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Hello and welcome to the Intelligence from the Economist. I'm your host Jason Palmer.

Every weekday we provide a fresh perspective on the events shaping your world.

For years Turkey's president defied good sense insisting that lowering interest rates would tame inflation.

After his reelection last month he appointed people who clearly know better.

We ask what's changed and whether they will be permitted to fix the mess.

And there's been a spike in the number of whales washing up on America's East Coast.

Our correspondent joins a whale watching tour just off New York to find out what's going on.

First up though.

At the end of the Cold War America's president George H.W. Bush promoted the idea that peace time would bring prosperity.

I may mean to speak this evening of the changes that can take place in our country.

Now that we can stop making the sacrifices we had to make when we had an amount of enemy that was a superpower.

And now we can look homeward.

Without the need for nuclear stockpiling defense dollars could be replaced by social spending.

Throw in lower taxes and economic success would surely follow.

But the IMF says this so-called peace dividend is no longer paying out.

Russia invading Ukraine is not only a tragedy for Ukrainian people.

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