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Those who champion the trickle-down theory of economics are correct—except for one detail: it is debt that has been trickling down, not wealth.

Richard Vague


About Richard

Richard Vague brings a wealth of expertise and experience to the speaking stage, making him an exceptional choice for your event. Author of several influential books including "The Paradox of Debt" and "The Case for a Debt Jubilee," he offers a fresh perspective on macroeconomics and policy exploration. His extensive background in business history, "An Illustrated Business History of the United States," adds depth to his insights into economic trends. Richard's involvement in prestigious boards, such as the University of Pennsylvania and Penn Medicine, showcases his leadership and commitment to advancing economic understanding and innovation. His roles in organizations like PSERS, Pennsylvania's largest public pension fund, highlight his influence in shaping financial policy. His entrepreneurial ventures, including founding consumer credit card banks like First USA and Juniper Bank, demonstrate his practical understanding of economic systems. 

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More on Richard

Richard Wade Vague is an American businessperson,
and author who previously served as the Secretary of Banking and Securities for the Commonwealth of Pennsylvania.


Richard is the author of The Paradox of Debt, which presents a new view of macroeconomics, The Case for a Debt Jubilee, a policy exploration of debt relief, An Illustrated Business History of the United States, the story of our nation’s business progress, A Brief History of Doom, a chronicle of major world financial crises, and The Next Economic Disaster, a book with a new approach for predicting and preventing financial crises.


Tychos Analytics Group, DebtEconomics.Org, and are three organizations that Richard runs to help consumers understand debt, align themselves proactively, and have a better understanding of what the government must do to fix the nation's wealth gap issue.

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Richard currently serves as managing partner of Gabriel Investments, an early stage venture capital company. Vague was also cofounder, Chairman and CEO of Energy Plus, an electricity and natural gas supply company operating in states throughout the U.S. that was sold to NRG Energy in 2011, and also co-founder and CEO of two banks—First USA, a consumer-oriented bank which grew to be the largest Visa issuer in the industry and which was sold to Bank One in 1997, and Juniper, a bank that was the fastest growing credit card issuer in its era, which was sold to Barclays PLC in 2004.

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