By Greg Hunter’s USAWatchdog.com
The big story, once again, comes from Fed Chief Ben Bernanke. This week, he did a 180 degree about-face and said the easy money policies of the Federal Reserve will go on for the “foreseeable future.” Last month, he was talking about cutting back or “tapering” the massive $85 billion a month money printing and that caused a mini stock market crash. This month, it’s full speed ahead, and stocks and gold are taking off—again. This looks to me the Fed has lost all control and desperate to find a way out of all this money printing. If it stops the money printing, we get an immediate crash. If it keeps on printing money, we put off the crash, but we still get one in time. Mr. Bernanke also noted that the 7.6 unemployment rate “overstates the health of employment.” If unemployment was computed the way Bureau of Labor Statistics did it in 1994 and earlier, the real unemployment rate would be north of 23%. That is according to John Williams of Shadowstats.com. I have never seen the Fed look this unorganized and disheveled on policy.
Speaking of disheveled, the Obama Administration is postponing for a year a key part of Obama Care. The employer mandate to provide health insurance for any company with 50 or more employees is now off the table. Why is this happening? Look no further than the most recent employment report to find part time jobs increasing and full time jobs decreasing. I doubt a one year delay is going to reverse that trend. Many folks I talk to say Obama Care is going to kill an already weak economy.
The “Arab Spring” has turned into the Arab nightmare in Egypt. The Egyptian President was taken out of power by the military; and now his supporters, the Muslim Brotherhood, are in near revolt. The White House says the Military Coup was “undemocratic” but is still sending tanks and F-16 aircraft to the Egyptian military anyway. This whole episode is further evidence that the Middle East is descending into chaos and instability. The Syrian civil war has claimed the lives of more than 100,000. Jordan and Lebanon are having instability problems. Libya is still a mess, and Israel is quietly sitting in the middle of it all. What could go wrong?
I have a couple of court cases to update you all on. The surviving Boston bombing brother, Tsarnaev, has pled not guilty to 30 felony counts. All I can say is this is going to be a very interesting trial. Then, there is the George Zimmerman trial that is finishing up. Zimmerman is accused of shooting 17 year-old Trayvon Martin. Zimmerman claims it was self-defense. This case has been portrayed in the mainstream media as some sort of white-on-black murder crime problem in America. Zimmerman has been called a “white Hispanic” even though he is considered just Hispanic. The President never should have weighed in on this. Was he trying to divide the country? Here’s a fact, 90% of black people are killed by black people, according to the FBI. Likewise, 90% of whites are killed by white people. This is a totally contrived issue, and I think it serves only to divide America.
Join Greg Hunter as he gives his analysis on these stories and more in the Weekly News Wrap-Up.