Latest Posts

This Time Is Different, It’s Global!

By Greg Hunter’s USAWatchdog.com    

The recently published book called “This Time Is Different” makes the case that this financial crisis has the same basic elements as every other financial crisis since the 1300’s.  Economists Kenneth Rogoff and Carmen Reinhart do a great job of researching various financial meltdowns in places like South America, Asia, Europe and the U.S.  In every crisis, no matter where it took place in the last 8 centuries, people thought a big debt buildup could not end badly.  The authors say “arrogance and ignorance” always pave the way to financial hell, no matter what country or what century.  (more…)

America Has Its Own PIGS

By Greg Hunter’s USAWatchdog.com 

The Markets breathed a sigh of relief yesterday after word of an European Union bailout of Greece.  The Dow was up 150 points.  Greece is one of, what is called, the “PIGS,” which is an acronym for Portugal, Italy, Greece and Spain.  All of these Southern European countries are facing severe debt problems.   The most immediate problem is Greece, and it looks like a “Big Fat Greek Bailout” will postpone a debt crisis for now.  (more…)

Iraq Planning to Sue U.S. and U.K. Over Depleted Uranium Munitions

By Greg Hunter’s USAWatchdog.com    

According to Middle East news sources, Iraq will sue the U.S. over the residue from Depleted Uranium munitions. These types of munitions are also commonly referred to as DU.  This may sound like the story of an ungrateful nation, but Iraq has a legitimate beef. (more…)

The Dollar Rally Will Not Last

By Greg Hunter’s USAWatchdog.com 

Almost everything but the U.S. dollar took a hit yesterday.  Oil sold off nearly 4 bucks a barrel, the Dow was off nearly 270 points, bonds tumbled and gold plunged nearly $50 per ounce.  The dollar was bought because the euro sold off due to debt trouble in Southern Europe. There are fears of a debt default in Portugal, Italy, Spain and Greece.  The “safe haven” of the U.S. dollar is the beneficiary of those consternations. (more…)

Real Deficit Numbers and Real Consequences

 By Greg Hunter’s USAWatchdog.com   

We just finished 2009 with a record federal deficit of $1.4 trillion.  Let’s think about that for a minute.  The U.S. government says it is $1,400 billion in the red at the end of 2009.  But is that the “real” deficit number?  The reason why I ask is the government uses accounting gimmicks to make just about every number it puts out look better than what it really is.  For example, the most recent Consumer Price Index for inflation was officially 2.7%; but if you compute inflation the way Bureau of Labor Statistics did it in 1980, the inflation rate would be 9.7%.  The same goes for unemployment.  Officially, it stands at 10%; but if computed the way BLS did it prior to 1994, it would come out to 21.9%. (source: shadowstats.com) (more…)

How Much Should A Job Cost?

 By Greg Hunter’s USAWatchdog.com  

Since the State of the Union Address, the White House has turned its attention to jobs. President Obama said last week, “…jobs must be our focus in 2010, and that is why I am calling for a new jobs bill.”  A $100 billion jobs bill has already passed the House of Representatives.  The Obama Administration is now pressing the Senate to get a bill on his desk in short order.  It will likely end up being a combination of spending and some tax incentives.  (more…)

More on AIG Cover-up and U.S. Deficit

By Greg Hunter’s USAWatchdog.com 

This was a huge week folks.  The two big stories I wrote about were the AIG bailout and cover-up and the U.S. deficit.  I have a couple of really good stories to pass along that will give you some more perspective on both.

First, there is a lot more to the AIG story that will come out in the future.  The Huffington Post ran a story called “Is Bernanke Hiding a Smoking Gun?”  It’s about how the Fed Chief was behind the bailout of AIG even though his staff recommended not to rescue the insurance giant.  (more…)

Fireworks Over the AIG Bailout and Cover-up!

By Greg Hunter’s USAWatchdog.com   

U.S. lawmakers in the House of Representative skewered Treasury Secretary Timothy Geithner in a hearing over the $180 billion bailout of insurance giant AIG.  Geithner’s credibility was repeatedly questioned by both Democrats and Republicans over the Treasury Secretary’s claim of complete ignorance of the Federal Reserve’s efforts to cover-up details of the bailout.  (more…)

Freeze Spending, Raise Debt Ceiling?

 By Greg Hunter’s USAWatchdog.com

The Obama Administration is planning to seek a spending freeze for 3 years on domestic discretionary non-security spending.  Officials say the freeze could save $250 billion over the next 10 years.  That may seem like a lot of money until you compare it to the most recent national debt-limit raise of $290 billion last month.  It sure looks to me like we have already spent the future savings and then some.

(more…)

“Where Should I Invest My Money?”

By Greg Hunter’s USAWatchdog.comI was a featured guest on the nationwide overnight radio show “Coast to Coast AM” last week.  The show airs on more than 500 radio stations. “Coast to Coast AM” has a huge audience.  So, after my appearance, I was flooded with emails.  Many people who contacted me said they were “scared” of what is happening in the economy and wanted to know what to do with their money to keep it safe.  I want to share a couple of excerpts from the emails with you: (more…)

Producer Price Index Surges-As Predicted!

By Greg Hunter’s USAWatchdog.com

In the post “Is the Recession Over? Not a Chance!” this past Monday (1/18/10), there was a prediction made about the upcoming PPI.  Shadow Government Statistics said, “…annual PPI inflation should pick-up sharply in December.”  (more…)

When Is One Vote More Than Just One Vote?

By Greg Hunter’s USAWatchdog.com   

Scott Brown is the new Senator from Massachusetts.  When a virtually unknown Republican can take a seat formerly held by Ted Kennedy in the bluest of blue states, the word “upset” doesn’t come close to what happened last night. This is nothing short of a sea change, and any Democrat up for re-election should be scared of losing his job this fall.  The Brown win was not really a “yes” vote for Republicans but a great big “No” vote on health care.    (more…)

Is the Recession Over? Not a Chance!

By Greg Hunter’s USAWatchdog.com

In February of last year, Fed Chief Ben Bernanke testified in a Senate hearing that he thought the recession would likely be “over in 2010.”  In September of 2009, The Fed Chief declared “…From a technical perspective, the recession is very likely over at this point.”  In December, the Obama Administration’s top economic advisor, Larry Summers, said, “everyone agrees that the recession is over.”  Broadcast and print mainstream media are constantly proclaiming we are in a recovery, but who is the recovery for?  Not the 27 million unemployed or underemployed people in this country, that’s for sure.  (more…)

Fannie, Freddie and Gold

By Greg Hunter’s USAWatchdog.com 

On Christmas Eve of 2009, the Treasury decided to lift the caps on how much bailout money failed mortgage giants Fannie Mae and Freddie Mac would receive to stay in business.  The caps represented a maximum taxpayer exposure of $400 billion for both companies.  Now, taxpayers will be on the hook for an “unlimited” amount for, at least, the next three years.  How much is “unlimited?”  Well, for starters, Fannie and Freddie guarantee about $4.67 trillion in mortgage backed securities.  Add that to the combined debt of nearly $1.59 trillion for both companies, and you get more than $6.2 trillion of taxpayer liability.  (The Fed has bought at least $1.25 trillion of Fannie and Freddie MBS) (more…)

The Federal Reserve Will Fight to the Death

By Greg Hunter’s USAWatchdog.com

The Fed is currently fighting tooth and nail in a federal appeals court to keep its bailout of big banks secret.   In August of last year, the Fed lost a lawsuit in federal court that would force the 97 year old Central Bank to say who it bailed out during the financial crisis in 2008.  The Fed gave a half trillion dollar bailout to foreign banks alone during the financial meltdown.

(more…)