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lowering interest rates and then burning through your hard cash is an interesting way of managing your exchange rate. #whateverittakesbutnocapitalcontrols
historians of the global financial cycle will have a great time explaining Erdogan as inexplicably contrarian till the bitter end (30?50?)
guys, the analogy with China in the 80s is wrong not because of industrial policy, but because China was basically closed to capital flows, whereas Turkey stubbornly refuse to follow that path and impose capital controls. 
