The top story is the Middle East and the possibility of WWIII. I am not exaggerating here as both Saudi Arabia and Turkey have strongly suggested that their countries would invade Syria. Saudi Arabia and other Middle East countries have reportedly amassed 350,000 troops on the Syrian border. Russian President Vladimir Putin says any troops entering Syria without the permission of Syria would be considered an “Act of War.” This would be huge and, no doubt, would go nuclear. Maybe this is the reason why Russia dispatched a brand new cruise missile ship to the Eastern Mediterranean last week.
The economy sucks, and even the mainstream media is beginning to admit it. Big global bank executives at JPMorgan and Citigroup announced they are buying shares of their banks. Deutsche announced it is buying $5.4 billion of its own debt. Deutsche Bank has $70 trillion in derivatives (debt bets) while the German GDP is only $3.8 trillion annually. That’s leverage at one bank that’s nearly 20 times the economy of Germany. What could go wrong? Why are the banks trying to paint a positive picture about their banks? Could the banking sector be in trouble around the world? The simple answer is yes. Look out for negative rates and bail-ins coming to a bank near you in the not-too-distant future.
The Pope is attacking candidate and private citizen Donald Trump. There is an old saying, and it is “When you start taking flack, you know you are over the target. The Pope questions Trump’s Christianity for his stance on illegal immigration and building a wall. Trump says if ISIS attacks the Vatican, he will wish Trump was President.
Join Greg Hunter as he looks at these stories and much more in the Weekly News Wrap-Up.