Weekly News Wrap-Up 2/1/13
By Greg Hunter’s USAWatchdog.com
The Middle East and North Africa are hot and getting hotter in terms of war and conflict. Pick a country from Mali to Egypt or Yemen to Syria; there are wars and rumors of war. Israel jet fighters attacked a convoy in Syria this week. Israel says it was missiles to be used against Israel. Both Syria and Iran say they will retaliate. The U.N. says it is “gravely concerned” about the escalation of violence. Russia, which is backing the Assad Regime in Syria, calls the situation “unacceptable.”
Meanwhile, the Iranians are speeding up their nuclear enrichment program. Henry Kissinger warned recently that crisis involving Iran’s nuclear program is drawing near. How near is anyone’s guess, but the sings are there for war to break out in the Middle East and North Africa that could threaten oil shipments coming out of those regions.
Back here in the U.S. there was a surprise contraction in GDP of .1%. The mainstream media is saying it’s no big deal, but it is a very big deal. The economy should be taking off like a rocket. Consider the Fed is pumping out $85 billion each and every month to infinity, along with the Fed policy of suppressing interest rates for everything. Along with that, the government has been allowing phony accounting since 2009. We should be hitting 10% growth, and the economy should be circling Mars. Instead, we are getting a contraction? This is the best spin the government can come up, a -.1% contraction? What is the real number, -1% or maybe -2%?
Is the Fed going to increase the money printing, or decrease it in light of this most recent contraction? I’m going for turning up the money presses to an even higher speed. “Bond King” Bill Gross of PIMCO thinks the same thing. This company has $1.3 trillion in assets. He wrote a post on his company’s website called “Credit Supernova.” In short, he thinks the credit and money printing expansion is going to go on until it explodes. What is he telling his people to buy? His answer is “. . . gold . . . (or) anything that can’t be reproduced as fast as credit.”
Join Greg Hunter as he gives his analysis on these stories and more in the Weekly News Wrap-Up.