During the first week of June, I had the chance to discuss with some experts about the current state of the world economy in the light of recent global and national developments. With a focus mainly on the Sino-US conflict, we discussed the fact that China has been working to ensure a shift in global power in their favour for the last decade, while the US has been taking various measures to prevent that from happening.

A few months ago, the “financial literacy week“ was launched under the auspices of the Credit Registry Bureau (KKB) of Turkey. The event was aimed to raise the financial awareness of individuals, especially in terms of taking out and using personal loans.

As I see the inadequate theories put forward by various parties amid discussions about production and added value, I believe I should directly tackle the philosophy of the issue, rather than talking about daily economic developments.

I have repeatedly written in my articles and books that those who seek economic factors behind the depreciation of a country’s currency are simply looking from the wrong perspective. Macroeconomic decisions are made by governments and implemented by bureaucrats. Obviously, they exchange information and opinions in the process.

The 1980s' physics, chemistry, mathematics, and biology classes in high school principally focused on “certainty”. Called “Scientific Determinism” thanks to great efforts by Laplace (1749-1827), this theory can be defined as follows: “If we knew both the position and velocity of every particle in the universe, we would be able to predict everything that would happen in the future...”

In the 1970s, “making your money work for you“ was neither a common nor a proper practice in Turkey. Trading and producing created two respectable classes in society: merchants and manufacturers. The merchant class, however, was freer than the latter. While manufacturers were making their dreams come true on the production line, merchants were selling products designed and created by the manufacturers.

In the 1970s, “making your money work for you“ was neither a common nor a proper practice in Turkey. Trading and producing created two respectable classes in society: merchants and manufacturers. The merchant class, however, was freer than the latter. While manufacturers were making their dreams come true on the production line, merchants were selling products designed and created by the manufacturers.

I give more than 20 speeches a month, at home and abroad. I publish comments on my website, social media, Turkish and international newspapers, and portals followed by millions of people. No matter how busy my schedule gets, I always make sure that I do my homework before writing an article, giving a speech or sharing my thoughts on social media.

In the early 2000s, the most important skill of importers was efficient supply chain management. For example, they would manufacture fabric in Pakistan, make it into trousers in Egypt, and then sell it to the US without paying customs duty. Although such an operation might seem difficult today, in the past, it helped importers have a serious cost advantage.

I don’t know how much you want to know about Turkey, the country that lies in the westernmost of the East and the easternmost of the West. Turkey is about to experience its most crucial elections in its history, and to be able to understand the current situation in the country, I think it is best to start with a brief introduction, which I will do by comparing Turkey to other countries so that it can be better understood.

Central banks, dating centuries back and reinforced by the paradigms of the 20th century, are essential to the capitalist system. But in the 21st century, they tended to lose their vitality, and many of their functions and responsibilities, including money creation, money growth mechanisms, along the interest multiplier, were assumed by other institutions such as regulatory authorities, private banks, and financial institutions.

Before presenting my analysis on world trade, let me focus on the current state of the world population and its expected effects on the economy. According to the recent projections by the United Nations, the world population will become increasingly urbanised. It is estimated that, in the year 2050, most of the population will be living in coastal areas.

Opening a deposit account at a bank was a big deal back in the 1970s. It was difficult for banks to attract people’s savings with negative real interest rates. The monetary policies of the time were designed not to offer real interest rates for deposits, exerting some sort of pressure on money, so to speak.

Karl Marx, who warned the world by the mid-19th Century of the Wall Street Crash of 1929 preceding the Great Depression, considered the positions taken by US banking to be quite risky. Indeed, US banking system went through a severe crisis at the beginning of the last century. The first US banking crisis happened in 1857-58. In fact, in some aspects, this crisis was interestingly similar to today’s crisis.

For the last couple of years, in my articles, I’ve been trying to highlight a theory of mine: “If a financial crisis breaks out, developed countries will be the epicentre, not the developing ones“, which I base it upon the following arguments: