Recep Erodogan gave an inflammatory speech last week, in which he effectively backed the Hamas position, proclaiming them mujahideen - freedom fighters. Turkey, the lads suggest, is now openly trying to become a multipolar rallying-point for the muslim world.

New polling suggests that Europeans think the Russian sanctions have been a disaster. Yet our present political class still have too much skin in the game to walk this one back. So how long must our emperors remain naked before the embarrasement becomes excruciating?

In Britain, after two dire by-elections, the Conservative party is breaking records in all the wrong directions. With the party due to be reduced to a rump anyway, what will they do when Britain dips into a recession next year - and the rump becomes a morsel?

Lewis Johnson of Capital Wealth Advisors and Fundamental Global Investors On the Business of Investing (EP.120)