Weekly News Wrap-Up 9.7.12
By Greg Hunter’s USAWatchdog.com
It looks like a European financial meltdown has been pushed back. The head of the European Central Bank (ECB), Mario Draghi, announced a massive money printing bond buying program to keep countries like Spain and Italy from financial ruin. One Wall Street analyst called the move “Classic Banana Republic.” The news that is not being reported is this ECB action is not a done deal. There are plenty of EU countries that do not want to take on all this debt and money printing. Germany is the biggest, and its High Court has yet to rule if all this bond buying is even constitutional. Meanwhile, gold and silver are taking off in price, and they are going higher according to Bill Gross. His nickname is the “Bond King,” and when the head of PIMCO starts touting gold instead of interest bearing bonds, you should take notice. Tensions between the U.S. and Israel over Iran’s nuclear program have been confirmed. There was a heated confrontation between the Israeli Prime Minister and the U.S. Ambassador late last month on what to do about Iran’s nuclear program and what constitutes the Obama Administration’s “red lines.” Iran has repeatedly said its nuclear program is for the peaceful production of energy.
There seems to be no end to the fighting in Syria. One day this past week, 134 people were killed in the fighting. Russia is warning the West about using al-Qaeda rebels to force regime change in Syria and how using them is “fraught with dire consequences.” Finally, the Democratic Convention in Charlotte happened this week. Senate candidate from Massachusetts, Elizabeth Warren, introduced Bill Clinton. It struck me odd how Warren gave a speech that repeatedly said the system is rigged against the little guy and introduces the President that signed into law the legislation that created the “too big to fail” banks. Join Greg Hunter for the Weekly News Wrap-Up.
Interesting comment jay2. Twenty years ago a LOT of what I deemed as tin-foil crazy has turned out to be true!
Greg: Re the Eurozone: the slow motion trainwreck in Europe will end only when the final goal of the banksters has been reached; i.e the total abdication of fiscal sovereignty to a central power. This has been the agenda of the Rothschilds et al for the last 300 years. With this abdication comes automatic totalitarian control with further unrestrained looting and fraud. There seems to be, however, a growing nationalistic pushback, especially from the Swiss, Finns and the Dutch. The key will be the German Court decision. If it capitulates to Draghi, without any kind of popular referendum, the idea of democracy in Europe will be dead, never to return.
Have you noticed the Euro keeps gaining over the dollar since Draghi made an announcement 6 weeks ago? You know ECB has not authority to buy unlimited bonds from failing Eurozone without the approval of Germany and other well off countries? Even so buying bonds means printing money and Draghi is saying he’s going to print Euro which would indicate Euro should fall against the dollar but it’s other way around.
I think what is happening is another dollar swap like last December but this time behind the scene where no one can see. What has happened is that the Euro is in a death spiral, the ECB needs US Dollars to finance the debt of countries like Greece, Spain, Italy etc. The only place to get the money is from the Federal Reserve simply because the private markets are not lending Dollars to those countries. The Fed steps in with Central Bank Liquidity Swaps, providing Dollars to the ECB, which distributes it to European banks that purchase the Bonds.
What do you think why the dollar is falling against the Euro when Draghi announced money printing?
Greg, today Canada announced it closed its embassy in Iran and expels the Iranian diplomats in their country. Sounds like Europe, Canada, & other western nations are taking the lead in the Iran nuclear program crisis which will probably mean the Obama Administration is being “end-rounded” on its stalling for time, sanctions, and its secret containment policy by Israel. Israel is slowing building a coalition without the U.S., which may force Obama and the State Department’s hand if they want to lead in this matter to act. Look for hostilities to commence after the election, especially if Obama wins reelection, as there won’t be a choice if the U.S. wants to be a leader and commander of events instead of a just reacting to them. The former shows strength and the later shows weakness. Nice reporting and thank you for all you do for the country which means so much to all of us.
Just now starting to follow your work. Thank you and God bless you for what you are doing.
The fact that the fed has been caught giving 16 trillion to banks both in the U.S. and foreign countries is appalling. I see no mention of this on the mainstream news channels.
Citizens should be completely pissed off about this theft. Americans are clueless and will pay a price for their ignorance. If this money would have been used for roads, bridges, solar energy, insulation/window upgrades and help for the people that had housing problems, we wouldn’t be in this condition.
As I typed that last statement, I realize that it is too late for us to come out of this without severe pain for many years to come. Hold on to to your ankles….It is going to be a very hard landing.
Thank you for what you do!
Great news wrap up.I have ben working hard and have only allowed myself a little time per day to read or watch your broadcast. Keep up the good work
Your weekly news wrap-up is getting better and better.
It is an outrageous announcement from the ECB that it plans to buy potentially unlimited bonds for bailout countries. Unlimited? Are they kidding? No wonder it caused an outcry in Germany. (http://www.reuters.com/article/2012/09/07/us-eurozone-ecb-germany-idUSBRE8860ZP20120907) Please correct me if I am wrong – I don’t think the ECB is backed by the gold standard. The ECB, like the U.S. Federal Reserve, is just another out-of-control monster that can print money at will.
The U.S. foreign weapons sales in 2011 were tripled to $66.3 billion (http://www.ipsnews.net/2012/08/u-s-foreign-weapons-sales-triple-setting-record-2/). The Middle East conflicts with Iran and Syria, and the South China Sea conflicts between China and its neighbor countries, are helping the U.S. weapon industry to grow. In addition, the DoD is planning to sell drones to 66 countries. The U.S. weapon industry may be the only manufacturing jobs protected by the government and not outsourced to foreign countries.
I watched both the Republican and the Democratic National Conventions. The Republican National Convention was just a 72-hours presentation of lies. Mitt Romney and Paul Ryan were trying to sell us magical snake oils that can cure all problems. Do they really think we are that stupid?
I don’t understand why so many Congressmen and Congresswomen claimed that they came from “poor families” in the two Conventions. Are they suggesting poor people make better congressional members? May be we should get more homeless persons in Congress? Or could it be their excuse for corruption – their greed for money because of their poor childhood? Not all poor people are greedy. But when a simple yea or nay in Congress can make you rich, few people can resist the temptation.
In the Democratic National Convention I felt that more people cheered for Clinton than Obama. Apparently Clinton also made a better presentation as if he was actually the president seeking for re-election. I would suggest Obama to change the Constitution (not the first time for him anyway) and remove the term limits of President. Put Bill Clinton for the third term and I can guarantee he will be the sure winner in the 2012 election. Can Clinton fix the economy? I have my doubts but he is probably the best candidate available.
Finally it was a disappointment to see Ron Paul gave up the race.
An interesting read Greg.
Imposible to call this wrapped up. Things are just getting to bizarre
to believe.Just 20 years ago this wrap up would have deemed a reporter crazy.Ready for the nut house. Definitely a week of good reporting. thank you.