USA Watchdog | August 10 2012

There’s a new U.S. intelligence report that is raising urgency over Iran’s nuclear program.  The White House has, once again this week, reaffirmed its commitment to prevent Iran from developing nuclear weapons.  Commenting on the new information, Israeli Defense Minister Ehud Barak said, “A nuclear Iran is taking shape right before our eyes.”  Barak also said, “There is not much time left for deciding.”  It is understood he was referring to an attack on Iran’s nuclear program.

Meanwhile in Syria, the civil war there rages on.  The Syrian army is on the offensive in that country’s largest city, Aleppo.  Also, the Syrian Prime Minister reportedly defected this week, but there is no end in sight to this bloody conflict.  More than 20,000 Syrians have been killed in the last year and a half of fighting.  In Europe, the debt/solvency crisis continues.

Mario Monti, the unelected banker who is now Prime Minister of Italy, wants continued bailouts and wants Germany to go along with the money printing. A German Constitutional Court is weighing if all the bailouts are even legal.  Mr. Monti doesn’t want to wait for democracy to work, he just wants to continue to bail out the insolvent banks at the expense of the people.  What do you expect—he’s a banker.

Speaking of bankers, Boston Fed President Eric Rosengren is pitching “open-ended” quantitative easing of“substantial magnitude” to get the economy moving.  Yes, he said, “open-ended.”  Sure looks like we are going to be printing lots of money for a very long time.  How could we not have more inflation?

In the U.S., there is good news and bad news in housing.  Home prices increased more than 7% in the second quarter in most markets.  The bad news is mortgage delinquencies rose for the first time in a year.  Can you say bottom bouncing?

Finally, CNN has just reported the lowest primetime ratings in 20 years!  I guess that means they are in last place.  Let’s hope the viewers and heading to the internet to places like USAWatchdog.com.  Join Greg Hunter for analysis of these stories and more in the Weekly News Wrap-Up.