That plan is to de-dollarize the economy of a valuable member of NATO geostrategically. Since the first shots across the bow by the Trump administration at Erdogan's toying with those powers east of the Bosporus (Russia, China and Iran) the Turkish lira has been the primary mode of attack against Erdogan.

Erdogan has pursued what has been deemed unorthodox monetary policy since firing his Central Bank during the lira's 2018 crisis. Then the Bank of Turkey wanted to raise interest rates to 30% to tame inflation. Erdogan, rightfully, in my opinion, stepped in and said no.

Earlier this year he went after Bitcoin exchanges to stem the tide against the lira and buddy back up to Davos a little, but they are more than wise to his game and Erdogan's reckoning with them was always on the horizon. Today we've reached the horizon and the attack on the lira has him in his weakest state politically in all the years he's been in power.

And with the lira blowing out to 18(!!) versus the dollar this week, Erdogan's monetary policy has been all the news, especially with him promising to cut interest rates rather than raise them which is the conventional wisdom.

This blowout finally pushed Erodgan to unveil a new package of interventions to stabilize the lira.

The idea that monetary policy should only be conducted on the basis of creating 'low inflation' is nonsense, but that is what everyone focuses on with respect to interest rate policy.

It is certainly one factor, and as a committed Austrian in my thinking, I'd rather not even be talking about such things as central banks, monetary policy and what's a sustainable rate of inflation, since that last part just sounds like a sustainable rate of theft.