The Fallout From Turkey's Economic Experiment
The Journal.
The Wall Street Journal
4.2 • 5.8K Ratings
🗓️ 2 December 2021
⏱️ 9 minutes
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| 0:00.0 | In Turkey last week, people took to the streets to protest the government's handling of an |
| 0:11.5 | economic crisis that's gripping the country. |
| 0:22.0 | Our colleague Jared Malson is based in Istanbul, and he's been watching the free fall of the |
| 0:27.3 | Lira, Turkey's currency. |
| 0:30.0 | Last week I blew over to Ankara, the capital of Turkey, from Istanbul to do some reporting. |
| 0:36.7 | And in the time that I took the trip, you know, the flight is about 45 minutes. |
| 0:40.8 | You know, I left Istanbul something like 8 o'clock in the morning, landed at 9. |
| 0:45.7 | And then in the cab on the way to the first interview, you know, I was looking at my phone |
| 0:49.6 | with a colleague and we were like, the, the Lira just lost something like 5, 6% like |
| 0:54.1 | just in the time we were in transit. |
| 0:56.4 | This drastic fall of the Lira is affecting all areas of life for people in Turkey. |
| 1:02.1 | A country that up until a few years ago was prospering economically. |
| 1:07.4 | People keep talking about how they're going without, you know, if you used to travel, if |
| 1:12.2 | you used to go on vacation, you're probably not doing that anymore. |
| 1:15.6 | If you used to put money in your kids pocket when they went to school, maybe you're not |
| 1:19.5 | doing that anymore. |
| 1:20.9 | So it's the story about how people's living standards have declined pretty rapidly. |
| 1:29.3 | Outwardly, this looks like an economic crisis. |
| 1:32.8 | But not in the view of Turkey's president, Regip Tayaf Erdogan. |
| 1:37.2 | Erdogan is trying to drive the currency lower. |
| 1:40.4 | He says it's part of a plan to reinvigorate Turkey's economy. |
| 1:45.3 | And in recent months, anyone who's tried to stop him has been removed from government. |
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