Türkiye needs its own Draghi, too

Former European Central Bank President Mario Draghi has outlined a comprehensive framework for the ailing European economy. Europe, having handed over its will to the U.S., sabotaged its own energy pipelines, shut down its nuclear plants, and shot itself in the foot with the standards it developed...

Draghi also offered recommendations for Europe's recovery and regaining its competitive edge, positioning economies like the U.S. and China as adversaries.

Among the many issues, the most striking is his proposal for an annual increase in investments by 800 billion euros.

Notice this: Draghi proposed billions in public expansion for Europe. At the same time, there's a debate about public savings in Türkiye. I've often expressed my view that this debate is being used by certain circles as an illusion to divert attention from the issue of taxing the wealthy.

And speaking of which, it's time to note that Türkiye needs a Draghi-like figure.

When I say "time," I don’t mean Draghi’s timing, but rather the context I've been preparing for in my recent writings. Just as I was about to link this to Gezi, the topic came up in political discussions. Many may not understand why this topic is emerging now, but it's precisely the right moment. Let me explain.

Some viewed Gezi as a continuation of the Arab Spring. However, Gezi was essentially a project of the Occupy Wall Street (OWS) movement. Yet, none of the parameters for projecting OWS existed in Türkiye. Seizing the opportunity, those in the know took action. If those who set traps for Türkiye didn't consider themselves infinitely clever, life would be unbearable.

So, what were OWS's justifications? Issues such as the irrationality of neoliberal rationality, the legitimacy crisis of finance-capitalism, increasing economic inequality, corruption, and the dominance of the top 1%... And let me add: irrational positivism...

The seemingly organic OWS movement was copied in detail and implemented in Türkiye. Speaking of narcissism, one criticism of OWS was its self-admiration. In Gezi, the most numerous group seemed to be those admiring themselves.

To believe Gezi was organic, one would need to be unaware of global events. It would require no knowledge of the OWS movement that spanned dozens of countries and hundreds of cities.

The issue isn’t Gezi. I will stick with OWS because nearly all the reasons that didn’t emerge back then are present and have been created in today's Türkiye.

The deterioration in economic justice was presented as a result of state actions during the low-interest period. Those threatening investors in Türkiye and other responsible parties have retreated. This is significant because it was the fundamental reason for OWS. Other reasons were similar to what I’ll discuss next.

Recent issues on the agenda align well with OWS patterns: the "Get your act together" statement (the dominance of the 1%), the reappearance of SBK (allegations of corruption), violence against our young people Narin and Sıla, explicit sexual imagery, praise for TikTok moral marketers (moral erosion), general health insurance seizures (injustice), and even claims that a beauty pageant winner isn’t beautiful (corruption in the jury)...

In the past 15 days, the agenda has been perfectly tuned to OWS. It seems like a fuse is being lit.

If developments continue this way, we can't just say "let the protests be what they will be." No development that gives Türkiye a chance to lose a century can escape the goals of dirty hands. And this math could cost Türkiye another century.

Türkiye needs time until it regains its Kaan. From our experience with stove factory issues, we know Kaan’s fate depends on the President’s leadership. This time is needed for a century. But will this time be given?

It’s neither a time for complaints nor despair, nor for self-indulgence. Türkiye has the power, will, and means to save its future. Just ensure it is not obstructed.

The issue of exiting the grey list: Will it bring money to Türkiye, or have those who finally found the chance to open accounts abroad already packed up and left? Even this is a significant matter...

For example, if the stock market decline continues but short selling opens and the index drops to 4000, will it be seen as a buying opportunity? If swaps are opened in London, will it be viewed as a remedy for currency shocks? If retirement pensions and the minimum wage increase by just 17%, will households take it to heart?

Note that in countries like Italy and Bolivia, the fuse was lit from "tap water." Are those who are multiplying water bills aiming to harm themselves?

What needs to be done is clear. Structural issues should be addressed, but urgent matters are critical.

Firstly, businesses, especially SMEs, must be able to foresee their futures to avoid increased unemployment as the production and EYT (Early Retirement) situation deteriorates. The most direct way to achieve this is through KGF (Credit Guarantee Fund). I have two recommendations regarding KGF.

Firstly, existing debts should be extended with a grace period, without implying a credit expansion. The burden of revolving credit should be reduced. Companies seeking concordat should be excluded, and the wave of applications should be halted. KGF will ease both businesses and banks. This way, both the real and financial sectors can gain foresight against this unpredictable climate.

Secondly, KGF can provide severance pay loans to employees, which will help SMEs retain their dignity.

Now, let's talk about water. If energy is too important to be left to municipalities, water is even more critical. Measures should be taken to prevent the water market from working against democracy and economic justice.

If economic pressure can be managed until January, minimum wage pressure will follow. Minimum wage increases should no longer be a negative agenda item. The focus should shift to being employee-friendly.

There are EYT issues and non-EYT issues. Non-EYT individuals should feel that their concerns about the relationship between premiums and salaries are being addressed through constructive steps in the short term.

Capital market problems that have become prominent should be resolved to restore confidence. Losing money is different from having one's money lost.

Economic policies should be monitored in agreement with economic actors for a medium-term inflation rate of around 20%, which can be considered moderate under current conditions.

Transparency in government and bureaucracy income should also be ensured urgently.

Lastly, if there are those waiting for an opportunity like OWS to strike with their swords, it should be known that today is not the time for childlike actions. Türkiye's demand for democracy has lost its flexibility. The boot's clientele is gone.

On the other hand, those eager to sell the pose of moral superiority know that they cannot deceive anyone.

One last point: explaining Türkiye's economic policies this way is an injustice.