Relations between the US and Turkey — a key American ally and home to NATO’s second-largest army — hit a new low on Friday, with the presidents of both countries rhetorically declaring economic war on each other. And over the course of a single day, the Turkish lira lost 17 percent of its value.

Within hours, early signs of panic spread to world financial markets. A European currency trader, who asked that his name not be published, told WhoWhatWhy on Sunday that he had never seen so much trade and volatility over a weekend, blaming it on the Turkey events.

Most analysts say that fears about a global recession triggered by a Turkish collapse are overblown at this point. According to data analyzed by Bloomberg, markets have priced the probability that the country would default on its sovereign debt in the next five years at about 25 percent. Such a default, far from inevitable right now, could cause trouble in Europe. But it is unlikely that the contagion can spread far enough to trigger a crisis of the magnitude of the 2008 crash.

Still, the feud could have profound implications for US policy in Europe and the Middle East, experts say.

“Turkey could be a lost cause for the West if Russia and China approach the situation opportunistically,” Cenk Sidar of Sidar Global Advisors, a Washington, DC-based strategic advisory firm, told WhoWhatWhy. Turkey, in fact, has already sought Russia’s help.

It has been a dizzying exchange with the occasional element of a spy-movie plot. The disagreements between the two countries run deep. This one started over the fate of an American pastor, Andrew Brunson, jailed in Turkey since 2016 on spying and terror charges.

According to a Washington Post report, President Donald Trump felt cheated in late July after Turkey failed to keep its side of a bargain to free Brunson in exchange for the release of a Turkish woman arrested in Israel for spying.

Within days, his administration imposed sanctions on Turkey’s justice and interior ministers, threatened to unwind Ankara’s duty-free access to the market, and radically increased tariffs, sending the lira into a tailspin.

Webmaster's Commentary: 

American foreign and economic policies should be used as a feather; rarely as a club.

Unfortunately, President Trump, DC's Merchant of Death in Chief (chief supporter of US arms sales to Saudi Arabia, for its genocide in Yemen) believes in the power of a "bully pulpit" from which he can force "Pax Americana" on an increasingly unwilling and hostile world, without really paying attention to the condition in which the Unhinged, Surveilled State of Amerika, finds itself, in this part of the 21st century.

We are a nation in decline; nearly destroyed by a National debt which can never be repaid; with US infrastructure crumbling, and a pronouncedly "third world" feel to our inner cities, primarily due to massive illegal immigration.

The US continues to do what has always done well, in the immortal words of George Carlin (paraphrased); we continue to kill brown people, because we're good at it!

And this is all in the name of expropriating resources, to which the US government has no moral right; regime change to insure that governments are US centric, and that those resources stolen from their countries of origin, will only be sold in US dollars.

And I have to wonder, with this feud between Erdogan and President Trump; did anyone happen to mention to him, that such activities were nearly bound to push Turkey into the economic/military sways of both China and Russia?!?

Was this the outcome actually wanted?!?

And if not, why the hell didn't someone around him suggest this possibility, which is about to morph into some huge embarrassments for the US in the Middle East and beyond?!?