Weekly News Wrap-Up 12.30.11
By Greg Hunter’s USAWatchdog.com
The big story, with worldwide implications, is Iran threating to close down the Strait of Hormuz. The Iranians are fighting mad at the U.S. and EU for plans to tighten sanctions on their oil and financial interests because of Iran’s nuclear program. Iran claims it is for peaceful purposes. Nevertheless, tensions with Iran have been escalating in recent weeks. It was reported yesterday, the Iranian Navy was shooting surveillance video of the American aircraft carrier, the USS Stennis. The Iranians have, also, been conducting drills to shut down the Strait this past week. 15 million barrels of crude oil pass through this narrow shipping route every day. Other North Africa and Middle East hot spots include Syria, Egypt, Libya and Yemen. In other news, the Iowa Republican caucus is voting on a presidential candidate, and it looks like it is coming down to Mitt Romney and Ron Paul. The EU debt crisis continues as nothing has been fixed. Expect a weird combination of bank defaults and money printing in 2012 for that troubled region. All that and much more from USAWatchdog.com and Greg Hunter in the Weekly News Wrap-Up.