The blockade is working.

Secondary Sanctions

August 21, 2026 · Ibid.

Editorial cartoon: outside a Treasury auction door, sovereign investors in overcoats walk a picket line under a 'BUYERS' STRIKE' placard; Treasury Secretary Scott Bessent, in shirtsleeves, offers them one small paper cup marked $4bn while a tote board on the facade reads $40 TRILLION; above, on the balcony, Donald Trump has his back to all of it, bellowing through a bullhorn at an empty street.

US markets fell after President Trump threatened Iran with an 'economic D-Day', the Dow closing down 703.84 points as 30-year Treasury yields pushed above 5.25%. Treasury Secretary Scott Bessent made an emergency move doubling buybacks of long-dated debt to at least $4bn, which failed to calm markets, with analysts describing a 'buyers' strike' in long-dated Treasuries running since June. Total US debt passed $40 trillion for the first time this week, two years earlier than expected, while Brent topped $93 a barrel and the Strait of Hormuz remained shut.