{"podcast":{"title":"The Flying Frisby - money, markets and more","slug":"the-flying-frisby-money-markets-and-more-161147","podcast_index_feed_id":161147,"rss_url":"https://api.substack.com/feed/podcast/741404.rss","website_url":"https://www.theflyingfrisby.com/podcast","image_url":"https://substackcdn.com/feed/podcast/741404/3b0c4a7fd00a901c53a5b3c2e1528ed2.jpg","author":"Dominic Frisby","episode_count":622,"summary":"Thoughts on markets and occasional interviews","last_synced_at":"2026-07-12T08:19:40.461289+00:00","page_url":"https://stenobird.com/podcast/the-flying-frisby-money-markets-and-more-161147"},"episode":{"title":"Gold Waits While Britain Cracks","slug":"gold-waits-while-britain-cracks","published_at":"2026-05-07T12:03:52+00:00","page_url":"https://stenobird.com/podcast/the-flying-frisby-money-markets-and-more-161147/gold-waits-while-britain-cracks","show_page_url":"https://stenobird.com/podcast/the-flying-frisby-money-markets-and-more-161147","url":"https://www.theflyingfrisby.com/p/gold-waits-while-britain-cracks","audio_url":"https://api.substack.com/feed/podcast/196768204/9d97e00523d1225362ab86ef6065571e.mp3","summary":"This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.com It is always nice to be a national of a country that is leading the pack. It makes one proud to be a world leader. When it comes to cracking sovereign debt markets, however, you do not want to be leading the pack. But that is where we are in the UK. Even Mohamed El-Erian is tweeting about it. Yields on 30-year gilts, ie UK long-term government borrowing costs, hit 5.75% this week, the highest level since 1998, and the highest in the G7. It’s local election day in the UK today, one of those events when we are kidded into thinking that a cross on a piece of paper is going to make the slightest iota of difference. This has barely been discussed as an issue, when it should be front and centre. The cost of servicing UK debt is now north of £100 billion, roughly 7% of annual expenditure. All you young folks grinding away at your desks to pay Income Tax, that’s what much your effort is being expended on: servicing debt. It’s not like you are contributing to anything new. As I say in Daylight Robbery, debt is a tax on the future. UK public spending is now £48,000 per household. That’s how out of control things now are. This is only going to get worse. You have to own gold. One reason sterling has held together better than many expected is that UK interest rates remain high. Whether the Bank of England formally raises rates further or not, the market itself is already tightening financial conditions. Happy mortgage day, everyone. The post-2008 era of low rates is well and truly over. So-called yield curve control will have to come, to stop the government admitting they are insolvent. And that means further currency debasement. All the political turmoil that’s coming as Labour tries to get rid…","meta_description":"This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.com It is always nice to be a national of a country that is leading the…","key_points":[],"chapters":[],"topics":[],"duration_seconds":334,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-flying-frisby-money-markets-and-more-161147/episodes/gold-waits-while-britain-cracks/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-flying-frisby-money-markets-and-more-161147/gold-waits-while-britain-cracks.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}