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Beneath the Surface

The Endgame for Fiat? Currency, Credit, and the Case for Gold

Loading ...Dominic Frisby

November 3, 2024 • 47 second read

fiat currenciesgold
The Endgame for Fiat? Currency, Credit, and the Case for Gold

I am travelling this weekend so today’s thought piece is a conversation, which Mining Network recorded last week week between veteran gold guru, Alasdair Macleod, and myself.

It’s heavyweight goldbug stuff. I hope you enjoy it.

You can watch it below, but I have also ripped the audio so you have the option to listen to that if you prefer to escape the clutch of your screens.

If you are thinking of buying gold to protect yourself in these uncertain times, I recommend The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, US, Canada and Europe or you can store your gold with them. More here.

I’ll be MCing this year’s Moneyweek Summit this coming Friday November 8th. Readers of the Flying Frisby can get a 20% discount by entering the code FRISBY20

And if you are interested in hearing more from Alasdair, he has a Substack too.

Japan’s Own Buyer of Last Resort… Sells

January 23, 2026 • Addison Wiggin

The Bank of Japan’s holdings of its own government’s bonds are now near a 10-year low.

The yen carry trade has been a constant in global finance for 3 decades. Currently, the unwind is throwing the Japanese government into a crisis of historic proportions.

Americans take note. Not only are Japanese bonds undermining the AI rally on Wall Street. The crisis is a cautionary tale for the U.S. efforts to finance its own historic debt load.

Japan’s Own Buyer of Last Resort… Sells
The Leverage Doctrine

January 22, 2026 • Addison Wiggin

The dollar’s share of global reserves is now roughly 40%, down from 60% in 2016. No other fiat currency filled the gap. Gold did.

That is the only fact you need to understand the long-term arc.

After the West demonstrated it could seize reserves, “safe” became a new word. Gold has no counterparty. It cannot be frozen with an executive order. It does not require permission to settle.

The Leverage Doctrine
Why America’s Debt Bubble Is Accelerating

January 22, 2026 • Addison Wiggin

The last time Uncle Sam had this much debt rolling over, interest rates were effectively zero percent. That allowed for a massive expansion of total debt, even as total interest payouts shrank.

Why America’s Debt Bubble Is Accelerating
Frank Holmes: Trump’s Greenland Strategy Is Part of the New Arctic Power Struggle

January 21, 2026 • Addison Wiggin

Having said all that, why does President Trump want Greenland so badly (other than as retribution for not being awarded the Nobel Peace Prize)?

He insists it’s for national security, but, as I mentioned earlier, the U.S. military already has broad access to the island, as spelled out in the 1951 agreement signed by the U.S. and Denmark. Further, Greenland is under the protection of NATO, of which the U.S. is a member. If Russia or China tried to attack it, Article 5 of the treaty would be triggered, activating NATO forces.

Recent reporting suggests that some of Trump’s wealthiest backers see Greenland not as a military outpost or mining play, but as a blank slate. According to Reuters, influential tech investors—including Peter Thiel and Marc Andreessen—have pitched the idea of turning parts of Greenland into a so-called “freedom city,” offering a low-regulation, quasi-autonomous hub for next-gen technologies.

Frank Holmes: Trump’s Greenland Strategy Is Part of the New Arctic Power Struggle