Richard Vague explains how money is created through debt, why inflation is usually a supply problem—not “money printing”—and how understanding private debt is the key to avoiding financial crises and economic inequality.
👤Guest Bio: Richard Vague is the former Secretary of Banking and Securities for the Commonwealth of Pennsylvania and currently the managing partner of Gabriel Investments, an early-stage venture capital firm. He is the author of The Paradox of Debt: A New Path to Prosperity Without Crisis, along with several other books on economics, finance, and American history.
📚Topics Discussed:
- How banks create money through lending
- The real meaning behind “printing money” and why the phrase is misleading
- Quantitative easing vs. money printing
- Why debt growth drives asset prices and widens inequality
- The role of private sector debt in predicting financial crises
- China's economic vulnerabilities and demographic collapse
- Inflation as a supply shock—especially from war and energy
- The promise of reshoring high-tech manufacturing to the U.S.
- CBDCs, Bitcoin, and the future of monetary systems
- How to fix student debt and support sustainable growth
💬Top 3 Quotes:
- “All money is created by debt.”
– A foundational truth behind modern monetary systems that Vague stresses must be better understood. - “The more debt you have, the higher stock and real estate prices go… but if the wealthy own most of the assets, inequality widens.”
– On the mechanics of wealth concentration in debt-driven economies. - “If everyone paid off their loans at the same time, there would be no money left in the system.”
– A powerful illustration of how debt underpins the entire money supply.
🎙 The Pod is hosted by Jesse Wright
💬 For guest suggestions, questions, or media inquiries, reach out at https://elpodcast.media/
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