Kayaköy, Turkey Panoramic Scene



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Wikipedia:

Kayaköy (Greek: ???????, Levissi or Greek: ???????????, Karmylissos, although modern English usage seems to be Karmylassos) is a village 8 km south of Fethiye in southwestern Turkey where Anatolian Greek speaking Christians lived until approximately 1923. The ghost town, now preserved as a museum village, consists of hundreds of rundown but still mostly intact Greek-style houses and churches which cover a small mountainside and serve as a stopping place for tourists visiting Fethiye and nearby Ölüdeniz.

It was built on the site of the ancient city of Carmylessus in the 18th century. It experienced a renewal after nearby Fethiye (known as Makri) was devastated by an earthquake in 1856 and a major fire in 1885. After the Greco-Turkish War, Kayaköy was largely abandoned after a population exchange agreement was signed by the Turkish and Greek governments in 1923. Many of the buildings were damaged in the 1957 Fethiye earthquake.

Locking in the Homeowner

Richard W. Rahn:

At the government level, the Fed policy also has created a double lock-in. By buying so much of the debt of the government at very low interest rates, the Fed has enabled Congress and the administration to spend more than they otherwise could if they had to pay the full, real-market interest rate on the government debt. At the moment, the U.S. government is paying only about $225 billion a year on its $16 trillion debt. If it had to pay normal interest rates of, say, 6 percent rather than 2 percent, its interest payments would be something in the order of $800 billion, or roughly a half-trillion dollars a year more. Most of this additional interest payment would have to come out of spending, because to try to borrow this additional amount would result in an interest-rate spiral concluding in the inability to sell any debt. If Congress tried to increase taxes to cover the additional debt payments, the tax increase would need to be so large as to put the economy in a deep recession, or worse, resulting in a great fall in revenue.

The Fed acknowledges the impossibility of buying more and more government debt forever at almost zero interest. Thus, it has said at some point — when growth is higher and unemployment is lower — it will raise interest rates. Its current policies are keeping growth stagnant, however, because the Fed is, in effect, misallocating capital by subsidizing the government, the big banks and some big companies with artificially low interest rates, while starving the job-creating, midsize and highly entrepreneurial companies of needed funds. The Fed and the Obama administration are now locked in a fiscal death dance.

A Day in the Life of a Freelance Journalist—2013

Nate Thayer:

I am a professional journalist who has made my living by writing for 25 years and am not in the habit of giving my services for free to for profit media outlets so they can make money by using my work and efforts by removing my ability to pay my bills and feed my children. I know several people who write for the Atlantic who of course get paid. I appreciate your interest, but, while I respect the Atlantic, and have several friends who write for it, I have bills to pay and cannot expect to do so by giving my work away for free to a for profit company so they can make money off of my efforts. 1200 words by the end of the week would be fine, and I can assure you it would be well received, but not for free. Frankly, I will refrain from being insulted and am perplexed how one can expect to try to retain quality professional services without compensating for them. Let me know if you have perhaps mispoken.