By Greg Hunter’s USAWatchdog.com
Let’s go back to the Middle East for the top stories. The Syrian peace talks have gone nowhere. Absolutely nothing has been accomplished from the U.S. perspective. They have failed and the best thing you can hope for is another round of talks. The Syrians and the Assad regime, on the other hand, look to be the big winners. They claimed to be destroying their chemical weapon stockpile but are way behind schedule and have only come up with a little more than 4% of their stockpile. Secretary of Defense Chuck Hagel is concerned, as he should be. It looks like the Syrians and the Russians have put one over on the Obama Administration. There appears to be no end to the Syrian civil war that has claimed the lives of more than 130,000 and displaced more than 7 million.
Speaking of Syria, it appears the civil war there is continuing to spill across its borders. It is being reported that the military in Turkey has been attacking al-Qaeda forces inside Syria. The attacks by the Turkish military are in retaliation for cross-border fire earlier this week. This is just another sign of increasing instability in the region.
Meanwhile, on the other side of the Middle East, it appears like the Iranians have also made fools of the Obama Administration. The country is not getting rid of its nuclear program. Last week, the Iranian Foreign Minister said the White House “underplays the concessions and overplays the Iranian commitments.” This is in sharp contrast to what the President said this week in the State of the Union Address. The West wants to curb Iran’s nuclear program because it is afraid the program will eventually produce nuclear weapons. Iran denies those claims.
The Federal Reserve pulled a bit of a surprise this week. It, once again, cut back or “tapered” the bond buying program. It is still pumping out $65 billion a month propping up the economy and holding down interest rates. The Fed has some bad timing, though, with recent news on an uptick in unemployment and falling home sales. In the State of the Union Address, the President bragged on the economy while asking for more money for unemployment benefits. His idea of making things better is raising the minimum wage. Nothing was talked about in terms of the growing debt bubble that could implode the economy and send the world into a depression. It seems both parties are in denial about how bad the economy really is. The Fed is still pumping out $65 billion a month. Greg Mannarino told me the Fed is trying to prop up the stock market by driving money back to the U.S. from emerging markets. Mannarino and Doug Casey say the bond bubble is the big problem, and it is only a matter of time until it pops.
Maybe this is why the President introduced a new IRA called MYRA, it stands for My Retirement Account. It allows American to buy Treasury Bonds. Is this an opening the government is taking to start pushing people into government debt? Could it be forced on Americans someday if the Fed stops buying all this debt? Didn’t we hear there is a bond bubble? Shouldn’t people stay away from bubbles before they pop? Have you heard what former World Bank Chief Economist Justin Yifu Lin said this week? “Dominance of the greenback is the root cause of global financial and economic crises,” said Lin. He also says the dollar should be “replaced” as the reserve currency. Interest rates would head much higher along with inflation in the U.S., and those bonds the President wants you to buy would tank.
Finally, I guess some bankers in the UK don’t feel too good about the so-called “recovery.” This past week, one hung himself, and another threw himself off a high-rise in London. Coincidence? Maybe, and maybe not. Meanwhile, JPMorgan CEO Jamie Dimon, who lost $23 billion in fines restitution and trading losses, is getting a 74% raise. He bagged $20 million in 2013. His company was fined for working with fraudster Bernie Madoff, and nobody loses their job, and Dimon gets a big raise? We live in a world where bad is good and a lie is the truth.
Join Greg Hunter as he analyzes these stories and more in the Weekly News Wrap-Up.