The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
The killing of the journalist Jamal Khashoggi at the Saudi consulate in Istanbul could not have come at a worse time for Turkish President Recep Tayyip Erdogan. Economic troubles have forced him to mute his anti-Western rhetoric: the country faces a currency crisis, double-digit inflation, and an enormous current account deficit. Erdogan has to fix Turkey’s badly damaged relationships with Europe and Washington, even while managing a fragile partnership with Russia in Syria. The prospect of a crisis with Saudi Arabia, which is a major investor in Turkey and with whose regime he has studiously tried to remain cordial, must have initially overwhelmed Turkey’s strongman.
If anyone can turn a burden this size into an opportunity, it is Erdogan. In fact, the Khashoggi crisis has proved an unexpected opportunity for Turkey. At a time when its reputation has been tarnished by the jailing of journalists and the violation