In The News Today

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Bill Holter’s Commentary

Below is their quote, not mine.

“The global central bank experiment with renormalization is officially over”  

For The First Time In 6 Years, No Central Bank Is Hiking
July 26, 2019

The global central bank experiment with renormalization is officially over.

After roughly half the world’s central banks hiked rates at least once in 2018, the major central banks have returned to easing mode, and as the chart below shows, for the first time since 2013, not a single central bank is hiking rates.

Commenting on the violent reversal away from tightening financial conditions which emerged following the Q4 2018 selloff, Goldman’s Jan Hatzius writes that “The FOMC looks set to cut the funds rate next week, the ECB today sent a strong signal that action in September is likely, and China has resumed easing policy after a spring pause. With global growth running at a below-trend rate of 2¾%—down from about 4% a year ago—a synchronized tilt towards easing looks like a natural response to a weaker outlook.”


Bill Holter’s Commentary

What could possibly go wrong?

The Companies With The Most Debt In America
July 26, 2019

by Wolf Richter 

The concentration of corporate debt: The top 46.

The US Justice Department today approved the merger of T-Mobile, the third largest wireless carrier and Sprint Corp., the fourth largest wireless carrier. For the merger to go forward, they will have to sell Sprint’s prepaid brands to Dish. As for the rest, whatever this does to competition and rates for wireless services, one thing is for sure: It creates another US debt monster.

T-Mobile has $37.4 billion in short-term and long-term debt; Sprint has $39.8 billion. Combined they will have $77.2 billion in debt.

This includes only debt, not other liabilities, such as accounts payable, income tax payable, accrued payroll, or the catch-all “other liabilities.” Short-term debt is due within one year and includes long-term debt that matures within one year; long-term debt is due in over one year. “Capitalized leases” – this is a big item with Amazon – are long-term debt.

After the merger, the combined T-Mobile and Sprint, with $77 billion in debts, would move up to the 9th most indebted company in the US, just ahead of Walmart and behind CVS.


Bill Holter’s Commentary

Some believe the flash crash in cryptos today is because of the Libra white papers release, maybe not.  When I saw this headline I immediately thought uh oh!

IRS Sends 1000s Of “Fishing” Letters To Crypto Users
July 26, 2019

Authored by Marie Huillet via,

The United States Internal Revenue Service (IRS) is sending letters to crypto investors to apparently scare them into accurately reporting their crypto-related income.  

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” IRS Commissioner Chuck Rettig said in a statement.

“The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

‘Don’t Panic’

According to a Forbes report by crypto tax attorney Tyson Cross, published on July 26, a number of Cross’s clients have received a letter “6174-A” from the IRS, threatening “future civil and criminal enforcement activity” if they fail to fully comply with reporting requirements.


Bill Holter’s Commentary

Well, well, well…”truth” raring its ugly head?

New York Area Fire Commissioners Make History, Call for New 9/11 Investigation
July 27, 2019

Ted Walter

They started off by saying the Pledge of Allegiance. Ten minutes later, they were reading the text of a resolution claiming the existence of “overwhelming evidence” that “pre-planted explosives . . . caused the destruction of the three World Trade Center buildings.”

And so it was, on July 24, 2019 — nearly 18 years after the horrific attacks that traumatized a nation and changed the world forever — the Franklin Square and Munson Fire District, which oversees a volunteer fire department serving a hamlet of 30,000 residents just outside of Queens, New York, became the first legislative body in the country to officially support a new investigation into the events of 9/11.

The resolution, drafted and introduced by Commissioner Christopher Gioia, was unanimously approved by the five commissioners. Members of the audience — including the families of fallen firefighters Thomas J. Hetzel and Robert Evans, both Franklin Square natives — joined in solemn but celebratory applause after the fifth “ay” was spoken.