Weekly News Wrap-Up 12.21.12
By Greg Hunter’s USAWatchdog.com
Don’t expect a debt deal Christmas present. It ain’t going to happen. This is a political football. It is also about putting blame on the other party and getting a deal that hurts the other party’s base the worst. Solving this debt crisis problem will involve real pain and sacrifice if we ever want to balance the budget. Even the so-called Erskine-Bowles plan only meant a total of $4 trillion to the budget over the next decade. That plan slowed the growth of government, forget about actually cutting it. What Congress and the President should be doing is a full court press on the economy. Instead, the Fed is propping up the banks and the government to the tune of $85 billion a month. And there is not a single word about that enormous pink elephant in the room. The economy is headed into a tailspin, and inflation is going to crush the middle class.
The President is demanding a gun plan. Not much is really talked about in terms of people who have successfully protected themselves or families with a firearm. Just last week in Oregon, a shooter was stopped by an armed citizen with a concealed carry permit. The President and Congress have already gutted the 4th Amendment and “Due Process” with “Indefinite Detention” contained in the NDAA. Now, they are going after the Second Amendment (The Right to Bear Arms). The economy is headed for a real crash. This will create inflation and poverty all at the same time as the Fed keeps printing money to bail out the big banks, which are technically insolvent. You want to see some real violence, then watch what happens when the currency is inflated away. Stopping law abiding citizens from protecting themselves is not the answer. Next on the list are probably Freedom of Speech and the First Amendment.
If the government really wants to crack down on something, why not jail some bankers for fraud and crime? HSBC was fined nearly $2 billion for money laundering for drug cartels and terrorists. What about criminal prosecutions? UBS was fined $1.5 billion in the LIBOR interest rate rigging fraud. London Inter-Bank Offered Rate is used in up to $800 trillion in transactions globally. JP Morgan Chase and other banks recently paid fines for fraudulent mortgage-backed securities. So, alleged money launders and fraudsters only get a small fine? Do the powers that be want to disarm the public just in time for the next financial calamity?
Finally, today is the first day of winter 12/21/12. It is also the end of the Mayan calendar, which is NOT the end of the world, just the end of a 5,000 and 26,000 year cycle. That doesn’t mean bad stuff will not happen. The most predictable calamity is a financial crash because nothing has been fixed since the 2008 meltdown. The banks are too big to fail and the bankers are too well connected to jail. Nothing will get better under this backdrop.
Join Greg Hunter as he analyzes these stories and more in the Weekly News Wrap-Up.