In the latest distress signal from one of the most troubled corners of the emerging markets, this morning the Turkish Lira plunged to fresh all time lows against the dollar after Turkish President Recep Tayyip Erdogan said he intends to tighten his grip on the economy and will take more responsibility for monetary policy if he wins an election next month, which he will. In an interview with Bloomberg, Erdogan brushed aside the apparent collapse of his economy in a stagflationary vortex, where double digit inflation is racing with daily TRY devaluation, and said that after the vote transforms Turkey into a full ... (full story)