The Next Economic Disaster-Richard Vague Live with Scott Cluthe

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in: 347-308-8478 Scott Cluthe talks live with the author of the new
book, The Next Economic Disaster-Why It's Coming and How to Avoid
It, Richard Vague Current debates about economic crises
typically focus on the role that public debt and debt-fueled public
spending play in economic growth. This illuminating and provocative
work shows that it is the rapid expansion of private rather than
public debt that constrains growth and sparks economic calamities
like the financial crisis of 2008. Relying on the findings of a
team of economists, credit expert Richard Vague argues that the
Great Depression of the 1930s, the economic collapse of the past
decade, and many other sharp downturns around the world were all
preceded by a spike in privately held debt. Vague presents an
algorithm for predicting crises and argues that China may soon face
disaster. Since American debt levels have not declined
significantly since 2008, Vague believes that economic growth in
the United States will suffer unless banks embrace a policy of debt
restructuring. Philanthropist and former banker Richard Vague is a
managing partner of Gabriel Investments and Chairman of The
Governor's Woods Foundation.Vague was also co-founder and CEO of
two credit card companies - First USA, which grew to be the largest
Visa issuer in the industry and which was sold to Bank One in 1997,
and Juniper Financial, the fastest growing credit card issuer of
the past decade, which was sold to Barclays PLC in 2004.