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The Treasury bumped up against the debt ceiling at the end of July. Since then, it has been using “extraordinary measures” to allow the Government to keep hemorrhaging cash without having to increase the debt ceiling.The chart below shows the month-over-month change in debt for August equal to $0. Despite zero net change, there are two important facts to highlight.
US Manufacturers Warn Biden Tax Hikes Could Kill Jobs, Derail Industry GrowthSep 9, 2021 - 12:05:17 PDT
94% of manufacturers said that higher taxes would harm their business.
Biden Broke Campaign Promise To Not Tax Anyone Making Less Than $400,000: Rep. French HillSep 9, 2021 - 11:59:32 PDT
Small businesses, families up and down the income line, you're going to see enhanced cost everywhere. And some of the offsets they're talking about in the $3.5 trillion resolution, they say they're going to raise a minimum of 1.5 or so trillion dollars in taxes, but that's a minimum.
It's a peculiarity of the human psyche that it's remarkably easy to be swept up in bubble mania and remarkably difficult to be swept up in the same way by the bubble's inevitable collapse.
Mastercard Makes a Big Bet on Crypto, Buying Blockchain Analytics Start-Up CipherTraceSep 9, 2021 - 10:19:46 PDT
Mastercard has agreed to acquire blockchain analytics start-up CipherTrace, in the latest sign of how major companies are warming to cryptocurrencies.
Ingves said earlier this year that Bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight as their popularity grows.
Employment population ratios have plunged for workers under the age of 60. What's going on?
Millions have received “math error” notices from the IRS, which can be difficult for filers to resolve. The same may occur for child tax credit recipients.
The Group of 20 major economies are likely to reach a final agreement on global tax reforms when they hold high-level meetings in October, Japanese Finance Minister Taro Aso says.
U.K. Prime Minister Boris Johnson won a mandate from the House of Commons to raise taxes to the highest level on record to fund health and social care.
What if every one of your noncash financial transactions was automatically reported to a beefed-up, audit-hungry IRS?
Biden says more IRS agents and a new compliance "Brain Trust" will stop tax evasion.
Sep 9, 2021 - 07:14:41 PDT
The personal-finance guru expects federal stimulus to weaken the US dollar, and interest-rate hikes to hammer asset prices.
Sep 9, 2021 - 07:10:43 PDT
The global version of the 'Buffett indicator' is ringing the alarm on stock valuations around the world.
I’ve been warning people for over a decade that eventually, the Fed printing trillions in fake money, combined with reckless government spending will inevitably have serious consequences.
Biden Admin Says If You Exclude Beef, Pork, & Poultry, Inflation Is Actually Not That BadSep 9, 2021 - 06:54:11 PDT
Bond King Jeffrey Gundlach summed up the idiocy of The White House's spokesperson perfectly: "...if you take out the items that are up a lot, troubling grocery inflation would be lower."
Each way out seems blocked so it gets in ever deeper, but ever deeper is ever more dangerous. The more the Fed perpetuates markets that depend only on central-bank largesse, not price discovery and disciplinary correction, the greater the risk that inescapable retreat leads to costly casualties.
While continuing claims disappointed last week (but did drop from revised higher numbers), initial jobless claims plunged to 310k (335k exp and 345k prior) - a new post-COVID-lockdown low...
There's just one thing Raphael - what changed in the last two weeks? Because the divergent paths between reality and markets - enabled by your liquidity-gasm - has only grown wider...
A potential renomination of Jerome Powell at the helm of the U.S. Federal Reserve would provide a needed sense of stability as the central bank prepares to pull back its emergency-level support, investors say, even while some chide the Fed chief for policies they say have pumped excessive liquidity into markets. Wall Street is widely expecting that Powell, who...