Modi: Lavishly Welcomed at the White House

Hello again, Global Recap readers! Thank you for your participation in yesterday’s opinion poll, asking about your thoughts on the US’ immense aid to Ukraine. It certainly is a really complex topic that warrants a larger discussion.

💭 That being said, I loved reading the hilarious comments, as well as many pointed views on the problematic nature of self-interest within the US military-industrial complex and the apparent moral dilemma that compels people to support the war efforts, even though it may lead to more net casualties.

Turkey
Nail in the Coffin for Erdonomics?

📈 You thought the US’ 0.25% interest rate hike was a lot? As if it's a race, Turkey's central bank has just hiked interest rates by a whopping 6.5% (boosting it to 15%), finally signaling an end to Erdogan's stubbornly unorthodox economic policy. But is it perhaps a little too late?

💰 The rest of the world was hiking interest rate to tackle inflation. Erdogan saw this and thought slashing interest rates, as Turkey’s inflation spiraled out of control, was a great idea.

💭 So why the sudden change of heart? After securing another term in office, Erdogan quickly appointed 2 former Wall Street executives to key positions, signaling an end to Erdonomics:

• Hafize Gaye Erkan (former Goldman Sachs director) as central bank governor

• Mehmet Simsek (former Merryl Lynch banker) as finance minister.

These two figures seem to be at the core of Turkey’s latest policy shift.

🇹🇷 The future of Turkey’s economy looks bleak. Official data indicates that Turkey’s inflation rate was 39.5% last month, but an independent research group ENAG argues that the actual figure is significantly higher at ~108%.

That’s not all. The lira has also been losing value against the US dollar steadily, quickly depleting Turkey’s foreign exchange reserves and its international purchasing power. Will Turkey’s economy recover?

US-Russia
Russia: “US Should Pay War Reparations”

🔥 Moscow's envoy demands that the US pay reparations for helping Ukraine in the war. The Russian ambassador to the US, Anatoly Antonov, claims that the Biden administration is responsible for the ongoing crisis in Ukraine. The logic seems to be: “If the US hadn't intervened, the war would have been over already, resulting in fewer casualties and a reduced financial burden.” Russia must be facing budget constraints.

US-India
Modi: Lavishly Welcomed at the White House

🤝 Biden and Modi: New BFFs? Indian Prime Minister Narendra Modi was greeted by President Biden at the White House today with a marching band, gun salute, and all. The two discussed a range of topics, including the war in Ukraine, and announced over $2 billion in US investments by Indian companies. Biden praised the “limitless possibilities” of the US-India relationship, while Modi thanked Biden for his friendship and emphasized the importance of peace in the Indo-Pacific region.

The ceremonies will conclude with a glitzy black-tie state dinner and a speech by Modi before US lawmakers in Congress tonight.

💰 India’s semiconductor industry is getting a huge boost from these US-based companies.

• Micron Technology has agreed to build a $2.75 billion semiconductor assembly and test facility in India, with Micron contributing $800 million and India funding the rest.

• Applied Materials is announcing the launch of a new semiconductor center for commercialization and innovation in India.

• Lam Research, a semiconductor manufacturing equipment company, will start a training program for 60,000 Indian engineers.

🌹 However, it isn’t all roses for the two. Modi’s visit is marked with controversy as many call for the president to address India’s continuing crackdown on political, religious, and press freedoms.

World
Top of the News World

🚀 Putin’s latest threat: Satan-2. Putin announced that he is ready to deploy the Sarmat intercontinental ballistic missile, also known as the 'Satan-2,' in the coming weeks. This beast of a missile is rumored to be the most powerful in the world, capable of carrying 15 additional nuclear warheads at once.

🇧🇷 Bolsonaro on trial for voter fraud allegations. Brazil’s top electoral court has begun hearing a case against former President Bolsonaro. What are the charges? Abuse of his office and misuse of state media by making unproven allegations against the voting system.

🇺🇦 Ukraine is hitting back hard. Ukrainian forces have carried out a missile attack on the Chongar bridge, which connects Ukraine’s Kherson region and Crimea. The bridge was damaged, but no casualties were reported.