Weekly News Wrap-Up 8.24.12
Greg Hunter’s USAWatchdog.com
Remember how I’ve been telling you there is no real recovery? Dr. Marc Faber said this week he thinks there is now a “100% chance” of a global recession. How can Faber make this call and we have any meaningful recovery? We simply do not, and what we have are bailouts and bottom bouncing. Faber has made many monster calls on the economy. In 2009, he told everyone to buy stock, and the market more than doubled. I would not bet against him. Maybe that’s why the Fed is signaling it will, once again, start quantitative easing or money printing. It meets at the end of the month at Jackson Hole, Wyoming. Expect a big announcement then.
This may also be why gold and silver have been rising in price lately. It looks like some sort of gold standard and an audit of the Federal Reserve are going to be part of the Republican platform this November. If the Republicans are serious, they may have a chance of capturing Ron Paul supporters which are young voters.
Tensions are still high in the Middle East. Fighting is still raging in Syria, and the rhetoric is still at a fevered pitch between Iran and Israel. Last week, a senior Iranian commander was quoted as saying he would “welcome” an attack because it would give Iran a reason “get rid of” the Jewish state “forever.”
Finally, I am in the Midwest this week, and the drought here is serious. The crops have been hit hard. A friend of mine says he expects to lose 70% of his crops. Other people are expecting to get zero, and are bush hogging the corn fields. I cannot believe this isn’t going to show up soon in much higher prices for food. If this drought continues into next year, the world will be in trouble. Join Greg Hunter as he gives his analysis of these stories and more in the Weekly News Wrap-Up.