Rich Diaz

And so basically this is like a non-means tested welfare, basically, to put it mildly.

There was a huge article about this in the Telegraph or the FT a couple of months ago.

They're spending just way, way too much money on things that are simply not productive.

And there's not enough people who are, who should be working, who aren't or aren't or should be.

And by the way, and critically, you have a government that seems unmoved by this, whether it's through philosophy or politics, as in they just think that the markets will just bear whatever stupidities they want, or they can't because they're left-wing and they don't want to alienate their voter base.

And the other thing, critically, is that the UK is a major net energy importer.

So they have the North Sea oil, but they refuse to exploit it.

By the way, Norway just went back on their moratorium.

So Norway and the UK are obviously very close and they share.

They basically there's an ocean or sea between them.

That's the North Sea.

And underneath the North Sea, there's loads of gas and oil deposits.

And that's part of the reason why Norway was able to do their sovereign wealth fund.

The UK, they've argued for years that those gas deposits are done and there's no longer any oil there, blah, blah, blah.

I don't know if I believe that.

There's no business case, exactly.

Norway literally two days or three days ago just said that they're going to open up exploration in a bunch of places.

It's all like...

these gas fields don't like follow the border they you know they obviously they're enormous and anyway oh and then of course um the uk has doubled down on net zero and so they have the highest energy prices industrial energy prices in my view i think in the world if i'm not mistaken um and so they're just an economy in shambles basically um and i think that the bond yield is reflecting this

So like another way to... You got out of your condo there, eh?