Macro

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Bitcoin Owes No Interest. Its Largest Holder Owes $1.76 Billion a Year. The Price of Money Just Rose.

The Federal Reserve raised rates on Wednesday for the first time since July 2023, twelve to nothing, undoing its December cut; the Bank of Japan followed a day and a half later, and both named the Middle East. A coin held in your own keys has no coupon and no creditor. Strategy’s own filing puts its expected preferred dividends and interest at $1.76 billion a year — about $2,083 for each of its 845,050 coins — paid by selling stock, at a rate its board reviews monthly against “market yields.” That is the bill a rate rise arrives at.

18 Sep 2026Filed at block 967,605

The white marble front of the Marriner S. Eccles Federal Reserve Board Building in Washington under a blue sky with thin clouds. A carved eagle sits above the central entrance, the words Federal Reserve are cut into the stone beneath it, and a United States flag and the Federal Reserve flag fly from a pole on the roof. A paved path leads across a lawn to the doors. — Federal Reserve Board photograph, public domain

The Trump Dividend: $5,000 a Head From a Company That Owes $40 Trillion

A woodcut-style ink drawing of a large blank cheque lying on a cream table, with one vermilion rubber-stamp impression in the corner reading PAYABLE UPON RESULTS, and a small closed ledger with a vermilion ribbon behind it. — Satoshi Gazette

Costed from the Census count and read against the Treasury's own ledger: the tariffs meant to pay for it have run negative since May, the ten-month deficit already beats last year's, the pledge would use every dollar of room under the debt limit, and the newest lender to this company is the stablecoin in your phone.

10 Sep 2026Filed at block 966,413

Central Banks Stopped Buying Treasuries in 2021. Private Money Bought Everything Since.

A two-colour print illustration of a classical institutional building. The front columns are drawn as hollow white outlines while a dense lattice of red scaffolding behind them visibly carries the weight of the roof. — Satoshi Gazette

A letter from Norway became a claim that the world is dumping US government debt. The letter does not say that. But the comfortable answer — foreign holdings are at a record — is wrong about the thing that matters. The buyer changed.

4 Sep 2026Filed at block 965,477

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A woodcut-style illustration: a long row of short, evenly spaced black strokes runs across cream paper, broken by one stroke that rises far above the rest, with a small clock face reading two o'clock above it.

The Rates Trade Ran Forward. One Hour Did the Day's Work.

Bitcoin rose 5.5 percent on September 3 and the two-year Treasury yield fell five basis points. Almost the whole move landed inside the 14:00 UTC hour that opened with the ISM services report, a release whose two halves argue against each other.

3 Sep 2026Filed at block 965,372