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.