Every interview since Liz Truss’s book Bank Job came out has asked her to apologise. We asked her what she’d actually do.

The former Prime Minister joins Hector Earley and Craig Whyte on Acequisition. Pushed on Hayek’s idea of abolishing central banks and letting private banks issue the currency, she says: “Philosophically, I completely agree with Hayek.” On the Governor of the Bank of England: “There’s no mechanism to remove Andrew Bailey, however terrible he is.”

She also tells us fiat money needs competition from Bitcoin and alternative assets, why Javier Milei couldn’t abolish Argentina’s central bank, how the establishment “tanked the Tesla share price” and uses lawfare against people’s companies, what the UK economy looks like priced in gold, and whether she’d stay in Britain if she were 25. Then the full story: the Governor who wouldn’t meet her, the gilt crisis, the mini-budget, and her one condition for coming back: “I don’t want to be any bureaucrat’s autopen.”

00:00 Liz Truss on abolishing central banks
00:49 Introduction
01:34 Hayek, abolishing central banks and “however terrible he is”
03:48 Pushed on it: “I like the idea in principle”
04:44 Javier Milei and Argentina
05:17 Musk, Tesla and lawfare
05:48 The UK economy priced in gold
06:42 If you were 25, would you stay in the UK?
07:42 Why the Governor wouldn’t meet the Prime Minister
09:51 Why the Governor can’t be sacked
11:30 Treasury appointments and the gilt crisis
13:47 Has she always been a libertarian?
15:19 30 years of stagnation and a stealth tax
15:52 Inflation statistics and HMRC
16:40 Why the mini-budget was fought
18:46 “Creeping towards communism”
19:39 The deep state and the warning shot
21:26 The OBR and £3 trillion of debt
22:09 Britain in 2040 and the size of the state
24:20 Regulation and investment zones
25:12 Bringing business people into government
26:42 Would she come back? Quick-fire round

Liz Truss’s book: Bank Job
Watch Acequisition on YouTube: youtube.com/@acequisition

Not investment advice. For information and education only. The views of guests are their own.

Henrik Zeberg, Head of Macroeconomics at Swissblock and author of The Monetary House of Cards, joins Hector Earley and Craig Whyte on Acequisition. In January 2023, with the S&P 500 near 4,000 and Wall Street braced for a bear market, he said stocks would hit record highs and then crash. The record highs came. In this episode we ask him about the crash.

He says we’re in “the last bubble ever”, that his model points to one more 30% rally in the Nasdaq over the next two to four months, and that what follows could be a crash of up to 90%: a deflationary bust like 2008, then fresh money printing and stagflation. They cover bond yields and the Fed, the rotation into crypto, the fourth turning and the end of Pax Americana, why printing money won’t work this time, long-term unemployment, the savings squeeze, his Bitcoin and S&P targets, and where he’d put money on each timeline.

Recorded in early November 2026.

00:00 Henrik Zeberg in his own words
00:22 The economist who called the rally
00:58 Are we in the largest bubble of all time?
02:55 Why the market goes higher first
04:51 A 30% Nasdaq rally from here
06:08 Bond yields lead the Fed
07:57 Two to four months left
08:37 Why 30%? The final rallies of 2000 and 2007
10:31 AI stocks and the rotation into crypto
12:39 AI valuations and the CAPE ratio
15:15 IPOs into the bubble top
16:07 The fourth turning
18:26 Railways, radio, dot-com and AI
21:35 Debt, money printing and the end of Pax Americana
24:24 Long-term unemployment
25:03 Bubbles, wars and the human cost
28:24 Can the Fed print its way out?
30:36 190 Marshall Plans and the inverted Volcker
33:17 Inflation and interest rates in a recession
36:32 Why a 90% crash is possible
37:50 AI, white-collar jobs and consumer spending
39:28 Interest rates, inflation and the savings squeeze
43:18 What should investors do now?
45:27 Bitcoin and the bounce
47:57 S&P 8,400 and Bitcoin $115,000
48:49 Altcoin season
50:22 Does Bitcoin survive?
51:30 Tokenization: what crypto is really for
54:15 Where to follow Henrik Zeberg

Follow Henrik Zeberg on X (@HenrikZeberg) and Substack (henrikzeberg.substack.com).
Watch Acequisition on YouTube: youtube.com/@acequisition

The views in this interview are those of the guest and hosts. Nothing here is investment advice. Capital is at risk.