…Turkey v. US. Turkey stumbles, raising contagion concerns. CPI inflation picks up, wages stagnate. US deficit balloons. Puerto Rico death toll much higher than reported. California wildfires worst ever. Catch a falling star. Financial Review by Sinclair Noe for 08-10-2018 DOW – 196 = 25,313 SPX – 20 = 2833 NAS – 52 = 7839 RUT – 4 = 1686 10 Y – .08 = 2.85% OIL + .96 = 67.77 GOLD – .70 = 1212.40   Equity markets were slapped hard today, and it was even worse for emerging markets. The Dow Industrials wiped out gains for August. The Nasdaq Comp snapped an 8-day winning streak. Investors dumped stocks in favor of safe-haven Treasuries, pushing bond yields much lower and pushing the dollar higher.   The United States and Turkey, both NATO members, are at odds on a range of issues – how to fight the Islamic State group, Ankara’s plans to buy Russian missile defense systems and how to punish the alleged plotters of a failed coup in Turkey in 2016. Most recently, Trump issued sanctions on top Turkish officials over the ongoing detention of a US pastor who is facing terror and espionage charges in Turkey. Today, the Turkish lira crashed 20% against the dollar. It had already fallen more than 40% in the past year. In a televised speech, President Erdogan called on citizens to exchange foreign currency and gold for lira, calling it an “economic war”. After he spoke, Trump tweeted that aluminum tariffs “with ...