Weekly News Wrap-Up 7.6.12
By Greg Hunter’s USAWatchdog.com
Iran is back in the news. There was a lot of activity, this week, involving the Iranian nuclear program and efforts by the West to curtail it. New oil sanctions kicked in from Europe. The Iranians have, once again, threatened to close the Strait of Hormuz as retaliation for the sanctions. The U.S. military has responded to these threats by sending significant new military forces to the Persian Gulf. (We’re talking stealth fighter jets and mine sweepers.) Iran, also, made threats to American bases in the region and test fired a new medium range missile that is capable of reaching U.S. bases and Israel.
The Israeli government responded by hinting it may strike if sanctions fail to curb the nuke program. One of the shocking things here is how little this story has gotten into the mainstream media. Stories such as the divorce of Tom Cruise and Katie Holms have gotten way more attention. This, in a week, where one Pentagon official reportedly said, “We’ll put them on the bottom of the gulf,” if Iran’s navy threatens U.S. ships. This is not peace talk, and it is coming from both sides in the potential conflict.
The other big story is the scandal involved in the alleged rigging of a key interest rate called Libor (London interbank offered rate.) It is alleged that Barclays, along with other banks, have been involved in a scheme to set the rate illegally. This, reportedly, is the basis of interest rates for things such as credit cards, student loans and even interest rate derivatives. It plays a part in $500 trillion in transactions globally. And get this, even the British government is implicated in this scam. Greg Hunter gives his analysis to these stories and more in the Weekly News Wrap-Up.