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Order 200 copies of The Paradox of Debt: A New Path to Prosperity Without Crisis and get a 60-Minute Live Keynote with Q&A, as well as a Book Signing with Richard.


About the book:

When we talk about debt and its economic impact, we usually center on “government debt”. However, this is only part of the big picture: individuals, firms, and households owe trillions and understanding this private sector debt is vital to understanding the economy.

In this iconoclastic book, Richard Vague examines the assets, liabilities, and incomes of the American economy as a whole, not just of the government. The book shows that debt growth in excess of GDP growth is a feature of modern economic systems, not a bug—and thus ever-increasing leverage is built into the very structure of the economy. Vague uses the data presented in the book to show that rising debt is the primary source of economic growth, new money creation, and wealth creation—but that it also brings heightened inequality and can bring economic calamity when left unchecked.


Vague also compares and contrasts the financial data of the U.S. to the world’s other largest economies.


As an established and independent expert on the role of private sector debt in the global economy, Vague offers an innovative set of policies to try to manage the paradox: monitoring of excessive sectoral debt, periodic debt restructuring, a training revolution, and policies to boost asset ownership for the poor.


Whether you are a policymaker looking to address this paradox of debt or a citizen looking to understand these often-confusing dynamics, this book is an indispensable guide to the underlying dynamics of the American economy.

200 Books + 60-Minute Live Keynote

Expected to ship by end of June 2023.
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