Turkey

America Should Exit From NATO & The National Security State

In its reporting on Brexit, the New York Times asks an interesting question: “Is the post-1945 order imposed on the world by the United States and its allies unraveling, too?” Hopefully, it will mean the unraveling of two of the most powerful and destructive governmental apparatuses that came out of the postwar era: NATO and the U.S. national-security state.

The Italian Job: "How Did Things Go So Bad?"

How on earth did things go so wrong? Could it be as simple as power-mongering and greed? To rob a line from the 2003 Italian Job, “There are two kinds of thieves in this world: The ones who steal to enrich their lives, and those who steal to define their lives.” Could it be that average working Italians, especially those who have been around for a good long while, feel as if they’ve been victims of both of the two kinds of theft, doubly wronged? “Basta!” their voices scream in defiance. Enough is enough!

Frontrunning: June 30

  • Brexiters at war as Johnson pulls bid to be PM (FT)
  • Soros Says Brexit Has ‘Unleashed’ a Financial-Markets Crisis (BBG)
  • World stocks poised for worst month since January (Reuters)
  • China to tolerate weaker yuan, wary of trade partners' reaction (Reuters)
  • China central bank criticizes media for publishing 'inaccurate information' on yuan rate (Reuters)

Day 3 Of Global Post-Brexit Rally: European Stocks, US Futures At Session Highs

Day three of the post-Brexit rally continues, and after some initial weakness due to concerns about Chinese currency devaluation, both European stock and US equity futures were trading at session highs, facilitated by yesterday's stress test results which saw dozens of US banks unleash a tsunami of stock buyback announcement which in turn pushed S&P futures to new post-Brexit highs.

Islamic State Blamed For Istanbul Terror Attack That Killed 41

With the Ataturk airport damage now largely accounted for, it's time to cast blame which Turkey was eager to do when Prime Minister Binali Yildirim said in televised remarks that the Islamic State is likely responsible for the killings. “Once again, it has been understood that terrorism is a global threat to all countries and nations and must be fought through mutual cooperation,” Yildirim said. “Our country has the necessary power and determination to overcome over these heinous attacks.”

Global Stock Surge Continues As "Investors Look To Central Banks For Support"

Why the ongoing rally? A squeeze, sure, and also month-end fund flows. But the fundamental driver remains one and the same, and we quote Bloomberg: "the relief rally endures as Asian and European stocks rally with crude oil amid speculation policy makers will use stimulus to blunt the impact of the U.K.’s decision to leave the European Union, including a pause in the Federal Reserve’s tightening cycle. Investors are looking to policy makers for support."

16 Reasons To Celebrate Brexit's Win

Could Brexit turn out to be a mistake? Yes. Unfortunately, we live in an uncertain world with imperfect knowledge. We can only guess at the future. However, Britain has been capably governing itself for hundreds if not thousands of years. In that light, Brexit appears likely promote the right people and ends.

After Brexit, A Trump Path To Victory

The English wish to remain who they are, and they do not want their country to become, in Theodore Roosevelt’s phrase, “a polyglot boarding house” for the world. From patriots of all nations, congratulations are in order. It will all begin to unravel now, over there, and soon over here.

Frontrunning: June 28

  • Brexit vote, UK political confusion keep world markets on edge (Reuters)
  • Cameron Heads to Last Supper in Brussels Amid Impasse in London (BBG)
  • Banks Get Reprieve From Brexit Hammering (WSJ)
  • U.S. Stock Futures Rise as Stimulus Hopes Outweigh Brexit Fears (BBG)
  • Brexit adds to existing troubles faced by banks (FT)

Global Stocks Rebound, US Futures Jump On Expectation Of "Coordinated Intervention By Central Banks"

After a historic two-day selloff, which as shown yesterday slammed European banks by the most on record the wildly oversold conditions, coupled with hopes for yet another global, coordinated central bank intervention, coupled with modest hope that David Cameron's trip to Brussels today may resolve some of the Article 50 gridlock, have been sufficient to prompt a modest buying scramble among European stocks in early trading, with the pound and commodities all gaining for the first time since the shock Brexit vote.

Erdogan Apologizes To Putin Over Death Of Russian Pilot, Calls Russia "Friend", Restores Ties With Israel

In two stunning geopolitical developments over the past 24 hours, Turkey - which is finding itself increasingly snubbed by not only Europe but also the US - has pivoted dramatically and shortly after restoring full deplomatic ties with another country that has recently seen the cold shoulder from the Obama administration, namely Israel, moments ago apologized to Russia for last year's downing of a Russian jet which allegedly crossed above its territory as part of the Russian campaign against ISIS.