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Erdogan Answers Lira's Pleas With an Ottoman Slap

Mark Gilbert
Erdogan Answers Lira's Pleas With an Ottoman Slap

Asking your citizens to search under their pillows for foreign banknotes and gold to convert into domestic currency isn't much of an economic strategy at the best of times. Any investors who'd been hoping for some semblance of standard economic theory taking hold and reversing the Turkish lira's freefall got scant comfort from Friday's speech by Turkish President Recep Tayyip Erdogan. Unfortunately, U.S. President Donald Trump took to Twitter to feed Erdogan's conspiracy theories, announcing a doubling of tariffs on steel and aluminum and cheering on the lira's collapse.