- Weekly News Wrap-Up 6.21.13
by Greg Hunter’s USAWatchdog.com
The Middle East, namely Syria, continues to dominate the news in my world. It is because the threat of a wider war is increasing and not decreasing. President Obama met with Russian President Vladimir Putin about Syria and the civil war that has taken the lives of more than 90,000 Syrians. How did the meeting go? In a word, bad. No agreement was reached to end the war, and Russia will not agree to anything that removes the Assad regime. So, it appears to be “game on” in the war front as the U.S. arms the rebels which are, in effect, al-Qaeda terrorists.
This week, Fed Chief Ben Bernanke just hinted at slowing down the pace of money printing at the end of this year and bam!—we got a 500 point plus sell-off in the stock market. Let’s face it, the stock market is being propped up by the Fed, and the economy is so weak that even a hint of slowing down the easy money train and the market throws up. He also said he’s only going to do that if the economy continues to improve. I don’t know what numbers he’s looking at, but the economy is bottom bouncing at best. Many countries in the EU are in a depression. Now, China is having problems with growth and its banks. I don’t see how the Fed is going to stop the money printing in the face of little to negative real growth.
Gold also took it on the chin this week. It lost nearly $100 an ounce. Marc Faber says at these prices, mine production is going to be reduced. I look for a pretty big turnaround in gold and stocks when the Fed signals it will continue to print money. I think the Fed wanted to see what would happen if it hinted at slowing down the printing. It got its answer—crash.
Big news with NSA this week as it told its side of the story. It basically said it needs this massive surveillance program to keep America safe from terrorists. It said it stopped 50 terror attacks on places like the New York Stock Exchange, but could not give many details. I guess we will just have to trust an agency that had a secret spying program that takes in massive data of all Americans.