The strategic relationship between the United States and Turkey is over. While Turkey remains formally a NATO ally, it is not a partner of the United States. The United States should not be reluctant to oppose Turkey directly when Ankara undermines U.S. policy.
Sebastian Mallaby, the Paul A. Volcker senior fellow for international economics at CFR and a contributing columnist for the Washington Post, joins James M. Lindsay to discuss the collapsing currency valuations in places like Turkey, Argentina, and South Africa.
Turkey has some similarities with the Asian crisis countries back in the 1990s, but also important differences. When emerging-market crisis typologies are updated to reflect the events of 2018, Turkey should enter into the pantheon on its own, not just as a sub-category of “Asian-style” crises.