The bid-to-cover ticked up to 2.376 from 2.266, just edging past the six-auction average of 2.366. Foreign buyers were clearly in a buying mood, snapping up 62.03% — their biggest grab since June — while Directs went full nostalgia mode, surging to 28.01%, the highest since October 2011, right after the first U.S. downgrade.

Dealers were left holding a mere 10.0% — their smallest slice since June 2023, proving once again that everyone else showed up to the party and left them with the scraps.

Overall, it was another surprisingly strong auction—though Wall Street’s banksters and talking heads still blissfully pretend that in the coming era of “Watt-flation,” the so-called risk-free asset won’t come with a side of risk.

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Is the CPI Just Statistical Glitter?

https://www.tiktok.com/@the.macro.butler/video/7549148907368992017

Despite all the smoke and mirrors spread by France’s new lame-duck prime minister, the country’s AA rating finally bit the dust—because apparently, even the “government-sponsored” credit rating agencies can only keep up the charade for so long. Fitch downgraded France to A+ on Friday, citing ballooning debt, political chaos, and a fiscal plan about as credible as a campaign promise. The agency warned that debt will continue climbing until 2027 (shocking, we know) and that reaching a 3% deficit target by 2029 is little more than a fairy tale. Meanwhile, Economy Minister ‘Credit Lombard’ gamely insisted that France’s economy remains “solid,” proving that denial is still Paris’s favourite pastime.

So, France just got demoted to a credit rating that puts it barely ahead of the UK—yes, the same UK that’s practically pencilling in its own downgrade—and now sits shoulder-to-shoulder with Belgium. Fitch, apparently tired of playing therapist, now has France ranked just six steps above junk. Eighteen months of political theatre and fiscal fantasy have shredded investor confidence, triggering a steady exodus from French assets. The country’s 10-year bonds now yield like they’re auditioning to join Lithuania, Slovakia, and Italy in the “periphery club,” and the spread over German Bunds has nearly doubled since Macro-Leon decided a snap election was a brilliant idea.

In a nutshell, France just got slapped with an A+ credit rating, putting it barely ahead of the UK and in the “periphery club,” as Macro-Leon’s fiscal fairy tales and political chaos send bond yields soaring and investor confidence fleeing.

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Europe’s war fever has gotten so overcooked that Poland is now handing out weekend warrior bootcamps to anyone with a pulse. Over 20,000 eager recruits have signed up — including Polish mothers, who apparently plan to protect their kids by learning how to trade the stroller for a rifle.

https://nypost.com/2025/09/13/world-news/thousands-in-poland-seek-military-training-over-fears-of-russia-attack/

The logic is almost charming — except that putting women on the front lines usually signals desperation, not clever strategy. What’s really amusing is watching a country that normally treats gun ownership like a state secret suddenly discover its citizens are useful as a militia.

https://www.youtube.com/watch?v=qJLheUN3Ahs

Europe’s “contributions” to NATO are little more than a rounding error, with Uncle Sam footing most of the bill for decades. As for actually fighting a drawn-out war with Russia? Europe can barely manufacture enough weapons for a parade, let alone sustain an attrition conflict. The logistics, the equipment, the resources — all missing in action.

In a nutshell, Europe’s war fever is so bad it’s training moms with rifles while still relying on Uncle Sam for weapons it can’t build and wars it can’t fight.

While NATO — a.k.a. the North Atlantic Terror Organization — is busy auditioning for Best False Flag in Poland to get the “Peace Maker in Chief” (a.k.a. Warmonger in Chief) to dust off Article 5, ASEAN is having a much quieter moment. Thailand and China are calmly redrawing the shipping map with their Land Bridge project — basically telling the U.S. Navy, “Thanks, but we’ll take a shortcut.”

https://www.nationthailand.com/news/policy/40055312

Thailand’s Land Bridge project will run on a 50-year Public-Private Partnership (PPP) Net Cost model, with one private partner granted the concession to build and manage the entire project.
The vision is clear: turn Thailand into a regional and global trade hub by linking the Gulf of Thailand to the Andaman Sea. Two deep-sea ports, connected by double-track rail, intercity motorways, and pipelines, will create a direct alternative to the congested Strait of Malacca — reshaping Asia’s shipping lanes.

https://www.youtube.com/watch?app=desktop&v=MD-9fQpDNRA

China’s economy just hit the snooze button for the second month in a row, and this time it’s not a seasonal cold — it’s structural. Investment has collapsed like a bad soufflé, housing is still in the doghouse, and government spending has lost its magic wand. Consumption is wobbling too, despite subsidies and a stock rally doing their best cheerleader impressions. With weak growth but soaring equities, policymakers are stuck wondering whether to hit the stimulus button now or later. Industrial output and retail sales are both slowing, making the whole picture look like a slow-motion replay of a downturn.

In a nutshell, in China, the numbers say “slowdown,” the markets say “party,” and Beijing is trying to decide whether to be the DJ or the bouncer to ‘Make China Great Again’ sooner or later.

Sir “Keith” Starmer’s Labour government seems to have discovered a new economic strategy: repel capital at all costs. Pharma giants like AstraZeneca and Merck are bailing on the UK faster than you can say “uninvestable,” shelving billions in projects and thousands of jobs thanks to suffocating regulation and taxes. Apparently, Britain’s new growth model is driving innovation straight to other countries.

https://www.independent.co.uk/news/business/astrazeneca-pauses-cambridge-investment-uk-b2825876.html