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Editor's Note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye Macro analyst Christian DrakeClick here to learn more.

CHART OF THE DAY: Train Wreck In Turkey - z 08.13.2018 Turkish Lira cartoon

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. 

CHART OF THE DAY: Train Wreck In Turkey - CoD Turkish Trainwreck