Turkey

"The BRL will continue to be under pressure. I think it will be a continuous and arduous political struggle from here and some will try to bring the impeachment proposal forward."

The question today is merely one of timing. How long before a negative trigger is introduced? How long before Israeli planes come into contact with Russian or Iranian fighters? How long before U.S. troops come into contact with Russian troops? How long before Israel or Saudi Arabia strike Iran? And if the U.S. backs out completely, how long before the entire dynamic of the Middle East is flipped and America loses petro-status for the dollar? With the speed of events forming a fiscal-political riptide, it is hard to imagine we will be waiting very long to find out.

Saudi Arabia’s competitors from the Gulf cut their prices last month, forcing the largest OPEC producer to follow suit. Although there was little expectation of a shift in strategy, the price cut highlights Saudi Arabia’s determination to continue to pursue market share by keeping production volumes elevated. On top of that, October could be a crucial month for struggling drillers. With drillers undergoing credit redeterminations, October could see a wave of debt restructuring and cuts to credit lines, potentially forcing deeper cuts in the shale patch.

The Western hypocrisy and outright panic is accelerating, as Washington is simply bewildered about what to do next in Syria. Meanwhile, the Russian military has, in the space of a week, cleared the way for an Iranian gound invasion on behalf of Assad. Once that's finished, the entire campaign will shift to Iraq, where the US will either need to confront Russia or simply pack up and leave.

The Kremlin has thus far observed some semblance (and we do emphasize the word “some”) of decorum in criticizing the West’s approach to Syria. The nicetites just went out the window...

"The closest has been within a handful of miles of our remotely piloted aircraft"...

"This is a real war on Sunnis, their countries and their identities. Join a jihad against the enemy of God and your enemy and Muslims will back you every way they can."

"Regarding the large-scale use of the Black Sea Fleet in this operation, I don't think it will happen, but in terms of a coastal blockade, I think that [is] quite [possible]. The delivery of artillery strikes hasn't been excluded; the ships are ready for this."

Here are some State Department talking points on Syria for cable news anchors... If you do all this, you will demonstrate your loyalty to the State Department, the bipartisan foreign policy consensus, the military-industrial complex, the One Percent, your advertisers, your producers and editors, and the unsung heroes behind the scenes who arrange your teleprompter scripts. You too could be an Andrea Mitchell, or Christiane Amanpour, posturing as an “expert” while trotting out our talking points. And even after they’re exposed as bullshit, you won’t have to say you’re sorry. People will soon forget anyway.

• MOAR: Euro-Area Growth Seen Slowing in Sign More Stimulus May Be Ahead (BBG)
• MOAR: Japan's wage growth slows in August, keeping pressure on BOJ for more stimulus (Reuters)
• MOAR: Stocks, Copper, Emerging Markets Jump as Fed Delay on Rates Seen (BBG)
• And yet... Central Banks Lose Bond-Market Credibility as Woes Mount (BBG)
• World Bank cuts Asia growth forecast on China and US rates (BBC)

"The Russian intervention is a massive setback for those states backing the opposition, particularly within the region – Qatar, Saudi Arabia and Turkey – and is likely to elicit a strong response in terms of a counter-escalation."

"They’re hopping mad in Saudi Arabia, the U.S. And Qatar because of their defeat and the victory of Russia and Syria and the unraveling of the fact that the U.S. and its allies are not serious about fighting Islamic State. Those who claim to be concerned about the Syrian people are the ones slaughtering the Syrian people through the terrorists."

"Australia has benefited from China’s growth over the past decades, but has become a less diversified and commodity dependent economy in the process. It is now exposed to China’s slowdown, and may be unable to re-engineer itself quickly enough to avoid the end of the commodity super-cycle. The worst is yet to come, in our view."

"It is not a problem of liquidity, but of fundamentals"...

The signs of deflation are now flashing all over the globe and the possibility of an associated financial crisis is now dangerously high over the next few months. Our preferred model for how things are going to unfold follows the Ka-Poom! Theory, which states that this epic debt bubble will ultimately burst first by deflation (the "Ka!") before then exploding (the "Poom!") in hyperinflation due to additional massive money printing efforts by frightened global central bankers acting in unison. First an inwards collapse, then an outwards explosion.