In three decades, India and Pakistan would have completed a century of hostilities. The water dispute has often been ignored in this narrative.

While one could take their pick of bloodbathery today, Turkey seemed like an appropriate place to focus as its bond yields are exploding higher, currency collapsing, and stocks plunging to the lowest since March 2014. How long before Erdogan decrees all of this impossible and fires another 'dependent' central banker?

The Lira is plunging at its fastest in 6 months...

Stocks are getting hammered...

And Turkish bond yields are spiking across the entire complex...

Amid the carnage in crude markets today, Baker Hughes just reported a 21 rig drop in oil rigs - the biggest absolute drop in 2 months. The total rig count dropped 28 to 709 - the lowest since 1999.

• *U.S. OIL RIG COUNT DOWN 21 TO 524, BAKER HUGHES SAYS

Oil barely budged...

Here's why... because production has barely budged...

Charts: Bloomberg

At a time when Europe needs a solution to the refugee crisis, and wants to focus its firepower on the organization the killed 130 people in Paris, NATO cannot be happy that the Turks are dragging them into a confrontation with the Russians, and making the whole situation a lot more dangerous than it was before the Nov. 24 incident.

Presented with no comment...

The Answer is here (don't look until you have had a guess!)