Timothy Ash Profile
Timothy Ash

@tashecon

109,145
Followers
644
Following
531
Media
32,908
Statuses

Economist, covering Emerging Europe, Middle East and Africa. Key focus on Ukraine, Russia and Turkey, amongst others. Tweets represent my personal views. LUFC.

City of London, London
Joined April 2016
Don't wanna be here? Send us removal request.
@tashecon
Timothy Ash
2 years
U.K. pushing for SWIFT being cut from Russia. About time.
155
2K
16K
@tashecon
Timothy Ash
2 years
The loss of the Moskva is a catastrophic military defeat and humiliation for Russia. It’s the FLAGSHIP of the Russian Black Sea Fleet. Simply extraordinary. I cannot understand why this is not the number one news story across all networks today.
220
2K
12K
@tashecon
Timothy Ash
2 years
Italy saying they will not veto an EU Russian energy ban, so it’s now Germany, Austria and Hungary standing in the way. Looks like the learned nothing from WW2 about how to stand up against genocide.
270
2K
10K
@tashecon
Timothy Ash
2 years
Absolutely insane day in Turkish FX today. Is there time for it to get to Robin Brooks’ 9.50 fair value yet? Don’t think I have ever seen such intraday FX volatility ever in my 30+ year career.
Tweet media one
321
1K
10K
@tashecon
Timothy Ash
2 years
Germany agrees to halt coal imports from Russia but not oil and gas. Not good enough - Germany is financing genocide in Ukraine. It learned nothing from WW2.
257
2K
9K
@tashecon
Timothy Ash
2 years
Shame on Germany - responsible for the biggest genocide in Europe in WW2, now responsible for financing a second by buying Russian energy.
211
1K
9K
@tashecon
Timothy Ash
2 months
Make Russia Pay! Join the campaign to freeze, seize and allocate immobilised Russian assets to Ukraine.
Tweet media one
421
2K
9K
@tashecon
Timothy Ash
2 years
30 years covering EM and I have never seen the FX volatility in any currency as we saw in Turkey today. Simply unbelievable.
Tweet media one
211
943
9K
@tashecon
Timothy Ash
2 years
Turkey - just realised, Keynes, Friedman, Hayek, Solow, Samuelson, Adam Smith, Kornai, Dornbush, the Fed, ECB, BOE, me, all Western economists, we are all idiots. Wasted all our time, learning economics. Erdogan just rewrote all the theories.
333
1K
8K
@tashecon
Timothy Ash
2 years
Russia confirming international banks rejected $649m transfer for Eurobond payment - due to sanctions. Looks like Russian sovereign default is looming.
85
897
7K
@tashecon
Timothy Ash
2 years
1/ Let’s get this right, Germany spends the past 20y appeasing Putin. It’s industry taking Putin’s blood money, and it’s politicians doing the same. It makes wrong choices in terms of energy dependency on Russia. This appeasement is now coming home to roost.
200
1K
7K
@tashecon
Timothy Ash
2 years
Turkey is taking a huge risk with Russia here. But if it is putting its balls on line, risking wrath of Putin by closing straits, and loss of tourism, we should all back Turkey by holidaying in Turkey this year - I will!
407
618
6K
@tashecon
Timothy Ash
2 years
Poland saying it is ready to treat 10,000 Ukrainian military injured - U.K. and other NATO members should offer the same.
59
682
5K
@tashecon
Timothy Ash
29 days
Flight to Istanbul - British Airways flight crew make announcement that during Ramadan eating, drinking and smoking in public places is not allowed in Turkey. Completely false - idiots. Just be respectful of others fasting. Common decency.
131
271
5K
@tashecon
Timothy Ash
2 years
Now that Putin has revealed he is at war with the West by stopping gas supplies how about the West taking direct action to confiscate + use the $400bn in frozen Russian assets in our financial system? Use to support Ukraine + bail out poorest consumers.
149
701
4K
@tashecon
Timothy Ash
2 years
1/ So it looks like Nord Stream 2 was not a commercial project after all, and was a geopolitical project. How could the German establishment get Russia so spectacularly wrong - I think they took Moscow’s blood money. That essentially sums it up.
130
633
4K
@tashecon
Timothy Ash
2 years
Hearing ruble being quoted up as far as 115 for tomorrow, from 83 on Friday. Putin is setting stage for financial collapse of Russia. So much for Fortress Russia as really devastating sanctions now roll out
67
504
4K
@tashecon
Timothy Ash
2 years
Turkey - what a country!
Tweet media one
112
305
4K
@tashecon
Timothy Ash
2 years
I wonder if Macron, Scholz and Erdogan would be calling Hitler. They seem to have no comprehension that for Putin this is about eradicating Ukraine and Ukrainians. Read his essay from last summer which was his drum beat for war.
132
656
4K
@tashecon
Timothy Ash
2 years
Putin made catastrophic decision to invade - meaning he has lost Ukraine, half his army, Euro energy biz, allies (going to N Korea and Iran for munitions shows desperation as China not helping him), credibility, and likely ultimately Russia. Putin the Loser
72
422
3K
@tashecon
Timothy Ash
4 years
Turkey - bit of a joke that the EU is not lifting the travel ban. Turkey has done as well, if not better than the EU average in fighting Covid19, and arguably much better than the UK. Guess inbuilt biases, racism and geopolitical interests playing out here.
98
749
3K
@tashecon
Timothy Ash
11 months
When the war ends - with an inevitable Ukrainian victory - there needs to be a G7 public inquiry about how the West was corrupted by Russian money. Let’s not be blind to this - 1/
145
747
3K
@tashecon
Timothy Ash
4 years
Turkey does not get enough credit or support for this.
@SonerCagaptay
Soner Cagaptay
4 years
Turkey has less than 1 percent of the world population, but hosts nearly 15 percent of global refugee population
22
370
1K
22
332
3K
@tashecon
Timothy Ash
2 years
Putin has already lost Ukraine, forever. Only question now when he loses Russia.
58
381
3K
@tashecon
Timothy Ash
2 years
1/ Russia lots of talk that it is “winning” from sanctions as they elevate commodity prices. But in April It sold oil at an average of $70 a barrel, versus $107 for Brent, while oil production was down 9%. Russia is struggling to sell oil except at discount.
58
430
3K
@tashecon
Timothy Ash
1 year
If Kilicdaroglu wins the election in May Turkey will be welcomed back with open arms into the Western fold - 1st foreign visit for Kemal Bey will be DC or Brussels for sure. Huge amount of Western financing will flood back in - the coming Turkish boom.
222
366
3K
@tashecon
Timothy Ash
3 years
Turkey = decent banks, great corporates, solid public finances, pro business entrepreneurial culture. Good location - manufacturing hub close to key markets. All ingredients for great success. But the landmine in all this is totally idiotic monetary policy.
41
329
3K
@tashecon
Timothy Ash
2 years
If Putin wins in Ukraine then Europe’s security is at risk - how come the Germans, Italians and Hungarians just don’t get this? Sold out to Russian money? The West is not doing enough to support Ukraine. These three WW2 Axis allies should know better.
136
476
3K
@tashecon
Timothy Ash
10 months
Istanbul is literally full of Russian tourists - I cannot help myself looking into their eyes & asking myself were they bombing innocent civilians in Ukraine or Syria last week, committing war crimes and atrocities. And now getting R&R before doing it again.
440
330
3K
@tashecon
Timothy Ash
9 months
Great read - Russia is now essentially a fascist state, as per Nazi Germany, the sooner everyone comes to that realisation the better. People like Cyril Ramaphosa need to wake up, it’s a which side were you on moment in history.
79
827
3K
@tashecon
Timothy Ash
2 years
1/ When Macron warns that we should not humiliate Putin does that mean he thinks it’s ok to accept a little genocide against the Ukrainian people, but not a full genocide? Would he have adopted the same line against Hitler?
151
421
2K
@tashecon
Timothy Ash
4 years
Whatever you think about Erdogan, Turkey has been fighting in Syria to protect refugees. NATO should back Turkey.
@tashecon
Timothy Ash
4 years
NATO needs to rally behind Turkey.
45
97
427
191
464
2K
@tashecon
Timothy Ash
2 years
Not entirely sure that British sarcasm works very well in the Turkish context.
137
152
2K
@tashecon
Timothy Ash
2 years
4/ So in the end Germany does not want to pay to compensate for its mistakes of the past, and cushion the impact of sanctions and its failed policies.
16
245
2K
@tashecon
Timothy Ash
2 years
5/ But energy sanctions are really one of the key actions which could really hurt Russia, and perhaps dissuade Putin or Russia’s elites from backing this invasion. So Germany is now blocking this.
49
226
2K
@tashecon
Timothy Ash
2 years
The Macron - Scholz - Draghi visit to Kyiv looming looks like a recipe for disaster. Fear that rather like the three stooges they will look to bully Zelensky to concede territory with Putin for peace which will not hold. Putin will take and expect more later.
181
462
2K
@tashecon
Timothy Ash
4 months
The GOP are a party of imbeciles if they don’t get this.
@Heroiam_Slava
Slava 🇺🇦
4 months
Half of the Russian army was destroyed without the participation of a single American soldier. At the same time, only 5% of our annual defense budget was spent. We must continue to support Ukraine," said James Stavridis, former Supreme Allied Commander of NATO. Stavridis called…
Tweet media one
482
4K
16K
185
700
2K
@tashecon
Timothy Ash
2 years
So let me get this right. The US Treasury eases sanctions on Russia to enable it to avoid default and pay out investors who failed to listen to the advice of their own governments and continued to invest in Russia? Talk about a moral hazard play.
67
442
2K
@tashecon
Timothy Ash
2 years
2/ But now Putin has invaded Ukraine, and the West has no real military intervention options, only sanctions, the German government is unwilling to sanction Russia energy imports as it will damage its industry which has profited from Russian appeasement.
18
221
2K
@tashecon
Timothy Ash
2 years
Mickey, Scoobie, Bugs, Donald and Kermit.
@ragipsoylu
Rag��p Soylu
2 years
Talk of the day: Turkish Finance Minister Nebati believes US Federal Reserve isn’t independent and publicly owned. “It belongs to five families”
59
52
248
63
162
2K
@tashecon
Timothy Ash
2 years
Slava Ukraini! Ukraine is actually the front line for us all in defending Western Liberal Market Democracy against Autocracy and Kleptocracy.
168
282
2K
@tashecon
Timothy Ash
2 years
3/ Sure, estimates suggest cutting off Russian energy could cost the German economy from 0.5-3% of GDP, and weaker growth. But Germany still has the strongest fiscus in the EU. Lots of fiscal space to ease to offset recessionary impact of cutting energy
22
203
2K
@tashecon
Timothy Ash
2 years
Russia has literally stolen over half a million Ukrainian kids. Maybe the Pope would like to comment on that.
@SarahAshtonLV
Sarah Ashton-Cirillo
2 years
Breaking 🚨🚨 GENOCIDE ALERT 🚨 Commissioner for "Human Rights" in the Russian Federation Tatyana Moskalkova has just published a report stating 557,000 Ukrainian children were now in Russia and they could attend school, in person, free of charge. They aren't even hiding it.
225
2K
4K
70
550
2K
@tashecon
Timothy Ash
9 months
This is a big positive. Cevdet Akcay is a superb economist and thinker. Hatice Karahan is excellent. Fatih Karahan is from the NY Fed. This a a sea change at the Turkish central bank. Massive vote of confidence in Erkan from Erdogan.
@ragipsoylu
Ragıp Soylu
9 months
JUST IN: Erdogan sacks Central Bank Deputy Governors who are known for their unorthodox policy views. New governor Erkan fills up the positions: • Cevdet Akçay, a respected banker • Fatih Karahan, an economic advisor from Fed • Hatice Karahan, an Erdogan advisor
Tweet media one
15
79
407
60
232
2K
@tashecon
Timothy Ash
2 years
This is insane and embarrassing for Turkey. Turkey needs professionals in key posts.
@Istanbultelaviv
Louis Fishman لوي فيشمان לואי פישמן
2 years
Turkey's Finance Minister on CNN TURK spreads a conspiracy theory that the US Federal Reserve does not belong to the American public but rather is in the hands of 5 families. Just everyday news on @CNN 's affiliate in Turkey.
160
598
3K
56
183
2K
@tashecon
Timothy Ash
10 months
Turkey - probably the worst economic situation I have seen since the 00/01 crisis. Totally fcuked economic inter-relations. Banks not lending due to wacky regulatory environment and big negative IR margins. 1/
59
243
2K
@tashecon
Timothy Ash
27 days
Turkey - probably Erdogan’s worst election result in his 22 years in office. Inflation, inflation, inflation.
37
161
2K
@tashecon
Timothy Ash
4 years
Turkey - another $1bn used by state banks today to defend the lira and it still lost 2% on a day when the $ was weak. A huge price is being paid for Erdogan’s aversion to interest rate hikes - massive loss in FX reserves. Peoples FX deposits being spent.
52
551
2K
@tashecon
Timothy Ash
2 years
I think we all know - the political and business elite in Germany want this war over ASAP so they can get back to doing business with Russia.
@KyivIndependent
The Kyiv Independent
2 years
⚡️Ambassador asks Germany why it refuses to ship armored vehicles. “Why are you refusing the Ukrainian army these Marder (vehicles)..., while Ukraine is bleeding dry in the Donbas before your eyes?” Andriy Melnyk, Ukraine’s ambassador to Germany, tweeted. Photo: Wikipedia.
Tweet media one
425
3K
14K
63
349
2K
@tashecon
Timothy Ash
2 years
Turkey - Erdogan apparently knows better than generations of Nobel economists. Says that Western views that inflation is caused by overconsumption is just wrong. We should just all retire then and let Erdogan run global economics.
81
162
2K
@tashecon
Timothy Ash
1 year
Putin has lost the energy war, lost Europe, lost Ukraine (forever), lost Central Asia, lost the arms race (his military kit is crap - no one globally will want to buy), lost huge amounts of troops, military kit and treasure. What an idiot!
65
211
1K
@tashecon
Timothy Ash
1 year
So the US has spent $18.6bn in military support for Ukraine, but the casualty rate for Russia has been immense: 2800 tanks taken out, 5800 AFVs, hundreds of aircraft. Best bang for buck for US military since WW2 in eroding an enemy.
41
189
1K
@tashecon
Timothy Ash
1 year
Turkey - I met Kilicdaroglu in London a few months back with other investors & I thought his answers to questions were weak/waffling. I thought at the time that this guy is just no match for RTE in a campaign. Those concerns have kind of being realised. 1/
188
425
1K
@tashecon
Timothy Ash
2 years
If it’s true that as many as five Turkish banks are facilitating transactions with Russia they should be caught in secondary Western sanctions.
101
255
1K
@tashecon
Timothy Ash
2 years
Turkey - Erdogan has lost control of the lira. Does he have any sense of what he is doing?
99
158
1K
@tashecon
Timothy Ash
1 year
Turkey - I have been at technofest in Istanbul. Extraordinary show case of Turkish high tech capability and incredible to see the passion and enthusiasm of Turkish youth. Mega impressive.
49
190
1K
@tashecon
Timothy Ash
2 years
Turkey - think we have learned that lira has rallied this week not because locals have started buying lira but because central bank sold $15bn in thin markets.
37
171
1K
@tashecon
Timothy Ash
2 years
2/ Same reason Londongrad failed to sanction oligarchs like Abramovich until it was too late. British establishment sold itself out to Kremlin money.
13
127
1K
@tashecon
Timothy Ash
2 years
Italians throwing in the towel before war even started - Draghi saying sanctions on Russia must be limited and exclude energy. Disgraceful albeit I guess not unexpected.
110
207
1K
@tashecon
Timothy Ash
1 year
I know that the whole Bayraktar thing is becoming politicised in the context of the election but I just hope whoever wins, the Bayraktar guys can continue to provide support to Ukraine. They have been real heroes for what Turkey has done in Ukraine.
Tweet media one
102
112
1K
@tashecon
Timothy Ash
5 years
Just met a young Russian who has recently received a UK passport, and was passionately defending Putin and did not seem that enthused by the Western Liberal Democratic model. Was left thinking that citizenship test needs some more work.
59
199
1K
@tashecon
Timothy Ash
2 months
The blood of Ukrainians is on speaker Johnson’s hands. Shame on him and the traitors in the GOP.
49
314
1K
@tashecon
Timothy Ash
2 years
1/ Turkey - Erdogan does not get it on Sweden/Finland NATO accession that the decision is made, and even if he blocks their NATO membership they will be accepted into the Western security alliance by bilateral agreements.
44
132
1K
@tashecon
Timothy Ash
2 years
Turkey - it’s incredible how long an economy can survive despite an administration running crazy economic policies for so long. Shows real underlying durability of the Turkish economy and talent of Turkish economic actors who have learned thru adversity.
52
133
1K
@tashecon
Timothy Ash
7 months
Wow, huge move. Just shows weakening grip across region of Russia because of Putin’s idiotic invasion of Ukraine. He lost Armenia in recent weeks on Russia’s inability to help in NK.
@ragipsoylu
Ragıp Soylu
7 months
BREAKING — Kazakhstan will follow the sanctions regime against Russia, President Tokayev says The country does not have any concerns regarding territorial claims from the Russian Federation, he added.
322
2K
14K
34
215
1K
@tashecon
Timothy Ash
1 month
Russia is clearly a fascist state and Putin a dictator, war criminal and genocide pusher in Ukraine. The willingness of Western companies to stay in Russia is disgusting.
289
376
1K
@tashecon
Timothy Ash
2 years
Fortress Russia = sanctions, higher borrowing costs, reduced investment, low growth, lower living standards, social unrest, repression, brain drain, tech decline, EU energy diversification, dependence on China, stagnation. Road to nowhere. USSR circa 83’.
28
244
1K
@tashecon
Timothy Ash
2 years
Slava Ukraini! The Bayraktar guys are doing an amazing job.
14
124
1K
@tashecon
Timothy Ash
9 months
Turkey and UAE sign a massive $50bn MOU for investments. That’s much bigger than the $30bn originally mentioned. I assume with something similar from Saudi that would take Gulf support to $100bn plus. Are they selling Fenerbahce for that?
166
147
1K
@tashecon
Timothy Ash
27 days
Turkey - pretty clear big defeat for AKP in local elections with CHP taking Istanbul, Ankara and Izmir and big cities, and beating AKP in national vote. It’s all about inflation! Erdogan needs to double down in support for Simsek and the new team at the CBRT.
82
150
1K
@tashecon
Timothy Ash
2 years
Turkey - the prob is inflation. 20% in Nov, likely rising to 30-50% over next few months. That’s why Turks don’t want to hold lira. CBRT needs to do its job + focus on fighting infl. Likely it needs higher rates not FX intervention/fancy deposit schemes.
35
104
1K
@tashecon
Timothy Ash
2 years
Greece is helping fund Putin’s war in Ukraine. Blood money.
@ragipsoylu
Ragıp Soylu
2 years
Nikkei documents how Greek tanker fleet is transporting Russian oil and conduct ship-to-ship oil transfers on the sea
189
1K
3K
87
264
1K
@tashecon
Timothy Ash
2 years
Let’s name and shame companies still doing business in Russia,
70
403
1K
@tashecon
Timothy Ash
2 years
4/ Long term the invasion of Ukraine and sanctions will be economically disastrous for Russia, only a question when ordinary Russians begin to feel the pain and realise this is coz of bad choices by Putin.
15
73
962
@tashecon
Timothy Ash
27 days
Three big conclusions from AKP’s defeat in local elections: 1) Democracy is alive and kicking in Turkey; 2) Personalities matter - Imamoglu/Yavas led the charge in Istanbul/Ankara; 3) Inflation hurt the AKP vote badly. Erdogan has to get to grips with it.
26
160
1K
@tashecon
Timothy Ash
6 years
Erdogan says no need business with the IMF, “at the moment”, so not ruling it out then? Meanwhile, signing up to big contract with McKinsey for Cost and Transformation Office to cut budget spending. IMF might have been cheaper.
24
239
974
@tashecon
Timothy Ash
6 months
Turkish foreign minister, Hakan Fidan, says “the West has completely lost moral superiority” - after years of failed Western intervention in the MiddleEast, and double standards, it’s hard to argue against this.
67
193
954
@tashecon
Timothy Ash
2 years
Most over-used term - “things are never black and white”. Wrong, some things are crystal clear - like who is the aggressor here. Crimea, Donbas, MH17. 140,000 troops on the border of Ukraine. I worry about the judgement of people who cannot see the obvious.
20
180
906
@tashecon
Timothy Ash
25 days
Big take out from Istanbul trip is that Turkey is not cheap. London prices for most things. Can see why many Turks are struggling to survive the inflation and cost of living crisis - hence the election result.
50
120
959
@tashecon
Timothy Ash
2 years
Uzbekistan stops processing MIR cards….Turkey? Feels like the end is nigh for Putin. Putin and the Ayatollahs in Iran going down together.
25
102
912
@tashecon
Timothy Ash
2 years
1/ Interesting how Putin has made himself and Russia the international pariah Nimber 1. Result - brings US to table with Venezuela. Turkey and Israel closer. Even makes US and Iran work harder on deal - even if Russia will now try and scupper it.
18
136
896
@tashecon
Timothy Ash
2 years
Shame on Italy and Germany by blocking SWIFT sanctions. Selling a few more BMWs and Fiats seems more important to them then their democracy. Let’s see how the German army does against a Russian army blitzkrieg without US support.
35
164
922
@tashecon
Timothy Ash
10 months
The solution on using frozen Russian assets for Ukraine is clear - allow Ukraine to issue Recovery Bonds. Use the frozen $400bn in Russian assets to buy them. Russian still owns the underlying asset - no attack on property rights. 1/
44
171
913
@tashecon
Timothy Ash
2 years
Bayraktar drones making a big difference - thank you Turkey!
Tweet media one
44
78
863
@tashecon
Timothy Ash
2 years
Lavrov suggesting if US proposes Biden - Putin summit the Kremlin will consider it. Kremlin speak for we are desperate for peace talks. Typical Putin, escalate before talks.
84
149
843
@tashecon
Timothy Ash
7 months
The Turks - Simsek, Erkan are the stars of the IMF meetings in Marrakesh. Sending a consistent message of reform and adjustment.
56
81
858
@tashecon
Timothy Ash
3 years
Turkey - great country, people, corps + banks. Should be No.1 EM but insane policies at present, particularly around monetary policy, makes it very hard to invest. Message to Erdogan - you are totally+utterly wrong on relationship between inflation + rates.
18
88
870
@tashecon
Timothy Ash
10 months
Russia notifies Turkey that it will not renew the Black Sea Grain deal. Putin kicks Erdogan in the balls, and with it the rest of the Global South. Russia is responsible for the global cost of living crisis because of its invasion of Ukraine, not sanctions.
60
189
860
@tashecon
Timothy Ash
2 years
That looks like Yuri Boyko on the right - so even the “pro-Russian” Opposition Block is now allied with Zelensky against Russia. That is what Putin has done
@verkhovna_rada
Верховна Рада України
2 years
Важливі рішення Верховної Ради України: - про можливість отримати вогнепальну зброю громадянами України та іноземцями, які хочуть захищати Україну #ЗП7120 - про націоналізацію російських активів на території України #ЗП7122
Tweet media one
29
185
713
11
226
836
@tashecon
Timothy Ash
1 year
One big conclusion from visiting Turkey hundreds of times since 1987 is that you can have no better friend than a Turk.
38
45
851
@tashecon
Timothy Ash
3 years
Nagi Agbal was a decent, honourable man, a good economist and central banker and a patriot trying to do the best for the country. His firing is a This is a ridiculous move by Erdogan and very, very worrying. Markets will give their verdict next week.
75
106
837
@tashecon
Timothy Ash
4 years
The better one is clearly in Turkey.
@LSpyropoulou
Liana Spyropoulou
4 years
Two photos of a refugee camp in Europe and another two from a refugee camp in Turkey. Guess which is where.
Tweet media one
Tweet media two
Tweet media three
Tweet media four
261
2K
6K
14
206
804
@tashecon
Timothy Ash
2 years
3/ Longer term the West will massively cut energy imports from Russia and without investment in pipelines this will be hard to divert east. And sanctions means Russia will be starved of capital to build pipelines.
10
50
806