Greg Hunter’s USAWatchdog.com
Numerous wildfires are engulfing parts of California. In one county alone, in the southern part of the state, fire has burned nearly 10,000 acres. Some lifelong residents say they have never seen it this bad. Think this won’t affect you if you live elsewhere? Think again. This is really the side effect of a much bigger problem—extreme drought in the western part of the U.S. From Texas to California, at least 10 states are dealing with some form of drought. Some of the worst areas are in food growing regions. If you have been to the grocery store recently, you know food prices are vaulting higher. This drought is only going to make matters much worse, and please keep in mind, it’s still spring.
The civil war in Ukraine is still going full force, and there is no resolution in sight. Now, headlines say “East Ukraine Claims Independence.” This means the sanction game between the U.S. and Russia will continue to ratchet upward. There may or may not become a global shooting war over the Ukraine crisis, but a global economic war is very much game on. Remember, Jim Rogers said recently on a USAWatchdog.com interview that sanctions probably will not hurt Russia and might even backfire and hurt the U.S.? Another headline in USA Today, this week, says “Sanctions against Russia take toll—on U.S. companies.” Some of the companies doing business named in the article are John Deere, McDonald’s and Master Card. I would like to think this is some well thought out master plan that will benefit the U.S. economy, but I am repeatedly seeing signs this is a stupid clumsy NOT well thought out plan. The economy officially grew at a paltry .1% in the first quarter. Folks like Dr. Paul Craig Roberts say the growth was negative if you accurately factored in true inflation, and he’s predicting growth will turn negative in the months ahead. On top of that, it was reported that Russia held a “de-dollarize” meeting with China and Iran. In plain English, it wants the world to stop using the U.S. dollar to settle trade internationally.
The latest policy blunder by the Obama Administration is the release of 36,000 illegal immigrants that were convicted of crimes like murder, rape, child molestation, drunk driving and domestic abuse. Yes, I said convicted! Once again, the Obama Administration is not talking about why they did this. Don’t hold your breath for the folks in the mainstream media (MSM) to get some answers. They don’t think this much of a story—until one of their loved ones is murdered by one of these released convicts.
I would not normally cover something like former Treasury Secretary Tim Geithner’s new book called “Street Test,” but USA Today’s coverage of the book just about requires me to do it. Please keep in mind, before Geithner was in charge of the Treasury Department, he was the head of the New York Federal Reserve. He was responsible for regulating the big banks leading up to the 2008 meltdown. Geithner’s lack of regulation over the big Wall Street Banks helped cause the meltdown, and yet no mention of that in this article. USA Today acts as if this was a total surprise and Geithner saved the day! Listen to this quote: “The crisis that began in 2007 was unprecedented in many ways, and Geithner and other policy makers were uncertain what was happening and what their response would be.” The New York Fed watched as the big banks were leveraging up 40 or 50 to one, while millions of liar loans were packaged into AAA rates securities, and they didn’t know “what was happening.” If this isn’t the mainstream media covering for the big banks and the Fed, I don’t know want is. Of course, I am sure Gannett having banking relationships and shareholder relationships with JP Morgan and Goldman Sachs has nothing to do with the positive coverage. Geithner said in the article, “I never found an effective way to explain to the public what we were doing and why.” Hey, Mr. Geithner, let me take a shot at explaining what you did and why. You bailed out massive fraud to help out a chosen few of your rich banker buddies, and nobody was held accountable. Not a single big banker has been prosecuted, and nothing is fixed. They just bought some time, and that appears to running out. You got to wonder why even the USDA is now reportedly putting in orders to buy machine guns. Does that sound like our leaders think the economy is going to improve?
Speaking of fraud, details of the Bernie Madoff $60 billion Ponzi scheme keep coming out. Now, it’s reported the fraud stretched globally and that the only places not affected were the “Gobi Desert and the polar ice caps.” The bankers a JP Morgan reportedly paid a total of $2.5 billion in fines and restitution to avoid criminal charges. Granted, this is a small piece in the fraud puzzle, but let me leave you with this overarching point. The global economy was brought down by reckless fraud. Nothing is fixed. Now, fraud is continuing to prop it up. There is manipulation and price rigging in all markets. Interest rates, commodities, stocks, real estate are all manipulated and rigged in one big fraud-fest. One thing I learned as an investigative reporter and that is frauds end quickly. It all works until one day it doesn’t. Look at how fast Bernie Madoff crashed. It’s like the line out of the Forest Gump movie, “And then one day it was over, just like that.” Be prepared.
Join Greg Hunter as he analyzes these stories and more in the Weekly News Wrap-Up.