that comes after a slump in the lira'and president erdogan push for cheap -- president erdogan's pushheaper costs. our reporter has been on this from the outset. what is the acceleration of prices? reporter: as you said, the inflation at 36% is the highest level since september 2002. driving these prices is thus slump in the lira and also lower borrowing costs. encouraged to take -- the central bank has been cutting rates since september by a total of 500 basis points. this brings the benchmark rate to 14%. now, annual inflation is at 36%, marking the lowest real yield in emerging markets, which is now at -22%. of course, the lira has really been struggling last year, hitting multiple record lows against the dollar in the past few months and losing 44% of its value. by far the worst performer in emerging market currencies. today, it is falling for the sixth straight day and it down more than 2.5%. tom: what is the reality on the ground? how is this playing out on the ground for everyday people in istanbul and across turkey? the impact of these very high prices? reporter: turkish house

and erdogan says exports are at an all-time high.kish authorities have also raised the minimum wage by 50%. and a new plan pays turks to keep their bank deposits in lira. but, the depreciation is still large-- as is the anger. >> ( translated ): government resign, police get out, the streets are ours! >> schifrin: in november, protesters called for the government to resign and the police to back down. how could the economic crisis become a political crisis? >> if erdogan does not restore economic growth, he's not going to win the next elections in 2023. we're going to see a country's economic resilience push back, and also a more unified opposition. so, i would say this is the most important turning point in president erdogan's career. the unusual part of it is that turkey's citizens lived under erdogan for nearly two decades and experienced prosperity that they had never witnessed before. that income level and living standards is disappearing in front of the eyes of a lot of citizens. voters are turning away from him. >> schifrin: a

erdogan is doing the opposite.udy: all that and more on tonight's "pbs newshour.” ♪ >> major funding for the pbs newshour has been provided by -- ♪ >> pediatric surgeon, volunteer, topiary artist, a raymondjames financial advisor. tailors advice to help you live your life. life, well-planned. >> for 25 years, consumer cellular has been offering wireless contract plans to help people do whatever they work. -- more of what they like. our u.s.-based customer service team can help you find a plan that fits you. to learn more, visit consumercellular.tv. ♪ >> johnson & johnson. bnsf railway. ♪ >> the john s. and james l. knight foundation, fostering informed and engaged communities. more at kf.org. >> and with the ongoing support of these individuals and institutions. ♪ ♪ >> this program was made possible by the corporation for public broadcasting, and by contributions to your pbs station from viewers like you. thank you. stephanie: i am stephanie sy with the newshour west. we returned to the full program after the headl

president erdogan denies this saying elections will go ahead as scheduled next year.when it comes to the popularity for the president, we know he has taken a dip in the polls. is that due to the handling of the economy? >> absolutely. his handling of the economy is the number one reason voters are losing confidence in erdogan. they are concerned about high inflation, high unemployment, especially after the global pandemic. also, investors concerned about his handling of the economy. they are saying at a time of such high inflation, the central bank should be raising rates. president erdogan insisted rates remain low as he wants to transform turkey into an export driven economy. so investors and voters, extremely concerned about where the con -- where the country is headed. manus: thank you very much. it took a little bit of a wild to go-between now -- it is a little bit of a while to go-between now and those elections. coming up, china's evergrande group has been audited and tore down a number of apartment lots. this is bloomberg. ♪ manus: day one of 2022, live from d

president erdogan's economic policies have so far been unsuccessful.ertheless, he says, he is convinced that prices will soon fall. economist -- an economist disagrees. she projects that inflation will likely rise, further eroding incomes and savings. >> towards the end of the first quarter, we will see inflation rates of 50% to 60% the rea pblem is that president erdogan thinks he is the chief economist here in the country and everybody else does not know anything. that will only change with an election and a new government. >> the next elections in turkey are not officially due until 2023. this shop owner does not know what will happen in the meantime, but he knows one thing for sure. the next price hike will definitely come. >> women account for just 5% of commercial airline pilots. they are underrepresented in science, technology, engineering and mathematics as well. one belgian-british teenager has made it her mission to change this calculus by flying around the world and bagging a couple of world records while she is at it. >> there was no cabin

president anyone has -- erdogan has ordered the move to cut interest rates.eaving many families struggling. >> deciding what to buy the market is getting harder and harder as prices keep increasing. >> i have never experienced such high prices. look inside my shopping cart, it is half empty. i cannot buy cucumbers now because the price has increased sixfold. >> this is all i have left, this money is worthless and i do not know how much you will be tomorrow. >> in turkey, annual inflation hit a 20 year high at 36% while the turkish lira lost more than 40% of its value last year. over the past three months the price of cooking oil has increased by 76%, it is up 86% for flower, 47 percent for milk, 66% for bigs. turks have taken to social media to vent their anger and mock the crisis, like one poster who placed his produce in a safe treating it like a precious commodity. part of the problem, president erdogan wish to keep cutting interest rates, he wants to keep the currency week two promote strong exports of kurt -- turkish goods. he has dismissed ministers and

>> yeah, this is an overture by president erdogan in turkey. he seems as a member of nato, he seems to be trying to cast himself here as a mediator between, you know, perhaps russia and the rest of nato, russia and the united states. i think the response from the kremlin was sort of diplomatic, polite to erdogan who has been making noises like this for the last few weeks. the kremlin have sort of pushed it off down the line saying let's think about this after the -- after the beijing olympics. but they've also said as well, let's look at it after this trip when we see where we are coming out of the pandemic. and that kind of gives the kremlin quite a window here to say, okay, if we need to use this diplomatic overture, it's there available down the line. but i don'ting they're ready to go for it yet. certainly president erdogan needs every kind of political lever he can use at home to keep himself in power to keep his influence international and this he can certainly use to his advantage but it doesn't seem to be coming soon. >> nic robertson a

erdogan wants to keep borrowing rates low to stimulate the economy.also believes that raising rates will increase inflation rather than control it. the turkish central bank's next moves will be attracting global attention. >>> the latest consumer prices in the eurozone and japan will be released later in the week. the european union statistical office will revise december consumer prices for the single currency bloc on thursday. eurostat's early estimates projected an annual inflation rate of 5%, up slightly from 4.9% in november. rising energy costs are expected to push up inflation across the eurozone. prices in the region have already been rising while the spread of the omicron variant has dimmed business sentiment. how the european central bank decides to handle the situation will be in the spotlight. >>> friday it will be japan's turn to release december inflation data. the november cpi, excluding fresh food, was up 0.5% from the same months last year, marking the third straight month of rising prices. the increase was the biggest since february

turkish president erdogan has a stern warning for any turkish citizen preparing to protest against hisent. in a televised speech today, president erdogan said any protests would likely be met with the same response as an attempted military coup in july of 2016. back then, turkish government supporters battled a section of the military attempting to overthrow president erdogan, with clashes killing more than 250 people. tens of thousands were rounded up in the days that followed. six months after haiti's president was assassinated, his successors says he was also targeted in a plot. the haitian prime minister told the french owned international agency afp that his armored car was hit by gunfire on january 1. local media reported gunfire and one death near a building where he would do to give a speech. he took the reins in july after the assassination of the reviews president. hundreds of drivers were stranded in their vehicles all night along a 50 mile stretch of interstate 95 in virginia. it stemmed from a crash involving six tractor-trailers on the east coast's major north-south arter

a lot of distraction when it comes to the lira, but a few weeks ago, erdogan's government stepping intrying to protect a lot of retail investors when it comes to the lira. it has for the most part helped stem some of the largest losses, though at one point today, the lira was down 5%, so it is higher for now, but the question remains, how long can that really last? alix: especially when reserves are drained. here in the u.s., right off the bat, yields spiked in the 10 year, up by about nine basis points, and the nasdaq rolled over, dropping right after the open. we have recouped some of those losses. the s&p following a very similar trajectory. the main performing the s&p, tesla. right under tesla, we are talking about the cruise lines. norwegian cruise lines, for example. the guys that cut really beat up last week doing quite well in the s&p. on the downside, moderna the worst performing stock, continues under that selling pressure we have seen for the last few weeks, down by about 7%. sector wise in the s&p, it is the cyclicals, energy, consumer discretionary, as well as financials.

crime during erdogan's presidency.on's police commissioner has launched an investigation into breaches of covid-19 lockdown rules at u.k. prime minister boris johnson's official residence. the announcement came after itv news reported johnson attended an indoor birthday party during the first lockdown in june of 2020. it's the latest revelation that johnson repeatedly flouted the strict lockdown rules that he ordered for the rest of the country. this is keir starmer, head of the opposition labour party. >> this is yet more evidence we have prime minister who believes the rules that he made don't apply to him. so we have a prime minister in a government who spent the whole time looking up deceit. amy: in georgia, a judge has granted a request by fulton county district attorney fani willis to convene a special grand jury to investigate former president trump's efforts to overturn the 2020 election. willis has said she will decide whether to bring criminal charges against trump during the first half of this year. a key pi

, it is a turkish journalist who was detained and arrested after allegedly in insulting president erdogan brought up old turkish proverbs to criticize the turkish president and that landed that person behind bars. when we talk about democracy at peril this is what's at risk in united states. we have to take our rights for granted this is what's happening in other countries, arrested for assaulting the president. >> i couldn't agree more. we have to recognize that this tradition that we took for granted in our country as though something that always would be it actually needs to be defended, needs to be vindity dated, nourished, you can't take it nor granted, it may be more fragile want we think. that turkey example, for all the challenges we face in the united states and nobody likes to be screamed at at twitter and nobody likes to have a door slammed in her or his face, but our problems in the united states as journalists they pale so much to places around the world where journalists are being arrested, in some cases executeds, intimidated, families being threatened for the simple angt,

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it has cut rates for the last four months in a row — under sustained pressure from president erdoganat's weakened the country's currency, the lira, and stoked the cost of living. the official rate of inflation has spiralled to 36% — but many put the real rate at more than double that. guido cozzi is professor of macroeconomics at the university of st gallen in switzerland welcome to the programme. we have just been talking about the united states and the uk and everybody is expecting both central banks to up their interest rates because of inflationary pressure and yet, inflationary pressure and yet, in turkey, we see very high inflation and very weak lira and the central bank doing the opposite. and the central bank doing the o- osite. ., , and the central bank doing the o- osite. . , . and the central bank doing the ouosite. . . , , opposite. that is correct, yes. as ou opposite. that is correct, yes. as you said — opposite. that is correct, yes. as you said it _ opposite. that is correct, yes. as you said it is _ opposite. that is correct, yes. as you said it is a _ opposite. that

ian: inflation spiraling, unemployment really high, and erdogan and his party at record lows right nows not someone oriented towards representative democracy. he is willing to cause lots of repression at home and also be much more experimental in his foreign policy come with plenty of places he can cause trouble in the region. think about greece and cyprus, syria, libya, nick on a karabakh and azerbaijan. this is a headline for major emerging markets out there, countries a lot of care about. jonathan: yen, wonderful. our congratulations to you and the team on another fantastic piece of work to kick off the new year. ian bremmer of eurasia, and jane harman of the wilson center. thank u.s. well. futures up 29, advancing 0.6%. heard on radio, seen on tv as we kick off a new trading year, this is "bloomberg surveillance." ♪ >> i think we are going to see less returns when it comes to developed markets. i think we are going to see more the convergence of asset classes. that typically is the case when we enter a slowdown phase. jonathan: the year ahead with christina hooper there, the global

explain the importance of that to the oil community, the erdogan will meet with the crown prince.ash will: i think it is part of the broader picture for the -- i think -- will: i think it is part of the broader picture for controlling the oil market. there breakeven at a time when they are producing close to as much as they have ever produced in history means that the dollars are pouring into saudi arabia, and with those comes a lot of political and economic cloud. leaders will have to talk to mbs -- economic clout. leaders will have to talk to mbs where they want to or not. lisa: the shale patch really isn't coming back online as many people expected. a lot of people think that we have already seen peak shale in the vacuum error -- the back view mirror. will: that may or may not be true. for opec, oil is going to be in demand, but the one thing that could upset that only supply side is a resurgence in shale. it has been muted, but it has been creeping higher, especially in the permian bays in. if we get oil going far beyond $80 a barrel, it may be that that process accelerates. h

. >> had a very good conversation with president erdogan. i respect him.ry good relationship. i seem to do better with tough people. >> trump also enjoys the company of a guy who overthrew his nation's first democratically elected government, the president of egypt. >> i will tell you, presidental sisi has been close to me, from the first time i met him. i met during the campaign. at that point, there were two of us. we both met. hopefully you liked me a lot more. but it was a very long -- it was supposed to be a quick, brief meeting, and we were with each other for a long period of time. we agree on so many things. i just want to let everybody know, in case there was any doubt, that we are very much behind president alel sisi. he's done a great job. >> cold-blooded murder? that's not one trump will let interrupt affairs of the heart. >> a friend of mine, a man who has really done things in the last five years in terms of opening up saudi arabia. i want to just thank you on behalf of a lot of people. i want to congratulate you. you've done really a spectac

his conversations with erdogan prior in the ukraine by saying the property that he had in istanbul, in person given the position in the middle east to oversee what was going on there, jared kushner having business interests with the saudis and even issues like the president trying to gain the prestigious golf course championship at his scottish-owned property, with the u.k. these are all examples how we have to be more transparent and put safeguards ourselves, as well as the plutocracy and money landering involved in the u.k. as two prominent countries. how can we better face the issues and isn't it important if we're going to try and influence other countries that we are clear and do everything we can on these issues ourselves? >> if i may answer, i agree with that wholeheartedly and it's not only me who agrees with that, it's the russian opposition, it's the venezuelan opposition, it's the russian opposition. if you were to ask active democrats who are working in autocracies around the world, what is the singlemost important thing they would like to see happen, it would be the end of

disasters take a look at turkey, for example, and what happened there, with the political pressure by erdoganral bank from doing its job properly that's not a good outcome. it's a tough job the bottom line is, the fed's got to do its job. we don't want it happen in the 60s. we're in a precursor, a strong economy, much stronger demand than the central bank expected, and in the ' 0s they diplomat do their job when that happened and we got what was called the great inflation by academic economists that was a very, very bad situation. to get rid of it required voelker to take out the baseball butt the federal funds rate went to 20%. we don't want to go back there we don't want to be back in a period where those bad things happen >> a lot of those lessons are coming to bear frederick, always good to check in with you. good to see you again. thank you so much. >> my pleasure. >>> as we head to break, check out the biggest gainers. corning leading the way after that big earnings beat, up 13% also some chip names we'll be right back. stay with us when you're looking for answers, it's good to have hel

this is why we shouldn't be flirting with orb on or erdogan.e should be very careful what we work -- what we wish for. mitch mcconnell, i don't agree with him on anything except this, vladimir putin is a dangerous guy and we have to be careful. host: steve, what do you think? caller: i have been listening to some of it. it's a u.n. problem. russia is a united nations problem. we are not the police force, hello. host: we are listening. we are not the police force? caller: sorry, sorry. i'm just saying that the u.n., the united nations, it's their problem with russia. or with any other country. the united states is not the police force of everybody. i say let them handle it. work it out how it works out. host: could there be a breakthrough? both sides have sought to downplay the chances of an immediate breakthrough. top biden advisors say that that cannot occur until troops are withdrawn. wendi sherman told reporters that it's not clear if moscow is prepared to de-escalate tensions. officials have threatened sanctions if russia invades ukraine. o