Summary
Despite Trump’s 2024 warnings of a market crash under Biden, the S&P 500 is experiencing its worst start to a presidential term in modern history under him, dropping ~15% since Inauguration Day.
This plunge, largely attributed to Trump’s aggressive tariff policies announced post-election (“Liberation Day”), is pushing the market toward bear territory faster than any predecessor since 1957.
The Nasdaq is already in a bear market, and economists increasingly warn the tariffs could trigger a recession impacting widespread stock ownership.
Erdoğan did very similar things, went completely opposite to known economic theories all the while claiming he is an economist. he kept reassuring people that he was freeing Turkey from economic abuse of other countries and that things would be great in a couple years. Now go check the turkish lira to the dollar exchange rate for the last five years. Add on top of the fact that we virtually import everything (including seeds, manure, petrol etc) needed for production of basic essential goods, you can guess how bad the Turkish people are getting it.
What worries me most is that it - and other bullshit - didn’t result in his removal or overthrow. People are just taking it.
Misinformation is one helluva drug.
We have Peter Navarro, er “Ron Vara” and donvict playing America’s version of economic Lysenkoists…it will take longer for the likes of Bobby Brainworm’s Lysenkoism to start killing more Americans than donvict did during Covid.