Turkey asks shops to cut prices in radical approach to inflation

Financial Times/Laura Pitel/10-9-2018

“Turkey’s finance minister has set out a new approach to tackling the country’s soaring inflation — urging the nation’s shops and businesses to give consumers discounts to keep prices in check.”

USAGOLD note:  Such notions defy common sense and even a rudimentary understanding of economics.  In reading this report, I was reminded of the Gerald Ford administration’s Whip Inflation Now campaign launched in the mid-1970s. The Ford administration sincerely believed it would help stop inflation in its tracks.  Instead the campaign became a frequent target for late night comedy shows.

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