Turkey Has an 80% Inflation Rate

 We have never seen this (yet) in USA.  80% inflation would be a real problem.  And now Turkey just lowered interest rates which is only going to make things worse.

But notice that they enthusiastically welcome Russia investment and trading.  What do nations with dictators do when they are on the cusp of financial collapse?  They usually blame someone else for their problems and then go to war against those people they blame.

Turkey’s central bank shocked markets Thursday with a cut to its benchmark policy rate, despite inflation in the country sitting near 80%.

The lira, Turkey’s currency, slid 0.9% against the dollar, trading at more than 18.1 to the greenback after the news — near a record low.

The country’s main policy rate, which had been at 14% for the last seven months, was cut to 13% in a complete mismatch to what other central banks are doing around the world.

“Another idiotic move,” commented Timothy Ash, a senior emerging markets strategist at BlueBay Asset Management.

“Insane with inflation at 80% and still rising the CBRT cuts rates, against expectations by 100bps to just 13%,” he wrote on Twitter, referring to Turkey’s central bank by its acronym.

“Ridiculous move. Obviously they have got cash in their pockets from Russia and the Gulf and think they can cut rates + hold the Lira.”

Turkey’s government has made a show of diplomatic overtures to several oil-rich Gulf states, mending formerly strained ties to attract much-needed investment, and has remained enthusiastically open to Russian business and trade despite Western sanctions and Russia’s invasion of Ukraine.

Surging consumer prices have hit the population of 84 million hard, and few have hopes for improvement anytime soon thanks to the Russia-Ukraine war, high energy and food prices, and a sharply weakened lira.

Turkey’s inflation for the month of July rose by an eye-watering 79.6% year over year, its highest in 24 years, as the country grapples with soaring food and energy costs and President Recep Tayyip Erdogan’s long-running unorthodox strategy on monetary policy. This time five years ago the lira traded at 3.5 to the dollar; now it’s more than 18 to 1.

Turkey has enjoyed rapid growth in previous years, but Erdogan for the last few years refused to meaningfully tighten policy to cool the resulting inflation, describing interest rates as the “mother of all evil.”

Here;  Turkey shocks markets with rate cut despite inflation near 80% (cnbc.com)

2nd largest military in NATO.  And NATO is supposed to be a coalition that is in place to tamper Russian aggression.  And yet the President of Turkey flies off to Iran to meet with Putin and the Ayatollah to discuss Syria and Israel.

Can you smell something strange brewing?  Can you see the shadows of Ezekiel 38 continuing to lengthen?