Turkish Tech Minister Says Maybe Digital ‘Barter System’ Might Work If Trump Weaponizes Dollar
Turkey comes back from a national holiday next week, and in case you have a short memory, the country is rapidly descending into economic chaos.
The problems are myriad and self-feeding:
Fed tightening is putting the squeeze on emerging markets as the global hunt for yield reverses, and countries that have borrowed heavily in foreign currencies are the first dominos to fall
President Recep Tayyip Erdogan refuses to budge when it comes to implementing the kind of draconian rate hikes
Digital barter based on blockchain will still need some sort of cryptocurrency. The Venezuelan Petro can’t be defined a success. Even Putin who was enthusiastic about the idea never talked about it again. These people don’t realize how ridicolous are their statements, and only make things worse and worse.