Major Currencies All Over The World Are In “Complete Meltdown” As The $63 Trillion EM Debt Bubble Implodes

The wait for the next global financial crisis is over.  Major currencies all over the planet are in a “death spiral”, many global stock markets are crashing, and economic activity is beginning to decline at a stunning rate in quite a few nations.  Over the past 16 years, the emerging market debt bubble has grown from 9 trillion dollars to 63 trillion dollars.  Yes, you read that correctly.  Now that emerging market debt bubble is imploding, and as a result emerging market currencies all over the globe are in “complete meltdown”.  In fact, at least 20 different currencies have fallen by double-digit percentages against the U.S. dollar so far in 2018, and nobody is quite sure what is going to happen next.

You may be tempted to think that this must be a good thing for the United States since the value of the U.S. dollar has been rising, but it is not.

During the “boom years”, trillions of dollars were borrowed by emerging market economies, and a high percentage of those loans were denominated in U.S. dollars.  Now that their currencies are crashing, it is going to take much more local currency to service those U.S.-denominated debts, and a whole lot of them are going to start going bad.

That means that many financial institutions here in the United States and over in Europe are going to end up holding enormous piles of bad debt, and the losses could potentially be astronomical.

The dominoes are starting to fall, and even the mainstream media is admitting that what we are facing is really bad.  For example, the following comes from a CNBC article entitled “The emerging market crisis is back. And this time it’s serious”

The crisis has engulfed countries across the globe — from economies in South America, to Turkey, South Africa and some of the bigger economies in Asia, such as India and China. A number of these countries are seeing their currency fall to record levels, high inflation and unemployment, and in some cases, escalating tensions with the United States.

When I say that the world has been on the greatest debt binge in human history since the last financial crisis, I am not exaggerating one bit.

The emerging market debt bubble is now three times larger than it was in 2007, and it is seven times larger than it was in 2002.  Here is more from CNBC

Emerging markets are also heavily plagued by debt and a stronger dollar makes it tougher for them to pay this debt. The latest data from the Institute of International Finance shows that debt in emerging markets including China increased from $9 trillion in 2002 to $21 trillion in 2007 and finally to $63 trillion in 2017.

Of course this bubble was going to burst.

Anyone with half a brain should have been able to see that.

Now we have a full-blown crisis on our hands, and nobody seems to have any idea how to solve it.

As Charles Hugh Smith has observed, emerging market currencies all over the globe “are in complete meltdown”…

As the chart below illustrates, a great many currencies around the world are in complete meltdown. This is not normal. Nations that over-borrow, over-spend and print too much of their currency to generate an illusion of solvency eventually experience a currency crisis as investors and traders lose faith in the currency as a store of value, i.e. the faith that it will have the same (or more) purchasing power in a month that it has today.

This is the chart that Charles Hugh Smith referenced in that quote…

I am not sure that I even have the words to describe financial carnage of that magnitude.

Since the financial markets are not crashing here in the United States yet, most Americans do not really seem to be concerned about this crisis at this point.  But that is a mistake.  This meltdown has started with the weaker nations, but ultimately what we are witnessing is an “unraveling” of the entire global financial system

The fact that so many currencies are melting down at the same time is telling us the global financial system is unraveling, and unraveling fast. This is a symptom of a fatal disease. Currencies reflect all sorts of financial information; they’re akin to taking an economy’s pulse: trade balances, debt levels, interest rates, central bank policies, fiscal policies, and so on.

The global financial system is inter-connected, but this is not a viable excuse for the meltdown. The general explanation floating around is that currency weakness is like the flu: one currency gets it, and then it spreads to other weak currencies.

This diagnosis is misleading. What’s actually happening is the unprecedented global bubble of debt and assets of the past decade is popping, and it’s laying waste to the most indebted, over-leveraged and mismanaged nations first, either via stock market declines or meltdowns in currencies.

Earlier today, we learned that the South African economy has officially plunged into a new recession.  This crisis is spreading very quickly, and the United States won’t be immune from what is happening.  This is a point that Charles Hugh Smith made very well as he wrapped up his most recent article

The illusion that the U.S. is immune to the unraveling of debt and asset valuations won’t last. When the defaults start piling up, so will the losses, and when asset bubbles pop, incomes and spending decline. Although few seem to notice, almost half the profits of the S&P 500 corporations are earned overseas.

The belief that U.S. markets are somehow disconnected from global markets and immune to the repricing of risk, debt, assets and currencies is magical thinking.

I am entirely convinced that we have reached a major turning point.

For several years it has seemed like things have been getting “better”, but it was largely an illusion.  Our ridiculously high standard of living was financed by the greatest debt binge in the history of the world, and it was inevitable that a day of reckoning would arrive.

Now that day of reckoning is knocking on the door, and our society is completely and utterly unprepared for what is going to happen next.

This article originally appeared on The Economic Collapse Blog.  About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

Economic Doom Returns: Emerging Market Currencies Collapse To Record Lows As Global Financial Chaos Accelerates

After a little bit of a lull, the international currency crisis is back with a vengeance.  Currencies are collapsing in Argentina, Brazil, India, Turkey and other emerging markets, and central banks are springing into action.  It is being hoped that the financial chaos can be confined to emerging markets so that it will not spread to the United States and Europe.  But of course the global financial system is more interconnected today than ever before, and a massive wave of debt defaults in emerging markets would inevitably have extremely serious consequences all over the planet.  It would be difficult to overstate the potential danger that this new crisis poses for all of us.  Emerging market economies went on an unprecedented debt binge over the past decade, and a high percentage of those debts were denominated in U.S. dollars.  As emerging market currencies collapse, it is going to become nearly impossible to service any debts denominated in U.S. dollars, and that could ultimately mean absolutely enormous losses for international lenders.  Our system tends to do fairly well as long as everybody is paying their debts, but once the dominoes begin to tumble things can get messy really quickly.

Let’s start our roundup today with India.  While India is currently not in as bad shape as some of the other emerging markets, the truth is that they could get there pretty rapidly if they keep going down this path.

On Thursday, concerns about rising oil prices drove the Indian rupee to a brand new all-time record low

The Indian rupee fell to a record low on Thursday morning, following a declining trend all year — which economists attributed to rising oil prices, broader emerging market concerns, and strong month-end dollar demand.

It slid to 70.8100 against the dollar, after a previous new low just a day before at 70.475. That marked a 10.97 percent decline since the start of the year.

But at least India is doing much better than Argentina.

The Argentine peso collapsed to another all-time record low on Thursday, and at this point it has fallen more than 45 percent against the U.S. dollar so far this year…

The Argentine peso crashed to record lows on the news. It saw steep losses in the previous session and collapsed another 15 percent to hit 39 pesos against the U.S. dollar on Thursday morning.

The peso is down more than 45 percent against the greenback this year, exacerbating pre-existing fears over the country’s weakening economy while inflation is running at 25.4 percent this year.

As Wolf Richter has noted, the Argentine peso was worth one U.S. dollar in 2002.

Today, it is worth 2.4 cents.

That is what a collapse looks like.

In an desperate attempt to stop the bleeding, the Argentine central bank raised interest rates to 60 percent

On Thursday, the central bank said it was increasing the amount of reserves that banks have to hold, in a bid to tighten fiscal policy and shore up the currency. It hiked rates by 15 percentage points to 60 percent from 45 percent and promised not to lower them at least until December.

Yes, I know that looks like a misprint, but it is not.

Interest rates in Argentina have not been raised to 6 percent.  They have been raised to 60 percent.

Could you imagine what 60 percent interest rates would do to the U.S. economy?

Well, we will get there someday if we don’t change our ways, because we are going down the exact same path that Argentina has gone.

Things continue to get even worse in Turkey as well

The risks are fast multiplying in Turkey’s beleaguered economy. In a clear sign of deterioration, Turkey’s economic confidence index plunged 9% month-on-month to 83.9 points in August, its lowest since March 2009. The country’s currency, the Lira, resumed its downward spiral. And Moody’s downgraded 20 financial institutions in Turkey.

The financial nightmare in Turkey is the gift that just keeps on giving.  Their entire system is in the process of imploding, and President Erdogan seems to be in a persistent state of panic these days.

Also on Thursday, the Brazilian central bank directly intervened in the market to keep their currency from plunging to another new all-time record low…

The bloodbath in Argentina and Turkey is evident in Brazil also where Bloomberg reports that the central bank just intervened for the first time since June 22.

BCB reportedly intervened at 4.20 “to provide liquidity” adding that intervention intensity and frequency will depend on the market. The BCB also attempted to provide some confidence by reaffirming that monetary policy is not directly linked to recent market shocks.

A global financial crisis has begun, but because it has not really affected the United States too much yet, the mainstream media and most Americans aren’t really paying any attention.

But if the markets start crashing here too, then it will suddenly be all over the news.

Most people are aware that most of the biggest stock market crashes in U.S. history have happened in the fall, and the calendar is about to turn to the month of September.

We have definitely entered a “danger zone”, and more shocks seem to hit the global economy with each passing day.  For example, we just learned that President Trump apparently intends to follow through on his threat to hit the Chinese with another 200 billion dollars in tariffs

Bloomberg reported Thursday that Trump had told aides that he wants to follow through on a threat to impose tariffs on another $200 billion worth of Chinese goods as early as next week. That would mean more than half of all Chinese imports would be subject to tariffs.

The tariffs could go into effect after the public-comment period ends on September 6.

Of course the Chinese will retaliate, and that will mean more disruption for the global economic system.

Many people believe that the U.S. economy is much stronger than it was in 2008, and that we will be able to easily weather any shocks that come along.

Unfortunately, that is not true at all.

The truth is that all of our long-term problems are much worse than they were in 2008, and the stage is definitely set for an economic disaster of unprecedented proportions.

This article originally appeared on The Economic Collapse Blog.  About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

That Escalated Quickly: The Emerging Market Currency Crisis Of 2018 Threatens To Destabilize The Entire Global Financial System

We haven’t seen emerging market currencies crash like this in over a decade, and analysts are warning that if this continues we could witness a devastating global debt crisis.  Over the past decade, there has been an insatiable appetite for cheap loans in emerging market economies, and a very substantial percentage of those loans were denominated in U.S. dollars.  When emerging market currencies crash relative to the U.S. dollar, lending dries up and servicing the existing loans becomes extremely oppressive, and that is precisely what we are witnessing right now.  This week, most of the top headlines in the financial media have been about the crisis in Turkey.  The Turkish lira fell another 8 percent against the U.S. dollar on Monday, and it is now down about 35 percent over the past week.  Overall, the lira has fallen 82 percent against the U.S. dollar in 2018, and this is putting an enormous amount of stress on the Turkish financial system

“It is about credit, since Turkey has been a huge borrower in global capital markets over the past number of years when the world’s central banks were encouraging investors to stretch for yield,” David Rosenberg, chief economist and strategist at Gluskin Sheff, said in his daily market note. “Over half of the borrowing is denominated in foreign currencies, so when the lira sinks, debt-servicing costs and default risks rise inexorably.”

Turkey’s economy, just like all of the other major economies around the world, is utterly dependent on the flow of credit, and now lending is becoming greatly restricted.

Meanwhile, any existing loans that were made during the lending spree of the past decade that are denominated in foreign currencies are going to be causing major problems.  The following comes from CNBC

The lending spree has created two potential problems, according to Capital Economics. One is that Turkish banks looked to foreign wholesale markets as a way to fund the credit boom, instead of relying on more steady domestic deposits.

Now, the expense of servicing those loans has jumped with the lira’s decline, and they will be much more difficult for banks to roll over. The second risk is the possible sharp rise in nonperforming loans, including those made in foreign currencies, mostly to businesses.

Many of my American readers may be wondering why they should be concerned about what is going on in Turkey.

Well, the fear is that “what happens in Turkey won’t stay in Turkey”, and it isn’t just Turkey that we are talking about.  Similar scenarios are playing out in emerging markets all over the planet, and one of the most dramatic examples is Argentina.

The Argentine peso has lost 8 percent against the U.S. dollar over the last three trading days, and overall it is down about 33 percent over the past four months.

In a desperate attempt to restore confidence in the currency, the central bank raised the core interest rate 5 entire percentage points on Monday to an eye-popping 45 percent

Argentina took emergency steps to stabilize its currency in the wake of an emerging-market rout caused by Turkey’s crisis, jacking up its already highest-in-the-world interest rate by 5 percentage points and announcing it will sell $500 million to support the peso.

Policy makers set the rate for seven-day notes at a record 45 percent and pledged to keep it at that level at least until October. The central bank also said it plans to phase out 1 trillion pesos ($33.2 billion) of short-term notes by December in an effort to limit the currency volatility that often popped up when the securities were rolled over. And the bank also changed a system for dollar auctions to make them harder for traders to anticipate.

And this wasn’t the first time that the central bank has made such a dramatic move.

In fact, this was the fourth enormous rate hike that we have seen since April 27th.

The IMF has promised to intervene in Argentina with a 50 billion dollar bailout, but that may not be nearly enough.

Meanwhile, let’s not forget the complete and utter disaster that Venezuela has become.  According to the IMF, the inflation rate in that country is projected to hit one million percent this year…

A top U.N. official is warning that Venezuela is on the verge of turning into an “absolute disaster of unprecedented proportions.” And now, what was once Latin America’s richest nation is about to ravaged by hyperinflation.

Life for most people in Venezuela is already terrible, so it might be hard to believe that it is about to get even worse, but it is.

One million percent. That’s the inflation rate the International Monetary Fund predicts Venezuela will hit this year.

Yes, it is true that Venezuela has been a basket case for some time, but things are getting a lot worse.  People are starving, the entire economy is disintegrating, and chaos reigns in the streets.

And we must remember that Venezuela was once one of the wealthiest nations on the entire globe.

Will similar scenes soon be playing out in other emerging markets as this new debt crisis deepens?

In addition to Turkey and Argentina, currencies are also crashing in South Africa, Colombia, India, Mexico, Brazil, Chile and a very long list of other prominent nations.

If order is not restored to the currency markets, we are going to see an international debt crisis of unprecedented size and scope.

So keep a close eye on the foreign exchange markets over the next few days.  If emerging market currencies keep crashing, events are going to begin to escalate very, very rapidly.

Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

Turkey Has Declared War On Syria – Does This Mean That World War 3 Is About To Erupt In The Middle East?

fighter-jet-silhouette-public-domainTurkish President Recep Tayyip Erdogan has just announced that the only reason Turkish military forces have entered northern Syria is to “end the rule of the tyrant al-Assad”.  By publicly proclaiming that Turkey intends to use military force to overthrow the regime of Syrian President Bashar al-Assad, Erdogan has essentially declared war on the Syrian government.  Of course this puts a member of NATO in direct military conflict with Russia, since Russia is working very hard to prop up the Assad regime.  If all-out war breaks out between Turkey and Russia, could that be the spark that causes World War 3 to erupt in the Middle East?  And once Turkey and Russia start fighting, would the United States and the rest of NATO be dragged into the conflict?

The big mainstream news networks in the western world are almost completely ignoring what Erdogan said on Tuesday, but without a doubt this is major news.  The following comes from a Turkish news source

The Turkish military launched its operations in Syria to end the rule of Syrian President Bashar al-Assad, President Recep Tayyip Erdoğan said Nov. 29.

“In my estimation, nearly 1 million people have died in Syria. These deaths are still continuing without exception for children, women and men. Where is the United Nations? What is it doing? Is it in Iraq? No. We preached patience but could not endure in the end and had to enter Syria together with the Free Syrian Army [FSA],” Erdoğan said at the first Inter-Parliamentary Jerusalem Platform Symposium in Istanbul.

Turkish military forces initially invaded northern Syria on August 24th, and at the time we were all told that the purpose of the invasion was to “fight ISIS”, but now Erdogan is telling us something completely different.

Breitbart is one of the few U.S. news outlets that is reporting on this story, and I want you to read the following quotes from Erdogan that come from a Breitbart article that was posted on Tuesday very, very carefully…

“Why did we enter? We do not have an eye on Syrian soil. The issue is to provide lands to their real owners. That is to say we are there for the establishment of justice. We entered there to end the rule of the tyrant al-Assad who terrorizes with state terror,” Erdogan continued, insisting his forces were not in Syria for “any other reason.”

The Daily Sabah notes that Erdogan spoke with Russian President Vladimir Putin about Syria during two telephone calls last week. Since Russia launched a massive military operation to secure Bashar Assad in power, Putin would presumably have been interested in anything Erdogan had to say about toppling the regime in Damascus, and probably would not have kept quiet about it.

If the Turkish military is only in Syria to end the Assad regime, then presumably they will stay there until the job is done.

And this puts Turkey into a direct military conflict with Russia, Iran and Hezbollah since all three of them are already fighting very hard to help the Assad regime.

Of course there is another reason why Turkey is in northern Syria, and that is to fight the Kurds.  In fact, the Kurds and Turkey are both rushing to capture a little city northeast of Aleppo called al-Bab which is currently controlled by the Islamic State

Their immediate challenge is securing al-Bab, an Islamic State-held city northeast of Aleppo which Kurdish-led fighters are racing to take, and which lies close to the front lines of Assad’s allies.

Turkish-backed forces have made rapid gains since August, but largely through less heavily populated areas. Urban warfare around al-Bab is already taking a heavier toll. Five Turkish soldiers have been killed in the past week alone, three of them in a suspected Syrian government air strike.

“Right now the question is whether Russia will allow Turkey to seize al-Bab,” said the Muntasir Billah Brigade official.

But most people in the western world don’t know that Turkish soldiers are already dying in Syria.

Here in the United States, tens of millions of Americans are hailing a new era of “peace and prosperity” now that Donald Trump has won the election, but the truth is that one false move in Syria could easily raise tensions between the United States and Russia to the highest level that we have seen since the Cuban missile crisis back in the 1960s.

If Erdogan would have just stayed out of Syria we wouldn’t be in such a precarious situation.  Unfortunately, the president of Turkey is a narcissistic lunatic, and he dreams of a day when the old Ottoman Empire will once again be restored.

But his delusions of greatness threaten to make the Middle East even more unstable than it already has been.  In addition to his remarks above, on Tuesday Erdogan also called on all Muslims globally “to embrace the Palestinian cause and protect Jerusalem”

Turkish President Recep Tayyip Erdogan has urged Muslims to defend the Palestinian cause, striking a tough stance on Israel despite improved ties between the two nations.

The president of majority Muslim Turkey said Tuesday that “it is the common duty of all Muslims to embrace the Palestinian cause and protect Jerusalem” and that safeguarding the Al-Aqsa Mosque should not be left to children armed with nothing but stones. Located in the Old City of Jerusalem, the hilltop compound is sacred to Muslims and Jews.

Most people in the western world pay very little attention to Erdogan, but the truth is that he is a madman that is often referred to as “Turkey’s version of Adolf Hitler”.  He is extremely ambitious, extremely nationalistic, and he is a warmonger.  That is a very dangerous combination, and I believe that it is only a matter of time before he starts a major war in the Middle East.

Somebody needs to get this guy under control, but unfortunately the Obama administration has been very hesitant to confront Erdogan about his outrageous behavior.

When Erdogan openly stated that the Turkish military is in Syria to overthrow the Assad regime on Tuesday, that was like lighting a match in a room that has already been doused with propane.

He needs to immediately retract those comments, because his unique brand of lunacy has now brought us dangerously close to the start of World War 3.

World War 3 Coming Soon? Tanks Roll Across The Border As Turkish Invasion Of Syria Begins

World War 3 Apocalypse - Public DomainThe invasion of Syria that so many people have been warning about is now happening.  On Wednesday, Turkish tanks rolled across the Syrian border, and they were accompanied by radical Islamic Syrian rebels that want to ultimately overthrow the Assad regime.  This invasion was conducted under the code name “Euphrates Shield”, and it was supported by airstrikes from A-10s and F-16s that are part of the U.S.-led coalition that has been conducting airstrikes against ISIS targets in the region.  The mainstream media in the United States has been very quiet about this escalation of the conflict in Syria, but things are much different in the rest of the world.  For example, a major Israeli news source announced the attack this way: “Turkey invades Syria“.  And without a doubt, that is precisely what is taking place.  The Syrian government denounced this move by Turkey as a “blatant breach to its sovereignty”, and the Russians are deeply alarmed.  The farther Turkish forces push into northern Syria, the more likely they will be to encounter Syrian or Russian forces, and one bad move could result in the outbreak of World War 3 in the Middle East.

The fact that the U.S. media is treating this invasion of Syria as if it is of little importance is deeply disturbing.  These days, the big news channels are obsessed with feeding us propaganda about how “healthy” Hillary Clinton is, or about how “racist” Donald Trump is, and they spend exceedingly little time on the things that really matter all over the globe.

Fortunately, it is not the same way around much of the rest of the planet.  Here is an excerpt from a British news source about the Turkish attack…

It is hard to anticipate whether Turkey’s unprecedented military incursion into Syria this week will change the dynamics of the multiple wars that have ravaged the region and put civilians through hell. If things already seemed complicated in the Middle East, they may have just become even more so. What started on Wednesday ranks as the largest Turkish military operation inside Syrian territory since the civil war began five years ago. A dozen tanks, reportedly followed by a bus transporting Syrian rebels, rolled into northern Syria to drive Islamic State forces from the town of Jarablus, one of their last footholds on the Turkish-Syrian border. Today Turkey sent more tanks in and told the YPG Kurdish armed group it had one week to retreat from the border areas.

We are being told that the primary purpose of this Turkish invasion is “to fight ISIS”, but that is just for western consumption.  The truth is that Turkey has actually been supporting ISIS and other terror groups in Syria for a very long time.  In fact, it has been heavily documented that ISIS sold hundreds of millions of dollars worth of stolen oil through Turkey until the Russians put a stop to it.

No, the real motivation for this assault is to stop the advance of Kurdish forces.  Turkish Foreign Minister Mevlut Cavusoglu recently promised that Turkey would “do what is necessary” to keep Kurdish fighters east of the Euphrates River, and even President Erdogan is admitting that the Kurds are primary targets in this operation

“(Wednesday’s operation) started in the north of Syria against terror groups which constantly threaten our country, like (ISIS) and the PYD,” Erdogan said, referring to a Syrian Kurdish opposition political party.

And U.S. officials know exactly what Erdogan is doing.  Just check out what one of them told CNN

Another senior US official told CNN’s Barbara Starr the US assessment is that Turkey’s cross-border action is largely about trying to stop Kurdish action. “The Turks never cared about Jarablus until the Kurds wanted to get there,” the official said.

So now the Turks have declared open season on the Kurds in northern Syria, and the Syrian Kurds are treating this move as “a declaration of war”

Spokesman for the YPG Kurdish militia, Redur Xelil, called Turkey’s move “blatant aggression in Syrian internal affairs.” Aldar Xelil, another influential Kurdish politician, accused Turkey of initiating an occupation of Syria, saying the operation amounted to “a declaration of war” on the autonomous administration set up by Kurdish groups in northern Syria in 2011.

According to the Turkish government, Operation Euphrates Shield will “create a safe zone” that will be 90 kilometers long and 40 kilometers wide that stretches roughly from the town of Jarablus to the town of Marea.

That is a massive amount of territory, and this basically shows that the Turks plan to set up shop there permanently.

President Erdogan and his supporters have always dreamed of recreating the old Ottoman Empire, and they already have military forces occupying portions of northern Iraq.  This move into northern Syria is yet another bold move in the direction of their ultimate goal.

But will the Russians just stand by and allow the Turks to do whatever they want?

So far the Russians are not saying much, but Vladimir Putin has ordered snap military drills

Russian President Vladimir Putin ordered snap military drills as German Chancellor Angela Merkel accused him of breaking international law in Ukraine and said NATO will defend member states against attack.

Combat readiness exercises are taking place “to defend the interests of the Russian Federation amid increasing threats to its security,” Defense Minister Sergei Shoigu said Thursday in a statement on the ministry’s website. Troops in Russia’s southern, central and western military districts, naval deployments in the Black Sea and Caspian Sea, and airborne forces are involved, he said.

The Russians don’t want to fight Turkish forces in Syria, but as they have shown in Crimea, in Ukraine and elsewhere, they are definitely not afraid to take military action when their interests require it.

And if Russia and Turkey do start fighting, that would threaten to drag the rest of NATO (including the United States) into the conflict.

Turkey has been chomping at the bit to start grabbing chunks of territory in northern Syria for quite some time now, but this invasion is going to turn out to be a tragic mistake.

President Erdogan has definitely overplayed his hand this time, and let us just hope that it doesn’t result in World War 3 erupting in the Middle East.

Erdogan’s Staged Coup Has Resulted In A Purge Of 50,000 Teachers, Judges, Soldiers And Government Officials

Erdogan Staged Coup - Photo by Kemal5105Barack Obama’s “friend” in Turkey is a deeply corrupt radical Islamist dictator that has just staged a coup to consolidate his grip on power.  As I have reported previously, 1,845 “journalists, writers and critics” have been arrested for “insulting” President Erdogan over just the past two years, and a couple of years ago he had a monstrous 1,100 room presidential palace built for himself that is 30 times larger than the White House.  With each passing day, more evidence emerges which seems to indicate that the recent “coup” was a staged event meant to enable Erdogan and his allies to eliminate their enemies and solidify their stranglehold over the nation.  At this point the number of victims of “Erdogan’s purge” has hit 50,000, but the final number will not be known for quite some time.

Of course there is a possibility that the coup was not staged, but if it wasn’t staged it was the worst military coup that I have seen in my entire lifetime.  As Fox News has pointed out, not a single high level member of government was killed or detained…

Among the questions being asked are why coup plotters didn’t execute the most basic steps in seizing power, like securing Erdogan and other top officials. Not a single member of his cabinet and inner-circle AKP party leadership was detained. Nor did coup plotters effectively take control of TV, radio and internet outlets. The government TRT station and CNN Turk were for a time occupied by alleged coup plotters, who quickly retreated as the putsch fell apart.

It is being reported that soldiers that took part in the coup claimed “that they thought that they were taking part in military exercises”, and those running the “coup” allowed Erdogan’s plane to fly across the country without incident.  Here is more from Fox News

Coup plotters also failed to secure most airports and other transportation hubs, didn’t occupy or attack Erdogan’s $600 million presidential palace, and failed to intercept his plane before, during or after he flew from one of the country’s busiest and most accessible airports back to Istanbul. This despite the supposed active participation of top generals in Turkey’s Air Force, which maintains a fleet of F-16 aircraft easily capable of tracking, intercepting or – if it came to it – shooting down Erdogan’s plane.

There were opposition soldiers that did occupy Ataturk International Airport for a short time, but they suspiciously left just in time for Erdogan’s plane to land.

So much about this supposed “coup” absolutely stinks, and that includes the fact that lists of judges, teaches, soldiers and government officials to be rounded up after the coup appear to have been prepared ahead of time.  This is so obvious that even the EU commissioner in charge of Turkey’s membership bid, Johannes Hahn, is commenting on it…

It looks at least as if something has been prepared. The lists are available, which indicates it was prepared and to be used at a certain stage,” Hahn said.

I’m very concerned. It is exactly what we feared.”

So far, at least 50,000 people have been rounded up or stripped of their positions since the coup.  The following breakdown of “the purge” comes from the BBC

  • 6,000 military personnel have been arrested, with more than two dozen generals awaiting trial
  • Nearly 9,000 police officers have been sacked
  • Close to 3,000 judges have been suspended
  • Some 1,500 employees of Turkey’s finance ministry have been dismissed
  • 492 have been fired from the Religious Affairs Directorate
  • More than 250 staff in Mr Yildirim’s office have been removed

Not included in that list are 15,200 education workers and 1,577 university deans that were just sacked

But while Turkey’s press is already mostly under Erdogan’s control, it is the educational witch hunt fallout that is far more troubling, and just as expected over the past hour we have gotten a glimpse of just how extensive the Turkish’s president cleansing of secular society will be, when the state-run Anadolu news agency reported that Turkey’s ministry of education has sacked 15,200 personnel for alleged involvement with a group the government claims is responsible for Friday’s failed coup.

Even more shocking, Anadolu reports that Turkey’s Board of Higher Education has requested the resignations of all 1,577 university deans, effectively dismissing them.  Of the deans dismissed, 1,176 worked in public universities and 401 in private institutions.

In addition, the teaching licenses of 21,000 teachers there were employed at private educational institutions have been revoked.

In one fell swoop, Erdogan is eliminating as much institutional opposition to his leadership as he possibly can.  And not only is he stripping them of their jobs and arresting many of them, CNN is reporting that he actually wants to push for the death penalty for anyone that has any connection to “treason”…

Turkey’s President refuses to rule out the death penalty for thousands of people arrested after a failed military coup Friday, despite warnings that reintroducing capital punishment could dash Turkey’s chances of joining the European Union.

Speaking through his translator in an exclusive interview with CNN’s Becky Anderson, Turkish President Recep Tayyip Erdogan called the failed military coup a “clear crime of treason.”

The Turkish people have made it clear they want death for the “terrorists” who plotted the coup, Erdogan said in his first interview since the July 15 attempt.

Erdogan has been a radical Islamist throughout his entire political career, and his goal has always been to transform Turkey from a highly secular society into a highly Islamic one.

Sadly, now he has the power to do just that.

So what does the future hold for people of other faiths in Turkey?  Well, we may have gotten some clues on the night of the alleged “coup”

During the night of 15 July, unidentified assailants broke the glass panels in the door of the Malatya Protestant Church. The pastor, Tim Stone, said he thought someone with a grudge against the church had taken advantage of the general unrest.

Meanwhile, in Trabzon, on the northern coast, around 10 people smashed the windows of the Santa Maria Catholic Church, where in 2006 a priest, Fr. Andrea Santoro, was murdered. The attackers tried to break into the church, but a group of Muslim neighbors drove them away, before contacting a priest.

And as Erdogan continues to transform into a Turkish version of Adolf Hitler, he is putting his nation’s membership in NATO in jeopardy.  The following comes from the Telegraph

In an ideal world, it would be in everyone’s interests for Mr Erdogan to cease his efforts to turn Turkey into an Iranian-style Islamic republic, thereby allowing Turkey to retain its place at Nato’s top table. But if he really is determined to pursue his radical Islamist agenda, then Nato will have no option but to rid itself of its troublesome Turkish ally.

What is happening in Turkey right now is truly chilling.

A country that is already a member of NATO and that was supposed to become a member of the European Union is rapidly becoming a hardcore radical Islamic dictatorship.

Let us keep a close eye on these developments, because ultimately they could have tremendous implications for Europe and for the entire Middle East in the years ahead.

It Is Being Reported That Turkish Military Forces Have Entered Syria

Turkey Syria Border - Google MapsThere are international news reports that claim that Turkish military forces have entered Syrian territory and have established positions near the towns of Azaz and Afrin.  If these international news reports are true, then Turkey has essentially declared war on the Assad regime.  Back in February, I warned that escalating tensions in the region could be the spark that sets off World War III, but things seemed to cool down a bit in March and April.  However, this latest move by Turkey threatens to take the war in Syria to a whole new level, and everyone will be watching to see how the Russians and the Iranians respond to this ground incursion.

So far, it is the Russian media that it taking the lead in reporting about this movement of Syrian forces.  For example, the Sputnik news agency was one of the first to report Turkish military activity around the town of Azaz…

Amid violent clashes between militants of Daesh and troops of the Free Syrian Army (FSA) in the town of Azaz in northern Aleppo district, reports are surfacing suggesting that the Turkish Army units have been seen located in the district of Azaz.

In addition, Sputnik claims that Turkish military forces entered a small village called Hamam near the town of Afrin on Saturday

“Two days ago, the Turkish military entered the village of Hamam in Afrin area. We are ready to repel any attack. Meanwhile, FSA units are suffering serious defeat in clashes with Daesh. They have already lost control of 12 villages. If Daesh comes to Azaz, ‘Democratic Syrian Forces’ will repel the jihadists, and not allow them to enter the city,” Arac stressed.

The map that I have posted below comes directly from Google Maps, and it shows how far south of the Turkish border the towns of Azaz and Afrin are…

Turkey Syria Border - Google Maps

In particular, the Azaz corridor is considered to be extremely important because that is the primary route that Turkey has been using to resupply jihadist rebels in Aleppo.  So Turkey wants to keep that road open at all costs.

Meanwhile, an Iranian news source is also reporting on this Turkish incursion into Syria…

Member of the Syrian Kurdish Democratic Union Party (PDS) Ahmet Arac said that the hundreds of the Turkish soldiers crossed the Syrian border at Bab al-Salameh border-crossing and deployed their forces in al-Shahba’a region near Marea and Azaz.

“The Turkish Armed Forces are preparing an offensive in the Azaz and Marea regions that have been the scenes of tough battles between the ISIL terrorists and its rival group of the Free Syrian Army,” Arac added.

“Also yesterday the Turkish Army carried out rocket attacks on the positions of Democratic Forces of Syria,” he went on to say.

So far, there has been no confirmation of this invasion from the mainstream media in the western world.  But of course since Turkey is our ally, the Obama administration would not want the media talking about this.  So instead, our big media outlets are giving us headlines such as “Judge sentences Catholic to attend Baptist church” today.

If you have been following my work for a while, you already know that Turkey and Saudi Arabia have been working very hard to overthrow Syrian President Bashar Assad for years, and Assad knows exactly what Turkey has been up to

“..Turkey, as well as Saudi Arabia, have crossed all possible red lines, possibly from the first weeks of the Syrian war. Today, the war against Erdogan and against Saudi Arabia is a war against terrorists. The Turkish army, which is not even Turkish, is Erdogan’s army that is fighting today in Syria. Everything that Ankara and Riyadh have done from the very beginning can be considered aggression. Aggression in a political sense or in a military sense – providing terrorists with arms – or direct aggression with the use of artillery, and other military violations. Erdogan is directly supporting the terrorists as he allows them to move into Turkish territory, to carry out maneuvers with tanks. This concerns not only individuals, he finances them [terrorists] through Saudi Arabia and Qatar, and through Turkey itself, of course. Turkey trades oil that has been stolen by IS (Islamic State, Daesh), at the same time carrying out artillery attacks against the Syrian army – when it moves close – in order to help the terrorists. They are terrorists and when we attack these terrorists in Syria, this leads to Erdogan’s direct defeat..”

Assad is a very bad man, but everything that he said about Turkey in that quote is true.  Turkey has been giving direct assistance to ISIS, and Barack Obama has known about it the entire time.

Most Americans simply do not understand how insane Turkish President Recep Tayyip Erdogan truly is.  Our “ally” has essentially become a dictator, and he is obsessed with recreating the old Ottoman empire.  These days, political rallies in support of Erdogan are quite reminiscent of what Nazi rallies under Adolf Hitler were like, and there is a nationalistic fervor in Turkey right now that is so intense that it is hard to describe it to someone in the western world.  It is fueled by the rise of radical Islam, but what is going on in Turkey is broader than that.  It is extremely dangerous, and yet nobody in the U.S. criticizes Erdogan because he is our “friend”.

In addition to moving troops into Syria, Turkey already has forces positioned in Iraq, and the Russians are quite upset about this.  Just consider what Russian Foreign Minister Sergei Lavrov said on Tuesday

This (keeping troops in Iraq) is an absolutely unacceptable position,” it cited Lavrov as saying. “In principle, I believe that what the Turks are doing deserves far greater public attention on the part of our Western partners.”

But for Erdogan, what we have seen so far is just the beginning.  He dreams of creating an Islamic empire, and he envisions himself at the top of the food chain.

This is one reason why he is so virulently against birth control for Islamic women in his country.  He wants the population of Turkey to multiply greatly so that the Turks can fulfill their appointed destiny

In a speech broadcast live on TV, he said “no Muslim family” should consider birth control or family planning.

We will multiply our descendants,” said Mr Erdogan, who became president in August 2014 after serving as prime minister for 12 years.

In fact, Erdogan actually considers it to be “treason” for Islamic women in Turkey to use contraception…

Mr Erdogan himself is a father of four. He has previously spoken out against contraception, describing it as “treason” when speaking at a wedding ceremony in 2014.

He has also urged women to have at least three children, and has said women cannot be treated as equal to men.

Are you starting to see how dangerous this man is?

Our “ally” is an egomaniac dictator that dreams of recreating the Ottoman empire, and he now has troops positioned in both Iraq and Turkey.

And if he isn’t careful, Erdogan may end up starting a major war which would ultimately involve the United States.

Hopefully cooler heads will prevail before events start spinning entirely out of control.