Weekly News Wrap-Up 10.26.12
By Greg Hunter’s USAWatchdog.com
The third and final Presidential debate was this week, and I thought it was a draw. Neither Romney nor Obama scored a knockout blow. I can’t believe we had these debates and not a single question was asked about the $85 billion a month being printed by the Fed. This is unprecedented in human history. What could go wrong?
“Fix the Debt” is what influential CEOs are saying to Congress. A group has gotten together to persuade Congress to avoid the so-called fiscal cliff at the end of the year. I don’t see how this is going to come about unless there is a clean sweep of the House, Senate and Presidency by one party or the other. I find this pretty rich in lieu of the fact we spent trillions bailing out the banks. I didn’t hear the CEOs bitching about this when the Fed was busy printing up $16 trillion to bail out everyone from Harley Davidson to Toyota to foreign and domestic banks. They want to cut spending? How about stopping all the bailouts. Not a word mentioned about this with the “Fix the Debt” CEOs.
In other news, plenty of companies are reporting earnings misses and are telling investors that the fourth quarter doesn’t look good either. Expect lots of layoffs after the election and into next year. Also, expect to see foreclosures to take off according to Fabian Calvo. He runs a $100 million a year mortgage debt business and was a guest this week on USAWatchdog.com.
Iran is threating to halt oil shipments if sanctions increase. It looks like President Obama was right about one thing, the sanctions are hurting Iran. Meanwhile, a Sudanese munitions factory was bombed. It is said to be the work of the Israeli military. This factory supplies enemies of Israel. This is just another in a long list of signs that show things in the Middle East are getting worse, not better.
Germany wants its gold to come home from the Federal Reserve Bank in New York City. It appears the Bundesbank wants to assay the gold for verification. I guess they too have heard the stories of tungsten filled bars. It is asking for 50 tons a year to be shipped home for the next three years. Germany is reportedly the second biggest gold holder in the world with 3,400 tons. My question: Is Germany’s gold all there? I think that’s their question, too.
Greg Hunter gives his analysis of these stories and more in the Weekly News Wrap-Up.
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About the Author
Greg Hunter
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.
“It is asking for 50 tons a year to be shipped home for the next three years”.
Hi Greg,
My immediate reaction is that Fedex or any number of shippers could ship all 3,000 tons to Germany in about 7 hrs; so why the tiny amounts spread over such a long period????!!!!!
One would think the NY Fed must have said to the Germans:
“Arghhhhh not you as well Germany…. Look, we lost it OK, but if you only ask for about 50 tons a year we can surreptitiously buy that much on the open market and get it over to you, without crashing the system or letting the great unwashed public know that the German gold has actually vanished”.
Cheers,
Fred
Good point Fred, very good point!!!
Greg
Greg, a blind man can see that a war in the middle east is coming. My bet that is how the next president will handle the pressure of the next round of economic downturn and high inflation coming next year like a freight train. On another note, isn’t it interesting how the FED holds gold especially since the it believes that (or so it has stated) gold is not money? America has been high-jacked by the bankers and the FED with our politicians making their dirty deeds legal. Make no mistake about it, the end game is nearing as the elite got too greedy and ate the whole chicken leaving only the feathers for the middle class. Their continued bull-crap that the feathers are edible and healthy is not playing well any longer.
Art,
War is coming and it will be a global catastrophe. The $700 trillion derivatives market will go haywire and implode if there is war in the M.E. Thank you for weighing in here.
Greg
I watched the debate, and I have a different take. There was a clear loser in that debate. It was We, The American People. They are hell-bent to take us to war. I say, let them send their children. My children are not going. If I sound like a cranky old lady, it is because I am. Where are the Blessé’d Peacemakers?
Tsuki,
Your point is well made and well taken!! Thank you.
Greg
PS. Great wrap-up, as usual.
I am one of the many unemployed. My days are spent trying to find my way back in the game.
I’m totally amazed to witness the folks who are employed & unemployed not getting or understanding what’s coming down the pike. I hope that one day folks will start paying attention to serious issues instead of the Kardashian’s, etc.
Hope for the best, prepare for the worst.
James
I hope yopu make it back in the game soon.
Greg
Thanks Greg,
It should be interesting to see how this new Perfect Storm pans out.
On top of that, the 7.7 earthquake off of Western Canada could cause some issues.
I’m starting to think the Mayan Calendar is coming into play.
James,
Who knows but at this point nothing would surprise me. Folks should be ready for anything.
Greg
1. One of Romney’s 5 main points is balancing the budget. Contrast that with Obummer and the ‘Rats plan to continue borrowing (unto economic death). The choice is easy.
2. Businessmen have been fools, many supported Obama. As to their plan to balance the budget: After Romney and Co. restores the economy, in 8 years of average 4% growth, while virtually freezing the federal budget, we will achieve budget balance. By then the debt will be $20 trillion. Then we should pay down at least $200 billion annually, with increasing payments covering inflation and prosperity.
3. Iran threatens withholding oil. And holding their breath for several months. Good luck with that. Level their ports and pipelines. As long as they have money they will support terrorist and eventually nuke Israel and Manhattan.
4. Pres. Romney ought to offer all the gold on Jan. 21.