Erdogan’s unforgettable investment advice…
The sharp depreciation of the Turkish lira in recent years has caused citizens to turn to currencies, gold, cryptocurrencies, the stock market and real estate. Saying, “You know, my field is economics, I’m an economist,” Erdogan has given a lot of investment advice from the past to the present, but he’s keeping his silence on the subject these days.
Sozcu.com.tr has compiled Erdogan’s unforgettable investment recommendations after the Turkish lira depreciated 30 percent in the month-long post-election period.
THE JEWISH EXAMPLE FOR PROPERTY
In his speech at the opening ceremony of the Yıldız Technical University academic year on October 7, 2009, Recep Tayyip Erdoğan praised the achievements of Jews in business life and said the following about real estate investing:
“Take a look at the Jewish citizens in Istanbul. I studied it when I was mayor. Most do not own property. They become tenants in the best places. Because?
When you own the property, that money is lost. But when he works the money, he also rents the best place and sits there. He pays his rent. But the money continues to produce. He also does his calculations very well.
But when we find the place, we give what we have and what we don’t have right there. We do not participate in your business life at all. We need to seriously dwell on them, evaluate them well, and send these signals to future generations, this guidance and guidance together.”
TRADE AND GOLD
In 2021, when the deterioration of the economy accelerated, Erdogan repeatedly called on citizens to bring home gold and foreign currency to the economy, saying:
“I call on my citizens to keep currency and gold at home just to feel safe. I want these citizens to invest their household currencies and gold, which is our national wealth, in various financial instruments and incorporate them into the economy and production. Financial institutions, especially holding finance companies, offer their clients alternatives to this gold and currencies that can provide satisfactory returns.
‘THE DOLLARS ARE IN PEDESTRIAN’
At the beginning of the process in which the exchange rate began to appreciate against the LT, Erdoğan brought a very assertive statement to Turkey’s political and economic history. Responding to questions from journalists in Ankara after the Friday prayer on March 6, 2015, when the dollar broke the record by seeing the level of 2 lira 64 cents against the Turkish lira, he said: “At the moment , especially those who invest in interest lobbying or invest excessively in the dollar, can be left on their feet. They should know that,” he said. Since Erdogan’s words ‘whoever buys dollars stays standing’, the Turkish lira has lost 10 times its value against the dollar, breaking above the 26 lira level.
President Erdoğan also said in 2016: “Let’s put gold into action in the international arena together. We need to save the markets from currency pressure. Let’s find ways to borrow like that while we borrow, let’s find ways to borrow in local currencies. We have to get through this process together, we have to get through this process together,” he said.
‘BETTING WITH CRYPTO MONEY’
Erdogan participated in the ‘Blockchain Istanbul’ program organized by the AKP Presidency of Information and Communication Technologies in October last year. Erdogan, who gave advice to youth there, said: “I advise our youth to engage in developing innovations like blockchain technology instead of resorting to baseless cryptocurrency gambling.”
‘There is a land, there is a land’
President Erdoğan drew attention to the 1,000-square-meter flag-raising ceremony in Çamlıca in 2021. In his speech, Erdoğan recalled poet Mithat Cemal Kuntay’s verse “Flags are the blood on those who make flags, the land is the homeland if someone dies for it” in his poem entitled “Welcoming fifteen years” and said: “Always compare them with this. There is land, there is land. To turn land into land, it is necessary to pay a certain price. Otherwise, the land is meaningless.”
CALL FOR DEPOSIT
In August 2022, Erdogan called for TL deposits, pointing to the currency protected deposit (KKM) practice, saying: “My only request from our citizens and the business world is that they trust their own country and therefore their own money. There is no longer any reason for someone to turn to foreign currency and gold simply out of concern for the value of their money. I invite our citizens, who still keep their savings in foreign currency and gold, to return to deposits in Turkish lira, which also guarantee their earnings.” he had used the words.