My favorite professor at Wharton was the affable but brilliant Dr. Jeremy Siegel. His latest commentary said he “does not see this (the Turkey currency crisis) morphing into a world-wide currency crisis.” I agree!
The real significance of this crisis in Turkey is not economic. It is only 1% of world economy. There is some political significance, as Erdogan is unlikely to leave gracefully. But, there is great strategic significance, as Russia will likely gain a naval base in Mediterranean and far greater influence in the Middle East.
