It didn’t take Nigerian President Bola Tinubu long to comprehend his situation. With the country’s stash of hard currency dwindling, investors, not policy makers, were in command. So on his second week in office, he gave them what they wanted, sacking the central bank chief and devaluing the currency. Days earlier, Recep Tayyip Erdogan, the long-standing leader of Turkey, had reluctantly come to the same conclusion. Out went the architects of the economy’s byzantine web of rules and restrictions and in came the Wall Street pros to simplify policy to woo back disgruntled investors. Stocks and bonds surged. Such is the ... (full story)