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.
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.