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By Tyler Durden

When earlier today we reported that Turkey has closed the airspace above, and suspended all US-led air missions out of the giant Incirlik airbase (which houses some 50 US nuclear bombs), we said that there is speculation the “airbase may be held “hostage” by Ankara as a bargaining chip ahead of demands for the extradition of Erdogan’s arch enemy, Fethullah Gulen, currently a resident of the state of Pennsylvania.” A few hours later this was partially validated when during a televised speech, Turkish President Erdogan called on the United States to extradite Fethullah Gulen, a US-based Muslim cleric he accuses of being behind Turkey’s failed coup attempt.

Erdogan demands US extradite ‘head of terrorist’ referring to Gulen while the crowd shouts ‘death penalty for Feto’! pic.twitter.com/DjFVoxZVXy

— Mutlu Civiroglu (@mutludc) July 16, 2016

At roughtly the same time, Turkey’s Minister of Labor went one step further, and accused America of being behind the coup on live Television, as it was harboring Gulen.

BREAKING: Secretary of Labor Süleyman Soylu live on news channel Haberturk: “The US is behind this coup” pic.twitter.com/khqdbUw7re

— Turkey Untold (@TurkeyUntold) July 16, 2016

To be sure, as we wrote first thing this morning, Gulen, who is currently residing in Saylorsburg, Peynnsylvania, said he condemned the coup “in the strongest terms.”

Gulen, as those who have followed recent Turkish history know, is Erdogan’s quasi-imaginary bogeyman nemesis; Erdogan has repeatedly accused Gulen of plotting a “parallel state” whose intention is to overthrow Erdogan, and has used that strawman narrative as justification to expand his powers and to push for a shift from a parliamentary to a presidential regime. Gulen wrote in his blog that “As someone who suffered under multiple military coups during the past five decades, it is especially insulting to be accused of having any link to such an attempt. I categorically deny such accusations.”

Islamic preacher Fethullah Gulen is pictured at his residence in Saylorsburg, PA

None of this mattered to Erdogan who said as Turkey’s strategic partner, Washington should meet the demand for the extradition of Pennsylvania-based Fethullah Gulen. He also added that Turkey had never turned back any extradition request for “terrorists” by the United States, implying it is the US imperative to extradite the man Erdogan accuses of starting last night’s failed coup.

As Reuters adds, Turkey’s foreign minister, Mevlut Cavusoglu, said on Saturday he had made clear in a call with U.S. counterpart John Kerry that followers of U.S.-based cleric Fethullah Gulen were behind a coup attempt, and yet strangely enough, “had not directly discussed the cleric’s possible extradition.“

The revisionist narrative spun by the Turkish government, goes as follows: a faction of the armed forces, deemed by the government as loyal to Gulen, tried to seize power using tanks and attack helicopters overnight. As we learned previously, one hundred and sixty-one people were killed, including many civilians, in the ensuing violence. Allegedly up to 3,000 soldiers have been arrested, a paltry figure in comparison to the …read more

Source: Turkey Accuses US Of Being Behind Military Coup, Demands Extradition Of Cleric Gulen

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By Tyler Durden

When just ten days ago Goldman warned that over the “next few months” stocks will suffer a sharp slump, one of our more cynical reactions was that this was the all clear sign for stocks to surge to new record highs. And, in the aftermath of last week’s main event, namely the speculation that Japan would unleash helicopter money with Ben Bernanke’s blessings, they did just that. But while fading Goldman is nothing new, it happened at a very good time: indeed, the S&P 500 surged to a new record high of 2164 this week while the 10-year US Treasury yield touched an all-time low of 1.37%.

As a result Goldman, and especially its clients, are stumped. As chief equity strategist David Kostin admits, they have one burning question. As Kostin puts it, they “are struggling to reconcile how extreme valuations of both assets can co-exist.”

In defending his recently bearish calls, Kostin writes that “Risk-on has been the clear mantra since the post-Brexit low. But sentiment can reverse quickly.”

Putting the recent market move in context, Goldman says that its “year-end target remains 2100” and still expects a major swoon lower: “the path will include a 5%-10% drawdown during the next few months sparked by rising US and global political uncertainty, negative EPS revisions, decelerating buybacks, and overly-dovish policy expectations for the Fed given wage inflation trends.”

That said it appears that Goldman’s clients, at least those who listened to Kostin and shorted into last week’s rally, are getting rowdy and are countering with reasons why the rally should continue. From Kostin:

“Relatively light positioning remains the most bullish argument for tactical equity upside, in our view. . Client discussions reveal low portfolio risk coupled with concern that the rally lasts. Most investors have been skeptical of the valuation expansion and have not participated in the 8% rebound from the post-Brexit low on June 27. Upside call buying has been a popular strategy to insure against upside risk.

The Goldman strategist adds that the most common bullish argument cited by clients for a continuation of the equity rally is that low interest rates support higher stock prices. “Extended periods of falling bond yields have typically been associated with rising P/E multiples.” However, he adds, “the S&P 500 forward P/E has already expanded by 70% during the past five years, exceeding all other expansion cycles except 1984-1987 (up 111%) and 1994-1999 (up 115%). Both prior extreme P/E multiple expansion cycles ended poorly for equity investors.”

Bullish investors argue that sustained low rates will support P/E multiples of 20x or more. The Fed Model relates the earnings yield (5.7%) to the Treasury yield (1.5%). The current 420 bp yield gap is near the 10-year average. Exhibit 2 shows the sensitivity of this model. Assuming a steady bond yield, reversion to the 35-year average gap of 250 bp implies a S&P 500 year-end level of 3075 while the 5-year average gap implies 1900.

So are stocks going to 3,190, or even stayin at …read more

Source: With "Stock Valuations At Extremes" Goldman’s Clients Are Asking Just One Question

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By Tyler Durden

Authored by Paul Joseph Watson, originally posted at InfoWars.com,

According to ‘Black Lives Matter’ organizer Ashleigh Shackelford, white people aren’t welcome at Black Lives Matter rallies and instead should just hand over “reparations” to black people so that they can purchase new cellphones and laptops.

In an article for ‘Wear Your Voice’, an “intersectional feminist media” outlet, Shackelford says that she finds the presence of white people at Black Lives Matter rallies “triggering,” and that black people are “frightened” by whites, adding that their roles should be confined to acting as human “buffers against the police”.

“Why are you going to a protest when you’re the oppressor?” asks Shackelford, adding, “WHITE PEOPLE ARE KILLING US. So when I see white people show up to rally excited and smiling, ready to march like it’s a hobby — I’m disgusted and absolutely fucking livid….I’m ready to fight.”

Decrying the fact that white people are promoting a message of love and unity in the spirit of Martin Luther King, Shackelford complains that, “White people are 400 years too fucking late for a round of applause for a damn tweet with a hashtag, or for showing up to a damn rally.”

She then pushes the demented dogma that white people living today owe blacks “reparations” for slavery (only 1.4 percent of white Americans owned black slaves at the height of slavery).

“Nothing you have is yours. Let me be clear: Nothing you have is yours. Also, Let me be see through: Reparations are not donations, because we are not your charity, tax write off, or good deed for the day. You are living off of stolen resources, stolen land, exploited labor, appropriated culture and the murder of our people. Nothing you have is yours,” writes Shackelford.

“Y’all spent hundreds of years selling, mutilating, raping and beating our bodies and labor but you think money doesn’t matter to our freedom and liberation? Cute. Write me a check for this shade because it comes with 400 years of trauma,” she adds.

Shackelford wants white people to give blacks money so that they can buy cellphones, laptops and land, asserting, “Be ready to write checks and give up your car keys.”

She then includes a link to her personal Paypal account at the end of the article asking people to send money to support her “emotional and intellectual labor.”

“Whiteness operates in a way that means that using your privilege “for good” often requires Black folks to still be a position to be “saved” or “in need.” We don’t need white saviorism. We don’t need white people to speak for us. We don’t even really need white people to show up to rallies. We need our reparations, we need intentional disruption that involves high risk and we need y’all to stop playing,” concludes Shackelford, while also straying into extremist rhetoric by asking whites, “Are you willing to kill for us?”

Shackelford describes herself as a “queer, nonbinary Black fat femme writer, artist, and cultural producer,” because of course she does.

In some of her other …read more

Source: ‘Black Lives Matter’ Organizer "Triggered" By White People, Demands Money For Being A "Fat, Black Bitch"

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Experts say Donald Trump is right about this: China isn’t playing fair on trade. But his solution of using a big tariff isn’t the right approach. …read more

Source: How China doesn’t play fair on trade

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By Tyler Durden

Speaking from New York City, Donald Trump unveils his vice-presidential “partner” Mike Pence to the world…

Here is Dilbert Creator Scott Adams’ views on the VP pick…

You might be wondering what I think of Trump’s decision to pick Mike Pence for VP, given that Pence has disagreed with Trump on substantive policy issues in the past.

First of all, policies don’t matter in this election, or in any other election. Reason is mostly an illusion. And anyway, Pence will modify his positions to match Trump. No one cares.

Secondly, political experts say making a good choice for a VP running mate can’t help a candidate much, but a bad choice can hurt. Pence doesn’t do much to help, but he also doesn’t do much to hurt. So he’s a safe choice on that dimension. And he has plenty of government experience, as Trump says he needs. So Pence helps solve for Trump’s lack of experience. But those effects are all marginal.

What matters with Pence is how he looks in terms of contrast with Trump. The best choice for VP is someone who looks like a boring, washed-out version of the top of the ticket. You need that contrast to remind people that the top of the ticket is truly special.

Pence is an experienced politician. But you stand him next to Trump and he sort of disappears. The contrast persuades you – subconsciously – that Trump is better than an experienced politician. That’s totally irrational, and totally effective.

What’s Clinton’s biggest strength? Experience. How does Trump compare to the experienced politician on his own ticket? Better, at least in the public’s irrational way of thinking. So if Clinton and Pence are both experienced, and you prefer Trump over Pence, you somewhat automatically extend that thinking to Clinton – with all of her boring experience – and imagine her to be a weak version of Trump as well.

Replace Trump and Pence with Reagan and Bush-the-elder to see how well this contrast-based persuasion works.

And think of Obama picking Biden. It’s all the same persuasion trick. You want the VP to be the solid, uninteresting version of whoever is at the top of the ticket.

Now imagine if Trump had picked Gingrich for his VP running mate. Gingrich would make Trump look less experienced, less informed, and less intelligent by contrast. That’s a bad formula for winning. Gingrich is simply too interesting.

And after Gingrich came out in favor of testing Muslims for loyalty to Sharia law, he became the worst possible choice for Trump’s running mate. Trump is trying to move to the middle for the general election. Gingrich is running hard in the opposite direction. If Gingrich is not on the ticket, his radical-sounding ideas create an anchor that actually makes Trump look moderate by comparison. But if Gingrich had been a running mate, it would make a Trump presidency look scarier than it already is. And fear is Clinton’s best weapon against Trump. So …read more

Source: Donald Trump Unveils VP Pick Mike Pence – Live Feed

    

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By Tyler Durden

When we described the aftermath of Turkey’s failed, and painfully disorganized military coup attempt, we asked rhetorically, “Who wins?” To which we answered: “Why Erdogan of course. As he said during a press conference upon his arrival back in Istanbul in the early Saturday morning hours, the coup is an opportunity to “to purge the military.” Erdogan also vowed to exact “the highest price” from the perpetrators. Or, to summarize, the military said Erdogan’s power consolidation justifies the attempted coup; Erdogan said the coup justifies further consolidation of power.“

Overnight, when analyzing the market’s take of the coup, Renaissance Capital’s Michael Harris said that “for markets to respond positively, we think Erdogan must go the reconciliation route, pledging not to hold elections for the coming year and committing to a consensus approach to constitutional change. More likely, though, Erdogan will seek to leverage this into a constitutional super-majority via a snap election.”

Their conclusion: “A military coup has failed, but if Erdogan responds to this historic moment the wrong way, a democratic coup could be the result.“

Not surprisingly, as of this morning, Erdogan is indeed responding to this historic moment the “wrong way.” But before we get to that point, there are questions whether this coup was even that.

As a NYT analyst on the ground pointed out, confirming what we said last night, the planning, organization and implementation of the attempted military overthrow were suspect at best and outright laughable at worst:

Major point people are missing. Very few tanks out there compared to a full military chain-of-command coup. https://t.co/UGJHWwPMh5

— Zeynep Tufekci (@zeynep) July 16, 2016

We don’t have to remind readers that when military coups take place in the middle-east, they are i) ruthless, ii) extremely well-organized and planned, and iii) succeed on virtually every occasion. But not this one. The question why is what the media (or at least its fringes) will be pondering over the next few days and weeks.

What there is no question about, however, is Erdogan’s response, which as he warned last night, would begin with a quick crackdown against the army. As of this moment, hundreds of soldiers have already been arrested.

Hundreds of soldiers have been arrested following coup attempt in Turkey. pic.twitter.com/e1I9QEGxRG

— Jon Brain (@JonBrainNews) July 16, 2016

As AP adds, local NTV television has shown footage of a Turkish colonel and other soldiers being taken into custody at military headquarters. The video shows them being hand-searched by special forces police, their hands behind their heads. Some are later seen kneeling on the ground, their hands still held behind their heads.

According to Hurriyet newspaper’s online edition, some of the privates who were detained told interrogators they were not aware that they were part of a coup attempt. They had been told by commanders they were taking part in military maneuvers. Some said they understood that it was a coup attempt when they saw civilians climb on tanks.

The pro-Erdogan, state-run Anadolu Agency added all soldiers involved …read more

Source: The Counter-Coup Begins: Erdogan Purges 2,745 Judges, Prosecutors; Arrests Hundreds

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High-earning professional black men say they too face challenges when dealing with police — though sometimes the slights are less violent and more subtle. …read more

Source: For affluent blacks, wealth doesn’t stop profiling

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By Tyler Durden

Unleash the revisionist history. Congress released on Friday a long-classified report exploring the alleged ties of the Saudi Arabian government to the 9/11 hijackers.

The missing 28 pages from the 9/11 report begins as follows:

“While in the United States, some of the September 11 hijackers were in contact with, and received support from, individuals who may be connected to the Saudi Government…”

The “28 pages,” the secret document was part of a 2002 congressional investigation of the Sept. 11 attacks and has been classified since the report’s completion. As CNN reports, former Sen. Bob Graham, who chaired the committee that carried out the investigation and has been pushing the White House to release the pages, said Thursday he was “very pleased” that the documents would be released.

The pages, sent to Congress by the Obama administration, have been the subject of much speculation over what they might reveal about the Saudi government’s involvement in the attacks masterminded by terrorist Osama bin Laden when he led al-Qaeda.The pages were used by the 9/11 Commission as part of its investigation into the intelligence failures leading up to the attacks.

A telephone number found in the phone book of al-Qaeda operative Abu Zubaida, who was captured in Pakistan in March 2002, was for an Aspen, Colo., corporation that managed the “affairs of the Colorado residence of the Saudi Ambassador Bandar,” the documents show.

Osama Bassnan, who the documents identify as a financial supporter of two of the 9/11 hijackers in San Diego, received money from Bandar, and Bassnan’s wife also got money from Bandar’s wife. “One at least one occasion,” the documents show, “Bassnan received a check directly from Prince Bandar’s account. According to the FBI, on May 14, 1998, Bassnan cashed a check from Bandar in the amount of $15,000. Bassnan’s wife also received at least one check directly from Bandar.”

The top two members of the House Intelligence Committee cautioned that much of the information in the newly released pages were not “vetted conclusions.”

“It’s important to note that this section does not put forward vetted conclusions, but rather unverified leads that were later fully investigated by the Intelligence Community,” said Rep. Devin Nunes, R-Calif. and the committee chairman, in a statement. “Many of the Intelligence Community’s findings were included in the 9/11 Commission report as well as in a newly declassified executive summary of a CIA-FBI joint assessment that will soon be released by the Director of National Intelligence.”

Rep. Adam Schiff of California, the panel’s senior Democrat, said he hopes the newly released pages will reduce the continued speculation over Saudi involvement. “I hope that the release of these pages, with appropriate redactions necessary to protect our nation’s intelligence sources and methods, will diminish speculation that they contain proof of official Saudi Government or senior Saudi official involvement in the 9/11 attacks,” Schiff said in a statement. “The Intelligence Community and the 9/11 Commission…investigated the questions they raised and was never able to find sufficient evidence to support them. I …read more

Source: US Government Releases Redacted "28 Pages" Missing From 9/11 Report

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By Tyler Durden

Datta Phuge took the interwebs by storm three years ago when we introduced the $250,000 22-karat-gold-shirt-wearing 32-year-old Indian who proclaimed “I know I am not the best looking man but surely no woman could fail to be dazzled by this shirt?” showing the world that gold is much more than a barbarous relic. Sadly, as The BBC reports, “the gold man” was murdered overnight – found stoned-and-sickled to death near his home in Dighi, India.

As ABP Live reports, millionaire money-lender, Datta D. Phuge, famous as ‘Pimpri Goldman’ was found clobbered to death near Dighi here on early Friday morning, police said.

The high-profile businessman’s vehicle was accosted by some unknown persons on the outskirts of the city late on Thursday night.

They reportedly dragged him out, attacked him with a sickle and then pounded him to death with huge stones before fleeing from the spot.

Phuge usually moved around with armed private bodyguards, but it is not clear where they were at the time of the incident.

Officials later came across a much-mangled head and body of the 35-year old ‘gold man’, whose wife is Seema is an ex-municipal corporator.

The motive behind the killing is not known, but police preliminary suspect it may be linked to some business rivalries and are investigating all angles.

The Pune Police have launched a manhunt to nab the assailants, roadblocks erected at all exit points and within the city limits as well as district boundaries.

The police have recovered the sickle used in the crime and have sent Phuge’s body for an autopsy.

Besides his primary business of lending money, he ran the Vakratund Chit Fund Pvt. Ltd. along with his wife and there were complaints of financial misappropriation against him in recent times.

…read more

Source: India’s ‘Gold Shirt Man’ Stoned-And-Sickled To Death By Mob

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By Tyler Durden

Authored by Gulam Asgar Mitha via The Oriental Review,

Pakistan, a nation of 200 million, is witnessing a plethora of oppression, injustice, tyranny, religious exploitation and blatant lying. A majority of the population live in either various forms of poverty as victims or in fear of targeted killings and kidnappings for ransom by workers of the major political parties and religious terrorists. The perpetrators – politicians and judiciary (the legal system including the upholders of law) as well as the clergy (known as ulema or mullah) are corrupt to the very hilt and this has filtered deep into the fabric of the nation’s national character. The brunt of this is being felt among the people living in villages and ghettos who’re being exploited mainly by the clergy while 6-10% of the rich and upper middle class who live in large cities continue to eat the fruits sowed with the seeds of corruption in every government heirarchy.

Pakistan is a nation in chaos as are many other Muslim countries whose citizens are victims of terrorism, tyranny, corruption, oppression and injustice. These will be illustrated as several epitomes in the following paragraphs.

I was going to omit reference to the corruption in the military but after receiving a rather interesting email, I decided to include the contents after investigating the authenticity of the email. In brief, during his regime, General Zia-ul-Haq of Pakistan was en route to USA on an official visit with his wife. Several gifts were loaded on the plane for distribution and among them were some marble lamps. Due to last minute plan changes, the marble lamps were not loaded in the cargo section. The Federal Investigation Agency (FIA) found the lamps left behind and after failing to trace the owner(s), broke the lamps and found them stuffed with heroin. After several arrests, the track led to Zia’s ADC Captain Qamar Zaman, the “adopted son” of the general. I traced an article in Pakistan Tribune newspaper of 11 October, 2011 as well as the book “Profiles of Intelligence” by Brigadier A.I. Tirmizi. Fascinatingly, Qamar Zaman was appointed Chairman of Pakistan’s National Accountability Board (NAB) the very authority charged to investigate corruption. Details of Qamar Zaman’s corruption are noted on the referenced article.

On 9 July 2016 a noble and humble Pakistani philanthropist, Abdul Suttar Edhi, died at the age of 88 in Karachi serving humanity, the very essence of Islam. In a blog EDHI: A LIFE LESS ORDINARY in the newspaper The Dawn , filmmaker and journalist Hassan Zaidi wrote In fact, if anything made him (Edhi) bitter it was how some mullahs (clergy) had perverted the spirit of religion with literal interpretations. He would rail many times about how the clergy only created problems for other people, never helped those in need. In another anonymous blog, Edhi’s wife Bilquis stated that “What we are doing (charity) should be done by the government and should be appreciated, but instead we are blamed.” I remember …read more

Source: The Global Plague Of Terrorism

    

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