This page has been archived and commenting is disabled.

This Is What A Central Bank Losing Control Looks Like

Tyler Durden's picture


With chatter that over $3 billion has been thrown into the FX market to buy Turkish Lira, it appears the central bank is losing control quickly and Turkish stocks are tumbling. The Turkish Lira collapse almost 400 pips this morning to around 2.30 to the USD - an all-time record low as the combination of corruption, social unrest, and Fed taper are seeing hot money outflows faster than the Turkish Central bank can keep control. This is the biggest tumble in the Lira in almost 5 months as the Istanbul 100 (stocks) drops 2.9% - its biggest drop in a month; and Turkish bond yields are backing up to 2-year highs.



Green arrows show central bank efforts to control the chaos...


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 01/23/2014 - 11:43 | 4358914 OldPhart
OldPhart's picture

Buy the plucking dip!

Thu, 01/23/2014 - 11:47 | 4358937 InjectTheVenom
InjectTheVenom's picture

I love the smell of central bank turmoil in the morning !

Thu, 01/23/2014 - 11:48 | 4358947 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

The CBs around the world are like the Dutch boy putting his finger in the North Sea dike. The problem is there are holes everywhere and not enough fingers.

Thu, 01/23/2014 - 11:54 | 4358969 joego1
joego1's picture

The Fed has a secret plan to use Christies ass to plug our holes.

Thu, 01/23/2014 - 12:00 | 4358999 DoChenRollingBearing
DoChenRollingBearing's picture

But, so many holes...  Granted, they could plug ONE BIG ONE w/ Christie!

Thu, 01/23/2014 - 12:07 | 4359029 Pure Evil
Pure Evil's picture

Soro's must be in there whipsawing the ass raping to such a degree that I'm not sure we'll be able to save the victim this time.

Thu, 01/23/2014 - 12:16 | 4359061 NoDebt
NoDebt's picture

Dow off 200, gold up 20+ and still no ZH article declaring "This is it, boys!  This is the big one!  We're going over!  Everyone hold on!"

Disappointing.  Almost like the Tylers have lost to will to live or something.  Doncha know that's the stuff I come here for?

Thu, 01/23/2014 - 12:24 | 4359092 kliguy38
kliguy38's picture

That's because it ISN'T the end.......its been over for several years now and this is just an illusion for the're livin' on air......don't look down

Thu, 01/23/2014 - 12:32 | 4359116 Pure Evil
Pure Evil's picture

Jeeze, first ZH is accused of being doom and gloomer keeping the little people out of the market and denying them of a chance to reap the whirlwind, and now they're being accused of not be doomy and gloomy enough.

You're damned if you fuck her in the ass, and sent to prison if she's under sixteen if you don't, there's no catch 22 here folks, just move along.

Thu, 01/23/2014 - 13:50 | 4359459 BigJim
BigJim's picture

You must admit the 'And so it begins:' headlines have been a bit thin of late.

I always liked those. Even when 'it' never actually began.

Thu, 01/23/2014 - 16:36 | 4360097 Manthong
Manthong's picture

..does the well roasted Turkey come with gravy?

Thu, 01/23/2014 - 13:49 | 4359458 El Vaquero
El Vaquero's picture

Long Turkish Pinksocks. 

Thu, 01/23/2014 - 12:06 | 4359030 ParkAveFlasher
ParkAveFlasher's picture

He'll clog the pipes like Augustus Gloop in the Chocolate Factory.

Thu, 01/23/2014 - 12:23 | 4359083 Renewable Life
Renewable Life's picture

That's a big hole!!

What's even more exciting, is the prospect of all these global elites who have been made to think they were supermen by Benny Big Bucks, are about to feel some fear again!!

Watch out, there is no honor among thieves, they will turn on each other in minutes, if TSHTF!!!!

Thu, 01/23/2014 - 14:47 | 4359704 Boris Alatovkrap
Boris Alatovkrap's picture


Thu, 01/23/2014 - 16:40 | 4360105 Manthong
Manthong's picture

?? f'n BLT?

what does bacon have in common with turkey.. outside of some possible consensual barnyard encounters?

Thu, 01/23/2014 - 19:03 | 4360585 Boris Alatovkrap
Boris Alatovkrap's picture

"BLT" is popular sandwich in America, no? Bacon, Lettuce, Turkey, yes? Is Boris make of epicurean faux pas acronymn?

Sun, 01/26/2014 - 13:09 | 4368453 Jonas Parker
Jonas Parker's picture

Well done Boris! You'll fit right in here!

Thu, 01/23/2014 - 11:58 | 4358990 Headbanger
Headbanger's picture

If you like your central bank, you can keep your central bank! 

But seriously, this is a bad thing for Middle East tensions with Turkey getting moar stressed out economically they won't take any shit from their whacko neighbors just to their south!

Turkey is heavily armed with some of the most modern military gear. They also manufacture munitions for many foreign nations. And they are long time allies with Germany.

So watch out if Turkey goes on the march into Syria if there's any border attacks against them.

Thu, 01/23/2014 - 12:07 | 4359031 Canucklehead
Canucklehead's picture

If you look at logistics, Turkey is a paper tiger.  They may go into Syria, but they won't be able to do much in there.  Germany, Russia, et al would back Syria and the US would sit on the fence.

If you think Turdogan has problems now, wait until he starts a war he can't finish...

Thu, 01/23/2014 - 12:33 | 4359136 TBT or not TBT
TBT or not TBT's picture

As long as there's no endless corrupt UN mission, or NATO thing created out of this there's some hope.

Thu, 01/23/2014 - 11:58 | 4358996 Sudden Debt
Sudden Debt's picture

Like any priest would say: IF YOU SEE A HOLE, PUT YOUR DICK INTO IT!

Thu, 01/23/2014 - 12:00 | 4359009 DoChenRollingBearing
DoChenRollingBearing's picture

Stop giving them ideas!


Thu, 01/23/2014 - 12:10 | 4359042 Pure Evil
Pure Evil's picture

As the famous line goes, "Never let a pre-pubesant rectumory go to waste!"

Thu, 01/23/2014 - 16:44 | 4360125 Manthong
Manthong's picture

stop giving them ideas ( :-) ...  we are all Jesuits now.

Thu, 01/23/2014 - 14:21 | 4359605 PTR
PTR's picture

Travelling salesman walks into a bar in a rural town, sits down and orders a beer.  

As he's nursing his frothy friend after a long, hard day, he see a machine at the end of the bar with a sign that says "Let me be your wife- $.50" with a hole underneath the sign.  

He looks around at the other few patrons, then asks the bartender, "Do guys really use that machine?"

Barteneder replies, "Yeah, from time to time," and goes about his work.

So the salesman sits and contemplates for a moment, then decides what the hell.

He goes to the machine, unzips his fly, sticks his dick in, and deposits $.50.

Suddenly, there's a blood-curdling yell resonating in the bar.  The bartender rushes over to the salesman and the machine and asks, "You alright pal?  The machine break on you or something?"

The salesman replies, "No, the machine works fine, but I didn't realize it was going to sew a goddamn button to my cock!"

Thu, 01/23/2014 - 14:13 | 4359577 Bangin7GramRocks
Bangin7GramRocks's picture

"So many little holes, so few fingers." -Bill Conlin

Thu, 01/23/2014 - 11:50 | 4358957 LukeWorm
LukeWorm's picture

I love the smell of smoked Turkey in the morning ;-)

Thu, 01/23/2014 - 12:08 | 4359035 Crash Overide
Crash Overide's picture

Turkey has been around for a while, even before central banking. They will be fine...

Thu, 01/23/2014 - 12:38 | 4359153 TBT or not TBT
TBT or not TBT's picture

Well there are two turkeys. One is dying out. The secular westernized state of Kemal Atataturk. The ascendant one is backward and Islamic. They've been outbreeding the western secular educated bunch for a long time and that's what is doing Turkey in socially and economically. It is redescending into tyranny. Has redescended. It's not coming back out either. The momentum downward is all in the demographics.

Thu, 01/23/2014 - 12:37 | 4359150 Kirk2NCC1701
Kirk2NCC1701's picture

Wait & see.  The Turkish stock exchange is well known (by the informed) that it is volatile. 

It can have tremendous gains in a year, and almost equally tremendous drops.  Hedge/invest accordingly.

Thu, 01/23/2014 - 11:50 | 4358958 Bearwagon
Bearwagon's picture

Thar she blows!

Thu, 01/23/2014 - 11:52 | 4358964 kralizec
kralizec's picture

Yes you can!

Thu, 01/23/2014 - 11:55 | 4358978 onewayticket2
onewayticket2's picture

"if you like your exchange rate, you can keep it!"

Thu, 01/23/2014 - 11:57 | 4358989 Mesquite
Mesquite's picture

Hey, any excuse to get the mkt off the ceiling will do...

Thu, 01/23/2014 - 12:36 | 4359149 mclant004
mclant004's picture

Does Turkey have an economy and a debt position to recover from this or is it another Greece?

Dont know much about the country except it has a big army and its in a dangerous part of the world!

Thu, 01/23/2014 - 15:25 | 4359859 americanspirit
americanspirit's picture

Hi mclant004 - good questions. Turkey will not be another Greece. Lots of reasons. There is a huge and viable middle class - extraordinary literacy rates, huge small business community, lots of very strong towns with their own financial resources ( eg tax base). The army is professional,and by and large respects the constitution - not a bunch of thugs in uniforms. They sit on top of huge mineral resource reserves, and they contrl vast fresh water resources. Their agricultural sector is very strong. They control a hugely strategic waterway - international trade. And they have lots of gold. Those are just a few points in Turkey's favor. Of course, a really determined set of central bankers with assistance from the likes of JPM and GS can destroy any country.

Thu, 01/23/2014 - 11:43 | 4358916 ParkAveFlasher
ParkAveFlasher's picture

Gold, bitchez!

Thu, 01/23/2014 - 11:56 | 4358986 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, + $20 or so today alone.

So many great places NOT to invest (China, Turkey)!

Thu, 01/23/2014 - 11:43 | 4358919 wisehiney
wisehiney's picture

They had better go hide out in the "strong" dollar and "safe" US treasuries.

Thu, 01/23/2014 - 13:54 | 4359483 BigJim
BigJim's picture

Loves me some of that green paper. You can't go wrong with a piece of paper adorned with a dead President!

OT - isn't having Andrew Jackson's visage on central bank derived currency just the bestest bit of monetary  irony? Of all the presidents to choose, I'll bet that gave the Rothschilds the most pleasure. Take that, killer of the 2nd National Bank of the US!

Thu, 01/23/2014 - 11:45 | 4358926 Cursive
Cursive's picture

The last 12 years have been a slow motion train wreck.  It looks like the horizon is approaching faster now, though....

Thu, 01/23/2014 - 11:54 | 4358971 Save_America1st
Save_America1st's picture

and the deepest mother F'er of all cliffs is on the other side of that fast approaching horizon. 

Me thinks Hell is waiting at the bottom of that pit.

Thu, 01/23/2014 - 11:59 | 4358994 teolawki
teolawki's picture

Nah. Hell is just a pit stop on the way down.

Thu, 01/23/2014 - 11:45 | 4358927 firstdivision
firstdivision's picture

Its time to buy SPY and sell USO, though someday soon it'll be sell both.

Thu, 01/23/2014 - 11:45 | 4358931 youngman
youngman's picture

Its that word ....FAITH....its all these paper money economies have left..lose that and you lose it all

Thu, 01/23/2014 - 11:56 | 4358983 eclectic syncretist
eclectic syncretist's picture

Amen to that brother.  When people start to wonder if this shell game is being played without a ball, which it is, the game is worthless.

Thu, 01/23/2014 - 11:45 | 4358932 Calculus99
Calculus99's picture

Corruption folks, this is what happens when the curtain is finally pulled back.

The sad thing is that EVERYONE knew there was monkey business being carried out behin the curtain but as things were ok at  that moment there was no need to look.

Sound familiar?


Thu, 01/23/2014 - 11:45 | 4358936 cliffynator
cliffynator's picture

Didn't the last two World Wars start in Turkey?

Just sayin'...

Thu, 01/23/2014 - 11:56 | 4358979 LukeWorm
LukeWorm's picture

WW One : "immediate trigger for war was the 28 June 1914 assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo."

WW Two : " is generally said to have begun on 1 September 1939 with the invasion of Poland by Germany and subsequent declarations of war on Germany by France and the United Kingdom."

Just checking  (Wikipedia) ...

Thu, 01/23/2014 - 11:59 | 4359004 Mesquite
Mesquite's picture

All planned out in 1871....

Thu, 01/23/2014 - 12:36 | 4359098 Dr. Engali
Dr. Engali's picture

"The Third World War must be fomented by taking advantage of the differences caused by the "agentur" of the "Illuminati" between the political Zionists and the leaders of Islamic World. The war must be conducted in such a way that Islam (the Moslem Arabic World) and political Zionism (the State of Israel) mutually destroy each other. Meanwhile the other nations, once more divided on this issue will be constrained to fight to the point of complete physical, moral, spiritual and economical exhaustion…We shall unleash the Nihilists and the atheists, and we shall provoke a formidable social cataclysm which in all its horror will show clearly to the nations the effect of absolute atheism, origin of savagery and of the most bloody turmoil. Then everywhere, the citizens, obliged to defend themselves against the world minority of revolutionaries, will exterminate those destroyers of civilization, and the multitude, disillusioned with Christianity, whose deistic spirits will from that moment be without compass or direction, anxious for an ideal, but without knowing where to render its adoration, will receive the true light through the universal manifestation of the pure doctrine of Lucifer, brought finally out in the public view. This manifestation will result from the general reactionary movement which will follow the destruction of Christianity and atheism, both conquered and exterminated at the same time."


Albert Pike


Although I personaly don't believe Pike's letter was authentic.

Thu, 01/23/2014 - 12:45 | 4359171 TBT or not TBT
TBT or not TBT's picture

The looneynaughties again! Where will they strike next!?

Thu, 01/23/2014 - 13:11 | 4359283 Ghordius
Ghordius's picture

I have to admit it has an interesting sound: "unleash the Nihilists!". though I'm at loss what the "pure doctrine of Lucifer" is supposed to be

Thu, 01/23/2014 - 13:55 | 4359487 BigJim
BigJim's picture

Do nihilists have large, firm breasts? If so, count me in.

Thu, 01/23/2014 - 15:39 | 4359918 ParkAveFlasher
ParkAveFlasher's picture

I believe that makes you Luciferian, who, according to the late panafrican prophet Sammy Davis Jr., are "just a bunch of cats tryin' to get laid, man."

Thu, 01/23/2014 - 13:16 | 4359301 Kirk2NCC1701
Kirk2NCC1701's picture

Pike reads like a run-on sentence.

The part about "disillusioned with Christianity" did resonate though.  Both Jews and Islamists are doing circles around dumb-ass 'Christians'.  Clearly the latter faith needs to evolve or die.

/ If you like your "blessed are the poor and the meek", you can keep your blessed poor and meek.  If you like to "turn the other cheek" (which set?), you can keep turning the other cheek.  If you like to love those who hate your guts, you can keep loving them.  If you like being used by them, you can keep being used by them. If you like being a sheep in his flock, you can keep being sheep in his flock.  Just remember all the things they do to sheep:  daily milking, regular shagging, periodic shearing, and inevitable butchering.  But, hey, they 'butcher' (take you out) you in style, so that the quality of the assets don't deteriorate for the next beneficiary.  Did you get that butcher/banker metaphor?

IOW, where's this "Yeshua of Nazareth", so I can kick his ass?  Or, speaking of cultural fantasies and mainstream myths, why don't I just stun his hippie ass with my Phaser, or confine him and his smelly (fishing, herding, tax-collecting), marginalized, bottom-feeder friends to a Holodeck? / sarc

Sorry folks, but I know way too much and have seen too much to allow my childhood brainwashing regarding some 2,000-4,000 year old (constantly morphing) stories, to dictate my life.  I submit to you, that we can ALL do a lot better, in terms of "Our Life's Meaning" or Personal & Social Ethics, than relying on or being enslaved by the text from long-dead people, who were semi-literate and of 'questionable hygiene'.  Christ, my 5th and 7th grade kids know more, and I don't see anyone worshiping them -- even though they sometimes act like they should.

I shall close with this to ponder: "To give up all myths, illusions and pretenses, is the beginning of wisdom, and the first step to inner freedom -- which is the only true freedom anyway".  Peace.

-Kirk out

Thu, 01/23/2014 - 12:00 | 4359007 NoDebt
NoDebt's picture

Somewhere not far from there.  All those countries look the same to me.

Thu, 01/23/2014 - 11:47 | 4358942 teolawki
teolawki's picture

This will be bullish for Turkish exports, right?

Thu, 01/23/2014 - 12:28 | 4359106 NoDebt
NoDebt's picture

That's too subtle a comment for this thread, but I got a chuckle.

Thu, 01/23/2014 - 13:58 | 4359505 BigJim
BigJim's picture

Yes, nothing like a collapsing currency to supercharge the health of an economy!

Rational economic calculation becomes so much easier when you have no idea how much everything is going to cost next week.

Thu, 01/23/2014 - 11:50 | 4358955 Dr. Engali
Dr. Engali's picture

Hey guys hurry up with that new world currency will ya? This thing is coming apart at the seams.

Thu, 01/23/2014 - 14:09 | 4359343 RaceToTheBottom
RaceToTheBottom's picture

That New world order looks pretty disorderly to me....

Thu, 01/23/2014 - 11:50 | 4358956 BandGap
BandGap's picture

@Cliff, no the last two WW did not start in Turkey, but they are willing to learn.

Can anyone explain what is it is the bank is trying to do? What can they do?

Thu, 01/23/2014 - 11:58 | 4358992 NoDebt
NoDebt's picture

Central banks only know one trick: print money.  If you hear them talking about anything other than printing money, they are lying.

Thu, 01/23/2014 - 11:58 | 4358997 Ivanovich
Ivanovich's picture

They can raise rates 100bps right away as starters.  The problem is they've been bowing to the political side of the equation because elections are coming up in March.  They won't even make it to the end of next week, let alone March, if they don't raise rates.

Thu, 01/23/2014 - 12:20 | 4359079 BandGap
BandGap's picture

Thank you.

Thu, 01/23/2014 - 14:32 | 4359568 earleflorida
earleflorida's picture

@ BG

It all comes down to Turkey shedding its allegiance to BandarBush (SA- Saudi Arabia) and joining the Putin 'Darwinianism Providence' of natural selection? Indeed... time waits for no one and fluidity is a quasi-evolutionary process that holds the key to ones survival?  

This means washing its hands of SA (an to a lesser extent Qatar which started all the BS to begin with) and affirming its commitment to the Muslim Brotherhood (MB/ 100%) whatever the Saudi's have in mind (revenge) for them via threats by USSA's proxy  Gulen`Movement! These religious fanatics are stooges, that threaten a cohesive Turkey with total 'Sharia (jihadist) Law',... disbanding a fledgling secular government at best since 2001!?!

WoW! I'm sorry for the long way around for explaining what it is the CB is trying to do!  Simply put, energy is a huge factor in a emerging economies GDP. SA has helped Turkey with its current deficit for years. Well, SA has cut the $$$`Umbilical Cord, seeing that Erdogan wants nothing to do with the Syrian Civil War in which he was partially(?!) responsible for turning a blind eye, and MOAR!!! to BandarBush's `al Nursas' al Qaeda', on the Syrian/Turkey border, and Iraqi's border with Syria via ISIl al Qaeda (what the USSA call the good al Qae[cia]da?). Thus we have the Gold-4-Oil scandal with Iran, circumventing via loophole-a-mania BS... which means nothing IMHO! The bottom line is the BIS/ Basel/FRB's and TPTB want to make sure the energy hub of EuroAsia is not an independent entity... thus the squeese to put in their cronies! Putin sees thru it as does China and Iran!!!                                                            

Check out Bilderberg's 2013 attendees. Also if time  Turkey's freindship with non-sunni neighbors such as Iraq and Iran-- both shiite!

Ref:    "'Energy Profile of Turkey"    1st published 7/10/07 --- now ~6yrs. later updated 5/13/13

 and the facts about Turkey ie. Info/Data   

Thu, 01/23/2014 - 11:54 | 4358974 Took Red Pill
Took Red Pill's picture

This Turkey is cooked! Or maybe it needs a little Greece.

Thu, 01/23/2014 - 14:01 | 4359516 BigJim
BigJim's picture

I'm pretty sure some of those 'Greek' islands parked just off the Turkish coast 'historially' belong to the Turks... a REAL Turkish patriot would liberate them tomorrow, it will be discovered.

Thu, 01/23/2014 - 11:54 | 4358975 Sudden Debt
Sudden Debt's picture

better one day to late than 2 year early on goldbuying right?

Thu, 01/23/2014 - 12:03 | 4359017 DoChenRollingBearing
DoChenRollingBearing's picture

Only Americans think that way my friend.

Thu, 01/23/2014 - 13:38 | 4359420 RaceToTheBottom
RaceToTheBottom's picture

Some Brits have a penchant for selling at the bottom.

Stupidity is international....

Thu, 01/23/2014 - 12:00 | 4359001 PlausibleDenial
PlausibleDenial's picture

2.30 Lira to the USD.  Wow, I am not sure if is inflation or corruption, but in the eary 70's I was stationed outside of Instanbul.  Exchange rate was ~14 Lira to  1 USD.   Damn, I felt rich.... 

Thu, 01/23/2014 - 12:09 | 4359038 Ivanovich
Ivanovich's picture

Was a different Lira.

Thu, 01/23/2014 - 13:01 | 4359235 Conax
Conax's picture

I spent a (bizarre) year there in 1982-3.  I remember the cheap lira, too.

That is one ca-razy country, especially around Ramadan time.  I never felt more foreign.  They are Turks, and that means anything can happen, and often does.  I saw a brawl break out over who gets to man the grill in the chow hall.  They are some scrappy muffuhs, and pissed off most of the time.  They stab each other in the ass with stubby daggers when crossed, and it's pretty much legal.

Their banksters better have kevlar underwear on when the SHTF there.

Thu, 01/23/2014 - 14:04 | 4359527 BigJim
BigJim's picture

In my experience, they're amazingly nationalistic, and revere Ataturk to the point of worship. And they have a real chip on their shoulder about the whole Armenian genocide thing.

Great food and hot women, though, and some amazing historical sites.

Thu, 01/23/2014 - 12:00 | 4359003 vyeung
vyeung's picture

revenge by the Fed. I wouldn't worry too much, China/Russia/Middle Eastern powers will make sure of that.

Thu, 01/23/2014 - 12:25 | 4359085 Alea Iactaest
Alea Iactaest's picture

I was thinking, "this is what war looks like."

My guess is it's payback for selling too much gold (for oil) to Iran. What should have been a $20Bn backdoor deal turned into a $120Bn deal.


Now time for "problem/solution" as the Fed comes to the "rescue."

Thu, 01/23/2014 - 12:03 | 4359016 q99x2
q99x2's picture

Time for Turkey to become a subsidary of the  Goldman Sack

Thu, 01/23/2014 - 12:09 | 4359024 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

If the bank collapses the fun starts. Somebody will bail out Turkey. The US/EU basically has no choice because if they don't Russia will and Turkey falls to the influence of the BRICS. Russia bailing out Turkey is an investment not a charity move because controlling Turkey locks up absolute control of the Eastern European gas market once they control the Nabucco. Their grip is basically iron tight, they call all the shots at that point. You understand why Turkey is so important strategically for the EU/US, the gas curtain then decends over Eastern Europe this time around instead of the Iron Curtain in the last incarnation.

If this happens I guarantee a shooting match breaks out over it.

If the EU doesn't implode on it's own assuming the Russians can hold Turkey, they won't be bringing any new Eastern European countries into the fold once this happens and probably lose some member states in the region over time as Russia uses it's gas dominance to dictate policy in the region.

Thu, 01/23/2014 - 12:15 | 4359060 Calculus99
Calculus99's picture

Yes, Putin must be loving this.

Thu, 01/23/2014 - 14:07 | 4359361 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Now to put a few things in context who the real invisible hand that causing the problems and stirring the shitpot in this region. It is not the joos, it is not the US, it is not the Sauds and it is not the Qatari.

As they say in Latin to cui bono - to who's benefit. Well it is obviously Russia's benefit in relation to gas and dominance into Eastern Europe.

The other saying qui habet amittat - Who has the most to lose, the EU does specifically the technotwats in Brussels. They are the real invisible hand behind all this and I'll explain why.

Whether they can hold onto Turkey or not Syria is crucial to get Assad out and get the Arab gas pipeline hooked into the Nabucco. Once it is hooked in it is hooked in, the Russians will allow the gas to flow so it gives them some say at the table. Qatar and the Sauds still get to sell their gas to the EU same with Egypt whether they can hook into Nabucco or not it just routes west through Northern Africa and up through Italy and Spain, areas where Putin and Russia have no control. Ask yourself cui bono and qui hebt amittat.

How does Cyprus and Greece play into this. That is the Kenyesian insurance scorched earth monetary policy (like Russia burning fields ahead of Germans marching through Russia in WWII) just in case they lose Turkey for 2 reasons. They burned the places to the ground to get Russian money out and if they lose Turkey, it costs more to rebuild both than the Aphrodite gas field is worth if the Russians can expand influence it those 2 next plus it sets them back in time to keep expanding influence into the Balkan states. If they don't get Turkey then broken window Kenyesian economy policy, rebuild everything you burnt to the ground. But those genius technotwats like diesel-go-boom almost burnt the whole EU banking system to ground with trying to violate EU depositor insurance in the process.

So with that said if Turkey falls to Russia and they can hold it total warfare policy to keep Russia from whittling away the EU and influence in Eastern Europe shifts to Bulgaria next. Expect scorched earth monetary policy to follow the route of the Nabucco for EU member states same holds true for Balkans unless they have any other tricks up their sleeves or decide to pull out the and hold them at bay in a more traditional manner. The policy should follow in front of the route of Russian influence as it expands.

Qui hebt amittat in that region when the Russians control the gas market outright including EU member nations in the same region? The EU technotwats in Brussels have the most to lose. Money is control but energy is power. You can't have control without power.

Thu, 01/23/2014 - 14:09 | 4359558 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Another thing to put in context is Erdogen complaining about the FED tapering QE as the problem. That wasn't jawboning that was a threat, pay up with an implied or else.

Thu, 01/23/2014 - 12:06 | 4359026 Save_America1st
Save_America1st's picture

Maybe Turkey needs to fire or re-assign all their banksters too?  Worked for the police, judges, and lawyers, right?

Thu, 01/23/2014 - 12:08 | 4359037 Sufiy
Sufiy's picture

Gold Jumps As Mother Of Short Squeeze Arrives

Gold jumps today more than 2% and is up now $28 to $1265 level. The real fireworks will be started after Gold cuts through $1270. Few news appear to be behind the move: another set of rumours of relaxing Gold import policy in India, bad economic data from China with PMI below 50 and pumped rumours in the western press about coming default in one of the shadow banking system products. US markets are sharply down today on Jobless claims and dismal Existing Homes Sales.    But the real story is US Dollar which is almost in a free fall and is crossing 80.60 level to the downside. This time we have the normal correlation and falling US Dollar is sending Gold to confirm its break out from 2013 Double Bottom at $1180.

There Is No German Gold Left At The New York FED GLD, MUX, TNR.v, GDX


Thu, 01/23/2014 - 12:14 | 4359058 Calculus99
Calculus99's picture

As I said the other day - did you know that Turkey's in Turkey are called 'American Birds'?


Thu, 01/23/2014 - 14:08 | 4359554 BigJim
BigJim's picture

Did you know American birds in Turkey are called easy?

Thu, 01/23/2014 - 15:50 | 4359958 TPTB_r_TBTF
TPTB_r_TBTF's picture

A Turkey is the opposite of a Virgin


cause the turkey received the stuffing.

Thu, 01/23/2014 - 12:17 | 4359064 Clowns on Acid
Clowns on Acid's picture

...But but.. Turkey is a muslim country... they don't go bust.

Thu, 01/23/2014 - 12:18 | 4359068 Dull Which
Dull Which's picture

It's only a dozen or so years ago that the OLD Turkish Lira was in the millions to the $ and falling very fast so they simply issued the NEW Turkish lira and, what's the phrase? Ah yes, kicked the can down the road


Oddly enough, Oanda still has TRL as a currency at 2.255million to the $ and the TRY (new one) at 2.255 to the $. What's a million among friends?



Thu, 01/23/2014 - 12:22 | 4359082 Dan The Man
Dan The Man's picture

Happy Tyler hasn't devoted time n space to justin beiber's arrest.  Please continue to be the oasis.  the mass media are going to forget to cover anything else for a while.

Thu, 01/23/2014 - 12:54 | 4359207 Son of Captain Nemo
Son of Captain Nemo's picture

And just like the leadership change in Egypt what the Western elite does with you when they no longer have a need...

Thu, 01/23/2014 - 13:35 | 4359405 Straw Dog
Straw Dog's picture

Cold Turkey

Thu, 01/23/2014 - 13:49 | 4359460 ghostzapper
ghostzapper's picture

So . . . . . . explain to me again how there is just simply no way entire countries either formally or through market forces adopt Bitcoin as their national currency.  It'll never happen because some guys in the ZH comments section said it wasn't going to happen.  

Thu, 01/23/2014 - 14:28 | 4359637 PTR
PTR's picture

So this time the tipping point is Turkey, eh?

Thu, 01/23/2014 - 14:46 | 4359695 earleflorida
Do NOT follow this link or you will be banned from the site!