After years of trashing "Yellenomics" as a backed hedge fund manager related to the self-proclaimed Financer of Regime Changes in Chief, the newly minted "Treasurer in Chief" is now doing a full Yellen cosplay—flooding the market with short-term bills to plug the fiscal black hole. Apparently, long-term yields are just too spicy to touch, so it's all bills, all the time—cranking the issuance dial from 10 to a Spinal Tap–worthy 11. In a plot twist worthy of a Shakespearean farce, he’s now championing the very debt strategy he once called fiscal heresy.

So, the ‘Treasurer In Chief’, once a proud Yellen-basher, is now pulling off the ultimate cosplay—flooding the market with short-term bills like a fiscal DJ stuck on repeat, all while pretending not to notice he’s now endorsing the very debt strategy he once trashed; with long-term yields too hot to handle and coupon issuance flatlining, the Treasury is cranking out bills like there's no tomorrow—so much so that the supposedly ‘Stablecoins’ have become crucial in keeping Uncle Sam solvent for a little while longer.

In a nutshell, from Yellen-basher to full-on cosplay, the new Treasurer is drowning Uncle Sam in short-term bills—embracing the very debt strategy he once trashed—while stablecoins quietly keep the party afloat.

The Macro Butler had the pleasure of joining Discourse With Christian ( Christian E. White) to offer a refreshingly non-complacent take on the ever-so-benevolent Malthusian roadmap of our Davos overlords.

Naturally, this all unfolds beautifully through the timeless tradition of war—because what better way to manage population and power? As Western civilization gracefully stumbles into irrelevance, the future clearly belongs to the rising BRICS bloc.

And Trumperialism? Just the final, glorious encore of America’s world domination fantasy.

https://themacrobutler.substack.com/p/interview-with-discourse-with-christian-28c

In a plot twist absolutely no one missed, the Bank of Japan held rates steady at 0.5%—just as every single economist predicted—while ever so subtly nudging its inflation forecast higher (because rice prices, of course). The BOJ now sees inflation hitting 2.7% this year, up from 2.2%, which, in central bank language, basically screams “maybe we’ll hike... eventually... possibly.” But wait—there’s nuance! They’re also watching how Donald Copperfield’s tariff circus plays out, despite a shiny new US-Japan trade deal that supposedly makes things less “extremely uncertain.” All in all, the BOJ is inching toward a rate hike with the same urgency as a tortoise at a tea ceremony—gracefully ambiguous, ever cautious, and delightfully non-committal.

In a nutshell, the BOJ tiptoes toward a rate hike, citing rising rice prices and tariff tantrums, but stays masterfully vague—because why rush when you can zen your way through policy?

To wrap up the first month of Q3 in this grand Jubilee Year, Americans saw their incomes perk up in June—mostly thanks to Uncle Sam’s ever-generous wallet—while their spending habits suggested even the most loyal shoppers are getting tariff fatigue. Personal income rose 0.3%, driven not by booming wages (which crawled up just 0.1%) but by retirement contributions and transfer payments, with Social Security alone accounting for a third of the gains.

Consumers tightened their grip on durable goods, likely spooked by price hikes, and stuck to the essentials—though they still found room in the budget for dining out and vacations. Yet, despite the rebound, real spending rose at a meagre 1% annualized pace in H1 2025, a sharp comedown from 3.1% in 2024. Turns out, even stimulus-fuelled consumption has a shelf life.

Core PCE inflation accelerated in June to its fastest pace since February, with prior months revised higher — because apparently, inflation loves a good encore. Tariff-heavy categories like recreational goods, clothing, and furniture did their part, adding 8bps to the monthly rise, just as scripted. Meanwhile, financial services went from inflation drag to inflation fuel, as portfolio-management fees fattened on the back of the post-“Liberation Day” equity rally. Who knew fighting tariffs could be so profitable — for someone else.

In a nutshell, Uncle Sam lifted incomes while tariffs lifted prices, leaving Americans spending less, saving more, and discovering that even stimulus has an expiration date—just as core inflation found a new gear.

Dear Investors,

Please find below the July 2025 factsheet for The Macro Butler Long/Short Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-longshort-portfolio-d22

Dear Investors,

Please find below the July 2025 factsheet for The Macro Butler Strategic Portfolio.

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

Dear Investors,

Please find below the July 2025 factsheet for The Macro Butler IG Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-ig-portfolio-july-fb0

A powerful MacroVoices interview with RickRule and Erik Townsend —reminding us that cheap, abundant energy is the true engine of prosperity. Because in the end, everything is energy...

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

A chillingly brilliant dispatch from Pepe Escobar, exposing Donald Copperfield’s delusional takes on BRICS—where his provocations toward China and India only tighten the grip of the emerging Triumvirate. Despite the West’s Malthusian fantasies, the new world order is coalescing, and it won’t ask for permission.

https://www.youtube.com/watch?v=9NHSIeOP3O0

The rockstar CEO of the Magnificent 7 chip giant has styled himself as the peacemaker-in-chief between the U.S. and China to protect market share—but behind the scenes, his charm offensive likely came at the price of cooperation with U.S. alphabet agencies, quietly embedding backdoors in chips sold to Beijing.

https://www.cnbc.com/2025/07/31/china-probes-nvidia-h20-chips-for-tracking-risks.html

In a world tearing at the seams, U.S. multinationals clinging to China as their golden goose are sleepwalking into a geopolitical buzzsaw—and the wake-up call will be anything but gentle.

As always with Donald Copperfield, it's all smoke, mirrors, and TACO-ing when action is needed. Case in point: his grand copper tariff announcement sounded tough—until he quietly exempted copper cathodes, the main form of refined copper the U.S. actually imports. Cue the brutal unwinding of bullish bets that had banked on a full-spectrum tariff. Classic Copperfield—headline first, substance optional.

In true Orwellian fashion, Donald Copperfield invoked the Defence Production Act to decree that copper—once just a metal—is now a matter of national security. By 2027, 25% of high-grade scrap and raw copper must be produced and consumed within U.S. borders, rising to 40% by decade’s end. The rationale?

An overreliance on foreign powers, a gutted industrial base, and the quiet admission that one unnamed nation—clearly China—has monopolized the global smelting game. In this new era, even atoms answer to the state.

While the Manipulator-in-Chief brags online about the “booming” U.S. economy, July’s nonfarm payrolls print tells a different story. Seasonally adjusted jobs rose just 73k — well below consensus. Even worse, May and June were quietly revised down by a whopping 258k. June’s once-confident 147k gain? Now basically flat at 14k.