Weekly News Wrap-Up 6.15.12
By Greg Hunter’s USAWatchdog.com
Forget about the Greek Elections because, in the end, Greece still has to pay its bills. There probably will not be any one party that will get enough votes to garner a majority, but the anti-bailout party is gaining ground. Spain is the latest bailout casualty, but it is all a sign of a system in a tailspin of insolvency.
How much longer before Italy will need a bailout? There are reports of bank runs and rumors of capital controls to stop them in many European countries. There seems to be no end in sight. Jamie Dimon of JPMorgan Chase testified in front of Congress this week, and he would not discuss the size of the bank’s loss in risky derivatives or the size of the trade. Some are reporting it between $70 billion to $100 billion. Dimon says the financial system is much safer today, but how can it be with the five biggest banks in America holding more than $220 trillion in derivative bets?
Things continue to heat up in Syria. The Russians are reportedly sending attack helicopters, and charges the West with arming Syrian rebels. It has turned into a full-blown civil war, and there is no end in sight. Don’t forget the big meeting in Russia next week concerning Iran’s nuclear program. The U.S., UK, Germany, France and China have attended two previous meetings, and all that was accomplished was an agreement for another meeting. If Iran will not budge, the U.S. is threatening a blockade, but will that be enough to stop Israel from striking anyway? All these stories and much more coming from Greg Hunter in the Weekly News Wrap-Up.