Turkey

As Erdogan's Historic Purge Claims 50,000, Turkey Set To Unveil "Emergency Measures"

Erdogan's historic purge of dissidents and adversaries - many of which curiously are to be found in the country's educational system - continues, and according to the latest count a total of around 50,000 soldiers, police, judges, civil servants and teachers have been suspended or detained since the coup attempt. Also today, Turkey said it would announce emergency measures on Wednesday to try "to shore up stability and prevent damage to the economy

Frontrunning: July 20

  • Trump Goes on Offense as Republicans Try to Move Past Missteps (BBG)
  • Trump could seek new law to purge government of Obama appointees (Reuters)
  • Behind the scenes, Ryan touts his agenda in Cleveland, not Trump's (Reuters)
  • U.S. Set to Seize $1 Billion in Assets Tied to Malaysian Fund 1MDB (WSJ)
  • 21st Century Fox Negotiating Exit of Fox News Chief Roger Ailes (WSJ)

Is The Party Over For Bushism?

America crossed a historic divide and entered a new era. Even should Trump lose, there is likely no going back.

S&P Cuts Deutsche Bank Outlook To Negative On "Challenging Operating Conditions"

It has been a while since investors focused their attention on the world's "most systematically risky" bank, Deutsche Bank. Moments ago, S&P made sure to remind us that nothing is fixed, when it released a report saying that "Operating Conditions May Challenge Strategy Execution" but keeping the bank at a BBB+ rating.

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.