A president with unorthodox economic views decided the head of his country’s central bank was standing in his way and so shunned global norms in order to act.
The president was Recep Tayyip Erdoğan of Turkey and the year was 2019. Erdoğan sensationally sacked Murat Çetinkaya and installed a more pliable candidate in his stead. It began a long period of economic instability with a plummeting lira and a surge in inflation.
Not even Erdoğan’s administration, however, suggested his country’s top banker might be a criminal. Yet that is the situation in the US where Federal Reserve chair Jay Powell now faces a federal investigation over a $2.5bn renovation of the Fed’s headquarters.
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