The bid-to-cover nudged up to 2.74 from July’s 2.54—the second highest since March and just above the six-auction average of 2.65. Internals, however, were a mixed bag: Indirects scooped up 64.6% (up from last month’s “terribly low” 60.6%), while Directs set a record, snatching 27.9% of the auction—because apparently, hoarding long-dated Treasuries is now a competitive sport.

Dealers were left holding a measly 7.6%—barely enough to get a participation trophy—while Indirects and Directs played their usual tug-of-war over the rest.

All in all, another “surprisingly solid” auction—while Wall Street and their pundits keep dreaming of the mythical risk-free Treasury, reality is quietly waiting in the wings. In the inevitable Trump Stagflation, these long bonds will be anything but free of risk.

While NATO’s armchair generals seem eager for a new spark to keep the Ukraine meatgrinder spinning, the Baltics just hit the gas on their “Baltic Defense Line.” Estonia is digging a 40-km anti-tank ditch along the Russian border — because nothing says “peace and stability” like a giant trench in 2025.

https://unn.ua/en/news/estonia-builds-40-kilometer-anti-tank-ditch-on-border-with-russia

The Baltics are going all-in on their Maginot 2.0, planning 600 bunkers apiece along a 600-mile front — a decade-long project they admit Putin probably won’t politely wait to finish. Lithuania is upgrading from “random roadblocks” to a full three-layer defense line, proudly integrating NATO and EU muscle, because nothing says deterrence like announcing your plans on social media.

https://x.com/Lithuanian_MoD/status/1955974448999289175/photo/1

Russia has no reason to storm the Baltics unless the ‘North Atlantic Terror Organization’ practically begs it to. Moscow’s attention is elsewhere — but NATO needs its favorite villain to stay relevant. The so-called Baltic Defense Line isn’t a military necessity, it’s political theatre: a decade-long set piece designed to keep the public terrified and the alliance funded. Europe isn’t defending itself — it’s rehearsing for the war the neocons have been dreaming about.

🤵 The Macro Butler Special Service 🤵

🌐 The Fed waves its rate-cut wand, but the magic is mostly smoke — and the markets will feel the burn. 🌐

Read more here: https://themacrobutler.substack.com/p/fed-rate-cuts-magic-trick-or-market

Listen to a summary of The Macro Butler Special Service newsletter via podcast on Substack; YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/fed-rate-cuts-magic-trick-or-market-9aa

A big shoutout to Hubbis for putting The Macro Butler in the spotlight with Why Gold, Why Now—proving once again that gold, the indestructible, non-confiscatable veteran forged for chaos and war, is still the ultimate “panic button” asset when the world gets messy.

https://themacrobutler.substack.com/p/hubbis-why-gold-why-now

The Macro Butler just dropped by A-News Türkiye’s Diplomacy with Umar Tasleem for another round of “timeless wisdom”.

He unpacked how China, Russia, and India are busy building their own VIP trading club while Europe and the US are stuck waiting outside with the wrong dress code.

Oh, and he also tackled TikTok — apparently, it’s not just for dance challenges anymore, it’s about to become the flagbearer of the brave new multi-polar world.

https://themacrobutler.substack.com/p/interview-with-a-news-turkiyes-diplomacy-236

The BOJ, ever the master of slow-motion drama, voted 7-2 to keep rates stuck at 0.5%, but for the first time since Ueda took office, two dissenters dared to break ranks and call for a hike — suggesting Japan may eventually flirt with the idea of normal interest rates (no rush, maybe by the next century).

In true BOJ style, they spiced things up by unveiling a “bold” plan to sell off their ¥75 trillion ($508 billion) ETF hoard — at a pace so slow it would take more than 100 years to complete. Yes, the BOJ has essentially promised to be in the market longer than most of us will be alive. Governor Ueda reassured everyone that, while none of us will be around in 2125, the BOJ will nobly keep selling — very, very carefully — to avoid upsetting Japan’s “slightly overheated” stock market, which is up 26% this fiscal year. In other words, normalization is coming… at a pace only a bonsai tree could respect.

In a nutshell, BOJ promises to “normalize” by selling its ETF mountain over the next century — because nothing says urgency like a 100-year exit plan.

🤵 The Macro Butler Weekly Digest 🤵

🌐 Trust Bonds… At Your Own Peril—because ‘risk-free’ is really just Wall Street’s favourite fairy tale… with a side of risk-y. 🌐

Read more here: https://themacrobutler.substack.com/p/trust-bonds-at-your-own-peril

Listen to a summary of The Macro Butler weekly newsletter via podcast on Substack; YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/trust-bonds-at-your-own-peril-podcast

In eternally blue New Jersey, where Green zealotry reigns supreme, Governor Phil Murphy just signed a bill turning the dearly departed into fertilizer — literally. The state is now the 14th to legalize “human composting,” all in the name of saving space. Because nothing says climate action like turning Grandma into garden mulch.

https://legiscan.com/NJ/bill/A4085/2024

New Jersey just legalized turning people into compost — literally. Bodies are sealed in steel drums with straw and wood chips, slow-cooked for 45–60 days, and handed back as “nutrient-rich soil” for your garden. Politicians call it “eco-friendly,” funeral homes market it as carbon-guilt relief, and climate activists cheer. Strip away the green PR, though, and it’s not reverence — it’s death industrialized.

https://nypost.com/2025/09/16/us-news/new-jersey-legalizes-human-composting-as-eco-friendly-burial-alternative/

Bottom Line:

Beneath the feel-good slogans, New Jersey’s law turns death into just another climate initiative. Wrapped in words like “eco-friendly” and “gentle,” it conditions us to see human remains as fertilizer for the green agenda. In the Garden State, going green is now mandatory — even after you’re gone.

Oil Shocks, Stagflation, and Why Bonds Can't Save You

https://www.tiktok.com/@the.macro.butler/video/7552473875422989569

In the glorious Socialist Republic of France, where Malthusian Keynesians work overtime to enslave citizens into their paychecks, it’s hardly shocking that pensioners now out-earn the workers funding their retirements. With a jaw-dropping 74% replacement rate — among the highest in the OECD — and 14% of GDP poured into pensions, France has turned retirement into a state-sponsored luxury. The average French retiree collects €1,626 a month, roughly 2% more than the poor souls still working. Meanwhile, American, British, and Australian retirees politely settle for less than their workers. Naturally, rising retiree demands mean rising taxes, with workers now forced to tithe 8.55% of their income to keep the system afloat.

Vive la redistribution!

https://fortune.com/2025/09/16/france-retirees-higher-income-workers-american-pensioners-cost-of-living-crisis/