Weekly News Wrap-Up 5.11.12
By Greg Hunter’s USAWatchdog.com
If you think gay marriage or Mitt Romney’s alleged forced haircuts when in prep school are the big stories you need to worry about, then you are watching too much of the mainstream media! There are much bigger stories folks should be paying attention to. Let’s start with the Fukushima Diiachi nuclear power plant in Japan that is still not under control. It is far from over, and at least one U.S. Senator from Oregon is sounding the alarm. Ron Wyden is not only asking the Obama administration to get involved but the entire global community. If this blows up again, there would be 85 times more radiation than Chernobyl. This could cause extreme sickness and millions of deaths worldwide. The USA is directly downwind from Japan. Europe is the other big story you are not hearing much about. Economist Nouriel Roubini says the EU and the euro is finished when the crisis hits Spain and Italy. He is giving a 2 to 3 year time horizon. If the Eurozone breaks up, as he predicts, there is no way the U.S. is not sucked under. And let’s not forget the elections in France and Greece that are not favoring the austerity and the banker bailouts. This is really a bank solvency problem, not just a sovereign debt crisis. David Stockman, director of the Office Management and Budget under the Reagan Administration, says we are in “The last innings of a very bad ball game.” That sounds like a lot less than 2 to 3 years before all heck breaks loose to me. Nigel Farage, a Member of the European Parliament, predicts there will be an attempt to install a “dictator” in Europe. Farage says just look how the elected Prime Ministers in Italy and Greece were replaced with bankers. Farage says the EU is “headed for the rocks,” and the EU leaders are in denial. Is there any wonder why China’s gold imports have surged 6 fold in the first quarter? Not Treasuries, not euros, not dollars, but gold imports to China up 6 fold! That should tell you something. Warren Buffett, Charlie Munger and Bill Gates are all talking down gold recently, but gold has blown away Berkshire Hathaway and Microsoft in the last 10 years. Greg Hunter delivers analysis of all these stories and more in the Weekly News Wrap-Up.