Why Turkey...

Hi Global Recap readers,

Last year, it was South Korea that sent its currency plunging when its president imposed martial law.

Now, in 2025, Turkey saw that and thought “Maybe I should jump in too...” 👇️

(To be fair, it was already in the middle of diving head-first into the depths)

🇹🇷 TURKEY
Lira Spiraling,
As Mayor Arrested

The Turkish lira just hit rock bottom, with the US dollar now worth a staggering 38 lira, as Erdogan’s key political opposition was arrested.

Erdogan’s government denies involvement, but critics aren’t buying it.

What’s Happening?

The lira has been on a losing streak for what feels like forever, but today was something special.

• As of March 19, 2025, $1 = 38 lira.

• In the past 24 hours alone, the lira has plunged 4.47%. At one point it was ~7%. That kind of drop might be par for the course for a meme stock, but for a country's currency, it's a huge deal.

• History hasn’t been kind to the lira either—it’s been slipping for years.

So What Happened?

Istanbul’s mayor, Ekrem Imamoglu, a major rival to President Erdogan, was arrested alongside several others.

• Police raided his home at dawn and detained him at 7:30 am.

• Around 100 others, including his aide Murat Ongun and two district mayors, were also taken into custody.

• The charges? Alleged corruption and ties to terror groups.

• Even though the Erdogan government denies involvement, conveniently, Imamoglu’s university diploma was invalidated just a day earlier, disqualifying him from running for president. Very subtle.

The Fallout

• Thousands gathered outside Istanbul’s City Hall and police headquarters in protest, despite a ban on demonstrations.

• The opposition party, CHP, called it a “judicial coup” and vowed to fight back.

• Even the Istanbul Stock Exchange felt the heat, dropping 7% before trading was halted.

Why It Matters

This isn’t just a “numbers on a screen” kind of thing—it’s real life for millions of people.

• Everyday stuff? Getting pricier by the second. Imports cost more, and that pain gets passed down to regular people.

• Inflation? It's still a huge problem Turkey can’t tame, and this only fuels the fire.

• People are starting to doubt the central bank’s ability to turn this around. And if you look at the chart I’ve provided above, you can see why…

🇨🇳 CHINA
Chinese Smuggler Sought by FBI

A Chinese national is accused of smuggling US drone tech to Iran, sparking a $15M reward for her capture.

The Accused Smuggler

Baoxia “Emily” Liu allegedly masterminded a scheme with three other Chinese nationals, sneaking US tech to Iran’s Islamic Revolutionary Guard Corps (IRGC).

• They used fake companies in China to pull this off.

• The tech? Supposedly used to build drones and missile systems for Iran’s military.

• The State Department slapped a $15M reward for any info on this crew.

The Bigger Picture

• The IRGC, a designated Foreign Terrorist Organization, funds all sorts of terror activities, from proxies like Hamas to global weapons sales.

• Liu’s smuggled tech allegedly funneled into Iran-backed terror groups like Hezbollah.

Global Fallout

The case highlights broader geopolitical tensions.

• The IRGC funds global terrorism through military equipment sales, including drones.

• Iran’s allies, like Hezbollah and Hamas, are reportedly beneficiaries of this tech.

• The US is ramping up efforts to disrupt these financial and tech-smuggling networks.

This whole mess just shows how tangled international tech smuggling is—and how it keeps fueling dangerous conflicts.

🇮🇱 ISRAEL
Israel’s Ground
Offensive in Gaza

Israel has launched its first ground offensive in Gaza since the ceasefire collapsed, recapturing a key area and escalating tensions in the region.

What Happened?

The Israeli military has started “targeted ground activities” in Gaza, aiming to expand the security zone and create a buffer between northern and southern Gaza.

• The operation follows renewed airstrikes that shattered a two-month ceasefire with Hamas.

• Israel accuses Hamas of refusing to release hostages and rejecting mediator offers.

Houthis

Meanwhile, early Thursday morning (local), the IDF announced that a missile from Yemen had been intercepted before entering Israeli territory.

• Sirens sounded across the country as part of the protocol.

• No serious injuries or projectile falls were reported.

• Magen David Adom (MDA) treated 13 people injured while rushing to safety and three panic victims.

🇺🇦 UKRAINE
Trump’s Ukraine Proposal

In a surprising twist, President Donald Trump suggested the US could take control of Ukraine’s nuclear power plants during a call with Ukrainian President Volodymyr Zelenskyyy.

Call’s Highlights

Trump and Zelenskyy had a “very good” hour-long chat, focusing on peace efforts and Ukraine’s energy needs.

• Trump proposed US ownership of Ukraine’s nuclear plants, citing American expertise as a safeguard.

• Zelenskyy clarified that the discussion mainly revolved around the Russian-occupied Zaporizhzhia plant.

• Both leaders agreed on the need for additional air defense systems and President Trump reported pledged to help Ukraine find Ukrainian children abducted by Russia.

Energy and Defense

Trump specifically emphasized US support for Ukraine’s energy and defense sectors.

• Secretary of State Marco Rubio confirmed plans to source air defense systems from Europe.

• Technical teams from both nations are set to meet in Saudi Arabia to discuss further collaboration.

Ceasefire Talks

The call followed Trump’s conversation with Russian President Vladimir Putin, who rejected a full ceasefire.

• Zelenskyy suggested a partial ceasefire targeting energy infrastructure, rail, and ports.

• Putin demanded an end to military aid for Ukraine—a condition Kyiv’s allies have dismissed.

The Bigger Picture

As mentioned in previous newsletters, this call marks a shift in tone from Trump’s tense meeting with Zelenskyy last month, where he accused Ukraine of “gambling with World War Three.” Despite ongoing attacks, both sides exchanged prisoners, signaling some progress amid the chaos.

🎬️ YOUTUBE
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