The Ministry of Public Health Accountability convened a hearing this week in which Dr. Frankenstein Fauci — the man who spent the pandemic insisting he represented science itself — invoked his Fifth Amendment right against self-incrimination over and over, on the advice of counsel, declining to answer questions about COVID origins, gain-of-function research funding, and the inconvenient discrepancies between his public statements and his own recently released private diary entries. The theatrical irony is exquisite: legal scholars had spent weeks insisting Fauci could not plead the Fifth because Biden's pre-emptive pardon had removed the risk of self-incrimination, he was invoking it to avoid — meaning either the pardon was unnecessary or the Fifth Amendment plea is an admission that today's testimony carries fresh legal jeopardy the pardon cannot cover.

https://www.youtube.com/watch?v=zicmRtsli8Y

When the man who told the world to "trust the science" invokes the Fifth Amendment rather than answer questions about it, the science was never the thing that needed protecting.

Wall Street erupted in celebration as headline PCE "deflated" -0.1% MoM in June — its first negative print since the COVID lockdowns of April 2020 — while Core PCE cooled to +0.1% MoM, dragging the annual rate down from 3.4% to 3.3%, prompting the consensus to declare, once again, inflation vanquished with all the confidence of a man who sees the tide go out and concludes the ocean has left permanently. The awkward footnote, which the celebration politely skips, is that June's deflation was manufactured almost entirely by falling energy prices during the brief window when the Iran ceasefire briefly existed — a ceasefire that has since been formally cancelled, replaced with airstrikes, and accompanied by oil prices rising and two shipping chokepoints closing, none of which appears in June data because June ended before the sequel began. Services once again dominated the monthly rise, confirming that the sticky inflation remains stubbornly stuck.

June PCE deflated because oil got cheaper during a ceasefire that no longer exists — celebrating it now is like praising the weather during the eye of a hurricane

Listen to The Month That It Was in July 2026 from The Macro Butler.

https://themacrobutler.substack.com/p/the-month-that-it-was-july-2026

In a revelation that will surprise nobody who has ever read the word "enzymes" on a cheese label and wondered what it was hiding, roughly 90-95% of American cheese is now produced using fermentation-produced chymosin — a coagulant manufactured by genetically engineered microorganisms — a technology pioneered by Pfizer in the 1980s and waved through by the FDA in 1990 via the GRAS process, which is the regulatory equivalent of a company grading its own homework and the government stamping "looks fine to me."

https://hfpappexternal.fda.gov/scripts/fdcc/index.cfm?id=55FR10932&set=FinalRules

When the same company that gave you an emergency-authorised vaccine also quietly reengineered your cheese thirty years earlier, the "war on food" isn't a conspiracy theory — it's a supply chain.

🤵 The Macro Butler Weekly Digest 🤵

🌐 How to recognise, trust, and trade a genuine bull market — with gold as lens? 🌐

Read more here: https://themacrobutler.substack.com/p/the-real-bull

Dear Investors,

Please find below the performance of The Macro Butler Long/Short Portfolio as of end of July 2026.

https://themacrobutler.substack.com/p/the-macro-butler-longshort-portfolio-3c8

Dear Investors,

Please find below the performance of The Macro Butler Strategic Portfolio as of end of July 2026.

https://themacrobutler.substack.com/p/the-macro-butler-strategic-portfolio-8d2

Dear Investors,

Please find below the performance of The Macro Butler IG Portfolio as of end of July 2026.

https://themacrobutler.substack.com/p/the-macro-butler-ig-portfolio-july-320

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

https://themacrobutler.substack.com/p/the-real-bull-podcast

🤵 The Macro Butler’s Monthly Meditation 🤵

🌐 The quiet race to build a quantum computer may be the most consequential contest of our age: the day it's won, every encrypted secret is up for grabs. 🌐

Read more here: https://themacrobutler.substack.com/p/the-macro-butlers-monthly-meditation-fba

The Ministry of Free Markets has unveiled its most candid policy document yet: a handwritten notepad, photographed at a Camp David cabinet meeting and helpfully published by Reuters, reading under a "To Do" heading — "Buy Japanese Yen (JPY) $5-10 bil" — in the confident penmanship of a US Treasury Secretary who apparently believes currency intervention should be conducted with the same discretion as a grocery list. Scrooge Bessent, drawing on his hedge fund career and his newly discovered conviction that the yen is "too weak," has joined Tokyo in engineering the yen's rebound from 162 — its weakest since 1986 — to 157.40, in what officials are describing as the tightest US-Japan currency coordination in decades and everyone else recognises as two governments intervening in a free market to fix a price they don't like.

https://x.com/Polymarket/status/2083390480088236247

Japan spent a record ¥8.45 trillion ($52.8 billion) in a single day, the New York Fed sold euros to buy yen on the Treasury's behalf, and the same administration that lectures the world about market forces is now buying currencies by the billion while the BOJ holds rates at 1% against the US's 3.75% — the actual cause of the weakness that no amount of coordinated intervention can paper over.

When the Treasury Secretary's currency strategy is a handwritten to-do list photographed at Camp David, the free market hasn't been managed — it's been doodled.

An economy that spent June celebrating its factory PMI crawling above 50 has now watched it slither back below in July, proving once again that in China's data, the difference between expansion and contraction is roughly the width of a statistician's optimism. The official manufacturing PMI slipped to 49.2 — below the 50 threshold, missing every single estimate in the Bloomberg survey — while the non-manufacturing measure retreated to 49, its lowest since December 2022, and the construction PMI plummeted to a genuinely alarming 47, confirming that the property sector remains in the condition of a patient whose doctors have stopped using the word "recovery" and started using the word "comfortable."

As China’s factory activity contracts once again, construction PMI hits 47, the speed bump is doing considerably more damage than the road.

The Macro Butler is back on Asharq Bloomberg TV to deliver the call that separates the strong hands from the FOMO crowd: the Eternal Bullion bottomed at the end of June, and the next move is UP — not down.🥇🔥
Here’s the full thesis:

⚔️ The war cycle is escalating, not de-escalating. From Ukraine striking deep into Russia, to the Middle East ceasefire that requires weekly airstrikes to survive, to North Asia where Taiwan is the next chokepoint the consensus hasn’t priced — every geopolitical vector points toward higher gold.

🛢 Energy shortages and more wars are on the horizon — which means Trump Stagflation is not an if but a when, and it’s arriving sooner rather than later.

📈 $4,100 is the line in the sand. Break above it, and the same hot money that panic-sold the June low comes stampeding back in — chasing the Eternal Bullion higher at exactly the prices they should have been buying.

While the mass media obsesses over the pullback, the smart money is quietly accumulating.

📺 Watch the full interview on Asharq Bloomberg TV.

https://themacrobutler.substack.com/p/interview-with-asharq-bloomberg-tv-fa7

The Macro Butler kicked off the week at dawn on BFM 89.9 Malaysia — and the sovereign debt crisis just fired its opening shot. 🎙🔥
He joined Malaysia’s premier business radio to decode the week’s most consequential macro story that the consensus is treating as a footnote:

💴 Friday’s yen intervention was not a rescue — it was a warning. The Macro Butler breaks down what was really behind the coordinated US-Japan move to keep the JPY alive, why Washington is suddenly propping up the BOJ, and why none of it changes the long-term trend.
Japan is ready to lead the Western world into the inevitable sovereign debt crisis — the canary in the developed-market coal mine, and the first domino nobody wants to watch fall.

A weaker yen and a stronger yuan reshape the Chinese economy — and The Macro Butler explains why Panda bonds will only attract China’s major trade partners once the Chinese consumer replaces the US consumer as the world’s demand engine, a transition still years away.

Just the macro playbook history keeps validating.

🎧 Listen to the full interview on BFM 89.9 Malaysia.

https://themacrobutler.substack.com/p/interview-with-bfm-899-radio-03082026

The Ministry of Strategic Diplomacy keeps following its official four-phase negotiation methodology, rendered as a circular flowchart for the benefit of allies, adversaries, and confused bond traders alike: Phase One, "We're going to bomb their power plants"; Phase Two, "They called us begging for a deal"; Phase Three, "They're giving us everything we want"; and Phase Four, "They're scum, you can't negotiate with these people" — after which the cycle returns seamlessly to bombing power plants, having resolved precisely nothing while consuming a strategic petroleum reserve, closing two shipping chokepoints, and whatever credibility remained.