Turkey

Turkey Latest: Tens Of Thousands Purged; "Gulenist Media" Shut Down; Pilots Behind Russian Jet Downing Arrested

Turkish president Erdogan continues his witch hunt purge for the third day, and as of this morning the office of the Turkish prime minister removed from duty 257 staff suspected of being linked to the failed coup Reuters cites a source in the PM’s team as saying Tuesday. The number of those suspended from duty in the PM’s office has reached 10 percent of the estimated 2,600 total personnel of Prime Minister Binali Yildirim’s staff.

America Has Become A "Parasitocracy"

Everyone wants to get something for nothing. Everyone wants to be a rentier. And every society has them. But a rentier is a parasite. And the more of them you have, the weaker the economy becomes – until it eventually succumbs to revolution, depression, war, or hyperinflation.

Frontrunning: July 19

  • Turkey's Erdogan recounts night of coup, mulls death penalty (AP)
  • Dissidents Silenced, GOP Convention Turns Attacks on Clinton (WSJ)
  • U.S. police deaths build momentum for law to treat attacks as hate crimes (Reuters)
  • Police across US patrolling in pairs after ambush attacks (AP)
  • UK will not invoke EU Article 50 this year, government lawyer says (Reuters)

Piling On To The "Surreal" Response To Turkish Turmoil: Here Comes The Central Bank

In less than half an hour, the Turkish central bank will steal the public spotlight, if only very briefly, from Erdogan when it announces whether it will cut rates by 50 bps, 25 bps, (or - less likely - it won't cut at all). But in light of the recent stunning transformation in the country's political landscape, does this decision really matter? According to the market yes; according to Bloomberg's Richard Breslow, it is simply one more indication of how surreal the response to the Turkish turmoil has become.

US Futures Dip, European Stocks Slide After EU Court Slams Italian Bank Bailout Plans

After a head-scratching S&P500 rally - which not even Goldman has been able to justify - pushed stocks to new all time highs with seemingly daily record highs regardless of fundamentals or geopolitical troubles, overnight US equity futures dipped modestly, tracking weak European stocks as demand for safe haven assets including U.S. Treasuries and gold rises. Asian stocks outside Japan fall. Crude oil trades near $45 a barrel. 

Citi Is Stunned How Quickly The "Extraordinary Political Backdrop" Is Deteriorating

"These developments point to a marked increase in political risks in systemically-significant countries. At the start of the year, we flagged many of these as  well as introducing our thesis that rising Geopolitical Risks, accompanied by rising "Vox Populi" risks such as Brexit and changing US politics, were at risk of converging in new and powerful ways. Even so, we did not anticipate quite how many would transpire, let alone within such a compressed timeframe."

Turkish Prosecutors Raid Incirlik Airbase Housing US Warplanes And 50 Nuclear Bombs

The saga surrounding the Turkish Incirlik air base, which is not only the headquarters to the US 39th Air Base Wing but also vaults over 50 B1 nuclear bombs, and is critical to all US missions not only against ISIS but the entire middle east continues. Moments ago, Turkey's state-run news agency says seven prosecutors, charged with investigating a foiled coup, have entered the Incirlik Air Base.

Netflix Plummets As Growth Story Comes To A Halt: Company Says "We Are Not Growing As Fast As We Would Lke"

While NFLX moments ago reported Q2 EPS of $0.09 that beat expectations $0.03, the reasons the stock is plunging after hours is because it appears that Netflix growth story is officially over, and not just because the company guided far lower on international net additions, but because as the Company itself admitted, "we are growing, but not as fast as we would like or have been. Disrupting a big market can be bumpy, but the opportunity ahead is as big as ever and we continue to improve every aspect of our business"

Former Turkey Air Force Commander Unsure If He Was Ring-Leader In Coup, Pleads Guilty

The farcical 'coup' fallout continues. Having earlier denied his involvement in the coup in statements he made to Turkish media (insisting he worked to quell the uprising), Turkey's state-run news agency reports that former Air Force commander General Akin Ozturk has now pleaded guilty to organizing the coup attempt. "I started to act aiming to stage a coup," Ozturk admitted during interrogation... but, adding to the confusion, CNN Turk additionally reports that Ozturk stated "he was not the one to plan the coup." So to be clear, he did not plan it but acted with intent to stage it... and that is how Erdogan gets his scapegoat.