TREASURY DOUBLES THE BUYBACKS — AND THE DEBASEMENT TRADE WALKS BACK IN AT $81,000

The Treasury doubled its long-bond buyback cap to $4 billion an operation, running September 9 through November 4. Bitcoin printed $81,160 the evening of the 24th — a 23% week, its shallowest bear market on record — with ETF inflows near $2 billion, the best week since October; it cooled to about $79,000 Tuesday morning. The debasement trade is the plainest idea in monetary history: buy what cannot be endlessly printed. The Fundamentalist read: the government announced it would buy its own bonds to hold their price up, and the hardest money caught a bid the same afternoon. That is not a coincidence — it is the mechanism. Nothing new here but the size of the number.