Tuesday, August 14, 2018

Alan Longbon — Could Turkey Default? The Maths Say No

Most of the "analysis" of Turkey being offered is nonsense. Speculators following it will be taking the losing side of the trade.

Alan Longbon nails it. This post is the best available that I am aware of.  

The title is too limited. The article comprehensive. 

Does President Erdogan understand MMT? And maybe President Putin, too? Is the world waking up?

To early to tell but the signs are encouraging.

President Erdogan realizes that that the international institutions like the IMF and the global capitalist elite they are represent are on the same neoliberal page. 

Erdogan is also aware that like other central bank the Turkish central bank is on this same page. Can he crack central bank independent. The "international community" is warning him not to try. 

That would be "dictatorial," you see, and undercut the currency even more — as "they" do their best to create a financial crisis to effect regime change.

BTW, this article is an excellent example of MMT analysis in action. Alan Longbon is worth following if you are not already.

Seeking Alpha
Could Turkey Default? The Maths Say No
Alan Longbon

Monday, August 13, 2018

Sputnik — ‘It Must Be Seen': Filmmaker Andrei Nekrasov Urges Public to See Magnitsky Film

Andrei Nekrasov, writer and director of the film "The Magnitsky Act: Behind the Scenes," sits down with Sputnik to discuss his latest film and encourage viewers to look past the disinformation campaign launched against both the movie and its creators....
Sputnik International
‘It Must Be Seen': Filmmaker Andrei Nekrasov Urges Public to See Magnitsky Film

Publius Tacitus — America's Persistent Russia Delusion by Publius Tacitus

How long can American citizens continue to display such an astonishing degree of ignorance when it comes to the topic of Russia and meddling in political affairs? The media is pounding away like a hyperactive child with a new drum--bang, bang, bang--insisting that Russia is every where in our political system and is controlling our destiny. This kind of bald faced lie goes beyond egregious. It is diabolical. It has only one purpose--provoke confrontation with a nuclear power. If that does not qualify as the true definition of insanity, then you are beyond the reach of reason.
The deviant fantasy that has enveloped the weak minds of most Americans with respect to Russia conjure the image of a gleeful Putin, keen on conquering the world, lusting for blood and running a global criminal syndicate. And there stands Ma and Pa Kettle, our mom and dad, our brother and sister. It is up to us, the humble, peaceful Americans, who must lead the charge in thwarting this malevolent tyrant. This is the bullshit that is drowning the media in the United States and most appear quite willing to imbibe this toxic sludge.
Let us start with some very simple facts:...
Sic Semper Tyrannis
America's Persistent Russia Delusion by Publius Tacitus
Publius Tacitus

The Real News Network - Does the Russiagate Narrative Protect Those with Power and Influence? Q&A (Pt 2/5)

Here, Paul Jay gives an excellent explanation of Russiagate. Yes, people in the military-industrial complex are keeping the 'Russia did it' scare going to make billions, but also, the American ruling elite hate it that when the Soviet Union folded they didn't get in on the mass privatisations they thought they would get because Russian oligarchs took over the state run industries instead pushing their guys out. Also, Russia  has massive oil reserves which they covet over.

So, Russia has the most advanced nuclear deterrent in the world to protect itself from the Western bandits, buccaneers, crooks,. and pirates which form the US and European aristocracy.

What I found interesting is that Paul Jay doesn't think Trump has a focused policy of separating Russia from China, but rather, the ruling elite that Trump represents see Russia as a white Christian nation they can make allies with. This is especially the view of Steve Bannon, says Paul Jay.

Watch Part 2 of Paul Jay and Aaron Mate's interactive discussion with viewers about the controversy over Trump's visit to Helsinki - From a live recording on July 18th, 2018

Pam and Russ Martens — Would Sen. Warner’s Ambitious Plan to Regulate Social Media Giants “Ruin” the Internet—Or Save it?

Need to regulate versus opportunity to control versus threat of ruining.

Wall Street On Parade
Would Sen. Warner’s Ambitious Plan to Regulate Social Media Giants “Ruin” the Internet—Or Save it?
Pam Martens and Russ Martens

Justin Weinberg — Why Is Philosophy Important?

Why is philosophy important? The very question itself indicates that many assume that philosophy is not important.

But this begs the question, what is philosophy. There are many answers and the assumptions involved in answering it will influence the outcome.

A reason for this is that there are many approaches to philosophy, so that "philosophy" has come to mean many things depending on how the terms is interpreted and used.

First, there is a controversial issue now raging in the profession over "world philosophy." Some think that Western academic philosophy has failed to recognize the contributions of Eastern thought, for example. Others would include so-called primitive thought.

This reminds me a story about an African shaman attending a Western conference on theology. Someone confronted him with the "fact" that there is no literature so there is no theology. The shaman replied, "We don't write like you do. We dance."

One of the landmark works in world philosophy is the magisterial sociological study of Randall Collins, The Sociology of Philosophies: A Global Theory of Intellectual Change.

In fact, UNESCO has declared World Philosophy Day to be celebrated every year, and more is being published on World Philosophy as a topic of interest in inquiry.

Secondly, there are many schools of thought in the Western intellectual tradition, as there are in other non-Western traditions. Most of them have different conceptions about the subject matter of philosophy, philosophical method, criteria, and so forth. Compared to the sciences, philosophy appears "lost at sea without a compass."

Thirdly, various philosophies underlies different world views and ideologies that are presumed. Everyone has a world view that serves as a framework for thought and action. Most people do not reflect on their framework and assume that the framework reflected the essential structure of reality, so that those that presume a different framework are misguided.

Moreover, most people are unaware of how broadly and deeply they are influenced by previous ideas.
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. —John Maynard Keynes, The General Theory of Employment, Interest and Money, ch. 24, p. 383
I would expand that observation to include a much wider range of "influencers" instead of limiting it to economists and political philosophers.

Socrates founded the Western intellectual tradition, which developed into Western liberalism, in making the observation that a life not reflected upon is not worth the living, also translated as, "The unexamined life is not worth living." 

Socrates became a martyr for truth in this quest, ironically having been condemned to death for mocking the gods and corrupting the youth in a society ruled by direct democracy. That warning echoes through time, and until recently every educated person was expected to have read The Apology, where Socrates defends himself at his trial before his peers on a capital offense.

In this view Socrates presented, philosophy is a way of life base on inquiry, which requires freedom of thought, expression, and association for open inquiry and debate to take place. And open inquiry and debate are foundational to the liberal view of democratic government.

There is a reason that philosophy is said to be the queen of the sciences, although Clement of Alexandria changed this to the “handmaid of theology.” That, of course, ended with the Renaissance and the rise of the Modern Age. 

It seems that a big reason that many take philosophy to be no longer important results from the belief that philosophy has been replaced by science and the scientific method. But since the enduring questions fall beyond the scope of the scientific method, which stipulates its criterion as empirical, they remain unresolved and refuse to go away. The result in competing ideologies whose philosophical assumptions are simply presumed. Philosophy seeks to uncover the hidden assumptions  in these presumptions, which are often tacit and held implicitly.

Another big reason is that academic philosophers have chosen to focus either on analytic philosophy, which appears to critics like logic-chopping and word salad, or postmodernism, which seems to avoid the more interesting questions in favor of relativism or skepticism. Neither address the "big" questions, assuming this to be a waste of time owing to scope limitation imposed by methodology.

I have already explored this question of important here at MNE in a previous post on the purpose of education in the post and in the comments, where I have stated my views. 

In summary, my view is that philosophy is important in that it considers the whole in terms of key fundamentals, and it's method is reasoning and experience taken broadly. It is a general systems approach that is oriented not only toward explanation but also probem-solving. 

As such, philosophy is essentially about the study and application of creative and critical thinking from a integrated and holistic perspective. Being dynamic, philosophy is also historical and unfolds toward the horizon in the march of time. Being historical, in its also path-dependent and brings the past into the present and future.

Philosophy is important because ideas are important and in a complex adaptive system new ideas are emergent. Philosophy is about dealing with this creatively and critically instead of being chiefly reactive and unreflective, not learning from experience as ideas are tested in the crucible of action.

Daily Nous
Why Is Philosophy Important?
Justin Weinberg | Associate Professor of Philosophy, University of South Carolina

Venezuela Analysis — The Actors in the Conspiracy Against Venezuela


One-sided, but so is the "news" coming from Maduro's opposition, both domestic and international.

Venezuela Analysis
The Actors in the Conspiracy Against Venezuela
Eduardo Andrade Bone - Resumen Latin Americano

See also

Backgrounder on Venezuelan history.

While this is more about the politics and institutional factors than the economics, the political and institutional factors heavily influence the economics. So there is more to it than just mismanagement.

Could better management have obviated the crisis?

Perhaps. But it was not only lack of material systems knowledge and skills that led to the crisis and its perpetuation.

No doubt that better management would greatly improve matters though.

Fort Russ
The Venezuelan Economic Crisis: Facts. vs. Propaganda

Dennis Churilov — Were German Nazis and Soviet Socialists the Same?

There are so many people out there who genuinely believe that financial plutocrats like Soros are communists, and that Wall Street-sponsored Hillary Clinton is a socialist.
Many American self-proclaimed right-wingers seriously assert that the German Nazis were all socialists, simply because “Nazi” is short for ”Nationalsozialismus”, which translates as “National Socialism”. Therefore, they make a conclusion that the Soviet Union and Nazi Germany were ideologically the same.
Sadly, this is the level of political and historical discourse many people are at at the moment.
German Fascism/Nazism and Soviet socialism were the polar opposites....
Fort Russ
Op-ed: Were German Nazis and Soviet Socialists the Same?
Dennis Churilov

Duncan Green — Elinor Ostrom's Rules fo Radicals

Elinor Ostrom's Rules fo Radicals. Lin Ostrom is the only woman to have won a Nobel in economics.

Oxfam Blogs — From Poverty to Power
Links I Liked
Duncan Green, strategic adviser for Oxfam GB

David F. Ruccio — “Don’t class warfare me”

Don't celebrate the recent expansion yet. The economic numbers look good — until adjusted for inflation.

The real wage is falling. Workers are becoming worse off economically in real terms even with nominal wages improving somewhat but not substantially. They falling further behind than they were before the expansion in terms of purchasing power.

Occasional Links & Commentary
“Don’t class warfare me”
David F. Ruccio | Professor of Economics, University of Notre Dame

Alex Gray — What you need to know about the world's young people, in 7 charts

Every year on August 12, the United Nations celebrates International Youth Day.

It’s a chance to recognize the potential of young people to change the world for the better, and to highlight the challenges and problems they face.
World Economic Forum
Laurent Belsie

Sunday, August 12, 2018

Bill Mitchell — MMT is just plain old bad economics – Part 2

I am surprised at the hostility that Part 1 in this series created. I have received a lot of E-mails about it, many of which contained just a few words, the most recurring being Turkey! One character obviously needed to improve his/her spelling given that they thought it was appropriate to write along the lines that I should just ‘F*ck off to Terkey’. Apparently Turkey has become the new poster child to ‘prove’ Modern Monetary Theory (MMT) wrong. Good try! I also note the Twitterverse has been alight with attention seekers berating me for daring to comment on the sort of advice British Labour is receiving. Well here is Part 2. And because you all liked it so much, the series has been extended into a three-part series because there is a lot of detail to work through. Today, I revisit the fiscal rule issue, which is a necessary step in refuting the claim that MMT policy prescriptions (whatever they might be) will drive the British pound into worthless oblivion. And, you know what? If you don’t like what I write and make available publicly without charge, then you have an easy option – don’t read it. How easy is that? Today, I confirm that despite attempts by some to reconstruct Labour’s Fiscal Rule as being the exemplar of progressive policy making, its roots are core neoclassical economics (which in popular parlance makes it neoliberal) and it creates a dependence on an ever increasing accumulation of private debt to sustain growth. Far from solving a non-existent ‘deficit-bias’ it creates a private debt bias. Not something a Labour government or any progressive government should aspire to....
Bill Mitchell – billy blog
MMT is just plain old bad economics – Part 2
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Ryan Zielonka — The World According to Realism

Useful backgrounder on international relations and the different schools of thought in the US, particuarly liberal internationalism, neoconservatism and realism. 

The World According to Realism
Ryan Zielonka is an independent consultant and incoming PhD student at the University of Washington

Paul Antonopoulos — Turkey to Ditch U.S Dollar in Trade, Urges Europe to Follow Suit

Turkish President Recep Tayyip Erdogan said on Saturday that his country is ready to trade with partner nations using national currencies.
“We are preparing to carry out trade in national currencies with China, Russia, Iran, and Ukraine, which account for the bulk of bilateral trade. If European countries want to get rid of the pressure of the dollar, we are ready to create a similar system with them,” said the Turkish leader during a meeting in the Turkish city of Rize.
Fort Russ
Turkey to Ditch U.S Dollar in Trade, Urges Europe to Follow Suit
Paul Antonopoulos

See also

Geopolitics Alert
The Real Reasons why US-Turkey Relations Have Hit an All-Time Low
Jim Carey

Russia will also have more settlement in roubles and other currencies, such as the euro, than in dollars, Siluanov said.
Russia says will ditch U.S. securities amid sanctions: RIA

See also

Sputnik International
US Dollar Becoming Risky Instrument For Int'l Payments – Russian Minister


Zero Hedge
Russia Finance Minister: We May Abandon Dollar In Oil Trade As It Is Becoming "Too Risky"

Peter Kinderman — Six 'Psychological' Terms That Psychologists Never Use

It's short but if you don't choose to read it all, at least read the last one, "brainwashing."

The Conversation
Six 'Psychological' Terms That Psychologists Never Use
Peter Kinderman | Professor of Clinical Psychology, University of Liverpool

Brian Romanchuk — Why Is A Positive Inflation Rate A Good Thing?

One of the questions that often comes up in economic discussions is: why is a positive inflation rate seen as a good thing? There are a few angles to this question, which makes it somewhat more complex. I am somewhat ambivalent on the subject, but I believe the best answer lies in the area of political economy, not economic theory.…
Bond Economics
Why Is A Positive Inflation Rate A Good Thing?Brian Romanchuk

Lars P. Syll — Money in perspective

Keeper Keynes quote.

The reference is "Economic Possibilities for our Grandchildren," Section II, in John Maynard Keynes, Essays in Persuasion, New York: W. W. Norton & Co., 1963, pp. 358-373.

Lars P. Syll’s Blog
Money in perspective
Lars P. Syll | Professor, Malmo University

See also

Ideological through and through, because economics is joined at the hip with political economy, and, in fact, used to be called political economy. Political economic is, of course, joined at the hip with politics and politics is about power, hence, class structure and power. This implies that policy is an area that is deeply ideological and value-laden, and political economy informs and influences policy. Ergo, politics and and the disagreements over politics are largely values-based, hence ideological.

"It's the assumptions, stupid." And the assumptions are based on normative presumptions.

So much for value-free economics

Saturday, August 11, 2018

Caitlin Johnstone — If There Were No Official Narratives?

Whoever controls the narrative controls the world. The world is better off being controlled by the collective will of the people rather than the will of a few sociopathic oligarchs, and we absolutely have the ability to take that control by force whenever we want to. All we have to do is shift value and credibility from plutocrat-generated narratives to popular collective narratives, and cultivate an aggressive disgust for all attempts by the powerful to manipulate the public dialogue.
Once the way people think, act and vote is no longer manipulated by an elite class which does not represent the interests of humanity, our species will have a fighting chance at moving society out of its patterns of exploitation, war and ecocide and into a direction of health, harmony and thriving. I’m just going to keep pointing out that this is always an option, hoping for a spark to catch someday....
Class struggle and consciousness-raising.

I am not suggesting that CJ is a Marxist or even a Marxian. For all I know, she may be even unaware of the parallel between what she is saying in the 21st century and what Marx wrote in the 19th century. Nor does one have to agree with Marx or even be aware of him to agree with her analysis of contemporary conditions.

Caitlin Johnstone — Rogue Journalist
What If There Were No Official Narratives?
Caitlin Johnstone

RT — ‘Ask your grandads’: Russian defense minister warns Germany against ‘strength & unity’ strategy

Sergei Shoigu delivers serious smackdown. 
The Russian defense minister has reminded his German counterpart that approaching Moscow from a “position of unity and strength” is not the wisest idea, citing the bitter history of WWII that should’ve made Berlin more prudent.

“We are open for dialogue. We are ready for a normal cooperation, but not at all from a position of strength,” Sergey Shoigu told Rossiya 24 TV station. “I certainly hope that the time when we could be talked to, as someone once said, as a second- or third-class country has now irretrievably passed.”
Referring to the original question from the host, Yevgeniy Popov, who noted the recent call by the German Defense Minister, Ursula von der Leyen, to engage in dialogue with Moscow only from a “position of unity and strength,” Shoigu reminded his counterpart that, while Russia seeks peace, it will not tolerate being coerced.
“After everything Germany has done to our country, I think, they should not talk on the issue for another two hundred years,” Shoigu said. “Ask your grandparents about their experience of talking to Russia from the position of strength. They will probably be able to tell you.”...
Sounds like the Russian leadership is finally getting fed up.


Zero Hedge — Iran Sanctions Fallout: China Takes Over French Share In Giant Iran Gas Project

The world just got a lot more complicated.
When it comes to the Middle East, China has not been shy about its recent ambitions to expand its geopolitical influence in the Gulf region: Just last week we reported that the Chinese Ambassador to Syria, Qi Qianjin, shocked Middle East pundits and observers by indicating the Chinese military may fill the void left in the wake of the collapse of ISIS - and most regional armies - and directly assist the Syrian Army in an upcoming major offensive on jihadist-held Idlib province.…

And having staked a military claim in Syria, China was next set to expand its national interest in that other key regional nation which has been the source of so much consternation to its neighbors and world powers in recent months and which has emerged as a key source of crude oil exports to Beijing: Iran.
It did so today when China’s state-owned energy giant, CNPC - the world's third largest oil and gas company by revenue behind Saudi Aramco and the National Iranian Oil Company - finally took over the share in Iran’s multi-billion dollar South Pars gas project held by France’s Total, Iran's official news agency Shana reported on Saturday....
China is making a move.

The global plot is thickening. Fireworks sure to follow.

Zero Hedge
Iran Sanctions Fallout: China Takes Over French Share In Giant Iran Gas Project
Tyler Durden

James Petras — A Decalogue of American Empire-Building: A Dialogue

Introduction: Few, if any, believe what they hear and read from leaders and media publicists. Most people choose to ignore the cacophony of voices, vices and virtues.

This paper provides a set of theses which purports to lay-out the basis for a dialogue between and among those who choose to abstain from elections with the intent to engage them in political struggle.…
James Petras Website
A Decalogue of American Empire-Building: A DialogueJames Petras | Professor (Emeritus) of Sociology at Binghamton University in Binghamton, New York and adjunct professor at Saint Mary's University, Halifax, Nova Scotia

Sparky Abraham & Nathan J. Robinson — What Is Education For?

This article looks at Bryan Caplan's The Case Against Education criticallyCaplan is a professor of economics at George Mason University. The economic school of thought with which he identifies is public choice, e.g, James Buchanan.

While I regard Caplan's solutions as questionable if not ridiculous, as does the author of the review, he does make a point. What is contemporary education really for? That does not seem to be clear as Caplan points out. He concludes therefore that education is worthless as it stands and needs revisiting. I agree with that. However, I regard Caplan's error as looking in the wrong direction owing to his ideological presumptions that operate as cognitive-affective bias.

The fact that the purpose of education is not clear from examining the current educational process in the US ( strongly suggests that it needs an overhaul. This is not surprising since the Western classroom model and curriculum now longer seems to fit. I agree with that.

This requires stepping back and revising the question of the purpose of education and the means for realizing that purpose optimally in the lives of learners.

That question is a foundational question in the philosophy of education, as subject that apparently the author of the article is unfamiliar with.

There are basically two types of educational philosophy — traditional and liberal.

The goal of the first is to inculcate a tradition. This type of education ends to be one-sided, as in religious education, or military school, or vocational education.

The goal of liberal education is to develop a well-rounded person capable of both creative and critical thinking, and of citizenship in a liberal society. The goal of liberal education is developing full potential as an individual and a human being in a society in which the fundamental question is what it means to live a good life in a good society, and how to implement this in one's life and one's society. There are many possible answers and liberal education explores them.

Philosophy is the basis of liberal education, in that philosophy is concerned chiefly with critical thinking. The method is understanding of logic and the principles of critical thinking by applying them to the great thinkers of the past that were foundation in shaping history and culture.

Liberalism has now become a tradition in the West, where it emerged in ancient Greece, and over time in some other parts of the world. The challenge, therefore, is to present liberal education as open, innovative, synergetic and adaptable instead of a one-sided tradition.

The author of the article confused education with the subjects taught and their practical application. The etymology, of the term "education, which means to lead from" in Latin, shows that education is about learning and not teaching. A major aspect of this learning is self-discovery, self-creation, and self-actualization. This cannot be put in but must be drawn out.

The criticism offered of the author's analysis and proposals is also off target in presuming that education is about doing and learning to do.

The solution offered at the close, which is not explained or elaborated is, "What is education for? It’s for becoming a person, not a worker." That is correct in my view but it needs explanation.

Education should be chiefly about being, then doing as a result and finally having based on what one has accomplished. However, the end it view is not chiefly about career success or material accumulation. It is about being a person of excellence" as Aristotle observed in Nichomachean Ethics.

First comes personhood. Second comes expression of that personhood in an individually unique way. Third comes receiving the feedback of this expression from the objectification of one's action in world, which concretizes the abstract.

Aristotle argued that all agents act for some end that that end is regarded as some good, a good being that which increases happiness. He then looks at the various proposals based different assumptions and finds them wanting. He argues that happiness is a by-product of living a good life in accordance with excellence (Greek arete).

This requires education based chiefly on being rather than doing or having. That is the goal of liberal education as conceived classically and which has been largely forgotten in the stampede for fame, fortune, power and pleasure.

While may seem non-specific, it is for an important reason. Each individual is unique and should be approached as such. Specificity need to be designed for individuals instead of a one-size-fits-all approach being applied indiscriminately.

There is no problem in combining liberal and traditional in the liberal paradigm in that liberalism is central to the Western intellectual tradition, having been initially explored in ancient Athens, which was a direct democracy of male citizens, at least of sorts. Western liberalism was eclipsed for a long while by traditionalism when the West was dominated by Christendom, although it began to reemerge with the Protestant Revolution.

Liberalism did not really comes of age until the 18th century Enlightenment, however. Eventually,  in "modern times" liberalism came to embrace tolerance of different views and different traditions, while becoming a tradition itself, opposed to anything it viewed as single-side traditionalism. This led the paradox of liberalism as a single-sided tradition itself opposing other single-sided traditions.

In spite of some rigidity setting in to liberalism as a tradition, liberal education requires learning about different traditions objectively, which is a necessity in a liberal society, especially a global one, since a key purpose of liberal education is developing a culture in which "we can all get along" despite differences in views and culture.

Current Affairs
What Is Education For?
Sparky Abraham & Nathan J. Robinson

The Real News - Is Jeremy Corbyn's "anti-Semitism Crisis" a Smear Campaign?

There is no democracy in the US and there is no democracy in the UK either. British Labour Party members elected Corbyn fair and square, but factions of the Deep State - the Neocon-neoliberal  alliance - a money making racket tied to the military-industrial complex - are out to remove Jeremy Corbyn and deny the British electorate of a real choice. They want to get their guy in so to ensure it makes no difference whether you vote Conservative or labour.  Then Israel can carry its murderous illegal occupation with the wholesale slaughter of Palestinians, while the US war machine can carry on with its lucrative trade in mass death and terror.

Norman Finkelstein says that the same will happen to Bernie Sanders if he gains serious traction in the US 2020 presidential election. The ruling elite don't like what Corbyn stands for: he is against war; he doesn't like homelessness; he doesn't like people being hungry or cold; he believes workers should get a better deal and live in a more pleasant, fairer society. The elite don't like that.

UK Opposition leader Jeremy Corbyn is accused of presiding over a surge of anti-Semitism inside the Labour Party. Author Norman Finkelstein and British scholar Jamie Stern-Weiner say that Corbyn's foes have cynically concocted a fake scandal to sabotage his progressive agenda and support for Palestinian rights

Zero Hedge — "Self-Fulfilling Contagion": This Is The Worst Case Scenario For Turkey

Summing up JPMogan's findings, the bank concludes that "in terms of foreign bank exposures it appears that Spanish, French and Italian banks, as well as US and UK banks through contingent exposures, are most exposed to Turkey."
The web of debt unravelling?

Zero Hedge
"Self-Fulfilling Contagion": This Is The Worst Case Scenario For Turkey
Tyler Durden

Brian Kalgan — The Big Tech Companies are Just Contract Mercenaries for the U.S. Intelligence Agencies

... the current case in question is quite different than any past case study in a private entity’s constitutional requirements where freedom of speech are concerned. Firstly, just a handful of big tech companies control virtually all social media platforms, effectively operating an illegal, anti-free market monopoly. This is not a normal, or even legal form of private business in the United States. Secondly, these companies are banning individuals and groups in coordination with one another and at the behest of special interests groups, including current federal government legislators, the mass media, and former federal intelligence agency officials. This “usual suspects” line-up, representing what is now acknowledged as the Deep State, even by the mainstream media outlets that serve as its propaganda operation, are basically contracting a private company to do what they are legally prevented from doing so themselves. So, Facebook, Google, Twitter and YouTube are working as independent contractors to conduct the type of censorship of the internet that the federal government would like to conduct through agencies such as the FCC or even the CIA and the NSA, but is legally prohibited from doing so.
The Big Tech Companies are Just Contract Mercenaries for the U.S. Intelligence AgenciesBrian Kalgan, management professional in the marine transportation industry and an officer in the US Navy for eleven years

Andrew Korybko — America’s About to Unleash Its NOPEC Superweapon Against the Russians & Saudis

The US Congress has revived the so-called “NOPEC” bill for countering OPEC and OPEC+.
Officially called the “No Oil Producing and Exporting Cartels Act”, NOPEC is the definition of so-called “lawfare” because it enables the US to extraterritorially impose its domestic legislation on others by giving the government the right to sue OPEC and OPEC+ countries like Russia because of their coordinated efforts to control oil prices.
Lawsuits, however, are unenforceable, which is why the targeted states’ refusal to abide by the US courts’ likely predetermined judgement against them will probably be used to trigger sanctions under the worst-case scenario, with this chain of events being catalyzed in order to achieve several strategic objectives....
Whoever controls energy controls the world.
The purpose behind this approach is to intimidate the US’ European vassals into complying with its demands so as to make as much of the continent as possible a captive market of America’s energy exporters, which explains why Trump also wants to scrap LNG export licenses to the EU. If successful, this could further erode Europe’s shrinking strategic independence and also inflict long-term economic damage on the US’ energy rivals that could then be exploited for political purposes. At the same time, America’s recently unveiled “Power Africa” initiative to invest $175 billion in gas projects there could eventually see US companies in the emerging energy frontiers of Tanzania, Mozambique, and elsewhere become important suppliers to their country’s Chinese rival, which could make Beijing’s access to energy even more dependent on American goodwill than ever before.
If looked at as the opening salvo of a global energy war being waged in parallel with the trade one as opposed to being dismissed as the populist piece of legislation that it’s being portrayed as by the media, NOPEC can be seen as the strategic superweapon that it actually is, with its ultimate effectiveness being dependent of course on whether it’s properly wielded by American decision makers. It’s too earlier to call it a game-changer because it hasn’t even been promulgated yet, but in the event that it ever is, then it might go down in history as the most impactful energy-related development since OPEC, LNG, and fracking.

Oriental Review
America’s About to Unleash Its NOPEC Superweapon Against the Russians & Saudis
Andrew Korybko

Sputnik — Iran Supreme Leader Calls for 'Swift, Just' Legal Action to Face 'Economic War'

"War" is in the air now.

Sputnik International
Iran Supreme Leader Calls for 'Swift, Just' Legal Action to Face 'Economic War'

See also

Iran Supreme Leader calls for action to face 'economic war': state TV


The official justifications for this latest set of sanctions proves that they are not the real reasons because they are too ridiculous to be taken seriously by any thinking person. The ever-changing Skripalmania story, preposterous at the outset, has descended into incoherence as the crack Russian assassination team is now said to be using public toilets to remix “novichok” to put into perfume atomisers. The OPCW certified last October that Russia had eliminated its CW stocks; who is supposed to certify that it still has? “Election interference” is a loose and shifting collection of accusations, with no evidence presented, which is said to have made no difference to the final result but is nonetheless Pearl Harbor, Kristallnacht and 911 rolled into one. These so-called reasons are the leaky krisha erected over Washington’s latest attempt to make Russia submit to its diktat or break it. The upshot? The Moscow-Beijing alliance will be strengthened and Moscow’s determination to reduce its exposure redoubled.…
This move is also part of the deep state coup against US President Trump (concisely described here) because it curtails his freedom of action. The upshot? The USA moves a bit closer to terminal dysfunction. Or has the second civil war already begun?
Altogether another small step in the Decline and Fall of the Imperium Americanum....
Russia Observer
Patrick Armstrong

F. Michael Maloof — Latest Sanctions Against Russia Show Trump Not in Control of His Administration

US President Donald Trump is not in control of his own administration, as evidenced by the latest round of sanctions imposed against Russia for the alleged involvement in the poisoning of the Skripals in the UK in March.
The sanctions came the same day that US Sen. Rand Paul, R-Ky., announced on a trip to Moscow that he had handed over a letter to Russian President Vladimir Putin from Trump calling for better relations between the two countries.…
With even further sanctions against Russia in the recently passed Defense Department Authorization Bill about to go into effect, it is becoming apparent that the allegations against Russia are politically-motivated, false flag allegations to be used as an excuse for a greater geostrategic reason — to contain Russia just as the Trump administration is increasingly finding its US-led unilateral world order being challenged more than ever.
The reason, however, isn’t due to anything that Moscow initiated but by Trump himself who isn’t in control of his own administration, and maybe never [have] been....
Both Trump and Putin realize and have acknowledged that POTUS is boxed in by US politics, lead by the American bipartisan establishment and US deep state. Trump has specifically indicated that nothing can go forward until after the mid-terms. If there is a red wave, they will go forward, but not if a blue wave, in which case the US president will be occupied fending off his removal from office.

Russia Insider
Latest Sanctions Against Russia Show Trump Not in Control of His Administration
F. Michael Maloof, former Pentagon security analyst

See also
It is debatable how much of the US government Trump actually controls.
In word, this is insanity. What’s perhaps worse is that this political warfare is being conducted with total disregard for the truth, much less an honest attempt to find it. It’s worse than a presumption of guilt; it’s a positive, unambiguous verdict of culpability under circumstances where the accusers in Washington and London (I would guess but cannot prove) know perfectly well that the CW finger pointing is false.
It has been clear from the beginning of Trump’s meteoric rise on the American political scene that he and his American First agenda were perceived by the beneficiaries of the globalist, neoliberal order as a mortal danger to the system which has enriched them. Maintaining and intensifying hostility toward Russia, even at the risk of a catastrophic, uncontainable conflict, lies at the center of their efforts. This political war to save globalism at all hazards is intensifying....
Strategic Culture Foundation
Lenin Updated: ‘Turn the Globalist War into a Race War’
James George Jatras, Analyst, former U.S. diplomat and foreign policy adviser to the Senate GOP leadership

See also at SDR

US Sanctions Are Pushing Russia to War
Finian Cunningham

Humeyra Pamuk — Turkey is a 'target of economic war', Erdogan says

Turkey joins Russia in declaring it is under US attack.
Erdogan said those who plotted against Turkey in a failed coup attempt in July 2016 were now trying to target the country through its economy, and pledged to fight back. He did not name any countries.
This is how WWIII starts. Leaders don't choose such words lightly.

The US now engaged in hybrid war with China, Cuba, Iran, North Korea, Russia, Turkey, and Venezuela. Did I forget anyone?

Turkey is a 'target of economic war', Erdogan says
Humeyra Pamuk

See also at Reuters
The Turkish economy is not in a crisis or going bankrupt and the fluctuations in the foreign exchange rate are the ‘missiles’ of an economic war waged against Turkey, President Tayyip Erdogan said on Saturday.
Turkey is not in a crisis, will fight 'economic war', Erdogan says

See also

Turkish lawyers want US soldiers arrested for 'ties to coup movement'