HOW TO MAKE DEBT WORK FOR US
When we talk about debt and its impact on our economy, we almost always mean ‘government debt’. However, this is only a small part of the picture: individuals, private firms and households owe trillions, and these private debts are vital to understanding the economy.
In The Paradox of Debt, Richard Vague shows that the real factor that drives both financial crises and spiralling inequality – but also, paradoxically, economic growth – is ever-rising private debt. The paradox is that while debt is essential and our economy relies on it, it also brings instability unless it is periodically deleveraged – and that is very hard to do. It can, however, be carefully managed, and Vague demonstrates how to do so in areas ranging from trade and housing to financial policy and student debt.
‘Richard Vague is a successful banker, brilliant author and contrarian economist with an encyclopaedic knowledge of the history of money and banking, and the parts of economic theory that are worth knowing. No-one else comes close to his blend of professional experience, oratorical flair and critical insights’ STEVE KEEN, author of Debunking Economics
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Richard Vague is Secretary of Banking and Securities for the Commonwealth of Pennsylvania. Before that he was the co-founder and CEO of two banks, managing partner of Gabriel Investments, an early-stage venture capital company, and co-founder, chairman and CEO of Energy Plus, an electricity and natural gas supply company. His previous books include A Brief History of Doom and The Case for a Debt Jubilee.
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