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Turkey Now, America Later?
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President Trump recently imposed sanctions on Turkey to protest the Turkish government’s detention of an American pastor. Turkey has responded by increasing tariffs on US exports. The trade war is being blamed for the collapse of Turkey’s currency, the lira. While the sanctions may have played a role, Turkey’s currency crisis is rooted in the Turkish government’s fiscal and (especially) monetary policies.

In the past seven years, Turkey’s central bank has tripled the money supply and pushed interest rates down to 4.5 percent. While Turkey’s government did not adopt Ben Bernanke’s proposal to drop money from helicopters, Turkish politicians have taken advantage of easy money policies to increase subsidies for key voting blocs and special interests.

The results of the Turkish government’s inflation-fueled spending binge are not surprising to anyone familiar with Austrian economics or economic history. Turkey is now plagued with huge deficits, a collapsing currency, and a looming economic crisis, making it the next candidate for a European Union or Federal Reserve bailout.

Turkey’s combination of low interest rates, money creation, and massive government spending to “stimulate” the economy parallels the policies the US government has pursued for the past ten years. Without drastic changes in fiscal and monetary policies, economic trouble in America is around the corner.

The very large and growing federal debt will cause a major crisis as the government’s debt burden will be unsustainable. Instead of cutting spending or raising taxes, politicians can be expected to pressure the Federal Reserve to do their dirty work for them via inflation. We may even see the Fed “experiment” with negative interest rates, which would punish Americans for saving. The monetization of the federal debt will erode the dollar’s purchasing power and decimate middle-and-working-class Americans who are already seeing any gains in their incomes eaten away by inflation.

If we are lucky, the next Fed-caused downturn will cause only a resurgence of 1970s-style stagflation. The more likely scenario is the type of widespread economic chaos not seen in America since the Great Depression. The growth of cultural Marxism, the widespread entitlement mentality, and the willingness of partisans of various sides to use force against their political opponents suggests that this economic crisis will result in civil unrest that will be used to justify new crackdowns on individual liberty.

Those who understand the causes of, and cures for, our current predicament have two responsibilities. First, prepare a plan to protect your family when the crisis occurs. Second, do all you can to spread the truth in hopes the liberty movement reaches critical mass so it can force Congress to make the changes necessary to avert disaster.

Since the crisis will result in a rejection of the dollar’s world reserve currency status, individuals should consider alternatives such as gold and other precious metals. Restoring a free-market monetary system should be a priority for the liberty movement. Other priorities include ending our interventionist foreign policy, cutting spending in all areas, rolling back the surveillance state, protecting all civil liberties, and auditing (and ending) the Federal Reserve. If we do our jobs, we can build a society of peace, prosperity, and liberty atop the ashes of the welfare-warfare state.

 
• Category: Foreign Policy • Tags: Donald Trump, Turkey 
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  1. Great stuff, Dr. Paul! Here in America, the FED is fattening us up like Turkey(s). Can we make it through Thanksgiving or even Christmas?

    While Turkey’s government did not adopt Ben Bernanke’s proposal to drop money from helicopters …

    It takes 10 to 20 man-hours of maintenance to keep a chopper in the air for an hour. Maybe that’s the only reason they haven’t done this in Turkey. We have enough money over here, though, to drop many Ben Bernanke’s out of helicopters. USA! USA! USA!

    • Replies: @Sowhat
  2. Anonymous[597] • Disclaimer says:

    Pinochet the Fed!

    And keep stacking.

  3. Cortes says:

    Since the European Union is immiserating its PIIGS members *, an aid package for non member Turkey would hasten the demise of the new German Reich.

    * Portugal, Ireland, Italy, Greece and Spain.

  4. Sowhat says:
    @Achmed E. Newman

    I agree with you but I haven’t participated enough to click “agree.” Thank you, Ron Paul. Can we institute a wholesale change in D.C. with our votes? How many incumbents can be removed? How many voting cycles would it take to get the all out, to abolish K Street, end the Fed, abolish the NSA and the other “alphabets”, SLASH THE Pentagon BUDGET, CLOSE 50% OF out MILITARY overseas BASES, withdraw from the UN, dissolve the IMF, the CFR, Stop the NWO agenda, and secure our borders, “flush” Big Pharma, end all censorship, don’t allow a Constitutional Convention without a five year educational session for voters, I’ll stop but, there are others who could add to the list. Things ARE a mess and I’m not getting younger.

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