Another ugly auction, completing a week of Treasury issuance that will not be remembered fondly by anyone whose job involves selling American debt. Foreign demand was not catastrophic — merely anaemic, which in the current context passes for reassuring.

The trajectory, however, is unambiguous: more and more investors are quietly arriving at the conclusion that financing a holy war with no exit strategy, no peace negotiations, and no functioning fiscal restraint requires compensation that the 4.255% yield on offer only partially provides.

The asset that once enjoyed the theological status of risk-free is being gradually, politely, and quite expensively repriced as precisely the opposite — the riskiest altar at which the Empire is currently sacrificing its creditors.

The Ministry of Victory announces, with its customary confidence, that Operation Epic F**k-Up has now completed its first month of decisive, uninterrupted success. The Iranian military, which was obliterated in the first hour, has responded to its own destruction by rendering thirteen American military bases across the Gulf "all but uninhabitable" — a development the Pentagon neglected to mention for three weeks, satellite imagery firms agreed to not photograph, and the New York Times has only now been permitted to describe as "a war that is much harder to prosecute." The Ministry wishes to clarify that this is not a setback. It is remote work.

https://archive.ph/e7yOL#selection-835.0-849.174

Some 40,000 American troops, dispersed as far as Europe by Iran's supposedly non-existent ballistic missile capability, are now conducting the war from hotels and civilian office complexes — a tactical innovation the IRGC has thoughtfully responded to by inviting local Muslims to report on American "hiding places" and clarifying that hotels sheltering US personnel will henceforth be considered military targets. The troops are reminded that this is not a retreat. It is flexible working arrangements. The Pentagon further notes that while Bagram and Baghdad were occasionally inconvenienced by suicide bombings, neither the Taliban nor Iraqi militias possessed the ballistic missile arsenal that Iran — which has been obliterated — apparently still operates with considerable enthusiasm.

The Ministry reports that everything is going extremely well. It has always been going extremely well. The hotels, meanwhile, are fully booked.

The United States Postal Service — a federally backed institution that absorbed fuel costs through two World Wars, the 1970s oil embargo, and four decades of fiscal mismanagement — has announced its first-ever fuel surcharge of 8%, effective late April and lasting into 2027. The organisation that survived everything has apparently met its match in Operation Epic F**k-Up. The logic is straightforward: war disrupts energy, energy drives transportation, transportation drives costs, and costs eventually reach the consumer via whatever vehicle remains — including, apparently, a first-class stamp.

https://www.foxbusiness.com/economy/postal-service-implement-first-ever-fuel-surcharge-amid-mounting-fuel-costs-financial-challenges

When the Post Office imposes a fuel surcharge for the first time in its history, the Federal Reserve's inflation narrative has not merely been challenged. It has been delivered, with an 8% markup, to your front door.

The Ministry of War of the Empire just announced, with characteristic subtlety, that the Army has raised its enlistment age from 35 to 42 and quietly dispensed with marijuana conviction waivers — of course, not because it is preparing for a prolonged ground war in Persia, but because it has suddenly recognised changing social attitudes toward cannabis. The timing, coinciding with talk of boots on the ground in a country of 90 million motivated defenders, is entirely coincidental. The Ministry wishes to clarify that this is not a recruitment crisis. It is an inclusivity initiative.

https://www.msn.com/en-us/news/world/army-raises-maximum-age-as-trump-plots-putting-boots-on-ground/ar-AA1ZpBRC?ocid=winp2fptaskbar&cvid=69c54d257aaf4a53b8ab69d78fcb44a4&ei=9

The pattern is, of course, unprecedented and entirely unrelated to the last time the Army raised its enlistment age to 42 — which was 2006, when two simultaneous wars were consuming more bodies than voluntary recruitment could supply. Standards were lowered then too, criminal waivers surged, and the Army took what it could get. The Ministry assures the public that this time is different. This time it is about fairness. The roughly 75% of young Americans currently disqualified from service by physical, mental, or legal limitations are being given a second chance — not because the Empire is quietly preparing for something considerably larger than peacetime operations, but out of sheer democratic generosity.

First comes the age waiver. Then the drug waiver. Then the criminal waiver. Then, as history reliably demonstrates, comes the draft. The Ministry reports there are no plans for a draft. There never are, right up until there are.

The Macro Butler is back on Piggo’s Trading Desk — and he didn’t come to spare Washington the truth.

From navigating the greatest oil disruption in modern history to uncovering the last remaining investment opportunities in a world on fire, this is the interview where no question was too dangerous and no answer too polished.

US LNG supply chains, regime change in Washington, and why Making America Great Again apparently forgot to include actual Americans — it’s all on the table.

🎙 Pull up a chair. Pour something strong. Take notes.

👉 Watch now — because while the Empire burns, the smart money is already moving. Will yours?

https://themacrobutler.substack.com/p/interview-with-piggos-trading-desk-d79

After 28 years navigating macro chaos — from geopolitical shocks to the Covid era — and more than two years building The Macro Butler independently through inflation, war, and monetary disorder…

It’s time.

Time to bring this community into one room.

https://themacrobutler.substack.com/p/the-macro-butler-world-economic-summit

The University of Michigan has delivered the first real consumer sentiment reading since Operation Epic F**k-Up commenced, and the results are, shockingly, not a ringing endorsement of holy war as economic policy. The March sentiment index fell to 53.3 — a three-month low — with two-thirds of responses collected after the Iran war began, meaning Americans had sufficient time to notice that gasoline had risen $1 a gallon and that their grocery bill was not only not improving but will soon be much higher. Year-ahead inflation expectations jumped to 3.8%, the biggest monthly increase since April 2025, while 47% of respondents spontaneously volunteered that prices are actively eroding their personal finances — a figure that suggests the Federal Reserve's inflation narrative has not yet achieved broad public acceptance.

Most entertainingly, it is middle- and higher-income consumers — the stock-owning, discretionary-spending backbone of the American economy — who recorded the largest sentiment drops, buffeted simultaneously by surging gasoline prices and volatile financial markets.

The consumer, in other words, is not buying the victory lap. They are, however, buying considerably less of everything else.

🤵 The Macro Butler Weekly Digest 🤵

🌐 Economic warfare is the silent battlefield where empires clash—not with armies, but with currencies, commodities, and control. 🌐

Read more here: https://themacrobutler.substack.com/p/economic-warfare-the-invisible-battlefield

If it were not for the bombs, the body bags, the burning cities, and the generations of trauma quietly accumulating behind the headlines, Donald Copperfield's War One Show would be the greatest unintentional cartoon comedy in the history of American television — complete with a magician-in-chief who makes aircraft carriers disappear, pulls victory declarations out of an empty hat, and saws the global economy in half while assuring the audience it will be fine.

The writing is extraordinary, the characters are unforgettable, and the special effects budget is, by any measure, spectacular. Unfortunately, the extras are real people.

Listen to a summary of The Macro Butler weekly newsletter via podcast on Substack; YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/economic-warfare-the-invisible-battlefield-875

In a development that will surprise everyone who forgot the Houthis existed, the Iran-aligned Yemeni group has officially entered the war — precisely one month after a conflict that was, of course, won comprehensively in the first hour. The Houthis, apparently unaware of their own defeat by association, launched a barrage of missiles at Israel overnight, marking their first such strike since Operation ‘Epic F**k Up’ commenced and helpfully adding a third active front to a war that already features US forces working remotely from European hotels and Israel locked in a ground war in Lebanon. Military spokesman Brigadier-General Yahya Saree confirmed the attacks would continue "until the aggression against all fronts of the resistance ceases" — a statement that, translated from the diplomatic, suggests the Zionist Coalition's Hour 1 victory declaration may require modest revision.

https://time.com/article/2026/03/28/iran-war-news-houthis-israel/

The Houthis have not yet targeted the Red Sea or the Bab el-Mandeb Strait — but they possess the capability, the motivation, and now the official mandate to do so, which in geopolitical terms is roughly equivalent to holding a lit match next to a fuel depot while announcing no immediate plans to drop it. Saudi Arabia's Yanbu pipeline — that remarkable contingency achievement moving 5 million barrels per day of crude and up to 900,000 barrels of refined products across 1,000 kilometres of Arabian Peninsula — is, inconveniently, well within Houthi missile range. The Kingdom built this bypass route during the 1980s Iran-Iraq war precisely for moments like this one; it activated the contingency plan within hours of the first US-Israeli strikes, and a flotilla of tankers now patiently crowds the Red Sea off Yanbu waiting to collect Saudi oil. An impressive logistical achievement at a single escalation decision away from being irrelevant.

https://www.marinetraffic.com/en/ais/home/centerx:51.9/centery:22.3/zoom:5

Should Iran pressure the Houthis to close the Bab el-Mandeb — or should London's Malthusian insurance market simply declare the strait unnavigable, as it effectively did with Hormuz — Saudi Arabia's ingeniously constructed bypass route would transform overnight from a global supply lifeline into the world's most expensive stranded pipeline. The Empire has thus engineered a situation in which the only remaining oil export route from the world's largest producer is defended by the goodwill of a Yemeni militia. The Ministry of Energy reports that everything is under control.

In a moment of presidential statesmanship that will surely be studied at diplomatic academies for generations, the Manipulator-in-Chief took to the stage at the Future Investment Initiative conference in Florida to announce, with characteristic geopolitical nuance, that servant puppet Saudi Crown MBS is "kissing my ass." Apparently unaware that MBS is simultaneously investing $1 trillion in the American industrial base, buying Ukrainian missiles, and quietly preparing to reroute his oil exports through a pipeline that one Houthi escalation could render obsolete, Donald Copperfield interpreted this transactional relationship as personal adoration. "He didn't think he'd be kissing my a**," the Warmonger-in-Chief explained to an audience of global investors, adding that MBS had previously expected "just another American president that was a loser."

https://www.youtube.com/watch?v=9ppuRilVrr8

One is compelled to note that the leader of the world's most important energy swing producer, who is hedging simultaneously against Iran, Russia, the Houthis, and American foreign policy, is not kissing anyone's anything — he is conducting a masterclass in transactional statecraft while the most powerful man in the world mistakes the bill for a bouquet. MBS, one suspects, has heard worse and charged more.

🚨 The world is on fire. Is your portfolio ready?

Oil at $100. Inflation roaring back. The Fed is flying blind. And Wall Street is still telling you everything is fine.

It's not fine.

Chaos creates the greatest wealth transfers in history. The question is which side of that transfer you're on.

The Macro Butler Financial Academy exists for one reason: to teach you how the real financial world works — before the crowd figures it out.

Because by the time it's on the news, it's already too late. 📉

🎓 Learn to Earn isn't a slogan. It's survival.

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The greatest weapon in financial warfare isn't oil. It's knowledge. 💡

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