Despite recent rare events in Turkey Recently, I probably wouldn’t be mentioning it at all if not for the intriguing article about it in Bloomberg this afternoon – Turkey’s Lira Falls as Policy Makers Slow Pace of Rate Cuts.
By the headline, one might expect such a currency reaction, however, upon opening up the article; we find that the rate cut was by 25 basis points instead of the expected 50, amid a series of rate cuts over the last few quarters.
It’s just interesting from the point of view that interest rates are not a reliable indicator of the stance of monetary policy, which can be impacted naturally by the circumstances.
On another note, I monitored the evening session of day one of the RNC convention yesterday, which wasn’t so very interesting. After the delegate kerfuffle that occurred during the afternoon session, the crowd had thinned quite a lot and the speakers sounded unrehearsed. And for most of the speakers, the subject matter was simply awful.
A woman whose son died in the terror attack on the embassy in Benghazi in 2012 spoke and labeled Hillary Clinton a liar and blamed her for her son’s death. On an on it went, the name calling and the blaming, for several minutes, and the thought occurred to me that, while I am very sorry for her loss, her son’s death has now been politicized and somehow cheapened despite any degree of valor that went with it. I agree that Clinton should not have lied to the public about the incident with the claim that the attack was a riot over a video. But these politicians using this woman’s grief to score points is about as low as it gets.
There were also two speakers who discussed the details of their relatives’ deaths at the hands of illegal aliens. I probably don’t need to write too much about this, as it speaks for itself. I have heard media reports about the event that these were an attempt to copy Nixon’s tough on crime theme. But I wouldn’t necessarily draw that parallel as Nixon discussed reform of the judicial and criminal justice systems in his speech in 1968 without mentioning the violence or those committing it – he talked about solving the real problem without pointing fingers. And even though at war at the time, he never proposed to round up Vietnamese and deport them, nor did he sully them as a group in any way. He at least had that bit of class to his character. One can be tough on crime without being a total jackass.
If I had been at the convention last night, I am sure I would felt completely out of pace and would have wanted to just go home in disgust. Those people, I do not know who they are; they are not my countrymen.