Weekly News Wrap-Up 7.26.13

4By Greg Hunter’s USAWatchdog.com   (Corrected and updated)

The top story concerns the Middle East ratcheting up the possibilities of an intensified war in Syria.  Top U.S. military officer General Martin Dempsey warned Congress about the “unintended consequences” of employing some of the military options that are being talked about.  Dempsey expressed concerns over arming al-Qaeda backed rebels and the fallout of weapons that could be used later against the U.S. and its allies.  There is also talk by some senators, like John McCain, of direct U.S. involvement that includes troops and aircraft use to establish a no-fly zone.  This according to General Dempsey could cost as much a $1 billion a month.  General Dempsey told Congress “we could inadvertently empower extremists.”  He said training and arming the rebels could cost as much a $500 million a month.  Nearly 100,000 Syrians have been killed in the two year civil war.  Remember, our opponent is not just the Assad regime, but Russia, Iran and, to some extent, China. 

President Obama is going on the stump over the next few months to talk about the economy.  Simply put, he wants higher taxes and higher spending.  John Boehner, Speaker of the House, says no way.  He and the Republicans want just the opposite.  We have some huge hurtles coming at us.  Obama Care starts to kick in in October, and that is being called a job killer.  Also, the debt ceiling fight could end in stalemate and a government shutdown.  Is the President setting up the Republicans to take the blame? 

Speaking of the economy, the Detroit story may now be off the front page, but its effects on the $3.7 trillion municipal bond market are just beginning.  Dozens of other cities are also in deep financial trouble.  Guess what that means?  Interest rates to fund city and state projects in the municipal bond market are going to get a lot more expensive.   Detroit’s pension fund alone is underfunded by $9 billion.  Bond holders will be lucky to get 20 cents on the dollar.  It’s hard to imagine pensioners will get much more than that.  Politicians promised all these goodies to get votes and now have shafted these people.  This is why I do not like public unions.  There are no profits–just taxpayers.  When things get bad and taxes get too high, people can just move, and that is what happened in Detroit and is happening in other big cities.   Many market experts say funding projects for cities, counties and states is going to get way more expensive.  That is going to cause higher taxes, cutbacks in services and, I predict, many more defaults. 

A vote in the House of Representatives to restrict the NSA data collection and spy program was defeated, but just barely.  I think if NSA leaker Edward Snowden did not come forward and disclose this awful unconstitutional program, we wouldn’t ever be talking about this.  Snowden did the country a favor.  This is not over; I expect more votes in the future. 

In a surprise move, the U.S. government filed criminal charges against SAC Capital Advisors for alleged insider trading.  SAC denies the charges, but a 41 page criminal indictment claims “pervasive insider trading.”  The government lawsuit is seeking $10 billion and could put the company out of business, just like Arthur Anderson in the Enron debacle.  Even though SAC has more than $14 billion under management, some say the government is just picking on a small company.  There have been no criminal prosecutions of big banks for things like security fraud and money laundering for drug cartels and countries that support terrorism. 

Join Greg Hunter as he gives his analysis on these stories and more in the Weekly News Wrap-Up.

Comments
  1. Derrick Michael Reid

    Got Gold Report from July 17th

    I indicated that there would be a flip in the COT, that is the perineal shorts, aka bullion banks, aka greedsters, and particularly the mob boss JMP, that there after JMP would manipulate to the upside, going long gold and silver, which they have over the past couple of weeks, and sure enough the hedge funds are now hugely shorts, sitting ducks, and the stage is set for JMP to come in and manipulate the bullion price to the upside, after they, on the naked short side, criminally stole US gold and sold it to China, TREASONOUSLY.

    ITS THE SAME GAME, just flipped-off, 180 degrees.

    While the bugs may like the pending action, JPM manipulating to the upside, for huge profits, its still the same crime for profits, but ssshhhh, DONT TELL ANYONE!!!

  2. Derrick Michael Reid

    Mr Hunter, this is for your understanding.
    Please enjoy. My pleasure as always. Love you man!

    http://totalcontrol.blogtownhall.com/2009/03/14/walking_liberty_is_real_money.thtml

  3. Rodster

    Greg, the reason the main stream media doesn’t ask the same questions the alternative media asks is because of 2 things.

    1) The media is controlled by 5-6 large corporations. No one wants to ask the tough questions are they’ll find themselves out of a job.

    2) It’s the government media complex. The state run media and govt are colluding on what information gets to the public.

    • Greg

      Thank you Rodster for the comment.
      Greg

  4. Jim H

    Happy Friday Everyone!
    Name a good for mankind system that’s been tried. I can’t. Every system thus far has been geared to benefit a few at the expense of the many. Great wrap-up Greg. As long as for profit trumps the good of mankind the pyramid will always continue to expand until it crashes. We are only as sick as the secrets we keep and boy do the few have secrets. The worlds “Investors” who own the worlds Intelligence, banking, police, media and militaries will continue to hide bad motives behind good ones until the secrets ruin everyone for the most part but them and their Buddies. This is and has been the system whether it be called Communism, Socialism or Capitalism. Occupy was the greatest movement our world has seen in my lifetime. The consciousness was focussed on “This is what you are doing and we want it to stop because it’s evil”. Take any topic you cover in your wrap-ups and behind it you will always find corruption by un-named “Investors” Occupy had no Leaders and no demands, just singleness of mind that said “we know and you need to stop”. Sad thing is, the Capitalism I supported most of my life has the potential to harm the world even more than the “evils” of Socialism and Communism. For myself in my position (a current sequestoree) all I can do in my 32 hours per week is think critically with common sense and know the topic well enough to educate those who ask about what General Smedley Butler Called the “Racket” in his book “War is a Racket”. Unfortunately war is not the only racket. I truly do believe if Leader’s had been appointed to Occupy, one or all of the Intelligence agencies may have assassinated them because that message is the one that can bring down the whole house of cards. Have a great weekend Guy’s and Gal’s.

  5. Brian

    When crime goes unpunished you get bigger, bolder, badder criminals. With this as a compass it is plain to see where things are headed.

  6. Diane Carol Mark

    Hi Greg,
    A couple of points from your weekly news wrap-up:

    1. Sequestration. Sequestration is not so benevolent. It is cutting 22% or more from Federal Unemployment checks, if you need to go onto Federal benefits if you exhaust your State benefits (~5 to 6 months). That’s a lot of bucks when you need it to get by. Why not cut an extra task force, committee or cushy six-figure salaries at the Federal level?

    2. Unions. Unions have saved lives and stabilized the work days for countless voiceless employees who were grossly taken advantage of. The coal mining industry is still bad where they now, in some areas I’ve read, are paid by product delivered, not by the day worked. Unions in themselves aren’t corrupt, but have been corrupted by greedy folks and we need to make this distinction. They should be reformed not disbanded.

    3. Whistleblowers. Please refer to Edward Snowden as a whistleblower. There are protections in place for whistleblowers which is why they don’t want to refer to him that way. He hasn’t said anything that Gerald Celente didn’t publish ten years ago; only he showed some real documents. This is like calling the Guantanamo Bay folks enemy combatants so that they don’t get their Geneva Convention protections. That’s a crime.

    Thanks for your continued work and we will support you for as long as your voice is heard!

    :) Diane

    • Greg

      Diane Carol Mark,
      There is a big distinction between coal miners (private union) and city employees (Detroit/public union) In private unions there are profits-no problem. In public unions there are only taxpayers. The folks in Detroit were used and lied to just to garner votes for politicians who have now left office. Thank you for your comment and perspective.
      Greg

  7. frosty

    That’s a cute cartoon Greg.

    It made me wonder what one would look like had Thomas Paine been sitting in that rocking chair with his quote “The duty of a patriot is to protect his country from its government” captioned above him.

    Perhaps, in addition to the IRS and NSA agents plotting behind, the president would also be there saying..”Not necessary fellows, we have drones for that”.

  8. Bert

    Look out when the desperate pensioners start shooting back. I fear for city dwellers the day when the retirees start marching in 250 or more American bankrupt cities.

    I’ve come to realize whom the 1.6 billion rounds of ammo are for. Bankrupt the top 250 to 1,000 cities in America followed by State and CORPORATE bankruptcies and then the FED will step in to bailout the cities and states by adding ten trillion dollars into the system overnight, the dollar will collapse… and the bullets will be flying in all of the urban areas.

    I can imagine a time where the FED will print $10 trillion in a single month … and none of it will help anymore.

  9. M.Smith

    A wake call for the supporters of O Care, it seems more are wanting off that death ship, 150,000 & 100,000 are IRS workers, woo-we what a mess stacking up with all the others the public has been led to believe that all will be well in the good old USA! http://washingtonexaminer.com/irs-employee-union-dont-want-obamacare/article/2533250. Did this group wake up from the propaganda they were feed? The care they get now would be lost & they would be in line with those out side of all those cushy government jobs! Obama will spin & cycle over & over to keep all of the other problems out of the publics minds. To many will be busy trying to get a job of any kind or working 3 jobs to just get by, I am seeing it now.

    Nancy Pelosi still waves a big stick with in the democrat party, if not the NSA might of had their funds cut some what, but Pelosi pulled enough Dem’s to the far lefts side & the republicans did their part also to ensure the NSA stayed on the job! So both parties stand against the people’s privacy, again the people lose & corporations with deep pockets get what they want!

    McCain wants to spend billions on these endless wars, nothing new there, the man lives in the past & needs to be put out to pasture along with Reid & many more of the old crows of DC! O needs trillions in new taxes & these old boys will be there to do just that, even if it puts another 2 million out of work or pushed to part time hours! Change we look forward to. right?

    http://www.zerohedge.com/contributed/2013-07-26/nuclear-power-being-abandoned-worldwide. I understand why, Tepco has been really falling down on the job as Fukushima continues to fill the Pacific with tainted ground water coming from under the plants, steam being released from unit 3 & they don’t know why, no real cold shut down of any of the failed reactors or any knowledge of where the Corium (melted tons of fuel rods) has gone, yes we seem to have huge problem with no fix or help coming from the rest of the world. Very good economic article if you like to hear real doom & gloom! It’s not just Fukushima, our own plants are old & falling apart & it never makes the news, one day it will happen on US soil & when it does how will they deal with panic? They have no plan that is up to date!

    Another oil/gas rig in the Gulf of Mexico is leaving a sheen of oil as spotted by http://www.onwingsofcare.org, but the company that owns the melted platform said there is no danger to the Gulf, I think we have heard that story before, BP said the same shit & the Gulf is no where close to being same for sea life! Just another week of cover ups by the giant multi-national corporations! They buy the votes to do as they please!
    Thanks Greg, we made it through another week!

  10. George

    Greg,
    Thanks for what you do: asking the hard questions that the MSM is afraid to ask.
    The very idea that the NSA is collecting all voice communications and emails and holding for five years or longer is frightening. I see a day where something you wrote ten years ago could cause you to have a hood put over your head in the middle of the night. Oh, but that could not happen in America could it? Look at what they already have in place.

    • Greg

      Thank you George for weighing in with all your comments. Happy to have you on the site.
      Greg

  11. George

    Holder provided guns to drug cartels illegally and lied. Holder lied that they were not looking to prosecute reporters. Obama and Holder say they want to get to the bottom of the “phony” scandals but they don’t say which scandals are “phony”. They lie.

  12. George

    I see Obama and his mouth piece Jay Carney, talking about “phony” scandals. How can the IRS scandal be phony when the IRS admitted their criminal actions? Didn’t the O’man say he had not tolerance for those doing this and he would get to the bottom of it?
    I think in O’speak, “getting to the bottom” translates as burying the truth under a boat load of B$. Could this administration get any more corrupt?

  13. George

    Sorry for the number of Posts:

    This is too bizarre to be believed. The government agency that is supposed to administer Obamacare doesn’t want to be covered by it. That says it all!
    http://dailycaller.com/2013/07/26/irs-employees-union-please-dont-make-us-enroll-in-obamacare/

    And yes, they have a union

  14. Derrick Michael Reid

    Keep your eye on the ball, and dont be misdirected.
    Its all about Money and FRN enslaving the people.
    The big news is JPM vacated the commodities space.
    http://totalcontrol.blogtownhall.com/2013/07/25/jpm_state_enemy_1_public_disclosure.thtml
    That is called VICTORY.

  15. jerry

    Greg sorry I missed your reports this week. I was involved with the Missouri 340 race and was gone. It looks like you have had another great week of reporting. Now let me get serious. The more I understand how Obama thinks, the more I am convinced he is trying to use whatever tools he can find to help collapse this country and make it in to a totalitarian state. The Republicans? They’re nothing more than shadow puppets for this man. He will use them to help push whatever agenda he wants, or (like you said) be used in the blame game to cover up with whatever needs to be hidden . I’m am always amazed at how willing the Media is to carry this mans water. They’ll lick his boots at the drop of a hat. He can say or do whatever he wants, and no one challenge him. The Republicans are spineless. Bainer and McConnell don’t have the guts to stand up to this man and stop this insanity. Its a sure bet they will be raising the debt ceiling in another month. Couple that with the expense of Obamacare and you can predict what is going happen. The Republicans? They will be used as patsies either way. If the economy collapses by raising the debt ceiling they’re going to get the blame. If they don’t raise the debt ceiling and the government is forced to be shut down, they’re
    going to get the blame. And guess what? The media will be right there to help make sure it happens. Real Americans (like Ted Cruze) are taken to the wood shed by the media every time he opens his mouth to challenge them, or bring them back to the Constitution. Greg we are all in very serious trouble. The American people are going to go right off the cliff like a bunch of lemmings following this man. And the news media will be right along with them. It takes courage to do what your doing Greg, and I want to thank you for that. There’s an old saying. A prophet is always a stranger in his own town. And I believe that. Most of the people we know ,will not listen to what we are saying until its to late. The hard part is, it will be difficult to be philosophical once you’re forced to eat out of a garbage can for survival. As free men (at least for now) we have done our part to try and warn them. Thanks Greg for you reports.

    • Greg

      Thank you Jerry for your comment and support.
      Greg

  16. Derrick Michael Reid

    With JPM exiting Bullion Space, here is the next step.
    http://totalcontrol.blogtownhall.com/2013/07/27/usa_bullion_bag_holder.thtml

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