It should be mentioned Erdogan's aggression in Syris, Iraq, Iran against Kurds who happen to be in the way of his fabulous Ottoman revival.
The aggression includes both sponsorship of- and business deals with jihadi militias including Islamic State, ANF and Al Qaeda. The pushback is a low-grade insurgency everywhere there are Turkish soldiers. Erdogan's response is to increase areas of operation putting more Turkish soldiers in harm's way.
All this incurs exponentially expanding costs; the abuse of the Kurds is has economic ramifications outside of Turkey: nobody in the West wants to do business with a murderous hoodlum or finance his thuggery.
More war(s) = certain bankruptcy.
3
Erdogan has taken Turkey back to the dark ages of fundamentalism and dictatorship, to the middle ages, from a modern nation, to extreme Islam, Ataturk must be turning in his grave
6
Stories of delusions of grandeur on the parts of ambitious kings, clerics and presidents are as old as history itself.
10
No mention of what happens to a country when it (re)embraces fundamental religion as the basis for political decision-making by an aspiring authoritarian leader?
The US should take careful notes....
22
The people voted for Mr. Erdrogan -- a man who promised to bring back the Otoman Empire. They voted for him again even when they were voting to make him President For Life. How does this happen? And, when the economy free-falls he'll remain Autocrat for LIfe.
18
Let’s see a right wing mess in Turkey, a left wing mess in Venezuela,an ungodly mess in the USA. What will Putin do?
6
Is Turkey the next Venezuela? And is Erdogan the next Chavez / Maduro?
When Turkey flops, and it will flop, we can rightfully blame his supporters who blindly vote for him despite what is happening right in front of their noses.
13
Not only Turkey, but in the good old USA.
Blindly vote is the operative phrase.
9
A sultan of Turkey who lives in a one billion dollar palace for two - does need a 12 billion dollars airport to go nowhere.
13
I am an American living in Turkey, and I do not wish to see any country suffer either under dictatorship or through incompetent stewardship. Turkey, like the United States, is enormous with generosity of spirit and and an inspiring energy, and I have seen firsthand many instances of a hardy people making do under debilitating conditions. There a number of callous remarks concerning the bullet that the EU dodged in not receiving Turkey into its clubby environs, but I can attribute this to armchair dilettantes who believe they understand all the nuances of history simply because they've skimmed an article or two online. Their words, unfortunately, are offered from within the imperium, that is, the United States (the nation which cruelly imprisons children and separates families--such a stain on the reputation of a reputedly great nation cannot support the sanctimonious language found in this particular comments section). Turkey contains real people who must endure real-life consequences if the economy were to collapse and the country descend into chaos. I ask, what makes the U.S. so immune to disaster? Americans foolishly believe that the spine of their country is retrofitted with steel. But when the storms come, we will see if the house can remain standing. Trump, with foolish blasting of breath, has done much to weaken the foundation; corruption has set and the rot is working its invisible way through the body politic. Educate yourselves responsibly and fight the rot!
28
Once known as the 'sick man of Europe', for very good reasons, Turkey is showing very unhealthy symptoms again. The country has a lot of unrealized potential, but always seems to fall back into negative space. In the early days, when the economy of its huge empire was run and funded by the conquered peoples, the Turks controlled only the government and the military. That worked for hundreds of years, until military adventures became way too costly and non-Turks had no more money to give. So, they either killed or expelled their 'minorities', and went from fascist dictator to years of harsh military generals, and are now back to having dictator again. Apparently, its very difficult for Turkey to get off that two choice track.
6
Friends, if you earn more you spend more. Dept of companies increased to some numbers but what about their income. Did you checked it?
In Izmir there is no unemployment. Farmers can harvest 3 times. Factories working on Saturdays and Sundays including August. Welder monthly salaries are increased 22% in last 6 months. Everybody is earning more they are spending more.
Come and see with your own eyes, you are all welcome
Does not matter your gender, ethnicity or color. Turkish people is great you will see
3
If your interest rates are at 17.75% you have a problem all the rest not withstanding.
8
The US under Trump sounds eerily like Turkey. Unbridled debt and bankruptcy and disregard for basic economic principles seems to be the Trump business model also, but there is no one to bail the US economy out of this mess Trump is exacerbating . Looks like we will get to watch the Turkish economy crash first and see how it plays out.
8
When the economy collapses there will be another wave of desperate emigration to Europe.
9
ERDEGON'S Future will rise or fall based on Turkey's economic performance under his extended presidency, with greatly expanded powers. If Trump's actions were to have caused such a sudden, breathtaking plunge in the value of the US dollar as Turkey is suffering from the Turkish lira, his popularity ratings would likewise plummet. But Trump's good luck represents a backbreaking misfortune of the US. Who knows when the financial juggernaut of stock prices will tumble? One can only hope that the retaliation of China and potential retaliation of other trading partners pushing back against the US punitive tariffs, will begin later this summer and continue though until November when the midterm election will take place. Meanwhile, well continue gritting our teeth and wincing as Trump jets all over the world, starting food fights wherever he goes. Even during press conferences. So dress accordingly, in rain slickers and galoshes along with self-cleaning goggles. Food fights can be sticky and messy, no matter how appealing. YUK!
6
Erdogan: if you must use caps, please get it right. Agree with your characterization of Trumponomics, nasty stuff, bound to cause a crash in the long run. Unfortunately, both the Reagan and Bush II crashes took 7 years to eventuate. But Trump does seem to be in a hurry to reduce us to the contemptible.
7
TRUMP refuses daily security briefings, stating that he does not wish to hear the same words repeated to him for the next 8 years. That means that he is capable of understanding only brief phrases and words, but unable to construct context and narrative in his mind. He exhibits severe deficits in his language, memory and executive brain functions. Trump's tweets are the highest level of written language he can produce--140 characters. They are at the level of a dim-witted middle school pupil. So his default position is to reenact endlessly the food fights he started at birthday parties as a kid. And to channel his demented mentor, Roy Cohn, Joe McCarthy's attack dog who terrorized so many during the witch hunts of the 40s and 50s, both fueled by the concocted "evidence" taken from the "private files" of J. Edgar Hoover. Yes, Trump channels three of the most evil men in the US of the 20th century. Had they had the power, they would have been as destructive as Hitler, Stalin and Mao. Trump is truly the devil's spawn. He cannot reduce us to the contemptible, except for those true believers who drink the Purple Kool Aid left over from the Jonestown Massacre in Guyana. In a study, computer experts found that unpredictable attacking trolls won war games. That's the game that Trump is playing. He's bragged about sexually assaulting women and currently is being sued by three of his alleged victims. He is reprobate on so many levels that he's a political black hole.
3
'Mr. Erdogan has claimed that inflation is actually the result of high interest rates, which is not unlike asserting that chemotherapy causes cancer.'
I think even Trump understands that high interest rates are a tool to tighten down on inflation. Putin certainly does.
Incredible. This must mean that Erdogan is even more clueless about macroeconomics than Trump is. I didn't think that was possible.
9
Well at least for public consumption in Erdogan's case. The private thoughts may not be the same.
2
The European Union dodged a bullet on this one. The rise of the despotic and theocratic Erdogan with all his popular support seems to be sending Turkey in the same direction as Venezuela although by a slightly different route. This proves that the EU member states were correct in limiting Erdogan’s efforts to politicize the Turkish ex-pat community in Europe.
8
"Istanbul’s new airport has been engineered to provoke awe, underscoring Turkey’s desire to reclaim its imperial glory."
Erdogan fancies himself a modern Suleiman the Magnificent, Emperor at the zenith of Ottoman power.
Imperial glory isn't what it used to be, especially when your economy is based on being a low cost supplier to European companies.
Erdogan, like Trump, imagines he lives in a different age, the age of mercantilism, though minus the military part.
Fortunately for Europe, Turkey never became part of the EU and won't present the same headaches as Greece as it collapses.
10
2.5 Million syrian refugees in turkey, and a president who wants to reinstall the ottoman empire and has not the means to do it. Above all time is running out fast to a point of no return, where economy goes into a tailspin.
Erdogan will trigger another refugee crisis, and europe can not cope. Europe has botched the time to come up with a feasible solution that doesn't boil down to leave the nations on the rim to carry the whole burden alone.
There would have been a time an united west could have faced such a challenge with grandeur, but this time it will be a bloody disaster.
But i guess we can blame Merkel and all her liberal friends for that, again.
8
"One of the fastest growing economies."
If it was far slower, the same criticism would be made, but for failure to grow.
Whatever the economy does, the critic here does not like Erdogan and would attack him. Talk about the economy is just an excuse.
Perhaps there are good reasons to have concern about Erdogan, but it isn't the economy.
6
I suggest you read the article, and then study up on Turkey's recent history.
From what I've seen of you, I find it baffling that you support autocrats bent on staying in power at the expense of their countries. I don't believe that is where you come from. Please look a little more closely at what is going on before you blame victims for what is being done to them.
14
The house of cards often collapses with the removal of one card alone. Turkey may be that wild card.
9
The Crash that’s coming may start in Turkey. Name one market that’s not extended. US markets - debt and equity - are manipulated by the Fed. They do not ring a bell. But the bells are ringing in Istanbul. Can Europe be far behind? Russia has funded the predatory oligarchs with sweetheart deals that has them doing Putin’s bidding. Trump’s record is horrible. Count his bankruptcies. He’s running a leveraged Russian laundromat. Clock ticking. Debt soaring. Mueller working. Odor spreading. Are we looking at Turkey? Who isn’t?
17
Just google the history of Anatolia to get your facts correct!
3rd century BC there were Greeks in the west and and Armenians in the east! The Turks arrived with the Mongol invasion in the 1200’s.
11
That's right, the Turks took Constantinople in 1450--whatever. And have been in charge ever since. What's your point?
5
The coup was a fabrication. What we have here is a good old fashion power grab. The sick man of Europe has cancer.
25
Little mention of the tourist industry, which has gone bust. I don't understand the growth figures, when tourism was such a large part of the economy. Something is off.
6
I have wanted to visit Turkey for ages but Erdogan is a scary figure and Turkey was all too close to lands controlled by ISIS. The combination made and makes me nervous. It’s become an authoritarian police state and that makes it a dangerous destination.
21
Turkey is beautiful and the citizens are wonderful. Don't fear the headlines. Have visited many countries in economic chaos and have enjoyed wonderful visits with fantastic value. You will love Turkey and have a wonderful time.
If you don't spout criticism as to the government and its leader, or make derogatory comments you'll be safe enough during your vacation.
Erdogan's power trip is stifling the life out of Turkey. His use of violence and jail sentences will take Turkey off the tourist map and render that new airport lifeless. But he and his cronies will have their palaces and power with their army to stifle all dissent.
19
Hey! This will be the US economy within a few years.
Probably right as Trump prepares to leave his second term in office.
14
If he has to leave. By then he may have made two terms a thing of the past and made it so he can stay indefinitely.
1
Sounds like the future of the U.S.
16
For a country to succeed, all citizens need
a) to see a blockchained spreadsheet of all the money in and out,
b) a blockchained spreadsheet of the rate of change of a),
c) a blockchained spreadsheet of the rate of change of b).
The rest is easy.
Talk about evidence-based info!
That will get rid of a lot of worthless emotions, gut-feelings, demagogues, ideologues, saviours, charlatans, idiots, bullies, etc.
1
Erdogan will blackmail Europe with refugees and counter any economic collapse with a rush towards a theocratic dictatorship. This is what the Turks voted for.
12
All the men commenting praise for Erdogan’s Turkey should move there ASAP. I’ll even pay for a few tickets, one way. 18 percent interest rates, and sone think that’s good economic stewardship? I would visit Somalia before I stepped into that pile.
9
The Turks voted him in and have put up with him every day since. They deserve what they get.
14
It was not a fair election! Why the attitude?
7
The US is moving into the same authoraterian economic disaster - except Trump isn't smart emough to make it as far as Erdogan.
1
That's like saying we voted Trump in, and we deserve what we get. But the majority of us DIDN'T vote for Trump, and we're still stuck with him.
1
Well, I, for one, look forward to Erdogan's next visit to the US when he brings his black suited thugs to beat up protesters. Meanwhile, I'll avoid Turkey and their brand new airport.
16
Why is the U.S. following Turkey’s playbook? Coincidence?
14
It's nazification, people...do you still not get it?
15
Why would anyone even consider Turkey for tourism under the circumstances where nothing is certain but uncertainty. Cheap, maybe so.
12
Sounds like the US economy in the not so distant future.
Companies with high debt. An overheated economy.
22
Any president who appoints his or her own son as minister both invites and deserves a close critical look. Mr. Erdogan's recent choices and conduct in office make any private investment a gamble with considerable, hard to estimate risk. The sad part of these recent developments is that only a couple of years ago, Turkey was well on its way to transformative growth based on a diversified economy. In contrast, the recent boom was largely, maybe solely, due to massive government deficit spending, mostly for large construction projects - Erdogan's presidential palace as exhibit A. As we found out ourselves here in 2007/2008, an economic boom (binge) mainly fueled by out-of-control building and real estate speculation is not sustainable, and invariably results in a major crash with long-lasting hangover. With the current flight out of the Turkish lira, the crash might well be closer than most of us believe. Speculators tend to have a nose for these things. Also, maybe the Times can look into growing short positions on Lira and Lira-denominated assets. Those also tell a story.
25
Letter to Mr. Erdogan: Mr. President. Be vary. The same forces that removed Morsi and put in Sissi are working hard to have you removed, and have you replaced with people who back other dictators and do the bidding of negative forces. These forces pretend to be democratic but they support the Saudi kings. Stand tall and be firm because you are the democratically elected president of your proud nation. These forces want to lower you down because of your firm commitment to your nation and faith. Be strong and smart or they will take you down. May you be successful in your difficult endeavor.
6
Thanks for the comic relief!
2
Turkey on path as the next Venezuela.
14
Parallels to the U.S.?
16
Turkey + 10 years = Venezuela
43
The very same people now warning Turkey's economy is too hot (!) are the same ones who supported the coup against him and call him an autocrat for surviving.
8
No. Please inform yourself on any subject you pass judgment about. Here's a good summary: "Turkey’s Thirty-Year Coup: Did an exiled cleric try to overthrow Erdoğan’s government? https://www.newyorker.com/magazine/2016/10/17/turkeys-thirty-year-coup
7
An article in keeping with the NYT’s usual anti-Turkish bias. It starts off by describing Turkey’s construction of a new airport as somehow “underscoring Turkey’s desire to reclaim its imperial glory” and asserting that “the airport has also become a symbol of … Turkey’s … reckless disregard for arithmetic”.
It is not until paragraph 37 of a 44 paragraph article (should any reader bother to read that far) that correspondent Peter S. Goodman totally contradicts his opening criticism by writing that construction of the new airport “is not madness: Istanbul is a city of 15 million people at the crossroads of Asia, Europe and the Middle East. Its primary airport, Ataturk, can barely accommodate its current teeming masses”.
Talk about a balanced article; in a nation of 81.9 million people, 26.3 million of whom cast their votes for President Erdogan only two weeks ago, the fact that Mr. Goodman chose not to include a single quote from anyone supportive of these projects or the reasons for them should speak volumes to any fair-minded reader.
This article does not deserve to be carried as news under “Business Day” but rather should be relegated to the Op-Ed section under opinion.
20
Written straight from the Turkish Embassy in Washington?
You forgot to mention the tens of thousands of newly unemployed and pensionless people - doctors, teachers, military personnel - jettisoned in the aftermath of the latest election. On top of the 100,000+ sacked immediately after the supposed coup.
How are these people to survive, while Erdogan - like his con-artist cohort Trump - casts blame on others while corrupting institutions and fouling their respective country's political systems.
22
@ Chuck Wiley: The issues you touch upon are legitimate, particularly as regards Erdogan's sacking tens of thousands of Turkish government employees without giving them any chance to defend themselves until perhaps at some distant hearing to be held years later if ever. That being said, are you aware Trump is trying to destroy the Civil Service protections in place against him and his cronies doing likewise with our federal employees in this country should he decide to do so one day? I suggest you read the following: https://www.washingtonpost.com/news/powerpost/wp/2018/07/09/guidance-pus...
But nothing you have written addresses the specific points I raised in my earlier comment about the contradictions in this article and the lack of a balanced approach featuring even a single viewpoint explaining the need for or expected benefits of the projects, such as the thousands of jobs created both during the construction phase and afterwards in the operation of that airport. May I also suggest that instead of trying to construct baseless conspiracy theories relating to the Turkish Embassy because I happen to live in Washington, D.C. (for over forty years), you should address the points I have raised; that is if you can.
1
Stick a fork in it this Turkey's done!
13
As one who has visited Turkey a half dozen times or more as a tourist and made a large purchase for my business from a Turkish company in the past, I disagree that it is terrorist attacks keeping tourists away now. We stay away because of Erdogan. Turkey's secular democracy is gone; despots do not attract tourism.
156
Turks has a history of dating back to the 3rd millennia BC. They founded 16 states. They survived many despots and calamities. They will survive Erdogan, too. In their weakest moment in history, they prevailed against mighty British Empire and their famous general, Winston Churchill. Don't count out Turkey so easily!
15
No, you're dead wrong. Turks didn't arrive in Anatolia/Asia Minor until the 11th century. Prior to that, it was the home of Greeks, Armenians and Kurds. Modern Turkey was founded in 1923. Please get your history straight.
29
Nowhere above, there was any reference made to Anatolia by Carlos. I suggest, before getting one's history straight, one needs to read the comment in question first before responding.
China will bail out Turkey by leasing Istanbul's airport for 99 years, as it did with a Sri Lankan sea port.
36
I don't see these as totally comparable scenarios. The new Istanbul airport does not have the same strategic value to China as the Sri Lankan port on the Indian Ocean, which aligns with China's goals as part of it's Belt and Road initiative.
4
Notice a pattern? Get elected. Trash the opposition. Grab more presidential power. Prop up the economy with borrowing. Turkey today. USA tomorrow.
81
My husband is from Egypt. He said he had heard so many good things about Erdogan, specially how the economy has gotten better since Erdogan came to power, that friends of his from Turkey have gone back. I kept telling him that it was just a dream, like an oasis, that soon he will see reality. I cannot wait for him to read this article. History has shown us that people like Erdogan, they come to destroy. It might look at the beginning that they are taking the country forward but eventually one will see those countries fall. It is sad because at the end the people, the poor people like that farmer at the end of the article, those are the one who will suffer the most.
70
My family and I have visited Turkey as tourists several times in recent years. We always enjoyed our visits which spanned the country. Sadly, our last visit was a simple transit through Ataturk Airport and it was marked by deliberate segregation and harassment of American tourists by the transit security police. Good luck with that new airport. We will not return until Ergodan has been replaced with a more congenial host.
94
This is what happens when Grand Old Psychopaths are put in charge.
They surf the destructive fumes of organized religion while waving the flag while their psychopathic lust for power and greed destroys their country with their malignant narcissism.
Erdogan-Putin-Trump-GOP 2018
Grand Old Power
Democracy be damned to the dustbin of history.
96
Turkey has no worries as long as refugees can be used to blackmail for aid, for a problem they were also complicit in making, along with the usual suspects. Why a modern country hoping to join EU needs 6 billion in aid, and Turkey is spending billions on questionable projects is beyond my comprehension. EU will pay anything to stop the boats, otherwise governments will fall beyond Italy.
31
I liked the phrase "they will pay anything to stop the boats".. That's exactly what I thought when I read that Italy will give Libya millions to help them "stop the boats to come to Europe". Instead of dealing with human beings, they rather deal with bank accounts.
22
Paying to stop migrants coming over from North Africa and the Middle East is a considerably less expensive use of taxpayers funds than supporting them long-term once they reach Europe. The great majority are unable to obtain any work - even in low unemployment Germany, let alone the many high unemployment countries like Italy, Spain, Greece etc - since many have no formal qualifications and are unable even to speak the language of their host countries. Germany is spending $20 billion a year supporting the intake of 2015 and only 3% are in work.
21
It is estimated each refugee will cost the German taxpayers 500000 euro.....over half a million.....and they have taken well over a million and a half over the last few years. Had they a system where qualified workers were brought in the number would be lower.
2
Democracy and voting is a joke. The facts and evidence are hard to miss: Brexiteers in UK, Trump in USA, Erdoğan in Turkey, Duterte in Philippines, Orban in Hungary, Kaczynski in Poland, Ford in Ontario, Canada. The list goes on.
On the other hand, One-Party Rule is way underrated, thanks to Western smearing propaganda. The fact is: millions had been lifted out of poverty in China. Chinese leaders trying hard to clean up polluted air, water and soil. They still have a long way to go. But at least they have a proven track record of success and a plan into the future. 2025 is not that far away.
When nations work together on win-win agenda there is a modicum of certainty that governments and businesses can make plans. Unfortunately, the set of characters in the so-called democracies above are all working on lose-lose strategy and creating chaos. That's the upside-down situation of the world. Sad.
13
I note that where you live, you are free to post your thoughts. You might try that in the countries you list.
14
One-party authoritarian rule has a disturbing history for leaving piles of corpses or plunging the world into conflagration. So easily people forget. Some profits for the ruling class are supposed to outweigh that?
21
If Europe is the past, how will those "millions of Turks in northern Europe" make the money to send home hard currency?
4
This is one Turkey that will not be a welcome holiday treat for anyone as Erdogan does his version of “the Trump Nation Management theory” in Turkey. The economy is disappearing faster than the stuffing inside this dead bird of a Nation.
24
This is why democracies have a limited life. Sooner or later, the democracy elects a despot (or a despotic party) who undermines democratic institutions and consolidates power until the opposition no longer has a chance to win. That is exactly what is happening in the U.S. today. It's a big country, the process will take longer than it took in Turkey, but make no mistake, the same dynamics are at work. Another few election cycles and the U.S. may be permanently a one-party Republican country. The moment that happens -- once the Republican Party no longer has to fear the voters -- that's when the real fun begins.
115
I'm afraid the Dems are already playing along. They sure don't seem like a real opposition party.
8
As a Canadian, mostly liberal in policy, there is no comparison between Donald Trump and dictators such as Erdogan. The U.S has a vibrant democracy which means leaders can be elected from parties leaning to the left or right. You retain free speech, as seen in the constant criticism of Trump in most media sources. Erdogan has fired judges, teachers and anyone who disagrees with him. Trump actually has not done badly in terms of foreign policy, showing some sense of realism in terms of getting others, including my country, to pay more of their fair share for joint matters such as NATO.
He may actually do something real to lessen the illegal drug trade, which would help the children and yes, make American great again.
8
No sane investor would invest in a country with no checks and balances as Erdogan's Turkey is one-man country.
Economy, especially, is in a big mess and that is being under reported by relevant institutions and authorities as under Erdogan, almost all critical economical data (import, export, gold, unemployment, inflation) are being filtered. Turkey will be in a big shock, I'm afraid, bigger than when EU found out Greece was lying on its economic numbers.
One major difference to Greece is lack of democracy, checks and balances, independent judiciary and free press. Hence, elections have become a big circus as Erdogan's Turkey has suffocated freedom to any opposition party/leader.
Turkey will pay dearly and miss of its early days under Ataturk's secular democracy.
70
Apparently you have no knowledge of Turkey to compare it with Greece! Greece has a shrinking population and negative growth hence Turkey has a growing very young dynamic population and had %7.5 growth las quarter. One of the highest in the world. Yes things are not looking very bright right now but they are having the best tourism season in the history and government bonds are still sought after all over the world. Their overall debt might go up but situation is as not dire as might think and a lot of foreign money still coming in.
6
In addition Turkey has a huge population in northern Europe that can rescue millions of Turks through family reunification and send back hard currency. Turkey is the future....Europe is the past.
7
If Erdogan's Turkey is the future, then we can see ahead by browsing through Orwell's 1984.
4