In many respects the survival of Turkey lies in matching of the velocities of
commerce and money. As it happens, a wise admiral must be concerned with
burial of the dead, rescue of the trapped, treatment of the injured, restoration of
his fleet, repair of marine facilities, including the Straits themselves,  and assistance for merchant shipping. Not
all pirates fly the Jolly Roger. Of concern is that
κ, the Knapp kappa, used to describe the  velocity of a
commodity such as money,  will be manipulated. At the macroeconomic level, it would be frustrating for an
admiral and his staff to fulfill all their duties, as was expected of them, only to discover that the Turkish lira is no
longer has the value it used to, and that pension funds invested in stocks traded on the Istanbul Stock Exchange
have been wiped out. Because Turkey is more financially vulnerable than some, that means that even if the ISE
computers and most brokerages are up and running, care must be taken to prohibit and even punish attacks
against the potentially undefended currency and stocks.  We would be inclined to recommend immediate world-
wide suspension of trading in both Turkish stocks and foreign exchange. This implies a policy and perhaps law
about what is to happen to trades to be settled and timed instruments such as options due to expire.
At the microeconomic level even if the long-sighted admiral had stockpiled fuel, generators and spare parts in
some safe locations he still faces the challenge of paying his staff and vendors. This requires immediate access to
dry cash  as opposed to banknotes submerged in a flooded bank. Even while the sailors of his nation are being
compensated for extra hours and days of dangerous duty, some thought must be given to making sure their
families are provided for. Navies the world over take great pride in caring for their own, so thought has to be
given to food, shelter and medical treatment of naval families.              
κ
Home
Turkey
Prior
Next