Turkey, as President Recep Tayyip Erdoğan puts it, is undoubtedly facing an economic attack today. Indeed, this attack not only targets the Turkish economy and security, but it is also a well-rounded operation on all the legitimate and open areas of the system in order to prolong the life of a decaying and moribund design.
There is no doubt that Turkey will win and get the best of this situation. In this sense, Turkey's gains will be a new way out for all developing countries. However, in order to be able to tell the story properly, it is necessary to take a look at the unlucky and bad history of those who are attacking.
Let us start with Henry Luce. Henry Luce named the 20th century "the American Century." Luce was the architect of the perception that "No world is possible with America and the American sovereignty is absolute" that was created after World War II, and was the Joseph Goebbels of the false American dream. He was also the maker of the ideological constitution of the current American media empire who directed presidents through the media at his disposal. He passed away in 1967, at the peak of "the American Century." In the years when Luce joined Goebbels, "the American Century" went into a decline. The U.S. sustained an unforgettable defeat in Vietnam. Meanwhile, the media network established by Luce began faltering.
The U.S.' skeletons in the closet – The Pentagon Papers – especially in Vietnam and similar countries, from 1945 to 1971, were leaked first to The New York Times and then to the Washington Post by U.S. Defense Department official Daniel Ellsberg, which flouted Luce's American media. So, things went off the rails. In fact, Ellsberg and his friends aimed to stop the Vietnam War. Then, they contacted Henry Kissinger, a National Security Adviser to then-U.S. President Richard Nixon. However, Kissinger was busy doing the diplomatic and political part of what his namesake Luce was doing, and let alone stop the war, he was about to expand the war by bombing Cambodia and Laos.
In fact, the notorious Watergate Scandal that toppled Nixon goes back here. Nixon established a sabotage team called "the White House Plumbers" for Ellsberg and his team who leaked the documents, which was also the Watergate team. All this dirty laundry surfaced like sewage from a burst pipe and this was not independent of the economic situation the U.S. was in. With the Vietnam War defeat, Nixon removed the dollar's dependency on gold. So, the U.S. would be able to print dollars to become the policeman of the world and run its invasive politics in a "finer" way based on dollar sovereignty.
So, what steps were taken from then onwards? Nixon resigned, but the U.S. became more bloodthirsty than ever. The beginning of current dollar operations goes back to the 1973 oil crisis. Back then, the Organization of the Petroleum Exporting Countries (OPEC) hiked oil prices with the support of Saudi Arabia and Iran (then the pro-U.S. Shah was in power). The oil cartel's extraordinary increase in oil prices led to a rapid price hike in global commodities. Due to the rising oil revenues, first oil exporting countries and then others came to demand goods for dollars at high prices. The former did this with their petro-dollar surpluses and the latter by borrowing dollars and dollarizing their economies. So, the U.S. withdrew from Vietnam, but entered the Middle East and the Gulf with petro-dollars. At the same time, developing countries, including Turkey, surrendered their economies to the dollar-based debt economy and to the International Monetary Fund (IMF).
Luce's "American Century" has been maintained with the so-called Bretton-Woods monetary system and institutions such as the IMF, the World Bank, and the World Trade Organization (WTO).
Oddly enough, the U.S. has gone so far from rationality about maintaining the old system that, just as Nixon violated his own laws with Watergate in the past, Donald Trump now violates the global trade laws the U.S. made in the postwar period and does not even follow WTO rules. Of course, this is the beginning of the end.
After the George W. Bush administration's invasion of Iraq, Richard Perle and Donald Rumsfeld, the dark princes of the neocons, were shouting "Welcome to the New World Order" to the whole world. This was a unipolar world which was the continuation of Luce's "American Century." However, Perle and Rumsfeld turned out to be wrong: They became bogged down in Iraq and the terrorist organizations that they have created will not be able to save them, either. They are yet to fathom the profundity of the 2008 crisis and they still cannot see how these operations accelerate their bitter end. Insisting on this attitude will first backlash the U.S. as a crisis. This is because all developing countries looking to the Turkey case do not want a dollar-based economy. The process of abandoning the dollar will gain speed – which will increase U.S. deficits and deepen the crisis.
As for Turkey, this attack has just been a warning that has enabled us to see our economic shortcomings. Now, we will do what we do, faster. I will elaborate on this in the next article.