Weekly News Wrap-Up 12.07.12
Greg Hunter’s USAWatchdog.com
Once again, there are two multifaceted stories dominating the news. They are the Middle East and the U.S. financial crisis. Syria is in a full blown civil war, and it is spilling out into Turkey and Lebanon. So far, 40,000 Syrians have been killed in this conflict. The President warned the increasingly desperate Assad regime not to use chemical weapons. A U.S. aircraft carrier group now sits off the Syrian coast. The Obama administration is also very worried about these chemical weapons showing up in the hands of terrorists. It has been widely reported that U.S. arms are getting into the hands of al-Qaeda.
The cease-fire between Hamas and the Israelis is holding, but there’s a growing riff with the latest announcement of new Israeli settlements being constructed. It is only a matter of time before the shooting starts again.
In Egypt, new President Mohamed Morsi is facing stiff resistance to his power grab. Now, supporters of Morsi, the Muslim Brotherhood, are clashing with Egyptians protesting what some are calling a move for President Morsi to become a dictator.
Closer to home, the so-called “Fiscal Cliff” crisis looks like it is at a total stalemate. Plenty of people believe that the Republicans and Democrats will work something out, but I am not counting on it. The best thing we could hope for is a small deal to push the fight into next year. Will that be enough to stop another U.S. debt rating cut? Will that be enough to stop foreigners from dumping the dollar?
Another enormous financial problem for the country, the $16.4 trillion debt ceiling will be met before the end of the year. President Obama wants the debt ceiling negotiations to be separate from the “Fiscal Cliff” battle. He is also asking for the U.S. debt ceiling to be totally open-ended as in “no limit.” On top of that, unemployment is shooting back up. It is partly because the economy has not recovered, and employers are laying off workers and cutting back hours as they prepare for the implantation of Obama Care. Join Greg Hunter as he gives his analysis in the Weekly News Wrap-Up.
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