The lira's long-term decline is pushing into a new frontier after autocratic Turkish President Recep Tayyip Erdoğan returned to power. The latest: The lira, which has lost 90% of its value against the greenback over the last decade, fell to less than 5 cents on Thursday, a new low. Why it matters: The drop in the lira is the flip side of the massive inflation that the Turkish people are dealing with, effectively amounting to the broad impoverishment of the populace. • Official readings of annual inflation peaked at more than 80% late last year, and inflation is still running at more than 40%. Context: Markets seem ... (full story)