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Moody's Downgrades Global Banks, Eurozone Collapse and More: Weekly News Wrap-Up
usawatchdog.com - Looks like the banks are going to have to raise some cash and fast. Moody's dropped a bomb on global banks this week. It handed out credit rating cuts to 15 of the biggest banks in the western world. JP Morgan Chase, Bank of America and Citi were all cut two notches and Credit Suisse three notches. Since the 2008 financial crisis, it's really been all about propping up the banks and nothing else. That's why there has been growing talk of a world-wide money printing drop for weeks now, and one is coming soon. Italian Prime Minister Mario Monti says there is "only a week to save the Eurozone." Remember, Mr. Monti is an un-elected technocrat banker, and this is all about saving the banks and not the people. Congress wants documents in the failed "Fast and Furious" gun sting operation where a border patrol agent was killed with guns given to a Mexican drug cartel by undercover federal agents. The White House is invoking "Executive privilege" in order to not comply with Congress. This is turning ugly and may set off a Constitutional battle. Congress and the Executive Branch are supposed to be equal. There was another meeting this week concerning Iran's nuclear program. The US, Russia, China, Germany, UK, France and, of course, Iran were all present. The only thing agreed upon was they would meet again. How long will Israel wait is the only question to me. Greg Hunter of USAWatchdog.com gives his analysis of these stories and more in the Weekly News wrap-Up.