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In this iconoclastic talk, Richard Vague examines the assets, liabilities, and incomes of the entire country, private and public sector, to reveal its net worth. His holistic analysis shows that the real factor that drives both financial crises and spiraling 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. This talk was given at a TEDx event using the TED conference format but independently organized by a local community.

FEATURED ARTICLES

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REVIEW

The Paradox of Debt: A New Path to Prosperity Without Crisis

“Debt is a paradox. It creates and destroys,” contends Vague (The Case for a Debt Jubilee), the former secretary of banking and securities for Pennsylvania, in this dense treatise.

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ARGUMENTS

The Truth About Government Debt

The payments funded by government debt actually increase household wealth. Here’s how it all works.

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OPINION > CONGRESS BLOG

Government debt is never the problem — private debt is 

The government debt ceiling and the important role of government borrowing and debt are misunderstood because many politicians and commentators are blind to American history...

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COMMENTARY > PERSONAL FINANCE

Americans are so indebted that it’s holding back the economy. These 4 key reforms could give them room to breathe

While government debt has been dominating the news, there is far more private debt than public debt in the U.S. economy–and it represents the greater economic challenge...

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ARGUMENTS

The SVB Failure: Why It Happened and What It Means

All the signs of risk were there. And yet, various stakeholders downplayed or ignored them. Why don’t we ever learn?

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OPINION

What killed Silicon Valley Bank, and who will cover its losses?

Richard Vague, a former top JPMorgan Chase executive and former Pennsylvania banking secretary, explains the steps the federal government is taking and why.

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ARGUMENTS

China’s Generation of Demise
 

Why China’s shrinking population both reflects—and portends—far deeper problems.

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WATCH

History of U.S. Business with Ali Velshi and Richard Vague

Two of America's greatest thinkers on business and the economy joined us for a Citizen Speaks event last week at Fitler Club. See what you missed.

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BANKING & FINANCIAL SERVICES

Richard Vague: 'Sea change' underway in lender attitudes toward Philadelphia minority business owners

“I’ve been in banking a long time,” Vague told Clemons. “And I have never seen the kind of attitude, the kind of pro Black and Brown business attitude pervasively held across the banking community as it is now.”

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CEO INSIDER

Rising Private Sector Debt Leads to Rising Inequality – Here’s Why, and How to Fix It

Recent debates surrounding President Biden’s plan for government spending on infrastructure has refocused attention on public debt, but the sleeping and dangerous debt giant is really private debt.   

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REVIEWS

Richard Vague’s Amazing New Book – “The Case for a Debt Jubilee”

Richard Vague’s new book is titled The Case for a Debt Jubilee, its title encapsulating Vague’s views on approaching financial policy in a post-Covid 19 political and legislative landscape...

ARTICLES

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Interviews

Interviews
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Where Does Money Come From?? || El Podcast EP50

Where Does Money Come From?? || El Podcast EP50

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