Weekly News Wrap-Up 7.6.12
By Greg Hunter’s USAWatchdog.com
Iran is back in the news. There was a lot of activity, this week, involving the Iranian nuclear program and efforts by the West to curtail it. New oil sanctions kicked in from Europe. The Iranians have, once again, threatened to close the Strait of Hormuz as retaliation for the sanctions. The U.S. military has responded to these threats by sending significant new military forces to the Persian Gulf. (We’re talking stealth fighter jets and mine sweepers.) Iran, also, made threats to American bases in the region and test fired a new medium range missile that is capable of reaching U.S. bases and Israel.
The Israeli government responded by hinting it may strike if sanctions fail to curb the nuke program. One of the shocking things here is how little this story has gotten into the mainstream media. Stories such as the divorce of Tom Cruise and Katie Holms have gotten way more attention. This, in a week, where one Pentagon official reportedly said, “We’ll put them on the bottom of the gulf,” if Iran’s navy threatens U.S. ships. This is not peace talk, and it is coming from both sides in the potential conflict.
The other big story is the scandal involved in the alleged rigging of a key interest rate called Libor (London interbank offered rate.) It is alleged that Barclays, along with other banks, have been involved in a scheme to set the rate illegally. This, reportedly, is the basis of interest rates for things such as credit cards, student loans and even interest rate derivatives. It plays a part in $500 trillion in transactions globally. And get this, even the British government is implicated in this scam. Greg Hunter gives his analysis to these stories and more in the Weekly News Wrap-Up.
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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.
let’s have a meeting to determine when to have another meeting…nothing to see here folks move along. Just put cash in your 401-K’s and hold those stocks. We will harvest the money while you listen to celeb news
George Too,
“harvest the money ” that’s what’s coming soon. Wall Street needs another bonus!!
Greg
Iran is not going to do anything but posture and rant, its surrounded, isolated, and Iran knows it. What it is doing by Its saber rattling is trying to make its future “deal” sweeter and get a bunch of “gifts” from the West when they finally give up their nuclear program. They will get a bunch of money for one, what else only the State Dept. may be aware of at this time. That is why in my opinion the price oil is not going up any longer each time they test a missile or yell “close the straight”, everybody has heard this “mouth spouting” for years now with never a ship stopped or turned around. You can only yell fire in a theater so many times before the people stop heading for the exits and continue to watch their movies. Further, the Pentagon is calling their bluff with the ongoing build up and such statements as “bottom of the gulf”, etc. Maybe the Pentagon is trying to provoke a war, but whatever the facts, Iran is going to back down and makes its best deal.
Greatt job Greg.
You give real news on the USA.
Keep it up.
JP
Thank you John and please come back!!
Greg
Greg, Thanks to you, I don’t have to watch the main stream media! Thanks for your work.
Thank you for supporting this site nathan.
Greg
Nathan. Thats funny. I almost turned the tv on ,and said to myself id get more from reading Gregs site.
I submit to you a website that you should look at. It provides the cure for many of the diseases that are killing people. The site belongs to Dr. Thomas Levy who is the former associate professor of Internal Medicine and Cardiology at Tulane Medical School.
http://www.tomlevymd.com
His lates book is Primal Panacea and it is very revealing. His former book is Curing the Incurable with Vitamin C, I.V.
Why are you minimizing what is going on in the Finamcial Markets by using the Minimizing term “Allegedly” for incidents that are in FACT, FACTS?
Your wishy-wasy, Mealy Mouth vwrbiage destroys the credibility of your reports.
If you don’t know what happened, what the truth is, Don’t report on it till you’ve done your own Homework!!!!~
Bob,
Nothing has been proven in court, just trying to cover my tail so I can keep doing this.
Greg
It Only Gets Better (Not).
The deterioration of the financial crisis in Europe continues not just unabated by the latest “deal” over bailouts for Spain and Italy but is about to get pushed into an accelerated mode by the growing LIBOR scandal.
Capital flight from south to north has picked up as well as even tiny Denmark has not only seen its bond yields go negative but deposit rates have also gone negative at –0.2%. (Anyone with savings accounts now must pay the bank for the privilege of having them hold their money.) As soon as this bizarre phenomenon spreads to the other northern Euro states all hell could break loose, as people will move savings out of accounts and into either safe deposit boxes and or commodities. Knowing you are loosing money to inflation is one thing but having to pay for even trying to save is quite another.
France, always willing to outdo its neighbors in terms of insane policy, is now going to raise its top tax rate to 75% and place salary caps on executive pay along with once again lowering the retirement age to 60. Capital and businesses will soon start to leave France as well.
Meanwhile in Germany the confirmation of the ESM (European Stabilization Mechanism), although passed buy both houses of the Bundestag, has been put on hold due to challenges in the Constitutional Court. Its decision may prove moot, as both Finland and The Netherlands have said they will not participate. The fantasy bubble that Germany can just pony up what ever the rest of Europe needs to continue funding debt that can’t ever be repaid has about reached its limits. German debt to GDP has already breeched the 80% mark and they have raised their own retirement age to 67. To think they will continue to work until 67 and strip out 30% (if France slips into the bailout pool over 50%) or more of their GDP so that the rest of Europe can retire at 60 is foolish at best, delusional at worst. The Europeans ought to start worrying less about Greece leaving the EURO and more about Germany leaving.
Underneath all the latest maneuverings is the ongoing and deepening LIBOR scandal. If the investigations expose even a fraction of what is suspected to have been going on it could blow up not just Barclays Bank and the Bank of England, but the ECB (European Central Bank and the U.S. FED as well. Eventually municipalities and states (and in Europe, provinces) that had heavily invested in LIBOR based interest rate swaps will be launching law suits to recover losses and/or minimized gains that resulted from the manipulation of LIBOR rates. What were their losses were of course the banks gains.
Whether or not the British Parliamentary investigation committees will be as sycophantic as the banking committees in the U.S. Congress is yet to be seen, but with growing numbers of municipalities going bankrupt because of not being able to meet pension requirements you can pretty much bet they will soon start to point finger at the banks that steered them into these investments.
Greg thanks so much for what you do on this site. I’ve learned better than to even listen to the lying, spinning pieholes on MSM. Between you, the Tylers (zerohedge), Max and Stacy and Jim Sinclair I get all the real news I can take anymore. Keep it coming bubba-and watch your back!
Thank you Paul for your support. You put me in very good company and that is a high compliment, thank you.
Greg
You’re right on Greg about our manufactured news.
Here’s a blast from the past. http://www.youtube.com/watch?v=hLVnjD_7KCw&feature=related
I remember a time when right here in Fort Worth Texas, channel 4 and channel 5 news (one in Fort Worth and one in Dallas) had completely different news stories. For some time now all we get for the most part is manufactured to bring about the desired result of the few. We can only hope their interest matches ours at least some of the time.
Enjoy your weekend.
Thank you jim for the link and comment.
Greg
Greg,great job as usual, I come here everyday to get my brain cells straightened out. Like all the new interviews!
Thank you Wheatcountry. Keep on growing stuff out there. You are in a place where real wealth is created. Hope you get some rain!!!
Greg
Did you hear about ‘Putin’s Fourth of July message’ this week from our worthless,despicable media ?
Of course not.
http://freebeacon.com/putins-july-4th-message/
And speaking about Iran ,here is a dream I read about exactly 7 years ago about a US Naval blockade of Iranian oil opening up Pandora’s box.
http://www.stevequayle.com/News.alert/05_Prophetic/050705.nuke.holocaust.html
What do big investment banks bring to society. Nothing. Nada. Rien. They are there only for personal and stock holders profits. In doing so, they destroy society. They should be re-classified as utilities for the benefit of society.
Pierrot,
Amen!!!
Greg
Greg,
Regarding your story on the LIBOR situation, several years ago, we bought a construction loan and subsequent mortgage from Chase. I remember clearly our loan paperwork stating that the loan interest rate was based on the LIBOR rate. If this LIBOR rate was a fraud wouldn’t all of the people in the USA and Europe be entitled to refunds if we paid a higher interest rate than what it should have been? Could there realistically be a class action suit brought by the American people against the large banks? It is so frustrating to see what is happening to our beloved country by the banking industry!!!
Lissa,
The lawsuits that will come because of this Libor rip-off will be astounding. This is another big crack in the dike.
Greg
The LIBOR issue is better described as misreporting and appears to have been consistently downward. Before the ‘scandal’ I thought this to be an open ‘secret’ and a big part of the great ’08-’09 can-kick-a-thon. This also had the effect of pushing some consumer credit rates DOWN and as such was one of the few real main street bailouts. The derivative market offered banks a way to make up ‘losses’ from having to charge muppets less inteerest so Keynesians would call it a win-win..
Had this been done in NY it would have been a legal under a national security executive order from the Bush II era (or earlier?).
So this whole thing stinks of spin and obfuscation.
What’s the agenda? What is the magician’s other hand doing? The one we don’t watch, being busy watching the CEO soap opera? Or did someone cry out; “Everyman for himself” Dig Greg, dig!!
CM1,
Thank for the comment and analysis.
Greg
Another global banking scandal, ho hum.
Nothing to see here, move along…