Turkey: A Glimpse of America’s Future
Turkey: A Glimpse of America’s Future by Bill Bonner – The Burning Platform
POITOU, FRANCE – Coming into focus is a fuller picture of the worldwide financial crisis.
This week, we began looking at Turkey, but only because Donald Trump sent an extraordinary tweet last Friday.
In it, the president broke with tradition and common sense in a remarkable way. He used a crash in the Turkish lira to justify a new attack in the trade war.
Instead of soothing words that might have calmed the crisis situation, his tweet made it worse. And instead of coming to the aid of an ally in difficulty, he piled on.
We had never previously spent even two minutes thinking about Turkey or its finances. But then, after the president roused our curiosity, we saw what we think was a glimpse of the future.
In it, we see huge defaults… stock crashes… chest-pounding… threats and counterthreats… populism… betrayal… trade wars… and currency wars… as the world reckons with $115 trillion in excess debt.
Back to that in a minute…
Yesterday was the Feast of the Assumption. France is overwhelmingly Catholic, so the occasion was marked by remembrances all over the country.
We were invited to join a procession at a nearby château. The place was magnificent, high on a cliff, overlooking the valley of the Benaize river.
View of the Benaize valley from the castle ramparts
When we arrived, a small group was already offering prayers to a small statue of the Virgin. Singing followed, then more prayers, and then the faithful began a procession, carrying the statue in front of them.
We were a little shocked by one of the verses, in which Mary gave Christ to the world “from her ‘entrailles’ [bowels].”
The French tend to be earthy and direct in their language. We had a maiden aunt for whom “freshen up” was the polite way to say “go to the bathroom.”