...by Sly & the Family Stone kept playing in my head this morning.
Why? I was looking at the make up of the new Turkish cabinet.
The new energy and natural resources minister is none other than little reginalds son-in-law Berat Albayrak. He owns (or did until recently) a company called Powertrans who managed to snaffle the contract to ship and trade oil from the Kurds in 2011.
I suppose it's only right that someone from the energy industry should be given a post like this, I mean, it's not as if he'll use his power for personal gain.
Several other folks "close" to the president have been rewarded with positions in the cabinet, their closeness appearing to be the main attribute required to fulfil their positions.
One glaring omission, which may very well back fire on respect of the lira is Ali Babacan, the former deputy prime minister. I've seen a few comments that have suggested investors confidence in Turkey will drop due to this obvious snub. His replacement, Mehmet Şimşek, is not someone to inspire confidence in times of crisis according to several sources.
The boost to the lira by having a one party government looks like its now unravelling, losses against the USD, EUR and GBP this week compounded by the issue with Russia.
One bright note was that wee Ahmet, the President of the Turkish Shoebox Manufacturers Federation forecast bright times ahead for his members.
JF
