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And because of its geography, Turkey has always been a powerhouse of trade not only during ancient times but modern as well. From 2002 to 2007 growth averaged more than 7% a year.
That global exposure is sometimes a blessing and other times it’s a curse.
The ancients were sacked by the Mongols who wanted to control strategic ports and their modern counterparts were sacked by the credit crisis which infiltrated this nation from all sides.
It's hard to say which was worse. The Mongols were brutal but the credit crisis has massacred Turkey's economy -- dragging it down more than 10 percent in the first quarter this year.
And like those warriors of long ago who gathered in Constantinople to protect the homeland, the current leaders are also launching an assault – this time taking action with massive Reagan-like tax cuts and an Obama-like public sector stimulus.
If these bold initiatives work, they could return Turkey to a position of fierce strength. However, if they don’t work, Turkey could find itself defeated.
Amid all the uncertainty – only one thing is for sure. It's make or break time for this pivotal global partner.
So how should you trade Turkey?
I think the best way to play Turkey is with the nation's ETF; counsels Tim Seymour. That's the iShares MSCI Turkey Index Fund [TUR
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] -- or I also like the mobile phone company Turkcell [TKC
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].
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Trader disclosure: On June 15th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Seymour Owns (AA), (BAC), (BX), (EEM), (FXI), (TTM); Seymour's Firm Owns (NOK); Seymour's Firm Owns (TKC); Najarian Owns (BX) Call Spread; Najarian Owns (FCX) Calls & Put Spread; Najarian Owns (GE) Calls; Najarian Owns (INTC) Call Spread; Najarian Owns (MOS) Put Spread; Najarian Owns (PALM) Calls; Najarian Owns (WNR); Najarian Owns (S) Calls; Terranova Owns (TER), (SDS), (ABT); Terranova Owns (RIMM) & Short (RIMM) Calls; Terranova Is Short (RIG); Terranova Owns (BRCM) & Short (BRCM) Calls; Terranova Owns (MS) & Short (MS) Calls; Terranova Is Short (FCX); Terranova Owns (GENZ) & Short (GENZ) Calls; Terranova Owns (HES) & Short (HES) Calls; Terranova Is Short (XOM) Call Spread; Terranova Owns (DIS) Call Spread; Terranova Owns (X) & Short (X) Calls; Terranova Owns (JPM) & Short (JPM) Calls; Terranova Owns (BTU) & Short (BTU) Calls; Terranova Is Short August Gold Futures; Terranova Owns (POT) & Short (POT) Calls; Terranova Is Short Septmeber Oil Futures; Terranova Owns December Oil Futures; Terranova Owns August Nat Gas Futures; Terranova Owns (IBM) & Short (IBM) Calls; Terranova Is Short (OIH) & (OIH) Calls
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