By Greg Hunter’s USAWatchdog.com 
The most pressing problem on the planet right now is the European sovereign debt crisis.  It is a gigantic highly leveraged mess caused by greedy reckless bankers.  It was nurtured with the help of regulators who turned a blind eye and allowed the problem to mushroom into an uncontrollable financial cancer.  The European Union is struggling to come up with a plan or bailout fund big enough to truly end the crisis, but there is none in sight.  Every time there is a plan, it is shot …

By Greg Hunter’s USAWatchdog.com 
Haven’t heard much about Occupy Wall Street (OWS) lately, but it is still going on.  The official premise is to protest greed and corruption on Wall Street.  Unofficially, I think it is a bunch of people who have awoken to the fact they have been financially screwed.  Yes, I know the Communist party, Nazi party and unions are all trying to hijack and latch onto this movement, but I think, at its heart, it’s much more than that. 

By Greg Hunter’s USAWatchdog.com  
Will the people of Greece vote on the 130 billion euro bailout plan?  Not now, according to the Greek Prime Minister.  The people will be heard even if it comes to more intense protests in the streets.  For now, the sovereign debt crisis and worldwide financial meltdown are on hold, but not for long. 

By Greg Hunter’s USAWatcdhdog.com
The Prime Minister of Greece, George Papandreou, has called off a vote by the people of his country on whether to accept a 130 billion euro bailout and stay in the EU.  Earlier this week, the Prime Minister thought that would be a good idea and, today, not such a good idea.  People there are asking for his resignation.  There is talk that the Greek government could collapse.  Meanwhile, the G20 meeting in the South of France at Cannes is consumed by the EU debt crisis.  World …

By Greg Hunter’s USAWatchdog.com 
On Monday, I said at the end of my post, “I think someday we will “grow” our way out of the economic mess we are in but not before a very big fall.”  I didn’t think the fall would come the very next day–but it did.  Two monster nukes exploded on the financial landscape.  They are the surprise MF Global bankruptcy and the equally surprising Greek referendum on the second bailout package.  Kaboom and kaboom!!!  I see not one, but two giant mushroom clouds on the horizon, and …

By Greg Hunter’s USAWatchdog.com 
Last week, the government announced the economy (gross domestic product, GDP) grew at a 2.5% rate.  The mainstream media (MSM) hailed this as some significant turnaround.  Businessweek.com reported, “Buoyed by a resurgent consumer and strong business investment, the economy expanded at an annual rate of 2.5 percent in the July-September quarter, the government said Thursday. 

By Greg Hunter’s USAWatchdog.com  
Stocks soared this week as the EU agreed on a deal that will address its sovereign debt crisis.  The Dow was up nearly 340 points to 12,200, but is the debt problem really fixed?  NO WAY!!!  There is just too much debt to deal with.  Any solution will need mountains of freshly printed currency.  That’s why gold and oil were also up big this week. 

By Greg Hunter’s USAWatchdog.com 
When I first heard of the deal to fix the European debt crisis, I thought, “Is the EU Sovereign Debt Problem Really Fixed?”  This is a complicated solution and mainly addresses sour Greek debt.  Bankers are supposed to take a 50% cut in value of their bonds, which means taxpayers in Europe will subsidize the rest of the losses.  There is also a new agreement on the European Financial Stability Facility (EFSF) or bailout fund that should raise it up to around $1.4 trillion (1trillion euros).  Of …

By Greg Hunter’s USAWatchdog.com 
I was surprised to see the Dow only off a few hundred points yesterday considering all the problems European Union finance ministers are having getting a sovereign debt rescue plan together.  A 200 point loss on the Dow dramatically underestimates the amount of damage that could be done if the EU debt crisis goes haywire.  Maybe everyone is thinking the Federal Reserve will ultimately backstop Europe but, then again, the Fed can’t bail out every bank. 

By Greg Hunter’s USAWatchdog.com 
The meeting yesterday in Europe to come up with a plan to stem the sovereign debt crisis turned sour.  Zero was accomplished, except to put even more fear into the world over an impending financial meltdown that will likely be worse than the 2008 mushroom cloud.