The most recent global credit mishap of 2008, the worst financial catastrophe of the 21st century, succeeded the Great Depression of the 1930s as the worst event of all times, and used in stress testing under severely adverse scenario analysis. Rather promoting financial stability, the Basel...

From free people to a unified Thai kingdom in the mid-14th century (Siam until 1939), and from that to Asian Tiger (or Dragon). Although Thailand saw Japanese's brief invasion in 1941, it has never been colonized by a European power. Nevertheless, Thailand has witnessed repeated political...

The propagation of high-magnitude crises since the late 1990s have cost over $30 trillion and pushed about one percent of the world population into poverty. In the aftermath of the 2008 global financial crisis, the worst financial catastrophe of the 21st century, accelerated the speed of money's...

The cash strapped Turkey's gloomy economy was already ailing before the emergence of COVID-19 pandemic. The August rout of 2018 caused serious cracks as lira tumbled against the dollar (25% in three days and 41% in just two weeks); consequently, core inflation peaked at 26% and key interest rate...

Increasing financial and political turmoil in the 1970s and 1980s coupled with oil shock prompted Governors of the G-10 countries to engage in cooperation and financial collaboration that eventually paved the road for the establishment of the Basel Committee on Banking Supervision in 1974. After...

Basel II and III standards are a regulatory consequence following two major crises in systemic nature, the homegrown Asian crisis of 1997-98 and the global financial crisis of 2007-08. Basel I, despite high expectations and claims by the Basel Committee, failed to prevent the following financial...

In the post-WWII (since the 1950s), there have been over 400 banking, currency, and sovereign debt crises, which translates to about 10 crises per annum; furthermore, the combined cost of the last five crises since the late 1990s is in excess of $30 trillion, but when the cost of the COVID-19...

Huge difference a decade makes; from an uninterrupted growth in one decade (i.e. birth of the Justice and Development Party – AKP in August 2001 and the rise of the AKP during 2002-2013) to another decade of unorthodox policies induced by ever more authoritarianism (i.e. the loss of Istanbul...

A mysterious creator under the alias Satoshi Nakamoto (a pseudonym) launched the world’s first successful cryptocurrency in early January 2009 which, not only was a historic moment, but was one that cultivated a technology revolution and money’s evolution into a digital form. However,...

“History repeats itself” is not just an idiom, it is the naked truth; another agonizing fact is that humans do not seem to have learned from past experiences throughout history. For instance, misleading or policy error by the Fed (unwarranted tight-money policy stance in the 1920s) was...