יום חמישי, ג׳ תמוז תשפ״וThursday, June 18, 2026
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David P. Goldman writes the "Spengler" column for Asia Times Online, and contributes frequently to The Tablet, First Things, and other publications. He was global head of debt research for Bank of America (2002-2005), global head of credit strategy for Credit Suisse (1998-2002), and also held senior positions at Bear Stearns and Cantor Fitzgerald.
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America forgets that it corrected the flaw in its founding by killing 30 percent of Southern men of military age during its own Civil War.
At 18% interest, consumers have to borrow to pay the interest on previous loans. In other words Turkish banks are capitalizing interest, and booking profits on loans that would go sour if they stopped lending additional money to borrowers to pay the interest. The much-vaunted strength of Turkey's banks appears to be an illusion.
It appears that the Russians, the Turks and the Saudis will keep Syria at a low boil, making it difficult for either side to fully impose its will on the other, and impossible for a Sunni Islamist regime to emerge. What is remarkable, though, is the success of Russian diplomacy: despite all of the Obama administration's courtship, the Erdogan government has decided to signal its dependence on Moscow in the most visible -and, for Washington- humiliating way possible.
