[yt_dropcap type=”square” font=”” size=”14″ color=”#000″ background=”#fff” ] J [/yt_dropcap]ust a week after his official installation at the White House, Donald J. Trump lashed out at China, accused of manipulating its currency to “win the globalization game”, but also at Germany which, as the President of the new National Trade Council, Peter Navarro, said “is exploiting both its neighbours and the United States with the euro”.
The accusation is not new. In the early 1970s the United States accused the old European Monetary System (EMS) of keeping the currencies adhering to it artificially high.
Inter alia, the EMS – with fixed exchange rates but with predefined fluctuations within it – was the European response to the US-prompted end of the 1944 Bretton Woods agreement.
Nevertheless, it was also Europe’s reaction to the planned weakness of the dollar during Jimmy Carter’s Presidency, when precisely the dollar area sent huge capital flows into Germany, which had a “high” Mark, thus pressing it against the French Franc and hence destabilizing the entire European internal monetary exchange system.
Furthermore, in the early 1980s, the British Labour Prime Minister, Denis Healey, got convinced that the EMS was a real German “racket”, considering that the German Finance Minister had told him that his country planned to have a comparative advantage precisely by limiting the depreciation of the other European currencies.
This happened because Germany had lower labour cost-driven inflation rates and, hence, a currency with fixed rates would have anyway ensured export-driven surpluses only to Germany.
However also the G20 long negotiations have never led to any result: currently, in absolute terms, the German export-led surplus is much larger than China’s, namely 8.6% of the German GDP.
In fact, according to IMF estimates, the surplus is equal to 271 billion US dollars, a huge sum capable of changing all global trade flows.
Finally Chancellor Angela Merkel replied to Trump (and to Navarro) by recalling that the European Central Bank is the institution issuing the euro, but it is not lender of last resort. Nevertheless, she has not contradicted the US President about the fact that the Euro is really undervalued.
Furthermore, when we look at the currencies undervalued as against the US Dollar, we realize that the most undervalued currency is the Turkish Lira, followed by the Mexican Peso, the Polish Zloty, the Hungarian Forint, the South Korean Won and, finally, our own Euro.
Finally, when we look at the number and size of transactions denominated in euros, the European currency is already the second most traded currency in the world.
Hence, probably the undervaluation of the Euro against the US Dollar originates more from the expansionist policy of the European central Bank than from Germany’s actions for its exports and monetary parities.
Certainly Germany gains in having a currency that is much weaker than it would be if it were only a German currency but, on the other hand, with a Euro artfully devalued, the “weakest” Eurozone countries succeed in having lower interest rates than they could obtain with their old or new national currencies.
Moreover, it is worth recalling that Germany exports profitably both in countries where the currency is stronger than the Euro and in regions where the currency is even more depreciated as against the US Dollar, such as Japan.
According to last year’s data, the United States have a trade deficit with Germany equal to 60 billion US dollars.
Germany exports mainly cars, which account for 22% of their total exports to the United States.
It also exports – in decreasing order – machine tools, in direct competition with Italy, electronics, pharmaceuticals, medical technologies, plastics, aircraft and avionics, oil, iron and steel, as well as organic chemicals. All German exports are worth 35% of its GDP.
Why, however, is the Euro depreciated because of Germany?
Firstly, since 2000 the German cost of labour has grown by 20-30% less than in the Eurozone’s German competitors.
Hence German products were ipso facto 20% more competitive than those of the others, without any exchange rate manipulation.
If Germany still had had the Mark, it would have automatically appreciated by 20%.
The appreciation of this hypothetical Mark would have changed demand, by reducing exports and increasing imports by the same percentage.
In that case, the ideal would have been a floating exchange rate – and this should also be the case for a re-modulated Euro compared to the current situation.
A fluctuation prefiguring the creation of a new monetary “basket” with the major currencies, with exchange rates floating within a certain range, but much more realistic than the current ones.
A further cause of the current account surplus in Germany is the intrinsic strength of its exports – hence Germany does not suffer the competition of low-tech economies, such as Italy’s.
Another reason for the excessive German surplus is the low domestic demand, with the relative increase in private savings.
An additional cause of the surplus is the fact that savings have long been higher than investment.
In 2015, German savings amounted to 25% of the Gross Domestic Product (GDP), while investment was worth only 16% of the GDP.
Obviously, another decisive reason for the accumulation of such a large German surplus was the fall in oil prices.
Therefore, the vast German surplus and the Euro undervaluation foster its exports, but block the exports of the other Eurozone countries.
In fact, according to our calculations, if Germany stimulated its domestic demand, thus allowing its inflation to increase, this would be enough for the final stimulus of global demand and, above all, it would make the Eurozone economies under crisis get out of their predicament.
Hence the real problem of too high a Euro is not so much for the United States, which can devalue as against the Euro whenever they want and anyway have still their own autonomous monetary policy, but rather for the single currency countries in the Mediterranean, which are experiencing a downturn caused by too low domestic demand.
Could we also do as Germany? No, we could not.
It is not possible for anyone in the Eurozone to create an 8% surplus, such as Germany, and not all countries could benefit from a devalued exchange rate of the European currency.
As many politicians say, restructuring the production system to increase productivity means – in a nutshell – years of deflation and high unemployment, which create a negative multiplier effect.
We cannot afford so – the social and economic conditions have already reached the breaking point.
Hence, let us put our minds at rest, the ”two-speed Europe” will last generations and it would be better if this could also be reflected in the single currency.
Or better in a series of two-three currencies deriving from the Euro with pre-fixed exchange rates floating within a range.
Furthermore, Germany will certainly replace China as the “bad” currency manipulator and there will be increasing competition between it and the rest of Europe.
Therefore, the German export surplus actually leads to an unfair competitive advantage over the Eurozone countries and, in other respects, over the North American exports.
This is the sense of the struggle against the Euro waged by President Trump and his future Ambassador to the EU, Ted Malloch, who has stated that the Euro may “collapse” over the next eighteen months.
The Euro is certainly undervalued.
According to a study carried out by Deutsche Bank, the Euro is allegedly the most undervalued currency in the world, according to the criteria of the Fundamental Equilibrium Exchange Rates (FEER).
And the Euro is undervalued even if we look at its external value and the mass of transactions of the individual countries currently adopting it.
Hence, not only can Germany be accused of managing an improper comparative advantage over the dollar and the other major currencies but, according to the FEER data, the accusation holds true even for Italy and for the other single currency European countries.
With a view to solving the issue, some analysts – especially North Americans – think it should be Germany to leave the Euro.
On the one hand, Germany cannot revalue its currency (which is also a political problem – suffice to think of German savers) without the Euro appreciating also for the Eurozone weak economies, such Italy and Spain.
The World Bank believes that the German trade surplus is at least 5% too high and, hence, the German exchange rate is largely undervalued by at least 15%.
In fact, the differential between the German Euro and the Euro of the Eurozone weakest countries is 20%.
This means that, in terms of Purchasing Power Parity (PPP), the Italian or Greek Euro is worth 20% less than the German one.
The issue could be solved with an equivalent 20% Euro revaluation, combined with an expansionary fiscal policy.
However, this cannot be done as long as Germany is within the Euro. This means that Germany cannot revalue the exchange rate without doing the same in the other 17 countries that adopt the European single currency.
This would mean definitively destroying the Italian, Greek, Portuguese and Spanish economies.
Therefore, if Germany came out of the Euro, its new currency would appreciate as against the non-German Euro and the other countries would have a devalued currency, which could help them in exports.
There are two ways in which the German trade surplus creates deflation – and hence crisis – in the rest of the Eurozone.
Obviously the first is by pushing up the value of the European currency.
A strong euro weakens the demand for European exports, especially for the most price-sensitive goods of the Eurozone Mediterranean economies.
Moreover, the high value of the European currency reduces the price of imported goods, thus negatively reinforcing the price fall – another deflationary mechanism.
And the German inflation which, as everyone knows, is lower than in the other Eurozone countries, further weakens the peripheral economies.
Hence a landscape marked by low domestic demand and national markets’ production crisis.
However, in Navarro’s and in Trump’s minds, there is the implicit belief that trade imbalances can be solved in a context of free-floating currencies.
It is not always so and, however, fluctuations apply only when there are structural changes in trade systems – in principle all players envisage and operate, for sufficient time, with fixed or maybe slightly floating rates.
Therefore, reading between the lines, what both Trump and Navarro really tell us is that the very Euro membership is an act of monetary manipulation.
Hence, what is done?
The unity of the European economy is broken, with unpredictable effects and further global chaos, while the United States acquire exports that were previously denominated in euros.
Or the United States could impose quotas or specific tariffs for Germany, which is illegal in WTO terms but, above all, would expose the United States to a series of reprisals and retaliation by Germany and probably also by the rest of the Eurozone.
There is no way out: therefore, again reading between the lines, probably Trump is telling to the Eurozone weak economies that they should leave the single currency, which is only in Germany’s interest, and create new post-Euro currencies, which will be somehow pegged to the US Dollar.
Or Trump and Navarro could define a new relationship between Euro, Dollar, Yuan, Ruble, Yen and some other primary currencies on the markets and impose a predetermined fluctuation between them, but obviously the Euro would enter this new “Bretton Woods” by being valued in line with the markets and not being overvalued as today.
Europe, however, shall put back in line and tackle all trade and political issues with Trump’s America, which will make no concession to anyone and, most importantly, does no longer want to favour Europe militarily, strategically, financially and commercially.
In particular, Donald J. Trump has in mind the big game with Russia and China. He is scarcely interested in a continent, such as Europe, which is not capable of defending itself on its own and shows severe signs of structural crisis.
Afghan crisis: Changing geo-economics of the neighbourhood
The Taliban takeover of Afghanistan has caused a rapid reshuffle in the geo-economics of South, Central and West Asia. While the impact on the Afghan economy has been profound, triggering inflation and cash shortage, it’s bearing on Afghanistan’s near neighbourhood has wider far-reaching consequences. The US spent almost $24 billion on the economic development of Afghanistan over the course of 20 years. This together with other international aid has helped the country to more than double its per capita GDP from $900 in 2002 to $2,100 in 2020. As a major regional player, India had invested around $3 billion in numerous developmental projects spanning across all the 34 provinces of Afghanistan. Indian presence was respected and valued by the ousted Afghan dispensation. With the US, India and many other countries deciding to close their embassies in Afghanistan and the US deciding to freeze Afghanistan’s foreign reserves amounting to $9.5 billion, the economy of the country has hit a grinding halt. IMF too has declared that Kabul won’t be able to access the $370 million funding which was agreed on earlier. The emerging circumstances are ripe for China and Pakistan to cut inroads into the war-torn country as the rest of the world watches mutely.
Beijing’s major gain would be the availability of Afghanistan as a regional connector in its ambitious Belt and Road Initiative (BRI) linking the economies of Central Asia, Iran and Pakistan. Afghanistan is already a member of the BRI with the first Memorandum of Understanding signed in 2016. Only limited projects were conducted in Afghanistan under the initiative till now due to security concerns, geographic conditions and the government’s affinity towards India. Chinese officials have repeatedly expressed interest in Afghanistan joining the CPEC (China Pakistan Economic Corridor), a signature undertaking of the BRI. CPEC is a $62 billion project which would link Gwadar port in Pakistan’s Baluchistan province to China’s western Xinjiang region. The plan includes power plants, an oil pipeline, roads and railways that improves trade and connectivity in the region.
China also eyes at an estimated $1 trillion mineral deposits in Afghanistan, which includes huge reserves of lithium, a key component for electric vehicles. This mineral wealth is largely untapped due lack of proper networks and unstable security conditions long-prevalent in the country. Chinese State Councillor and Foreign Minister Wang Yi hosted Taliban representatives in late June in Tianjin to discuss reconciliation and reconstruction process in Afghanistan. Taliban reciprocated by inviting China to “play a bigger role in future reconstruction and economic development” of the country. After the fall of Kabul, China has kept its embassy open and declared it was ready for friendly relations with the Taliban. It had also announced that it would send $31 million worth of food and health supplies to Afghanistan to tide over the ongoing humanitarian crisis. Pakistan, a close ally of China, has on its part has sent supplies such as cooking oil and medicines to the Afghan authorities. Pakistan having strong historical ties with the Taliban will possibly play a crucial role in furthering Chinese ambitions..
The immediate economic fallout of the crisis for Iran is its reduced access to hard currency from Afghanistan. After the imposition of US sanctions, Afghanistan had been an important source of dollars for Iran. Reports suggest that hard currency worth $5million was being transferred to Iran daily before the Taliban takeover. Now the US has put a freeze on nearly $9.5 billion in assets belonging to Afghan Central Bank and stopped shipment of cash to the country. The shortage of hard currency is likely to affect the exchange rates in Iran subsequently building up inflationary pressure. Over the years, Afghanistan had emerged as a major destination for Iran’s non-oil exports amounting to $2billion a year. A prolonged crisis would curb demand in Afghanistan including that of Iranian goods with a likely reduction in the trade volume between the two countries. In effect, Iran would find itself increasingly isolated from foreign governments and international financial flows.
India had been the wariest regional spectator watching its $3 billion investment in Afghanistan go up in smoke. Long-standing hostility with Pakistan has prevented land-based Indian trade with Afghanistan and the Central Asian Republic’s (CAR’s). Push by India and other stakeholders for setting a common agenda for alternate connectivity appears susceptible at the moment. India has been working with Iran to develop Chabahar port in the Arabian sea and transport goods shipped from India to Afghanistan and Central Asia through the proposed Chabahar-Zahedan-Mashhad railway line. India is also working with Russia on the International North-South Transport Corridor (INSTC), a 7,200 km long multi-mode network of ship, rail and road routes for freight movement, whereby Indian goods are received at Iranian ports of Bandar Abbas and Chabahar, moves northward via rail and road through Iran and Azerbaijan and meets the Trans-Siberian rail network that will allow access to the European markets. According to the latest reports, the Taliban declined to join talks with India, Iran and Uzbekistan on Chabahar port and North-South Transport Corridor, which has cast shadow on the Indian interests in the region. India’s trade with Afghanistan had steadily increased to reach the US $1.5 billion in 2019–2020. An unfriendly administration and demand constraints may slow down the trade between the two countries.
With the US withdrawal, the CARs would find their strategic and economic autonomy curtailed and more drawn into the regional power struggle between China and Russia. While China has many infrastructure projects in Central Asia to its credit, Russia is trying to woo Central Asian countries into the Russia-led Eurasian Economic Union (EEU), though so far it was able to rope in only Kazakhstan and Kyrgyzstan. CARs would need better connectivity through Afghanistan and Iran to diversify their trade relations with Indo-Pacific nations and to have better leverage to bargain with Russia and China. Uzbekistan, the most fervent of the CARs to demand increased connectivity with South Asia, expressed its interest in joining the Chabahar project in 2020, which was duly welcomed by India. The new developments in Afghanistan would force these countries to remodel their strategies to suit the changed geopolitical realities.
The fact that Iran is getting closer to China by signing a 25-Year Comprehensive Strategic Partnership cooperation agreement in 2020 adds yet another dimension to the whole picture. India’s hesitancy to recognize or engage with the Taliban makes it unpredictable what the future holds for India-Afghan relations.
The hasty US exit has caused rapid reorientation in the geopolitical and geo-economic status-quo of the region. Most countries were unprepared to handle the swiftness of the Taliban takeover and were scrambling for options to deal with the chaos. The lone exception was China which held talks with the Taliban as early as July, 28 weeks before the fall of Kabul, to discuss the reconstruction of the war-torn country. Chinese Foreign Minister Wang Yi also took a high-profile tour to Central Asia in mid-July which extensively discussed the emerging situation in Afghanistan with Central Asian leaders. Since the West has passed the buck, it’s up to the regional players to restore the economic stability in Afghanistan and ensure safe transit routes through the country. Any instability in Afghanistan is likely to have harrowing repercussions in the neighbourhood, as well.
Turkish Economy as the Reset Button of Turkish Politics
Democracy has a robust relationship with economic growth. Barrington Moore can be seen as one of the leading scholars focusing on the relationship between political development and economic structure with his book titled “Social Origins of Dictatorship and Democracy” first published in 1966. According to Moore, there are three routes from agrarianism to the modern industrial world. In the capitalist democratic route, exemplified by England, France, and the United States, the peasantry was politically impotent or had been eradicated all together, and a strong bourgeoisie was present, and the aristocracy allied itself with the bourgeoisie or failed to oppose democratizing steps. In Moore’s book, you can find out why some countries have developed as democracies and others as dictatorships.
It can be argued that economic development facilitates democratization. Following this argument, this article is an attempt to address the Turkish case with the most recent discussions going on in the country. One of the most powerful instruments used by the political opposition today is the rhetoric of “economic crisis” that has also been supported by public opinion polls and data. For instance, the leader of İYİ Party Meral Akşener has organized lots of visits to different regions of Turkey and has been posting videos on her social media account showing the complaints mostly centering around unemployment and high inflation. According to Akşener, “Turkey’s economic woes – with inflation above 15%, high unemployment and a gaping current account deficit – left no alternative to high rates.”
Another political opposition leader, Ahmet Davutoğlu raised voice of criticism via his social media account, saying “As if monthly prices hikes on natural gas were not enough, they have introduced 15% increase on electricity costs. It is as if the government vowed to do what it can to take whatever the citizens have.”
A recent poll reveals that about 65 percent think the economic crisis and unemployment problem are Turkey’s most urgent problems. Literature on the relationship between democracy and economic well-being shows that a democratic regime becomes more fragile in countries where per capita income stagnates or declines. It is known that democracies are more powerful among the economically developed countries.
The International Center for Peace and Development summarizes the social origins of democracy in global scale as the following:
“Over the past two centuries, the rise of constitutional forms of government has been closely associated with peace, social stability and rapid socio-economic development. Democratic countries have been more successful in living peacefully with their neighbors, educating their citizens, liberating human energy and initiative for constructive purposes in society, economic growth and wealth generation.”
Turkey’s economic problems have been on the agenda for a long time. Unlike what has been claimed by the Minister of Interior Affairs Süleyman Soylu a few months ago, Turkish economy has not reached to the level which would make United States and Germany to become jealous of Turkey. Soylu had said, “You will see, as of July, our economy will take such a leap and growth in July that Germany, France, England, Italy and especially the USA, which meddles in everything, will crack and explode.”
To make a long story short, it can be said that the coronavirus pandemic has exerted a major pressure on the already fragile economy of Turkey and this leads to further frustration among the Turkish electorate. The next elections will not only determine who will shape the economic structure but will also show to what level Turkish citizens have become unhappy about the ongoing “democratic politics.” In other words, it can be said that, Turkish economy can be seen as the reset button of Turkish politics for the upcoming elections.
Finding Fulcrum to Move the World Economics
Where hidden is the fulcrum to bring about new global-age thinking and escape current mysterious economic models that primarily support super elitism, super-richness, super tax-free heavens and super crypto nirvanas; global populace only drifts today as disconnected wanderers at the bottom carrying flags of ‘hate-media’ only creating tribal herds slowly pushed towards populism. Suppose, if we accept the current indices already labeled as success as the best of show of hands, the game is already lost where winners already left the table. Finding a new fulcrum to move the world economies on a better trajectory where human productivity measured for grassroots prosperity is a critically important but a deeply silent global challenge. Here are some bold suggestions
ONE- Global Measurement: World connectivity is invisible, grossly misunderstood, miscalculated and underestimated of its hidden powers; spreading silently like an invisible net, a “new math” becomes the possible fulcrum for the new business world economy; behold the ocean of emerging global talents from new economies, mobilizing new levels of productivity, performance and forcing global shifts of economic powers. Observe the future of borderless skills, boundary less commerce and trans-global public opinion, triangulation of such will simply crush old thinking.
Archimedes yelled, “…give me a lever long enough and a fulcrum on which to place it, and I shall move the world…”
After all, half of the world during the last decade, missed the entrepreneurial mindset, understoodonly as underdog players of the economy, the founders, job-creators and risk-taker entrepreneurs of small medium businesses of the world, pushed aside while kneeling to big business staged as institutionalized ritual. Although big businesses are always very big, nevertheless, small businesses and now globally accepted, as many times larger. Study deeply, why suddenly now the small medium business economy, during the last budgetary cycles across the world, has now become the lone solution to save dwindling economies. Big business as usual will take care of itself, but national economies already on brink left alone now need small business bases and hard-core raw entrepreneurialism as post-pandemic recovery agendas.
TWO – Ground Realities: National leadership is now economic leadership, understanding, creating and managing, super-hyper-digital-platform-economies a new political art and mobilization of small midsize business a new science: The prerequisites to understand the “new math” is the study of “population-rich-nations and knowledge rich nations” on Google and figure out how and why can a national economy apply such new math.
Today a USD $1000 investment in technology buys digital solutions, which were million dollars, a decade ago.Today,a $1000 investment buys on global-age upskilling on export expansion that were million dollars a decade ago. Today, a $1000 investment on virtual-events buys what took a year and cost a million dollars a decade ago. Today, any micro-small-medium-enterprise capable of remote working models can save 80% of office and bureaucratic costs and suddenly operate like a mini-multi-national with little or no additional costs.
Apply this math to population rich nations and their current creation of some 500 million new entrepreneurial businesses across Asia will bring chills across the world to the thousands of government departments, chambers of commerce and trade associations as they compare their own progress. Now relate this to the economic positioning of ‘knowledge rich nations’ and explore how they not only crushed their own SME bases, destroyed the middle class but also their expensive business education system only produced armies of resumes promoting job-seekers but not the mighty job-creators. Study why entrepreneurialism is neither academic-born nor academic centric, it is after all most successful legendary founders that created earth shattering organizations were only dropouts. Now shaking all these ingredients well in the economic test tube wait and let all this ferment to see what really happens.
Now picking up any nation, selecting any region and any high potential vertical market; searching any meaningful economic development agenda and status of special skills required to serve such challenges, paint new challenges. Interconnect the dots on skills, limits on national/global exposure and required expertise on vertical sectors, digitization and global-age market reach. Measuring the time and cost to bring them at par, measuring the opportunity loss over decades for any neglect. Combining all to squeeze out a positive transformative dialogue and assemble all vested parties under one umbrella.
Not to be confused with academic courses on fixing Paper-Mache economies and broken paper work trails, chambers primarily focused on conflict resolutions, compliance regulations, and trade groups on policy matters. Mobilization of small medium business economy is a tactical battlefield of advancements of an enterprise, as meritocracy is the nightmarish challenges for over 100 plus nations where majority high potential sectors are at standstill on such affairs. Surprisingly, such advancements are mostly not new funding hungry but mobilization starved. Economic leadership teams of today, unless skilled on intertwining super-hyper-digital-platform-economic agendas with local midsize businesses and creating innovative excellence to stand up to global competitiveness becomes only a burden to growth.
The magnifying glass of mind will find the fulcrum: High potential vertical sectors and special regions are primarily wide-open lands full of resources and full of talented peoples; mobilization of such combinations offering extraordinary power play, now catapulted due to technologies. However, to enter such arenas calls for regimented exploring of the limits of digitization, as Digital-Divides are Mental Divides, only deeper understanding and skills on how to boost entrepreneurialism and attract hidden talents of local citizenry will add power. Of course, knowing in advance, what has already failed so many times before will only avoid using a rubber hose as a lever, again.
The new world economic order: There is no such thing as big and small as it is only strong and weak, there is no such thing as rich and poor it is only smart and stupid. There is no such thing as past and future is only what is in front now and what is there to act but if and or when. How do you translate this in a post pandemic recovery mode? Observe how strong, smart moving now are advancing and leaving weak, stupid dreaming of if and when in the dust behind.
The conclusion: At the risk of never getting a Nobel Prize on Economics, here is this stark claim; any economy not driven solely based on measuring “real value creation” but primarily based on “real value manipulation” is nothing but a public fraud. This mathematically proven, possibly a new Fulcrum to move the world economy, in need of truth
The rest is easy
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