Saturday, August 24, 2013

Weekly News Wrap Up 8.23.13

The Middle East and the Coming Financial Calamity: Weekly News Wrap-Up
By Greg Hunter’s 
I am mainly focusing on two areas today–the Middle East and the coming financial calamity.  Let’s start with Syria.  There have been new reports about another poison gas attack, and this one is particularly gruesome.  The number of reported deaths could be as high as 1,300.  The al-Qaeda backed Syrian rebels say it was the Assad regime.  So does the U.S.  The Russians say it was a false flag attack perpetrated by the rebels.  The UN has called an emergency meeting and is promising a “thorough investigation.” 

Meanwhile, remember those U.S. troops and the 1st armored division I have been telling you about in northern Jordan in the Southern Syrian border?  There are also Patriot missile batteries and F-16’s stations there.   A French newspaper is reporting, “Jordanian, Israeli and American commandos moving towards Damascus since mid-August.”   Don’t think these forces will not be meeting Russian and Iranian forces on the battlefield.  This has awful implications for a wider war in the region at the very least.  

In Egypt, the civil war there is just getting started.  It is between the Egyptian army and the Muslim Brotherhood.  Hundreds have been killed, and many more have been injured in violent clashes.  There is no end in sight to the bloodshed.  It’s all because the Army removed President Morsi from power.  The Suez Canal runs right through Egypt.  Eight percent of the world’s oil flows through there by tanker.  If civil war shuts down, the canal oil prices will spike. 

Lebanon is already a boiling caldron, and Saudi Arabia could easily be destabilized.  Recently, a Saudi prince defected to Russia because the ruling family is cracking down on anti-regime activists.  Political prisoners in Saudi Arabia now total more than 40,000, and the defecting prince fears the Royal Family will be overthrown.  What do you think would happen to the petro dollar if the Royal Family was kicked out of Saudi Arabia?  How long do you think the U.S dollar would survive as the world’s reserve currency? 

In the financial world, NASDAQ mysteriously shut down for three hours just yesterday.  CNBC went crazy.  It seemed every guest was on saying things like, “don’t worry, everything is ok.  There are no real losses.  Things like this just happen.”  I say things like this do not “just happen.”  Let me explain.  Did you know in the last week or so, Google, The New York Times, Microsoft’s and all went down for anywhere from ~5 minutes to a couple of hours each ( for days)?  My consultant tipped me off to this.  My consultant, who has more than two decades in the internet search business, told me that all of these companies have redundant systems.  They are very strong and might be down for a few seconds from time to time, but the odds of all of them going down sequentially in the past several days is astronomical.  Again, “things” like this do NOT just happen.  Even Maria Bartiromo blurted out a question to one guest asking if this was “some sort of test.”  She quickly changed the subject. 

Finally, Moody’s is doing a review on the debt of the six biggest banks in the nation.  Bank of America, Goldman, JP Morgan, Morgan Stanley, Wells Fargo and Citi are in the ratings agency’s crosshairs.  Why?  According to Moody’s, in the next financial crisis, the government is probably not going to be bailing out the big banks.  You think that is a coincidence that they are taking a close look at this now?  There is little scrutiny or jail time for bankers, but there are new revelations about NSA spying on innocent Americans.  That seems to be job one for the government.  Join Greg Hunter as he gives his analysis in the Weekly News Wrap-Up.