Faced with rising
hyperinflation -- that's what it is -- Erdogan has repeatedly ordered Turkey's non-independent central bank to cut interest rates, making money cheaper and easier to borrow for everyone, flooding the economy with cheap cash, contributing to greater inflation.
Remarkably, Erdogan and his cronies do not think they have made a mistake! They continue to act as if they know better, put on a brave face, reduce rates further, and wait for their idiotic actions somehow to work, as if by magic. Quoting from the OP: "Turkish officials say that their measures will bring inflation down in the coming months."
They're so far off in their understanding of monetary matters, they're not even wrong. And yet, they cannot see it. Their blind obstinacy reminds me of a quote by John Kenneth Galbraith:
"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."[a]
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[a] https://www.brainyquote.com/quotes/john_kenneth_galbraith_10...
Remarkably, Erdogan and his cronies do not think they have made a mistake! They continue to act as if they know better, put on a brave face, reduce rates further, and wait for their idiotic actions somehow to work, as if by magic. Quoting from the OP: "Turkish officials say that their measures will bring inflation down in the coming months."
They're so far off in their understanding of monetary matters, they're not even wrong. And yet, they cannot see it. Their blind obstinacy reminds me of a quote by John Kenneth Galbraith:
"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."[a]
--
[a] https://www.brainyquote.com/quotes/john_kenneth_galbraith_10...