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    The bankers’ job is to do banking; the administrator’s job is to administrate
    Güven Sak, PhD 01 April 2011
    Turkey owes its successful recovery performance to the banking system. However, these days we are angry at the banks. The growth figures for 2010 have been announced. Turkey's economy grew at a rate above expectations in the last quarter of 2010, at 9.2 percent. The overall growth rate for 2010 was also above the expectations, at 8.9 percent. In 2009, the economy contracted more than expected, by 4.8 percent. From 2008 to the present, Turkey has been firstly among the ten economies that have contracted the most and then among the ten economies that have recovered the most rapidly. At the beginning of the process, we failed to put forth a set of measures that would mitigate economic contraction. Today, we are failing to manage the rapid recovery process. [More]
    The green revolution is closer
    Güven Sak, PhD 29 March 2011
    The risk of a nuclear disaster caused by the earthquake, if not the earthquake in itself, have shaken the core the belief that nuclear energy is "very safe." The Japanese earthquake has shaken up our attitude towards nuclear energy. It can only be the instant confusion that  allows anyone to think that nothing will change with respect to nuclear energy after the earthquake. Those views certainly will ­evolve. Then, the existing plans will be postponed. After this point, no one can say "we will build a nuclear power plant in your neighborhood" without asking the residents. In fact, they should not. This is only the first impact of the Japanese earthquake on Turkey. Today let me emphasize why we are one step closer to the green revolution. [More]
    Earthquakes are beneficial to the economy
    Güven Sak, PhD 25 March 2011
    The money circulation in the markets increases in periods following an earthquake. Immediately a rapid fund transfer mechanism steps in. I read the following years ago (I cannot remember now from which author): ""I have understood this much from this situation: "That which is good for the economy is bad for me. That which is good for me is bad for the economy."  He is right once again. Are natural disasters good or bad for the human race? Have you ever thought that disasters can be beneficial to the economy? Studies indicate so. [More]
    Does the Libyan path lead to Iran?
    Güven Sak, PhD 22 March 2011
    This time it would be wise to adopt an optimistic caution. The need for an export insurance mechanism in Turkey is increasing. Our neighborhood has been a mess for some time now. We are witnessing developments to which we are not accustomed. The military action aimed at creating a no-fly zone in Libya has increased the regional uncertainty. Therefore it will be wise to take a look at the repercussions of the activities in the region for Turkey's economy once again after the military operations. If you are interested, please read on. [More]
    Have you noticed the change in the price tags?
    Güven Sak, PhD 18 March 2011
    The new and fast growing trend among publishers to print the prices on the back cover again is evidence of the fact that Turkey is rapidly losing its inflationist memory. I love browsing through books at bookstores whenever I have time. My main interest is the books, actually. But since the beginning of this year I have been noticing a change. They no longer attach price tags to the books as we got used to in the long inflationist period. Since the beginning of 2011, publishers print the price of the book directly on the back cover. Are you aware of what an important change this is? This, indeed, can be read as an indicator of the fact that many parameters including the maturity of bank deposits are about the change.  Let me tell you why. [More]
    I sincerely congratulate Mr. Recep Akdağ
    Güven Sak, PhD 15 March 2011
    I am of the opinion that the demonstrations could have been more comprehensive. The arbitrary decisions of the Ministry of Health in the recent period have harmed the private hospitals in particular. I had not participated in a protest in years until the other day when I joined the Many Voices, One Heart demonstration held in Ankara by the health personnel. The weather was quite good on Sunday. It was a long walk for me. I saw many friends I had not seen in a long time. I had a lot of fun. I would like to thank to Mr. Recep Akdağ, Minister of Health, for giving me this opportunity. Today let me share with you my impressions about the day of protest. [More]
    The highest rank in the Libyan army is colonel
    Güven Sak, PhD 11 March 2011
    If the European Union had acquired a similar insight and executed the accession process without any interruption, Turkey most likely would ­ not have needed the Ergenekon case. Recently I read that the Chief of Staff of the Military of Libya was Colonel Abu-Bakr Yunis Jaber, which made me wonder whether there are no higher-ranking officials in the military in Libya. I checked this and saw that the rank of general has not been used in the country since the military coup of 1969. Can you imagine the trauma Libya has been going through? Let us imagine it together. [More]
    No wise man has been entering the industrial sector, indeed
    Güven Sak, PhD 08 March 2011
    Turkey needs an industrial policy. Deindustrialization is Turkey's biggest problem. If I were to ask you what the biggest gain of the eighty-odd-year history of the Republic of Turkey has been, you probably would have a number of answers. If you ask me, the biggest gain in the Republican era was becoming an industrial economy. The combination of the answers that came to your mind in response to my question has enabled Turkey to become an industrial country. However, the circumstances are worse now.  Turkey has been going through a process of deindustrialization for the last five or six years. The reason is that Turkey does not have a vigorous economic policy framework. Above I said that "no wise man enters the industrial sector." With your leave, let me say that no one with any sense has e [More]
    The CHP’s plan is more functional than that of the AKP
    Güven Sak, PhD 04 March 2011
    Your distributing goods in the form of benefits says, "I know what you need better than you do." I have been reviewing a survey conducted in February. Inequality in income distribution is among the top three challenges for Turkey. When you ask people what problems the new constitution must solve, they respond, "economic and social rights and thus the improvement of welfare." These are always among the top three answers. This is the agenda of the people in Turkey. On the eve of the elections, the Republican People's Party (CHP) has brought a plan for family insurance onto the agenda. I think this is a perfect move. The family insurance scheme is a good idea in the current environment. Moreover, the CHP has designed a mechanism that is more market-friendly than the current social assistance [More]
    2011 is 2001 for Northern Cyprus
    Güven Sak, PhD 01 March 2011
    2001 was an opportunity for Turkey. We seized that opportunity. 2011 is an opportunity for Northern Cyprus. Let us wait and see what the Turkish Cypriots do. It is emancipating to face the truth. This was the case for Turkey. It was 2001 when Turkey faced its reality. 2011 similarly must be the year Northern Cyprus faces its own reality. What they need is the courage to look in the mirror. The economic crisis of 2001 taught us that what we thought to be sustainable was not. Now it is the Northern Cypriots' turn. 2011 must be for them what 2001 was for us. Let me explain why. [More]