Ann: Corporate restructuring and proposed name change, page-46

The bigger concern around Turkey is that it might be the canary in the coal mine for a swathe of next-tier nations that have taken on huge amounts of cheap credit tied to the USD (which essentially all international swaps are) and might be at risk of failing badly now that the US Reserve has moved to a footing of raising interest rates.

Trump can flex all he wants and no-one really has to give a hoot. But if the Fed's interest rates continue to go up, there are a lot of countries that will feel a hell of a lot of pain having gorged themselves on cheap credit. THAT'S when it starts getting interesting on the risk front.

I won't even start on the Australian banks and the offshore funds they've borrowed to fuel borrowings for increased property prices. Guess which currency those borrowings are denominated in..? Another per cent or three by the Fed, and a lot of things get real messy real fast. I don't think that the concerns about risk are all hot air right at this moment.