The Greek debt crisis looks like it will be coming to an end. I don’t know if it is this month, but it is definitely this year. Everybody is worried about a Greece default, but a default has really already happened. If you have to loan a country money to pay its debts, isn’t that a default. The bankers have piled the debt on Greece, and it can never be paid. Greece says it cannot make its 300 million euro payment to the IMF (International Monetary Fund) and wants to bundle the debt and put off the payment until the end of the month. I think the Greeks are going to get that last 7 billion euro loan package, and it will officially default this fall. They say a Greek default is priced into the markets, but the folks I talk to say when the default is officially realized, it will cause big financial problems. Maybe this is why, a few weeks ago, Bank of America said the markets were in the “Twilight Zone,” and it was time to hold “higher levels of cash and gold.” My friend Gregory Mannarino of TradersChoice.net says the bond market is signaling big trouble coming. That is why the 10-year Treasury rate has shot up above 2.3% in the last few months. Mannarino told me that the stock market has topped, and the bond market is the place to continue to watch. When the bond market gets out of control, the economy will tank, and the Fed will not be able to stop it. Mannarino will be on next week.
The economic propaganda seems to continue at an unrelenting pace. Just last week, there was a .7% contraction in the first quarter GDP, and this week, the main stream media (MSM) was back at it with this headline that says “Economy picking up steam.” The day before, the same newspaper ran a headline that said “Stingy Spenders Hold back Growth.” Which is it?Are we growing or contracting? I think the economy is clearly contracting, and the MSM continues to lie to try to make things look better than reality. Oh, and by the way, if you think the recent car sales numbers are a sign of good health—think again. The latest vehicle sales numbers, which are the highest in 10 years, were only possible through record amounts of credit and record amounts of months of payments. Some car loans last as long as 84 months. The average is 67 months. By the way, folks are going to have a lot less money to spend on car payments because health care providers across America have announced rate increases of as much as 40% are coming because of Obama Care. It was supposed to be cheaper—that is one of the many lies by Democrats to get this economy killing train wreck passed.
Here is some more MSM propaganda. The headline reads “NSA Data Collection Ended.” While that is true that the USA Freedom Act has ended so-called meta-data collection, the spying has not. The NSA can now legally record your calls and use the information. It just cannot keep the meta-data; so, the headline is misleading. It is a step in the right direction, but a very small one. You still have the secret courts and spying on all Americans. This new law just made what was illegal and unconstitutional legal. The writer of the old Patriot Act, Jim Sensenbrenner, said the law he wrote never authorized mass data collection on all Americans, and of course, federal courts ruled what the NSA was doing was illegal. Looks like whistle blower Edward Snowden was spot on when he revealed this program. Maybe they should drop the charges and allow him to come home. Maybe they should stop spying on us and worry about hackers breaking into the IRS and the Federal government and stealing data on millions of people. Both things happened just this week.
The strategy of the Obama Administration to defeat ISIS in Iraq is failing miserably. There is a lot of finger pointing going around, and not much is going to change with the policy. Here in America, news of ISIS fighters is increasing, and that, too, looks like another Obama Administration failure in the making. Heaven help us all if it fails as bad as the strategy in Iraq.
Join Greg Hunter as he talks about these stories and more in 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.