Quake, Erdogan Push Turkish Economy to the Brink of Disaster:
– The true death toll from the quakes may have reached 100K, while damage estimates range from $60-100 bn.
– Erdogan is responsible for compounding the cost of the disaster. He committed four cardinal sins.
– Quake and Erdogan’s irrational economic ideas have pushed the Turkish economy to the brink of the disaster.
– Specifically, Turkey is going to witness unsustainable external deficits and run-away inflation.
– Erdogan is now coming a fifth mortal sin by rushing into a massive rebuilding drive.
– Central Bank is rapidly losing FX reserves, meaning a currency crisis or capital controls may be underway.