Erdogan Is Failing Economics 101

To Recep Tayyip Erdogan’s handlers, it must have seemed like a good idea at the time. Show off Turkey’s president to a group of London bankers and fund managers over a fancy lunch as a way to reassure nervous investors about the country’s economic stability and viability. After all, Turkey’s Central Bank had recently upped interest rates a higher-than-expected 75 basis points, showing a measure of fiscal prudence at a time of lingering questions about the country’s economic health.