Weekly News Wrap-Up 5.18.12

By Greg Hunter’s USAWatchdog.com 

The big news is what is coming up over the next four days.  There are two sets of meetings:  one in Camp David with the G8 and one in Chicago with NATO.  Forget the protests in Chicago; that is just noise and distraction.  There are three big problems that will be talked about at these meetings.  Syria is in the middle of a revolution, and Russia has warned the West to stay out.  Nothing is settled there, and the cease fire was short lived.   Any NATO action, such as what happened in Libya, could spark World War III.  The European debt crisis is getting worse, not better.  Spanish banks are in trouble, more than two dozen Italian banks have been downgraded and the Greeks took nearly a billion dollars (700 million euros) out of the banks there.  Germany is under Pressure to come to the rescue, but Angela Merkel is in trouble from all the bailouts.  The fear is if Greece leaves the EU, then other countries will follow, and the banks could all take big losses.  The other big topic for discussion will be the Iranian nuclear program and the big meeting in Iraq next week.  The last meeting in April with the U.S., Germany, France, Britain, China and Russia ended with nothing more than an agreement for the meeting next week.  Israel is not happy and, basically, said Iran was free to enrich uranium.  Iran has repeatedly said its

nuclear program is for the peaceful production of energy.  The U.S. Senate is working on new economic sanctions on Iran, and word there is that containment of Iran is not an option.  JP Morgan’s $2 billion loss will probably turn into a $3 billion loss and may go higher.   It will not sink JP Morgan, but this shows how risky derivatives are, and all the banks are backed by the FDIC.   This is a warning flare that big financial icebergs are ahead.  At some point, the loss might be big enough to trigger another meltdown.  Goldman Sachs, for example, had $44 trillion in derivatives and a little more than $100 billion in assets.  The banks will tell you that this is all hedged risk, it’s called bilateral netting.  This is done to keep losses tiny, if any occur. But we know how well that worked with AIG, Lehman, MF Global and, now, JP Morgan.  Finally, there is a new story on the internet about how President Obama was born in Kenya.  It seems Obama’s literary agent accidentally released it.  Please remember, a few months ago, Arizona Sheriff Joe Arpaio alleged the President’s birth certificate was a forgery.  The MSM ignored the story, but it might be harder to ignore now.  Greg Hunter has analysis of these stories and more on the Weekly news Wrap-Up.

Comments
  1. Baja Bryan

    Greg,

    Things are definitely heating up and it’s all coming to a head. I’m still amazed at how many otherwise educated folks I regularly encounter that are completely oblivious to all that is happening simultaneously. Of course they all apparently read and watch the MSM which has dumded them down to mere walking zombies in an Orwellian existence. And don’t forget another event this weekend on Sunday (May 20). That’s when a solar eclipse will block out most of the sun, leaving a spectacular “ring of fire” shining in the sky for observers located along the eclipse’s path. I’m going to sit back, watch and listen to everything transpiring. Should make for an eventful weekend indeed. Keep up the good work. You are a beacon to real journalism in an otherwise dim world that gets darker each week.

    • Greg

      Baja,
      YES, I have experienced the same phenomenon. Educated people completely in the dark. This is like the movie “The Matrix” Take another blue pill baby!! Thank you for the comment.
      Greg

  2. freedom

    Greg.
    Thats a wrap. Question of the day? What would the usa be like with a real main stream media that did some research, and reported truth.

    • Greg

      Freedom,
      We would probably not be in the enormous mess we are are in. Thank you for asking that question. It puts this situation into perspective.
      Greg

  3. mike gunther

    Greg, as usual you are spot on and have boiled down the background noise and gotten to the “rat killin” as John Wayne used to say. What, if anything will come out of these meetings this weekend that will have any impact on economy, israel/iran, eu break up? I dont think too much. The countries are going to act in there own self interest and the perfect example of this is israels upcoming attack on iran nuclear facilities. I also dont think Germans want to pay for Greeks laying on the beach. Please keep up the great work and I think you should start a web show/report like glenn becks gbtv. I for one would subscribe!

    • Greg

      Mike,
      You are very kind. Thank you for you for our support.
      Greg

  4. William

    Greg Im surprised you shrugg off the noble, rightous, men and women of valor protesting in Chicago as meer noise! Well, just maybe your seeing those nobodys for what they are identical twins to the ocupy wall st. mob. Don’t try and tell us they are different they are not. Greg glad to see you growing and being helped by us who like your site. Thanks…………….

    • Greg

      William,
      It was not meant to be a smear. I think folks protesting are the highest form of patriotism, but that is a small event compared to an impending financial meltdown or WWIII. I was for the NONvoiolent OWS movement where these folks were questioning bankers getting away with fraud and ripping off the public and nobody went to jail let alone prosecuted. I am sorry I came off that way. I did not mean to.
      Greg

      • William

        Greg I was joking, your comment of being just noise is correct. Notice that people like you and I and others that like you and your site are not out “ocupying” we are working, taking showers, brushing our teeth with items that we bought with money we earned.
        Now the Tea party protests were real. Real people with dignity and class and not asking for a hand out from some hollywood wack-job.
        I don’t know about you but in a jam who would you want to stand with you a ocupy wall st. hippy with his bong, or a Tea Party protester with his torch and pitchfork? Easy choice for me.

        • Greg

          Thank you William. I believe we all are all in the same boat and it is sinking. Can’t argue against the Tea Party. Spending is an enormous problem.
          Greg

  5. George Too

    Greg,
    http://media.economist.com/sites/default/files/pdfs/Plaintiffs%20Opp%20to%20MSJ.pdf
    This document tell the whole world the stock market is for suckers and the big guys are sucking out the 401K plans of the middle class.

    why are these bastards not in jail? selling something you don’t have is fraud!

    • Greg

      Thank you George!
      Greg

  6. Blt

    Git er did greg. Git er did. (add thick southern accent). One thing I find crazy is no fukushima coverage either. Im sure glad I can turn on the tv and know everything about the kardashian (spelling?) family. Like hooper told the mayor in jaws “you will continue to ignore this problem until it swims up and bites you in the a%#!”

  7. Mike

    Put in perspective, $2b loss is only 1% loss… I wish my portfolio did so well!

  8. M SMITH

    Greg, please go back to infowars & listen to the Rev Lindsey Williams, if this does not worried you, nothing will. Go back on & let the truth be told as only and a few will stand up & tell! GOD BLESS you & your family, you have been a great person for me to get the truth from & I am forever in your debt! Peace out!
    MLS

  9. xxxxx

    If Obama was born in Kenya, the FBI, CIA AND Pentagon must want him in the White House.
    A person can be educated and still can’t balance a check book. Education is only a tool, sometimes a shovel and a tired back can keep you out of debt.
    Your one of the few Greg worth reading. You must of had good folks around you growing up. Peace

    • Greg

      xxxxx,
      Thank you for the kind words and support.
      Greg

  10. Jan

    Greg,
    Putin is not attending the NATO Summit. I wonder why? He was warned the US & NATO to stay out of Syria, he is staying away to protest or get his ducks lined up? Time will tell.

    I have minor knee injury, so I am forced to sit and keep it elevated, lots of TV watching & Internet reading this weekend. I was flippng through channels and ended up watching the Vietnam War on the History channel. It made me so sad, that was my generation of young men sent off to fight a war for the military/industrial complex to profit off the deaths of our generation. The public was lied to then and we are being lied to again today.

    After the show ended, I started reading my favorite web sites. I found this piece by Paul Craig Roberts that is worth sharing:

    http://www.silverbearcafe.com/private/05.12/unplug.html

    What is the answer to the world global crisis? War of course and the lies are flowing freely.

    I wish Ron Paul had a chance, he is the only one willing to end this insanity.

    • Greg

      Jan,
      I hope he at least has an effect on redirecting the Republican Party. That is one of his stated goals. Thank you for your participation in this site!!
      Greg

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