Turkey is Already Playing for the Other Team

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Last Friday, Turkish President Recep Tayyip Erdogan took to the editorial pages of the New York Times threatening that: “Unless the United States starts respecting Turkey’s sovereignty and proves that it understands the dangers that our nation faces, our partnership could be in jeopardy.” Continue reading

Russia Finance Minister: We May Abandon Dollar In Oil Trade As It Is Becoming “Too Risky”

Breaking the tie between oil and the U.S. Dollar means the collapse of the U.S. Dollar as the world reserve country. Collapsing of the U.S. Dollar as world reserve currency means the collapse of America. Ghadaffi attempted it, as well as Saddam Hussein and look how that worked out for them. Iran, Syria, China, Russia all want to. Economic warfare always precedes a hot war, in case you were wondering what’s around the corner.

 

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One month ago, the bond market and political pundits did a double take when according to the latest Treasury International Capital report, Russia had liquidated virtually all of its US Treasury holdings, selling off the bulk of its US government bonds in just two months, March and April.

And with the US threatening to impose a new set of “crushing” sanctions on Russia, including in retaliation for the alleged Novichok nerve gas attack in the UK, Russia not only intends to continue liquidating its US holdings, but to significantly reduce its reliance on the US Dollar. Continue reading

Erdogan Warns Trump That Alliance Is at Risk as Tensions Climb

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U.S. President Donald Trump, left, walks with Recep Tayyip Erdogan, Turkey’s president, ahead of an event in in Brussels, Belgium. (Photographer: Marlene Awaad/Bloomberg)

 

(Bloomberg) — Turkey’s President Recep Tayyip Erdogan warned the U.S. that its decades-long alliance with the country is at risk after rising political tensions between the two nations erupted and helped stoke a financial crisis that shook global markets.

Erdogan, in an editorial Friday in the New York Times, cited Turkey’s cooperation with the U.S. dating back to the Cuban missile crisis and the Korean War as evidence of a long-standing partnership between the NATO allies. But he added that more recent disputes over a failed 2016 coup, the conflict in Syria and sanctions imposed this week against top Turkish officials and the country’s steel industry were straining that alliance to its breaking point.

“Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives,” Erdogan wrote. “Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies.” Continue reading

Turkey Default Risk Spikes to 2008-2009 Crisis Levels; Possible Contagion, Warns Russell Napier

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Source: Bloomberg, Financial Sense® Wealth Management. Past performance is no guarantee of future results.

 

All focus is on Turkey right now as their currency goes into freefall and 5-year credit default swaps (insurance against default) have now spiked to levels last seen during the 2008-2009 financial crisis. Continue reading

Meteor Over Missile Early Warning Site: Why Didn’t They See It Coming?

 

Is the U.S. military silent about a mysterious fireball which exploded over Greenland, because it defeated America’s premier missile defense technology? Today on TruNews, Rick debates the origin of the near nuclear sized explosion in proximity of Thule Air Base, and addresses other powder kegs waiting to explode: Turkey, Iran, and the future of the Palestinian people. Air date: 8/06/18. Continue reading

World War 3: Turkey THREATENS US as it calls Trump’s sanctions a ‘HOSTILE STANCE’

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Turkey called on the US administration to walk back from its hostile stance (Image: Getty)

 

TURKEY has issued a chilling warning to the US after the Trump administration sanctioned two Turkish officials for their roles in the arrest and detention of US pastor Andrew Brunson, inflaming tensions that were already simmering over a series of disagreements.

Turkish Foreign Minister Mevut Cavusoglu claimed on Wednesday the extraordinary use of financial sanctions against Ankara, which is a US allied government, would not be left without retaliation as it constitutes a “hostile stance”. Continue reading

Geopolitical crisis : A moribund NATO

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As we have explained on other occasions, NATO is still there, of course, but only because there are no better options at hand. Everyone wants to be rid of it – the Europeans who want a common European defence[1] and Donald Trump who wants Europeans to participate more in their own defence. They are all contributing to a slow process in which NATO continues to get in the way whilst Europeans dither between several strategies:

  • To increase their share[2] and thus acquire an equal say with that of the US within NATO (with the long-term aim of separating off to form a European NATO[3]). Problem: For this strategy to have a chance of success, much greater cohesion is needed in the European camp – something that is still a long way off at the moment. Continue reading

The U.S. Dollar: A Victim of Its Own Success

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America’s most powerful weapon of war does not shoot, fly or explode. It’s not a submarine, plane, tank or laser. America’s most powerful strategic weapon today is the dollar.

The U.S. uses the dollar strategically to reward friends and punish enemies. The use of the dollar as a weapon is not limited to trade wars and currency wars, although the dollar is used tactically in those disputes. The dollar is much more powerful than that.

The dollar can be used for regime change by creating hyperinflation, bank runs and domestic dissent in countries targeted by the U.S. The U.S. can depose the governments of its adversaries, or at least blunt their policies without firing a shot. Continue reading

Turkey “has become extremely hostile to NATO”

 

Center President and CEO, Frank Gaffney, joins Lars Larson to discuss NATO, Turkey and the House IT scandal. Continue reading

Rickards: Here’s Where the Next Crisis Starts

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So many credit crises are brewing, it’s hard to keep track without a scorecard.

The mother of all credit crises is coming to China with over a quarter-trillion dollars owed by insolvent banks and state-owned enterprises, not to mention off-the-books liabilities of provincial governments, wealth management products and developers of white elephant infrastructure projects.

Then there’s the emerging-markets credit crisis, with Turkey and Argentina leading a parade of potentially bankrupt borrowers vulnerable to hot money capital outflows and a slowdown of growth in developing economies.

Close on their heels is the U.S. student loan debacle, with over $1.5 trillion in outstanding debts and default rates approaching 20%. Continue reading

Europe Cannot Cope With Any Further Armed Conflict On The Continent

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European leaders are not only unable to counteract the demographic crisis on the Old Continent, but are also losing ground in terms of defense. President Trump’s skepticism and reservation about the military ideas of European bureaucrats, Ankara’s increasingly aggressive actions towards Cyprus and Greece, and the rapprochement between Turkey and Russia highlight NATO’s weakness on the eve of its summit in Brussels.

Europe stands no chance if forced to face conflict on three fronts. Two of them are of conventional character: on the eastern flank, where there are continuous tensions with Russia, and in the Balkans near the border with Turkey. The third concerns the Mediterranean area, where young and strong men from Africa and Central Asia cross European borders with the support of a thousand people from the continent’s heartland. Europeans are also militarily involved in Afghanistan, Syria and take part in the growing conflict in Mali. Continue reading

Is Turkey Playing a Double Game with NATO?

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Pictured: A Russian S-400 missile battery. (Image source: Vitaly Kuzmin/Wikimedia Commons)

 

  • Why would Turkey first order a Russian defense system and then turn around and make a cooperation agreement with Europe for the same purpose?
  • This goes back to America’s apprehension that if Turkey uses the S-400s along with the U.S. F-35s, Russia could gain access to information about the aircraft’s sensitive technology.
  • If Turkey is playing a double game with NATO, let us hope that the United States does not fall prey to it.

In January, 2018 Turkey reportedly awarded an 18-month contract for a study on the development and production of a long-range air- and missile-defense system to France and Italy, showing — ostensibly — Turkey’s ongoing commitment to NATO. The study, contracted between the EUROSAM consortium and Turkey’s Aselsan and Roketsan companies, was agreed upon in Paris, on the sidelines of a meeting between French President Emmanuel Macron and Turkish President Recep Tayyip Erdogan. Continue reading

Russia Gaining Influence in Mediterranean

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Russians have a history of cooperation with many African countries, however, since the fall of the Soviet Union involvement in Africa has effectively ended. Recent years have seen the Russians engaging more with Africa, especially in northern countries around the Mediterranean Sea, where the Russians are using military operations against various rebel or terror groups as leverage against the United States. Continue reading

More Countries Start Exploring Alternatives to the US World Order

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There are two countries that more than others show how the Western world order is undergoing a profound change. Japan and Turkey occupy two distinct and diverse geographical areas, yet they share many of the same strategic choices about their future. Their geopolitical trajectory is increasingly drifting away from Washington and moving closer to China, Russia, India and Iran.

Both Japan and Turkey are two important states in the US’s strategy for controlling the Middle East and Asia-Pacific. Both countries have economies that are competitive in comparison to their neighbors, and both often conveniently find themselves allied to countries within Washington’s orbit. Japan has a good relationship with South Korea, and Turkey (until a few years ago) had a privileged relationship with Saudi Arabia and Israel. Keeping in mind that the US aims to prolong and consolidate its regional dominance, Washington has always tried to have excellent relations with these two countries as a way of ensuring its constant presence in regional affairs. Continue reading

Erdogan wins 6 more years as Turkey’s president with sweeping new powers

Official results from Turkey’s election gave Recep Tayyip Erdogan Monday a 52.54 percent victory over the 30,68 percent garnered by opposition front runner Muharrem Ince. Following last year’s constitutional referendum, Erdogan will rule with enhanced executive powers to issue decrees, appoint the cabinet and vice presidents as well as senior judges. In his victory speech, Erdogan said the people had voted “in favor of democracy, rights and freedom.” Continue reading