TURKEY: COUP HAS FAILED, ERDOGAN MORE POWERFUL THAN EVER, PJM’s Michael van der Galien writes from Turkey:

As I wrote on Twitter yesterday, there were three options:

1. The coup was staged by a small group within the military, which would severely limit their ability to strike.
2. The coup was staged by the entire military, which meant Erdogan’s chances of surviving politically were extremely small.
3. The coup was a set-up. Think the Reichstag fire.

Read the whole thing.