Is it me or is no one talking about high U.S. debt levels anymore? Conventional wisdom has always been that high debt levels lead to inflation and the destruction of currencies, and money printing conjured up images of wheelbarrows full of worthless bills and economies in freefall. Then one day, the political party that used to care about fiscal responsibility stopped caring and now no one talks about it anymore. After all, doing so would involve cutting things like Medicare and Social Security—not popular political stances. Instead, the concept of Modern Monetary Theory (MMT) has started to creep into popular parlance and, you could argue, is becoming the rule of the land. According to MMT, as long as Uncle Sam holds the keys to the printing press, he can rack up debt without any ramifications. It's a bold new take on economics that's got the traditionalists scratching their heads and the contrarians doing a victory dance. So should we care about debt or not? My guest today on Wealth Formula Podcast is definitely a traditionalist and he is not optimistic about how the story will end if we don't do something about it. Make sure to tune in as he explains why debt is still so important and what, if anything, we can do about it and protect ourselves. Show Notes: 05:37 Why is the U.S. Government a Big Ponzi Scheme? 06:52 Is the U.S. Immune to Bankruptcy? 08:04 How Realistic Is It That the U.S. Economy Would Collapse? 12:01 Political Reform for the Fiscal Policy 19:20 How Can We Protect Ourselves From the Collapse?