There are two big debt crises going on now in the world. First, in Washington D.C., the debt ceiling talks have gotten ugly and have hit an impasse. I don’t know if Democrats and Republicans will get a deal done in time before the default deadline of August 2nd. I do know if a deal is not done, Fed Chief Bernanke predicts “calamity” and “chaos” if the U.S. defaults on its debt. Meanwhile, Europe continues to struggle with its sovereign debt problems with several countries. The latest bomb to explode is Italy, and this is the biggest of all the so-called PIIGS (Portugal, Ireland Italy, Greece,Spain). This is unprecedented in human history, and there is reason to worry. Gold is hitting all-time highs in most currencies around the globe. This is no mystery given all the money printing going on to fix the crises on both sides of the pond. All this and a lot more on this week’s Weekly News Wrap-Up. Enjoy the newscast:
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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.