Weekly News Wrap-Up 11.11.11
By Greg Hunter’s USAWatchdog.com Tensions with Iran and Israel continue to heat up, especially since the IAEA revealed new evidence about Iran’s nuclear weapons project and that it may be close to getting a nuke. Reports keep coming in about an Israeli attack to stop Iran from fully developing those weapons. Iran said if it is attacked, it will fight a “street war” in Tel Aviv. This is the wild card of wild cards in the economy and could plunge the world into a very deep depression. The EU debt crisis continues to mushroom with no plan or conclusion in sight. It should also be called a European bank solvency crisis because of their exposure to enormous sour sovereign debt. On this side of the pond, the Republican debate contained a major gaff by Governor Perry, but the real issue is what can be done to fix the economy. Ron Paul says the banking bailouts should stop, the Fed should be audited and we should stop propping up the real estate market. He was unchallenged on those issues. Speaking of real estate, half of all homeowners are underwater on their mortgages, and Fannie Mae is asking for another nearly $8 billion for its continued bailout. Of course, this is really continuing the bailout of the banks through the back door of Fannie and Freddie. Finally, a new report from Shadowstats.com projects the yearly budget deficit will be in a range of $5 trillion to$7 trillion. That is a far cry from the official projection of around $1.3 trillion. All these stories in the Weekly News Wrap-Up from Greg Hunter’s USAWatchdog.com.
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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.
Thanks for another great wrap-up, Greg. This whole Israel vs. Iran thing has really got me worried. If Iran dares to attack Europe or the US as they have threatened, this sounds like it could set off World War III. We need a quick deescalation of this tension. We need Israel to know that if they strike first, they won’t be able to rely on support from the US. At this point in time, that’s really about all we can do.
If nuclear war breaks out, hundreds of thousands, maybe millions will die. And many who survive will wish they didn’t. And the problems we are facing now such as tackling unemployment and saving the EU will no longer exist because we will only be worried about survival at it’s basest level – food, water and shelter. It’s a very sobering thought.
Thank you Brad for weighing in. The threats are real and I hope you are taking action to protect yourself and family.
Greg
With all due respect, we should be far more worried about the U.S. and/or Israel attacking Iran than the other way around. For at least a decade, the U.S. and Israel have been threatening to to attack Iran. For at least a decade, Iran has allegedly been within “months” of developing a nuclear weapon. Given this pattern of behavior and the U.S. history of attacking and occupying nations in the region, the Iranian mullahs would be insane if they were NOT developing nuclear weapons, if only as a deterrent.
To put things in context, the late Soviet Union had thousands of nuclear weapons and the Chinese still do. Despite this, the world somehow survived nearly half a century without a nuclear conflagration. It is worth remembering that we’ve been here before. The very same people who lied us into invading Iraq with the hysterical claims of that country’s “weapons of mass destruction” are doing exactly the same thing with Iran. Fool me once, shame on you. Fool me twice, shame on me.
Frank
You are probably not old enough to remember Hitler. You can’t appease wackos like Ahmadinejad. He is a religous fanatic and there is reason to believe that he is interrested in starting WWIII to bring on the 12th Imam (end of the world stuff). I hope this is wrong but I sense there are alot of Neville Chamberlains out there.
Bub, I’m a life-long Republican and conservative who ran as a Reagan delegate to the Republican convention in 1976 and served for five years on active duty with the 1st Cavalry Division, the 7th Infantry Division, and the XVIII Airborne Corps.
With all due respect, you need to expand your sources of information beyond Fox News. The American people’s two greatest enemies are domestic. They include Obama’s lunatic Socialists masquerading as Democrats and the equally insane neoconservative Fascists that have gained control of the Republican Party.
There is no reason to believe that Ahmadinejad is interested in starting World War III–except for a blizzard of propaganda emanating from the same folks who brought us exactly the same charges against Saddam Hussein to justify the invasion and occupation of Iraq. Sadddam was also likened to Hitler. Iraq too was on the verge of nuclear weapons production. He posed a grave threat to us, etc. etc. We’ve all been here before.
For more than a decade, the evil Iranians have been accused of being on the verge of nuclear weapons development for decades (months or even weeks away). In all candor, the hypocrisy of our “war party” sociopaths could not be more profound. The U.S. and Israel possess many nuclear weapons and have been constantly threatening Iran with military action. Iran is the only nation in the region that has not launched a military attack against in neighbors in a century. While I don’t find the Iranian Mullahs to be very appealing, Russia and China have thousands of nuclear weapons and we’ve somehow avoided a nuclear conflagration. Given the threats by the U.S. and Israel, the Iranian government would be crazy NOT to consider developing a nuclear deterrent.
Ron Paul has it exactly right. We need to maintain a strong enough defense force to defend our borders and pull our troops out of the 140 nations in which we now base them. It makes no sense to borrow money from Japan and Germany in order to pay for the cost we must bear to defend Japan and German more than 65 years after the end of World War II.
If countries that have desert climate and actual desert geography prefer nuclear energy over solar and wind energy, we are doomed as a planet. I wrote an article about this very issue back in March of 2010 on my wall street change blog. http://wallstreetchange.blogspot.com/2010/03/why-is-iran-in-favor-of-nuclear-power.html
Greg,
Just heard you on the radio with George Noory, great show.
Question: Should we literally experience a global economic meltdown, what good will physical precious metals be? You can’t eat them, just like I can’t eat my retirement funds. Living in the heartland I’ve got to think that if converting to hard assets, guns, ammo, fuel, water, food, non-hybrid seeds would all be better bets?
Mark,
It should not be an all one thing and none of the other choice. Do it all to the level you think you can afford and need. Thank you for listening last night and supporting this site..
Greg
Additional perspectives on hard assets :
He – “What will you do with that gold coin,
buy a loaf of bread?”
She – “No, I will buy the bakery and then sell
bread to you for silver coins. Got any?”
Dear Greg,
Heard you on C2C a while earlier. Let’s just say that your stock has risen with me considerably, as you are a true professional.
Like Jack Webb, with you it’s “Just the facts.” We are both Believers, and you could have said, “It looks like Armageddon.,” but no, you you said that you choose to stay with what is verifiable.
Unlike many of your colleagues, who go after the latest “scandal” and report on any innuendo, you really do your research and present things as they are.
Thank you, for all your work.
Thank you Sam!!!
Greg
If I may, I would like to address the fiasco in the EU in what appears to be markets operating by rumors and plans and plans to plan some more. But bottom line there is a ton of DEBT that still has not been addressed yet the market rallies. I do not see the economy better in any way whether here in the US or overseas…scarey but the world is broke.
It does appear we are going to be in for a rough ride ahead for this is unsustainable.
hi greg.
i listened to you on coasttocoastam.com last night,and i read every artical you write.iv gained more info from your site then all of the net. the one thing i have to say is i dont believe its fixable. we need leaders with guts and brains at this piont.
my question is why not leagalize gold as money before hyperinflation sets in and catches many by supprise.also i think hyperinflation will happen fast not slowly.esp if war hits.. thank you so much for serving your country with this site.
Jay,
You are correct. I think it is not really fixable either but we need someone that can manage in a crash crisis. There is going to be some pain. Thank you for supporting this site.
Greg
The worst part about the Iran Israel thing is, by my informal polling, none of my friends know anything about it. I do post to them on Facebook about it but apparently they don’t bother to read my posts. Their loss.
McDonald’s is open and American Idol is on. What’s to worry about?
Greg, Iran will use a nuke on the U.S. through one of their terrorist proxy buddies, its only a matter of time. The world needs to seriously line up, give a deadline to stop, mobilize, and strike after the deadline. Watch Russia stand by as it did in Iraq; so will China who needs the U.S. to continue to buy their cheap produced and shoddy products in order to continue to move upward onto the world stage. Oil will spike during such talk and until after the strike, but everything comes with a price. I would rather pay 5 bucks a gallon than see an American city nuked. A novel thought, have Saudi’s lower their price during that period, its not like they couldn’t give a discount if they wanted to.
As to Perry, what an empty suit. Just what we need, another great thinker like his predecessor George Bush, maybe Perry will also have a policy of “just go shopping”, that will save the world, that is if he can remember it.
Greg, have a nice weekend and its always a pleasure reading your blog and hearing you on Coast to Coast. You are the lone wolf crying out in the wilderness for the benefit of us all, truly appreciated.
Greg, you have been right on top of what has & is going down around the world. MF Global only had primary dealers status for a short time but managed to make money just disapear. The CME is a big player in this mess of MF Golbal and what is going on in the Comex. Harvey Organ has put out a lot of info on all these matters & is’s worth the time to read his Wed & Thursday blog reports. http://harveyorgan.blogspot.com/
Here in the U.S. both parties are at each others throats & will not agree on any thing. The sad part is millions of Americans still believe the government will save them.
I could not believe my eyes when the Bernank address the troops yesterday. Now that is what I call being desperate. He should not ever been allowed to say damn word to the troops. This is a low life SOB in my mind. Obama & the Primary dealers are pulling out all the stops to save their butts, but it won’t work.
Greg, you have done your part and brought the truth to as many that would listen, now it’s up to them to be ready and do the things that will help them get through the changes comming our way. I thank you.
Thank you for the content and comment M Smith.
Greg
Could this news be another diversion from the mess we are already in? I think Iran’s threat to attack US and EU would be more like withholding oil exports than a physical attack. Either way, I don’t see any reason for anyone to justify attacking Iran especially since N. Korea and Pakistan have the nukes and are more unstable than Iran.
Great Job Greg!
Thanks for all you do!
@7:07 it sounded like you said “death-ficits” Freudiant slip? 🙂 I think my hearing is not so good, but certainly a word to coin!
Randal I think you gave me the title to my next post. Thank you.
Greg
Greg,
Damn Good update! Go Watch Dogs. It is refreshing not to hear about a celeb or a some sports figure while the economic house collapse around us. In addition, could you put up a flashing tag when you are going to be on Coast to Coast? I missed half of it so I paid to small fee to get the content. I didn’t mind paying but I’d rather hear you live!
A 5-7 Trillion GAAP Deficit? WTF? I read a few days ago almost everyone that took advantage of $8,000 Housing tax credit is now underwater in the sense that the property value in all but a very few select markets has lost $8,000+ of value since the end of the tax credit program. Congress still doesn’t understand that they cannot buy their way out of this? We are going to have to feel some collective pain. The best start would be a 10%-15% cut across all government agencies and payrolls including cutting Congressional salaries by the same.
The way I do the math Obama is anti Israel and the Jew boy and girls have finally decided that if they wait on Obama to confront the evil empire [Ronald Wilson Reagan would have already bomb them back to the Stone Age] they will cease to exist as a people. Look at Google Earth, just one 5 kiloton warhead on Tel Aviv and the country and the Jewish people are goners. The Israelis are the finest warriors in the world because they have NO OTHER OPTIONS. The will not go peacefully to oblivion as they did under Hitler. If there are any fools that can defend Iran having nukes, lets hear a word or two from them. After they nuke Tel Aviv, they are going to send one here Fed Express or on a shrimp boat…it would not be that hard to nuke NY.
Thank you George and Frank for weighing in here.
Greg
Hey Greg
Question. With our financial system set to implode at any moment as well as through out the world, what is the incentive to keep any money in any bank. Aside from storage-ability issues,Banks are not paying any interest to talk about so we should just keep our money at home. I have pulled 98% of my funds out and it is in a safe place at home. It is accessible and though I know the value of it is in peril, It is available to me at any time. If we really believe our banking system is doomed to fail, why aren’t more people making this change now? The Euro is only the beginning.
norcar survivor,
I hope you are storing a lot more than paper at home. You should also have some lead.
Greg
Lead, Food,Gold and Silver
Noracr,
That is a good order too!
Greg
The Five Metals of Survival :
Gold, Silver, Brass, Lead, Steel.
I certainly agree. We keep only enough in the bank to provide cash flow for living expenses…
Greg
I would also appreciate the opportunity to say thank you to all our veterans today. I have not had the privilege to serve my country as a member of the armed forces. I will always regret not making that commitment when I was a younger man. I do feel it is my duty to live my life in a way that is deserving of their sacrifices. Some give their time and some give their all. I would like to think that I, as well as other citizens, are able to live our lives in such a way that these men and women know that their sacrifice is appreciated and respected. It is important that there be a country worth fighting for and you do your part to keep Americans informed and prepared as best we can so there will be a country to come home to. This is a different world we live in today and knowing what you are fighting for has never been cloudier. My son just joined the Marines and is in Basic Training today. Thank you to all veterans and to all active members who sacrifice their time and youth to keep us safe. There is no way to compare the Wall Street youth to our soldiers for when the world falls apart, the Wall Street youth will turn and run away from trouble but will have to run through a different crowd running into danger. Our Soldiers. Thank you Greg for your support of truth and Knowledge and for sharing it with us.
though as a citizen of the United States to live my life in a way that these men and women who serve today and in the past
== Here Are the Three Steps We Can (and Must) Take: (1) Preparation, (2) Preparation, and (3) Preparation ==
Greed-driven tribalism is what we have here, folks — fueled by conflict among religious fanatics and opportunistic politicians. Who can expect anything of it except a Mad Max scenario? Besides the prospect of WW III, we have the continued imploding of the U. S. economy. As trendsmeister Gerald Celente has pointed out, the domino trigger for the final, irreversible phase of that implosion will be the abject failure of the COMMERCIAL real estate market (emerging, Lagoon-creaturelike, from a ghost mall near you). Prepare thee, prepare thee! — Larry W. Bryant (11/11/11)
The president should stand FIRM and stand tall with Israel . Perhaps if Iran and the world thought America would protect and stand with Israel , Iran would feel threatened . But, Obama ? I think this guy is pro-Islamic , pro-Palestinian and I believe this puts the whole world in danger . Hopefully, Americans will see the folly of this man and vote to replace him . I feel it is our only hope !
I’m wondering if Russia and China are using Iran et al as a cat’s paw to take care of the U.S. When the U.S. if finished then they will step in with a final, unopposed solution to the middle east situation.
IMHO Greg,
When&How much will only take a backseat when and if Israel and Iran create WWIII (It is only a matter of time). Then as you say, the world will be in its biggest depression it has ever seen (right now we have not seen nothing yet). But somehow I do not “feel” Israel will be the first to attack, it will the the USA (we of course will have to continue our foreign policies GW began, preemptive strike). And the military complex is sitting on to many new toys to not sit idle and with Obama deploying the troops around the region after we exit Iraq, it is as the saying goes; an accident just waiting to happen. I pray not.
Thanks for your insights and telling us how you see it.
Thank you Steve for posting your comment and analysis here!
Greg
Greg,
I believe our idiot in chief’s apologies to the world will come back to bite him. Unfortunately, the people that will suffer the bite wounds will be the U.S. peoples. The department of energy, and the EPA have done such a good job that we are ensured of an economic collapse should the oil price rise to 200-300 dollars a barrel. The idiot Gore will likely receive the medal of honor via Obama’s hand.
I have to admit that I made an error in predicting the Euro’s collapse by mid November. I’m still puzzeled by wht is propping it up. Is it a failure of facing the facts, or of concerted misinformation???
One thing so many of our young don’t know is in WW2, the Arabs were on Germany’s side, and herded the Jews for transport. There were a few tribes that resisted Mussolini. One was the Lion of the Desert.
Darn I missed you on C2C last night. My fatigue factor is increasing due to my cancer and I fell asleep. If I had known you were on, I would have sat in a tub of ice water. Please put a flag on your site when you will be on… Keep up the great work that you do..
Oldguy
OG,
Thank you for all your comments on this site!
Greg
Persian was renamed Iran due to the Nazi influence. Iran==Arian. Some who have never had Iranian and Arabic aquaintences don’t realize that they are very different in appearance and culture.
In regards to Iran attacking the US with nuke once they develop one is far fetch. First off I’m not Von Braun and not an expert in rockets but you need a delivery system to attack the US from that distance and as far as we know they don’t have inter-continental ballistic missile that can reach the US. They can however sneak in a small suitcase bomb that can destroy a city but they will be annihilated if they did. They have however a medium range missile that can reach Israel that makes the Israeli’s nervous. So it’s possible that Israel is the first target of Iran or they’re hoping Israel will strike first then they’ll retaliate and if the US sides with Israel they’re hoping the Russians and Chinese will side with them. WW3 could happen in this scenario but I doubt the Chinese will get involve and loss their number 1 business.
Good stuf Chow.
Greg
How about a fully loaded fishing boat sailing up the East River??? Slow but effective.
Hi
I thought I would put up a link to Coast to Coast where Greg had a two hour slot.
http://www.coasttocoastam.com/show/2011/11/10
I can’t link you in to listen but it is well worth the $6.95 a month
Thank you George for posting this!
Greg
Cue false flag attack by Iranian Ron Paul supporter.
heard you on c2c…i bookmark your site and always go there for updates on the world scene,i agree with the above people…you need to be on TV(msnbc,Bill Maher show,or have your own show on the Own network(help her with her ratings)..just thinking out loud…people really need to hear this (you and Gerald Celente)
Thank you rrrobert!!
Greg
Presidential candidate Herman Cain has stated emphatically that he was not guilty of sexual harassment and he has not deviated from his position. So why did Greg Hunter post a cartoon from the Atlanta Journal-Constitution that claims that Herman Cain offered different explanations about the sexual harassment allegations? Perhaps Greg Hunter is showing his liberal political bias? After all, Greg Hunter worked at CNN for many years. CNN is well known for its leftist slant in news reporting and many consider CNN to be part of the Democrat state run news media.
Evelyn,
Please lighten up. I put up the cartoon because I thought it was funny. I am not exactly kicking Cain while he’s down. He’s at or near the top of the polls. As far as your “liberal bias” charge and CNN; I told the truth about what was about to happen for months in 2007 and 2008. One of the many videos to prove it is here: http://www.youtube.com/watch?v=4hqzCnNsmU0 I told the truth to the public at CNN and ended up starting a website. I am happy and grateful I did. By the way, where were your conservative buddies while this bubble was growing? They all took their campaign contributions from Wall Street and looked the other way, JUST LIKE THE DEMOCRATS. Why don’t the conservatives scream about the phony accounting at the banks to hide their insolvency? Why aren’t these folks screaming their heads off that taxpayers gave B of A, more than $200 billion in backdoor bailouts this year through Fannie and Freddie? The financial crisis of 2008 was 50 times bigger than the S & L crisis of the 80’s and early 90’s. Back then, there were 10,000 indictments and 1,000 successful prosecutions of financial elites. Do you know how many big Wall Street bankers have gone to jail for causing the 2008 crisis? ZERO!!! This is the biggest financial calamity in history; millions of families will be kicked out of their homes. There are millions more to follow–and not a single crime? Where’s the outrage???
Greg
Outrage here! They are ALL – well – politicians. What more can be said (see Martin Armstrong)
There is no left are right, never was just a scam to keep the people apart. You see what they did , the mind controllers replace wrong with the word left. If you say your wrong on the issue, then you got something to think about and work out the issue. Now they use the word left and what is there to think about other then the person you called left. It’s better to say a person is wrong on the issue, then naming them a lefty. They the controllers also like to say we must fund the police to protect us. This is wrong, they should say we must fund the police to enforce the law’s of the land. I like your reporting work Greg and been watching your site pretty much from the beginning. I been a news junky over 40 years after being drafted , I grew to fear the leaders and have spent my time trying to understand the reasons why leaders do what they do. What I come to believe most leaders are not any smarter then a old hillbilly. The few good one’s are soon side line by the super insiders. It’s just a big sick system and now all the worthless scams are coming to a head. The forefathers wrote the Constitution trying to safe guard the people from human nature. What happen in DC is human nature took over because people want to be part of the club. You GREG left the CNN club that means you must understand your ego, it comes out in you reporting in a good way. PEACE
Ron Paul and many other conservatives have been constantly screaming about the Fed and the phony accounting used at the banks to hide their insolvency. Did Greg and his liberal buddies at CNN ever mention that Obama and the Democrats received billions in campaign contributions from Wall Street banks like Goldman Sachs and from corporations like General Electric that paaid little or no income taxes yet received taxpayer bailouts? Did Greg ever mention Congressional Democrats like Barney Frank pushed banks to make loans to unqualified borrowers by passing laws like the Community Reinvestment Act. Did Greg ever mention that President Clinton signed into law the Gramm-Leach-Bliley Act which repealed the part of the Glass–Steagall Act that had prohibited banks from offering a full range of investment, commercial banking, and insurance services since its enactment in 1933 and that has since resulted in Wall Street banks becoming little more than casinos? Never mind the outrage, when are the liberals at CNN going to report the whole story?
Evelyn,
NO, the Republicans have NOT been constantly screaming about the Fed. This is a statement that is not backed up by fact. Yes, a few like Ron Paul have been “screaming” but the GOP by and large is not doing what you say they are doing. Republicans also received billions in campaign contributions from Wall Street. This is a fact. Please stop with “Its all the Democrats fault” crap! If you would read this site and some of the 400 posts I have mostly written and more thousands of comments I have made I have most certainly brought up the fact that Bill Clinton signed the Gramm-Leach-Bliley Act. The REPUBLICANS were also for this. It was bipartisan piece of legislation. You do not know your history! Please stop with the Left, Right Fox, MSNBC fake paradigm nonsense. You make inaccrate accusations and I have 400 posts and 13,000 comments that prove you are wrong. I have said many times the mess that America is in today was caused by both Democrats and Republicans. There is really very little difference. Both (except Ron Paul and a few others) have been bought and paid for. The Fed got more power after the financial crisis and Republicans and Democrats voted for that and against ongoing Fed audits. You have ZERO grounds to paint me as someone not reporting the whole story. By the way I haven’t worked for CNN since 2008.
Greg,
I find it really unbelievable that a country as the usa is talking about another country and posessing themselves thousands of these atomic war heads. The us is still the only country who has used these weapons on civilians. Coming back to Israel, this country should allow inspections just as we demand from Iran but of course they refuse. Disturbing is that some of ppl in Israel govt. is openly threatening european capitals to nuke them if needed, there is plent disinformation
about Iran these days. Can you remember that Iran invaded or bombed other countries last 100 years. At the contary Israel en the USA were agressiv and active doing all their so called justified action against military weak countries. Let,s review the history and look at the facts and then we can see clearly that there is plenty of propaganda towards Israel as they are not a victim at all just playing it is nice if you control the media. Better is to look at both sides of this issue.
regards, Pieter
Exactly so, Pieter!
Pieter,
I have never heard of a single report where “ppl in Israel govt. is openly threatening European capitals to nuke them if needed.” This is 100% false and completely unsubstantiated. I have never seen a single news report with this information, and it some Israeli government official made this threat it would be global news. I would be the first to report and condemn this. You and I both know that Israel would not be there is they did not posses nuclear weapons. Please remember the Arabs attacked Israel in in 1967 (Six Day War) and in 1973. I always try to be objective.
Greg
You could certainly see your skills within the paintings you write. The sector hopes for more passionate writers like you who are not afraid to mention how they believe. All the time go after your heart.
Thank you China.
Greg