Indeed, even the world’s oldest profession isn’t immune to the modern economy’s collapse. Allie Rae, a former nurse turned OnlyFans mogul, says her once six-figure monthly income is down 25%, and others are seeing drops of up to 50%. “I’m working harder than ever,” she laments—though it’s not just digital performers feeling the pinch. At brothels, workers are clocking in and walking out empty-handed. One put it bluntly: “Six hours, zero clients.”




https://nypost.com/2022/06/03/onlyfans-models-sex-workers-feel-pinch-of-sluggish-economy/

But sure, CNBC and the White House say everything’s peachy. Maybe the only thing booming these days is the gaslighting industry—because when even sex gets too expensive, you know the economy’s officially tapped out.

As the 47th president leans deeper into his Chaplin cosplay from The Great Dictator, Americans’ trust in their institutions is in freefall.
Take Social Security: faith in the program just hit a 15-year low, per AARP—because who doesn’t love a 90-year-old Ponzi scheme that’s almost out of gas? Just 36% believe it’ll actually pay out, and among younger adults, belief collapses faster than tech stocks in a bear market. Still, 69% say it’s “important,” which is like clutching a burning couch because it holds memories.

https://www.aarp.org/social-security/ssa-trends-survey-90th-anniversary.html

Why do we let the government skim our paychecks just to hand us back peanuts decades later—with no interest? Social Security has become a slow-motion Ponzi scheme, now paying out an average of $2,005 a month—barely survival income. The trust fund is set to run dry by 2034, leaving payroll taxes as the only fuel.

Why? Because the entire fund is stuffed with low-yield government bonds. Congress rejected smarter, diversified investment decades ago. So yes, if you're not counting on Social Security, you're not paranoid—you’re paying attention.

https://www.foxbusiness.com/economy/social-security-trust-funds-now-projected-run-dry-2034-triggering-massive-benefit-cuts

Big thanks to Hubbis for spotlighting The Macro Butler’s take on stablecoins — those shiny digital IOUs dressed up as tech-savvy heroes, quietly plugging the gap in US debt demand while sneakily rolling out the red carpet for financial censorship. Because nothing says “freedom” like programmable money and invisible handcuffs.

https://themacrobutler.substack.com/p/hubbis-in-stablecoins-we-patch

As the August war drums start pounding, Ukraine’s high-heeled wartime performer is now enlisting grandmas and grandpas to plug the frontlines.

With fresh cannon fodder running low, he's scrapped the age cap entirely—inviting anyone over 60 to sign up for a one-year military tour, pending a two-month “are-you-even-breathing?” trial. This follows earlier moves to draft 18–24-year-olds and lower the conscription age to 25.

The message is clear: if you’re not dead yet, you're eligible. Sound familiar? History may not repeat, but it sure loves a good parody.

https://youtu.be/tkkzWhSsfmI

Ukraine’s recruitment drive has gone full throttle, now targeting women to make up for severe manpower shortages. With 70,000 already enlisted, propaganda is ramping up to erase “Soviet-rooted prejudice” and fill the illegitimate president’s dream of a 1.5 million-strong army. He brags Ukraine’s force dwarfs France’s, while quietly drafting teens, seniors, and soon likely everyone in between. Even schoolkids are learning firearms—because in this war, age is just a number and civilians are cannon fodder in waiting.

https://kyivindependent.com/facing-manpower-shortage-ukrainian-brigade-turns-to-women-in-first-ever-female-recruitment-drive/

While the Manipulator-in-Chief keeps whining about the July jobs report, the ISM Services PMI quietly slipped to 50.1—just a hair above contraction and well below the 51.5 consensus. Production slowed, new orders stalled, and businesses are basically shrugging, citing tariffs and uncertainty as reasons for delayed or cancelled projects. Turns out front-loading purchases ahead of tariffs wasn’t a sustainable growth strategy after all.

Meanwhile, inflation isn’t taking a summer break—prices paid jumped to 69.9, the highest since 2022, thanks to rising equipment and supply costs. And hiring? Still contracting. The employment index dropped to 46.4, its lowest since March, echoing the July jobs report, where gains were mostly limited to healthcare and social assistance.

In a nutshell, Services are stalling, prices are surging, and jobs are vanishing—just don’t tell the Manipulator-in-Chief.

One week after the Treasury’s refunding announcement delivered a whole lot of nothing—no changes to the coupon auction schedule, no bold moves, just a lazy punt to short-term bills—the government rolled out a hefty $158 billion in debt issuance, including a jaw-dropping $100 billion in four-week bills and $58 billion in 3-year notes.

The market, ever the optimist, treated this flood of paper as a signal that a Fed rate cut in September is practically baked in, with the 3-year high yield dropping to 3.669%—the lowest since last September and a far cry from the 4.332% peak seen in January. Of course, the auction still couldn’t stick the landing, coming in with a 0.7 basis point tail versus the 3.662% when-issued level—the third tail in a row and the ninth in the last eleven auctions. But who’s counting?

Apparently not the Treasury, which seems content to paper over fiscal reality with an endless stream of short-term IOUs while hoping nobody notices the mounting dysfunction.

The headline bid-to-cover ratio of 2.526 looked decent—slightly above last month’s 2.509—but still below the six-auction average of 2.589, and the internals told a far less flattering story. Indirect bidders (mostly foreign buyers) pulled back again, dropping to 53.99%—the weakest showing since December 2023. Direct bidders stepped in with a still-elevated 28.1% take, just below July’s record, suggesting continued unusual demand from smaller institutions or hedge funds.

As a result, Dealers were forced to mop up 17.9%, their highest share since April. All in all, demand for 3-year paper from the foreign buyside remains tepid, and the auction felt more like a game of musical chairs with fewer willing players.

Overall, this was a weak, tailing 3Y auction—another sign that investors are waking up to the reality that the once-sacred “risk-free” Treasury IOU is anything but, especially as global war cycles intensify and fiscal risks pile up.

As tariffs shift into high gear, the U.S. trade deficit magically shrank in June—not because the US is exporting more, but because consumers stopped buying stuff. Imports plunged as the great tariff panic stockpiling spree reversed hard, especially with China. The deficit with Beijing dropped $4.6 billion as exports ticked up and imports fell, while retailers scrambled to reroute supply chains through Vietnam, Indonesia, and Thailand.

In a nutshell, trade remains the global version of musical chairs—only with more paperwork and fewer friends.

The Macro Butler sat down with Natural Resource Stocks (aka Andy Millette) to unpack how the U.S.—along with the rest of the world—is gliding effortlessly from an inflationary boom straight into good old-fashioned stagflation.

We also explored how China and the Global South are quietly fortifying themselves against the ever-benevolent Western “guardians of freedom” who just happen to show up wherever there’s profit to be extracted.

Asset class implications? Oh, they’re coming—and they won’t be gentle for bond holders.

https://themacrobutler.substack.com/p/interview-with-natural-resource-stocks

Seasoned geopoliticians know economic warfare is wrecking free trade and turning allies into enemies. This isn’t about tariffs—it’s about weaponizing them for political gain. The U.S. threatens India with sanctions over Russian oil. Meanwhile, Global South nations exercise sovereign trade choices. The U.S., rich in resources but starving for rare earth minerals—70% once supplied by China—faces a strategic chokehold. China won’t arm its enemy. That’s why America’s desperate to control Ukraine’s minerals. Digging can’t start until the war ends. The battlefield isn’t just on the front lines—it’s beneath the earth.

Rare earths have long been a strategic asset. Before 1948, India and Brazil held the supply lines. In the 1950s, South Africa took point. From the 1960s to 1980s, the U.S. led the charge with California’s Mountain Pass mine. But the tables turned. By 2017, China captured 81% of global production—commanding the field with just a third of known reserves, mostly from Inner Mongolia. Australia, the only other serious player, held 15% by 2018. When it comes to heavy rare earths like dysprosium—critical for modern warfare—China controls it all. Western nations, once dominant, now watch from the sidelines as China dictates the battlefield under their feet.

Why hasn’t the U.S. started digging in Ukraine? Because nearly half of the country’s critical minerals lie under Russian control. The Donbas region—rich in lithium, coal, gas, and rare earths—is mostly occupied. Russia controls 40% of Ukraine’s metal resources and over half its coal reserves. Key sites near the front lines, like Dnipropetrovsk and Kharkiv with uranium, are too unstable. Zaporizhzhia, holding rare earths coveted by the U.S., is partially under Russian troops and too dangerous. Central and Western Ukraine are safer but poor in minerals.

Europe faces a similar crunch: Estonia supplies only 5% of U.S. rare earth needs; Malaysia and Japan provide modest amounts. Japan plans deep-sea mining by 2026, but that’s years away and uncertain. Ukraine’s mineral wealth—estimated at $15 trillion and 15% of global reserves—remains locked behind war zones. Meanwhile, China and Russia freely exploit theirs, advancing weapons production with no restrictions.

In a nutshell, free trade is out, resource wars are in—and while the U.S. preaches sovereignty, it’s stuck begging for rare earths while its enemies dig, drill, and dominate the underground battlefield.