Imagine your buddy makes far less money than he spend every month. He has run all of his credit cards to the limit and yet keeps borrowing and spending as if he were a rich man.
Would you loan him more money?
By the way, the person in the scenario is Uncle Sam.
In this episode of the Midweek Memo, Mike Maharrey takes a deep dive into the U.S. financial situation and reveals that, despite what many people would like you to believe, everything is not fine. He highlights the extent of the debt and why it matters.
In this episode, Mike also explains just how much gold there is in the world. (It's probably not as much as you think.)