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Rick Petree Profile picture
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22 Dec, 6 tweets, 2 min read
We got a light dusting of snow last night on our hilltop in Istanbul and the day came up bright and sunny. An early stroll round Bebek produced this pictures.
A 19th century palace owned since Ottoman times by the Egyptian government. Now the Egyptian consulate (recently restored).

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More from @RickPetree

Rick Petree Profile picture
17 Dec
Something that’s becoming evident in the current Turkish financial crisis is that since, say, the major financial crisis of 2001, which wiped out 10% of GDP, GDP has more than tripled. Image
In the process, the middle class has accumulated far more wealth than it had in 2001 (when many were forced to sell their real estate, cars, any hard asset to pay debts).
Some of that middle class wealth is held in hard currencies, and has actually risen by as much as 40% as a result of the lira’s depreciation. Additional wealth is held in gold, which has similarly gained value against the lira.
Read 8 tweets
Rick Petree Profile picture
18 Nov
A tragedy is unfolding in Turkey. Any vestige of central bank independence has vanished: a further rate cut ordered by the President today sent the lira to 11.11/$ at one point (now 11.03). Another rate cut next month is expected, with the predictable Fx effect.
The Minister of Finance, who opposes the President's wrongheaded interest rate policy, is likely to be sacked. Leaked video of an AKP party caucus today made his isolation clear. The last remaining voice of sanity in ruling party circles.
Inflation is officially 20%, but actually at least 30-40% month on month. Hoarding of basic supplies has started: some markets are reported to be limiting customers to one bottle of olive oil per purchase, for example.
Read 7 tweets
Rick Petree Profile picture
17 Nov
Turkish lira 10.6 to the dollar. I’d say ‘unbelievable,’ but it isn’t.
During most of the past 20 years, a 10 lira note was roughly worth $5. Today, it’s worth less than $1.
Read 4 tweets
Rick Petree Profile picture
11 Sep
Many memories of 9/11, all vivid. Getting a call from a relative in the ITV newsroom in London after first plane hit: “what do you think ?” As we talked, second plane hit and I instantly told him. He shouted to the newsroom: “It’s f*cking terrorists !”
Waited hours outside an armory in Grammercy Park, to give blood for survivors who never came. Trudged home up Park Ave. South surrounded by ‘zombie’ people coated in white dust, heads down, utterly silent. Churches had tables set up with water, like a marathon.
Church the following Sunday (St. Ignatius Loyola, Park Ave.) was packed to the rafters. Emotional tension like I’ve never felt.
Read 4 tweets
Rick Petree Profile picture
3 Sep
Spending time in another country that has struggled to preserve a semblance of democracy offers a refresher course on the basics. I've been reminded that:
1.Media matters. We suffer from partisan presentation of ‘news,’ and associated disinformation, but still have media capable of independent investigation and reporting. It’s impossible to resist encroaching authoritarianism without an independent press.
2.Judicial independence is indispensable. Despite legitimate concerns over GOP court-packing, the federal judiciary remains independent of the Executive, institutionally capable of resisting Executive or Legislative overreach (particular failures to do so notwithstanding).
Read 8 tweets
Rick Petree Profile picture
29 Aug
More photos from Burgazada in the Princes Islands (Sea of Marmarma, Istanbul). First, some scenes from a morning walk. ImageImageImage
Typical island architecture. These are mostly summer residences (May thru November), but many come at the weekend year round (only 45 minutes from central Istanbul). Stunning sea views, in most cases. ImageImageImage
Greek Orthodox church of St. John the Baptist (right side photo), and the adjacent building which was the Greek community’s school (now apartments). There is still a remnant of this once prominent local community. ImageImage
Read 5 tweets

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