In a nutshell, another ugly auction, marginally less catastrophic than Tuesday's 2-year sale — which is roughly the equivalent of describing a hospital visit as slightly better than a funeral.
At precisely the moment the United States is about to unleash a surge of war-related deficit financing on an already skeptical market, investor demand is quietly but unmistakably retreating.
The asset once enshrined as the global risk-free benchmark — then weaponized as a geopolitical instrument — is being repriced accordingly. The Empire's credit card remains open. The limit is not.
At precisely the moment the United States is about to unleash a surge of war-related deficit financing on an already skeptical market, investor demand is quietly but unmistakably retreating.
The asset once enshrined as the global risk-free benchmark — then weaponized as a geopolitical instrument — is being repriced accordingly. The Empire's credit card remains open. The limit is not.
The Macro Butler, ever the dutiful sage, returned to Asharq Bloomberg TV to dispense what the ancient masters would recognize as self-evident wisdom: peace, in the presence of active warfare, remains a decorative concept best admired from a distance. The superior investor, therefore, prepares for the worst, hopes for the best, and quietly accumulates oil exposure as the crude of the Middle East finds itself detained behind what history will record as the world’s most expensive toll booth.
As Confucius might have said ‘The man who controls the gate controls the road’. Iran, it appears, has read the classics.
The interview has been translated into Arabic.
https://themacrobutler.substack.com/p/interview-with-asharq-bloomberg-tv-289
As Confucius might have said ‘The man who controls the gate controls the road’. Iran, it appears, has read the classics.
The interview has been translated into Arabic.
https://themacrobutler.substack.com/p/interview-with-asharq-bloomberg-tv-289
Substack
Interview with Asharq Bloomberg TV Dubai 25.03.2026
The Macro Butler, ever the dutiful sage, returned to Asharq Bloomberg TV to dispense what the ancient masters would recognize as self-evident wisdom: peace, in the presence of active warfare, remains a decorative concept best admired from a distance.
After spreading illusionary hope of peace, the Ministry of Peace announces, with its customary confidence, that the war which was won decisively in the first hour continues to require winning. The Warmonger-in-Chief, having declared total victory over an adversary that is still launching missiles, has taken to Truth Social — that hallowed organ of official reality — to inform the public that Iran is negotiating in bad faith, a conclusion reached after American strikes eliminated the previous delegation Iran had dispatched to Geneva for talks before the start of ‘Epstein Fury’. The Ministry wishes to clarify that bombing a negotiating party does not constitute bad faith. It constitutes winning.
The next phase of the operation, which does not yet officially exist, will involve deploying ground forces to Persia — a development that the Ministry prefers to describe as boots on the ground rather than young Americans sent to die in a country their Commander-in-Chief has already defeated every day since day o the military excursion. The public was once again reminded that the war is going extremely well. It has always been going extremely well. Doubting this is, of course, negotiating in bad faith.