In today’s world there is always plenty to write about and today is no exception.
As far as we are concerned QE3 is on the way accompanied by almost zero official interest rates. QE1 was to bail out the financial sectors in the US and Europe and QE2 was to bail out US government debt. That is why the Fed has purchased 70% to 80% of Treasuries. Previous debt and the $1.6 trillion of new debt created this year means someone has to buy that debt and there are very few buyers. That means the Fed has to buy most of paper with funds created out of thin air in this monetization process. Those tremendous amounts of funds will most certainly increase inflation. This policy is never ending unless default becomes inevitable. That is why money and credit has to be created indefinitely until hyperinflation occurs and the system eventually collapses. It is no surprise then along with economic, financial, social and political instability that there has been a steady movement into gold and silver related assets and commodities. As long as stimulus of one form or anothe r continues to be used the problems won’t be solved and these investment vehicles will move higher and higher. Every time money and credit are created with no collateralized backing, such as gold and silver, the value of these aggregates in circulation falls, and such an endless cycle guarantees the demise of the currency and the rising value of gold and silver.
Recent tragic events in Japan has brought some unexpected developments, which for the time being could lift the economy from depression at least on a temporary basis. Funds committed aggregate just under $1 trillion not the official $309 billion. We believe the funds could be raised initially in the following way: $300 billion from the postal savings plan; $300 billion from yen bonds sold in the international market and $300 billion from the liquidation of US government and other US dollar denominated securities. That is for cleanup and infrastructure. Then Japanese insurance companies, as well as foreign insurers, have to raise billions more to pay off the insured.
In Japan’s quest to reconstruct the region affected demand for commodities will increase putting added upward pressure on commodity markets. Not only for base metals and materials, but for food stuffs as well, due to contamination and the disruption in material and food distribution. Needless to say, these problems will create inflation, something not seen in Japan for almost 20 years. Trade surplus will become trade deficit and result in a balance of payments deficit. This tragedy could cost Japan its converted position in the top 5 industrial nations of the world. These events will probably as well lead to the end of the yen carry trade, which has funded speculation worldwide for many years. It will affect exports, but also the purchase of US Treasuries. The recent effort, illegal and unprecedented, by G-7 countries to rescue the yen was in reality a move to purchase US Treasuries being sold by Japan. Yes, the yen fell from $.76 to $.81, but that is a transitory move. Central banks and governments didn’t want upward pressure on real interest rates, the Fed having to buy all that paper, or the possibility of default by the US. Short term the bailout worked, but now the Fed has to buy the bonds from G-7 members over a period of time putting further pressure on the Fed balance sheet and create more monetization. What you saw was a cleanup operation akin to QE2 that might be termed a QE3 for the Fed. Insiders and others in bond markets in the G-7 know what went on but the public doesn’t. It is not surprising that the dollar has been under downward pressure recently. Such currency dilution and depreciation can only lead to further upward pressure on gold and silver in the coming months. You might call the situation global monetization caused by the G-7. This as well will be a catalyst for global price inflation in the coming months, something most people are currently unaware of. This outpouring of money creation will probably take six mon ths to a year and one-half to show up in the form of inflation. It will enlarge the inflation problem of QE2 and stimulus 2. The operation to devalue the yen in the marketplace and mop up Japanese sales of treasuries will go on until Japan has enough fluid cash to get reconstruction underway. Japan’s unfortunate plight might be a diversion, but it will prove to be an expensive one for all the countries involved. What is going on in this area will probably only be recognized by a handful of professionals. Most investors and the public will never know what transpired. This procedure could well have set the scene for hyperinflation in 2013. If QE3 becomes reality it can only be worse. Of course, this sets the stage for hard times for citizens of G-7 countries and others and it will send gold and silver considerably higher.
The Fed has for years, and the Treasury as well via the Exchange Stabilization Fund, been intervening in the currency markets. It is part of the legal function of both entities under the Executive Order, signed by President Ronald Reagan, known as “The President’s Working Group on Financial Markets.†The ESF is a legal subsidiary of the Treasury Department created in the 1930s to smooth currency markets. It is used frequently and could have as much as $1 trillion and when used with leverage can affect currency markets for several days in a row. It was used illegally in 1995 to assist Mexico when its economy was about to collapse. Two weeks ago for the first time in a long time, the Fed admitted intervening in currency markets, something they and the ESF do every day via JPM, GS and Citi. the last time we saw open Fed currency activity was 10 years ago in behalf of a falling euro. These are the kind of things government and the privately owned Fed get away with and th e public never knows, because the media refuses to expose what they are up too. Another perfect example is the rigging of the gold and silver markets. Overwhelming evidence of such manipulation is presented every day and the media refuses to carry it. The bottom line is once QE 2, intervention and QE3 meet, inflation will go right through the roof.
As a result of Japanese misfortune it will probably take five years or more to sort out the problems of the land of the rising sun. Their export trade and finances will suffer and they’ll experience inflation, something they have not seen since the late 1980s. How many US Treasury bonds they’ll have to sell remains to be seen. We are guessing at $300 billion. Japan and the US and world monetary system has to be saved. Proof of that, at least for now, is the G-7 operation itself. Why bother to do such a rescue if you want the system to collapse? Obviously it is not yet time for something like that to happen. In addition, the Soros group of Illuminists wouldn’t be meeting to form a new world reserve currency, if the intention was to destroy the system, at least at this time. It is also obvious by their actions that Japan’s problems are going to be solved at a great financial price, which will require massive amounts of commodities. That will eventually fuel higher c ommodity prices, which will add to inflation and send gold and silver higher. That will be accompanied by the final phasing out of the yen carry trade, which has to be in its final stages. That incidentally will in part end much speculation that has been the result of that trade over the past ten or more years. Many forces are at play in what could become a currency war. There are no currency controls worldwide, because there is no gold backing to anchor the systems. As a result particularly since 8/15/71 everyone has been rigging their currencies for trade advantage. Some of that self-interest will prevail even though it shouldn’t. It is similar to kicking someone when they are down. On the other hand the G-7 are pushing the yen down to make it look like they want a level playing field, which really is not the case. They do not want the Japanese economy to collapse, nor do they want the dollar to collapse, at least not quite yet. As a result of these machinations the dol lar could become the next carry trade due to its almost zero interest rates. Such a development would in finality destroy the US dollar as the world’s reserve currency. A phasing out of the yen carry trade and an unsuccessful attempt to arrest the strength of the yen will bring major losses to players, mainly banks and hedge funds, who get trapped in the trade. There will be liquidation and forced liquidation of yen positions and the sale of bonds and securities worldwide as trades are unwound. That will put great downward pressure on all markets except commodities and gold and silver. There are few bank and hedge fund long positions on gold and silver and their shares, so little to be liquidated. This is not going to be another 2008 de-leveraging.
All commodity costs are moving higher via demand, bad weather and disasters and a flight to quality â€" to something real that can be used or sold, not a piece of paper. The price of everything as a result will go much higher and people in the third and second worlds will die because they cannot afford to buy food, something that fits right in with the illuminist mantra of eliminating 60% to 80% of the world’s population. Food prices have risen more than 30% over the past 1-1/2 years and we expect that exponential rise to continue up another 30% during 2011 and thereafter. Bad growing weather is a factor, but the biggest factor is quantitative easing and stimulus, which create inflation and drive sound money advocates into commodities, gold and silver.
We find it ironic that the G-20 should rail against the US in their employment of QE2. Was it not the Fed that 2-1/2 years ago bailed out UK and European banks? It like the pot calling the kettle black, or is it misdirection and political posturing? Not that the Fed is not taking down the system â€" it is â€" but the other 19 are co-conspirators, especially countries like China that refuse to revalue their currency by 35%. Each in its own way is to blame. It looks more like political theatre as servant of the Rothschilds, French President Nicolas Sarkozy takes China’s side, when China is doing all the same monetary things that the rest are doing. This gang has committees for committees. The bottom line is nothing is supposed to get accomplished. The real agenda comes from behind the scenes. The meetings are a façade. The Black Nobility and other Illuminists call the shots from deep within their inner sanctums. Yes, the big banks are the problem, but they also take order s. If you step out of line you are eliminated. Look at what happened years ago to Deutsch Bank President Alfred Heerhousen. He was cut down in a hail of gunfire, by Red Brigades that were controlled by the Illuminists. Ask Henry Kissinger who had the same group do away with the ex-Italian president. This is a hardball league. If you step out of line you are eliminated or suicided.
In April, the Chairman of the Fed, Mr. Bernanke, will lay down policy laid out for him for the next year as the G-20 takes their orders. In recent Brussels talks we saw German Chancellor Merkel step out of line in the advanced funding for the six-nation bailout due to the humiliating losses politically in her home state in Germany for the CDU. The German people do not want to bail out the PIIGS and they want out of the euro and the EU. Germans do not want to be told to do anything much less how much trade surplus they’ll be allowed to have. That to any thinking person is dumb. Germans are being told to subsidize the rest of the EU, because they cannot compete and refuse to work hard. Then Mr. Trichet, head of the ECB, the European Central Bank, said commodities prices and inflation have to be controlled. Well the answer is simple. Stop creating so much money and credit. If the ECB or the Fed does that the whole system will collapse. The flight to commodities and gold and silver are the natural path to protecting one’s assets that are in danger due to the policies of the Fed and the ECB. Wages will not rise, but unemployment and inflation will due to their unworkable policies. They all are caught in the web of free trade and globalization. The old British mercantilism whereby transnational Illuminist conglomerates get richer via 3rd world slave labor and the manufacturing bases of advanced high wage countries are destroyed, which is meant to force the people in the losing countries to accept world government.
We can go a long way to solving trade imbalance policies by forcing nations to stop rigging their currencies and forcing labor costs down. That is most easily dealt with by erecting tariffs on goods and services. We can also stop transnational American based conglomerates from holding their profits tax-free offshore. Then getting Congress to allow them to return profits to the US at 5-1/4% not 35% costing American taxpayers hundreds of billions of dollars. Such policies are in the process of destroying America and elevating China to a premier position among nations. This has happened, because our politicians are bought and paid for.
As we mentioned earlier Germany is no longer playing the Anglo-American game. We earlier cited the refusal to increase bailout aid and the proposal to cut proposed aid. That was followed by an abstention on the UN Security Council vote to impose a no-fly zone over Libya. The cohesion that bound the US, UK, France and Germany may well be breaking apart. The dominance of Deutsch Bank in German affairs could be coming to an end. There were two very paramount moves by Germany. Merkel and the CDU sold out the German people and now the anger of the voters is manifest in the CDU’s losses in Hamburg. German elitists are in serious trouble. Germany’s underwriting of the debts of the inefficient and corrupt welfare states of the south are over and that event signals the end of the euro and perhaps even the EU. In the next election the CDU and Merkel will be out of power and the helm will be handed to the Socialists. After having lived for a long time and having observed it for m ore than 50 years we expect a revolt against elitist rule in Germany. German banks and banks across Europe are in serious trouble and have been for 3-1/2 years, and as we shall see this week, by court order, who was bailed out in Europe and why.
Real estate price declines in Spain, Ireland, Portugal, Greece and Italy have not as yet seen their bottoms. The resultant fallout should take most of Europe’s banks under, unless the ECB and the Fed provide unlimited extension of funding. It will be interesting what new rabbit will be pulled out of the hat. All over Europe we see higher unemployment as a result and that means more social problems. Spain is the key. House prices will fall further â€" a minimum of another 50%. Its problems are similar to the housing crisis in the US. Banks are stuck with a massive inventory of unsold homes. The banks and the government, just like in the US, will continue to lie as they have about every statistic. National unemployment has been over 20% for some time and about 40% among the youth. The last figure we saw was 38%.
We lived in both Spain and Portugal and at the moment the latter is in very serious trouble. Portugal is a smoking bubbling volcano and could well be close to eruption. When you have roamed Europe as we have for so many years you starkly see the folly of the amalgamation of the European Union. Countries, and whole sections of countries are enormous and can never hope to be melded or reconciled. Based on these assumptions alone the EU will eventually break up. The collapse of six economies will eliminate the euro and then trade tariffs will finish the job off. How can countries in the group of 6 pay 8% to borrow funds, pay back their interest and principal and still have a growing economy? It is impossible and European elitists know that. They are doing anything to buy time, so the collapse does not come on their watch. The struts holding up European banking are broken and all the money and credit in the world are not going to change that. The bankers planned a collapse and that is exactly what they are going to get. It is like the never-ending story that finally is about to end worldwide. The public in many nations have finally discovered that the bankers have been fleecing them for centuries and that is about to end. G. Edward Griffin’s “Creature from Jekyll Island†is being distributed worldwide. Even though it is about the privately owned US Federal Reserve System it applies in every country. All nations have been doing the same thing or something similar. Finally that game is going to be over and the back of the elitist-banking cartel will be broken.
This past week the Dow gained 3.1%, S&P rose 2.7%, the Russell 2000 rose 3.7% and the Nasdaq 100 gained 4.3%. Banks fell 0.5%; as broker/dealers rose 1.6%; cyclicals gained 2.9%; transports 3%; consumers 1.8%; utilities 1.7%; high tech 3.6%; semis 4.1%; Internets 3.8% and biotechs 2%. Gold bullion rose $11.09, HUI rallied 5.4% and the USDX rose 0.6% to 76.15.
Two-year T-bills rose 14 bps to 0.71%, the 10-year T-notes rose 8 bps to 3.52%, as the 10-year German bund rose 9 bps to 3.28%.
The Freddie Mac 30-year fixed rate mortgage rates rose 5 bps to 4.81%, the 15’s rose 7 bps to 4.05%, one-year ARMs rose 4 bps to 3.21% and the 30-year jumbos rose 7 bps to 5.41%.
Fed credit rose $13.9 billion to a record $2.582 trillion. Year-on-year it is up 12.4%.
Global central bank international reserve assets, excluding gold, were up $1.547 trillion yoy, or 20.3%, to a record $9.381 trillion.
Total money fund assets fell $7.8 billion to $2.732 trillion. They have fallen $78 billion year-to-date.
Commercial paper outstanding rose $4.0 billion to $1.080 trillion; it is up $111 trillion ytd.
Consumer spending in the U.S. rose more than forecast in February as incomes climbed, helping to bolster the expansion in the world’s largest economy.
Purchases increased 0.7 percent, the most since October, after advancing 0.3 percent the prior month, Commerce Department figures showed today in Washington. Incomes increased 0.3 percent, less than projected, and the Federal Reserve’s preferred measure of inflation accelerated.
The U.S. added jobs for the sixth consecutive month in February and the unemployment rate fell to the lowest level since April 2009, helping cushion Americans from higher food and fuel prices. Spending is contributing to the recovery, which Fed policy makers say is on a “firmer footing.â€
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U.S. regulators closed Chicago- based Park National Bank in October 2009 when it owed $345 million to one of the lowest-cost lenders in town: the Federal Reserve’s discount window. Park National had been a constant customer at the window for more than 18 months before it failed, records show.
That glimpse into the loan program, gleaned through the Freedom of Information Act, will be expanded this week with an unprecedented view of the secret lifelines the Fed extended to hundreds of banks. Officials plan to release documents that amount to more than 6,000 pages, according to court records. Bloomberg LP, the parent company of Bloomberg News, and News Corp.’s Fox News Network LLC requested the records under FOIA, then sued after the central bank refused to release them.
Without identifying them as of yet, Fed officials say all the discount window loans made during the worst financial crisis since the 1930s have been repaid with interest. Cases such as Park National’s show how the lending amounted to a secret public subsidy, with few questions asked.
“Solvency is the big issue,†said Arthur Wilmarth, a professor at George Washington University Law School in Washington. “Was the Fed keeping banks alive when they should have died?â€
Banks were able to tap the window for loans at rates below the market after subprime mortgage defaults contributed to record losses for them and credit markets began to seize up.
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Cummins Inc. and Kohl’s Corp. are accelerating equipment purchases to boost productivity, reinforcing an unprecedented gap between capital spending and employment in the U.S. that’s restraining a labor-market rebound.
Corporate investment will rise 11 percent this year as sales pick up, following a 15 percent gain in 2010, according to “Man vs. Machine,†a Feb. 2 report from Bank of America Merrill Lynch. Employment will grow just 1.7 percent, after a 0.7 percent increase last year, the study projects.
Inventory rebuilding, low borrowing costs and government policies that include a new tax break on equipment purchases are powerful spurs for capital spending, says Neil Dutta, the Bank of America economist who wrote the report. The job market lacks such drivers and will form a “mediocre†underpinning for household spending, the biggest part of gross domestic product, he said.
“Machines have the upper hand,†Dutta said in a telephone interview from New York. “You see this huge pickup in capital spending, but there isn’t a meaningful increase in employment; it’s being grudgingly pulled along. The consumer is not going to perform the way people expect.â€
The Institute for Supply Management’s manufacturing index has risen for seven consecutive months, surging in February to the highest level since May 2004. While the labor market is “improving gradually,†unemployment remains “elevated,†according to the Federal Reserve. The jobless rate may hold at 8.9 percent in March for a second month, the lowest since April 2009, based on the median forecast in a Bloomberg News survey ahead of Labor Department figures due April 1.
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Big Brother really is watching you constantly. According to a new report by The New York Times, cell phone companies often “track your every move†and they do so while keeping their customers entirely in the dark about the intrusive practice.
This disconcerting revelation came to light after German politician Malte Spitz sued his mobile provider, Deutsche Telekom, to find out exactly what information about him they had acquired. What the court revealed is shocking even if it’s not much of a surprise to those suspicious of our ceaseless connectivity.
Between the end of August, 2009 to the end of February, 2010, Deutsche Telekom, current owner of T-Mobile, had recorded and saved his longitude and latitude coordinates more than 35,000 times.
“We are all walking around with little tags, and our tag has a phone number associated with it, who we called and what we do with the phone,†Sarah E. Williams, a graphic information expert at Columbia University tells the Times. “We don’t even know we are giving up that data.â€
In the United States, even less is known about what level of surveillance wireless companies are conducting on their customers because these companies are not required to divulge what information they collect. According to the Electronic Frontier Foundation, however, that information is extensive, and is only getting more so.
One of the reasons telecoms are collecting the data is for market research purposes. Another, perhaps more troubling reason, is for the benefit of law enforcement, like the FBI and CIA.
In contrast to the installation of “cookies†by websites, which are used to gather information about a person’s online browsing habits, it is currently impossible or at least incredibly difficult to opt out of cell phone surveillance in the US. A variety of “do not track†services, from companies like Google and Mozilla, are now available, which prevent websites from automatically installing cookies on users’ computers.
Perhaps that will change if customers start suing their telecoms, as Mr. Spitz did in Germany. But in this age when many of us have already opted out of personal privacy by publishing a wide range of aspects of our lives online, such a fight seems unlikely.
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“Municipal bond issuance is set for the slowest quarter in at least eight years as states and local governments borrowed 55% less than last year amid rising interest rates and an environment of fiscal conservatism. About $43.9 billion in fixed-rate debt is estimated to have been sold in the first three months of 2011, down from $97.3 billion in the same period last year… That compares with $129 billion last quarter, the busiest on record.â€
“New York City may need to cut spending by $600 million more because the state Legislature is unlikely to approve aid and other measures anticipated in a preliminary financial plan, Budget Director Mark Page said.â€
“China is set to import the largest amount of corn in more than 15 years, according to US government analysts in Beijing, injecting new demand into a tight global market. The analysts project that China will import 2.5m tonnes of corn in the crop year that begins in September, making its third significant international purchase in three years. If the projection is confirmed, the imports will be hitting the third-highest level in 50 years.â€
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The eight-year criminal prosecution related to failed Enron Corp.’s broadband unit ended yesterday with the final sentencing.
Former executive Rex Shelby was sentenced to two years of probation by a federal judge for insider trading. He will serve three months in a halfway house and three months in home confinement. Shelby had been facing up to 10 years in prison.
“I take full responsibility for my actions, all my decisions at Enron,’’ Shelby told US District Judge Vanessa Gilmore.
As part of a plea deal, Shelby is forfeiting almost $2.6 million.
Shelby was one of seven former executives indicted in 2003, all accused of scheming to exaggerate the capabilities of Enron’s broadband network in order to inflate the company’s stock. Enron was primarily an energy trader; the broadband unit was created as a growth engine.
About a day after Shelby and other Enron executives touted the broadband network to Wall Street analysts at a January 2000 conference in Houston, company shares jumped to $72 from $54.
Authorities said the broadband network never made a profit or surpassed testing stages.
Enron filed for bankruptcy protection in 2001 after years of accounting tricks could no longer hide billions in debt.
The collapse wiped out thousands of jobs and more than $2 billion in pension plans.
Of the six others who were indicted, three got prison sentences ranging from 16 to 27 months. One was given one year’s probation, one was acquitted, and one had charges dismissed.
Americans are earning and spending more, but a lot of the extra money is going down their gas tanks. Gas prices have drained more than half the extra cash Americans are getting this year from a cut in Social Security taxes.
Unlike some other kinds of spending, paying more for gas doesn’t help the economy much. Most of the money goes overseas, and higher prices leave people with less money to buy appliances, computers, plane tickets, and other things that can be postponed.
“When food and gasoline prices are rising, it causes people to hunker down,’’ said Chris G. Christopher Jr., senior economist at IHS Global Insight.
Consumer spending jumped 0.7 percent last month, and personal incomes rose 0.3 percent, the Commerce Department said yesterday. Both gains reflected the cut of two percentage points in the Social Security tax, raising take-home pay.
They also illustrated how higher gas prices are stressing household budgets. After adjusting for inflation, spending rose just 0.3 percent. After-tax incomes actually fell 0.1 percent. The Social Security tax cut will give most households an additional $1,000 to $2,000 this year.
In December, when President Obama signed it into law, economists predicted higher take-home pay would lead to more spending and stronger economic growth.
But gas prices have jumped more than 50 cents a gallon this year. In late December, they hit $3 a gallon for the first time in two years.
Mark Zandi, chief economist at Moody’s Analytics, has reduced his forecast for 2011 economic growth from 3.9 percent to 3.5 percent, in part because of gas prices.
That would still be better than last year’s 2.9 percent growth and the biggest expansion since before the recession.
Still, much of the anticipated benefit from the tax cut will be lost. Christopher estimates half to two-thirds of the extra cash will ultimately go toward higher gas prices. Food prices have also risen in recent months, he noted.
Most people don’t have the luxury of deciding to buy less fuel. They have to get to work. So they spend more on gas, and less on other goods and services from household purchases to restaurant meals to vacations that do more to drive US economic growth.
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The International Monetary Fund is expected to soon activate a supplementary funding pool to boost resources available for lending in Europe and elsewhere, raising the pool by several hundred billion dollars.
Activation of the New Arrangement to Borrow, or NAB, is in anticipation of an expected wave of possible new IMF programs, one person familiar with the matter said.
But IMF spokesman William Murray played down the significance: "This is just a natural consequence of ratification of the [special resource pool] on March 11, which we previously announced.â€
The resource pool, the IMF says, is "to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system." It's essentially a mechanism for the IMF to borrow from a group of countries if it thinks it may need extra resources beyond its conventional reserves saved up through member dues. For example, the
U.S., Japan and China have promised to lend the several hundred billion dollars to the facility above their required contributions for the kitty.
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GE CEO Jeff Immelt is one of Obama’s best buddies and Obama’s chief business advisor. Does Obama know that GE has paid no US taxes for at least 5 years and they were saved by taxpayer money?
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States. Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.
Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore…
Although the top corporate tax rate in the United States is 35 percent, one of the highest in the world, companies have been increasingly using a maze of shelters, tax credits and subsidies to pay far less.
In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals.
A review of company filings and Congressional records shows that one of the most striking advantages of General Electric is its ability to lobby for, win and take advantage of tax breaks.
Over the last decade, G.E. has spent tens of millions of dollars to push for changes in tax law, from more generous depreciation schedules on jet engines to “green energy†credits for its wind turbines.
But the most lucrative of these measures allows G.E. to operate a vast leasing and lending business abroad with profits that face little foreign taxes and no American taxes as long as the money remains overseas. While the financial crisis led G.E. to post a loss in the United States in 2009, regulatory filings show that in the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion.
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