By Greg Hunter’s USAWatchdog.com
The big story is, once again, the tensions in the East China Sea and the newly made Air Defense Zone created by China over the Senkaku Islands. This is primarily a dispute between China and Japan. Both countries say the islands belong to them. They are believed to be rich in oil and gas deposits. Vice President Biden was sent to both countries to calm tensions. The U.S. says it has sided with Japan, but it seems to have backed off demanding the Chinese drop this air defense zone that stretches for 600 miles. The dispute is far from over. People like multi-billion dollar fund manager Kyle Bass think this could lead to war. China and Japan both have severe financial problems. China and Japan are the number one and number two holders of U.S. Treasury debt. If either country gets mad and decides to sell their debt, it could cause a financial calamity here in the U.S. Sounds like a lose-lose to me if things turn violent.
The Syrian civil war rages on, and now there are new charges of atrocities the U.N. says have been committed by the Assad regime. Assad denies the charges, but news is breaking ahead of a peace conference that is scheduled in early 2014 in Geneva. I do not see how these new charges are going to allow Basher al Assad to cut a deal that keeps him in power. That conflict is also far from over.
In the latest Obama Care news, apparently, you cannot keep your doctor either! USA Today reported this past week that “Doctors are getting Dropped” from insurance plans. There are also glaring security issues according to computer experts. Some are warning for people not to log onto Healthcare.gov until the site is truly fixed. Meanwhile, the President is out this week telling young people to “be responsible” and sign up for health insurance. The President has taken a big hit in the polls, especially when it comes to young people. Obama desperately needs young healthy people to sign up for Obama Care. It is a key component of it working, and most young people are simply going to pay the fine. Why wouldn’t they? Pre-existing conditions are no longer a problem. You can just sign up when you need medical treatment.
Finally, Detroit has been cleared for Federal Bankruptcy. This means union workers can have big cuts given to their pensions. Some of these folks have written comments on the USAWatchdog site and said they opted out of Social security and only have their pension. This is the problem when you get everything you ask for and nothing you were promised. This was a known problem for years. The bankruptcy judge said, “Detroit could have and should have filed for bankruptcy long before it did.” This is what it looks like when you can no longer borrow money to pay your bills. Professor Laurence Kotlikoff said this week, “America in Worse Fiscal Shape than Detroit.” That is one scary thought. Join Greg Hunter as he analyzes these stories and more in the Weekly News Wrap-Up.