Erdogan vows to defy US ‘threats’ after currency crash


In a second speech, this time in the Black Sea city of Rize, Erdogan ruled out any change in [ Turkey’s] interest rates policy.

“Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer,” he said.

It is not high interest rates that keep the poor poor. Nobody likes low interest rates more than the government and the rich because it is they who are able to borrow enormous sums. The poor can’t borrow because they have no assets to back up the loan.  If the poor and middle class manage to scrape together some savings, people like Erdogan won’t even let them earn a bit of interest on their money. Erdogan and other crony capitalists know all this. He is just pretending to be ignorant.

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