my guess is there will be some resolution by the end of the weekend, but you don't know who has who on which channel on whose side. these things are very messy very quickly. >> looking for this to be like morsi with power in egypt, but we'll continue to follow it here on "closing bell." time for "fast money." "fast money" starts now with breaking news. you are looking at live images out of turkey where there's a presumed military coup. the prime minister binali yildirim says his government is in charge, but the military says thaer in control. this is having impagts on the markets. gold is higher. lira is sinking against the u.s. dollar. let's talk about this because clearly, the flight to safety is back on. it just took another event like this to snap us back to reality.

>> listen. the bond market had a rough week. had a rough five or six trading day, but i think you're going to start to see funds coming back in, so, clearly, the risk off trade is on and that means back into gold, which should be up more than it is. granted this is a friday afternoon and back into the tlt. i still think u.s. ten-year yields go down to one and quarter percent. >> and the obvious one is the u.s. dollar. we knew the dollar started rallying once we had the confusion after the brexit vote here. i think what's going on in turkey speaks to a lot of the uncertainty in the region. they're faced with a lot of these same issues and so, flight to safety, dollar. from. >> let's get to michelle caruso-cabrera who joins us on the fast line. you know this region well. this happened just a couple of weeks after an attack on the international airport. what do you make oof this in terms of the issues involve ld? >> well, the, events are fast

and furious. we know two reporters who are posting on twit ter that the president ird wan is set to make a statement shortly. so let aes see what the state of this attempted coup is. we know there appears to be an intense coup by the military. as you guys have been talking about, irdwan wants a more islam government while the military has a far more secular version of islam. that's to oversimplify the situation, what the tension would be. i would highlight that he sets the core of trying to solve struck a landmark deal in march with turkey to try to stem the flow of migrants to prevent them from leaving greece and leaving greece. it was crucial and turkey was to receive a $6 billion payment for doing exactly that.

so, this will race the status of that relationship. it could be there are team who prefer to sale the military government. he has been a problematic al to put it -- >> michelle, we're going let you go. the connection is shaky there, but thanks so much for knowning in, but just to sort of go over what michelle said, one interesting point is that the current president has been as she's pointing out, a little bit more, has become more autocratic in his view of islam and so, there are, some people within

the united states government might even prefer a more secular view of islam. somebody who encourages that as opposed to a more staunch view in order to negotiate with them. what we're seeing now though in reaction to this in the u.s. markets, is definitely a flight to safety. the flight to the dollar. we should watch the yen. a flight to bonds. it's a friday afternoon. don't really see much going on. >> i look at it and say we talk about this, the reaction, that something like this could have on the markets or the impact it could have and it's the reason why sort of i've been fading this rally. i really suggested not teping it in and chasinging stocks, buying cheaper you know, names that are sort of you know, maybe cheaper cyclical name, but the market' going to pull back. i think there will be a bid below the market and you can probably find some cheap is to bes. >> oil is also moving higher on this news. >> you know, it's interesting, this rally has been so huge, yet there's such a feeling of

uncertainty. you have the nice event and brexit, now this. it's shocking it doesn't seem to matter at all. i wouldn't be surprised if monday morning regardless of the outcome, people dismiss it as i don't know, it makes for me, i'm not really willing to put new money to work. >> this is one people didn't expe expect. what if this turns into a civil war. it could be a very serious thing for a region that's kind of one of the biggest issues. >> obviously, this is a developing situation. so, we've got more breaking news now. susie? >> we're just tracking some comments from the u.s. secretary of state, john kerry. he is in moscow holding a joint news conference with his counterpart, sergey lavrov, the russian foreign minister and kerry says he's hoping for peace and stability in turkey. >> we have been engaged deep ly

in discussions all day and literally we caught up to the news what may or may not be happening at the very last minute before coming in here. so, i think it's inappropriate for me to comment except to say that we've heard the reports that others have heard. i don't have any details at this point in time. i hope there will be stability and peace and continuity within turkey. but i have nothing to add with respect to what has transpired. >> let's bring you an update op the u.s. turkish military base in turkey. nbc news has learned that it looks like the military base itself has now heightened security. they're going into force protection delta and that means that they're dictating that all missions halt except for base security. as for travel if and out of istanb istanbul, all gates have been closed. unsure whether or not planes and flights heading towards istanbul

will be able to land. we'll keep you updated. >> we're seeing moving in the currency markets and etfs. take a look at this. about $350 million in assets on that one, but it is down by about six and a quarter percent. swift reaction to this news here. for additional perspective, we're joined by medal of honor recipient and retired army colonel, jack jacobs. what's your take on this? >> this has been building for quite some time. erdogan has been a very difficult ally. when we wanted to fly planes out of the air base in order to attack targetsn iraq, and syria, he refused and it wasn't after it had to be after a while before he relented and it's only

recently. he's for the last three or four years, has been turning the largely ceremonial post of president into something of a single man rule. working very hard to change the constitution. has fired and in some cases, jailed senior officers including generals, who disagrees with him. there have been restrictions on the press. and perhaps most importantly is that he is at odds philosophically with the military, which is effectively a secular organization representing a secular country. all created by at turktatur, and he continues to appeal to the more conservative and rural elements inside turkey. further more, the military has

been upset with ergogan accusing him of using the kurds effectively as a punching bag, that there was no need to go on an offensive against them and is is using that offensive effe effective willy as a political means of showing up his support among the more conservative turkish elements, so the military has a lot of come plabts about ergogan. >> what, if anything, do you think the u.s. might do? >> nothing. turkey is a nato ally and despite the rocky relationship between the united states and ergogan, the relationship has been uniformly excellent. no all respects. things are fragmented enough in the region, turkey living in a very dangerous neighborhood and

i think my guess is that this administration in particular, which doesn't like to get out over its skis, so certainly not going to go it in this case. >> sounds like a good case would be the coup here and be in firm control in short order. is that a correct interpretation in. >> it is, i suppose. i think the last time there was a coup was 1980. a political head of state. we're very, very uncomfortable with situations like this where the military takes over and especially, this administration is not going to have necessarily anything good to say in public about the suspension of the rule

and law and rule of democracy, which has been a watch word in turkey for quite some time. we'd like to see more predictability in turkey, not just for military reason, but also for reasons of state craft aptd national security, but the optics of the coup in turkey, those are not good and we're not going to have much good to say about it. >> obviously, you know, we focus on markets, global markets. i want to say turkey is the 17th or 18th largest economy in the world. what does this mean for the economies throughout europe and could it destabilize oh other economies? >> it's swres interesting you should meng that. we've gone through a succession of shock wave, political shock waves inside europe.

they mean a great deal. brexit means in the future a great deal. i think things have a tendency to become cumulative and the markets are often don't have good memory. one thing may cause the market to perceive that things are really out of control. all bets are off for stability and that's not going to be good for markets at all. >> i know that things are developing still, koernl, and in news is just coming in, but it sounds like according to reports on reuters, that the military is is occupying the office of state

broadcaster and they're reading a statement on orders of the military essentially say thag the rule of law, secular rule of law, is going to be important, that a new constitution will be drawn up immediately. what's your impression on how quickly this has happen and how this will be solved or resolved, because that might be too simple of a term, but how sort of turn ut. >> hard to say how well this has been planned and prepared. we have to remember that turkey has universal service. i don't know the exact number, but assume there are about a million men under arms. at any one time in turry. therefore, how many of the remainder might be used as a counter attack to seize back control. i don't think that's going to happen, but it's possible.

the senior officers in charge of this coup, most likely have planned it very, very well and have done so with the expeckation that not only are they going seize the areas they're sizing, but hold on to them, too. i think you reiterated something that's really important and that was one of the major reasons why this occurred. the attempt by ergogan to seize control, to make himself even more powerful than he was before in a largely ceremonial post was really too much for the military to bear. and they will force, at least try to force, a new constitution, which will get back to turkey's secular roots. >> last question, colonel. what is the best case scenario for stability in the region? >> well, i mean, if you mean just turkey -- >> exactly.

turkey. >> this thing is over soon. cooler heads prevail. a new constitution is drafted and pass and a popular leader takes control. or takes vol to the extent that the new constitution will let them. thing rs a mess in the rest of the region as well. you've got the among other things, you mentioned the migrant problem, the role turkey is supposed to be playing in keeping thousands from the middle east leaving there and going to europe. unless there's stability inside turkey, they're going to be wide ranging negative effects on both the sociology of europe and the region and the economy as well. the best thing that could possibly happen is this thing gets reinvolved by monday. >> by monday, but with ergogan out. >> yeah, he's, he is now a

factor of division rather than consolidation. i don't know who the replacement is. it's going to be a general froebl start with. but unless he seeds control to a popularly elected government, there's going to be trouble. both in terms of turkey and in the region for a while. >> always great to get your analysis. we really appreciate it. >> thanks for having me. >> here's what we know. this is a developing story. developing situation. apparent coup is underway. turkey's government, military, each claiming they are in control. we do have the markets on this friday evening reacting to this news. a firm bid to safety going on. got a little softness in the s&p 500 futures. a bid higher to gold. a bid higher to the u.s. dollar and oil is also moving higher on the back of this news by 1.3%. obviously, a lot more is is

happening. just had colonel jacobs saying best case would be this a quickly resolved coup and that ergogan will be out. >> the cumulative factor. to me, i think what he's speaking, throw this on to the pile of potential instability. so, yeah, if you have a quick resolution an it's peaceful and you have a popular leader, the u.s. and nato people can deal with, fantastic. it may be better, but i think it's important to remember in the last couple of week, he was trying to normalize relations with russia. they had a horrible relationship with riggs. shot down one of their fighters, so there's a lot of things that are really up in the air and if it really doesn't resolve quickly, then this is going to be something that's lurking for the markets. >> look, what is the market price? worst case scenarios.

you say the migrant problem to me is the biggest issue here. the systemic risk, other countries look at this and say especially after a terrorism attack, look at it and say we need to exit ourselves and draw a circle around that, so that's the systemic risk in my opinion. if it's fot e solved quickly. >> our continues coverage of the aparentally military coup in turkey will continue. much more "fast money" right after this. able to recognize a fair price.

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>> so, so far, what we can say is that the military are being deployed in the capital city, anka ankara, as well as istanbul and other major cities. and they have so far taken control of main road access, airports, the airport in istanbul as well as the airports in ankara. there is no more flights that could land to istanbul to ankara. they have vehicle reports, international flights so far and there's no new flights taking off from istanbul. yet, the chief of defense has issued threats saying it was an official coup. to restore the constitutional rights, democracy, freedom of

expression, et cetera, et cetera. bearing in mind the situation in turkey. but the military in their press release also reiterate they will abide by their international duties to third countries and on the other hand, the turkish prime minister said it was an event of which was totally illegal. that was not abiding by the chain of command and that they were about to take control of the situation on the ground and the yet, there are no specific clashes between the military and the police because the police are close to the government. and a this is so far, what the situation is on the ground. >> we're looking at live pictures right now. you see people walking around, traffic, tanks within that traffic. is it chaotic there in any sense? you said there weren't clashes per se, but what is it like on the streets in ankara?

>> so, there are enormous traffic jam in this streets right now. not only because it's friday, but since the military have it blocked main roads or some central points, round about and cross roads, there's an enormous traffic jam, but yet, there isn't any kind of panic or situation. there is a situation, people are stuck in the traffic and they don't know what to do. they don't know how to go back to their home or their house. and they don't know whether this military coup will fade or whether it will succeed and what will be, what will happen tomorrow. so, whether on monday, banks will be open or not, whether this means a coup will succeed by the weekend. there are worry, fears, but a challenging situation. >> thank you for phoning in. appreciate it. the ntb turkey bureau chief.

coverage will continue throughout this hour. stay tuned.

breaking situation happening in turkey. which is impacting markets around the world this evening. apparent military coup is going on in turkey. both sides are claim iing vuktr at this hour. in terms of market reaction, we have a small sell off in the s&p 500. a bit higher to gold. to oil. to bonds. to the u.s. dollar. in terms of what we are watching going into monday, dave, what would that be? >> look, again, i don't think we're going to see a drastic sell off on this. the cumulative effect however from a migration perspective, does that push other countries to sort of replicate what happened in britain. that's the worry for me.

>> dan. >> and i just say we close the week with vix at 12.5, that was a massive move. speaks to the amount of complacency u.s. investors are looking at. >> thank you for watching. we've got continuing coverage right after this break. thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it?

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welcome back. to our tamted coverage of an tamted coup