A Growing Economy Isn't Enough

In spite of the positive social mood in Turkey as expressed by its up until recently relentlessly rising stock market, apparently not all is well. In recent days violent demonstrations against the government have taken place, which prime minister Erdogan at first blamed on a 'few looters'. After the protests had spread to 67 cities, he implied that they were orchestrated to create a pretext for 'undermining democracy', a hint that the powerful Turkish army may be involved (watch Erdogan's statement here).

That doesn't sound very plausible though, since the army's main concern with Erdogan is that he leads an Islamic party. Turkey's army is not necessarily anti-democratic – rather it sees its role in ensuring that Turkey remains a secular state and doesn't become a theocracy. In short, the army regards itself as the guarantor of Kemal Atatürk's legacy.

Reuters reports:

 

 

“Tens of thousands of people took to the streets in Turkey's four biggest cities on Sunday and clashed with riot police firing tear gas on the third day of the fiercest anti-government demonstrations in years.

The din of car horns and residents banging pots and pans from balconies in support of the protests resonated across neighborhoods in Istanbul and Ankara late into the night, as hundreds of demonstrators skirmished with riot police.

Roads around Prime Minister Tayyip Erdogan's office in Istanbul were sealed off as police fired tear gas to push back protesters, and police raided a shopping complex in the centre of the capital Ankara where they believed demonstrators were sheltering, detaining several hundred. Erdogan blamed the main secular opposition party for inciting the crowds, whom he called "a few looters", and said the protests were aimed at depriving his ruling AK Party of votes as elections begin next year.

Interior Minister Muammer Guler said there had been more than 200 demonstrations in 67 cities around the country, according to the Hurriyet newspaper. The unrest erupted on Friday when trees were torn down at a park in Istanbul's main Taksim Square under government plans to redevelop the area, but widened into a broad show of defiance against the Islamist-rooted Justice and Development Party (AKP).

Erdogan said the plans to remake the square, long an iconic rallying point for mass demonstrations, would go ahead, including the construction of a new mosque and the rebuilding of a replica Ottoman-era barracks. He said the protests had nothing to do with the plans. "It's entirely ideological," he said in an interview broadcast on Turkish television.

"The main opposition party which is making resistance calls on every street is provoking these protests … This is about my ruling party, myself and the looming municipal elections in Istanbul and efforts to make the AK Party lose votes here." Turkey is due to hold local and presidential elections next year in which Erdogan is expected to stand, followed by parliamentary polls in 2015.

The main opposition Republican People's Party (CHP) denied orchestrating the unrest, blaming Erdogan's policies. "Today the people on the street across Turkey are not exclusively from the CHP, but from all ideologies and from all parties," senior party member Mehmet Akif Hamzacebi said. "What Erdogan has to do is not to blame CHP but draw the necessary lessons from what happened," he told Reuters.

The protests, started by a small group of environmental campaigners, mushroomed when police used force to eject them from the park on Taksim Square. As word spread online, the demonstrations drew in a wide range of people of all ages from across the political and social spectrum.

The ferocity of the police response in Istanbul has shocked Turks, as well as tourists caught up in the unrest in one of the world's most visited destinations. Helicopters have fired tear gas canisters into residential neighborhoods and police have used tear gas to try to smoke people out of buildings. Footage on YouTube showed one protester being hit by an armored police truck as it charged a barricade.

The handling of the protests has drawn rebukes from the United States, European Union and international rights groups.”

 

(emphasis added)

It is interesting that once again, social media – read: the internet – were used to spread the word and enlarge the protest. Erdogan probably underestimates the degree to which today's prosperous Turkey is breeding opposition to his hitherto mild Islamism. Note the trigger for the demonstrations: plans to erect a mosque in a square that is a popular meeting place of the opposition. The stock market in Istanbul has suffered a setback as the protests broke out, but still sports an enormous long term gain:

 


 

Istanbul, daily

The Istanbul National 30 Index: the setback over the past week or so has erased this year's gains.

 


 

Istanbul, LT

The market is still up more than 300% from the 2009 low.

 


 

Conclusion:

It is not knowable yet what these protests in Turkey really signify. But we take them for now as another sign of societal change infecting Islamic countries. In some places there has been a reaction taking countries toward more rather than less Islamic influence (e.g. in Egypt), but there are powerful forces pulling in the opposite direction as well.

 

Charts by: BigCharts


 

 
 

Emigrate While You Can... Learn More

 
 

 

Dear Readers! We are happy to report that we have reached our turn-of-the-year funding goal and want to extend a special thank you to all of you who have chipped in. We are very grateful for your support! As a general remark, according to usually well informed circles, exercising the donation button in between funding drives is definitely legal and highly appreciated as well.

   

Bitcoin address: 1DRkVzUmkGaz9xAP81us86zzxh5VMEhNke

   
 

Your comment:

You must be logged in to post a comment.

Most read in the last 20 days:

  • safe spaceReality is a Formidable Enemy
      Political Correctness Comedy We have recently come across a video that is simply too funny not be shared. It also happens to dovetail nicely with our friend Claudio's recent essay on political correctness and cultural Marxism. Since this is generally a rather depressing topic, we have concluded that having a good laugh at it might not be the worst idea.   How to most effectively create a “safe space” on campus Cartoon by Nate Beeler   It is especially funny (or...
  • Gold bars are displayed at a gold jewellery shop in the northern Indian city of Chandigarh May 8, 2012. Gold imports by India, the world's biggest buyer of bullion, could rise on pent-up demand from jewellers after the federal government decided to scrap an excise duty on jewellery it imposed in March, the head of a trade body said on Monday. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)Fresh Mainstream Nonsense on Gold Demand
      They Will Never Get It... We and many others have made a valiant effort over the years to explain what actually moves the gold market (as examples see e.g. our  article “Misconceptions About Gold”, or Robert Blumen's excellent essay “Misunderstanding Gold Demand”).  Sometimes it is a bit frustrating when we realize it has probably all been for naught.   Gold wants to know what it has done now... Photo credit: Ajay Verma / Reuters   This was brought home to...
  • fir wateringDrowning the Fir
      Presidential Duties Our editor recently stumbled upon an image in one of the more obscure corners of the intertubes which we felt we had to share with our readers. It provides us with a nice metaphor for the meaningfulness of government activity. First, here is a look at the picture – just quietly contemplate it for while and let it work its magic on you:   Yes, these two gentlemen are actually watering a tree in the middle of a downpour... Photo via...
  • Hollande 2The Wonder Years Are Over
      Everybody Is Unhappy PARIS – “France?” We were in a cab on the way from Charles de Gaulle Airport yesterday. We had innocently asked our cab driver how things were going in the country. He had some thoughts...   French president Francois Hollande: against all odds, he managed to attain the most powerful position in French society. And yet, even he is unhappy. Photo credit: Patrick Kovarik / AFP   “France is a mess. We have 5 million people unemployed. And...
  • swiss-cultureSwitzerland About to Vote on “Free Lunch” for Everyone
      Will the Swiss Guarantee CHF 75,000 for Every Family? In early June the Swiss will be called upon to make a historic decision. Switzerland is the first country worldwide to put the idea of an Unconditional Basic Income to a vote and the outcome of this referendum will set a strong precedent and establish a landmark in the evolution of this debate.   The Swiss Basic Income Initiative in a demonstration in front of parliament. As we have previously reported (see “Swiss...
  • mossack fonsecaGold – The Commitments of Traders
      Commercial and Non-Commercial Market Participants The commitments of traders in gold futures are beginning to look a bit concerning these days – we will explain further below why this is so. Some readers may well be wondering why an explanation is even needed. Isn't it obvious? Superficially, it sure looks that way.     As the following chart of the net position of commercial hedgers illustrates, their position is currently at quite an extended...
  • picture-social-contract-not-foundHeretical Thoughts and Doing the Unthinkable
      Heresy! NORMANDY, France – The Dow rose 222 points on Tuesday – or just over 1%. But we agree with hedge-fund manager Stanley Druckenmiller: This is not a good time to be a U.S. stock market bull.   Legendary former hedge fund manager Stanley Druckenmiller at the Ira Sohn conference – not an optimist at present, to put it mildly. Photo credit: David A. Grogan / CNBC   Speaking at an investment conference in New York last week, George Soros’ former partner...
  • ClintotrumpStaying Home on Election Day
      Pretenses and Conceits The markets are eerily quiet… like an angry man with something on his mind and a shotgun in his hand. We will leave them to brood… and return to the spectacle of the U.S. presidential primaries. On display are all the pretenses, conceits, and absurdities of modern government. And now, the race narrows to the two most widely distrusted and loathed candidates.   US election circus: Deep State Rep vs. Rage Channeller   The first, a loose...
  • Jackboot 2How the Deep State’s Cronies Steal From You
      Expanding in Ireland DUNMORE EAST, Ireland – We came down the coast from Dublin to check on our new office building. For this visit, we wanted to stay somewhere different than we normally do. So we chose a small hotel on the coast, called the Strand Inn.   Irish landscape with alien landing pads. Even the guys from Rigel II have heard about Ireland's corporate tax rate. Photo credit: Tourism Ireland   It is an excellent place for seafood and soda bread on a...
  • time100-grid-covers-whiteThe World's 100 Most Influential Hacks, Yahoos and Monkey Shiners
      Hacks and Has-Beens NORMANDY, France – What has happened to TIME magazine? Henry Luce, who started TIME – the first weekly news magazine in the U.S. – would be appalled to see what it has become.   Time cover featuring the sunburned mummy heading the globalist IMF bureaucracy (which inter alia advocates that governments should confiscate a portion of the wealth of their citizens overnight, even while its own employees don't have to pay a single cent in taxes). Once you...
  • YenThe Japanese Popsicle Affair
      Policy-Induced Contrition in Japan As we keep saying, there really is no point in trying to make people richer by making them poorer – which is what Shinzo Abe and Haruhiko Kuroda have been trying to do for the past several years. Not surprisingly, they have so to speak only succeeded in achieving the second part of the equation: they have certainly managed to impoverish their fellow Japanese citizens.   Shinzo Abe and Haruhiko Kuroda, professional yen assassins Photo credit:...
  • Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan, December 18, 2015.  REUTERS/Toru HanaiKuroda-San in the Mouth of Madness
      Deluded Central Planners Zerohedge recently reported on an interview given by Lithuanian ECB council member Vitas Vasiliauskas, which demonstrates how utterly deluded the central planners in the so-called “capitalist” economies of the West have become. His statements are nothing short of bizarre (“we are magic guys!”) – although he is of course correct when he states that a central bank can never “run out of ammunition”.   BoJ governor Haruhiko Kuroda Photo credit:...

Austrian Theory and Investment

Support Acting Man

Own physical gold and silver outside a bank

Archive

j9TJzzN

350x200

Realtime Charts

 

Gold in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Gold in EUR:

[Most Recent Quotes from www.kitco.com]

 


 

Silver in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Platinum in USD:

[Most Recent Quotes from www.kitco.com]

 


 

USD - Index:

[Most Recent USD from www.kitco.com]

 

THE GOLD CARTEL: Government Intervention on Gold, the Mega Bubble in Paper and What This Means for Your Future

 
Buy Silver Now!
 
Buy Gold Now!
 

Oilprice.com