America, the Waning Days

Potential earthquakes and black swans are right ahead of us. What else is new? On April 16, Turkey has a referendum to decide whether Erdogan will become de facto supreme ruler. What happens if he loses the referendum is completely unclear, undiscussed even, but it’s obvious a loss would have the country shake on its already shaky foundations. The Turkish economy is in horrible shape and Erdogan’s post-coup firings (hundreds of thousands) and jailings (tens of thousands) have made large parts of society unattended. The biggest of which may well be the army; you can’t fire large numbers of officers and pilots and expect to retain the same strike effectiveness.
The Market Oracle

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