Summary:
How do we minimize the ever-increasing debt? I have Richard Vague on the podcast to talk about the pursuit of financial stability—which has become extremely difficult in our times. His mission as a public official is looking at debt and putting together strategies to remediate this.

Highlights:
-Richard preaches a messages of financial stability, which he represents in his books
-Perhaps a debt jubilee is what we need
-His mission as a public official is looking at debt and putting together strategies to deal with this
-Public and private sector debt are growing faster than GDP
-Anytime debt in a sector grows too rapidly, it means over-capacity is being created
-A debt boom creates illusory good times—jobs are being created, tax revenues at the government level are increasing, etc. Things appear to be really good
-It is only in the aftermath that we see desire to do something about it, and oftentimes capitalism gets blamed
-Vague puts out practical ideas for remediating debt that has been accumulated
-What incentives can the government put out to avoid these debt situations?
-The level of new homes being built right now are is below what it was in 2007
-Growth in debt has also come from lending standards/private equity lending
-They estimate that there are 90 million empty residences in China
-It used to be believed that credit creation went hand in hand with the increase of the money supply, but this is not necessarily the case
-Our country is not in an enviable position in terms of debt
-There is a mess coming down the road that will be hard to manage

Useful Links:
Financial Survival Network
Richard Vague