Turkey Inches Closer to Hyperinflation

Turkey's inflation rate is spiraling out of control. Yet, the central bank just lowered interest rates. The monetary and fiscal irresponsibility there has now led to a stock market flash crash, falling over 8% in one day, and only stopping due to circuit breakers shutting down trading. As bad as this seems, Turkey is just the writing on the wall for every nation on earth that engages in the same inflationary financing of government spending.

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