Interest rate hikes cause inflation!

Turkey lowers interest rates as inflation hits 80 percent

…and the reason:

In a statement following a monetary policy committee meeting, the bank said it decided to reduce the policy rate from 14% to 13%.

President Recep Tayyip Erdogan has pressured the bank into lowering borrowing costs in a bid to boost economic growth, investment and exports, insisting that interest rate hikes cause inflation. That contradicts established economic thinking, with rate increases the traditional tool to target inflation.

https://www.euronews.com/2022/08/18/turkey-lowers-interest-r…

Economics certainly has changed since I studied it!

Erdogan,

Indirectly killed a diplomat that was a good friend of mine. He signed up for China’s vaccine.

Erdogan could screw up his own funeral.