Citi Is Stunned How Quickly The “Extraordinary Political Backdrop” Is Deteriorating

Some interesting observations from Citi’s Tin Fordham on “The Tempest” and What to Make of Turkey’s Failed Coup, Nice Attacks, and the Emerging Politics of Fear and Anxiety. It appears that “nobody could have possibly predicted” what we said back in 2010 when the Fed launched QE2, namely that monetary policy will lead to global violence, conflict and war, and as a result is making it up as they go along.
Here is Citi’s turn, courtesy of Tina Fordham.

In this note we provide an overview of our thoughts on the extraordinary political backdrop that is evolving, with more detailed explanation of the economic and strategy implications from our Turkey economists and EM strategist.
Friday night’s failed military coup attempt in Turkey was a flashback to the kind of events most thought would be relegated to the “dustbin of history”, albeit one featuring a prominent role for social media, with Turkish President Erdogan commanding citizens to take to the streets to protest against the emerging coup via an appeal broadcast on Facetime. Once plagued by coups and coup attempts, the apparent plot to remove Turkey’s elected government was a reminder that, historically, it is in countries where coups and revolutions have occurred previously that they are most likely to return.

This post was published at Zero Hedge on Jul 18, 2016.