Sanctions and crisis in Turkey, China 5G supremacy, drought driving food prices

1 Big Thing: Sanctions on Turkey not helping crisis go away
Yesterday, I wrote about a late May interview with Russell Napier that hit on Turkey as a weak link in emerging markets. This is a view I share. But I would say that the Turkish lira is, if anything, undervalued on a fundamental basis. Given the right policies and circumstances, we could see a rally. But, so far, nothing the Turks have done inspires confidence.

Today though, it's interesting to see a New York Times article on Turkey that underlines my point on Iran yesterday that often sanctions "serve to maintain a power structure by defining an external enemy looking to wreak havoc on the lives of ordinary people. "

Here's what the Times says that's relevant:
Supporters of Mr. Erdogan took to Twitter with the hashtag #Em...


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