The next emerging markets crisis is now: Turkey as a canary in the coalmine

Note: This post was originally published on Patreon on 11 Jul 2018

Turkish bond yields are skyrocketing as the Turkish lira plummets today. This is all because of signs of poor governance to add to the existing signs of poor macro fundamentals. The question, though, is whether Turkey is an outlier or a sign of more to come.
A personal tale of Turkey's descent into authoritarianism
During the European sovereign debt crisis, before he was Deputy Prime Minister, Mehmet Şimşek and I followed each other on Twitter. He's a guy of Kurdish origin who went to a British University and worked in the City of London and on Wall Street for international investment banks back when I was there too. He only entered politics in 2007.

When he joined Erdogan's cabinet as Finance Minister in 2009, it w...

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