For anyone still confused about who Donald Copperfield really is behind that MAGA mask, here’s the ultimate proof: he’s just another proud member of the Deep State club.

As the illusion fades and Donald Copperfield’s true identity comes into focus, the U.S. Treasury conjured up a 29-year, 10-month bond auction—CUSIP UK2—casting it into the market at a spellbinding high yield of 4.889%. While a modest rise from June’s 4.84%, it still hovers near the record heights set in January at 4.913%. In a subtle sleight of hand, the auction stopped through the When-Issued rate of 4.890% by just 0.1 basis point—marking the second such magical move in a row. The long end of the curve, it seems, still has a few tricks up its sleeve.

The bid-to-cover ratio came in at 2.383—slightly below June’s 2.430 and just under the six-auction average of 2.399, keeping it within the recent range.

As for the internals, they were fairly unremarkable: Indirect bidders were awarded 59.8%, down from 65.2% last month and below the 63.0% recent average. Dealers took just 12.8%, while Direct bidders continued their strong showing, snapping up 27.4%—the highest since October 2011 and the third-highest on record.

Overall, this was a mediocre, forgettable auction—with yields inching toward record highs as Donald Copperfield’s monetary illusions are losing their spell. The once “risk-free” asset now comes with strings attached, and the only thing still shining through the smoke and mirrors is the one, the only, BIG BEAUTIFUL BULLION.

🤵 The Macro Butler Weekly Digest 🤵

🌐 Big Beautiful Bill? More like a big fat joke. When chaos reigns, it’s the Big Beautiful Bullion that preserves wealth. 🌐

Read more here: https://themacrobutler.substack.com/p/the-big-beautiful-bullion

At 100 years old, Mahathir Mohamad stands as a living monument to ASEAN’s evolution—from colonial Malaya to modern Malaysia. With a century of hard-earned wisdom, he sees what many refuse to admit: the future lies not with Washington’s warmongering Malthusians, but with the rising power of China.

For those who ignore this truth, decline is not a risk—it’s a certainty, tied to the unravelling of the U.S. empire. A MUST LISTEN.

https://www.bloomberg.com/news/audio/2025-07-10/big-take-asia-bloomberg-s-mahathir-mohamad-interview-podcast?cmpid=singapore-edition

You can now also listen to a summary of The Macro Butler weekly newsletter via podcast on Substack; YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/the-big-beautiful-bullion-podcast

Never forget—because the true enemies are not always on distant battlefields, but in the halls of power, where freedom is quietly strangled by those sworn to protect it.

While Wall Street and its cheerleading media keep pumping YOLO investors full of ‘hopium’ about #Nvidia 's inevitable march to $4 trillion, the real magician of the show—Jensen Huang—has been cashing out like it's 1999. Since June 20th, the rockstar CEO’s been dumping shares faster than you can say “#AI bubble.” But hey, maybe he’s just diversifying... right?

The reality? The so-called Magnificent 7 are shaping up to be the Maleficent 7 of the Jubilee Year—still trailing behind the old-school Dow Jones year-to-date. So much for leading the tech revolution.

As the U.S. transitions from today’s inflationary boom to tomorrow’s inevitable bust, expect the Dow to outpace the Nasdaq—and energy producers to outshine the energy-hungry tech darlings.

The question is: is your portfolio positioned for this shift, or are you just another YOLO sheep headed for the slaughterhouse when the tide turns?

The Government Pension Investment Fund (#GPIF)—you know, the largest pension fund on Earth with a modest ¥253 trillion ($1.5 trillion) under management—kicked off the Jubilee Year with a bang… by vaporizing $61.1 billion in just one quarter. That’s a cheerful -3.4%, marking its worst showing since Q3 2024.

Overseas stocks down 6%, bonds down 2%, Japanese stocks dropped 3.5%, and even domestic bonds slid 2.2%. The cherry on top? A 4.6% drop in the dollar vs. the yen—because apparently, bad news needed a currency twist too.

#Japan’s debt-to-#GDP ratio sits at a towering 236%—the highest among major economies—nearly double that of the U.S. and almost triple #China’s. The Bank of Japan now owns over half the JGB market, turning it into a rigged game where yields are fake, risk is mispriced, and institutions are forced to play along. Pension funds, banks, and insurers aren’t buying JGBs for return—they’re just captives of a system that gives them no alternative.

Japan’s pension dilemma is a slow-moving train wreck: a shrinking workforce, ballooning elderly population, and a pension system forced to pretend JGBs are still worth holding.

The GPIF, once the poster child for economic stability, has tried escaping the black hole of negative rates by shifting abroad—but it’s still stuck in Japan’s doomed fiscal orbit. With JGBs yielding next to nothing and no natural buyers left, the BOJ will be the last one holding the bag.

Whatever fake news media tells you, the sovereign debt crisis will start in Japan—and then will go viral across Europe.

In true Ministry-of-Truth fashion, Germany’s Green ideologues have come full circle: after spending €500 billion to make energy unaffordable, they now demand ice cream price controls—for the poor, naturally. Twenty years ago, their Energiewende was sold as costing no more than a scoop of ice cream per month. Today, they want that very scoop subsidized, having turned it into a luxury through their own policies. As factories flee, blackouts loom, and insolvencies surge, the same climate cultists double down—vilifying dissent as “far-right,” demanding more central control, and drowning Europe in regulation, recession, and rhetoric. All while insisting they’re saving the planet. Orwell would be proud.

https://www.thegatewaypundit.com/2025/07/far-left-german-greens-demand-ice-cream-price/

The self-proclaimed “Peacemaker-in-Chief,” who famously bombed a sovereign nation a month ago — as a heartfelt thank-you to his generous friends in Tel Aviv—now believes he’s due a Nobel Peace Prize. Because, of course, nothing says peace like missiles and proxy wars. And just in case anyone forgot who’s really pulling the strings, he’s doubling down by threatening Russia again—yes, the country already buried under the most severe sanctions in human history, now with a shiny new 100% tariff badge.

For someone who campaigned on his deep loathing of "forever wars," he sure seems eager to drag the world straight into World War III—now even cheering on the Regime-Changer-in-Chief himself.

And when Donald Copperfield finally drops the act and shows his real face, the world might realize that the whole MAGA spectacle was just another illusion: a flashy trick to get back into the White House while padding the pockets of family and loyal cronies.

Bravo—Make America Grift Again.

Tariffs aren’t inflationary, says the “Treasurer in Chief.” True—it’s not inflation, it’s just a massive tax someone pays. Like Conagra and Helen of Troy, now choking on 7% cost inflation and a cool $200 million tariff hit.

But who cares if margins collapse and hiring freezes, as long as elites can chant “Making America Great Again” into the void. Meanwhile, Washington is quietly raising corporate taxes through the back door—because nothing screams pro-business like a tariff bomb.

Blockchain—the tech hailed as “freedom” by crypto bros—is actually a dream come true for control freaks in power, offering the perfect surveillance tool dressed up as innovation. Digital IDs? Not about convenience—just a Trojan horse for total financial control via CBDCs.

And let’s be real: once governments get their hands on that power, they’re never giving it back.