Turkey

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Fourth Turning: The Shadow Of Crisis Has Not Passed - Part 2





The dominoes are beginning to fall. The initial spark in 2008 has triggered a series of unyielding responses by those in power, but further emergencies and unintended consequences juxtapose, connect and accelerate a chain reaction that will become uncontainable once a tipping point is reached. The fabric of society is tearing at points of extreme vulnerability, with depression, violence and war on the foreseeable horizon. Mr. President, the shadow of crisis has not passed. The looming shadow of crisis grows ever larger and darker by the day as this Crisis enters the most dangerous phase, where the existing social order will be swept away in a torrent of carnage and ferocious struggle. We are not a chosen people. We are not immune from dire outcomes.

 
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Jim Rogers On Opportunities In Russia & Other Hated Markets





"I’m optimistic about the future of Russia. I was optimistic before this war started in Ukraine, which was instigated by the US, of course. But in any case, I bought more Russia during the Crimea incident, and I’m looking to buy still more. Unfortunately, what’s happening is certainly not good for the United States. It’s driving Russia and Asia together, which means we’re going to suffer in the long run - the US and Europe. Another of the big four Chinese banks opened a branch in Moscow recently. The Iranians are getting closer to the Russians. People are starting to reexamine the propaganda that comes out of Washington. Even the Germans are starting to reassess the situation."

 
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The Coup Is Complete: US Embassy In Yemen Shutting Down, Ambassador To Leave By Wednesday





Another US-friendly regime has folded completely, and after bumbling US foreign intervention in Libya and Egypt made the countries into terrorist breeding grounds where Americans are kidnapped on sight or worse, it is now Yemen's turn: another country in the Middle East whose president until recently was backed by the US government, and which will now be nothing more than civilian casualty fodder for remote-controlled US drones.

  • YEMENI EMPLOYEES SAY US AMBASSADOR IN YEMEN INFORMS STAFF THE EMBASSY IS CLOSING DOWN COMPLETELY, AMBASSADOR TO LEAVE BY WEDNESDAY

For those Americans who are still on location, fear not: you are in good hands: US TO ASK TURKEY OR ALGERIA TO LOOK AFTER ITS INTERESTS IN YEMEN WHILE THE EMBASSY IS CLOSED - YEMENI US EMBASSY EMPLOYEES

 
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Russia's Newest Military Base In Europe Will Be Just 40km From NATO Facilities In Cyprus





"We want to avoid further deterioration in relations between Russia and Europe," explained Cyprus' President Nicos Anastasiades upon reportedly signing an agreement to offer Russia military facilities on its soil (that we noted previously). The air force base at which Russian planes will use is about 40 kilometers from Britain's sovereign Air Force base at Akrotiri, on the south shores of Cyprus, which provides support to NATO operations in the Middle and Near East regions. As fault lines within the EU widen, Anastasiades said in his interview that Cyprus opposes additional sanctions against Russia by the European Union over Ukraine, "Cyprus and Russia enjoy traditionally good relations and that is not going to change."

 
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Turkey Deputy PM Warns "The Polarization Of The Masses Frightens Me"





In the face of Turkish President Recep Erdogan's increasingly harsh rhetoric towards The West and slamming the central banks for its "independence" warning that it will "be held accountable" if the decision on interest rates is wrong - which has sent the Lira to record lows - Deputy Prime Minister Bulent Arinc appears to have come out today to try and calm the situation. Fearing that "Turkey could cease to be a governable country," Arinc called for a softening of political language, as he warns "the polarization of the masses, frightens me."

 
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Russell Napier: "The Most Dangerous Thing In Finance Is The Thing That Never Ever Moves - Until It Moves"





Taking interest rates so negative that they threaten a run on bank deposits should not be seen as success --- it is failure. Creating bank reserves at that pace should not be seen as success --- it is failure. The next failure may well be some government-inspired restriction on capital inflows. Well, you could call such restrictions, and risking the liquidity of banks, monetary success if you like, but then you probably also think it’s a success to throw the ball one yard from the touchline.

 
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Canadian FinMin Blows The Narrative: US Economic Leadership "Is Simply Not Sustainable"





Happily ignoring the 'fact' that the unemployment rate rose in the US today, talking-heads continue to proclaim the US economy will be the economic engine of the world going forward... cleanest dirty shirt... where else are you going to invest. Of course this ignores the fact that US Macro data has been a disaster over the last 2-3 months. But there is one dissident voice who dares to speak up... Canadian Finance Minister Joe Oliver said on Friday, although the United States is carrying the world economy at the moment, "that is simply not sustainable." Blasphemy!!

 
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Turkish Lira Crashes To New Record Lows, Erdogan Slams "New York Times Owners"





Following his outburst at the "independence" of the Turkish Central Bank earlier this week (which crashed the Lira), President Erdogan has opened his mouth again this morning...

*ERDOGAN: TURKEY NEEDS NEW CONSTITUTION AND PRESIDENTIAL SYSTEM, and
*ERDOGAN SAYS PEOPLE SHOULD RESEARCH NEW YORK TIMES OWNERS

So the blame for his nation's weakness is an independent central bank and the NY Times... The Lira just passed 2.47 to the USDollar - a record low.

 
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Shunned Greece Agrees To Boost Economic Cooperation With Russia





It's been an odd few days for Greece's new PM Alexis Tsipras. From being lambasted by Jeroen Dijsselbloem, shunned by Angela Merkel's henchmen, holding hands with Jean-Claude Juncker, and losing a key funding channel from Mario Draghi; Tsipras' anti-austerity platform has been 'supported' by Barack Obama and he has been invited for a visit to Russia by Vladimir Putin, and reminded that Russia is willing (and able) to provide financial aid if asked by finance minister Anton Siluanov. So headlines this evening from ekathimerini should not be entirely surprising that Putin and Tsipras have agreed to boost cooperation in the economy and energy, tourism, culture and transport sectors; and discussed the possible creation of a pipeline to carry natural gas from Russia to Europe via Turkey and Greece.

 
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The Latest US Invasion Of Iraq Begins: US Military Search And Rescue Teams Arrive In Northern Iraq





Despite numerous explanations that no boots-on-the-ground will be on-the-ground in Iraq in the war against Islamic State, it appears, as CNN reports, that the US military has moved Search-and-Rescue (S&R) assets to Northern Iraq as part of a "constant rebalancing" depending on the evolving airstrike-only mission. Of course, as the 'unnamed source' was so quick to explain, this was in no way a response to threats from The UAE to pull out of the coalition unless S&R assets were placed in Iraq since, cynically speaking, the UAE demands are only the result of US demands that it demand it anyway.

 
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Turkish Lira Plunges To Record Low After Erdogan Lambasts Central Bank "Independence"





"The honeymoon is over," warned SocGen overnight as "the trade of the year" turned into carnage after, essentially, a big policy error on the part of the central bank in the context of serious political pressures. Just today President Erdogan explained to whoever would listen that "interest rates are the cause of inflation," and "some are trying to hold Turkey back with interest rates," adding that "you can't decide interest rates based on inflation." However, his conclusion was what really sent the Turkish Lira spiralling... "unfortunately, this is the result of an independent central bank."

 
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"Dear 1%"





Dear 1%,

You are receiving this invitation because you live in the most expensive postal routes of Los Angeles...

 
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