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    Soul mate of Turkey is Mexico.
    Güven Sak, PhD 08 July 2010
    Have you recently taken a look at Mexico's economy? I decided to do so after a recent meeting in Washington D.C. where the name of the Mexico came up frequently. For the period ahead, those wondering what we can do at G20 had better develop consultation mechanisms with Mexico. Brazil and Korea are a cut above us. They cannot be compared one-to-one with Turkey. Turkey's soul mate appears to be Mexico. Let us see why. Those who are interested are welcome to join me down the article. [More]
    How come was Turkey offside about Iran issue?
    Güven Sak, PhD 06 July 2010
    The idea was neither Turkey's nor Brazil's. I remember writing about this some time ago. The idea belonged to Egyptian Muhammad Al Baradei who was the President of the Atom Energy Commission back then. The currently is on the news as a candidate for Presidency of Egypt. He has left his office at the Commission and is now busy with being a trouble for Hosni Mubarak. I remember that he had come up with this nuclear swap idea in October 2009. His objective was to activate a confidence building process among parties rather than solving the issue. Then, Turkey and Brazil stepped in. after all, they were member to the United National Security Council, though non-permanent. They believed they can accomplish the task and thus they stepped in. However, the permanent members of the UN Security Counc [More]
    Why is the price reduction in electricity withdrawn?
    Güven Sak, PhD 04 July 2010
    Last week was quite entertaining. First, price of electricity were reduced. The next day, the reduction was withdrawn. And then, electricity price was raised. As the newspapers suggest, the Minister of Energy said: "I guess the process was disregarded." What do you think happened? Did you think what a sauciness it was? I personally did so at first. But then, I wondered the details and made a little research. Now, I do not think so. Let me tell you what I now think. Those of you who wonder are welcome to join me down the article. [More]
    Why did the Chairman of the Joint Chiefs of Staff bring attention to public debt?
    Güven Sak, PhD 29 June 2010
    No, not ours. Here in our country, even the decisions that the Chief of Staff make in their own fields of expertise are questioned by the media. But I'm not going to talk about the military. This article is about the current Chairman of the Joint Chiefs of Staff of USA, Mike Mullen, and the subject he brought attention to just last week, is the issue of the size of the US debt stock. According to latest projections, the US debt stock will double up reaching 75% of the US national income, in 2015. Admiral Mullen was explaining that the US public finance was a risk for national security, in this perspective, but this was already pointed out by the US Secretary of State, Hillary Clinton, in February. Actually, the knowledgeable people say that the issue they have been talking about is also re [More]
    The illicit has become legitimate, the legitimate is illicit
    Güven Sak, PhD 26 June 2010
    Do you remember the suras of apocalypse that Nazım Hikmet wrote? The beautiful poem that goes, 'There have been many presages, the time has come/The illicit has become legitimate, the legitimate is illicit/.../There have been many presages, the presages of apocalypse'. Nowadays, our economic system is going through a similar period. I believe it is a big loss, not being able to notice that. We were too late to understand the changes in the beginning of the crisis, and it cost us dear. Now if we fail to keep up with the changes, it seems to me that the consequences will once more be burdensome. That's the reason why I'm writing this article. [More]
    Greece is the symbol of the indigestion problem of the European Union
    Güven Sak, PhD 24 June 2010
    Europe's problem continues. And its nature changes as it continues. The other day the issue was about BNP Paribas. Everyone's heart almost stopped when the credit rating dropped. It seems now we have come to see what the fundamentals of this issue is: the Committee of European Banking Supervisors (CEBS) is going to measure and publish the stress of twenty-five banks. It did this in October, 2009, most recently, and now it's going to do it again. Spain has already announced that it was going to publish a similar test for its banks. Now wait for this 'How much pressure is on the banking balance sheets of Europe?' test of CEBS to cover all banks, instead of only those twenty-five. Wolfgang Münchau was talking exactly about this, this week, in Financial Times. Why is it so? For a very simple r [More]
    How will this accident affect oil prices?
    Güven Sak, PhD 22 June 2010
    While we suffer from our problems over here, we might be thinking our problem is the primary concern of the US, as well. Let's be realistic. The primary concern of the US nowadays, is the oil leaking from the deepwater well in Gulf of Mexico. The matter has been on the agenda for almost two months, now. It is the only concern of the White House, nowadays. At this point you might say: 'What do we care? Environmental disasters are terrible but this matter doesn't concern us.' Well, you are wrong. At first I thought, 'This is the difference between the earthquakes in İstanbul and in Erzincan, the media only takes interest in things when it comes to affect them.' But apparently this is not what it's all about. The matter actually concerns all of us a great deal, due to the fact that the White [More]
    Is belt-tightening in one country the same as doing so in all countries?
    Güven Sak, PhD 15 June 2010
    There is a serious discussion in the international world of economics, nowadays. Are you following it? There are the ones that support the Chicago school, like Raghuram Rajan, on one side, and the ones who think like Paul Krugman, on the other. Looking at what's happening in Europe, there are the ones saying 'Let's tighten the belts' on one side, and the ones who worry 'If everyone tightens their belts, what will happen to growth, how will these debt stocks look like?' on the other. The governments of Germany, Greece, Portugal, Spain, Ireland and Italy on one side, the ones of United States, and assumingly, France, on the other. The question on everyone's minds is, I guess, the exact one on the heading of this article: Is belt-tightening in one country the same as doing so in the world's g [More]
    How did the bus number 187 get painted in Stalin?
    Güven Sak, PhD 12 June 2010
    Just like here, they place enormous billboards on buses that are used for local transportation in Russia, too. The citizens of former Leningrad, now Saint Petersburg are also used to the ads on buses. But I'm guessing no one has ever seen one with a Stalin ad on it. Well, now they have. They first saw it in May 2010. Actually the night of the first day, someone or ones covered it up by painting it all white but the following day, bus number 187 was on the road again with the huge Joseph Stalin ad on it. That's when I started to wonder. Was this the case in certain districts, or was a much more widespread inclination in question? The data was rather odd: Not only in Saint Petersburg, but also in Moscow. Not only in Russia, but also in Ukraine, and Yakutia. Not only in former Soviet region, [More]
    What will happen to Euro?
    Güven Sak, PhD 10 June 2010
    What is the difference between Europeans and Americans? I don't mean the characteristic differences. Assume you have attended a meeting to talk business: what is the difference between the meeting carried out with Europeans and with Americans? I, myself, don't think that I have numerous, deep experiences, however, I have an answer to this question: I have left all the meetings, carried out with Americans, with a solid answer to the question on my mind, while I have always had mixed emotions coming out of a meeting carried out with Europeans. I have always felt in-between, as if I have both received an answer, and not have received one, at the same time. While everything was openly talked about in one, that was never the case in the other. Having conversations with Europeans has always made [More]