The need, embargo … | Technologybud



I think that soon the embargo announced by Tayyip Erdogan on French products will be extended to German, Italian, Spanish, American – and generally to anything that needs foreign exchange to be obtained after today the Turkish pound broke the “barrier of 8”: as I write , the dollar costs 8.05 pounds and the euro 9.55. In January, the euro cost ,5 6.5 and the dollar 6 6, meaning the pound has depreciated by more than 30% since the beginning of the year. The “embargo” is in fact an inability to buy products in foreign currencies that have not suffered the fall of the Turkish pound. Yesterday was symbolic because for the first time the Turkish currency that wants to become a “regional superpower” in a huge region – from The Caucasus to sub-Saharan Africa and from the Caspian to the Adriatic, the “heart” of the Byzantine and Ottoman Empires – has crossed the 8 8 per dollar mark, a historic negative record for the 21st century at least. And it seems that the fall will continue and the mandatory embargoes will be extended. Everything will become more difficult for the Turkish economy, which will have to repay with more and more pounds the loans and goods, consumer or capital, that it imports. On the one hand, it seems that the strange “Muslim economics” that Mr. Erdogan believes in – rather pretend that he believes because every power policy needs ideologies to support it-, on the other hand, the very high cost of its imperial policy leads its country to bankruptcy. Not because of official government borrowing but because of the informal nature of state-owned banks and companies that needed huge sums of money to build the logistical infrastructure needed for imperial expansion. The old empires, from the Persian and Hellenistic to the British, · Since the 20th century, these have become difficult: wealth is no longer material objects to take and carry. Okay, the naughty ones are still looting, but the states must have the resources of their expansionist policy – with loans, they will have a hard time getting them: who the hell will lend to you? If they do not rule by God but need popular legitimacy, such as the need for embargoed Tayyip Erdogan, then aggression increases precisely to gain legitimacy. So the huge financial problems may not work as a deterrent. Follow it on Google News and be the first to know all the news. See all the latest news from Greece and the world, at



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