Dear Reader,

Yesterday, the U.S. Treasury quietly doubled its bond buyback program. From $2 billion to $4 billion per operation. Effective September 9. Scott Bessent called it "liquidity support."

I call it what it is. The market stopped buying. So the government started buying itself.

Inside today's issue:

• The Buyers' Strike: Ten-year Treasury yields hit 4.78%. That is not a market that trusts this debt. That is a market demanding a premium to hold it.
• Stagflation Math: GDP grew just 1.5% in Q2 while inflation runs at 4.1%. Your dollar is losing ground. On paper it looks like growth. In real life it isn't.
• The PPI Drops Today: August producer prices hit at 8:30 AM. July was 4.7% year-over-year. The number coming today will set the tone for the September 15 Fed decision.
• Larry Benedict — Oil Skimming: Larry Benedict just released a new presentation on a strategy called "Oil Skimming." It's worth a look.

THE BUYERS' STRIKE

Here is what you need to understand about yesterday's announcement.

The U.S. Treasury does not double its bond buyback program because things are going well. It does it because buyers disappeared. Since late June, longer-dated Treasury bonds have faced what insiders call a "buyers' strike." The 10-year yield just hit 4.78%. That is 71 basis points higher than a year ago. The market is pricing in risk. The government's response: buy their own paper.

Bloomberg said Bessent moved "to manage yields." Here is the actual translation. The government spent too much. Now it cannot afford the interest rates a free market would charge it. So it steps in to be the buyer of last resort for its own debt.

Think about what that means. A company that buys its own stock to prop up the price is usually hiding something. A government that buys its own bonds is usually hiding something too.

THE STAGFLATION MATH

Here are the numbers they do not put on the front page:

• GDP growth Q2 2026: 1.5% annualized
• PCE inflation: 4.1%
• 10-year Treasury yield: 4.78%
• Treasury debt buyback size: doubled to $4 billion
• Fed meeting: September 15-16. Hike probability: 58%

When growth runs at 1.5% and inflation runs at 4.1%, you are not growing. You are falling behind. Every dollar you earned last year buys less today. The government counts both. It celebrates GDP. It ignores the gap.

I HAVE SEEN THIS BEFORE

I started studying financial cycles in the 1970s. The pattern is always the same. Empire spends beyond its means. Bond market rebels. Government steps in to suppress yields. Inflation follows. Currency erodes. Hard assets win.

Japan has been doing this for 30 years. They call it "yield curve control." It bought them time. It did not fix the debt. Now their currency has lost half its purchasing power against the dollar since 2021.

"Treasury will be a larger buyer of older, longer-duration debt, providing liquidity to a part of the market that historically has shown strong demand."

"Historically has shown strong demand." Past tense is doing a lot of work in that sentence. The demand is not there today. That is why they doubled the program.

August producer prices drop this morning at 8:30. July was 4.7% year-over-year. If today's number comes in hot, the Fed will have no choice but to hike at next week's September 15 meeting. A rate hike into a slowing economy. With a government buying its own bonds to suppress yields. This is not a normal cycle.

Here is what I keep coming back to. And here is why I think today's data matters beyond just one report.

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THE MOVE

My poor dad kept his savings in dollars. He trusted the system. He worked for the government his whole career. When he retired, inflation had eaten half his purchasing power. He never understood why.

I do. And now you do too.

When a government cannot find buyers for its own debt and must step in to buy it itself, the dollar it uses to make those purchases becomes less valuable. That is not opinion. That is arithmetic.

GOLD. SILVER. REAL ASSETS. The things they cannot print.

Not because the end is near. Because the math says they will keep doing this. More buybacks. More "liquidity support." More creative accounting. The dollar will be worth less in 10 years than it is today. It has been worth less every decade since 1971.

Pigs get fat. Hogs get slaughtered. Do not be the person still holding paper when the next run starts.

To your freedom,
Robert Kiyosaki
Author, Rich Dad Poor Dad

P.S. "Many 'speculators' buy at the TOP then selling at the BOTTOM."

Think about it. When silver was at $118, everyone was bullish. The headlines were glowing. People were piling in.

Now silver is at $66 and those same people are panicking.

Selling. Running for the exits. They bought high. They're selling low. That's not investing. That's speculation. And it's a guaranteed way to lose money.

Here's what Robert is doing instead: "During this last 'retracement' or 'crash' I bought more gold and silver."

He's buying low. While everyone else sells. That's what separates the rich from the broke. The rich see crashes as sales. The broke see crashes as disasters.

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