Weekly News Wrap-Up 12.2.11

By Greg Hunter’s USAWatchdog.com 

It’s official.  America is now committed to bailing out Europe—again.  The Federal Reserve announced, this week, it would use something called  dollar “swaps” to give EU banks cheap easy money to keep their banks from imploding under the weight of sour sovereign debt.  Some big U.S. banks are also exposed and could end up in bankruptcy, if the EU collapses.  The Fed may bail them out for now, but the cost to U.S. citizens will be higher inflation.  News broke, this week, that China will protect Iran even if it starts World War 3.  The Middle East is the wild card of wild cards and could explode at any time.  Unemployment is, once again, more than 400,000 weekly claims.  Home prices decline, again, nearly 4% annually.  Chevy offers to buy back more than 6,000 Volt electric cars because of fire questions, but it is not as bad as you might think.  Analysis of these stories and more by Greg Hunter on the Weekly News Wrap-Up.

Comments
  1. Art Barnes

    Greg, in the meantime our politicians just go about their business never discussing the FED (except Ron Paul), its like you trying to put out your house fire and you pretend you don’t see the town’s arsonist throwing fireballs into your house. The FED has destroyed the US dollar and will stop at nothing to continue to march on for its benefit and for the elite it serves. I now blame the politicians for not addressing the fire bug.

    As to China, very interesting story. I don’t believe it for an instance, that is, that China will stand by Iran even if it means WW111. Talk is cheap and China will be back to the stone age that is just crawled out of 30 years back if it did so, China is too smart to do that, just saber rattling but many of our “just get along” people fear everything, including any empty threat. Iran may be a potential black swan but make no mistake about it, the people of the earth are not going to destroy themselves for the sake of them, they are not that important, a regional war at best. The sooner the better too, that way the world can get on and fix some fundamentals and stop the worry about some kid coming out of well and destroying all of society for the sake of a few elite egos. China, when the bombs start falling on Iran’s nuclear facilities will go to the UN and pound their fists on the tables, that their play.

    Greg, lastly, just in was November’s unemployment figures showing a decline but also that 300,000 people gave up looking for work, simply quit, no hope, no reason to continue, that has to be the biggest story of the week. You see those people everywhere, on the streets, at the bus stops, living with their parents or other family and friends. It reminds of third world countries where that is the everyday lifestyle.

    • Greg

      Art,
      Thank you for the analysis and comment!!
      Greg

  2. S.Murphy

    Greg,
    Just wanted to say that I really like your web site and have added it to my must view sites. I can relate to the topics you cover and the way you present them. Keep it coming and good luck.
    S. Murphy
    Orlando, FL

    • Greg

      Thank you S. Murphy.
      Greg

  3. slingshot

    Another great summary of weekly events.
    Sometimes I have to sit back and take a deep breath and ask myself if this is really happening. Madness. Pure madness. Somewhat overwhelming at times. I watched the Tech Bubble. Dow at 14500 NAS at 5000 and the S&P at 2500 which none have recovered. I listened to those that brought homes at outrageous prices and how they were making money as home prices sky rocketed,only to find themselves with submerged mortgages and payments they could not pay. My younger friends have come to realize they may have to work till they die.
    I guess some people get it and others don’t. How do they miss it when it is so blatant? How do they not take steps, even small ones, to reduce the future trama while they can?
    The children living in a truck, from Gregs article, living in cars, I have no words. Just raw feelings. Those of us who are Grand Parents have special worries if their children have financial problems.
    By now most of you have deduced that I am a prepper/survivalist or some definition which gives images of running in the woods with guns.
    Partly true. I will also confirm that food does not procreate and magicly wrap itself to be placed on supermarket shelves. A remarkable reality disconnect which permeates our society and comparable to the financial distress of our country. It will always be there! So they say.
    In conclusion. I enjoy reading the articles at USAWATCHDOG, the educated replies of those who endeavor to understand the plight of our country, and their tenacity to find peaceful solutions to our nations woes.

    • Greg

      Thank you Sling.
      Greg

  4. Wild Bill

    Greg,
    Read on another blog that the 3.5 trillion Iraq Dinars the USA holds could be revalued by the IMF and then be worth $10 trillion thus kicking the can down the road but saving Obama’s re-election. Any truth to this?

    Wild Bill

    • Greg

      Wild Bill
      I simply do not know.
      Greg

  5. M SMITH

    If the U.S. or NATO keeps screwing up like they did by killing the wrong guys, they may trigger a World War. There’s 1.5 million reservist in the U.S. who would be called into active duty at a cost of who knows what to the U.S. tax payers, the gov does not care how much blood they have on their hands already, adding more does not seem to matter to those in power long as they retain that power.

    Armstrong has released 3 new short writings, he holds nothing back & all should read them http://www.armstrongeconomics.com.writings/. Released 11/23/2011 & 11/30/2011. Again by looking back though history the answers are there and any good historian with any salt could team up with experts in economics to lead the way out of the sovereign debt crisis the world faces. What stands in the way, politicians/bankers, who cares more about retaining power than solving the problems the Nation & world faces. The proof is front and center in the bills being passed by the U.S.Congress even after millions cried out against such UN-Constitutional Legislation being forced upon all Americans where ever they are. I have not read the exact wording of the NNDA bill but I would bet certain groups would be exempt from the bill if Obama does not veto the bill.

    I would like to point out to the important stories listed on the right side of this page, they are real & deserve everyones attention befor we wake up to find your PC is nothing but a blank screen!

    Greg, another week where you lay in all on the table while the MSM simple minds paints over the true facts of a really ugly out look at ever turn of the road we all must travel. Thanks & have great week end.
    M.Smith

  6. jay

    greg.
    this may be a stupid question. what if all profits from all bissnes for 1 yr went to pay off the debt. chevron,ect…

    • Greg

      It would not be near enough.
      Greg

  7. Jim

    Thanks Greg
    Heard a Politician (Ron Paul) say many years ago, the war, North against South was more about forcing a union of people that not all wanted to be a part of than slavery issues. Maybe the beginning of the NWO spoken of more recently by Jimmy Carter and George Bush Sr. here in America. The destruction of states rights and building of the Corptocracy world wide has reached a very fevered pitch. Not sure if we can stop this train. We must try for our livelihoods and freedoms depend on it.
    Have a great weekend and try not to fear.

  8. Sean

    Thanks for the weekly wrap-up, Greg. It’s nice to see that other folks are seeing things the same way I do, despite a lack of fortitude or forthright journalism from popular media – even those who claim to be hard hitting.

    One piece of analysis that’s missing from media on the Afghan/Pak front is how 90,000 of our troops are being held over a barrel right now by Russia. After Pakistan closed NATO land supply routes, Russia controls the last land corridor for re-supply of our troops and in Afghanistan. Moscow has raised the possibility that they may shut down this last line of supply if NATO and the US don’t change policy on the missile defense shield and allow Russia to integrate with the defense shield leadership. From the WSJ:

    “Russia said it may not let NATO use its territory to supply troops in Afghanistan if the alliance doesn’t seriously consider its objections to a U.S.-led missile shield for Europe, Russia’s ambassador to NATO said Monday.

    Russia has stepped up its objections to the antimissile system in Europe, threatening last week to deploy its own ballistic missiles on the border of the European Union to counter the move.”

    That move would leave only a Pakistan air corridor as the only remaining option to supply to our soldiers in Afghanistan, so long as we can keep from attacking them again. The head general in Pakistan has just provided carte blanche permission to local commanders to respond to any attack without first moving through the chain of command so the potential for another significant event between the US and Pakistan is higher now than ever.

    Russia and Pakistan have the US over a barrel right now. There are very few viable options. Start repairing relationships now and back down from this over-aggressive steroid junky approach to foreign policy, or keep up the pressure on Russia and Pakistan until some miss-step or even a sadistically calculated event results in nuclear armed countries moving closer to deployment of strategic assets as this globalist power game is moved forward to a new level.

    The threat of an expanded world conflict today is more real than at any time in the past 70 years. The globalists can use it to unite Europeans against a common enemy. They can use it a s a means to eliminate so-called “rogue nations” like Syria and Iran, who have refused to relinquish economic sovereignty by joining MEFTA. Google US MEFTA and open the first wiki link to see a chart that shows where these two “rogue” nations stand in terms of compliance with MEFTA entrance criteria.

    And most of all, just as WWI was the reason d’etre of the League of Nations and the United Nations was the globalist response to WWII, a third world war will give the globalists an opportunity to reappear as a new peaceful organization (maybe something like the “World Parliament” waiting in the wings – google it) to eliminate all future wars, eliminate sovereign governments who will enter into armed conflicts, and to “harmonize” a new global system that is designed for the benefit of humanity etc.

    Conspiracy theory? Absolutely, yes. But based upon a lot of converging and relevant facts.

    • Greg

      Sean,
      The plot thicken. This is a very good pont. The U.S. could get choked off it it is not careful. I hope out troops will stay protected and safe!!!
      Greg

  9. Gregor

    Thanks for the little laugh there at the of this week’s Wrap Up, Greg, we can all use a little more humour in the face of this adversity. Um, and then I realized it wasn’t a joke, the bit about the banksters buying back there dangerous debt, because isn’t that exactly what they’re doing – buying back all their faulty debts (incendiary derivatives) but by using OUR money (and the wages we haven’t even earned yet) to do so?!?

  10. Luis Chavez

    Greg

    You are always a light in the dark.

    Soon this planet will shine again.

    Luis Chavez

    México

    • Greg

      Luis Chavez,
      Thank you for your kind words and support.
      Greg

  11. V

    Hey Greg,

    How do you think the housing market in the states is going to effect the Canadian housing market?

    • Greg

      V,
      When interest rates go up from near record lows, housing prices everywhere will see another leg down. This includes Canada, but having a paid for home is not a bad thing no matter what the price is.
      Greg

  12. Paul Kaye

    Greg,

    Great work. Much appreciated.

    The 30 year bond yield is 3% not 4%.

    All the best, PK

    • Greg

      Paul,
      I was referring to mortgage interest rates. I am sorry if I din not make that clear. Thank you for your kind words and comment.
      Greg

  13. peter godwin

    Perhaps the reports should be “Fed bailing out banks, again” my understanding is that if there is a default in Europe the CDSs sold by US banks would cripple them. The counterparty risk is too high for an orderly wind-down of the SWAPs.
    Therefore, the FED is protecting the US interests by keeping Europe afloat at the US taxpayers expense.

    • Greg

      Spot on Peter!!
      Greg

  14. sensetti

    More good news it just keeps rolling in like a giant Tsunami. The big wave has not hit yet but its on the way. I hope we have a few more years. Marc Faber is saying the Fed can print for another five to ten years. Kyle Bass is saying three years with the EU going over the cliff first, followed by Japan, and then the USA. I have no idea how long the Fed can create digital money and hand it out. I’m still looking for a major war to happen before the dollar collapses, a major war with China or the Russian bear. China has threatened us over Iran. The beating of the war drums can be heard in the distance if you just listen.

  15. Mike Mccabe

    Gearald Celente states that there will be a worldwide Depression that will dwarf the Depression of 1929, i have to agree. i am just a ‘dumb” truck driver, but i can see that happening from afar. Destroyed by design, it is so obvious that America is being taken down by the “Illuminati’ AKA the Bilderberg group, etc, etc. There is a One world government, One World Religion emerging as predicted in the Bible. So, thanks for all of your good works, not every american is a dumbed down porno/popculture/sports addicted MORON, but sadly, too many Americans fit this profile, and they know NOTHING about history. good day Sir, I will continue to listen to you on Coasttocoast AM.

    • Greg

      Mike,
      You don’t sound dumb to me. I agree with both of you guys!
      Greg

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