This is not just an economic crisis
12 March 2009
Are you aware that the current global disaster is not just an economic crisis in the sense we have been used to during the last three decades? Decision-makers, including Honorable Prime Minister of Turkey, may not be aware of this yet; but USA President Barrack Obama is. Let us see how we know he is aware and what we miss.
“I am currently feeling what the figures will tell you two months from now”
10 March 2009
A few days ago, a businessman while explaining senior bureaucrats the problems companies in his city face said "I am currently feeling what the figures will tell you two months from now". Is not this basically what happens? Nowadays, balance sheets for 2008 are being announced. What do we learn? We learn the condition of the company in 2008. Now, it is March 2009. Turkish Statistical Institute (TURKSTAT) announces 2008 data with a similar delay. As a result, what is going on is reflected on the figures with a two-month delay. Balance sheets are announced and the crisis becomes evident. Announced balance sheets do not provide new information. They just validate what was evident months ago. And they underline how much Turkey needs an emergency evaluation mechanism. Today, let us emphasize ho
The reform decreases corruption perception and increases public satisfaction
07 March 2009
First findings of the research "Vision of the Society about Public Administration and Public Services" were recently announced. The research was carried out by Fikret Adaman from Bosporus University, Ali Çarkoğlu from Sabancı University and Burhan Şenatalar from Bilgi University, on behalf of TEPAV (Economic Policy Research Foundation of Turkey). The data for the study carried out with the participation of around 2040 respondents from all around Turkey representing the urban population was compiled during November-December 2008. First findings were announced the week before. The comprehensive report will be published in two months.
To what degree we are ready for the Everlasting Trials Period
05 March 2009
Are your aware that the process we are in has an everlasting period? Barack Obama, new US President explained what this period meant in the best way possible. A few days ago, he spoke: "In brief, the issue is this: We will do whatever heals the wounds. It will take time to shape all details of the complete plan pertaining to the steps to be taken. Moreover, some parts of the plan must be reevaluated and revised. Then, we will try it. If one measure does not work, we will try another one." The words of Obama are highly in harmony with the words Franklin Delano Roosevelt used in 1930s as the latter also liked to state that his economic program composed of "brave and insistent trials". So, is this depressing? No, it is not. Accepting the reality rather than fighting against it is the prerequ
The ostrich tactic did not work; the global crisis is now the crisis of Turkey
03 March 2009
There are different ecoles of people. Nowadays we are familiar with the kind that makes unnecessary explanations. While the global crisis becomes the crisis of Turkey, they wonder around and talk. Then, they talk again. If you incline your ear to them, you see that they are also placing advertisements here and there. In all, they are talking with big words. However, once you listen to them, your information stock and the boundaries of your analysis ability do not expand; you do not get enlightened about what you have to do. Though the things they say do not ease your suffering; they keep on talking. Nowadays, my favorite is titled "private sector that made billions of dollars borrowing in foreign currency participates in the crisis lobbies to survive". This type of explanation is in partic
What kind of a thinking shall be employed about the crisis?
26 February 2009
We are in the middle of the biggest economic crisis of the era and we are still confused. There are two dominant approaches: The former desperately argues that there is not enough internal space of action to overcome the disaster that originated externally. A deep "no way embarrassment" can easily be observed in this approach. It assumes a sort of "who we are to deal with this huge disaster alone" attitude can be noticed. The second approach on the other hand assumes a much more hopeful attitude. It first enumerates what can be done. Then, it serves that evil question: "Do we have the resources to accomplish those?" and a deep silence spreads around. Again the "no way embarrassment" takes the lead. The way to overcome the crisis is to overcome this dilemma. There are measures to take. Eac
How shall the corporate sector respond to the crisis? First challenge is the ‘You do not say embarrassment’
24 February 2009
We are living the deepest and most far reaching crisis of the world history. The crisis is approaching our shores in full flood. Did you notice the emphasis: It has not arrived yet, it is to arrive. So, what shall be done in such an environment? What kind of an attitude shall be assumed in particular by the corporate sector? There exist a number of views with this respect starting with the importance of being innovative and ending with defining the opportunities created by the crisis in the right time. But one thing is obvious: it is crucial to make a move forward and act differently than the past. But, in our case, it is not so. In the process we are in, it is more important to avoid making a move. Let us state it clearly: It is time to get through the day without facing any trouble rathe
What is that smell over the Balkans this time?
21 February 2009
In 1930s, Rebecca West writing about the Balkans said "I hate the corpses of empires, they stink as nothing else." Back in that decade, Austria-Hungary Empire and the Ottoman Empire had just collapsed. The Balkans was in chaos, just like today. It seems that the smell of a closed era have spread all over the Balkans. Just as West said, the smell in the air is unbearable. Nowadays, the Balkans lives in the economic crisis climate. With this economic crisis, the global crisis has for the first time attained a different feature unique for countries like Turkey. We have to follow up the developments in the Balkans attentively, for three reasons. Let us first see what is going on in the Balkans nowadays.
Is it licit that banks are restructured by bank managers?
19 February 2009
The answer is: No, it is not. Let us see why. The main problem of our world, nowadays, is that, it has not changed despite a whole year passed. The source of the problem is the US banks. It is necessary to do a comprehensive cleaning in the balance sheets of banks. Comprehensive cleaning operation has not been launched yet. Under these circumstances, banks fail to function. When the banking system fails to function, plans designed to boost consumption fails to be effective from the very beginning. Then, it is crucial to ensure that the banking sector restarts functioning before focusing on the measures required to boost consumption. The current state of affairs in the US carried the discussions to the following point: "Is it possible that banks are restructured by bank managers?" And the a
The ones missing the essence of the matter will just be laughed at
17 February 2009
Life is becoming harder and harder for the ones missing the dynamics of the global economic crisis. Are you aware of the local example that is apparent with all aspects? Lately, the countries all round the world are shaken as the impacts of the global crisis are becoming apparent in full flood. However, in case of Turkey, our rulers are of the opinion that there is no anomaly. Honorable Prime Minister of Turkey recently said that "The economy will begin recovering as of June". Minister of Treasury had expressed "interest rate and exchange rate are on track thanks to the measures we have taken". There is the dead of winter outside, but the rulers are talking about sunny summer. In such a period, the ones failing to keep in mind or even recognize the essence of the matter will just be laughe