(RED STATE) – Turkey, a member of NATO, a one-time candidate for EU membership, and a budding Islamist dictatorship, is on the verge of a full-bore meltdown of its financial market. The Turkish lira has been staggering toward crisis for several months as Turkish President Recep Tayyip Erdogan implement the much the same decisions that one would have expected if he’d used Alexandria Ocasio-Cortez as a financial advisor. Turkey had an unmanageable debt-to-GDP ratio, inflation was beginning to kick in, and Erdogan thinks raising interest rates to control inflation is the spawn of Satan. This is something they apparently teach instead of economics wherever it was that Erdogan and his lackeys went to school.
The proximate cause of the Ferrari-like acceleration of the current crisis into something that Erdogan may not be able to survive is pretty easy to understand. Erdogan blames a Turkish preacher, Fethullah Gülen, who lives in the US for a coup attempt against him in 2016. He has demanded extradition of this man and been rebuffed. To improve his bargaining position, Erdogan’s regime did what any Turkish whoremonger would have done, they arrested an American pastor, Andrew Brunson, and charged him with terrorism. Presumably, if we sent their pastor back, they will send ours home. At the NATO summit, Erdogan and Trump reached an agreement. Brunson would be sent home and Trump would prevail upon Israel to release a Turkish terrorist. Trump and Israel did their part. Erdogan reneged.
This was not a smart move.