Speaking at the Bali Democracy international summit over the weekend, Turkish PM Recep Tayyip Erdoğan blasted the IMF’s role in the global debt crisis, stating that “It is thought-provoking that the IMF is not using gold as a global currency’‘ and that “One would wish that the IMF would help the countries in trouble, but this is not the case.”
Not content to stop there, Erdoğan likely placed a target on his/Turkey’s back when he stated that the world should flee the petro-dollar for gold: ”The world should consider switching to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history. This is something to think about.’
Love him or hate him, Turkish Prime Minister Recep Tayyip Erdoğan is rarely anything other than eminently quotable. But from time to time he expresses an idea which strikes a chord with many people outside his natural constituency, and during a recent riff during the Fifth Bali Democracy Forum – an annual event that has been held since 2008 and which focuses principally on democratic developments within Asia – he did so again in a series of remarks directed to the International Monetary Fund (‘IMF’), where he openly questioned the value of cross-border transactions being denominated in a currency belonging to any single nation (or, by implication, a group of nations). According to Erdoğan, the world should consider switching ‘to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history. This is something to think about.’
A few years ago, such comments would have seemed implausible, but it is now easy to imagine many economic sages agreeing with the leader of the Justice and Development Party, a political entity that has ruled Turkey since 2002
Erdoğan also argued that capital punishment is sometimes legitimate. We would point out that it is not only legitimate, but well deserved, and likely the only cure/solution to bankster fraud/theft/crime against the 99%.