EVERYONE VOTE WITH HIS WALLET

Diesel at a new record. Guess who's on the ballot. ⛽️

How much of the November vote is really about the price at the pump? All of it.

Diesel up. Gasoline up. Groceries up. Everywhere in the world, everyone votes with his wallet.

Polls measure opinions. Pumps measure pain.

Are you voting party or price? 👇

💰 Understand the cycle. Spot the risks. Protect your wealth with The Macro Butler Financial Academy

https://themacrobutler.com/financial-academy/

The Treasury of the Empire reopened $39 billion of 10-year notes at exactly 5.300% — nearly half a point above September's 4.834% and the highest 10-year auction yield since November 2000, as the dot-com bubble was bursting. It stopped through the When Issued by 1.7 basis points, the biggest since April 2025 and the fifth consecutive stop-through.

The internals are what raised eyebrows. Indirect bidders took 80.3%, the fourth-highest ever, while dealers were left with 2.5% — the lowest in the history of 10-year auctions. After months of foreigners retreating at every tenor, they suddenly arrived in force at precisely the right moment.

Everyone wonders aloud whether The Treasurer In Chief called in a favour from a friendly G7 capital. Speculation, clearly. What is not speculation: yields fell five basis points, then selling resumed within the hour

The Ministry of Managed Inflation Expectations has a small discrepancy to report between the official figures and the citizens who live among the prices: the New York Fed's September survey found one-year inflation expectations jumping to 3.9% — the highest since May 2023 — as the public, stubbornly consulting the supermarket rather than the approved statistics, now expects medical costs to rise 9.2%, college 7.5%, rent 6.8%, food 5.5%, and fuel 4.8% over the coming year. The Ministry prefers Core PCE, a number carefully purified of the food, fuel, and shelter that ordinary people are forced to purchase, so that inflation may be declared "contained" to everyone except those paying it. The report's darkest line is dressed as good news: expected spending growth leapt to a two-year high of 5.5%, outpacing expected income — framed as consumer confidence, when it is in fact a population spending ahead of prices it can already see rising, buying today what it knows it cannot afford tomorrow.

When the citizen's lived inflation runs at 9% while the official gauge insists on 3%, the gap isn't a measurement error — it's the entire function of the measurement, and the public has simply stopped believing the number it was told to feel.

It is always about how to follow the money to ‘Kaiser Merz’, who did indeed chair BlackRock's German supervisory board before entering the Chancellery — a fact of public record, and a reasonable thing for voters to weigh. From there the argument becomes crystal clear: BlackRock leads an $800 billion Ukraine reconstruction framework involving concessions and resource rights, it holds some $40 billion across RTX, Northrop, Lockheed and General Dynamics, and that ‘Kaiser Merz’ therefore put its BlackRock’s interest before Germany. You cannot claim you are already at war with Russia, risk the destruction of Germany, and have BlackRock making a profit. Germany is converting Volkswagen plants to defence production and borrowing €649 billion to do it. Whether or not Merz's old employer benefits, somebody manages the fund that finances the rearmament.

https://news-pravda.com/world/2025/10/03/1742210.html

Follow the money and you rarely find a conspiracy — you find a fee, quietly charged on every side of the trade.

🚨 TRUMP’S NEXT TARIFF SHOCK: THE REAL PAIN MAY COME AFTER THE MIDTERMS! 🇺🇸💥

Think the trade war is over? Think again. 👀

What if the biggest tariff escalation is still ahead?

📦 Higher tariffs could mean higher import costs.
🏭 Businesses may face squeezed margins.
🛒 Consumers could pay more.
📈 Stagflation is not if but when.

Here’s the million-dollar question: Will Trump turn tariffs into his next political weapon once the midterm elections are behind him?
🎯 Watch the full video to understand what comes next—and why investors should prepare before the headlines hit.
💰 Understand the cycle. Anticipate the risks. Protect your wealth with The Macro Butler Financial Academy

https://themacrobutler.com/financial-academy/

Washington sold $22bn of thirty-year paper at 5.618%, the highest yield since August 2000, and the financial press called it “solid.” Solid it was, in the sense that a man paying 5.6% to borrow for three decades has solidly accepted his fate. The stop-through was a rounding error — 0.1bp, against 2.7bp last month — and dealers, having set a record-low 2.2% takedown in September, reluctantly picked up 6.8%, which still ranks among the least enthusiastic showings on record.

Indirects took 72.3%, down from a near-record 79.5%, because foreigners will buy America’s long bond, just not at the previous price. Directs took down 20.9%, up from 18.3% and in line with the recent average of 20.6%. And while not nearly as low as yesterday's record low, the Dealers award was 6.8%, one of the lowest on record but a rebound from September's record low 2.2%

The Empire which must pay more to borrow longer has not found a buyer — he has found a price.

Rising bond yields, persistent inflation, and a debt-soaked West — is the great rotation finally here? 🎙📈🔥

The Macro Butler returns to Piggo’s Trading Desk for a wide-ranging deep dive into the forces reshaping markets heading into the end of 2026. The Macro Butler connects every thread the consensus keeps ignoring:

📈 The long end is where it matters now — why surging bond yields, Western government debt, and the possibility of more Fed rate hikes are the defining macro story, not the rate cuts Wall Street keeps praying for.
🏢 Higher refinancing costs are coming for the overleveraged — debt-addicted businesses that borrowed cheap and now face the bill.
🔄 The rotation into resilience — out of paper promises and into energy producers, refiners, commodities, and the financially sound companies that actually generate free cash flow.
⚔️ Geopolitical instability — US-China tensions, Taiwan, political uncertainty, and the crisis scenarios the market refuses to price.
🥇 Why corporate balance sheets — and hard assets — are the new flight to safety in a world where “risk-free” no longer means what it used to.

Zero hopium. Zero soft landings. Just the macro playbook history keeps validating.

🎧 Watch the full conversation on Piggo’s Trading Desk now.

https://themacrobutler.substack.com/p/interview-with-piggos-trading-desk-8c3

The Ministry of Fuel Abundance has an electoral miracle to announce, timed with the precision of a man whose approval rating is bleeding out one diesel pump at a time: less than a month before the midterms, the Manipulator-in-Chief posted on Truth Social — one hour before the close, naturally — that Tsar Vladimir has graciously agreed to release 300,000 tons of diesel “immediately,” 500,000 in November, a million thereafter, and three million more once Russia’s refineries, currently being dismantled by Ukrainian drones every three days, feel up to it. The algos did their duty and sold WTI before a single carbon-based trader could reach for a calculator, which is a pity, because the arithmetic is the entire joke: 300,000 tons is 2.2 million barrels against US consumption of 4 million barrels a day — half a day’s diesel — while the whole theatrical package, minus the three million tons nobody believes will arrive, amounts to roughly five days of supply.

The war declared won on Hour 1 of Day 1 has now reached the stage where the President must publicly beg the enemy he’s sanctioning to sell him fuel, and the enemy’s refineries can’t produce it because the proxy he’s funding keeps blowing them up.

🤵 The Macro Butler The Week That It Was as of October 9, 2026, 🤵

🌐 A shadow war, a confiscated reserve and a timely new plague — all, naturally, for your own protection. 🌐

Read more here: https://themacrobutler.substack.com/p/the-week-that-it-wasas-of-october-ce8

🤵 The Macro Butler Weekly Digest 🤵

🌐 Government debt is never repaid, only refinanced. The price of refinancing is confidence and confidence is leaving. 🌐

Read more here: https://themacrobutler.substack.com/p/the-bond-who-rolled-me

At Token2049, Eric Trump — co-founder of the plutocratic crypto venture whose stablecoin conveniently bolsters demand for his father’s $40 trillion in government debt — explained that the AI boom depressing crypto prices will, in fact, be crypto’s greatest saviour, because money “cycles between the two,” in the digital gulag his plutocratic friends are building. This is the tautology of a man who profits whichever way it flows. Tokenizing yachts and art, he declared, is “philanthropic” — charity redefined as selling fractions of luxury assets to the public. Then, having spent the week denouncing banks, the President’s son declared total “victory” over them from a stage in Singapore.

https://www.thestreet.com/crypto/markets/token2049-singapores-2026-agenda-goes-well-beyond-the-main-stage

At the same time, the IMF, that tireless guardian of the financial order it helped build, has issued its fourth warning in a year that tokenization — the Wall Street buzzword for putting stocks, bonds, and repos on a blockchain — could “amplify financial risks,” which is a remarkable thing to discover about a technology the same institutions are racing to adopt. The Fund found that tokenized equities are 1.5 times more volatile and significantly less liquid than the real thing, that 80% of trades involve less than a single share, and that greater interconnectedness and leverage could produce “fire sales, liquidity runs and contagion” — which is to say, everything the 2008 crisis was made of, now available 24/7 with no market close to stop the bleeding.

https://cointelegraph.com/news/imf-flags-volatility-liquidity-risks-tokenized-markets-grow?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed

The genius is that the warning changes nothing: tokenized repos already clear $300-350 billion a day, BlackRock and JPMorgan are building the rails, and the IMF’s considered recommendation is not to stop but to add “clearer frameworks” and “safeguards” — the regulatory equivalent of installing a smoke detector in a building already doused in petrol. Systemic risk is “limited,” the Fund reassures, “because adoption is still small” — the four most expensive words in finance.

Listen to a summary of The Macro Butler The Week That It Was newsletter via podcast on Substack; YouTube; Rumble; Spotify & TikTok.

https://themacrobutler.substack.com/p/the-week-that-it-wasas-of-october-d48