By Greg Hunter’s USAWatchdog.com
Obama Care is the top story, and the problems keep piling up for folks losing their insurance. One reader on the USAWatchdog site told me his family plan doubled to more than $1,600 a month with much higher deductibles and co-pays. I have not had a single person on the site write me and tell me they are paying less. Forget about the website problems in the end, most people are going to be paying more and getting less for health care. This is just the individual plans where millions are finding out you cannot keep your old plan. It’s not cheaper, and in most cases, you cannot keep your doctor. This is why 16 Democratic Senators, who are all up for re-election in 2014, met with the White House this week. They are worried, and they should be. I predicted this would be an ongoing disaster for Democrats, and it is. Why do you think they put off the employer mandate? In the end, everyone is going to take a hit and pay more for less. They are going for a single payer system and don’t care who they hurt to get there. Democrats already realize this is a loser and are going to get creamed in 2014. How do you put this genie back into the bottle? You can’t. The other big unreported story is the extremely negative drag this is going to have on the economy. You can’t take that much money from people and have a growing vibrant economy.
The major countries of the world are negotiating with Iran over its nuclear program. Iran wants the harsh sanctions lifted, and the West wants the nuclear plan curtailed. This headline says there’s a deal taking shape. Meanwhile, other headlines are saying Iran is demanding the right to increase the programs it has in place. The Middle East still has the potential to be the most explosive and complicated problem on earth. Keep an eye on the negotiations; everyone in the past few years has failed to produce anything meaningful.
In economic news, a university professor from the University of Missouri, Kansas City, says the real size of the Fed exposure for rescuing the global economy from the 2008 meltdown is not nearly $4 trillion but a whopping $29 trillion!! This is a report from 2011, but it has resurfaced. Professor L. Randall Wray contends the Fed has dramatically underestimated the amount of cash the Fed has pumped into the global financial system. If you add the amount of QE (money printing) since the 2011 report what is the amount now?
If the Fed has pumped that much money into the system, it should be talking off like a rocket. Instead, we keep getting headlines like this one, “Financial Firms Slashing Jobs.” 49,000 jobs have been cut, and if the economy was expanding, shouldn’t jobs be financing new projects and homes be expanding? Wait until Obama Care fully kicks in.
Finally, did you hear about the Texas size debris field floating in the Pacific Ocean that is headed for the West coast of the U.S. according to NOAA? Yes, a U.S. government website is tracking this mess. This debris is not reported to be radioactive, but there are plenty of other stories that show the West Coast of the U.S. is being hit with radiation from Fukushima. This story is being ignored by the mainstream media. Things are not getting better with Fukushima fallout, they are getting worse.
All these stories and more are analyzed by Greg Hunter in the Weekly News Wrap-Up.