Turkey's central bank owns 82% of its own debt.
Raise rates → bonds fall → currency falls → inflation rises.
Raise rates again → worse.
The death spiral?
Caused by owning too much of your own debt.
How is the UK doing?
https://t.co/AOgNj0zSI4
Student loan: the hidden 9% tax.
Collected by HMRC. Based on income. Compulsory.
Stacks on top of income tax and NI.
Earning £30,000 with a Plan 2 loan:
Effective marginal rate is 41% — not 32%.
https://t.co/bCFkbBvgWi
Average UK driver uses ~840 litres/year.
1995: fuel bill £502. Tax: £351 (70%).
2012: fuel bill £1,142. Tax: £714 (63%).
2026: fuel bill £1,411. Tax: £679 (48%).
For decades the govt earned more from your driving than the oil company.
https://t.co/PD9qT0pA0H
The 60% tax trap:
45% is the official UK top income tax rate.
But £100k-£125k: real marginal rate is 60%.
In Scotland: 67.5%.
Highest marginal rate in the UK system.
Falls on senior managers — not billionaires.
https://t.co/bCFkbBvOLQ
Earn £99,999 → keep 30hrs free childcare worth £6,000+.
Earn £100,001 → lose all of it. Instantly.
No taper. One pound over the line.
You need to earn ~£145,000 before you're better off than at £99,999.
https://t.co/bCFkbBvOLQ
In 1979 a litre of petrol cost 22p.
Government took 10p.
In 2026 a litre costs 168p.
Government takes 80p.
The oil company's share rose 2.5x.
The government's share rose 8x.
https://t.co/PD9qT0q7Qf
UK 30-year gilt yield: 5.70%.
Liz Truss was forced out when they hit 5.1%.
We are already above the Truss crisis peak.
No emergency. No headlines.
Just quietly the most expensive long-term borrowing in 25 years.
https://t.co/Nw22HoC7M7
Oil hit $147 a barrel in 2008.
Petrol was 119p a litre.
Oil is $94 today.
Diesel is 191p a litre.
Cheaper oil. More expensive fuel.
The answer is tax — and a weaker pound.
https://t.co/PD9qT0pA0H
Why bond price falling = yield rising confuses everyone.
Simple version:
Gilt priced at £100 pays £5/yr = 5% yield.
Investors sell → price falls to £90.
Same £5 ÷ £90 = 5.56% yield.
Price down = yield up = government pays more.
https://t.co/Nw22HoBzWz
The Bank of England bought £65bn of gilts in September 2022.
Not to help the government.
To stop UK pension funds collapsing.
It worked. Yields fell back. Truss resigned anyway.
The BoE saved the pension system in a week. Nobody noticed.
https://t.co/Nw22HoC7M7
@GlobalMacroZen He didn't lose his billions, he lost the people dumb enough to trust their money to an inexperienced ex sbf employees billions. He will have got his 2 and 20 out . Wait he will be back ....
UK debt interest 2025-26: £100bn+
For the first time ever, the UK spends more on debt interest than on:
— All schools in England
— The entire defence budget
— All overseas aid
Combined.
This is what decades of borrowing costs.
https://t.co/c2AEPopvrx