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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.

Jobs Report: Beware The Fine Print

February 11, 2026 • Addison Wiggin

Moody’s Mark Zandi urged restraint. “I wouldn’t exhale,” he wrote. The data coming out of the Bureau of (be)Labor(ed) Statistics (BLS) is still undergoing an overhaul from years of wonky miscalculations.

Downward revisions erased much of last year’s gains. Since April, aggregate job growth has barely moved.

Over the past twelve months, private education and health services added roughly 780,000 jobs. Remove those gains, and the broader economy shed about 350,000 positions.

Jobs Report: Beware The Fine Print
High Income Spenders Slowing, Too

February 11, 2026 • Addison Wiggin

In 2025, the top 10% of households owned 93% of U.S. stocks, driving wealth concentration to 60-year highs. Those high-income households accounted for nearly 60% of total personal spending by the third quarter of 2025.

Wage disparity and an asset wealth gap define fractious politics in this midterm year. And help explain why both parties appear to be talking only to themselves.

High Income Spenders Slowing, Too
Hedge Funds Crowd the “Sell America” Trade

February 10, 2026 • Addison Wiggin

Funds net sold U.S. equities for a fourth straight week, at the fastest clip since the opening chapter of the Trump trade war on April 2, 2025.

Despite that positioning, the indexes pushed higher on Monday.

Dip buyers stepped in after last week’s slide and nudged indexes back toward their highs.
Chipmakers gained ground, and a software ETF tacked on close to 7% across two sessions, a quick counterpoint to the sector’s recent purge. Sameer Samana at Wells Fargo Investment Institute described the move as the market’s reflex after steep selloffs—fast hands cover, slower money watches.

Hedge Funds Crowd the “Sell America” Trade
Bitcoin Approaches Its Final Million

February 10, 2026 • Addison Wiggin

Every ten minutes, the bitcoin network completes another block of transaction data. Another bitcoin miner seeks a reward.

The reward is cut in half every four years, thanks to the “halving protocol” which established the coin’s scarcity algorithm. Next month, total bitcoin supply will hit 20 million, leaving just 1 million left to be mined.

Bitcoin Approaches Its Final Million