By Greg Hunter’s USAWatchdog.com (7/17/15 WNW 199)
Two big deals were made this week, but they may not be deals just yet. I characterize the deal to curb Iran’s nuclear program as a deal between liars and cheaters. The cheater is Iran. They have cheated in the past on curbing their nuclear program. Just a few months ago, the UN accused Iran of cheating again. The liar is the Obama Administration. The lies by him and his administration are numerous. “You can keep your health plan.” “Obama Care is going to be cheaper.” Deserter “Bo Bergdahl served with distinction.” With the IRS scandal, “Not even a smidgen of corruption.” The list of provable lies is very long (click here). So, when the President tries to defend his Iran nuke deal, lots of folks in both parties and our allies simply do not trust him. President Obama has not much “trust capital” left. I don’t want to get into the minutia of the Iran nuke deal, but even the President admitted that, yes, “Iran could cheat.” Trust is his biggest problem because Republicans, some Democrats, and all US Middle East allies do not trust President Obama, and thus, do not trust this deal. This deal is not going to make things more peaceful in the Middle East—far from it. It is also far from being a done deal.
The Greek debt deal is also far from being a done deal. I characterize this deal as collateral and control. The bankers want Greek assets now as part of the bailout deal, not bonds and promises to pay, but tangible collateral. The bankers also want control or veto power over the Greek Parliament. Yes, I know the Greek Parliament voted for the onerous terms set out by the bankers, but have you seen the rioting in Greece? This deal will not stand, and there are going to elections that will throw out everyone who voted to sell out the Greek people. Count on it. You know who else is not down with this nearly $100 billion scam? The Germans. This has exposed a deep division in Germany. Many there do not want to cough up another $100 billion for a third bailout. Of course, most of the money goes to propping up the insolvent banks in the EU, but this is far from a done deal, and even members of Angela Merkel’s own party are vehemently against it. Many prominent Germans and even the IMF say the debt needs to be cut, and some Greek debt needs to be written off altogether. If this is the case, many other heavily indebted EU countries will need a debt cut, and then you must ask what is going to happen to the value of all those bonds? (Hint: They do not go up in value, and keep in mind, they are being used as collateral.)
The Federal Reserve continues to say it is going to begin raising interest rates, and it could be as early as September. Fed Head Janet Yellen is a bit wishy washy on the timing. She told Congress this week that she worries about being “too early” and also worries about being “too late.” So, what is the real story? There are so many signs the real economy is not good. The latest comes from economist John Williams at ShadowStats.com. Williams says industrial production plunged this past week by 1.4%. Williams contends, “The last time it was this weak the U.S. economy was in collapse.” So, the Fed is not going to be able to raise rates, right? According to Greg Mannarino at TradersChoice.net that is dead wrong. He thinks the Fed needs to raise rates for it credibility and to take some steam out of a much overvalued stock market. Mannarino points out that Fed Head Yellen tried to do just that in early May when she herself said the market was “overvalued.” It didn’t work, and now she is going to have to raise rates. Is September the month? We will see.
Finally, Donald Trump has been getting a lot of grief for simply being a very unlikely front runner in the crowded GOP field. The MSM press is acting like an extension of the left wing of the Democratic Party. Republicans and Democrats are also taking shots at Trump, and I think it’s because they are all afraid of him. I think the attacks are unfair and show he’s doing something right.
Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up.
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Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.