My holiday reading…

I’m off to Spain for some reading and beach time on Wednesday… Strangely prescient reading awaits …

If anyone wants a book recommendations one of favourite economic history books is The Wages of Destruction (but The Deluge is up there as well) and The Museum of Innocence is one of my favourite novels. I went to Turkey for the first time in 2001 and then everyone wanted dollars, then I went back four years later and everyone wanted €. The script looks written for a currency crisis here when the President asks the population to change $ into Lira as an act of patriotism, and so when I next go back to Turkey they may well be looking for Yuan if David Goldman is right.

The graph above just shows that Turkey isn’t going to stop buying Iranian oil. They will just barter for it and actually end up paying less in $ terms. Russia and China are getting a back door channel to the whole region the longer this keeps up.

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