Home » Posts tagged 'recep tayyip erdogan' (Page 2)

Tag Archives: recep tayyip erdogan

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

Are Multiple “Failed Coups” Leading To The Engineered Fall Of America

Are Multiple “Failed Coups” Leading To The Engineered Fall Of America

There has been a lot of talk about “coups” the past two years, not just in the U.S. but around the globe. As I have noted in recent articles, failed coups in particular have been very popular as a way for certain governments to solidify power and assert dictatorial changes. In some cases, there has been no concrete evidence presented that the coup ever really existed.

In Turkey in 2016, Recep Erdogan claimed “success” in stopping a potential coup involving numerous government employees and military personnel which included active combat around major government sites such as the presidential palace and Turkish parliament. Erdogen argues that the coup was a part of the “Gulen Movement,” a political opposition movement surrounding Fethullah Gulen, a former ally of Erdogen who has resided in the U.S. since 1999 and had a falling out with the Turkish president in 2013 after criticisms of Erdogen’s corruption.

So far, evidence of actual “combat” with coup forces is thin to the point that it is questionable whether a coup ever really happened. Most reports cite fire from tanks and planes, as well as nearly 300 people killed. Video footage shows random firing, some explosions in civilian areas as well as Turkish citizens mobbing aimlessly around tanks. With tens of thousands of government employees imprisoned or dismissed after the event, the amount of kinetic conflict seems rather limited and tame.

Two years later, Turkey has yet to produce any hard proof of a coup, let alone proof that the “Gulen Movement” was involved. In July of this year, Erdogen submitted “evidence” which he says is grounds for extradition of Fethullah Gulen. This evidence appears to revolve around alleged visits made to Gulen’s FETO compound in Pennsylvania by accused members of the coup, but does not provide any clarification on evidence of the coup itself.

…click on the above link to read the rest of the article…

Always Blame Your Enemy – Turkey is Endangering the Entire World Economy

COMMENT: Marty,

On Aug 12/18 you wrote about “Iran and & Turkey Ripe for Revolution?” and in that blog, you mentioned … They will both turn toward Russia for help and portray their political crisis as a CIA plot.
When watching the news the other night, I noticed this is exactly what Turkey is doing; turning to Russia and blaming the USA (in this case Trump). It’s ridiculous how countries turn to the USA for help but then when the USA doesn’t answer these prayers, these countries demonize the USA. This is akin to praying to God to give you millions of dollars and then when you don’t magically win the lottery, you blame God even though he provided you with opportunities and skills that you ignored.
Once again,
Marty, you called it.
Cheers from Calgary.

REPLY: The real crazy thing is this is so standard, it is not even taking a guess. Erdogan hasthreatened to walk into the arms of Russia and Erdogan is simply not someone the West should trust. I have been warning that NATO should absolutely withdraw from Turkey. Until the people overthrow this guy, he should be distanced RIGHT NOW!!!!! He has been against Greece and Israeli. He is by no means of a particular side. He has been fixed on his vision of restoring the Ottoman Empire and he has ruined the economy of Turkey. Erdogan is far more dangerous than any other world leader and the West had better wake up before it is too late.

…click on the above link to read the rest of the article…

Boiling A Turkey

Boiling A Turkey

There is an age old fable describing a frog being slowly boiled alive. The premise is that if a frog is put suddenly into boiling water, it will try and save itself. However, if the frog is put in tepid water which is then brought to a boil slowly, it will not perceive the danger and will be cooked to death. The metaphor is often ascribed to the inability, or unwillingness, of people to react to or be aware of threats which arise gradually rather than suddenly.

This metaphor was brought to mind as I was writing last weekend’s newsletter discussing the issue of Turkey and the potential threat posed to the global economy. Specifically, I was intrigued by the following points from Daniel Lacalle:

“The collapse of Turkey was an accident waiting to happen and is fully self-inflicted.”

It is yet another evidence of the train wreck that monetarists cause in economies. Those that say that ‘a country with monetary sovereignty can issue all the currency it wants without risk of default’ are wrong yet again. Like in Argentina, Brazil, Iran, Venezuela, monetary sovereignty means nothing without strong fundamentals to back the currency.

Turkey took all the actions that MMT lovers applaud. The Erdogan government seized control of the central bank, and decided to print and keep extremely low rates to ‘boost the economy’ without any measure or control.

Turkey’s Money Supply tripled in seven years, and rates were brought down massively to 4,5%.

However, the lira depreciation was something that was not just accepted by the government but encouraged.  Handouts in fresh-printed liras were given to pensioners in order to increase votes for the current government, subsidies in rapidly devaluing lira soared by more than 20% (agriculture, fuel, tourism industry) as the government tried to compensate the loss of tourism revenues due to security concerns with subsidies and grants.

…click on the above link to read the rest of the article…

America’s Lengthening Enemies List

America’s Lengthening Enemies List

America’s Lengthening Enemies List

Friday, deep into the 17th year of America’s longest war, Taliban forces overran Ghazni, a provincial capital that sits on the highway from Kabul to Kandahar.

The ferocity of the Taliban offensive brought U.S. advisers along with U.S. air power, including a B-1 bomber, into the battle.

“As the casualty toll in Ghazni appeared to soar on Sunday,” The Wall Street Journal reported, “hospitals were spilling over with dead bodies, corpses lay in Ghazni’s streets, and gunfire and shelling were preventing relatives from reaching cemeteries to bury their dead.”

In Yemen Monday, a funeral was held in the town square of Saada for 40 children massacred in an air strike on a school bus by Saudis or the UAE, using U.S.-provided planes and bombs.

“A crime by America and its allies against the children of Yemen,” said a Houthi rebel leader.

Yemen is among the worst humanitarian situations in the world, and in creating that human-rights tragedy, America has played an indispensable role.

The U.S. also has 2,000 troops in Syria. Our control, with our Kurd allies, of that quadrant of Syria east of the Euphrates is almost certain to bring us into eventual conflict with a regime and army insisting that we get out of their country.

As for our relations with Turkey, they have never been worse.

President Erdogan regards our Kurd allies in Syria as collaborators of his own Kurdish-terrorist PKK. He sees us as providing sanctuary for exile cleric Fethullah Gulen, whom Erdogan says was behind the attempted coup in 2016 in which he and his family were targeted for assassination.

…click on the above link to read the rest of the article…

Turkey’s Erdogan Will Run Country Singlehandedly, “Dissenters Will Be Fired”: Top Advisor

In the aftermath of the recent presidential election which granted Turkey’s Recep Tayyip Erdogan executive powers, it appears the president wasted no time to make himself into a dictator.

Speaking to Turkey’s Hurriyet newspaper, Mehmet Uçum, one of Erdogan’s chief advisers, Erdogan “will decide on how to run the country singlehandedly under the country’s new system of government, and any personnel who do not fit in will be immediately replaced.” He added that the new system would make it possible for issues that had been held up under the old parliamentary system to be resolved in the space of hours through Erdogan’s direct intervention.

Mehmet Uçum

In other words, Turkey is no longer a democracy, with no checks and balances, and Erdogan will henceforth rule with executive decree.

In a curious admission, Ucum said that the new system that would make this possible will likely raise the hackles of the opposition, however, “as it places full responsibility for the country’s administration on Erdogan’s shoulders.”

The president’s adviser outlined the workings of a system in which political boards and institutions would serve in only an advisory capacity, passing their analyses up to the president for consideration, however ultimately with no say in the decisionmaking process.

“To whom will all of these (dossiers) be sent? To the president. Who will receive the drafts prepared by political boards? The president. Why does the president need to make the decisions on his own? Because under the new system, the president is the person who holds political responsibility.”

It gets better: the advisor “explained that another advantage of amassing so much authority under the president is that “it reduces the danger of conflicts within government because it simply removes room for dissent.”

…click on the above link to read the rest of the article…

Turkish Lira Tumbles To Record Low As “Ticking Time Bomb” Looms In Banking System

Having exercised his newly-omnipotent capabilities to alter central bank decrees and appointing a puppet cabinet, Turkish President Erdogan is now urging the general public to borrow in the currency in which they are paid, but, as Bloomberg reports, that warning came too late for the country’s energy companies.

Turkish power producers are emerging as one of the biggest risks to the nation’s banks after they plowed billions of dollars into new power generation, distribution projects and deals over the past 15 years. Now, with the lira depreciating faster than they can raise electricity prices, some utilities earn less per year than what they have to repay in foreign-currency loans, according to the Ankara-based Electricity Producers’ Association.

Domestic banks are the most exposed to loans in foreign currencies, JPMorgan Chase & Co. said in a note in May.

The NPL ratio for the banking industry rose to just over three percent in the week ended June 29 for the first time since October, according to data from the banking watchdog.

“A realistic estimate of non-performing loans are around 7-8 percent,” saidAtilla Yesilada, an economist for GlobalSource Partners in Istanbul. “There is no feasible scenario of lower loan rates through 2020 either. We can expect a default wave post-state of emergency,” Yesilada said. The state of emergency is due to expire on July 18.

At least $6.1 billion of loans taken out by energy companies are known to be in the process of being restructured or refinanced, including about $4 billion of debt owned by Bereket Enerji, which is selling power plants to cut its liabilities. Companies across various industries have agreed, or are still in talks, to reorganize at least $24 billion of loans.

…click on the above link to read the rest of the article…

Spotlight Turkey: Hyperinflation and Mass-Migration Crisis Inevitable

Turkey isn’t close to hyperinflation yet. But the path it’s on is a guaranteed way to get there.

As Erdogan tightens his grip on finance and the central bank, Investors Fear Turkish Currency Crisis.

The Turkish lira fell around 4% against the dollar late Monday after Mr. Erdogan appointed his son-in-law as finance minister and put in place measures that could curb the independence of the country’s central bank. Investors also sold Turkish shares and debt, with yields on its dollar bond maturing in October 2028 rising from around 6.8% last week to about 7.15% recently, according to Tradeweb. Yields rise as prices fall.

“There’s a real risk that this spirals into a full-blown currency crisis,” said Paul McNamara, a portfolio manager at GAM Holding . “It’s got so many red flags that we’ve associated with economic crises…in the past.”

In such a crisis, a sharp slide in a currency threatens the government and local companies’ ability to pay foreign debt. Turkey has one of the highest levels of external debt for a developing country, at 53.4% of gross domestic product, according to data from the International Monetary Fund. Local companies have raised billions of dollars, leaving them and the wider economy vulnerable to a slide in the lira, which would make paying off that debt more expensive.

The lira has lost a fifth of its value this year as investors sold ahead of Mr. Erdogan’s June re-election, concerned he would erode the central bank’s independence and usher in looser monetary and fiscal policies. Mr. Erdogan has described high interest rates as “the mother and father of all evils,” stoking fears that his preference for lower rates could prevent the central bank from supporting the currency and tackling inflationary pressure.

…click on the above link to read the rest of the article…

Turkey’s Erdogan Purges 18,000 Civil Servants With Decree

It didn’t take long for Erdogan, who two weeks ago was re-elected as Turkish president with a majority of the vote and the critical extra benefit of undisputed executive powers, to flew his newly-found muscles, and on Sunday Turkey provided a glimpse of what to expect under Erdogan’s “new” regime, when it issued a decree dismissing more than 18,000 civil servants, half of which were from the police force, ahead of the expected lifting of a two-year-old state of emergency later this month, first imposed after an attempted coup in July 2016. The announcement comes one day before Erdogan swears his presidential oath on Monday, inaugurating his powerful executive presidency.

According to the decree 18,632 people, including nearly 9,000 police officers, 6,000 members of the military, 199 academics from universities across the country as well as hundreds of ordinary teachers were sacked. Their passports will be cancelled, according to the decree published in the Official Gazette early on Sunday.

Turkish authorities had already dismissed around 160,000 government workers since the failed military intervention, of whom more than 50,000 have been formally charged and kept in jail during their trials.

Turkey has been under a state of emergency for the past two years, declared after a “failed coup attempt” in July 2016. Erdogan has blamed the 77-year-old cleric Fethullah Gulen who lived in rural Pennsylvania for somehow orchestrating the coup and has sacked or arrested tends of thousands of people he claims are part of Gulen’s “shadow government”, and intent on taking down Erdogan.

The purge has since broadened to include other “terrorism groups”, with Turkey claiming the measures are necessary to combat threats to national security.

Meanwhile, Turkey’s Western allies have criticized the crackdown, accusing Erdogan of using the failed putsch as a pretext to quash dissent.

…click on the above link to read the rest of the article…

“Truly Awful Numbers”: Lira Tumbles After Turkish Inflation Explodes Most In 15 Years

Having stabilized modestly after its mid-June rout, which sent the Turkish Lira to a record low of 4.74 – on the re-election of president Erdogan of all things – overnight the TRY tumbled as much as 1.4% to 4.6813 after Turkey reported that headline inflation soared from +12.1%y/y in May to +15.4%y/y in June, significantly above the 13.9% y/y consensus expectations.

This was the worst inflation print since the runaway inflation days at the start of the century, and the highest since October 2003.

The monthly jump in inflation of 2.61%, was more than double the median Bloomberg estimate and higher than the highest est. of 1.8%.

As Goldman details, prices rose across the board: Food and nonalcoholic beverages inflation increased by 7.9pp to +18.9%yoy, on the back of a sharp rise in vegetable prices, and accounted for 1.8pp of the overall 3.3pp rise in the headline figure.

Core inflation also increased sharply, from +12.6%yoy in May to +14.6%yoy in June, above consensus expectations of +13.4%yoy. The rise in core inflation was broad-based with all major categories except education registering increases. Nevertheless, the sharp rises in the purchase of vehicle and telecommunication services categories were notable.

Understandable, currency traders were shocked at the print, which if anything is an underestimation of real price tendencies, and sent the Lira sliding to the lowest level against the USD since June 26.

In light of Erdogan’s recent comments, some of which have gone so far as suggesting the president may soon take over the rate-setting process himself making the Turkish Central Bank redundant, commentators were horrified at today’s data: commenting on the number, Medley Global EMEA analyst Nigel Rendell warned that “if policymakers react with only half-hearted measures, President Erdogan’s new term in office will quickly morph into a financial crisis”, quoted by Bloomberg.

…click on the above link to read the rest of the article…

“We’re Going To Have To Do Something”: Erdogan Warns Austrian Mosque Closures Could Lead To Religious War

Turkish President Recep Tayyip Erdogan blasted Austria’s decision to close mosques and expel Turkish-backed Imams as anti-Islamic and promised a response, saying the measures announced by Austrian Chancellor Sebastian Kurz could lead to a “war between the cross and the crescent.” Erdogan’s comments came a day after the Austrian government said it would expel up to 60 Turkish-funded imams and shut down seven mosques as part of a crackdown on “political Islam”, leading to widespread fury in Ankara.

“These measures taken by the Austrian prime minister are, I fear, leading the world towards a war between the cross and the crescent,” Erdogan said in a speech in Istanbul, suggesting that a return of the Ottoman Empire is among the many ambitious “to do” items in Erdogan’s calendar: after all that was the last time the “crescent” decided to take on the “cross”, and coincidentally, the Turkish ambitions reached as far as Vienna before the Hapsburgs crushed the Ottoman ascent.

Austrian Interior Minister Herbert Kickl of the far-right Freedom Party (FPOe), the junior partner in Austria’s coalition government, said the move concerned imams with alleged links to the Turkish-Islamic Cultural Association – or ATIB – a branch of Turkey’s religious affairs agency, Diyanet. Kickl said he suspects the organization of violating a ban on the foreign funding of religious organizations. A spokesman for Turkey’s president said on Friday that the decision was “a reflection of the anti-Islam, racist and discriminatory populist wave in this country.” At the time, Kurz claimed the decision was meant to fight radicalization and “parallel societies”.

Erdogan

Meanwhile, other conservative European leaders praised the move, including France’s Marine Le Pen and Italy’s Matteo Salvini. However, even Austria’s opposition parties supported the decision, with the center-left Social Democrats calling it “the first sensible thing this government has done.”

…click on the above link to read the rest of the article…

“Whispers Of Capital Controls” As Turkish Lira Plunge Resumes

As widely expected , the beneficial boost to the Turkish Lira from yesterday’s emergency 3% hike in the late liquidity window rate by the Turkish Central Bank did not even last one full day, and on Thursday the Turkish Lira collapse resumed, with the currency reversing much of yesterday’s gains, sliding as much as 3.5% – the biggest decline across Emerging Markets – amid the previously discussed concerns that the rate hike will provide only temporary support.

The central bank acted after three weeks of turbulence in the currency market, with the lira rallying 2 percent by the end of Wednesday, although as of this morning those gains are now lost, and judging by the chart below, Erdogan’s demand that Turks not exchange their rapidly devaluing currency into dollars and other foreign currency has made them do just that.

Additionally, as Bloomberg’s Stephen Kirkland notes, the market is about to test president Erdogan’s vow not to intervene in monetary policy: “beyond fueling the debate over whether Turkey’s 300bp was enough, today’s lira about-face also tests the central bank’s tightening resolve, as well as Erdogan’s vow of allegiance to global principles of monetary policy.”

It’s still early going for Turkey’s topsy-turvy market and the next catalyst comes from Erdogan himself, as he kicks off his re-election campaign today. Key to stabilizing the lira will be his tone and whether he sticks to yesterday’s script, especially since his past comments involved blaming higher rates for inflation and accusing speculators of attacking the economy.

President Recep Tayyip Erdogan, who’s seeking re-election in a June 24 vote, didn’t specifically mention the rate increase in a televised speech Wednesday, but sought to reassure investors by pledging allegiance to global principles on monetary policy.  He’s due to kick off a campaign for re-election on Thursday, as polls suggest he may face a tougher challenge than in the past.

…click on the above link to read the rest of the article…

Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean

Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean

Erdogan

The Eastern Mediterranean will face a security threat should Cyprus continue its unilateral operations of offshore oil and gas exploration in the region, Turkey’s President Recep Tayyip Erdo?an said in a speech at think tank Chatham House in London on Monday.

Turkey, which recognizes the northern Turkish Cypriot government and doesn’t have diplomatic relations with the internationally recognized government of Cyprus, claims that part of the Cyprus offshore area is under the jurisdiction of Turkish Cypriots or Turkey.

Tensions in the area flared up earlier this year, after Turkish Navy vessels threatened in February to sink a drilling ship that oil major Eni had hired to explore for oil and gas offshore Cyprus—the divided island whose northern part is run by Turkish Cypriots and is recognized only by Turkey.

Weeks before that, Turkey’s Navy had blocked the drilling vessel that Eni had hired. Eni’s chief executive Claudio Descalzi had said that the row is a diplomatic one and out of the company’s control. Descalzi said that Eni would probably move the blocked drilling ship, but would not pull out of its project in Cyprus.

While the internationally recognized Republic of Cyprus said that its “goal is to fully explore Cyprus’s hydrocarbon potential,” Turkey claims that the drilling operations are ‘unilateral’ and claims that part of the exclusive economic zone of Cyprus is under Turkish jurisdiction.

Meanwhile, just last week, Turkish Energy and Natural Resources Minister Berat Albayrak said that Turkey would begin its first solo oil and gas deepwater drilling in the Mediterranean before the end of this summer.

Turkey has strongly opposed what it describes as “unilateral” drilling offshore the internationally recognized Republic of Cyprus, and Turkish Cypriots argue that the offshore oil and gas resources of the island should be exploited jointly to ensure equal rights for both parties.

Turkey Breaks with NATO, Refuses to Expel Russians

Turkey Breaks with NATO, Refuses to Expel Russians

Following the alleged March 4th alleged Russian poisoning of Sergei Skripal, an ex-double agent in the UK, several European countries and the US have begun ejecting Russian diplomats from their countries. With both the UK and US each ejecting dozens of diplomats, it stands to reason that every other NATO country would follow suit.

However, several European Union members have yet to follow London’s lead. One important NATO country isn’t bowing to western Russophobia: Turkey.

Despite calls from the UK for all of their allies to stand with them in “punishing Russia” they have failed to convince many of their fellow EU members, Israel, and Turkey to follow their suggestions. While there isn’t much London can do to their fellow European states, and obviously, they can’t criticize Israel; tension between Turkey and the EU has reached a point where it’s fashionable to demonize Ankara.

Both the US and UK often pander to Turkey due to the country’s strategic location and their control of the second largest military in NATO. This, however, has become much more difficult in recent months due to the increasingly authoritarian governance of the country leading to arrests of western employees, global kidnappings, and blatant defiance of international law.

This tense relationship between Turkey and the EU was on full display yesterday as Turkish President Recep Erdogan met with EU leaders about his nation’s prospects of joining the bloc. Predictably, no new results were achieved between Brussels and Ankara. This allows Erdogan to go back to turkey and play the victim, likely in anticipation of this announcement on Russia, which he will probably frame as ‘retaliation.’

…click on the above link to read the rest of the article…

Turkey’s Erdogan Announces Iraq Military Incursion, Threatens Americans Over Manbij

On Sunday President Recep Tayyip Erdogan announced the beginning of Turkish military operations in Iraq’s Sinjar region a week after Turkey and allied Syrian FSA groups captured Afrin from Kurdish fighters. During that prior victory speech immediately on the heels of the Syrian Kurdish retreat from Afrin, Erdogan had promised further “extensions” of his forces in the region, including into Eastern Syria and Iraq, while making repeat historical references to the Ottoman empire.

Erdogan warned at the time that Turkish troops would keep pushing east further into Syrian Kurdish YPG territory (Kurdish “People’s Protection Units” which Turkey considers an extension of the terrorist PKK), which would eventually pit his forces against the US armed and trained Syrian Democratic Forces (SDF).

During Sunday’s speech he pledged to take Tal Rifaat (northwest of Aleppo) and Manbij: “the U.S. needs to transfer the control of Manbij to its real owners from the terrorist organization as soon as possible,” according to the Turkish daily Hurriyet. US-backed forces are present in both places.

Turkey’s president on Sunday: “We said we would go into Sinjar [Iraq]. Now operations have begun there.” 

Erdogan also in typically brazen fashion put Iraq’s government on notice, saying “We have told the central [Iraqi] government that the PKK is establishing a new headquarters in Sinjar. If you can deal with it, you handle it. But if you cannot we will suddenly enter Sinjar one night and clear this region of terrorists.”

It appears he is ready to make good on that promise, as the AP reports:

Turkey’s president has announced the country is conducting operations in northern Iraq against Kurdish rebels it deems “terrorists.”

Recep Tayyip Erdogan on Sunday said “operations” have begun in Sinjar to clear the mountainous area of Kurdistan Workers’ Party, or PKK, fighters.

Erdogan later said that if the PKK does not vacate Sinjar and Qandil, where it has its headquarters, “it would be inevitable for us to do so personally.”

…click on the above link to read the rest of the article…

Turkey’s Erdogan Vows New Military Operations Into Eastern Syria And Sinjar, Iraq

Following Turkey’s two-month long invasion of Northern Syria and subsequent takeover of the predominantly Kurdish town of Afrin, the logical question that remains is: what ‘s next for the ‘Mad Sultan’ Erdogan?

President Recep Tayyip Erdogan’s Sunday victory speech didn’t lack for the usually robust symbolism denoting neo-Ottoman aspirations far beyond the borders of Turkey (Erdogan gleefully exclaimed, “Now the Turkish flag will fly over there! The flag of the Free Syrian Army will fly over there!” – while comparing the Afrin campaign to the Ottoman defense of Gallipoli during World War I at a ceremony marking the WWI allied powers assault to open the Dardanelles).

And true to form the Turkish president on the following day promised further “extensions” of his forces in the region, including into Eastern Syria and Iraq.

Cartoon via ShiaPac.org

During a speech in Ankara on Monday, Erdogan declared “3,622 YPG terrorists neutralized so far” in Afrin, and promised more to come:

“We have now put a comma down and God willing we will make a full stop. We won’t be limited to this [operation]. There will be extensions. They will also be sorted out. Our intention is not invade but to carry out operations to cleanse terrorists and eliminate terrorist threats to our country.” 

As reported by the Turkish daily Hurriyet, Erdogan pledged to expand east into Syrian Kurdish YPG territory (Kurdish “People’s Protection Units” which Turkey considers an extension of the terrorist PKK), which would pit his forces (including his Free Syrian Army/FSA ground proxies) against the US armed and trained Syrian Democratic Forces (SDF).

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress