BillHolter.com

Bill’s Commentary:

“Maybe its time to buy a home with some gold bars?”

Macro Liquidity by Sunil Reddy

@Macrobysunil

In 1970, a representative home cost roughly $19,000 — or 537 oz of Gold.

Today, it is around $608,000 — but only 140 oz of Gold.

Homes are 31x more expensive in dollars, yet roughly 74% cheaper in Gold.

That collapse in the Gold price of a home tells you something important: housing didn’t become impossibly scarce — fiat purchasing power collapsed.

That is why affordability collapsed for ordinary income earners, while Gold preserved purchasing power.

Bill’s Commentary:

Rating Action Commentary

Fitch Affirms the United States of America at ‘AA+’; Outlook Stable

Fitch Ratings – New York – 13 Aug 2026: Fitch Ratings has affirmed the United States of America’s Long-Term Foreign- and Local Currency Issuer Default Ratings (IDRs) at ‘AA+’ with a Stable Outlook.

A full list of rating actions is at the end of this rating action commentary.

The United States’ ‘AA+’ rating is supported by its large economy, high per-capita income, dynamic business environment and exceptional financing flexibility due to the U.S. dollar’s role as the preeminent global reserve currency. However, high fiscal deficits, a substantial interest burden, and high and rising government debt levels constrain the rating. Debt is more than double the ‘AA’ rating median. The government has not taken meaningful actions to address the large general government (GG) fiscal deficits (averaging 7% of GDP since 2022), and spending pressures will mount over the next decade due to an aging population.

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Bill’s Commentary:

“More “winning”?”

The New Great Game, revisited

It took only a few Yemeni missiles on Saudi refineries to wake up “leadership” vectors of the Ummah; not over 100,000 Palestinians killed in Gaza by the death cult.

The Mecca Sunni NATO pact between Saudi Arabia, Turkiye and Pakistan remains a puzzle. Or dodgy sub-standard theatre – complete with photo ops and sparse intel sharing. The full text has not been released. Everything is quite vague, only stressing “collective deterrence”.

Against whom, it’s in the eyes of the beholder. All options – Eretz Israel, US-Israel, India (in case of attacking Pakistan) – might apply. The operative concept is “might”. Add to it Turkiye’s myriad NATO constraints: a viper’s nest in itself.

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Bill’s Commentary:

“Totally “normal” in today’s dystopic world!”

Jew Made President of Catholic Biblical Association, Will Edit Antisemitic Bible Verses

The Catholic Biblical Association of America has spent nearly ninety years shaping how American Catholics read the Bible. It publishes the Catholic Biblical Quarterly, supplies scholarship to seminaries, helps train the people who train priests, and is well within the institutional machinery Rome uses to teach Scripture to Catholics. Last month, they acquired a new president. Amy-Jill Levine became the first Jewish scholar elected to lead the Catholic Biblical Association.

Levine joined the CBA in 1988, spent twelve years as book review editor of the Catholic Biblical Quarterly, served as vice president last year, became the first Jew to teach New Testament at Rome’s Pontifical Biblical Institute, and met with the previous pope, Pope Francis, multiple times. The National Catholic Reporter celebrated her election as a milestone for the first Jew to serve as editor of the Catholic Biblical Quarterly. She now sits at the head of one of the Roman Catholic Church’s most important academic institutions.

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