In fact, the very first Notes from the Field I ever wrote, in June 2009, was about how broke the US was… and the severe consequences that eventually face a nation that recklessly spends money it doesn’t have.
And debt has been a major theme in this publication ever since.
As you know, since the Great Financial Crisis in 2008, debt levels have only gotten worse. But not just for governments.
Did you know? You can receive all our actionable articles straight to your email inbox... Click here to signup for our Notes from the Field newsletter.
Sovereign debt, corporate debt and consumer debt are all at all-time highs.
The US government has $22 trillion of debt and is running $1 trillion+ deficits every year. There’s a record $15 trillion of corporate debt. And the US consumer has racked up around $4 trillion of debt (not including mortgages).
And you don’t have to take my word for it that this is all going to end badly…
Last week, one of the most respected hedge fund managers in the world came out with a warning scarier than anything we could have dreamed of.