“In July he appointed his son-in-law, Berat Albayrak, to run the central bank, and said, “We will see inflation and interest rates decline in the coming period.””
Erdogan is all about accumulating wealth and power for himself. Now that he has become effectively a dictator, it looks like he plans a money printing spree.
He is going to break Turkey’s economy big time, with inflation and devaluation. They are heading the way of the Weimar Republic, Venezuela and Zimbabwe - and Turkey itself in decades past.
A lot of Turkey’s rapid development in the last decade was achieved with foreign loans - their businesses are in debt at a higher rate than the global average, and payments must be made in Euros and Dollars. Loan payments already costs them twice as much Lira as it did at the beginning of the year, and the Lira is dropping faster and faster.
A wave of bankruptcies is already baked in because of this increased cost. A further big drop in the Lira will make it into a tsunami.
I don’t think that anyone can talk to him anymore, even at the top of his own political party. He makes his son and son-in-laws ministers in the Government, where they can skim the most money for him (oil). He built himself the largest palace on Earth. His mania to grab more and more is coming to the end of the line.
He has stolen the whole country, but does not know how to run a business - only how to skim from them.
He can talk to his son:
“Are you at home, son?”
“Yes.”
“They carried out an operation. Their homes are being searched now… take everything in the house out.”
“There is your money in the safe.”
“That's what I'm saying.”
https://www.bbc.com/news/world-europe-30492348
But Erdogan got this right:
The 4.5 million dollars in cash found in shoeboxes in the house of the former general manager of the state-run Halkbank is not the bank’s money, Prime Minister Recep Tayyip Erdogan has claimed in an interview with al-Jazeera.
“What I understand about corruption is this: Are the state’s coffers being robbed or not? The money found in the shoebox is not money that has been taken or robbed from Halkbank,” Erdogan said in the interview broadcast on Feb. 10.
It was bribes from Iran provided by Babak Zanjani.