Weekly News Wrap-Up 11.11.11
By Greg Hunter’s USAWatchdog.com
Tensions with Iran and Israel continue to heat up, especially since the IAEA revealed new evidence about Iran’s nuclear weapons project and that it may be close to getting a nuke. Reports keep coming in about an Israeli attack to stop Iran from fully developing those weapons. Iran said if it is attacked, it will fight a “street war” in Tel Aviv. This is the wild card of wild cards in the economy and could plunge the world into a very deep depression. The EU debt crisis continues to mushroom with no plan or conclusion in sight. It should also be called a European bank solvency crisis because of their exposure to enormous sour sovereign debt. On this side of the pond, the Republican debate contained a major gaff by Governor Perry, but the real issue is what can be done to fix the economy. Ron Paul says the banking bailouts should stop, the Fed should be audited and we should stop propping up the real estate market. He was unchallenged on those issues. Speaking of real estate, half of all homeowners are underwater on their mortgages, and Fannie Mae is asking for another nearly $8 billion for its continued bailout. Of course, this is really continuing the bailout of the banks through the back door of Fannie and Freddie. Finally, a new report from Shadowstats.com projects the yearly budget deficit will be in a range of $5 trillion to$7 trillion. That is a far cry from the official projection of around $1.3 trillion. All these stories in the Weekly News Wrap-Up from Greg Hunter’s USAWatchdog.com.