Congratulations, we've made it! Private household debt in the United States has reached a record high. Despite, or perhaps despiteCongratulations, we made it! Household debt in the United States has reached a record high. Despite, or perhaps because of, the rapid rise in interest rates, people are plunging deeper and deeper into debt to get through the month. We can see this very clearly in the rising credit card debt.

This is good news for all those who have switched their currency to hard assets these days and can now watch in peace and quiet as the fiat credit circus enters the next round and opens the gates again for new liquidity. The election-related proposal by both governments to give homebuilders a gift of $10,000 paid out of $400 a month to finance a mortgage alone shows where the journey is headed.coupled with the exploding national debt of Western economies, this is a toxic cocktail that we can no longer banish from the system out of pure economic growth.