Is the Turkish Disaster Our Future?

Nothing is surprising about any of this, but that makes it no less depressing. [Gilder's Daily Prophecy] December 17, 2021 [UNSUBSCRIBE]( | [ARCHIVES]( Unusual trading strategy discovered during the pandemic generated $53k in just over one year. this year a subscriber reached out to our team to tell us about a trading strategy he’d secretly been using to generate thousands of dollars in extra income on a $70k portfolio… Fortunately, I’ve convinced him to “come clean” and reveal his unusual method on camera. [Find out how his secret here…]( Is the Turkish Disaster Our Future? [Jeffrey Tucker]Dear Daily Prophecy Reader, The best way to experience Turkey is through Amazon. Order a nice box of baklava in a variety of shapes and sizes. If there is such a thing as a healthy dessert, this is it. The variety of nuts is a delight, all wrapped up in pastry and sweetened with honey. Enjoy it in the comfort of your living room. Perfect! As for the country, you don’t want to be there now. Inflation is running above 20%. The population is starting to panic buy. The currency has lost half its value on international exchange, making imports outrageously expensive, if they are possible at all. The stock market is collapsing, tricking circuit breakers twice in one trading session, only to have the slide continue once trading was reopened. In short, we have an unfolding economic crisis here, along with a political crisis. The Washington Post (implausibly) sums up the situation well: In Turkey, the lira is falling, and so is the sky. Prices at supermarkets are changing almost daily. Lines for subsidized bread are growing. Turks are unable to make ends meet as the costs of potatoes, flour and chicken soar. Almost universally, pundits blame one man: President Recep Tayyip Erdogan. Erodgan believes in his economic program, despite a thousand voices in the region warning him that he is doing the opposite of what he should. He should be clamping down on money printing and raising rates. Instead, he is lowering rates and encouraging more production on the mistaken assumption that this will bring down inflation. It will do the opposite. What are the chances of a complete meltdown here, Weimar style? They are growing by the day. What are the chances of contagion, moving to Greece and then the European Union generally? They too are growing by the day. Authoritarian states have already been unleashed in the name of virus control, and this prompted a vast inflation throughout the region. Stopping that inflation will prove impossible without also plunging economies into depression. But the economic depression is going to come anyway, alongside wild inflation. It’s a grim picture, not unlike that experienced by Argentina in the past. Politicians are unable to make wise decisions and keep doubling down on error, thereby bringing chaos of their own making. From Istanbul to New York One of the reasons journalists like to talk about Turkey is that it distracts them from dealing with our own disasters. The most obvious and tragic case right now is New York City. It’s a deeply painful scene, but I will try to describe it. More than 25,000 restaurants and bars in New York have already gone out of business. The ones remaining are attracting fewer than half the customers that they once did. Vast people have fled the city so it is very difficult to pay workers. Workers can name their price these days, vastly increasing costs. Ingredients are hard to come by. The port clogs are hopeless and high-end restaurants are having to charter their own flights to and from many places in the world just to maintain their menus. Meanwhile, as the city plunges deeper into crisis, prices are soaring everywhere for everything from bars to restaurants to transportation to hotels. If you can possibly avoid the place for now, I would strongly suggest that you do so. Many residents now regret not having left a year and a half ago. 1992 Book Reveals: The Next Big Tech Obsession Valley insiders have spent the last 30 years passing a “secret playbook” around their inner circles. This “secret playbook” ([which I reveal right here]( has pointed the world’s biggest tech moguls to major breakthroughs that have helped disrupt entire industries... Now, for the first time ever, tech billionaires are set to reveal the “final chapter” of this mysterious book. And I’ve secured you special access to a full rundown of this little-known breakthrough. [>> Click here now for the full story <<]( Where are the Cops? As for crime, it is out of control. There’s so much of it, it is not even reported. A bar owner on the Upper East Side told me that he witnessed a bum grab a woman’s purse in front of his place. She wouldn’t let go. He dragged her down the street screaming and then turned the corner. She finally let go, scrapped up and bleeding. People stood by in shock and then went on with their lives, because such scenes are completely normal. What are the cops doing? They are busy enforcing vaccine mandates. No one can go anywhere inside in this city without flashing proof of vaccination. Never mind that half are fakes. They come in all shapes and sizes. No one seems to care, so long as they work. The cops themselves will fine any business $5,000 for letting even one person in without a card, real or fake. Sometimes the cops even circle the restaurants and demand them of customers! Enjoy your dining experience everyone! During the pandemic, and the closures, many restaurants set up outside dining, basically building another version of indoors outdoors. It was very expensive to do and the results were sometimes ridiculous. But the saving grace here is that the city didn’t charge the restaurants for the extra space, given the emergency. That didn’t last long. Now the city is going shop to shop and assessing fees on outdoor dining areas. These can be $50,000 to $100,000 — even more than it cost to put them up. This is happening at a time when many of these establishments are barely surviving. Their customer base has collapsed, labor is expensive, and food and drink are ever more difficult to come by. Fear and Loathing The whole place has a feel of demoralization. Many people who refuse the vaccination and refuse the fakes just sit at home and order food in. They cannot go to movies, shows, bars, or restaurants. Yes, there are plenty of speakeasies, but they take enormous risks. The mayor who did this to the city is out of office January 1, 2022. He is deeply unpopular. Hated. And he seems not to care. He is demanding that all workers in NYC get vaccinated, even though this would exclude half of the minority populations from earning a living. He is literally willing for people to starve rather than allowing for natural immunity! Now he is talking about running for Governor. What a joke! The new Mayor may or may not rollback this insanity. Everyone is waiting to see. Meanwhile, cases are going through the roof in the city. By some measures, cases are higher than they ever have been, even as deaths are not yet rising. Instead of noting the astonishing failure of forced masking and vaccinations, the mayor is doubling down. Where have we heard this before? Oh yes, from Turkey! It’s the same political and economic dynamic all over the world. Ok, let’s say that Florida is the great exception. The Washington Post recently observed that businesses in Florida are expecting record revenue this season, even as New York is being wrecked. What a scene! New York is a dark dystopia, while Miami is a happy utopia. Who could have anticipated this? Well, I did and so did most of my friends. Nothing is surprising about any of this, but that makes it no less depressing. To see political figures like Di Blasio and Biden wreck so much freedom and prosperity is truly pathetic, and an awful commentary on human folly and evil. Regards, [Jeffrey Tucker] Jeffrey Tucker P.S. Just a quick reminder: Your chance to get the name of the #1 coin to buy right now expires in less than 12 hours. (You’ll get it 100% free of charge, no sign-in or opt-in required). But this is a real deadline. Because after 11:59 PM, this opportunity comes down. [So go here now before you miss out](. Trump’s Secret Legacy July 2020, the Trump administration oversaw a RADICAL change to the tech world… one that could unleash a huge wave of disruption… prosperity… and wealth creation in the near future. Chances are, you haven’t heard about it until today. But according to one of America’s most respected tech forecasters, it’s set to create small fortunes right here in this country. He recently went on camera to explain why – [check the footage out here while it’s still available.]( [Three founders Publishing]( To end your Gilder's Daily Prophecy e-mail subscription and associated external offers sent from Gilder's Daily Prophecy, feel free to [click here](. If you are having trouble receiving your Gilder's Daily Prophecy subscription, you can ensure its arrival in your mailbox by [whitelisting Gilder's Daily Prophecy](. Gilder's Daily Prophecy is committed to protecting and respecting your privacy. Please read [our Privacy Statement.]( For any further comments or concerns please email us at GildersDailyProphecy@threefounderspublishing.com. Nothing in this e-mail should be considered personalized financial advice. 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