Richard Vague Book order

When we talk about debt and its economic impact, we usually centre on "government debt," and overlook the debt owed by individuals and firms that is vital to truly understanding the economy. In this iconoclastic book, Richard Vague examines the assets, liabilities, and incomes of the American economy as a whole, not just of the government. The book shows that debt growth in excess of GDP growth is a feature of modern economic systems, not a bug--and thus ever-increasing leverage is built into the very structure of the economy. Vague uses the data presented in the book to show that rising debt is the primary source of economic growth, new money creation, and wealth creation--but that it also brings heightened inequality and can bring economic calamity when left unchecked. Vague also compares and contrasts the financial data of the U.S. to the world's other largest economies. As an expert on the role of private debt in the global economy, Vague offers an innovative set of policies to try to manage this debt paradox. Whether you are a policymaker or a private citizen looking to understand these dynamics, this book is an indispensable guide.

Spanning from the nation's founding to the twenty-first century, this book presents a vibrant and richly illustrated history of American business. It chronicles the journeys of influential figures such as Benjamin Franklin, Robert Morris, Cornelius Vanderbilt, Steve Jobs, Oprah Winfrey, and Bill Gates, highlighting their contributions and impact on the evolving landscape of American commerce. Through engaging narratives and visuals, it captures the dynamic interplay between innovation and entrepreneurship throughout U.S. history.

We were drowning in in record levels of debt before the COVID-19 crisis, and we are now deluged in it. U.S. private-sector loans have tripled relative to income since 1950 – and government debt is also at an all-time high. Soaring debt burdens individuals, stifles growth, compounds inequality, and brings falling living standards for millions. Richard Vague’s new book argues that, contrary to mainstream assumptions, we cannot simply hope that the trend will correct itself. Mounting debt is a feature of our economic system, not a bug: debts perpetually grow and compound, polarizing and impoverishing economies if not overtly dealt with. He offers a detailed plan for how we can restructure a range of debts – such as student loans, auto loans, medical debt and more – and offer hard-pressed debtors a ‘jubilee’ now, not in some utopian future. Vague’s bold polemic contains a wealth of ideas that will free millions from modern-day debt peonage, reduce inequality and bring new vigor to the economy as it struggles to emerge from the pandemic.

Building on insights gleaned from many years of work in the banking industry and drawing on a vast trove of data, Richard Vague argues in A Brief History of Doom that financial crises follow a pattern that makes them both predictable and avoidable.

In this illuminating and provocative work, Richard Vague argues that the rapid expansion of private debt-rather than public spending-is what constrains economic growth and triggers economic calamities like the financial crisis of 2008.