Anthology of Economic Absurdities: The Bitter Prescriptions of Economy Chefs
Humanity may be witnessing the evolution of economic reasoning, but at the same time, we continue to write the history of “economic absurdities.”
In this article, I’ll talk about some names and policies that—though they may not be etched in gold into history—will surely be underlined in red ink. Let’s start with the United States, and then turn inward… Yes, to our beloved Turkey.
Trumponomics: Tweet-Based Economics
When Donald Trump took the presidential seat, most economists muttered, “Oh no.”
Some, however, were like, “Are we ready for some fun?”—grabbing their popcorn for what would be the strangest, scariest, and most irrational performance in economic history.
Because his views on economics sounded like they came straight out of a YouTube comment section. Perhaps his own words summarize him best:
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“Trade wars are good.”
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“Tariffs bring money into the country.”
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“We’ll crush China with taxes, then pay off our debt.”
You’d think this was a WWE SmackDown, not a trade policy.
These are the kinds of views that would make Adam Smith rise from his grave just to shout, “What the hell are you talking about?”
Imagine a president who sees tariffs as a kind of “money-printing machine.” Yes, you heard that right. He thought:
“I imposed tariffs—now China’s going to wire me billions.”
Sir, this isn’t SWIFT; this is a trade war!
But he was determined:
“Made in China? More like Made in Penalty!” and slapped on the tariffs. His logic?
“If I put high taxes on imported goods, people will buy domestic products and the economy will grow.”
But here’s what he overlooked: American manufacturers were already importing most of their raw materials.
So as imports became more expensive, production costs rose, inflation spiked, and consumers were punished.
China didn’t sit idly by either. It retaliated with tariffs on U.S. products. American farmers lost access to Chinese markets, and the Trump administration had to step in with subsidies.
Yes—the “profitable” trade war ended up costing the U.S. government billions in handouts.
So what happened?
Instead of money flowing into the U.S. treasury, it was flowing out. And this was somehow still labeled a “successful economic policy.”
The American public was baffled: Prices were rising, producers were unhappy, importers were collapsing.
But Trump was cheerful:
“These aren’t taxes on Americans—they’re taxes on Chinese goods!”
You’d think Chinese products were showing up directly on his credit card statement.
Trump’s economic theory, in short, was this:
The more taxes I impose, the richer I become.
Trade deficits are bad, imports must fall.
America wins, the others will see.
Keynes once said, “Governments should spend during downturns to stimulate the economy.”
Trump said, “Governments should shout constantly and scare the market.”
While Adam Smith said, “Let them do, let them pass,”
Trump said, “Tax every passerby!”
Friedman must be spinning in his grave, and Marx? Laughing out loud in his.
This was a turning point in economic thought:
Trumponomics — not a scientific model, but an intuitive one. Not based on data, but on tweets.
Turkey: Interest is the Cause, the Bill is the Effect
The year is 2018. Turkey transitions to the Presidential Government System, marking a new era in the economy.
President Erdoğan was crystal clear on economic matters:
“Interest is the cause, inflation is the result.”
When I first heard this, I thought, “Did someone accidentally flip a graph upside down?”
Nope—he was serious. This view even became official policy. The “independent” Central Bank lowered interest rates, and markets were stunned.
While everyone was puzzled by the falling rates, what did the exchange rate do?
It pulled a “Behlül kaçtı” (Turkish meme for running away) and the dollar shot up to 18 TL.
Then came the invention of the “FX-Protected Deposit” scheme.
We hate interest rates, but the government promised to cover the returns you’d get from foreign currency. And who paid for this promise?
The Treasury. And ultimately—the public.
The result?
Inflation exploded. The lira lost purchasing power. Salary raises given in the morning evaporated by the afternoon.
Food, rent, and energy costs broke the public’s back.
But according to Erdoğan, the real problem was foreign powers.
Phrases like “interest lobby,” “economic attack,” and “domestic and national stance” became the new economic vocabulary.
As interest rates dropped, banks stopped issuing loans.
Why take a risk when you can lend to the government at 40% and chill?
Ironically, the low interest policy made public borrowing more expensive.
And yet, under the “New Economic Model,” hope was pumped into the public.
Foreign currency reserves dipped into the negatives, masked by swaps.
TURKSTAT claimed, “Even if the people don’t feel it, our data shows inflation is falling.”
The Universality of Absurdity: From Venezuela to Japan
Economic absurdity means irrational policies that are stubbornly pursued.
Economies run on belief instead of science, on perception instead of transparency—usually ending in disaster.
Both examples show the same truth:
Whether you’re a superpower like the U.S. or a fragile economy like Turkey—stray from reality, and the markets will punish you.
And of course, these aren’t the only examples.
Venezuela: Children Playing with Banknotes
The idea of getting rich by printing money sounds tempting, right?
Venezuela said, “Yes! Let’s print!”
And print they did—beyond imagination.
One morning, a loaf of bread cost 2 million bolivars.
By the next morning, that 2 million got you breadcrumbs.
People carried salaries in suitcases. Children played with banknotes instead of Play-Doh.
Supermarkets started the “money by the kilo” era.
The Central Bank: “We no longer calculate inflation.”
The government: “There’s no inflation, just a slight price increase.”
The people: “Then why are we still hungry after eating our whole paycheck?”
Argentina: The IMF Tango
The Argentine economy is like a Latin dance: one step forward, two steps back—then twirl toward the IMF.
Reserves drying up? Capital controls!
Budget deficit growing? Just print some more pesos!
Their slogan:
“If the economy is bad, it’s the IMF’s fault. If it improves, it’s our achievement.”
The IMF visits so often, they might as well open their own café chain in Buenos Aires.
Still reeling from the 2001 collapse, Argentina faced another currency crisis in 2023:
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Official rate: 1 USD = 300 pesos
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Black market: 1 USD = 700 pesos
The Argentine citizen: “Which exchange rate should I trust? You tell me!”
Greece: From Holiday Paradise to Debt Hell
After 2008, Greece was crowned “Europe’s debt-ridden child.”
Debt soared so high that economists began to suspect the nation’s math teachers.
One bailout after another followed.
Retirement age was raised, salaries slashed.
Still, the Greek people danced in the streets.
Greece: “Yes, we’re in the EU, but our calculators still run on drachmas.”
Japan: Inflation Lovers Anonymous
While the rest of the world says “inflation is terrible,”
Japan goes: “If only we had a bit more inflation to love!”
For 30 years, they’ve battled deflation—prices don’t rise; sometimes they fall.
Why spend today when things will be cheaper tomorrow?
The Central Bank: “We cut interest to zero!”
The people: “Nice. Let’s wait for even lower prices.”
The government: “Here’s money with negative interest!”
The Japanese citizen: “Thanks, but I’m loyal to my piggy bank.”
Japan has invented a new model of economic growth:
A slow but steady decline.
Final Words
What’s the common thread in all these examples?
Economies detached from reality.
Policies driven by slogans, not science.
Governments that refuse to admit mistakes and send the bill to the people.
And the result?
Inflation, currency crises, unemployment, uncertainty.
The world today is governed by “economic chefs” who cook with guesswork instead of data.
But every bad prescription has a side effect—
Some cause joblessness, others trigger currency meltdowns.
Still, they insist:
“We have the cure!”
Yet… the patient is gone, and the system still proudly declares:
“Treatment successful.”
“Economics is no joke.
But if it becomes one, you might laugh first…
Yet your wallet will cry last.”
