By Greg Hunter’s USAWatchdog.com
The big drop in the Dow is the result of a global solvency crisis.  The U.S. is spending money by the trillions,  and Europe is headed for a crash touched off by Italian debt.  The economy is stalling.  The Federal Reserve, no doubt, is  contemplating another round of money printing to bail everybody out—again!   Even gold and silver sold off.  Is the Bull market in precious metals over?  It’s all covered by Greg Hunter in the “Weekly News Wrap-Up” on USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com 
Watching the debt negotiations is like watching two stubborn people headed over a waterfall.  Both are too blockheaded to steer the boat towards land on the left or the right.  So, both go over the edge and will see how long the other can hold his breath.  Both, of course, drown in this story, right along with the rest of the country.  Yesterday, Speaker Boehner said he wanted to call the President’s bluff and not give him a “blank check.” 

By Greg Hunter’s USAWatchdog.com 
Last week, this story from Reuters really got me upset.  The headline read: “States negotiating immunity for banks over foreclosures.”  The story said, “A coalition of all 50 states’ attorneys general has been negotiating settlements with five of the biggest U.S. banks that would include payment of up to $25 billion in penalties and commitments to follow new rules.

Greg Hunter’s USAWatchdog.com 
It looks like even the mainstream media (MSM) can see a calamity if we are right on top of one.  Finally, the dire debt ceiling negotiations between Congress and the White House were covered wall-to-wall on all the major media outlets yesterday.   No comment better describes the frightful situation America faces over its debt problem than what Treasury Secretary Tim Geithner said yesterday on FOX

By Greg Hunter’s USAWatchdog.com   
“Deal or No Deal.”  That’s what I am now calling the debt ceiling debate between Congress and the White House.  I said last week that it is going to be tough getting tax increases and spending cuts big enough to get a $2.5 trillion raise in the debt ceiling through the House of Representatives. 

By Greg Hunters USAWatchdog.com
I have been telling you for the past few days that I am not so sure Congress and the White House will get a debt ceiling deal done to avoid default on August 2nd.  The grand plan was to raise the debt ceiling around  $2.5 trillion to allow the U.S. to borrow money and pay all of its bills.  Just this week I said, given the polarization between Democrats and Republicans in the House of Representatives,  a debt deal is not going to be easy, if they can do one at all. 

By Greg Hunter’s USAWatchdog.com 
Yesterday, there was a UK hearing featuring father and son executives Rupert and James Murdoch over alleged phone hacking.  The spectacle was covered wall-to-wall by most cable news outlets.  Channel surfing, I realized that at one point, CNN, HLN, FOX News, FOX Business, MSNBC, CNBC and Bloomberg were all running the testimony.  The coverage was highlighted by a disgruntled protester attempting to hit the senior Murdoch with some sort of foam pie. 

Greg Hunter’s USAWatchdog.com
The gloves came off in the fight over raising the debt ceiling yesterday.  On CBS News, the President basically threatened to cut off Social Security checks by August 3rd if a deal was not reached.  Mr. Obama said to veteran newsman Scott Pelly, “I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue, because there may simply not be the money in the coffers to do it.”

Towards the end of June, the International Energy Agency (IEA) announced a plan to release 60 million barrels of oil to combat the high prices brought on by the Libyan crisis.  That’s about 2 million barrels a day since June 23.  It looks like prices have already hit bottom, and most think the cheap gasoline and diesel fuel will not last.  I think this could be a dress rehearsal for this time next year, just before the 2012 elections–but what do I know? 

Greg Hunter’s USAWatchdog.com
Greece is back in the news again because it voted for tax hikes and government cuts to pay back the greedy bankers.  It has been widely reported that this simply buys time.  Many experts say Greece will default in time because the debt is simply too great.  Speaking of debt, there is a battle raging between Democrats and Republicans over raising the debt ceiling some $2.4 trillion. 

By Greg Hunter’s USAWatchdog.com
From Greek debt to U.S. debt the world is struggling to pay it’s bills.  In Greece it is really a battle between bankers who made reckless loans and people to become debt slaves to pay them back.  In America the debt battle continues with the latest talks breaking down over taxes.  You just cannot forget the Middle East and Northern Africa. 

By Greg Hunter’s USAWatchdog.com
The second round of quantitative easing (QE2) is scheduled to end June 30, and already there are calls for more financial stimulus to keep the economy from falling off a cliff.  The latest call came from Larry Summers, former head of the Obama Administration’s financial team.  In an Op-Ed piece that ran on Reuters last Sunday, Summers pitched the idea of a $200 billion cut in the payroll tax.

By Greg Hunter’s USAWatchdog.com
It seems the mainstream media (MSM) is waking up from its long sleep.  The dream world of “green shoots” and “recovery” is fading into staggering unemployment and plunging home prices.  Most of us in the real word have known for some time that there is no recovery.  People are not optimistic no matter how many times they are told things are getting better, and a recent poll by the Daily Beast and Newsweek proves it. 

By Greg Hunter’s USAWatchdog.com
I am going to be putting a new segment on the site called  the Weekly News Wrap-up.  I will  be highlighting the important news you need to be watching.  I will not be covering things such as Anthony Weiner and his lewd twitter pics.  I frankly do not care about crap like that and you shouldn’t either.

By Greg Hunter’s USAWatchdog.com

I was out eating with my wife this weekend and saw a veteran getting out of a car with a Purple Heart on his license plate.  After my meal, as I was walking by his table, I stopped and thanked him for his service to the country.  He smiled big, and shook my hand.  My wife later asked me what I thought his war injury was.