World View: The Fall of Morsi in Egypt Is Significant Blow to Turkey

This morning's key headlines from

  • Taliban involvement in Syria threatens Turkey's security
  • The fall of Morsi in Egypt is significant blow to Turkey
  • Survey finds increasing political corruption around the world
  • JP Morgan advisor defrauds 82 year old grandmother

Taliban involvement in Syria threatens Turkey's security

Morsi supporters rally in Istanbul on Sunday (Zaman)
Morsi supporters rally in Istanbul on Sunday (Zaman)

The new announcement that the Pakistan Taliban is sending hundreds of fighters to Syria to join with the al-Qaeda linked al-Nusra front is a threat to Turkey's security, according to a Turkish analyst. Turkey blames the rapid growth of al-Qaeda in Syria on the U.S. and the West for repeatedly failing to support the secular opposition to the Bashar al-Assad regime back in the early days of al-Assad's bloody slaughter of women and children, when supporting the opposition might have done some good. Instead, the West sat back and watched as Russia to provide an unlimited supply of heavy weapons to Syria, and as Iran-backed Hezbollah invaded Syria to support al-Assad.

But the build-up of al-Qaeda linked terrorists in Syria presents a threat to Turkey and its more moderate Islamist government. It also complicates Turkey's support for the Free Syrian Army (FSA) in Syria, because there's a three-way looming in Syria, with al-Assad, the FSA and the al-Qaeda militias all opposing each other. Zaman (Ankara)

The fall of Morsi in Egypt is significant blow to Turkey

Will millions of people in Egypt protesting for and against the now-ousted president Mohamed Morsi, Turkey's president Recep Tayyip Erdogan has been concerned for months that those protests would spread to Turkey. But the concerns grew much greater when Erdogan's ally, Morsi, was ousted, and his Muslim Brotherhood party was driven from power by the army. Since the ouster, Egypt's army arrested numerous Brotherhood officials, including Morsi, froze Brotherhood funds, shut down Brotherhood television stations, and killed dozens of Brotherhood protesters last week in a confrontation.

For Erdogan, the problem is that none of the remaining power groups in Egypt is a potential partner for Turkey. Erdogan's Justice and Development Party (AKP) is considered an ally of the Muslim Brotherhood, and so also an enemy of Egypt's army. Egypt's al-Nour and other Salafists parties distrust Turkey for not being "Islamic" enough, while the revolutionary and democratic forces are more allied with the Erdogan's political opponents.

In fact, the fall of the Muslim Brotherhood in Egypt has resulted in loss of influence by Brotherhood-allied political parties throughout the region, with the result that Erdogan has also lost influence throughout the region.

Turkey's Foreign Minister Ahmet Davutoglu warned on Monday that if "the old system" returns to Egypt, then the same thing could happen in other countries, in a "reverse domino effect":

"People or institutions from the old system could say "in some way, the army staged a coup and it has been justified by foreign countries – or at least they have remained silent about declaring it illegitimate – so we can do the same then."

There are some elements that have remained from the old system in Yemen, Tunisia and Libya. Our foremost mission is to eliminate the possibility of making a reverse domino effect over external legitimacy. If we all allow something wrong in Egypt, there will be a reverse domino effect."

Davutoglu did not indicate what steps Turkey would take to accomplish this "foremost mission."

Erdogan has seen his dreams of Turkish regional leadership go down the drain, as Turkey now has good relations with only two of its neighbors: Hamas in Gaza and Israel. Al-Monitor and Hurriyet (Istanbul)

Survey finds increasing political corruption around the world

60% of Americans say corruption has increased in the past two years, with political parties perceived as the most corrupt institutions. More than three-quarters of Americans say that political parties are the most corrupt, followed by the legislature, the media, public officials and businesses. Those surveyed said that the military, non-governmental organizations and the education system were the least corrupt. The survey by Transparency International found majority of people around the world believe that their government is ineffective at fighting corruption and corruption in their country is getting worse. 114,000 people were surveyed in 107 countries. Transparency International and US News

JP Morgan advisor defrauds 82 year old grandmother

Long-time readers of Generational Dynamics will not be surprised by the above report that corruption is increasing in politics. Politicians in Washington and analysts on CNBC openly lie all the time, as I've reported frequently. But it takes a story like this, posted in the Generational Dynamics Forum, to really bring the concept home:

"Had dinner with Mom last night. She's 82 years old and slowly dying of skin cancer and congestive heart failure. She was feeling fine last night. After dinner she asked me to look at something. She shoves a Chase Bank (JP Morgan) account statement in front of my face and asks if it looks right. I serve as her financial advior and executor of her estate. Didn't even know she had this account. She had rolled over a CD paying zero interest and the bank thief rep had advised to her to put into a JPM bond fund to "get a better yield". Since beginning of year bond fund had lost principal due to rising interest rates, but here is the kicker... These guys had been consistently charging her $50 a month, yes, that's right $50 a MONTH, to "manage" her measley account. Current balance $13,500. $600/year (4.4%) in management fees for the privilege of losing her hard earned money? ... The boldness of these thieves is extraordinary."

As I've been writing for years, the same people who caused the financial crisis are still in the same jobs in JP Morgan and other banks finding new ways to defraud people, especially older people. Those tens of trillions of dollars in fraudulent subprime mortgage backed synthetic securities didn't just grow out of thin air, you know. They were created by the banks, and then sold to investors, like this grandmother, by advisors who said that they were AAA-rated. The Obama administration has adamantly refused to investigate and prosecute even the most obvious of these crimes, because these same criminals donate large sums of money to him. So none of these crooks have gone to jail or have even lost a night's sleep. The people who created and sold those fraudulent securities are still in the same jobs in the same banks, finding news ways to defraud people. And why not? Since no one is going to even investigate their crimes, they can defraud as many people as they want, and just sit back and enjoy their winnings and laugh at the suckers they defrauded.

If there's an older person in your life with some investments, you should make sure that you warn that person, and provide as much support as you can.

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