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Noshing With Richard Vague – July 20, 2023
Manage episode 371761581 series 2928496
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Author, The Paradox of Debt: A New Path to Prosperity
This week, Ira spoke with Richard Vague, author of The Paradox of Debt: A New Path to Prosperity. In this capital episode of “Ira’s Everything Bagel,” Richard talks why he wrote the book (stems from the crisis of 2008); why, when the government spends money, it doesn’t disappear; why we have been understudying the role of private sector debt in the economy; how increased government spending benefits households; how debt growth is built into the economy; why debt always grows relative to the size of the economy; and why increased inequality is part of the system.
Richard Vague’s career has spanned fields as varied as banking, energy, government, and the arts. He recently served as Secretary of Banking and Securities for the Commonwealth of Pennsylvania. Vague previously was managing partner of Gabriel Investments, an early stage venture capital company; was also co-founder, Chairman and CEO of Energy Plus, an electricity and natural gas supply company; and also co-founder and CEO of two banks – First USA, which was sold to Bank One, and Juniper, which was sold to Barclays PLC. He is author of numerous books.
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