

[@samedwards6683]

Thanks so much for creating and sharing this informative video. Great job. Keep it up.

[@alantorrance6153]

At 1:13 "...and how are Turkey going to turn this around?" Turkey is a single entity, not multiple. Therefore, should have been, "...and how is Turkey....". Joe Bloggs does not know his own language (English).

[@waynekerrr9027]

Dont worry..Millions of Russians who have ran off to live in Turkey will support the finances of the Country

[@JonWintersGold]

Sultan Erdogan is having a bit of a bad time lol.

[@3029dz]

High import rate and high Govt spending = Inflation

[@5000khn]

Only eat turkey on thanksgiving 😂

[@johndewey6358]

Hi Joe, when are you going to make another video about Iran? I really enjoy your straight forward approach. As Iranians, we have known that ever since the establishment of the Islamic Republic the level of corruption by individuals, companies and banks have been on the rise, much of it has to do with the sanctions and everyone asks for transparency the authorities hide under the brand of National Security (It is about Sanction evasion methods, therefore they cannot talk about it)! Also, we know that the Khamenei's office in collaboration with the terrorist IRGC they have been taking tens of billions of dollars each year out of the country and hiding them mostly in Chinese Banks and buying assets under their shell companies in EU, Canada, Southeast Asia and Australia as their rainy day funds, in case they lose power in Iran and also to fund their terrorist organizations abroad (the regime's proxies in other countries). Is there a way to show what has been happing to the country's funds? One of the countries that the regime oligarchs hide money in is Turkey due to its flexible banking system. In the last couple of years, I have noticed that the government instead of providing budgets (for example to IRGC) it is giving some organizations oil allotments that those entities can sell to others and use the funds, which leave lots of room for additional corruption. As an example there is an Oligarch called Mr. Babak Zanjani he is accused that he had received tens of billions of dollars of oil and he neglected to pay the governments (missing funds of about 23 billion dollars) and for the past several years he as been in Evin prison and saying he does not have the money, while the Iranian government says Zanjani owns banks, airlines, hotels and.... under is shell companies and I think Zanjani knows the only reason they have not executed him is because the government thinks they can squeeze more of the stolen funds from him. Iran can be a very interesting Economic case study. Thank you.

[@ayoCC]

Turkish people can keep blaming the usa for how bad their economy is

[@KarminsLynn]

The arrested priest problem with trump hit turkey really bad tho

[@danpovey]

I've seen it stated that one of Erdogan's key bases of support (presumably, financial support of some kind) is corporate home-builders, and they profit from low inflation rates.

[@Fish_Ventura]

Thx Joe

[@selimakay3734]

Most important point is that the official inflation figures are not correct, it should be considered at least two times more..

[@tesekkur]

Just like your × 1000 lie.

[@tviewer4251]

Epsom printer ink?

[@nunyabusiness863]

This is the funniest comment so far! 😂

[@markusgorelli5278]

Is this why Magenta always seems to be the problem?