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    It is not normal that Washington is more important than New York
    Güven Sak, PhD 29 January 2009
    We are in an interesting period. We are under influences that we are not used to face. It might be quite dangerous to get excited upon each development and try to react to each new development. Periods of crises are not periods for rapid action at all. The approach that shall be pursued is to limit actions to the highest extent possible and try not to waste energy. The important thing to do in busy days with different news flowing in every second is to focus on the question of the day. It is crucial to find out the question of the day for avoiding to get excited by every single development. So, what is the question of the day nowadays? A finding by an American friend summarizes the question of the day: Washington being more important than New York is not a situation we are used to see. Let [More]
    Turkey has taken the first measure against the crisis with the BRSA regulation
    Güven Sak, PhD 27 January 2009
    I have good news. We just saw that Turkey has the ability to be proactive. The first right step to tackle the crisis is taken. Banking Regulation and Supervision Agency (BRSA) has broadened the framework of the Reserves Regulation. First of all, it is the first time a public authority takes an action oriented towards the real problem. Secondly, Turkey has for the first time introduced a pro-active measure. This measure, though necessary, is also not sufficient. Now, it is time to take rapid new steps towards the required direction. If you are wondering what we are talking about, please keep on reading. [More]
    Is height enough for success?
    Güven Sak, PhD 24 January 2009
    What is the secret of success in life? Is it the chemical process a fetus is exposed to that determines the future? Or, is what we call success is just the ability to take the opportunity, which is an ability that proves itself in any case? Of course, the mentioned "ability to take the opportunity" is not a gift of the nature, but it is to be nurtured.  But, how is it possible? How can one attain the ability to take the opportunity?  In fact, what Joseph Nye, an international relations professor at Harvard University defines "smart power" is exactly this "ability to take the opportunity" and is nothing but the product of a series of skills. And, nowadays, it is the "ability to take the opportunity" that Turkey needs. [More]
    Obama era is a window of opportunity for Turkey
    Güven Sak, PhD 20 January 2009
    Today is a historic day. President Obama will begin his term as the President of the United States.  Though Israel's latest Gaza operations will force Obama to make immediate foreign policy decisions, the new President will most likely have to focus on economic issues. Expectations are quite high and the problem is more serious than any other that we have ever faced. While immediate foreign policy decisions are forcing the doors, we will see that domestic decisions for the economy will in fact be foreign policy decisions. And the task to shape a new global economic architecture will be carried out by the administration that is to take the office. By this way, a change in style will take place. This is what is going to happen, regardless of whether it is desired or not. We are standing just [More]
    Have you ever visited the Prime Ministry web site?
    Güven Sak, PhD 17 January 2009
    United States of America is getting ready for the Obama era. Inauguration is to be held next week. Bush period of "So many leadership with no followers", as Harvard professor Joseph Nye puts it, is coming to an end. Just a while before, we were saying that "President Obama will be the first president of the Star Trek generation" - in the article talking about "going to places where no one has dared to go before".  Presidency of Obama highlights that some things are not going to be the same for the United States of America. Please, do not show displeasure and say "nothing ever changes there".  You shall give America its due. But, do not worry, today, I do not have any intention to comment on America. I am just seeking to make an extended introduction on the subject of internet and communica [More]
    Prerequisite for changing the reality is accepting it
    Güven Sak, PhD 15 January 2009
    You might be discontent with the reality you face. Changing that reality might be the main purpose of your life. However, you cannot fulfill that purpose by pretending as if that reality does not exist. Recently, in Turkey, we observe "a tendency towards flight from reality" with respect to both economic policy and foreign policy. Since leadership means accepting and trying to change the reality, this tendency is certainly bad. And in fact, it is extremely dangerous. Let's see why. [More]
    Are we the control group of an experiment?
    Güven Sak, PhD 10 January 2009
    Turkish government has been monitoring the financial crisis that has been blatantly arriving here in Turkey as long for almost one and a half years without taking any precautionary measures. Observing such contentment, one cannot stop thinking that the government has an intention. Recently, a friend of mine said "I am afraid that Turkey might be the control group." Why not? Maybe, Turkey is the control group of the experiment conducted to understand the measures required to tackle the crisis. Can this be possible?  Let us see. [More]
    Central Bank shall reconnect with the reality as soon as possible
    Güven Sak, PhD 08 January 2009
    The world has changed. This was what the International Monetary Fund (IMF) chief economist Olivier Blanchard and Director of Fiscal Affairs Department Carlo Cottarelli were mentioning in the joint statement they delivered recently, "What kind of an expansionary fiscal policy do we need?" If you wish, you can find the transcript of the statement in English in the IMF web site or in Turkish in the TEPAV web site. As the world is changing, everyone is trying to adjust, including the IMF. Only the Central Bank of the Republic of Turkey is still living in yesterday's world. However, it is crucial for the Central Bank to reconnect with the reality. If you are wondering why, please go on reading. [More]
    Favorable indicators of yesterday do not give good news anymore
    Güven Sak, PhD 06 January 2009
    2009 will be year different from those we are used to. Before 2009, it was easier to understand which was a right step and which was a wrong step. The economy was operating within the framework we are familiar with. This year, however, things are different. The changes in indicators, which we would deem as favorable in the past, do not point a favorable state of affairs now. Therefore, confusion is inevitable. We are in a period where we have to look back on the things we know. The economy is shifting from one phase to another and in the meanwhile, main problem of the economy is changing. Set of concepts and indicators valid back then do not mean anything today.  Let us see towards what direction the binding constraints of yesterday move and what does this mean for the economy. [More]
    2009 will be the year of easy decisions for the economy
    Güven Sak, PhD 01 January 2009
    Happy New Year! I wish that 2009 brings richness and happiness for everyone living on this beautiful blue planet. In fact, a year in which we will need patience the most has come; not only for the residents of this country, but for everyone living on this planet. Our destinies have never been this interlocked before. We have never encountered such synchronized disasters. For the first time, the world is starting a year with common grieves and concerns. This is as well valid for Turkey. Then, what shall we expect from the year 2009? 2009 will be the year of easy decisions for the economy. Do not get me wrong, naturally hard decisions will also be made. This year will be a hard one for the Turkish economy. However, those hard decisions will be made easily without constantly postponing the is [More]