Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Macro Musings with David Beckworth
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Turkey's Response to US Financial Sanctions
CNN's John Defterios looks at how Turkey is responding to financial sanctions imposed on it by the US. He sees a similar playbook to what we described in Russia. We see Turkey start to invest more heavily in gold between 2017 and 2020, he says. And then if you look at Turkish holdings of US treasury bonds, you basically see the dollar holding sort of falling off a cliff around the period of time that the sanctions are happening.
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