0:00
If you are of the view that Western
0:01
debts are proving very, very difficult
0:03
to service, the US annual interest bill
0:05
is now $1.2 trillion, a quarter of their
0:07
tax take. The UK's last monthly
0:08
borrowing figure, what, £14 billion, 13
0:11
of that was interest. So, you're in a
0:12
very, very difficult situation. Let's
0:14
say we get out a recession coming out as
0:16
a result of very high oil and gas
0:17
prices. Okay, so your tax revenues go
0:19
down, your welfare spending goes up, and
0:21
Rachel Reeves' head room Yes. Forget it.
0:24
So, if you're a gold bug and you were
0:25
worried about government debts and how
0:27
they deal with them, then the war isn't
0:28
in any way going to change your mind.
0:30
It's if anything going to increase your
0:32
conviction levels and you're probably
0:33
going to be inclined to sell this out
0:34
cuz you're going to go back to the
0:35
argument of either they need to inflate
0:36
the debts away or they need to print
0:38
money to meet the bill. And either way,
0:39
gold might still keep its shine.
