The third and final Presidential debate was this week, and I thought it was a draw. Neither Romney nor Obama scored a knockout blow. I can’t believe we had these debates and not a single question was asked about the $85 billion a month being printed by the Fed. This is unprecedented in human history. What could go wrong?
“Fix the Debt” is what influential CEOs are saying to Congress. A group has gotten together to persuade Congress to avoid the so-called fiscal cliff at the end of the year. I don’t see how this is going to come about unless there is a clean sweep of the House, Senate and Presidency by one party or the other. I find this pretty rich in lieu of the fact we spent trillions bailing out the banks. I didn’t hear the CEOs bitching about this when the Fed was busy printing up $16 trillion to bail out everyone from Harley Davidson to Toyota to foreign and domestic banks. They want to cut spending? How about stopping all the bailouts. Not a word mentioned about this with the “Fix the Debt” CEOs.
In other news, plenty of companies are reporting earnings misses and are telling investors that the fourth quarter doesn’t look good either. Expect lots of layoffs after the election and into next year. Also, expect to see foreclosures to take off according to Fabian Calvo. He runs a $100 million a year mortgage debt business and was a guest this week on USAWatchdog.com.
Iran is threating to halt oil shipments if sanctions increase. It looks like President Obama was right about one thing, the sanctions are hurting Iran. Meanwhile, a Sudanese munitions factory was bombed. It is said to be the work of the Israeli military. This factory supplies enemies of Israel. This is just another in a long list of signs that show things in the Middle East are getting worse, not better.
Germany wants its gold to come home from the Federal Reserve Bank in New York City. It appears the Bundesbank wants to assay the gold for verification. I guess they too have heard the stories of tungsten filled bars. It is asking for 50 tons a year to be shipped home for the next three years. Germany is reportedly the second biggest gold holder in the world with 3,400 tons. My question: Is Germany’s gold all there? I think that’s their question, too.
Greg Hunter gives his analysis of these stories and more in the Weekly News Wrap-Up.