‘This Is Not Going To End Well’: Turkey Isn’t EM’s Bellwether, But Brace For Impact Nonetheless

As the lira collapse accelerated on Friday, a defiant Recep Tayyip Erdogan took the stage in a series of rallies and delivered the usual talking points. He described Turkey as "my nation", he blamed nefarious foreign actors for "waging an economic war" against the country's people, he tilted at the "interest rate lobby" windmill, he branded currency instability "artificial", and he called on Turkish citizens to trade in their dollars, euros and gold for liras as part of a "resistance" movement.