By Greg Hunter’s USAWatchdog.com
Top story is the Israel/Hamas war. Now, even the Pentagon is concerned about civilian deaths as allegations of Israel shelling a U.N. facility housing civilians was hit. Hamas vows to fight on and so does Israel. Hamas wants its borders opened, and Israel wants the rockets and tunnels shut down. I predicted this is going to go on for a while and is looking like it may spark a wider Middle East war. Israel is calling up another 16,000 troops. Meanwhile, Iran’s President Hassan Rouhani is out with new incendiary statements against Israel. He said, “This Festering Zionist Tumor Has Opened Once Again,” when talking about the Israel/Hamas war. Rouhani also said ISIL is “a second festering tumor that murders people in the name of Islam.” Both Israel and the Islamic State in Iraq and Syria are potential hot spots where wider war can and probably will break out.
U.S. and EU sanctions increased this past week because of the crisis in Ukraine. The sanctions are tougher but leave some loopholes, such as the new sanctions do not include Russia’s biggest bank. I do not think this is going to do anything but escalate a financial war, which could turn into a shooting war. Russia is mulling a response. It may include higher prices for oil and natural gas, barring top U.S. and European accounting firms, and targeting U.S. companies doing business in Russia, such as McDonald’s which has 400 stores. I cannot see how this is going to anything but harm an already sick global economy. By the way, NATO continues war games in Poland.
Speaking of the economy, it supposedly grew at an astounding 4% clip in the second quarter. If you add up the first quarter GDP, a negative 2.9% plunge, to the second quarter 4% positive growth, you only get a 1.1% growth first half of 2014. I suspect this 4% so-called growth will be revised dramatically downward in the months ahead. Gregory Mannarino of TradersChoice.net told me that this 4% number is fake, and it is faked for war propaganda. The debt problem in the world is bad and is a daisy chain of defaults waiting to happen. We have defaults in the EU, and now Argentina, and it’s going to get worse. Mannarino will discuss all of this coming up on Monday.
The Ebola outbreak in Western Africa is out of control according to the Liberian government. 700 so far have died. The disease kills 90% of the people who contract it. Health experts say this could potentially turn into a global epidemic. Ebola detection kits have been dispersed to all 50 states, but our government says don’t worry.
Finally, the conditions here in the Midwest are lush and green. They are projecting a record corn crop with averages between 170 to 200 bushels per acre. The West and Southwest are a totally different story because conditions are extremely dry. 58% of California is at the driest level possible, and the entire state has at least severe drought conditions. This is also the case from Texas to Oregon.
Join Greg Hunter as he analyzes these stories and more in the Weekly News Wrap-Up.