Turkish crisis littered with lessons for Trump, US economy

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Closer to home, Turkey's present economic debacle might remind us that there comes a day of reckoning for reckless macroeconomic policies. This would seem particularly pertinent in the current U.S. context where a massive unfunded tax cut together with public spending increases are expected to give rise to budget deficits in excess of 5 percent of GDP for as far as the eye can see.

It would be fanciful to think, as the Trump administration seems to do, that these budget deficits will not lead to a widening in the U.S. external current account deficit or that these deficits can be financed indefinitely without a dollar crisis at some point.''