Weekly News Wrap-Up 10.5.12
Greg Hunter’s USAWatchdog.com
The first Presidential debate is wrapped up, and it looks like Republican challenger Mitt Romney scored a big victory against President Obama. Romney zinged Obama a couple of times and looked way more prepared than the President. When Obama brought up the nearly $3 billion in tax credits given to oil and gas companies, Romney fired back with $90 billion to green energy companies, most of which have failed or are not making a profit. Romney also scored points describing the way “Obama Care” was pushed through without bipartisan support in Congress. When Romney was Governor of Massachusetts, he pointed out he got bipartisan support from a deeply Democratic state. It seems, every week, there is a new wrinkle in the Middle East. This week, Syria and Turkey traded shots across their borders. Syria fired mortars into Syria, and Turkey shelled Syrian troops. Turkey says this is the 8th such attack from Syria since the 18 month old civil war began. The Syrian army is shooting at Syrian refugees that have fled into Turkey. Turkey says it does not want war, but it’s still shooting. This is a nasty little development because Turkey is a NATO member (North Atlantic Treaty Organization). Syria has apologized and says it will not happen again. Syria shot down a Turkish reconnaissance plane in June. By all accounts, it looks like the Syrian conflict is spreading, not shrinking. Finally, the Fed announced another round of money printing this week, and Gold and Silver prices popped. Bill Gross of PIMCO (with $1.3 trillion under management) says if the U.S. keeps printing money, stocks and bonds will be worthless, and Gold and Silver will be the few investments worth having. Gross says the U.S. government is hooked on “budgetary crystal meth.” Finally, crops in the Midwest have taken a big hit this summer because of the drought. Soybean crops have been reduced because of lack of water at the right time. Expect food prices to be up next year because soy is a key ingredient in many food products. Join Greg Hunter as he gives his analysis of these stories and more in the Weekly News Wrap-Up.