CA Drought Dire, Greek Default Closer, Fed Cannot Raise Interest Rates
Almost 100% of California is in a severe drought. Many parts of the West are also experiencing drought, but California is ground-zero. This is a huge food growing region, and the state has just started restricting water to agriculture. This is a vast problem not only for the U.S. but the entire world, and there is no end in sight.
The Greek debt crisis got kicked into a higher gear and is speeding for default and disaster. Technically, I think the Greeks have already defaulted long ago because they are borrowing more and more money to pay their debts. This week, the Greek politicians said debt owed to the EU was “illegal and illegitimate.”
The Federal Reserve will not be raising rates, and it has reduced the growth estimates it had. Gregory Mannarino says the Fed “cannot and will not be raising rates because it can’t.” He points to recent so-called core inflation rates just announced of .1%. Of course, it’s much higher than that, but Mannarino says the Fed is only worried about the “core rate.” There is no growth and if the Fed raised rates, it would implode the economy.
Join Greg Hunter of USAWatchdog.com as he analyzes these stories and more in the Weekly News Wrap-Up.
Source: Water Industry News