Turkey is breaking bad.

I deal with steel pipe suppliers, yesterday found out that 2 of the companies that I previously worked with are closed. Couldn’t reach to a third one.

Today was at two different factories and both of them told us that they are facing huge issues regarding collecting payments.

Turkey was at an ultra loose monetary policy up until end of May 2023 aka the last elections.

Monetary policy got tightened and tax increases started to happen literally a week after the elections.

With 2 months of monetary tightening and credit crunch, companies started to fail and I bet it will get much worse until Turkey starts begging to IMF or Brics for money. And of course it will only get worse after getting more debt to pay debt.

Understanding #bitcoin will be important.