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Has Credit Stimulus Finally Met Its Match?

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Index futures spasmed as Friday’s session drew to a close, spooked by news of a military coup in Turkey. Although the insurrection appears to have failed, investors are liable to be skittish anyway as the new week begins.  Crude oil and bullion in particular can tell us how nervous traders are as they adapt to the geopolitical mayhem that seems to be engulfing the Western world. Merely ‘interesting times’ are becoming frightening, a reality that threatens to rebuke the reckless optimism of financial markets that have been juiced for years by credit injections targeted on financial assets and real estate.

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