The Silicon Valley–meets–Beltway club, Dialog, is shopping for a D.C. campus—because what’s an exclusive billionaire forum without a swamp-front property? Often likened to a tech-age Bilderberg, it now draws everyone from Musk to Summers, Kravis to Cruz, all under Thiel’s watchful eye (and Palantir’s contracts). In a nutshell: it’s a big club—and you’re not invited.

https://gizmodo.com/secretive-peter-thiel-founded-tech-bilderberg-group-is-moving-up-in-the-world-2000640214

European leaders keep preaching about “fighting for democracy” in Ukraine, all while being despised at home. In France, ‘MacroLeon’—a.k.a. Le Petit Napoléon—is watching his lame-duck Prime Minister, ‘Bay-roue De Secour,’ wobble toward yet another collapse.

Further north, the Netherlands isn’t faring much better. After the ‘Gouda Warmonger’ traded The Hague for a cushy seat at the North Atlantic Terror Organization, the patchwork coalition he left behind is already unravelling—because even duct tape politics can’t hide a collapsing economy.

Declining trust in public institutions has always been a key driver of inflation: when citizens and investors lose faith in the clowns running the show, they hoard goods instead of investing, choking supply and fuelling higher prices.

While Wall Street’s brain-dead pundits keep chanting about a “weaker USD” and treating the EUR as some kind of savior for the decaying West, reality paints a different picture: just like during the PIGS crisis, the euro is headed straight for the abyss as European sovereign CDS blow out.

The Macro Butler joined BFM 89.9 at dawn to unpack ‘Donald Copperfield’s’ magic trick of turning the U.S. Republic into a Banana Republic—complete with rising inflation and spiking Treasuries—while also highlighting France’s lame-duck circus and the euro’s inevitable nosedive.

https://themacrobutler.substack.com/p/interview-with-bfm-899-malaysia-27082025

As France dusts off its tin cup for an IMF handout, the U.S. Treasury managed to unload $70 billion in 5Y paper — though calling it an “auction” might be generous. The high yield limped in at 3.724%, down from 3.983% in July and scraping the lowest since last September’s 3.519%. To top it off, it tailed the When Issued 3.717% by 0.7bps — the third straight tail.

The Bid-to-Cover came in at 2.36 — a microscopic improvement from last month’s hideous 2.31, but still shy of the six-auction average of 2.37. The internals weren’t much prettier: Indirects grabbed 60.5%, better than July’s 58.3%, yet miles below the 69.3% recent average. The only saving grace? U.S. buyers showed up in force, with Directs scooping a record 30.7% — because when foreigners step back, someone’s got to hold the bag.

That left a measly 8.8% for Dealers — matching the record low from January 2023. In other words, Wall Street’s middlemen barely touched the stuff, leaving Uncle Sam’s debt buffet to be devoured mostly by reluctant foreigners and overeager locals.

All in all, this was a lackluster auction—hardly shocking given that investors are waking up to the reality of looming Trump Stagflation. The so-called “risk-free asset” is looking anything but risk-free, and the only truly antifragile refuge left is physical gold. Unlike government paper, it carries no counterparty risk and offers investors the one thing increasingly authoritarian, debt-soaked governments can’t: independence and preservation of wealth.

Across the Channel, Britain’s “Communist Labour” experiment is already circling the drain. A fresh YouGov poll pegs Labour at a record low 20%—proof that the head of Labour’s grand plan of recycling decades-old failures into shiny “green revolutions” isn’t fooling anyone. Energy is even pricier, industry still fleeing, households still broke.

https://www.politico.eu/article/uk-keir-starmer-labour-suffers-historic-drop-in-approval-ratings/

The Reform UK Party now tops the polls at 28%, with Nigel Farage pitching himself as the antidote to Starmer’s “mad experiment.” He’s hammering government overspending, promising to revive the energy sector by torching £40 billion worth of net-zero boondoggles, and framing the migrant crisis—already costing £10 billion in five years—as a full-blown “national emergency.”

https://www.telegraph.co.uk/politics/2025/08/25/farage-starmer-sides-international-courts-british-people/

As the next political and economic storm builds, public trust in leaders is set to collapse even further. Voters are rallying behind candidates branded “extreme” by mainstream media—not because they’ve suddenly become radicals, but because they’ve seen enough of failed globalist policies hollowing out their nations. What people crave now is national sovereignty, and that will never come from the establishment.

US Q2 GDP just got spicier: revised up from 3.0% to a flaming 3.3%, its hottest since Q3 2023. Imports tanked, so GDP looks gym-fit, while personal consumption flexed from 0.98% to 1.07%. Fixed investment bulked up too, leaping from 0.08% to 0.59%—turns out hyperscalers weren’t lying after all. Inventories shaved a bit more off (-3.29%), trade added a meaty +4.95% (a mirror flip from Q1’s carnage), and government went from helping a smidge to taking a smidge.

According to the BEA, the GDP bump from 3.0% to 3.3% came thanks to stronger investment and consumer spending—though partly watered down by weaker government spending and weaker imports.

In a nutshell, US Q2 GDP got a chili-pepper upgrade—revised up to 3.3% on stronger spending and investment, even as government tried to cool it down.

While the FED's credibility dissolves faster than a snowman in a sauna, the US Treasury bravely managed to wrap up its month by auctioning off a meagre $44 billion in 7-year notes.

In a development that surely has the world on the edge of its seat, the high yield was 3.925%. That's right, for the first time since all the way back in September, it squeaked in under 4%. Please, try to contain your shock.

Even more impressively, in a stunning display of overwhelming demand, it tailed the market by 0.3bps. We haven't seen that kind of lukewarm reception since April! What a refreshing and dramatic reversal from last month's boring, record-matching, high-demand auction.

The demand was simply staggering, as demonstrated by the bid-to-cover ratio of 2.489—a historic low we haven't been blessed with since way back in May 2024.
The internals showed a perfectly rational market: foreign buyers, bless their hearts, carried the team by grabbing a near-record 77.45%. At the same time, domestic bidders wisely decided to sit this one out, with their share mysteriously evaporating from 33.7% to just 12.8%. This selfless act allowed Dealers the privilege of getting stuck with 9.8% of the inventory, more than double last month's measly portion.

All in all, a stellar auction—if by stellar you mean lousy—since it seems the “smart money” has finally caught on that the so-called risk-free rate now comes with a side of, well… risk.

Western media dusts off the Russian bogeyman on cue whenever it needs to cover up the economic wreckage left by its Keynesian Davos puppets. Meanwhile, AI isn’t just writing emails—it’s moonlighting as a bioweapons intern. In 2022, one model spat out 40,000 toxins in six hours, and by 2023 it was offering DIY recipes for poisonous gas under the cutesy label “Aromatic Water Mix.” But hey, nothing to worry about—it’s just a “productivity tool.” Maybe, just maybe, giving every lunatic a virtual pathogen factory isn’t the wisest move. Between espionage, anthrax-in-the-mail, and sloppy lab leaks, do we really need AI fast-tracking the next plague?

https://www.theverge.com/2022/3/17/22983197/ai-new-possible-chemical-weapons-generative-models-vx