Tariffs and rumors of tariffs are driving the markets right now. But is there something bigger going on? Are tariffs just one plotline within a bigger story? 

In this episode of the Money Metals' Midweek Memo, host Mike Maharrey puts the current market chaos into context, zooming in to focus on what he believes is a much bigger narrative. 

He argues that the stock market is a big fat bubble just waiting for a pin. Tariffs might be that pin. But even if they're not, there's a pin out there. Mike explains how we got to this place, focusing on Federal Reserve monetary policy and the broader boom-bust business cycle using the Dow-to-Gold ratio as a map to the broader narrative.