Turkey On The Brink As Calls For Martial Law, Civil War Send Lira Plunging Again

Tyler Durden's picture

For anyone who might have missed it, Turkey is quickly descending into chaos on all fronts. 

The lira is putting to new lows against the dollar on a daily basis as confidence suffers from a worsening political crisis which began in June when AKP lost its parliamentary majority for the first time in over a decade throwing President Recep Tayyip Erdogan’s plan to transform the country’s political system into an executive presidency into doubt. Not one to give up easily (especially when it comes to consolidating his power), Erdogan proceeded to launch an ad hoc military offensive against the PKK in an attempt to undermine support for the pro-Kurdish HDP ahead of new elections which, thanks to the willful obstruction of the coalition formation process, are now virtually inevitable.

Turkey’s central bank hasn’t helped matters and the lira legged lower on Wednesday after it was made clear that a rate hike was not in the cards until Fed liftoff is official. 

Citi has taken a look at the situation and determined that in fact, the lira is the most vulnerable of all EM currencies they track:

We believe it is going to be difficult for the local markets angle of the EM asset class, in this important (potential) transition of monetary policy in the US, and also taking into account any potential move by the ECB in 2016 (away from a QE stance). That prompted us to revisit our FX vulnerability model. In the model, we look into EMFX from three angles: 1) the macro vulnerability aspect (focused on BoP dynamics, FX reserve metrics, portfolio flows and CDS); 2) interest rate coverage (measured by 1y1y forward real rates, current implied yields and bond yield premium after hedging costs); and 3) our assessment of positioning by real money investors and leveraged accounts in the several EM currencies. TRY, BRL, ZAR, MXN and MYR rank high in terms of aggregate vulnerability.


While Morgan Stanley is calling for an emergency rate hike:

What can the CBT do? Given the rapid deprecation in TRY, the CBT could be in a dilemma to decide on the next step. Recent market development could push the CBT to deliver another emergency rate hike, as it did in January 2014. Our economists see the increasing risk of emergency rate hikes of 200bp on the lending rate (upper band). The market dynamic surrounding TRY has become more disorderly with TRY weakening in a low liquidity environment and without any implicit catalyst. This suggests a sharp deterioration in domestic confidence in the exchange rate, extending from investors to corporates and households ? such a dynamic has historically preluded some form of policy response, as we analysed above. While the underlying macro and political factors that have driven USD/TRY to current levels remain in place, and domestic security risks can certainly increase ahead of early elections, we are also more cognisant of the risk of a policy response amid oversold technical conditions on TRY. While real policy rates are positive, they are clearly not high enough to stabilise the currency, and the risk of an increase in rates has risen. We doubt any measures involving the sale of USD will be seen as credible and/or have much impact, as was the case in early 2014.

And then further from Citi:

On the hard currency front, USD leverage in selected economies is sparking once again fears of any systemic implications. It is true to say markets are still far away from a systemic trigger (serious USD funding issues), but we believe it is also correct to adjust CDS (and hard currency spreads in general) higher in curves of economies more dependent on USD funding. Indonesia, Brazil and Turkey are economies that could suffer more (in different magnitudes of course) from a continuous tightening of USD funding conditions. This is the underpinning factor behind our long Turkey CDS position.


And speaking of CDS, well it's blowing out to its widest level in three years:

Meanwhile, violence between Ankara and the PKK has escalated (and why wouldn’t it, considering that’s the whole idea for Erdogan). As Bloomberg reports, "assailants tossed a grenade at a guard post at Istanbul’s Dolmabahce Palace [on Wednesday] and then opened fire, setting off a gun battle in the center of Turkey’s largest city." Later, 8 soldiers were killed by a roadside bomb in southeastern Turkey's Siirt province - the attack was blamed on the PKK. 

Now, Nationalist Movement Party leader Devlet Bahçeli - who, you’ll recall, likened Erdogan to Hitler and Stalin last week - has called for martial law and insists that new elections will lead directly to civil war. Here’s Hurriyet:

As the escalation of violence in the country has raised a sense of insecurity among its citizens, Turkey’s nationalist party leader has called for a declaration of martial law. 


“Under today’s conditions, as terror has reached its peak point, the National Security Council [MGK] should hold an emergency meeting,” said Nationalist Movement Party (MHP) leader Devlet Bahçeli, in a written statement late on Aug. 19.


His statement was released just hours after the Turkish Armed Forces (TSK) announced earlier on Aug. 19 that militants from the outlawed Kurdistan Workers’ Party (PKK) had killed eight soldiers with a roadside bomb in the southeastern Anatolian province of Siirt.


“In line with Article 122 of the constitution, it is obligatory to definitely secure a section of our country with martial law measures in a way that would include cities and towns [which have been a] scene to violence and horror,” Bahçeli said.


“Under today’s conditions and environment in Turkey, holding an election may light the fuse of a civil war. In this regard, the repetition of elections should definitely be reviewed,” he also said.

Responding by phone, senior AKP lawmaker Ahmet Aydin told Bloomberg that "it’s not necessary and not right to call for martial law in Turkey’s southeast, and a repeat election should be held as soon as possible to eliminate political uncertainity." 

Yes, to "eliminate political uncertainty." And to eliminate political opposition as well. 

It's once again worth noting that this is the type of regime - one which is willing to sacrifice its people and economic and financial stability - for the sake of subverting the democratic process and executing brutal power grabs.

As bad as that sounds just remember, it's all part of the plan to defeat ISIS.

*  *  *

And meanwhile, "nothing to see here, move along":


Summing it all up:

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Haus-Targaryen's picture

It made German news that refugees expected this year will be 800,000, or 1% of total population.  


If Turkey goes to Hell, add another zero. 

NoWayJose's picture

Go long Turkish-German dictionaries!

Haus-Targaryen's picture

If this shit keeps up, you're gonna see huge surges to the Right in Germany.

Who would reap the rewards?  NPD? AfD? Alfa?  FDP?  

No one knows.   

knuppel's picture
knuppel (not verified) Haus-Targaryen Aug 20, 2015 7:33 AM

As long as its not coopted by anglozion that's a good thing.

Haus-Targaryen's picture

Yes.  A Germany that isn't a DC and/or Israel's bitch is the best thing that can happen to Northern & Eastern Europe. 

HowdyDoody's picture

ISIS takes over Turkey and becomes an official member of NATO.

large_wooden_badger's picture

But remember, we were against ISIS before we were for ISIS

dontgoforit's picture

NWO - that's who reaps.  The Grim Reaper.

Haus-Targaryen's picture

If Germany moves to the Right in a big manner, the NWO loses in a big way.  

This will be the straw that breaks the PC culture's back here in Germany.   

Government needs you to pay taxes's picture

The NWO is gonna need a larger order of German war guilt.

Haus-Targaryen's picture

More effective than the "Friedens"vertrag von Versailles

BLOTTO's picture

Info for consideration (hocus-pocus in nature):



I)Years Leading Up to the Battle of Gog and Magog (Russia/Iran vs. Israel)
a. Russia Increasingly Sets Itself Against the West; Returns to Soviet Mentality
b. Israel Attacks Iran's Energy Facilities Destroying Nuclear Bomb Capability
c. Iran/Russia and the Radical Islamic World Infuriated, They Mobilize for War
d. Russia, Iran, Turkey, Libya, Sudan, and Terror Groups Defeated by God
e. After, Radical Islam is Rejected Forever for the Religion of Murder it was

II) Israel Changes Dramatically After Witnessing God Defeating Their Enemies
a. Witnessing Miracle of Israel's Survival, Islam Wanes into Obscurity
b. There is Formed a Seven Year Peace Treaty Between Israel and Arabs
c. A Great Ingathering: Jews Arrive in Israel From Every Corner of the Globe
d. Judaism Allows Metaphysical/New Age Ideas to Formulate a New Faith
e. Israel Rebuilds their Temple on Temple Mount; People Seek 'The Messiah'
f. Antichrist is Crowned King in England, His Global Adoration Increased

III) Christianity Increasingly Pushed into Oblivion Unto Great Falling Away
a. The Christian World Experiences a Wave of Many False Christs Deceiving
b. Bones of Christ Supposedly Found, Christianity Becomes Global Pariah
c. With Islam and Christianity Removed, Satan Funnels All into 'One Mind'

IV) God Increasingly Angered, the World Sees a Ramping Up of Epic Diaster
a. Dramatic Increase in Earthquakes, Floods, Drought, Disease Strains, Wars
b. The Ignorant World Continues to Blame 'Global Warming' for Disasters
c. Old/New Plague Kills Millions in Third World and Developing Nations
d. World Quarantine; Entire Areas of Globe Segregated from Innoculated

V) A Collapse Makes Way for Satan's One World Order Under Antichrist
a. A Comet and Earthquake Devastates Much of the Continental United States
b. Raptured Souls Counted Among Global Millions of "Missing Persons"
c. Britain and Europe Has Survivors Who Rise to Carve Out a New World

VI) The New World Order Arises Like a Phoenix From Ashes of the Old World
a. "Star Beings," False Teachers, and a "Raiser of European Taxes" Arise
b. Uniting Earth is Sectioned into Ten Kingdoms Ruled by Ten Kings of Light
c. Without America, the European Union Ascends to Global Police Status
d. Reconstruction: Europeans Rebuild Europe into Cornerstone of World Gov't
e. In Israel, the False Prophet "Elijah" Arises; Jews Are Completely Deceived
f. Discoveries of False Artifacts Allow British-Israelism to Gain Legitimacy

VII) The Antichrist Arises to Take Reigns of the New One World Government
a. The European Raiser of Taxes Dies a Natural Death; Euro Power Shifts
b. The Antichrist Solidifies Britain as the Head of European Central Power
c. Antichrist Accepted as King of Europe; Afterward as King of the World
d. Antichrist Visits Israel; The False Prophet Prophesies of Israel's 'Moshiach'
e. Antichrist Confirms a Peace Treaty between Israel and its Arab Neighbors
f. Antichrist Accepted as Israel's Messiah After Many False Miracles

VIII) 7-Year Tribulation: The Antichrist and False Prophet Begin their Reign
a. Global Peace for First Three Years; 666 Solar Mark of the Beast Instituted
b. World Returns to a "Time of Balance" as Luciferian Energies are Harnessed
c. The Image of the Beast Connects the World in a New Interactive Network
d. False Prophet Institutes The Global Worship of "New Gods"

IX) 42 Months Into Reign, Antichrist Breaks the Covenant Attacking Israel
a. The Antichrist is Assassinated, Ressurrects; Satan Enters Antichrist
b. The Antichrist's Drone Armies Conquer Israel and Take 'New Jerusalem'
c. Satan in Antichrist Enters the Third Temple and Claims to be God Himself
d. Antichrist Kills the Two Witnesses Upon the Steps of Israel's Third Temple

X) Great Tribulation Period Begins; Earth's Last Forty-Two Months of Evil
a. God Pours Out His Wrath Upon Earth in 7 Final Stages; World Unrepentant
b. Antichrist Encourages His World to Curse God for all of the Destructions
c. Invasion from the North (Russia) and East (China) Troubles Antichrist
d. Antichrist Plans a Final War with the Worlds Armies at the Valley of Megiddo
e. Christ Returns; Antichrist is Defeated; Israel Accepts its True Messiah

XI) 7th Millennial Period; 1000 Years of Sabbath Rest; Earth at Peace
a. Third Temple Cleansed; Millennial Reign of Christ from Jerusalem Begins
b. Planet at Rest; Earth Taught of God by Christ Himself; A True 'New Age'
c. After 1000 Years, Final War Waged by Gog-Magog Quickly Put Down
d. The Second Age Completed; The Age of Man's Testing Finally Ended
e. Great White Throne Judgment as God and Christ Judge Every Created Soul
f. Faithful Enter the Kingdom of God; The Damned Cast into Hell with Satan
g. A New Heaven Descends upon a New Earth; The Elohim Eternally Restored

Haus-Targaryen's picture

This might be the worst post in all of ZH.  

Murderin' Murphy's picture

I don't comment much because I'm pretty dumb, but I logged in to upvote this. I hope this forum doesn't turn into a gathering of idiots like shtfplan etc.

SmackDaddy's picture

I'd like to nominate the dumbfuck who came on here lamenting the degradation of the comments section, only to go on and voice his support for bernie sanders.

BLOTTO's picture

Hey Guys - Blottzo here. Member for 4 years 16 weeks.


'They' have left us no choice but to think outside the box and some what hocus pocus like. Turkey is part of the alliance mentioned in those ancient texts/documents and was presented as info for consideration as the country is going a bit nuts.


Ill be the 1st to admit sometimes that i post stuff that may not be exactly relevant to the article...but i keep it to a very minimum.


We are all just trying to figure out the 10,000,000 piece jig saw puzzle they have created for us so we can maybe uncover the real truth about the picture on front of the box called Life.

God Bless

Murderin' Murphy's picture

Your comment is over my head. I'm voting for Deez Nuts.

dontgoforit's picture

Yeah - that's how I see it, too.  The prophecy is pretty clear about this.  Timing is all that is really unknown. 

Rhett72's picture

Your interpretatinon of prophecy is incorrect, as Gog and Magog already rule the Holy Land.  The Khazars who created Israel are the people of Magog according to their own historical records.  This is confirmed in the Bible, where it states that "Ashkenaz" was the nephew of Magog (Genesis 10:2-3).  Ashkenazi Jews who created the modern state of Israel are from that tribe, not from Abraham.  The descendants of Abraham, the Palestinian Christians and Muslims (both Semites descended from the original Hebrews) who were driven out of their homes, are the ones referred to in the prophecies as the victims of the Magog invasion.  And the destruction of the Khazar state and the restoration of the Palestinians to their homeland is clearly prophesied in Ezekiel 38 & 39.


It will be neither orthodox Christianity nor Islam that will be discredited in the years to come, but the modern heresy of Christian Zionism, which allies with those who curse Jesus against the two religions who love him.




Ace006's picture

>> huge surges to the Right in Germany. <<

Europeans will not act to save themselves from this immigration madness until their daughers are gang raped by the diversity in their own living rooms, and then only if they are sure they heard the words "Allahu akbar."

Jeering inbred primitives walk their street and criminal Muslim gangs take over their cities so even Gypsy pimps have to pay them protection money but, no, this is not enough to wake these fools up.  PEGIDA and ALL nationalist, salvationist parties in Europe are starved for oxygen by their voters who seem to be most concerned about receiving their precious, guaranteed ice lollies from the government.  Turn into a shariah-controlled cesspool?  Who cares?!

They meekly surrender their right to free speech and their navies, armies, and police do nothing to protect THEM, but they WILL do all in their power to make sure that immigrants can invade and take over.

This is all a tragic paralysis and blindness but I am sorry to say I see no massive swing to the right. At least not until it is too late to avoid bloodshed.

How did every country in the West become fanatically committed to worshipping foreigners with pathetic stories about "oppression" but who never raised a hand to fix their own countries?  No.  Western countries are to hold their hands and wipe their noses for them, and turn themselves inside out for them.  And even commit cultural and racial suicide in the process.


knuppel's picture
knuppel (not verified) Haus-Targaryen Aug 20, 2015 7:33 AM

It's digusting what the internationalists are doing to our western european white countries an people. :(

Haus-Targaryen's picture

Yes.  Agreed.  

Little Sweden and Germany are getting the worst of it.  

Before you get down voted into oblivion, I'd like to say that just as people can be proud to be Africa/Hispanic/Asian/Native American/Indian and it not be racist -- you can also be proud to be white -- its okay.  Its not racist.  

If you think it is, please explain by hitting the "Reply" button.  

ejmoosa's picture

Those that attempt to stay neutral and not pick a side will have the issue decided for them.

Race is just red herring in all of this.  The bottom line is that the elite socialists want to tell the rest of us what to do and how to live, all while exempting themselves from the very same rules.


Haus-Targaryen's picture

In every conflict a neutral party is necessary, if at least for no other reason than to hold onto everyone's money.  

I hope to God Germany stays neutral.  If not, it learns from its mistakes the past two times.  E.g., you can kick Western Europe's ass, but taking on the Russians is a death sentence.  

847328_3527's picture

Downtown Stockholm at night looks like Bahgdad or any MENA village. Also pretty dangerous.

dobermangang's picture

My cousin used to run a prison for non violent offenders in Sweden.  48 out of 50 inmates were Muslim.  Almost all were 2nd generation "Swedes", but almost none of them could speak Swedish.  Amazing stuff.  

“We must be open and tolerant towards Islam and Muslims because when we become a minority, they will be so towards us.”  - Stupid Swedish Government Official in Total Denial

general ambivalent's picture

Yeah, don't know why he's getting downvoted here. As much as white culture is an empty void, well, it's the same with pretty much all culture today. Democracy has driven European culture into the ground for its ideology of equality and mediocrity. It produces culture suitable to intelligence group control. That's why the CIA sponsored abstract expressionism and modernist music, these forms of culture represent manipulatable individualism and not what it takes to be a real individual or member of a proper culture. In simple terms it is 'do whatever you want' culture. And freedom has to have an ideal, a purpose.

White culture offers a very important history and no one should be ashamed of being white. You should be proud, even though the culture is being destroyed and being replaced by self-hating feminist men and those who cry over being white. They are good goyim. This is largely tied to denazification and the anti-German movement. After the war the Allies took every step they could to bury white German culture. This meant statues, paintings, historical documents, and its history of logic and reason. The latter has been the most difficult struggle but they have succeeded in much of the Western world.

The myth is that there is nothing worse than fascism and nazism. But nazism was not worse. All of the modern systems are destructive, and democracy is arguably the worst as it is for nothing, stands for nothing, and offers nothing but an emptying of the soul. Gyrating and nauseating movement to strobe lights. Nazism at least stood for something (and that is not a defense of its actions, it too made a fetish of governance). The danger is that all ideas become lost, an abstract form of censorship occurs. You cannot read brilliant men like Heidegger or Junger because they were Nazis. Meanwhile you are encouraged to read the encoded zionist messages of the Frankfurt School - basically required reading and a theology for the left.

Junger is one of the most important in my view as he deals with the problems of Nietzsche and Nazism, he even proposed many solutions to the German problems during the war and was adamantly opposed to the corporatist structure of fascism. He was a traditionalist and nationalist, not something I agree with but he was a brilliant man who could teach us something crucial in returning to a better society. Men like him should not be abandoned to time simply for advocating aproud white culture. And no one here should be either.

The problem seems to me in finding a cultural balance where the societies are not subject to cultural dilution while at the same time not falling into the supremacy of wanting to dominate the other cultures. This, of course, has its own difficulties. But it is a discussion which needs serious thought before it plays out on the streets with results that benefit no one but those in power.

lincolnsteffens's picture

Sorry for the down vote as you did use intelligence and reason. I down voted you because at least in the USA we are first supposed to be a Republic with recognized RIGHTS that can not be taken away by people or government. Nearly no one knows the difference between a Republic, a Democracy and a Republic with democratic voting. The reason almost no one understands the difference is because the State and the self anointed who corrupt the State want you to believe their fairy tale version of reality instead of the truth.

rbg81's picture

Yeah, that's what Europe needs--millions more Muslim refugees.  Because they couldn't possibly bring these problems with them, right?  Of course, we are little better.

The Islamic World is sick.  The West is both sick and stupid.

Haus-Targaryen's picture

Not stupid, brainwashed.  


This 7 minute explanation connects a lot of dots.  This isn't a Soviet conspiracy, but someone's conspiracy to destroy the West the cultures that gave the world what we have today. 

rbg81's picture

I like the line about people being so "demoralized" (dumbed down) that they are unresponsive to facts.  That is, when presented with evidence, they will draw exactly the wrong conclusion.  We are definitely there and probably have been since 2005 or so.  I'd say that applies to at least 40% of the people I talk to.

Brazen Heist's picture

Correct, the West is fucking dumb and incompetent. They helped bring down all the most anti-Islamist dictators across the Middle East and now refugees are running to Europe, GEE I WONDER WHY. Plus now crazy psychopaths want to bring back 7th century Islam. The West has enabled this, yet complains of terrorism.

Manipulism's picture

Because Obomba is a muslim as Mrs Jarret

Government needs you to pay taxes's picture

The CIA was instrumental in bringing many/most of those dictators into power.  These acts were tyrannical to begin with, and at complete odds with the notions of individual liberties and self-determination.  Everything after that, including your point about taking down those "mostly anti-Islamic dictators" is about as moral as haggling price with a whore.

JustObserving's picture

Turkey is another failed state thanks to its undeclared war against Syria.  Blowback, like karma, is a bitch.

The following examples show the extent of Turkish involvement in the war on Syria:

–Turkey hosts the Political and Military Headquarters of the armed opposition. Most of the political leaders are former Syrians who have not lived there for decades.

–Turkey provides home base for armed opposition leaders. As quoted in the Vice News video “Syria: Wolves of the Valley”: “Most of the commanders actually live in Turkey and commute in to the fighting when necessary.”

–Turkey’s intelligence agency MIT has provided its own trucks for shipping huge quantities of weapons and ammunition to Syrian armed opposition groups. According to court testimony, they made at least 2,000 trips to Syria.

Turkey is suspected of supplying the chemical weapons used in Ghouta in August 2013 as reported by Seymour Hersh here. In May 2013, Nusra fighters were arrested in possession of sarin but quickly and quietly released by Turkish authorities.

Turkey’s foreign minister, top spy chief and senior military official were secretly recorded plotting an incident to justify Turkish military strikes against Syria. A sensational recording of the meeting was publicized, exposing the plot in advance and likely preventing it from proceeding.

–Turkey has provided direct aid and support to attacking insurgents. When insurgents attacked Kassab Syria on the border in spring 2014, Turkey provided backup military support and ambulances for injured fighters. Turkey shot down a Syrian jet fighter that was attacking the invading insurgents. The plane landed 7 kilometers inside Syrian territory, suggesting that Turkish claims it was in Turkish air space are likely untrue.

Turkey has recently increased its coordination with Saudi Arabia and Qatar.

more at:



LasVegasDave's picture

Turkey is a failed state because it is full of muslims.

Fixed it for you.

Ima anal sphincter's picture

Wow.... for a second there, I thought I mistakenly turned on CNNFOXNBCABCCBS.


Government needs you to pay taxes's picture

Hard to find a nation full of Islamists that is peaceful and thriving. . .

Heywood Jahblohmee's picture

Try Iran, dipshit.

Americunts are fatass imbeciles and Christers are dangerous sons of bitches who believe in fairytales.

Most Americunts barely qualify to flip burgers.

You can piss off now, asswipe and go pray to Jayzus or ''gawd''.

See what it gets you, dipshit.

Government needs you to pay taxes's picture

Oh yeah, Iran.  BWAHAHAHAH!


Your pig-fucking 'prophet' mUhammud awaits you and your jihadi brothers . .  in Hell.

Be proud, 7 centuries of barbarianism.  So much to be proud of.  Beat your wives, behead your neighbor for sorcery, maybe go blow yourself up.

Calmyourself's picture


Peaceful means brutally crushing all dissent as they protest fake elections, right..


Green Revolution anyone?  The people hate the mullahs but are more afraid of the Mullahs than they were SAVAK.


SAVAK was replaced by the "much larger"[26] SAVAMA, Sazman-e Ettela'at va Amniat-e Melli-e Iran, also known as the Ministry of Intelligence and National Security of Iran.[27]

Government needs you to pay taxes's picture

Uh, huh.  Not Islamic (as defined by the pig-fucker).  Secular government, with centuries of Western colonialism from which the current government was derived.

Grimaldus's picture

So tell me which muslim country is not a tyrannical corrupt shithole?

Islamic official policy==non-muslims are too unclean to visit Mecca. No muslim will refute that. Not one. So you see how it is, er, maybe in your case not.












Government needs you to pay taxes's picture

This.  Everything quasi-Muslim isn't Muslim at all in the eyes of the true "believer".  It might be tolerated as a subterfuge whose intent is to bring about a true "Islamic" State, but that's as far as the tolerance goes.  It's OK to lie to the infidels, after all.  Just ask our Chief Negrotiator.  He's one of them.

mototard's picture

Turkey is a failed state because its leader is a major Muslim Brotherhood follower.  See: Sudan, Gaza, Egypt and Bosnia for other examples of what happens when the Muslim Brotherhood gets a guy in change.

the phantom's picture

Look at the history of Turkey/Ottoman Empire. Unless you consider genocide and barbarism something to be proud of, I'm not sure wha has ever come out of there that was humanity-enhancing , shall we say.  But hey, they are "Allies" so what do I know.