Longtime PFS member Doug French has a good article up on Mises Wire today, “The Turkish Way“. An excerpt:
The Wall Street Journal reported on September 22 that Turkey’s central bank cut that country’s benchmark interest rate to 12 percent from 13 percent, pushing the Turkish lira lower as much as 0.4 percent against the dollar to a new record low after the decision. One US dollar recently bought 18.3866 lira.
The bank of Prime Minister Recep Tyyip Erdoğan made its move the week following Drs. Hans and Gülçin Hoppe’s sixteenth annual Property and Freedom Society salon in booming Bodrum, the port city on the Aegean sea which once hosted a summer population of 170,000 that has since mushroomed to 700,000.
A conference attendee, noting that Bodrum was bustling, queried the panel of Saturday speakers with a question to the effect “Why not go the Turkish way (referring to inflation with an official rate over 80 percent, but a real rate more like 170 percent), there is no rioting in the streets?”
After a couple less than aggressive retorts Thorsten Polleit sternly drove home the point to the questioner, “Inflation ruins the common man.” The government’s printing press will destroy an individual’s lifetime of savings along with decimating a country’s capital.
Doug is referring here to the 16th Annual (2022) Meeting of the PFS, recently held in Bodrum. For previous pieces by Doug related to PFS, see:
- Doug French on PFS 2012: The World’s Greatest Haircut (Oct. 2, 2012)
- Hoppean Property and Freedom, LewRockwell.com (June 21, 2006)
- Hoppe Talks Turkey, LewRockwell.com (May 30, 2006)
Doug French, Turkish haircut, 2017
Doug French, Turkish haircut, 2017
Kinsella, Turkish haircut, 2022
Turkish inflation, Sept. 2022, Aphrodisias museum
Turkish inflation, Sept. 2022, Aphrodisias museum
Kinsella, Turkish haircut, 2022
The boys (Greg Dabrowski, Carl Bowen, Greg Morin, Stephan Kinsella), after their Turkish haircut, 2022, Bodrum market
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