Lira Collapses As Erdogan Flirts With Outright Calamity

"We know quite well what we're doing with the current policy, why we're doing it and the kind of risks it entails and what we'll achieve at the end," Turkey's Recep Tayyip Erdogan said Monday in Ankara. He was referring to monetary policy under CBT governor Sahap Kavcioglu, who last week delivered a third consecutive rate cut despite surging inflation, in line with Erdogan's insistence that the cure for higher prices and a weakening currency is lower rates. Kavcioglu's extraordinarily ill-advis