Turkey’s vast private gold holdings—estimated at $500 billion, much of it stored outside the formal financial system—are creating a major challenge for policymakers.

Soaring gold prices, now above $4,000 per ounce, have boosted household wealth by more than $100 billion in the past year. This “wealth effect” is fueling consumer spending, especially on homes and cars, and is complicating the central bank’s efforts to curb inflation, which remains above 30% despite an official year-end target of 24%.

Because so much of this wealth sits in physical gold rather than lira or bank accounts, traditional monetary policy tools—such as raising interest rates—have limited impact. The central bank can’t easily influence or monitor how people use their gold, which makes inflation harder to manage. Moreover, as Turks spend more due to their rising gold wealth, demand-side pressures increase, slowing the pace of disinflation and potentially forcing the bank to tighten policy even further, at the risk of stalling growth.

This dynamic also has broader financial and structural implications. Gold acts as a hedge against currency depreciation, but heavy reliance on it weakens demand for the lira and reflects deep public mistrust in financial institutions—a legacy of decades of high inflation and currency instability. If gold prices were to fall sharply, household wealth and spending could drop suddenly, amplifying economic volatility.

Ultimately, Turkey faces a policy dilemma: tightening monetary conditions further could hurt growth, while tolerating higher inflation could undermine the lira and economic credibility. The only long-term solution lies in rebuilding trust in the financial system and finding ways to gradually integrate private gold holdings into the formal economy—without triggering backlash or destabilizing household wealth. (Good luck)

ICE arrested Radule Bojovic (Montenegro), a police officer in Hanover Park, a suburb of Chicago, accusing him of living in the U.S. illegally since overstaying a tourist visa that expired in 2015. Bojovic had recently graduated from the Suburban Law Enforcement Academy and was undergoing field training.

The Department of Homeland Security (DHS) criticized the hiring, calling it illegal for an undocumented immigrant to be a police officer or possess a firearm.

However, Hanover Park Mayor Rodney Craig defended the hiring, stating the village confirmed Bojovic had federal work authorization at the time and passed FBI and Illinois State Police background checks. The village will monitor his immigration proceedings, and if he's allowed to stay and work, he could return to duty.

🇬🇷 - Greece allowed for employers to extend employees' work day to 13h.

Passport strength in the Balkans according to the Hensley Passport Index:

🇬🇷 Greece (186)
🇭🇺 Hungary (186)
🇭🇷 Croatia (184)
🇸🇮 Slovenia (184)
🇷🇴 Romania (179)
🇧🇬 Bulgaria (178)
🇷🇸 Serbia (137)
🇲🇰 Macedonia (129)
🇲🇪 Montenegro (128)
🇧🇦 Bosnia (122)
🇦🇱 Albania (122)
🇲🇩 Moldova (121)
🇽🇰 Kosovo (81)

Croatia is building a nuclear waste dump on the border with Bosnia.

Bosnian government officials response:

“The Presidency of Bosnia and Herzegovina has not sent a protest note to Croatia. Likewise, in the field of diplomacy, that is, foreign relations, we do not have a single victory."

For the first time, more Croats live abroad than in Croatia, Deputy Prime Minister and Defence Minister Ivan Anušić announced at a conference in Osijek on October 14, 2025. About 5 million Croats live abroad, compared to 3.8 million in Croatia.

At the event titled "Croatian Immigration and Economic Development", Anušić emphasized the diaspora’s historic role in supporting Croatia and the government’s efforts to create conditions for their return and investment.

Minister of Demography Ivan Šipić highlighted ongoing efforts to reverse negative trends through birth rate support, improved immigration policy, and removing bureaucratic barriers like citizenship and residency issues. He stressed that meaningful returns require job and housing opportunities, especially for young people.

State Secretary Zvonko Milas added that Croatia must engage the diaspora as full participants in national life—not just as tourists or distant relatives.

The event underscored the government's focus on demographic renewal, diaspora engagement, and the economic potential of Croats abroad.

WTF swear me they said that

It was a part of a longer quote. I just thought it was funny. What is Bosnia going to do? It's not like the Croatians are breaking any laws.

If anything, this should inspire Bosnians to build their own nuclear power plant and then dump the waste right next to Croatia.

No such thing as Republic Day. It's about as equivalent as LGBTQ Day. Good to see that €20 million in lobbying is starting to pay off tho.

Would have been a shame to use that money for education or the local economy.

🇲🇪🇷🇺 - Montenegro to introduce visa requirements for Russian citizens who currently enjoy visa-free entry.

Cats are replacing black people in the US - would you eat food prepared by a cat?