No Replacement For Displacement

Told you so!

Well, I'm back, and no longer on the road. But, now that I'm back, I picked up this link to a story in the Howell Raines Gazette which quotes a senior Turkish official who is promising another vote in the Turkish Parliament this week about troop deployment. Like I said earlier, the ruling party screwed up big time. The two big things to watch now are the Turkish markets, especially the market for Turkish government bonds. A major source of pressure on the abstainers is that on March 4, tomorrow, the Turkish government is auctioning off government bonds(about $2 billion, give or take). The collapse of markets monday, and the probably fire sale prices those bonds will get on Tuesday, is going to put a few of those abstainers into the "yes" column. In other words, the cost of saying no will be readily apparent, and the pain of that vote will already be felt by midweek. In other words, don't get burned up just yet. The fat lady hasn't sung her Turkish Opera yet.