Retail keeps cheering Treasury “buybacks” like it’s QE. It isn’t. A buyback is a debt swap. Treasury buys an old bond and issues a new one (usually bills) to pay for it. Debt doesn’t fall. Duration just gets shorter. Dealers get a bid. That’s plumbing. Meanwhile Customs has been pulling cash out of U.S. importers every month since the 2025 tariffs hit. Jan 2025–Jul 2026, gross dollars collected from importers, before refunds: $449 billion. Peak months were $28–33B. The “doubling” of long-bond buybacks that lit up CT was about +$14B of extra capacity through November. That’s less than two weeks of peak tariff collections.😂 So the market made a holiday out of a $2–4B operation and ignored a $25–30B/month tax on the import channel. Will Bitcoin Bros wake up or will you continue to play dumb?