The Weekly News Wrap-Up 6/17/11

By Greg Hunter’s USAWatchdog.com

There is a lot to cover in the Weekly Real News Wrap-up this week.  First off, Greek debt problems look like they are going to get ugly, and this could spell problems for Europe and the world.  Looks like Greece will default, we just don’t know how bad it will be.  Bill Gross says the U.S. is in worse shape!  There is a showdown between Congress and the White House over Libya.  Congress wants oversight and the President says it is not necessary.  There was a big defeat for the bankers in the foreclosure world.  It also looks like the mainstream media is finally catching on that the economy is really bad.  The cover of Time Magazine is the latest of the MSM to finally tell you there is NO RECOVERY.  The reason?  Nothing has been fixed!  Finally, Congressman Weiner has resigned–thank goodness it is finally over.  Please enjoy this week’s installment of the Weekly News Wrap-up!

Comments
  1. mitchbupp

    good Morning Greg, The scam continues. The American people don’t have a clue about how deep in the dodo we are here in the USA. Here, just like Greece the banking ebstablishment has co-oped the the government and has instutited a plan to dump their debts ontot he taxpayers while the take the capital gains and run. This is the same kind of scam associated with medical insurance where the estimated profitability is accepted by the insurance company but when it comes to a potential loss they pass the person off to the government…

    • Greg

      Mitch and John,
      Thank you both for adding to tthe Wrap-up!
      Greg

  2. John Bernard

    Greg
    It now appears that globally humanity is entering an era which can be characterized as a new Dark Age. I don’t mean a situation where knowledge is lost as was the case with the Fall of Rome, but more of government repression a la George Orwell. The extremely wealthy will dominate, though few in number, will orchestrate personal and national security forces. Eventually this will all blow up and who knows what will emerge.

    This scenario is impossible for most US citizens to imagine, let alone believe will happen. Remember that such catastrophes usually start out small. Events which seem remote, Greece, can precipitate similar events elsewhere. The present economic, political, and cultural climate is very stressful for most citizens and they are coping by ignoring the situation as best they can. People are concerned without doubt, but are at a loss about what to do.

    Your exhortations to prepare are great, though your audience is naturally limited to those with an interest in persevering. All the rest are waiting for their fellow citizens (in the form of government) to bail them out. This attitude has lead to the disaster of almost complete disconnection of the citizenry from its government.

    Why has no one asked why a government workers union is legitimate? Unions are formed to cope with oppressive employers. The taxpayers are the employers of government workers. Are we oppressors now?

    I have rambled too long Thanks.

  3. markm

    Thanks Greg! I enjoyed the clip.

    markm

    • Greg

      MarkM,
      Thank you for your support!
      Greg

  4. Baja Bryan

    It’s not too surprising that lat week Obama’s Chief Economic Advisor, Dr. Austin Goolsbee, resigned to head back to the classroom as an economics professor. Apparently those who can actually do something while those who can’t return to teaching. A little pressure and he folds like a cheap suit. Pathetic!

    Now as more and more are waking up to the facts, we must stop treating politics like sporting events; where interest focuses on meaningless sound bytes and which party wins or loses. Instead, it should be focused on who can effectively execute shared values and principles of the people, not focused on a select few at the expense of others. The same of course holds true for our economy and the sad shape it’s in. We certainly can’t fix a giant debt problem with more debt. That’s like giving an alcoholic another bottle of booze ultimately delaying the inevitable.

    • Greg

      Baja, Sam and jay,
      Thanks for providing additional content for the wrap-up!
      Greg

  5. Sam

    Dear Greg,

    What, just a few words about the great LSM weenie roast!? FOR SHAME!

    LOL!

    Yes, Greece is a VERY big deal, because all I’ve been hearing is European markets falling. And yes, we could have a replay of the beginnings of WW I, that is, if Greece defaults, then other countries (the rest of PIIGS, or others), could say, “I’m gonna default too!”

    Something you left out, and that is big doings in China. It seems that they are having rebellions all over the place. Their housing market is bloated and ready to pop. China wants to be the next leader, and wants to displace the dollar, but they are attempting to take over the neighborhood as their own home burns.

    Nice of the LSM to finally admit (I suppose they’re coming out of their BHO swoon), that the economy is ROTTEN. But then, one does not need their services to know that it is not only BAD, but that the violence is HERE. Increasingly, there are “flash mobs” all over, of people getting beaten, robbed, raped. Soon there will be murder. It seems as though law “enforcement” is pulling back, leaving the public they and the politicians they so eagerly disarmed defenseless.

    One only has to look to the streets to see the rage of the average citizen, how angry they are because of their powerlessness. In part it is the citizens’ fault in that they have given up so much for safety, and now that that safety is being shredded because of less government income, people are starting to see how helpless they are. They’ve long ignored family and community in favor of their own pleasures, now they’re alone. Worse, they have not developed any useful hobbies to use as a possible second income, so they try to sell their toys online, where sales are STAGNANT.

    James Carville thought of the riots currently going on in Spain, of the “Indignant,” that is, those young people who cannot find a job. I don’t think they’ll do it here, and if they do, the current administration has shown such a lack of empathy that their voices will be ignored. Earlier this week BHO proclaimed “poor little me, I’m only a one-term,” so there will be no “tea and sympathy” from that quarter.

    Regarding the current war in Libya, I am reminded of a line from the Book of Revelation, where John writes, “The devil has much to do, for he has so little time.” The same with this current administration. Their time is pretty much up and they know it, so let’s have a legacy and get involved in as many wars as possible, hopefully out of the lot one will result in victory. Such foolishness.

    That’s my take. What do I win?

  6. Jay

    Thanks Greg. This muddy financial undercurrent is going to push Gold & Silver into parobolic moves eventuaally. With MSM finally reporting this mess, more people are going to wake up. Folks, get it while you still can!

  7. David Conrad

    Great!!! Thanks for your bringing us the REAL news!

    • Greg

      David Conrad,
      Thank you for being a real friend!
      Greg

  8. dontbelievebanksters

    Greg:

    You have to understand that Bill Gross was bailed out in the multi-billions. right? Additionally, the agenda of the MSM(owned by banksters)/Banksters is to rob 401k funds by creating reasons in the media such as Greek exposure to money markets. in essence, what wall street is telling america is that if greece falls, then the 401k sheeple will pay for it or the gov will have to pay banksters to keep the 1unit = $1 dollar. This is extortion. During the Savings and Loans scandal, after banksters took possession of default debt banksters threatened to accelerate loan payments on homes that were not in default. this is the same thing. I say if the banksters try to pull this garbage, then you hall a bunch of them/and their cronies in court and prosecute them for violation of the coinage act/fraud/other high crimes. They promise money markets are money like instruments – right? then 1unit = $1. if they are going to steal 401 funds and say it is Greece’s fault, then send them to jail – where they have belonged since this whole thing started.

    it is always the same with criminals. if you don’t stop them when they commit the crime, then they just get more brazened with their crimes. if they really do pull this crap, then the goons who protects these criminals will find out just how criminal these scumbags really are.

    regards,

    • Greg

      dontbelievebanksters,
      You are correct, PIMCO did get some government largeness. Thank you for pointing that out and for your comment.
      Greg

  9. nm

    Andrea Merkel just announced that “private investors” (read: banks) shouldn’t have to shoulder the burdens of a Greek Default.

    http://www.nytimes.com/2011/06/18/business/global/18euro.html?hp

    Yes, banks, that took these enormous risks don’t have to shoulder the burden, but middle class taxpayers who didn’t make these decisions can shoulder it.

    I give up.

    • Greg

      NM,
      Printing money and austerity because of the banksters globally. Hang in there.
      Greg

  10. Chris

    I just listened to Jim Sinclair’s recent KingWorldNews interview with Eric King last night. Sinclair was blunt and terrifying at the same time. It is worth a listen but it isn’t for the faint of heart.

  11. TheDevilsAdvocate

    Great job on the wrap. Big fan.
    I have a request: how about a piece on whether or not the US really has the gold they say they have at Ft.Knox and whether the Fed has leased it out or whatever else they might or might not have done with it. Dr.Ron Paul has been pushing for a full audit of the Fed and holdings and come up with zilch so far, but he is pushing. It would be interesting to see your take as a REAL reporter who gives us REAL news.
    As always, please keep up the good work and thank you and blessings for doing a great job.

  12. Jan

    I wonder how exposed the Treasury and big banks are to Greece? If this crashes the Mutual Funds, then the government will take them over as planned. They want to protect the sheeple from the market, so off go the 401k’s and IRA for government safekeeping.

    Sold mine months ago and invested in shiny metal insurance.

  13. Mike Saylor

    Just a note on violence and how fast things can change. On May 29 in Battle Creek Michigan where I live we had storms with 75 to 100 m.p.h. winds. No electric for 4 days, temp was 95 and people were stealing downed power lines for the scrap and looting whatever they could carry. The local media ran stories about how everyone was helping each other and so on. And that was just with no electric, what if they lost water and gas? So I definitely see rioting in the streets in our future.

    • Greg

      Mike,
      Thank you for adding your perspective to this post.
      Greg

  14. Marcel

    Hi Greg,
    Another greatly unreported story this week is North Korea’s ability to miniaturize nukes and place them on ICBM’s.
    This should bring them out of their economic slump with so many interested buyers worldwide.
    Also the Shanghai Cooperation Organization (S.C.O.)met this week in Kazakhstan to build up their counterbalance against NATO and warned the West against any more moves in Arab countries (Syria).
    Something the MSM won’t tell us is that Iran and North Korea are the spearhead of Russia and China.
    They’re not afraid or intimidated or bought off $ by the U.S. anymore,none of them are.
    Look at Pakistan and Egypt.
    It’s easy to see that we’ve come to the tipping point.
    I know a lot of people are in denial and don’t want to hear the truth but I see all the fires here in Florida and out West as a portent of what is coming which will be much worse.
    http://www.newsmax.com/KenTimmerman/super-emp-emp-northkorea-nuke/2011/06/16/id/400260
    Pray hard ! That’s the only real preparation that matters in the end.

    • Greg

      Marcel,
      Thank you for the comment and link.
      Greg

  15. Art Barnes

    Greg, WeWe gate is over but I take issue with you that it was a non-story and was a distraction. Distraction or not, these lying loud mouth criminal perverts in congress must be rooted out and thanks for the media in at least doing that – and Greg, not all is lost for the little pervert, and you might take solace in the fact that Hustler & its owner Larry Flynt has offered him a job so I’m sure we all will see alot more of him in the future, ha ha. Other than that you missed Syria for the second week, it needs to be watched because Syria is the key to global terror and can be used by the west in so many ways. Syria can be used as an excuse by the government as a new and far wider regional war if the economy fails and wag the dog needs to be done to save the government or their political asses.

    As to the MSM getting on board with regard to the reality of the economy I don’t believe its an avalance although a forest fire can start with only a small match but its highly unlikely it will amount to much. CNBC continues to see buy signals all over the place, in fact, 98.5 percent of the time they report a buy signal is in place every time a negaive factor of the economy comes to light, the other 1.5 percent of the time its a hold signal, but never a sell.

    The few people like you Greg and your readers and some others out there are fresh air in a stagnant atmosphere and are much appreciated. Thank you once again for the work you do, its important, and will be remembered by the patriots when all is said and done and this era marches on into history.

    • Greg

      Art,
      Syria is a big deal and I probably should have included it. Thank you for your comment and support!!
      Greg

  16. Ken Boedeker

    The first rule in investigating economic/white collar crime is, “Follow the money.” Funny how it increasingly ends up in the same old pockets. The Gatlin Brothers had a song about it years ago – about all the gold being in a bank in Beverly Hills. Their geopgraphy may be off a little. The Greek situation can be instructive for us: the people refuse to become serfs to the banks/bond holders in a country that taxes work at a much higher rate than it taxes investment/capital gains and wealth.

  17. MasterLuke

    This is a classic example of McNamara policy. Start a small skirmish and gently esaclate it till you “hypotetically win”. To see how well it works look at Vietnam. Its a good way for a politician to go to war without saying they are at war and thus increase their political standing with the masses of sheep.

    • Greg

      Thank you Master Luke.
      Greg

  18. nm

    peter schiff on how QE3 will come about and QE4, 5, 6, 7,

    http://www.youtube.com/watch?v=5QvQVhuTGRM&hd=1

  19. acjitsu

    FINALLY , a mainstream reporter who gets it !!!! Keep up the great work !

    • Greg

      acjitsu
      Thank you for your support.
      Greg

  20. Steve R.

    Good Stuff. Thanks again Greg.

    • Greg

      Thank you Steven R. for supporting the site.
      Greg

  21. BLT

    “GIMMICKED UP AND DUMBED DOWN….” isn’t that the TRUTH. hehe

Leave A Reply

Please Note: All comments are moderated and manually reviewed for spam. In turn, your comment may take up to 24 hours to be posted. USAWatchdog.com also reserves the right to edit comments for grammar and spelling errors.

Your email address will not be published. Required fields are marked *