Weekly News Wrap-Up 6.1.12
By Greg Hunter’s USAWatchdog.com
Greece is on life support. Spain is experiencing bank runs. Many countries are in or heading into recession. The European Union is in gridlock over what to do. The bankers want money printing for bailouts and want the people to pay for it. The leadership in the EU is, also, pushing for Euro-bonds that will spread the debt out to all the countries. Germany is a big holdout. It doesn’t like the money printing bailout idea and hates the idea of taking on the debt of all the EU countries.
Meanwhile, the Fed is probably busy behind the scenes printing money and handing it over to the European Central Bank for more bailouts. No telling when the crisis will end, but my bet is it will end badly for 99% of the population.
The U.S is not doing much better than Europe, but it is the cleanest dirty shirt in the clothes hamper. Treasury interest rates fell to an all-time low of just 1.65% for ten year bonds. Would you loan money to the U.S. for 1.6% and expect to get back anywhere near the buying power of your money in a decade? This is supposedly the safe haven play. All I can say is America will take the spotlight in the sovereign crisis sooner than later.
Mitt Romney clinches the GOP presidential nomination—yawn. John Edwards’ trial ends with one not guilty and a mistrial on the other five counts. Federal prosecutors have been trying to put this weasel in jail over a million bucks to try and cover up a love child and not a single prosecution of elite bankers that caused the trillions of dollars in losses and the financial meltdown of 2008? You have got to be kidding. Greg Hunter gives his analysis of these stories and more in the Weekly News Wrap-Up.