Weekly News Wrap-Up 10/21/11

By Greg Hunter’s USAWatchdog.com

It only cost one or two billion bucks to get rid of Libya’s leader, Muammar Gaddafi.  Was it worth it?  He pled for his life, but was killed anyway.  Did NATO want him dead?  Would a war crime trial embarrass the West?  We will never know.  The EU sovereign debt crisis is at an impasse.  The debt of Spain was downgraded and France may be next in line for a cut.  Some very big French banks are in trouble.  Germany and France are at loggerheads over how to resolve the situation without a global meltdown.  Speaking of banks, it looks like Bank of America and JPMorgan are shifting tens of trillions of dollars in risky derivatives to parts of their banks covered by FDIC insurance.  Taxpayers are screwed again!  Occupy Wall Street is still going strong, and it’s not coming to an end anytime soon.  Is this the beginning of some new kind of class warfare?  Greg Hunter brings you these stories and more on the Weekly News Wrap-Up from USAWatchdog.com.

Comments
  1. Mitchell Bupp

    Right on brother …. Here is one story that you probably won’t see in the MSM.

    “On Oct. 18th, 2011 the Massachusetts Supreme Judicial Court handed down their decision in the FRANCIS J. BEVILACQUA, THIRD vs. PABLO RODRIGUEZ – and in a moment, essentially made foreclosure sales in the commonwealth over the last five years wholly void. However, some of the more polite headlines, undoubtedly in the interest of not causing wide spread panic simply put it “SJC puts foreclosure sales in doubt” or “Buyer Can’t Sue After Bad Foreclosure Sale.”

    http://dailybail.com/home/bombshell-massachusetts-supreme-court-rules-that-most-forecl.html

    • Greg

      Mitchell Bupp,
      This is good content. Thank you man!!!
      Greg

  2. Art Barnes

    I’m supporting OWS because I see it as many facets of the same thing, the middle class being cut out of the American dream one job & one bail out at a time and the people are not buying that the next election will change anything. Many Americans are waking up to the fact that both parties are sleeping with the elite while pretending to be faithful to the middle class. Out here on the Western Front you can’t find anybody who does not know personally a friend or relative who has lost a job, is now working partime, or working for less than they did three years ago, all the while food & energy cost rises. The system out here is crumbling at the corners while the Fed prints more for the elite and Wall Sreet, of which none of the printing reaches main street. This is why I believe OWS is alive and well not only on the streets of New York but in the minds and hearts of other Americans who live other places in this country. You can call them what you want to, but the “American Spring” is resonating.

    • Carol

      Amen, Art!

  3. g.johnson

    greg,

    best wrap up in a while. but hey, no tie!!? and you head didn’t fall off did it? (insert wink face here). and did i detect your edge getting a bit sharper? keep up the good work greg. i think you are getting a pretty darn good feel for this.

    in case anyone may be interested in a story that is a bit different that what the mainstream media is offering on the libyan fiasco. you may find this to be more than a little interesting.

    keep up the good work greg. a do not stop having fun.

    • Greg

      Thank you G. Johnson for your comments and critique. I can use all the feedback I can get.
      Greg

  4. g.johnson

    doh!!

    the link (my bad)

    http://empirestrikesblack.com/2011/04/why-is-gaddafi-being-demonized/

  5. AndyB

    On many levels, the American taxpayer is being squeezed to produce the end game of the global banking agenda. Whether it is the continuing criminal activities of the FED in support of its TBTF cronies, or the coming costs of the reconstruction of Lybia, or the IMF bailout of European banks.

    It is definitely worth noting that, before the “humanitarian” invasion, Lybia had the highest standard of living in North Africa; enormous natural resources like oil and the largest fresh water aquifer in Africa. It will be decades before Lybian citizens even come close to their former standard of living; the country’s assets will come under the control of banking/industrial interests and the population enslaved under some sort of repatriation debt. Most in the MSM gave no thought to the fact that the first order of business for the rebels was, before even stockpiling ammunition, weapons, medical supplies or food, the establishment of a national bank in Benghazi. Hmmm Hmmm Hmmm.

    As the sovereign dominos fall to the greed of the power elites, we all should realize that America is on the list of the “to be conquered”. In our case, it won’t be invasion, it will be incremental financial ruin.

  6. George

    Greg,
    Slam dunk. It is nice to see you on the air again.
    There will be a domino effect on European banks when they begin to take write offs. Many of them are insolvent now using real world accounting.
    The USA and the UK would NEVER murder a foreign leader…or a US Citizen…Damn, wait a minute. Didn’t we just murder a US citizen instead of capturing him and bringing him to a Military Tribunal? Isn’t that unconstitutional? Hell, I am for killing the entire lot of terrorist but when you start killing US citizens without a trial when does it stop? Is there a Predator drone headed toward those that disagree with government or embarrass government? I do not take conspiracy theories as valid but as you pointed out; Gaddafi as head of a large oil producer knew many secrets that would be inconvenient for many world leaders to be made known during a trial. Gaddafi is shot before they could even get him into a vehicle to transport. While a lot of people wanted him dead it looks a lot like Lee Harvey Oswald doesn’t it?
    As far as the bilateral netting, there is no guarantee on the performance of a counter party. For bilateral netting to work you need 100% performance of all counterparties. Like your example of AIG and how we gave an a$$load of money to buy the company and pay the counterparties at 100 cents on the dollar. The CEOs ignore that fact when they report this garbage. Isn’t that criminal under Sarbanes–Oxley?
    At what point, do you punish the banksters? [rhymes with gangster]. That garbage saying that we need to keep these CEOs because of the complexity involved and only they can handle it is moronic. If they can handle complex issue so well how come they resorted to fraudulent MBS? Why were they not aware [supposedly] of the extreme leverage or the fraudulent MBSs? The same good ole boys are in charge now that sold fraudulent securities for mortgages. Why would they not be fired by the board of directors? Why would they not be prosecuted by the SEC and DOJ? If this was not criminal negligence and breach of fiduciary duty , then I do not understand the definitions.
    Greg, thanks for being our WATCHDOG! The more I see the more I know, the more I know the less I understand.

    • Greg

      Thank you George for the analysis and your support.
      Greg

  7. George

    And as far as OWS goes, it should make you afraid the number of anarchists involved. I think things should be changed but I am not for the end of capitalism, I am not for socialism or communism. It would not take too many violent quakes to make it hard for all Americans.

    • g.johnson

      george

      really? afraid of anarchy? george you are beeing played.

      anarchy simply means no king.

      anarchy is the basic principal upon which america was founded.

      our forefathers worked hard to create a society of free individual human beings (anarchy. a society in which aristocratic heirarchies could not flourish. (anarchy)

      a few examples for the purpose of illustration:

      “WE THE PEOPLE of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.”

      pure statement of anarchic intent, as is……

      “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, –That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.–”

      one of (if not the) most concise and elegant definititions of anarchy to ever come down the pike. courtesy of abe lincoln:

      “- and that government of the people, by the people, for the people, shall not perish from the earth.”

      “of the people, by the people, for the people,” you cannot get any closer to anarchy than that.

      i would hope that you may examine why, exactly, you have been conditioned to be afraid of anarchy (sovereinty). when you hear some babbling “authoritarian” denounce anarchy, be wise enough to understand the treason being promoted. when you come to understand that you can be put on a list of enemies of homeland security for being an “anarchist”, then hopefully you can recognize just how far along the overthrow of the constitutional republic of the united states of america has come.

      george, if i was a true soverein american citizen. i would sincerely hope that many more anarchists show up to drow out the socialists and communists.

      hope you get my point. it’s kinda important right about now.

      • droidX-G

        I get your point. You don’t have a dictionary

        • g.johnson

          ah droid

          as you should be well aware, i have several dictionaries at my finger tips, as do you.

          scores of definitions to choose from. i chose none of the above and used the entymology of the word to illustrate my point.

          yep, i took just a bit of license on the break down. get over it.

          just for you i will clarify.

          fear of anarchy in times when tyrany is ascendant is counterproductive to your health and to the creation of solution.

          wake up droid, face your fears.

      • Brad

        g. johnson,
        You can play a game of semantics, and yes I see the etymology of the word an-archy, but the results of anarchy, in reality are chaos, disorder, disruption, and violence. There needs to be control of those in society who would take the rights and peacable existence from the rest of us. Laws protect us. The constitution is a template that allows us to create our own laws as a people. We are free to do that. Our laws secure our liberty by not allowing libertines to destroy us all.

        • g.johnson

          brad,

          “of the people, by the people. for the people…”

          semantics?

          “WE THE PEOPLE” written over 5 times larger than the rest of the body copy of the constitution.

          semantics?

          “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed….”

          more semantics?

          in what reality have we ever (historically) seen anarchy, let alone seen that anarchy has resulted in chaos, disorder, and disruption. sure there was violence in the anarchism immediately following the french revolution while the royal family and its supporters were publicly beheaded. but as far as people running willy nilly about the country raping, pillaging and murdering each other, it didn’t happen, at least not on any kind of national scale. what resulted from this short period of anarchy was a move away from elitist rule toward a parliamentary society.

          chaos is indeed something to be concerned with, as are disorder, disruption and violence. so, if you do indeed want to use reality as the litmus test. then pay attention to the technicolor fact that chaos flourishes in “ordered” societies. as reference, i give you hitler’s germany, julius caeser’s rome, stalin’s russia, castro’s cuba and the federal reserve’s usa.

          laws can only protect us if:

          a. they were designed to protect us (constitutional law)
          b. they are properly and fairly enforced.
          c. they are not overly abundant.

          we of the western world are virtually buried in “law”. most of which does not pass constitutional muster. and most of which is designed to protect the “right” of an elite few to continue to loot the masses. under ucc laws, we have become the flock. and we exist only to be fleeced.

          i have had dialogue with several self proclaimed anarchists. i was surprised to find that these folks are generally of a strong humanitarian bent, are acutely opposed to injustice, do not subscribe to chaos (in fact the dread it as much as you and i) and are very much into harmony. they very much subscribe to the ideology of the constitution because they believe deeply that the individual must always be protected from the will of the masses.

          scary people. looking to force freedom down our throats. libertines out to destroy us.

  8. Bruce Stebbing

    Americans need to move to Canada fast. We do not have enough skilled labor to fill all the jobs here, if you are a skilled worker. Western Canada is booming with all the huge resource developments. The real estate bubble never broke in Canada. Canadian banks are already regulated, so they will not go bankrupt. WE don’t allow subprime mortgages because we already know they will fail. Canada has free health care for everyone. You don’t need health care insurance from an expensive rip off insurance company. WE have a good penion program for everyone. Our social programs are better. We don’t have people with guns everywhere. The Crime rate is lower and we have less poverty. Why would anyone want to live in America?

  9. Miro Markovic

    Greg, thank you for your unbiased updates! If we didn’t have your information, we would be living in a room without windows. I hope that somebody from the banking circles will not hurt you. You are too brave a man. We are living in a very dangerous time.

    • Greg

      Thank you Miro.
      Greg

  10. M SMITH

    Greg, you take on world events and those of the MSM are miles apart. OWS has brought us a look at the far right & left of both parties. I found this video explains a great deal about the primary dealers & why the OWS is growing world wide support. http//www.bloomberb.com/video/78027552/.

    Now lets take a look at what could play out at any time all over the world if the politicans fail to reach a deal very soon. I think your readers should read this article ‘IF Europe Should Fail’ http://www.news.goldseek.com/CliveMaund/1319205178.php. This article points to the need to be prepared. The ‘what if’ is a valid question all should be asking!

    Agin Greg, you make the MSM look like the third rate group of non-reporters they are & you did it with out a tie!

    • Greg

      Thank you M Smith. Your kind words and support are much appreciated.
      Greg

  11. Ambrose

    Greg,

    Yes, Gaddafi is dead and people of Libya are cheering now. But I remembered similar scene when people of Iraq cheered by the capture of Saddam Hussein back in 2003. We all know what happened to Iraq after 2003.

    Every time I see Tim Geithner telling the European leaders what to do, I cannot stop laughing. Mr. Geithner doesn’t even have any clue on how to fix the U.S. economy back home.

    Occupy Wall Street movement is a sign of our failing democratic system. This is what happens when our elected representatives no longer represent the majority of people in the U.S.

    (Suggestion: A dark-colored polo shirt would look good on you if you don’t want to wear tie.)

    Ambrose

    • Greg

      Thank you Ambrose for the comment and fashion tips. I can use all the help I can get.
      Greg

  12. Kevin

    Spot on analysis.

    Thanks Greg

    • Greg

      Thank you Kevin!!
      Greg

  13. Sean S

    The European financial crisis is nothing short of alarming as the Dr Plods of the EU and ECB run around in circles trying to decide what to do. Forget about side shows like OWS and Libya for the moment. They are not that important in comparison with the financial disaster that is Europe and which threatens to stagnate the entire global banking system.

    Franco- Belgian bank, DEXIA, has already gone bust in spectacular fashion after more recently being given a clean bill of health by European banking regulators through their latest round of phony stress tests. You can no longer believe much coming out of the European banking regulators and I would view anything from the IMF, ECB, European Commission staff and EU political leaders with suspicion.

    Finance and capital markets seem to think all will be ok. EU leaders and regulators try and feed the unthinking with their latest spin designed to do nothing more than placate and calm the markets whilst they try and dream up another “plan” when they have had more than 6 months to do this already. (I just cannot believe the markets are buying the “all will be fine” scenario).

    If not read already, I suggest people read up on the now papered over DEXIA failure and the following from John Hussman and from Bloomberg”

    http://www.hussmanfunds.com/wmc/wmc111017.htm

    http://www.hussmanfunds.com/wmc/wmc111017.htm

    Now is not the time to have cash sitting in any European bank and certainly not in any stock market for that matter.

    The level of complacency is amazing to see. I very much doubt that will last much longer though.

    I think you are right Greg. Ultimately, in one form or another the Europeans will probaby resort to printing thousands of billions of Euros (which will be disguised in large part with the usual financial trickery) thus seriously debasing their Euro and confidence in the financial system. Longer term that will not solve the basic economic problems though or the excessive sovereign spending and borrowing that has characterised many EU economies as they try to keep their unsustainable high cost, low productivity, welfare states alive.

    All the best.

    • Greg

      Sean S,
      Goof stuff man!!!
      Greg

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