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December 26, 2018

Anti-Semitic Economics Could Drive Turkey into a Financial Crisis

Raising interest rates can combat inflation, but to Erdogan such a move would let “the Jews” win.

Like many of his fellow Islamists, the Turkish president Recep Tayyip Erdogan is a committed believer in anti-Semitic conspiracy theories, which he sometimes alludes to by speaking of Zionists or, in a favorite locution, the “interest-rate lobby.” With this phrase, Erdogan combines familiar European canards about nefarious Jewish financiers with the traditional Islamic prohibition on usury. Aykan Erdemir and John Lechner argue that Erdogan’s fanciful notions about Jewish malfeasance could push his country’s fragile economy over the brink:

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