Is the fund earthquake fate or a road accident?

The recent fund earthquake is not a road accident, but a fate with a brilliant architecture. In a country where one gets complacent in the pool of capitalism and where politics dances with international capital, the fund earthquake is not a road accident, but the fate the government has deemed appropriate for the people. We must understand that the recent event, which we perceive as a financial earthquake, is fate, so that we can determine our political maneuvers accordingly.

The process began in 2000 when the IMF and Derviş tied the country to the neoliberal imperialism surrounding the world with a program with fancy labels like “Transition to a Strong Economy.” With this program, the country was opened to imperialist powers, and the economy was laid on the exploitation board of imperialism with the cooperation of domestic capital. With the decline in profit rates in Western economies, rogue money that did not turn to capital expansion and real capital elements that could not find new markets poured abundant resources into our country, supported by the IMF. On this track, the program was made, and in the first honeymoon period, the rogue money that came to the country added vitality to the economy, the approval of the intellectuals was obtained, and the country began to be robbed with the anesthesia process completed. The general public could not understand this process, but what can be said to my professional colleagues!

While the money entering the economy in the early period of the AKP created temporary vitality in the economy, the indirect taxes applied also provided revenue to the public. As the economy began to tighten towards the end of this period, the interest rate naturally gave a signal. However, at that time, interest was suppressed with a miracle formula to both lighten the burden of public debts and provide advantageous capital opportunities to cronies with the money coming in: interest is the cause, inflation is the result! A transfer of capital to the new and crony segment! Money is entering the economy, infrastructure investments are being carried out. Both business areas and employers are getting their share; why shouldn't the bucket be filled while the fountain is flowing! How sad it is that this first stage of the imperialist process was perceived positively; the event, which is dire in terms of economics but seen as positive in terms of sociology, was generally seen as positive by friends without being perceived as a whole and without taking the future into account. Just like the capitulations started in the Kanuni period without being perceived, the robbery of my country was beginning: the build-operate-transfer or public-private partnership rip-off! There was no real error in the estimates shown as erroneous in the build-operate-transfer model; the investor, by taking the state, which is supposed to be the “protector of the public interest,” behind them(!), was providing guaranteed returns to their investments as they pleased. The first scene was closing, and now the second scene was coming into play.

The account to imperialism will definitely be paid; the spreading of the cost to the public will be carried out in some way over time, in the guise of a market transaction as a mechanism. The game staged at this stage is a ‘market transaction’ in accordance with the rule of the market, like the saying “the fault and sin belong to the one playing.” Since there is also a “scapegoat” on the stage, all transactions, let alone their morality, are legal in appearance. As can be seen, the state is at the head of the business, all kinds of precautions are being taken, and citizens will not suffer losses! If this is the case, is the issue purely a lack of supervision? Then all supervisory institutions are guilty. No, the issue has to do with supervision, but the subject of supervision is also included in the staged game. Well, if this is the case, why was the game played? Because while the payments are being eroded a little by inflation and nicely spread over a long period, the event will be cooled down by placing part of the burden on the victimized masses. While those who lost large amounts of money are settling for a portion of the interest and principal, they are doing so with happiness! As for the small investor, while they settle for the principal without interest, what is lost will have lightened the public's burden. In this case, one cannot help but admire the architecture of the collection mechanism, which is operated through an intra-system transaction without any coercion other than the system's triggering!

Events should be viewed not in pieces, but as parts of the whole process: The process we are experiencing is the initiation of neoliberal exploitation; it is the process of shifting the burden onto the people through the state. Imperialist and local exploitative capital reflects the burden on state accounts in the first stage, and the state reflects the burden on the people in the second stage. All transactions take place within the market process. The lack of supervision is part of the process. The scenario is not wrong; the process is within the scenario.

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!This article is a new version with changes of the article published in Evrensel on October 3.