International Man: A recent BHG Financial survey found that 62% of Americans earning over $300,000 a year still struggle with credit card debt.

What's your take on this?

Doug Casey: BHG is basically a Shylock for the upper middle class. They loan mainly to doctors and successful small businessmen, typically at around 12%. They're in a position to know when their demographic is in trouble. But why are they in trouble? I suspect it's because middle-class borrowers have assumed lower-class time preferences. In other words, instead of saving for something you want— a house, a car, or whatever—people want it now and are willing to mortgage their futures to get it.

The average person's psychological mindset is "I want it all, and I want it now!" I guess you can get it now—but only by borrowing. If you think like a consumer rather than a producer, you likely won't have savings. And if you live even more imprudently, not only won't you have savings, but you'll have lots of debt. We famously live in a "Consumer Society"—a ridiculous and degrading concept. Once upon a time, America identified as a country of producers, not consumers.

It's hard for a middle-class person to get by when a new car, one that you feel suits your station in life, costs $50,000 or even $100,000. And it's financed over seven years. Or leased, so there's zero chance you'll ever own it. So I don't doubt that what BHG says is true: almost everybody is in debt, and few have any savings.

It makes for a very unstable financial, economic, political, and social situation.