This week, host Ira Sternberg spoke with Richard Vague, author of The Paradox of Debt: A New Path to Prosperity.

Richard Vague is a managing partner at Gabriel Investments, an early-stage venture capital firm. Previously, he served as the Secretary of Banking and Securities for the Commonwealth of Pennsylvania. In this captivating episode of “Ira’s Everything Bagel,” Richard delves into the complexities of debt, its impact on the economy, and why it continues to grow. He discusses the underlying reasons for writing his book, which were inspired by the 2008 financial crisis.

Richard challenges conventional business history wisdom by explaining how government spending, contrary to popular belief, doesn’t vanish. He sheds light on the often-overlooked role of private sector debt and how it contributes to economic dynamics. Additionally, he explores the positive impact of increased government spending on households and the systemic nature of debt growth.

A fascinating aspect of the conversation is Richard’s analysis of the link between debt and inequality. He argues that increased inequality is an inherent part of the economic system and that debt plays a significant role in perpetuating this trend.

Richard Vague is a multifaceted individual with a diverse career spanning various industries. He has held prominent positions, including Secretary of Banking and Securities for the Commonwealth of Pennsylvania. His entrepreneurial endeavors have led to the founding and successful sale of several companies, including First USA and Juniper. Beyond his business acumen, Richard is a prolific author with numerous books to his name.

This insightful episode with Richard Vague offers a fresh perspective on debt and its implications for the economy. By understanding the intricate relationship between debt, government spending, and inequality, listeners can gain valuable insights into the current economic landscape.

Richard Vague University of Pennsylvania Press page

Richard Vague Official Website

Richard Vague LinkedIn

Richard Vague book The Paradox of Debt: A New Path to Prosperity

Richard Vague The Next Economic Disaster book

Richard Vague Delancey Place

Richard Vague Wikipedia

Gabriel Investments