The Turkish Century: An energy hub in the making

At the Turkish Century in Energy Summit organized by Albayrak Media, Minister Dönmez painted a big picture of Türkiye's domestic and global capabilities with the statements he made. While doing this, he also talked about the difficulties, speed, and extent of the work carried out so far, and that the result that was borne out of a vision was achieved.

He explained that Türkiye never gave up on its vision of becoming an energy hub, which it put forward in the Nabucco process.

He noted that resource diversification was made with 15 countries. He explained that long-term cost planning was made. It included projections of getting rid of foreign dependency in energy specific to the country.

But he also mentioned that the first step of the energy trade center will be taken by bringing together the source countries and market countries with the International Gas Summit to be held in Istanbul in mid-February.

He said that the talent he gained in the Black Sea opened the door to cooperation.

These collaborations will probably not be limited to countries with an exclusive economic zone in the Black Sea. Such an energy fleet, technical and financial capabilities, and security skills will open the door to cooperation in the Mediterranean. I think Türkiye is now one of the candidate countries for many new collaborations in the northern seas and who knows where else.

Türkiye should own these projections. Who in the world do you ask; Being a trading hub in energy is a success that he would like to dream of. Now you can't miss it when it's so close. The issue is not just about material gains and materialist interests. The energy hub contains dynamics that will enable the spirit of Türkiye to be revived again and stronger. In order to have these, Türkiye's efforts and developments in the field of energy must be united around… Being an energy hub and hosting an energy trade hub is a Blue Homeland matter. God forbid, they will sell their energy fleet tomorrow and the next day, all current and potential gains will be lost. The energy fleet is one of the strongholds of Mali Vatan…

It turns out that in 2002, Türkiye's hands were tied. According to the data published by the Ministry of Treasury and Finance, as the 28 Februaryists siphoned 60 billion dollars and turned the whole country into a state with a current account deficit, 85% of the taxes paid went to interest expenditures. Today that rate has dropped to 13%.

A smaller part of the economic volume created, the budget created and the taxes paid in the Mali Homeland, which mostly means the end of the tutelage of the interest holders, is spent on interest. Thus, it can allocate more resources to investment.

In fact, not only investments are increasing. On the one hand, the State has become able to intervene in more problems. The social state functions wherever social society cannot grow. Türkiye is breaking records by increasing the share it allocates from the budget both in investment and social expenditures.

Everyone knows that the tutelage of interest holders is coming to an end in Türkiye. The violent reaction of some circles to the policies that will further decrease the interest expenditures for both the state and the enterprises is only and only to the end of the time of the interest holders. But it is useless.

Not those who invest in interest, not those who chase instability, but those who trust the economy; The days are coming when those who join arms with their employees, employers, and the state will win.

One of the most interesting topics of the last period is the layoff decisions of technology companies. Even beyond the decision, a process of unemployment that has been going on since the pandemic is at work in technology companies in developed economies.

In fact, technology has optimized the real sector and now it is optimizing itself, this is how I interpret the situation.

Research also points to this. The study on S&P 500 companies shows that while these businesses had a turnover of 1 million dollars with 8 people in the 90s, they can reach the same turnover with 2 employees today.

A million dollars today is not what it once was, but it is striking data. We have already seen what kind of unemployment crisis in the regions where automobile production is made, such as Detroit, in the 2008 crisis, and we have heard the bellwethers of these days. Now it seems that the increase in employment on the services and technology side has come to an end.

Meanwhile, while the FED says "unemployment, above all else," what increase in employment? In fact, when the FED is responding to the capitalist inflation it created with capitalist methods, what employment? Even the layoffs of technology companies cannot put enough pressure on the Fed's interest rate policy. It will be important to watch how the U.S. will overcome the employment crisis and learn the hard lessons that need to be learned.

Because what will happen to the U.S. is not so important, how this trend will affect Türkiye is the issue. In a sense, global unemployment means more markets for Türkiye, but it also means preparing slowly for robots to replace jobs. The experience of this preparation on the liberal side will be important. That's why we all need to follow what's going on in the U.S.