CHART OF THE DAY: Train Wreck In Turkey

We’ve chronicled the tragicomical, slow-moving Turkish train wreck over the last couple years, but if your interest has been newly piqued alongside the latest, cross-asset cratering, the “best of” below captures most of what you need to know concerning Erdogan’s economic and policy approach. 

Turkish Train Wreck Timeline:

1. 2018 (pretty much any speech):  “Higher Interest Rates Cause Inflation”
2. May 11th, 2018:  “my belief is: interest rates are the mother and father of all evil.”
3. May 15, 2018:  “I’m going to take over the central bank”
4. July 10, 2018:  Names Son-in-law as finance minister  … cementing power grab over monetary policy
5. May 6, 2019:  Nullifies Instanbul Mayoral election due to the opposition party winning alleged fraud and irregularities.