Weekly News Wrap-Up 3.29.13

5Greg Hunter’s USAWatchdog.com 

There were new all-time highs on the Dow and S&P 500 this week.  Of course, the mainstream media didn’t mention a word about how the Fed’s “open-ended” $85 billion a month bond buying program helped push the stock market to new highs.  Maybe that’s why even some of the folks on CNBC called the market “creepy.”   Legendary investor Jim Rogers said he wasn’t buying into this market.  Rogers was more concerned with the ripple effect that the Cyprus banking crisis was throwing off.  He’s worried that other banks around the world will start taking money out of bank accounts.  Rogers says the die is cast, and it is going to happen elsewhere.  He told CNBC viewers to “run for the hills.”  There is now record all-time high in food stamp usage.  Nearly 48 million Americans are using government assistance to buy food.  How can there be a “recovery” in the economy with that kind of statistic? 

They opened the banks in Cyprus, but you can only take out a little of your money.  Everybody learned a new word over there, and you all should pay attention.  It’s called “capital controls.”  It’s like going to your drycleaners to pick up your 10 shirts, but they will only give you one per day.  Think that can’t happen anywhere else?  Think again.  The IMF and EU have condoned this.  Even Canada has a new provision to seize money out of bank accounts in the event of a systemic failure.  That should make anyone with bank deposits very nervous, especially in the U.S.  There is $10.8 trillion in deposits with just $33 billion in the FDIC insurance fund.  No one has ever lost money in an insured FDIC account, but isn’t there a first time for everything? 

The State of Texas is the latest to want control over its gold, and it looks like it will make a request to get it back from the Federal Reserve.  Countries such as Germany and Switzerland are doing the same thing.  Jim Rickards says this is not a run on the federal government; it is a run on the Federal Reserve gold holdings.  Seems this trend towards repatriation of gold is only growing.  At some point, you got to wonder if the Fed really has all this gold it has been keeping for people.  You also have to wonder if there are multiple owners for the same numbered bars.  Gold is coming back into the monetary system, that’s for sure.  Legendary gold trader Jim Sinclair says gold is poised to go much higher in price. 

Finally, North Korea has been pounding the war drums and threatening war.  This is a nuclear armed country, and it is dangerous.  I compare it to an eight year-old waiving around a loaded .45.  The eight year-old is probably not a very good shot, but the gun could go off and kill somebody.  This is North Korea, and the U.S. military is taking its threats seriously.  It sent B-2 bombers to South Korea recently.  These bombers can carry nuclear weapons.  That means if there is a mistake or miscalculation, this could go nuclear in a hurry.  I do not take the threats from North Korea lightly because war can sometimes be started accidentally, but it is still war.  

Join Greg Hunter as he gives his analysis of these stories and more in the Weekly News Wrap-Up.    

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  1. Rev. William W. Joslin

    Awesome report as always Greg! I have a theory on the ammo shortage and the Feds buying massive amounts ammunition helping to create the shortage. I think when everything collapses and civil unrest happens on a massive scale the police are having an ammo shortage so it would give the Feds the opportunity to come along and say we’ll supply you with ammo and armored vehicles as long as you go along with us. Scary about North Korea. I’ve been wondering about them quite a bit lately. I think they’re a bigger threat than Iran right now as they are a lot more isolated and paranoid. They’re definitely someone to be very concerned about. It’s interesting with Texas wanting their gold back. Governor Perry supports the idea. I think it would be a smart move as gold is worth more than promises these days.

    By the way, here’s my favorite quote from you:
    “You may not like what I have to say, but, I’ll never lie to you.” – Greg Hunter

    Have a great Easter!

    • Greg

      You may be right. I have thought the same thing.

  2. Master Luke

    I went to Seoul in February. People act like there is no threat.
    It’s a little strange, but it would be very sad if Seoul was destroyed, It
    Is very beautiful.

    • Greg

      Thank you for the reporting from the other side of the world Master Luke!!!

  3. Steve

    Great quote, “.. the dirtiest shirt in the clothes basket”

    Good wrap up this week Greg, thanks for staying on top of some scary stuff, N. Korea, bank confiscations (WOW!) and always reminding us about the $85B, the average Joe doesn’t even know about it and wow look at the stock market! yes, creepy!

    When will the people finally see the King has no clothes, I shake my head.

    • Greg

      Thank you Steve for the support.

  4. Troy

    Why all the negative vibes ;)?

    • Greg

      Not from me my friend. Like you commenting here!!

    • Troy

      Having a private bank in control of an economy, makes as much sense as have a drug addict in control of a pharmacy.



      • Tom

        Give a man a gun, he can rob a bank. Give a man a bank, he can rob the world! Arma getten outa here!

  5. jc davis

    A wonderful week of eye opening info. D.H.S. is a terrorist organization. There is a huge pile of proof before congress. One can only ask why is America allowing this to continue.
    I could fill pages of links from hundreds of sites. The facts would still be the facts. Department of homeland security is a terrorist organization. Greg if I don’t post anymore its likely I was killed by DHS. No joke.

  6. Tom

    Arma gettin outa here!

  7. art barnes

    A bear rally always has a light volume, investors beware of the bear rally. Another remarkable trait of the bear rally is that when it sheds it bull costume and presents itself as who it really is (a bear) its a steep and deep downturn. Creepy, yea, I’ll buy that, no pun intended.

  8. George

    I saw the CNBC video you have under news links (run on fed reserve gold) and had to laugh at the CNBC anchor asking Jim why he or anyone would need possession of physical gold…Zombie apocalypse?!? CNBC guy said the ETFs would still be good in collapse. What a macaroon!

    • Greg

      I saw that too. It was a segment with James Rickards. (He wrote the Best Seller “Currency Wars.”) Rickards forgot more about the markets and investing that that boob on CNBC. Rickards handled it well though.

      • ncdirtdigger

        Currency Wars is a fascinating read. If you haven’t read it yet, you should. Well written and very, very informative.

  9. George

    Loved the weekly news wrap up. Banks are like musical chairs, some people will be left standing…or holding the bag as it were.

  10. Fraser

    Thanks for another real news wrap up!

    But North Korea may (or may not) be “an 8 year old child with a loaded 45”. While some just think that the nation’s “father” Kim-Jong-Ill has given birth to a son Men-Tally-Ill (!), I have another view.

    Prior to 1894, the Korean peninsular was a Chinese protectorate for around 1,000 years. But after military defeats of China and later Russia, Japan annexed it in 1910. In 1945 Russia was asked to declare war on Japan, with Korea as the prize. (China was in civil war and sidelined). As agreed, Russia pushed Japan out and down to the 38th parallel (the current boarder) and then waited for America to arrive and take the South. Instead, America bombed Japan and took South Korea as condition of treaty (smart). By agreement, the two Koreas were then supposed to be unified, but America chased the communists out of the South and installed a pro-American Government. Incensed by this, the North attacked and the Korean War (1950-1953) ended in stalemate at the same 38th parallel. Russian influence over the North was gradually replaced by Chinese influence. Then in 2002, George Bush declared North Korea to be an “axis of evil” and imposed UN backed sanctions, which (together with a natural drought) caused mass starvation and great hardship. Greatly weaken and fearing attack from the South, the North then built nuclear weapons.

    Today, as China regains its former strength, I think that it is annoyed with both the historical loss of Korea and a nuclear capable US military base in South Korea (remember JFK took the world to the brink of nuclear war over the Cuban Missile Crisis). As per its stated intentions regarding Hong Kong and Taiwan, China would like to unify Korea back under its protectorate and (more importantly) push America away from its boarders. But China cannot threaten South Korea directly, without fear of massive damage to itself. It can only do so through North Korea as a (so called) “independent rogue state”.

    So although the situation is definitely dangerous, I think that nothing will come from this round of bluster, except that China will more fully understand what America’s response will be in the event of a real war. In other words, China will closely monitor what America does and be better prepared for the experience. But whether through war or by diplomacy, we should not expect China to give up…

    • Greg

      Thank you Fraser for adding this perspective. I cannot disagree.

      • Fraser

        Going back to Iran, you are right in that it is inevitable (God help us all). Here is a link describing (in summary) how one woman Gwyneth Todd stopped George Bush’s attack in 2007. Her full half hour video is also an absolute “must watch”.


        Also of great interest is that the BRICS meeting in Durban (South Africa) went well, with moves towards a new world currency and a replacement development bank to the IMF. But this is not being reported in mainstream media:


      • William M. Head

        Hi Greg: With respect I don’t think the threat of a war should be so casually dismissed. Yes, the North Koreans are blustering, but bluster can prove quite fatally provocative if it induces reckless action in response, as I seem to discern upon the part of S. Korea which may have it in mind to now jump at any chance to reunify the entire peninsula, with backing from the U.S already rashly pledged. There has been very bad blood between the two Koreas, which I fear may very well result in emotions overruling reason and there’s the issue of China to consider, let’s not forget. They may not care a bit for NK, but we all know they couldn’t stand by and let a proxy be overrun leaving the U.S. literally at their doorstep, in rather humiliating fashion. This doesn’t bode well at all in my view, as matters now stand. Do not forget the lessons of 1914. People are largely ignorant of the fact that Archduke Ferdinand was one of the most intensely disliked men in Europe, prior to his assassination. If you had told anyone before a great war would be shortly fought because of his carelessness in getting shot (which many doubtless dismissed as inconsequential initially) they would have laughed as many people are laughing at the situation now but of course history records the terrible cost of such folly. All it takes is a spark to light a conflagration, and fire doesn’t care who starts it, anymore than it cares how much it consumes and for long. Take care and good job, keep it up!

        • Greg

          I am very worried about North Korea. War there would be an gigantic mess.

      • Fraser

        Gwyneth Todd’s video on stopping Iran war (must watch):

  11. Chcuk Allen

    Hi Greg,

    Why All The Bullets?

    Obama will need all these bullets for his personal army. Fighting Americans will be painfull and protracted. Our own weapons will be used against us, but by foreign nationals under the UN banner.

    I hope it doesn’t come to this, but there are a lot of indicators pointing in this direction. God help us!

    • droidX-G

      If the USA goes along.with UN arms treaty….uh, ban, ot will cripple the gun manufacturers. This accomplishes what the Obamachrist wants. Gun control by the back door

  12. cadmar larson

    Great Wrap Up except the comments about the Canadian Banking Industry. Here’s a link that delves deeply into it and he was at one time an elected representative for the current Canadian federal government and he is also quite knowledgeable.


    • Greg

      Thank you for the kind words and link Cadmar.

  13. Canadian Don

    Hi Greg,

    Very much enjoy your wrap up videos and guest interviews. You attract great guests.

    Where can I find more info on the ‘new guidelines for Canadian banks’ where they can take deposits in case of financial crisis?

    I have scoured around on the web and it’s not popping up.

    Mind you, based on the behaviour of the Troika and what they did to Cypriot depositors, it is conceivable that if things got bad enough in a total credit collapse and derivatives implosion, all so-called guarantees and previous promises would be null and void anyway. All depositors and asset holders could then be required by decree of their respective governments to ‘chip in’ to bail out the world. Civilization would reset a thousand years of progress.

    Keep up the good work.

  14. JP111

    Good Weekly Wrap. Schiff & Kotlikoff were great interviews too.

    • Greg

      Thank you JP

  15. chemstrailhaarpyuckey

    I am having a weird very difficult time getting my fiat money out of or credit union. I have to ORDER IT????. I have been ordering for last 3 weeks and W/D from ATM$600. They are making it very difficult to get it.(NAVY FEDERAL CREDIT UNION). ANYONE ELSE HAVING A HARD TIME? God bless you Greg! Keeping the non sheeple constantly informed.

    • Charles H.


      I have almost ALL my assets at NFCU, and I’m writing 1-2 thousand dollar checks – with no negative feedback so far. Past Summer trips I’ve withdrawn 2-3 grand cash without problem. How recent is this behavior? And how much are they balking at – if it’s not too sensitive. Anything over 5 grand they call a “Level One” withdrawal; but supervisors have never balked even there for me in the past. This is disturbing. NFCU is THE BIGGEST Credit Union in the world. I always wondered suspiciously when they opened it up to ALL Armed Forces. I’m outside the US, and see an office only once or twice a year. C.H.

    • jc davis

      I had a similar problem. After I threatened to sue the bank I got my money three days later. If people knew how hard it is for some banks to cough up just 5 k there would be guards to control the folks withdrawing there fake money. Also the drilling I got from the bank manager was strange at best. He questioned why I was withdrawing, and tried to talk me from my withdraw. Its best to just lie to them. say your buying property.

  16. Canadian Don

    Found it Greg.

    The forced ‘bail-in’ for Canadian bank depositors is discussed on Mish Shedlock’s blog. An alternate view was presented on Garth Turner’s Greater Fool blog.

    Source: http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf
    Page 145

    “The [Canadian] Government proposes to implement a “bail-in” regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants. Systemically important banks will continue to be subject to existing risk management requirements, including enhanced supervision and recovery and resolution plans.
    This risk management framework will limit the unfair advantage that could be gained by Canada’s systemically important banks through the mistaken belief by investors and other market participants that these institutions are ‘too big to fail’.”

    Mish makes the point that a depositor is an unsecured creditor to a bank. I believe this is correct.

    The Canadian government presents its position to be one of shielding the taxpayer from the need to pay for bailing out a failing bank.
    As a taxpayer that is comforting.

    However as a depositor, the phrase “rapid conversion of certain bank liabilities into regulatory capital” concerns me. My deposit is the bank’s liability. Could depositors’ funds fall under the definition of ‘certain bank liabilities’?

    I searched the entire 445 page document and I cannot find where ‘certain bank liabilities’ is defined.

    The prudent approach I believe would be to assume that under certain conditions, certain bank liabilities will include depositors’ funds. At least those funds in excess of CAD 100,000 which is our so-called insured amount.

    Even if it has noble intentions now, under a credit and derivatives collapse scenario, it is conceivable that the Canadian government could be coerced or bullied by external agents into grabbing depositors’ funds just like what is happening in Cyprus.

    I find the newest ‘bail-in’ term being used since the Cyprus debacle quite amusing. It reminds me of the ‘sit-in’ and ‘love-in’ terms of the hippie generation.

  17. bean

    The stress and worry are clearly evident on your face Greg.God Bless brother.

  18. Ugly

    Whoever thought in the 1980s that the USA would be what it is today. We still are the best when you look at other countries. However, the world changes will soon come here. Much soon, unfortunately. People need to be ready the best they can.

  19. Rebecca

    When one wishes one could believe in our government (which we can’t), then they do something horrible like this: ‘Monsanto Protection Act’ slips silently through US Congress’


    The first few paragraphs state:

    “The US House of Representatives quietly passed a last-minute addition to the Agricultural Appropriations Bill for 2013 last week – including a provision protecting genetically modified seeds from litigation in the face of health risks.

    “The rider, which is officially known as the Farmer Assurance Provision, has been derided by opponents of biotech lobbying as the “Monsanto Protection Act,” as it would strip federal courts of the authority to immediately halt the planting and sale of genetically modified (GMO) seed crop regardless of any consumer health concerns.

    “The provision, also decried as a “biotech rider,” should have gone through the Agricultural or Judiciary Committees for review. Instead, no hearings were held, and the piece was evidently unknown to most Democrats (who hold the majority in the Senate) prior to its approval as part of HR 993, the short-term funding bill that was approved to avoid a federal government shutdown.”


  20. Canadian View

    Happy Easter Greg,

    Very much like your “Watchdog” site. First time commenting.
    Those who do not ‘see’ Canada’s “Economic Action Plan 2013” pages #144 & #145 under the heading, “Establishing a risk management framework for domestic systemically important banks”, (in other words the ‘too big to fail or jail’), as not being a danger to their bank held funds, have their heads in the sand.

    The phrase “certain liabilities” refers in generally accepted accounting principles (GAAP) to personal bank accounts as being bank liabilites.

    Make no mistake, when TSHTF the Canadian banks will attach and use those funds for their own use, ala Cyprus. This is now a template for the global banking system. The cat is out of the bag. Garth Turner and those who agree with his point of view are wrong. I will include a direct link to the said document below.


    • Greg

      Canadian View,
      Welcome!! I think it is the same plan for us all. Thank you for posting the link!!!

  21. Charles H.

    Hey Greg,

    It sure seems that governments and legislators are becoming SO isolated and removed from reality as to not be believed. My trust in institutions is about totally gone. I suspect the ‘draw down’ on ALL financial institutions will begin and fear they will clam-up on us. If governments begin to see this as a danger “controls” will be put in place, just like Cyprus. If banks and credit unions are further abandoned – what will Lawmakers do??? Will the whole system be deemed “Too Important To Fail” and laws will be made that we MUST deposit our checks there?!? Citizen Minimum Deposit Accounts, without which NO credit cards or checking accounts, or withdrawals can work? From government subsidy to sponser-ship – what a horrible direction: and where does it all end? Jim Sinclair is saying to ‘get out of the system’. I’m maybe 75% out: but think to go up to 90%. (Happy Easter, Greg. Get ready yourself.)

    • Greg

      90% sounds about right Charles.

  22. Blair

    Hey Greg
    Love your work and listen to you all the time. As we know the fed is a private entity and is very secretive of what they are doing, why isn’t it of great concern to everyone that they are stealing all the gold from Fort Knox and other holdings around the US just in time for currency collapse. They control the gold, the army, the government, they are engineering the theft of savers in several different ways as you and others have explained. All we have left are each other to reverse this takeover trend, we need to act now and “we” means the world population.
    You are one of our information leaders Thank You!!!

    • Greg

      Thank you Blair. Please take some steps to protect you and your family.

  23. Rebecca

    How much I have learned at this site from listening to the speakers and then researching on my own to understand better what it happening to us and why.

    I found this link very interesting:

    Watching that was a real edition.
    I disagree with them on Israel blame game, but up to that point, it was quite good.

    • jc davis

      Love the video. Rebecca. Alien, s may save the people after all. With a gama ray emp blast from the sun the records of debt start anew. The video typist sure has a fast hand…lol

  24. FNPMItchreturns

    Thank You Greg, I have been lurking and learning … the die is cast and the new norm is “bail-ins”. The plan for bail-ins has been going on for awhile and it was revealed in Cyprus. Cyprus is so insignificant to the EU that to punish the people (depositors) points to another banker calculated implosion. But why? They knew that this action would undermine the Euro and bank confidence. I wonder if anyone will look at the past actions of the EU, IMF, G20 and FED and layout when and how the white collar criminals pulled off a great robbery?

    • Greg

      Thank you FNP and Brody.

  25. Angie

    Thanks for the wrap up, you certainly hit the main targets this week. Taking a deep breath and waiting to see what the near future brings.

    • Greg

      Thank you for your support.

  26. droidX-G

    Perry said he was going to sell the gold in NY and then rebuy it in TX. It shows he doesnt have a fluent

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