The Paradox of Debt w/ Richard Vague, ex-Sec. of Banking & Securities, Pennsylvania - EP195

<p>Economics Explored host Gene Tunny chats with Richard Vague, a prominent American businessman and investor, about his new book, "The Paradox of Debt: A New Path to Prosperity Without Crisis." Richard, who has previously written about “The Case for a Debt Jubilee”, shares powerful insights into the benefits and drawbacks of debt, discussing how it can help grow household wealth while also promoting economic instability and rising inequality. He also offers thought-provoking ideas for helping households and businesses manage and reduce their debts. </p><p>Please get in touch with any questions, comments and suggestions by emailing us at <a href="mailto:contact@economicsexplored.com">contact@economicsexplored.com</a> or sending a voice message via <a href="https://www.speakpipe.com/economicsexplored">https://www.speakpipe.com/economicsexplored</a>. </p><p>Note: this episode was recorded in mid-June 2023, i.e. before the Supreme Court decision regarding student loan relief, which is why the decision isn’t mentioned in this conversation. </p><h3>About this episode’s guest: Richard Vague</h3><p><a href="https://www.richardvague.com/get-to-know">Richard Vague</a> served most recently as Secretary of Banking and Securities for the Commonwealth of Pennsylvania. As the author of The Paradox of Debt (2023), The Case for a Debt Jubilee (2021), A Brief History of Doom (2019), and The Next Economic Disaster (2014), Richard Vague established himself as a clear and independent voice in the ongoing conversation about the role of private sector debt in the global economy.</p><h3>What’s covered in EP195</h3><ul><li>[00:04:39] Debt and the global financial crisis. </li><li>[00:11:23] Debt always grows faster than the economy, Richard argues. [00:12:53] Increased debt and higher net worth. </li><li>[00:17:23] Paradox of debt and inequality. </li><li>[00:23:01] Type one and type two debt. </li><li>[00:28:50] Regional banking crisis in the US. </li><li>[00:32:13] The paradox of debt: summary. </li><li>[00:35:10] Debt forgiveness in